NPCI Extends Market Cap Deadline for UPI Apps

NPCI Extends Market Cap Deadline for UPI Apps Why in News? The National Payments Corporation of India (NPCI) has extended the deadline for Third-Party App Providers (TPAPs) to comply with the 30% transaction cap on Unified Payments Interface (UPI) transaction volumes until 31st December 2026. Key Points: Impact on Major UPI Players: This extension impacts major TPAPs like PhonePe

National Pest Surveillance System (NPSS)

The National Pest Surveillance System (NPSS), launched by the Union Government of India on August 15, is an innovative AI-based platform designed to enhance pest management for farmers across the country. This initiative aims to improve agricultural productivity while promoting sustainable practices by reducing reliance on pesticides. Key Features of NPSS AI-Driven Analysis: The NPSS ut

Open Market Sale Scheme (OMSS)

Recent Developments The Government of India has announced that grain-deficient states can now directly purchase food grains from the Food Corporation of India (FCI) under the Open Market Sale Scheme (Domestic) (OMSS [D]) without having to participate in e-auctions. This decision aims to address the surplus stock of grains before the upcoming procurement season. Overview of OMSS Procure

Push for the MRO Industry in India

The Indian government is taking significant steps to enhance the Maintenance, Repair, and Overhaul (MRO) industry, particularly in the aviation sector. Recent policy changes aim to boost competitiveness, foster innovation, and establish a robust framework for MRO services in the country. Key Policy Changes Uniform 5% IGST Rate: The government has introduced a uniform Integrated Goods an

Creative Economy

Why in the News? The Indian Chamber of Commerce has launched the All India Initiative on Creative Economy (AIICE) to harness the potential of India's creative industries. Creative Economy or Orange Economy Definition: The creative economy encompasses knowledge-based economic activities that generate growth and development through creative assets. Creative Industries: These involve t

Livestock Sector in India

Why in the News? The Cabinet recently approved the Sustainable Livestock Health and Production Scheme with a total outlay of ₹1,702 crore. This initiative aims to increase farmers' income from livestock and dairy production. Key Components of the Scheme: Animal Health Management: Enhancing veterinary education and infrastructure. Dairy Production and Technology Development: Fos

New Schemes for the Agriculture Sector

The Cabinet has approved seven major schemes aimed at enhancing farmers’ lives and livelihoods, with a total outlay of ₹14,235.30 crore. This initiative addresses several pressing issues faced by the agricultural sector. Current Status of Farmers’ Lives and Livelihoods Demographics: As of 2021, 65% of India's population resides in rural areas, with 47% dependent on agric

Horticulture Sector in India

Why It’s in the News The Indian Cabinet has approved a significant scheme for the sustainable development of horticulture with a budget of Rs 1129.30 crore. This initiative aims to enhance farmers' income through a variety of horticultural crops, including tropical, sub-tropical, temperate, root, tuber, bulbous, vegetable, floriculture, and more. Additionally, a Rs 1,766-crore Clean P

CEA Launches 3 Online Portals

The Ministry of Power has launched three significant online portals aimed at enhancing the efficiency and transparency of hydropower, thermal power project monitoring, and disaster response in the power sector. 1. JAL VIDYUT DPR Purpose: Strengthening the development of hydropower and pumped storage projects (PSPs) in India. Key Features: Centralized digital platform for monitoring su

Pradhan Mantri Mudra Yojana (PMMY)

Why in the News? NITI Aayog and KPMG have published a report on the impact assessment of the Pradhan Mantri Mudra Yojana (PMMY), highlighting its achievements and challenges. About PM Mudra Yojana (PMMY) Launch: Announced in the 2015 Union Budget for FY-2016, PMMY is a flagship scheme of the Government of India. Objective: To provide affordable credit to micro and small enterprises

UN Global Tax Treaty

Overview The UN’s Ad Hoc Committee has approved a framework to establish a UN Global Tax Treaty, aiming to create a legitimate, fair, stable, inclusive, and effective international tax system. This initiative has garnered significant support from developing countries, including India, while facing opposition from industrialized nations such as Australia, Israel, Japan, the UK, and the USA

Rise in India’s Seafood Exports

Growth Overview India's seafood exports have experienced remarkable growth, increasing from Rs 46,662.85 crore in 2019-20 to Rs 61,043.68 crore in 2023-24, marking an impressive rise of 30.81%. This surge highlights India's growing position in the global seafood market. Supporting Infrastructure and Initiatives Marine Products Export Development Authority (MPEDA): This agency p

DIGITAL AGRICULTURE MISSION (DAM)

Why in the News? The Union Cabinet recently approved the Digital Agriculture Mission (DAM) with a total outlay of ₹2,817 crore, aimed at transforming the agricultural landscape through technology. About Digital Agriculture Mission (DAM) Overview: DAM is an umbrella scheme designed to leverage Digital Public Infrastructure (DPI) to enhance farmers' lives by integrating technology

Gig Economy and Recent Developments in Karnataka

Why in the News? The Karnataka government recently published the draft Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill, which aims to address the welfare and rights of gig workers in the state. This bill is part of a broader trend to improve social security for gig economy workers. About the Bill  Welfare Board: Establishment: The bill proposes the creat

Annual Survey of Unincorporated Enterprises (ASUSE) - 2021-22 and 2022-23

The Annual Survey of Unincorporated Enterprises (ASUSE) provides a detailed analysis of the unorganised or informal sector in India. This sector encompasses a variety of unincorporated enterprises, including Micro, Small, and Medium Enterprises (MSMEs), household units, and own-account enterprises. Survey Scope and Coverage Unincorporated Enterprises: Includes those not covered under form

India Grants Record Patents

1. Overview of Recent Developments Increase in Patents: India has seen a significant rise in the number of patents granted over the past decade. From March 2023 to March 2024, over one lakh patents were granted, with an average of 250 patents granted every working day. Patent Application Frequency: Every 6 minutes, a technology seeks intellectual property protection in India. 2. Under

Rise in LNG Imports

India has recently experienced a significant increase in its imports of Liquefied Natural Gas (LNG). In June 2024, India imported 2.60 million tonnes (mt) of LNG, marking the highest import volume in 44 months. This represents a notable rise from 1.77 mt in June 2023. The increased LNG imports are closely tied to a rise in gas-based power generation in the country. Key Data and Trends

Digital Bharat Nidhi (DBN)

Purpose: The Department of Telecommunications (DoT) has introduced draft rules to operationalize the Digital Bharat Nidhi (DBN), which will replace the Universal Service Obligation Fund (USOF). The DBN aims to enhance telecommunication services in underserved and remote areas, and address the limitations and underutilization of the USOF. Functioning of DBN Fund Management: Cont

Space Economy

Why in the News? The Indian Union Budget for 2024-25 announced the establishment of a ₹1,000 crore venture capital fund aimed at boosting the space economy in India. This fund is intended to support space tech startups and small- to medium-sized enterprises (SMEs) throughout their lifecycle. More on the News Purpose: The venture capital fund will provide financial support to space te

National Technical Textiles Mission

National Technical Textiles Mission (NTTM) highlights the approval of seven startup proposals under the GREAT (Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles) scheme. This initiative is part of the broader Research, Development, and Innovation (RDI) component of the NTTM. Key Points: Purpose of GREAT Initiative: The GREAT scheme aims to foster inn

World Wealth Report 2024

The World Wealth Report 2024 by the Capgemini Research Institute provides a comprehensive overview of global wealth, focusing on high-net-worth individuals (HNWIs) across 71 countries, which collectively represent over 98% of global gross national income and 99% of world stock market capitalization. Key Points from the Report: Coverage and Scope: The report encompasses 71 countrie

MSMEs in India

A recent report of CBRE-CREDAI says that Maharastra, TamilNadu and Uttar Pradesh (top 3 States) contribute 40% of registered MSMEs in India. Micro, Small and Medium Enterprises are known by the acronym MSME.

Ministry of Micro, Small and Medium Enterprise (MSME)

It is the apex executive body for the formulation and administration of rules, regulations and laws relating to MSMEs in India.MSME sector has emerged as a highly vibrant and dynamic sector of the Indian economy, fostering entrepreneurship and self-employment opportunities at comparatively lower capital cost, next only to agriculture. Union minister- Shri Narayan Rane Key Initiativ

North India's 1st Biotech Industrial Park

North India’s 1st industrial biotech park inaugurated in Jammu and Kashmir’s Kathua recently. Biotech Parks offer facilities to scientists and small and medium-sized enterprises (SMEs) for technology incubation, demonstration, and pilot plant studies. The parks are established to facilitate product advancement and innovation through the development of biot

Inoperative account by RBI

A savings or current account is treated as inoperative, if there are no ‘customer induced transactions’ in the account for a period of over 2 years. A customer induced transaction can be a financial transaction initiated by or done at the Behest of the account holder by the bank or third party, or A non-financial transaction, or A KYC (know your

DOUBLE TAXATION AVOIDANCE AGREEMENTS (DTAAS)

It is a mutually consented upon agreement between two countries on the taxability of specified incomes which both countries claim to have the right to levy tax on. Most countries have DTAAs to overcome the issue of double taxation arising due to cross border incomes. It is also aimed to promote international trade and amplify economic relations.  DTAAs ensures that the same income is