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CURRENT AFFAIRS: BANKING & FINANCE

Insurance Regulatory and Development Authority of India forms 7-member committee to review insurance sector reforms

• The Insurance Regulatory and Development Authority of India (Irdai) has formed a high-powered committee led by Dinesh Khara, former State Bank of India (SBI) chairman, to scrutinise various aspects of the Insurance Act, 1938, and suggest amendments.
• The committee was established as the Indian government prepares to introduce the Insurance Amendment Bill in Parliament, which proposes 100% foreign direct investment (FDI) in the insurance sector.

Key Highlights:

• The seven-member panel includes:
• NS Kannan, former MD & CEO of ICICI Prudential Life Insurance
• Girish Radhakrishnan, former CMD of United India Insurance
• Rakesh Joshi, former member of Irdai
• Saurabh Sinha, former executive director of RBI
• Alok Misra, MD & CEO of MFIN
• L Vishwanathan, a legal expert
• The committee has already conducted its first meeting, signaling a swift approach toward implementing the proposed changes.
• The government’s proposal to increase FDI limits in the insurance sector is expected to attract foreign investment, enhance insurance penetration, and boost market competition.
• The Insurance Act, 1938, was originally passed in British India to regulate the insurance sector, establishing the legal framework for the industry and leading to the formation of Irdai as the regulatory authority.
• The Act governs various insurance categories, including life, general, and health insurance, and allows insurers to appoint agents for business solicitation.
• During the FY26 Budget presentation, Finance Minister Nirmala Sitharaman announced the plan to raise the FDI cap from 74% to 100% and outlined further insurance sector reforms.
• She emphasized that guardrails are being set to ensure that premium payments by citizens remain within India.
• The government is set to introduce the proposed amendment bill in Parliament and notify the rules once approved.
• Key reform proposals include:
• Composite licences
• Differential capital requirements
• Reduction in solvency norms
• Issuing captive licences
• Changes in investment regulations
• One-time registration for intermediaries
• Allowing insurers to distribute other financial products
• The government had previously considered repealing the Insurance Act, 1938, due to its numerous amendments over the years, making it complex for the public.
• The amendments align with the government’s broader review of pre-independence laws, aiming to replace outdated regulations with a modern legal framework that reflects post-independence legislative principles.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson: Debasish Panda (as of October 2023)
• Founded: 1999

High frequency indicators point at sequential pickup in economic activity: Reserve Bank of India bulletin

• High-frequency indicators like vehicle sales, air traffic, steel consumption, and GST E-way bills suggest a sequential pickup in activity during H2 2024-25, as per the RBI bulletin for February.
• The momentum is expected to sustain moving forward, but a strong US dollar could lead to capital outflows, higher risk premiums, and external vulnerabilities for emerging economies.
• The RBI's internal models estimate GDP growth at 6.6% in Q4 2024-25, with 2025-26 growth forecasted at 6.7%, aligning with the government’s estimate of 6.3-6.8%.
• Inflation is projected to ease to 4.2% in the next financial year, though risks from global financial volatility, energy prices, and adverse weather events
• The Union Budget 2025-26 aims to balance fiscal consolidation and growth, focusing on capital expenditure (capex) and household income growth.
• A 25 bps repo rate cut by the MPC on February 7, 2025, is expected to boost domestic demand.
• Rural demand is likely to improve due to the strong performance of the agriculture sector.
• Urban demand is set to recover, driven by lower inflation and higher disposable incomes following the income tax relief in the budget.
• The government raised the income tax exemption limit to ₹12 lakh (from ₹7 lakh), leaving ₹1 lakh crore in taxpayers' hands.
• The fiscal deficit target for 2024-25 has been revised to 4.8% of GDP (down from 4.9%), with a projected 4.4% deficit in 2025-26.
• Financial markets remain volatile due to slower disinflation, tariff impacts, and foreign portfolio investor (FPI) sell-offs in emerging markets caused by a strong US dollar.

Recent News:

• In February 2025, The Reserve Bank of India (RBI) authorized Zulia Investments, a subsidiary of Temasek Holdings, to raise its stake in AU Small Finance Bank to a maximum of 7%.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

Gross domestic product Growth During Current Fiscal Estimated To Be 6.3%: SBI Research

• SBI Research estimates India’s Gross domestic product (GDP) growth at 6.3% for FY25, assuming no major revisions in Q1 and Q2 growth figures from the National Statistical Office (NSO).
• This is 10 basis points (bps) lower than NSO’s 6.4% forecast for FY25.
• GDP growth in Q1 and Q2 was 6.7% and 5.4%, respectively, while SBI estimated Q3 growth at 6.2-6.3% based on its ‘nowcasting model’, which analyzes 36 high-frequency indicators.
• 74% of indicators showed acceleration in Q3FY25, up from 71% in Q2FY25.
• Capital expenditure (capex) is improving in Q3FY25, with states showing increasing spending momentum, which bodes well for future growth.
• IIP manufacturing growth rose from 3.3% in Q2FY25 to 4.3% in Q3FY25, and the SBI Index also indicates positive momentum.
• Corporate performance improved, with listed firms reporting:
  • 2% revenue growth
  • 11% EBIDTA growth
  • 12% profit after tax (PAT) growth in Q3FY25 vs Q3FY24
• Corporate GVA and EBIDTA margins improved after two quarters of decline.

Recent News:

• In February 2025, SBI Cards appointed Salila Pande as its new MD & CEO, effective April 1, 2025, succeeding Abhijit Chakravorty.

About State Bank of India (SBI):

• Founded Year: 1955
• Headquarters: Mumbai, Maharashtra, India
• Chairman: Challa Sreenivasulu Setty
• Slogan: "The Banker to Every Indian"

Securities and Exchange Board of India & Bharat InvIT Association may launch data benchmarking institutes for Infrastructure Investment Trusts by February-end

• Securities and Exchange Board of India (SEBI) and the Bharat InvIT Association (BIA) are working on setting up dedicated data benchmarking institutes (DBIs) for Infrastructure Investment Trusts (InvITs) to enhance transparency, accessibility, and informed decision-making for investors.

Key Highlights:

• Key Players Involved: Financial services firms CAMS, CareEdge, and KFintech, along with the InvIT association, will roll out three platforms by the end of the month.
• Features of DBIs:
  • Centralised repository for listed InvITs’ performance, operational metrics, valuation standards, and disclosures.
  • First phase to include five publicly listed InvITs:
    • India Grid Infrastructure Trust
    • Indus Infra Trust
    • IRB InvIT Fund
    • Capital Infra Trust
    • PowerGrid Infrastructure Investment Trust
  • Second phase to integrate 16 privately listed trusts over the next few months.
• Market Impact:
  • The five listed InvITs have a combined market capitalisation of ₹30,000 crore.
  • These platforms aim to increase awareness and confidence among investors in the InvIT market.
• Regulatory Status:
  • DBIs are in the final stages of refinement and will soon be submitted for SEBI’s approval.
  • Expected launch date to be finalised by the end of this week.
• Comparison with REITs:
  • Similar DBIs were launched for REITs in September:
    • in (CAMS)
    • ReitsInfraEdge (CareEdge)
    • KFinsights (KFintech)
  • Future plans may include linking the REIT and InvIT platforms for integrated data access.

Recent News:

• In February 2025, SEBI launched MITRA to help investors track and reclaim inactive or unclaimed mutual fund folios.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

CURRENT AFFAIRS: NATIONAL NEWS

Union Government Releases 15^th Finance Commission Grants to Bihar, Haryana, and Sikkim

• The Union Government has released the Fifteenth Finance Commission (XV FC) Grants for Rural Local Bodies (RLBs) in Bihar, Haryana, and Sikkim for the Financial Year 2024–25.
• These grants aim to support local governance by strengthening Panchayati Raj Institutions (PRIs) in these states.

State-Wise Fund Allocation

Bihar

• 2nd Installment of Untied Grants: ₹821.8021 crores
• Withheld Portion of 1st Installment: ₹47.9339 crores
• Beneficiaries:
  • 38 District Panchayats
  • 530 Block Panchayats
  • 8,052 Gram Panchayats

Haryana

• 2nd Installment of Untied Grants: ₹202.4663 crores
• Withheld Portion of 1st Installment: ₹7.5993 crores
• Beneficiaries:
  • 18 District Panchayats
  • 142 Block Panchayats
  • 6,195 Gram Panchayats

Sikkim

• 2nd Installment of Untied Grants: ₹6.2613 crores
• Beneficiaries:
  • 4 District Panchayats
  • 186 Gram Panchayats

Utilization of Grants

• The funds will be used by Panchayati Raj Institutions (PRIs) for location-specific developmental needs, as outlined in the Eleventh Schedule of the Constitution. However, they cannot be used for salaries and administrative expenses.

Categories of Grants

• Untied Grants:
  • Can be utilized for local development projects based on community needs.
• Tied Grants:
  • Must be spent on basic services, including:
    • Sanitation and maintenance of ODF status
      • Waste management, human excreta and fecal sludge treatment.
    • Drinking water supply
      • Rainwater harvesting and water recycling initiatives.

Recent news

• In Feb 2025, Union Animal Husbandry and Fisheries Minister Rajiv Ranjan Singh launched the country’s first-ever organic fisheries cluster in Soreng District, Sikkim.
• In Feb 2025,The Haryana government has recently introduced new Wildlife (Protection) Rules allowing the shooting of male Nilgais, also known as blue bulls.
• In Feb 2025, The Haryana government launched the ‘Har Khet-Swasth Khet’ campaign to improve soil health and ensure sustainable farming practices.

India Elected as Vice President of the International Organization of Aids to Marine Navigation (IALA)

• India was elected to the Vice Presidency of the International Organization of Aids to Marine Navigation (IALA) during its first General Assembly in Singapore.
• This election highlights India's leadership in maritime affairs and its commitment to enhancing global marine navigation safety and sustainability.

Indian Delegation at IALA General Assembly

• A high-level Indian delegation, led by Shri T.K. Ramachandran, Secretary, Ministry of Ports, Shipping, and Waterways, participated in the ongoing 1st General Assembly of IALA.
• The delegation included:
• Shri Mukesh Mangal – Joint Secretary
• Shri N. Muruganandam – Director General of Lighthouses and Lightships
• Shri S. Saravanan – Deputy Director

IALA’s Transition to an Inter-Governmental Organization (IGO)

• This first General Assembly marks IALA’s transition from a non-governmental organization (NGO) to an inter-governmental organization (IGO). This shift strengthens its role in harmonizing global maritime navigation systems and establishing international standards for safe and efficient navigation.

India’s Future Role in IALA

India is set to play a significant role in IALA's future activities, including:

• Hosting the IALA Council Meeting – December 2025
• Hosting the IALA Conference & General Assembly – September 2027, Mumbai

Recent news

• In Jan 2025, In a significant move to bolster the FinTech sector, the Government of Odisha’s Electronics and IT Department has partnered with Singapore’s Global Finance & Technology Network (GFTN) to establish a Global Competency Centre in Bhubaneswar.
• In Jan 2025, Singapore has awarded its highest honor for non-citizens, the Honorary Citizen Award, to Tarun Das, former Director General of the Confederation of Indian Industry (CII), in recognition of his significant contributions to strengthening Singapore-India relations.

CURRENT AFFAIRS: STATE NEWS

Uttarakhand Cabinet approves new land law to 'protect' state's resources

• Pushkar Singh Dhami-led government in Uttarakhand has repealed the 2018 land law enacted during Trivendra Singh Rawat’s tenure.
• A new stringent law has been approved, addressing demands from social and political organizations.
• The previous law had relaxed provisions introduced by former CM Bhuvan Chand Khanduri.
• A ban has been placed on land purchases by individuals from outside the state.
• Horticultural and agricultural land in 11 districts (except Haridwar and Udham Singh Nagar) cannot be purchased by outsiders.
• The government aims to preserve the state’s character by ensuring proper land use and preventing encroachments in hilly regions.
• District magistrates will no longer have the authority to approve land purchases; instead, transactions will be processed through a government portal.
• Regular reports on land transactions must be submitted to the Revenue Council and government.
• Land within municipal boundaries must be used according to designated land use, or it will revert to government ownership.
• The government has announced measures to regulate land prices, ensuring affordability for local residents.
• Chief Minister Dhami emphasized that the BJP government is the guardian of the state, culture, and its original essence.

Recent News:

• In February 2025, To tackle the rising threat of forest fires, Uttarakhand IFoS officer Vaibhav Singh developed an advanced Forest Fire App.

About Uttarakhand:

• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
• Capital: Dehradun
• National Parks: Jim Corbett National Park, Nanda Devi National Park, Rajaji National Park, Gangotri National Park, Valley of Flowers National Park
• Wildlife Sanctuaries: Kedarnath Wildlife Sanctuary, Askot Wildlife Sanctuary, Binsar Wildlife Sanctuary, Govind Wildlife Sanctuary, Sonanadi Wildlife Sanctuary, Nandi Devi Wildlife Sanctuary

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Rekha Gupta's oath as Delhi's 4th woman Chief Minister

• Rekha Gupta took oath as the Chief Minister of Delhi, marking the BJP’s return to power in the national capital after 27 years.
• The swearing-in ceremony at Ramlila Maidan was attended by Prime Minister Narendra Modi, Union Home Minister Amit Shah, and Chief Ministers from BJP-ruled states.

Key Highlights:

• At 50 years old, Gupta became the fourth woman Chief Minister of Delhi, following Sushma Swaraj, Sheila Dikshit, and Atishi.
• She won the Shalimar Bagh seat in the February 5 Delhi Assembly elections, securing over 29,000 votes against her AAP rival, Bandana Kumari.
• Her Council of Ministers includes Parvesh Verma, Ashish Sood, Pankaj Singh, Manjinder Singh Sirsa, Kapil Mishra, and Ravinder Indraj, who also took oath.
• Deputy Chief Ministers from Maharashtra, Andhra Pradesh, Bihar, and Rajasthan were present at the event.
• After the oath-taking ceremony, a key NDA alliance meeting was scheduled, featuring PM Modi, Amit Shah, and other Union Ministers.
• Speaking to Aaj Tak, Gupta credited her selection to PM Modi’s vision for women empowerment.
• She emphasized accountability in governance, stating that the previous corrupt government must account for every rupee spent.
• A former DUSU president and municipal councillor, Gupta was chosen as BJP’s legislative party leader on February 19, 2025 evening and subsequently invited by Governor VK Saxena to form the government.
• Gupta is now the fourth BJP Chief Minister of Delhi, following Madan Lal Khurana, Sahib Singh Verma, and Sushma Swaraj.
• She is also the only incumbent woman Chief Minister in any BJP-ruled state.
• Her appointment comes 11 days after BJP’s landslide victory, ending AAP’s 10-year rule.
• Other contenders for the CM post included Parvesh Verma, Ashish Sood, Vijender Gupta, Satish Upadhyay, and Jitendra Mahajan.
• BJP’s campaign focused on women voters, promising ₹2,500 monthly aid, ₹21,000 for pregnant women, and pensions for seniors, surpassing AAP’s ₹2,100 monthly benefit promise.

About Delhi:

• Chief Minister: Rekha Gupta
• Lieutenant Governor: Vinai Kumar Saxena
• Capital: New Delhi
• Wildlife Sanctuaries: Asola Bhatti Wildlife Sanctuary, Yamuna Biodiversity Park, Aravalli Biodiversity Park

PayU Names Pramod Rao as New Chief Risk Officer

• PayU has appointed Pramod Rao as its new Chief Risk Officer (CRO).
• He will oversee risk management strategies, regulatory compliance, and financial security.
• Rao brings over 27 years of expertise in banking, financial services, and telecom.
• He has worked with Axis Bank, Vodafone Idea, Citibank, IDBI Bank, ICICI Bank, and HSBC, specializing in risk management and compliance.
• His appointment is part of PayU’s leadership expansion, which includes key hires like Pranav Pandya (Chief Compliance Officer) and Dimple Mehta (Company Secretary).
• Rao aims to strengthen security measures, ensure compliance excellence, and support PayU’s growth in the payments ecosystem.
• PayU recently received in-principle authorization from the RBI to operate as an online payment aggregator.

About PayU:

• Headquarters: Hoofddorp, Netherlands
• Founded: 2002
• CEO: Anirban Mukherjee
• Parent Company: Prosus
• Key Products: Payment Gateway, PayU Biz, PayU Credit, LazyPay, PayU Enterprise Solutions

CURRENT AFFAIRS: ACQUISITION & MERGERS

Competition Commission of India (CCI) approves the acquisition of certain interest in Blackwater Coal Mine by NS Blackwater Pty Limited and JFE Steel Australia (BW) Pty Ltd

• The Competition Commission of India (CCI) has approved the acquisition of a stake in Blackwater Coal Mine by NS Blackwater Pty Limited and JFE Steel Australia (BW) Pty Ltd.
• Under the Proposed Combination, NS Blackwater Pty Limited will acquire a 20% interest, while JFE Steel Australia (BW) Pty Ltd will acquire a 10% interest in Blackwater Coal Mine (BW Coal Mine).

Key Entities in the Acquisition:

• NS Blackwater Pty Limited: A newly incorporated special purpose vehicle, ultimately owned by Nippon Steel Corporation.
• JFE Steel BW Pty Ltd: Another newly incorporated special purpose vehicle, ultimately owned by JFE Holdings, Inc.

About Blackwater Coal Mine:

• Location: Queensland, Australia.
• Type: Open-cut coal mine.
• Operational Since: 1967.
• Significance to India: Supplies coking coal to India via imports.

About CCI:

• The Competition Commission of India (CCI) is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act of 2002.
• Founded: October 14, 2003
• Headquarters: New Delhi, India
• Chairperson: Ravneet Kaur

Competition Commission of India approves amalgamations of Chaitanya India Fin Credit Private Limited and Svatantra Holdings Private Limited into Svatantra Microfin Private Limited

• The Competition Commission of India (CCI) has approved the amalgamation of Chaitanya India Fin Credit Private Limited (CIFCPL) and Svatantra Holdings Private Limited (SHPL) into Svatantra Microfin Private Limited (SMPL).
• The Scheme of Amalgamation has been approved by the board of directors of SHPL, CIFCPL, and SMPL.
• As a result of the merger, Svatantra Micro Housing Finance Corporation Limited (SMHFCL) will become a wholly owned subsidiary of SMPL.

Entities Involved in the Merger:

• Svatantra Holdings Private Limited (SHPL)
  • Engaged in investments in equity shares, preference shares, and other securities.
  • Classified as an unregistered Core Investment Company (CIC) under the RBI’s Core Investment Companies Directions, 2016.
• Svatantra Microfin Private Limited (SMPL)
  • Provides microfinance and personal loans to low-income individuals and households in rural and semi-urban areas.
  • A middle-layer, non-deposit-taking NBFC-MFI, registered with the RBI.
• Chaitanya India Fin Credit Private Limited (CIFCPL)
  • Provides microfinance and personal loans to low-income individuals and households in rural and semi-urban areas.
  • A middle-layer, non-deposit-taking NBFC-MFI, registered with the RBI since 2009.
• Svatantra Micro Housing Finance Corporation Limited (SMHFCL)
  • A Non-Deposit Taking Housing Finance Company (NBFC-HFC) (Middle Layer).
  • Provides secured housing loans to financially excluded rural and urban low-income families.
  • Offers loans against property and loans for construction/real estate projects.

CURRENT AFFAIRS: AWARDS AND HONOURS

Nita Ambani Honored with Governor of Massachusetts’ Citation for Philanthropy

• Nita Ambani, Founder and Chairperson of Reliance Foundation, has been awarded the Governor of Massachusetts’ Citation for her outstanding contributions to education, healthcare, sports, arts, culture, and women’s empowerment.
• This prestigious recognition highlights her dedication to driving positive societal change in India and globally.

Contributions to Education and Healthcare

• Education:
  • Founded Dhirubhai Ambani International School, one of India’s top-ranked educational institutions, promoting academic excellence and leadership development.
• Healthcare:
  • Leads the Sir H.N. Reliance Foundation Hospital and Research Centre, providing world-class medical care in Mumbai.
  • Ensures advanced treatments and healthcare accessibility for people from all walks of life.

Impact on Sports and Cultural Development

• Sports:
  • Actively promotes grassroots sports development through Reliance Foundation
  • Recognized with the Rashtriya Khel Protsahan Puruskar (2017) for contributions to sports excellence.
  • Supports Indian athletes through programs like Reliance Foundation Young Champs and the Indian Super League (ISL), fostering young sporting talent.
• Arts & Culture:
  • Established the Nita Mukesh Ambani Cultural Centre (NMACC) in Mumbai, which showcases India’s rich heritage through exhibitions, performances, and artistic programs.
  • Strengthens India’s global presence in arts and culture.

Global Recognitions & Achievements

This award adds to Nita Ambani’s growing list of international honors, including:

• Global Philanthropist and Leader of the Year (2017) – Awarded by Vogue India for her social impact initiatives.
• Citizen of Mumbai Award (2023) – Conferred by the Rotary Club of Bombay for her contributions to the city.
• Honorary Trustee, The Metropolitan Museum of Art, New York (2019) – First Indian elected to the board, enhancing India’s representation in global arts.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Nepal Strengthen Science & Technology Collaboration with MoU Between Council of Scientific and Industrial Research and Nepal Academy of Science and Technology

• Marking a significant milestone in Science and Technology (S&T) cooperation, the Council of Scientific and Industrial Research (CSIR), India, and the Nepal Academy of Science and Technology (NAST) formalized a Memorandum of Understanding (MoU) at CSIR-National Physical Laboratory (CSIR-NPL), New Delhi.

MoU Highlights

• Signed by:
  • N. Kalaiselvi, Director General, CSIR & Secretary, DSIR
  • Dr. Dilip Subba, Vice-Chancellor, NAST
• Objective: Strengthening bilateral scientific and technological collaboration between India and Nepal.

Historical Cooperation Between CSIR and NAST

CSIR and NAST have a long history of partnership, dating back to 1994, when an initial agreement was signed (then with RONAST, now NAST). This led to:

• Two Working Programmes (1997, 2002)
• Joint workshops & training programs extending beyond the official agreements

The 2025 MoU aims to revitalize and expand this collaboration, fostering deeper scientific engagement.

Key Areas of Cooperation

The renewed partnership will focus on:

• Scientific Exchange: Sharing research materials, information, and expertise
• Capacity Building: Twinning of institutions and scientist exchange programs
• Joint Research Projects: Across mutually agreed fields
• Technology Development: Enhancing industry collaboration
• Access to Research Facilities: Strengthening cross-border research initiatives
• Workshops & Training Programs: Promoting skill development in cutting-edge fields

Priority Research Sectors

• Biological Sciences
• Food Science & Technology
• Water & Environmental Technologies
• Fuel & Mining Sciences
• Metallurgy & Materials Science (Glass, Ceramics, Biomaterials, Nanotechnology)
• Alternative Energy
• Leather & Footwear Technologies
• Metrology & Polymer Sciences
• Drug Discovery

RECENT NEWS

• On January 17, 2025, Union Minister Dr. Jitendra Singh inaugurated India’s first-of-its-kind CSIR Mega Innovation Complex in Mumbai, marking a significant milestone in the nation’s innovation landscape.

India and Argentina Strengthen Lithium Mining Cooperation with Strategic Memorandum of Understanding

• Union Minister for Coal and Mines, Shri G. Kishan Reddy, along with senior officials from the Ministry of Mines, held a high-level meeting with E. Raúl Alejandro Jalil, Governor of Catamarca, Argentina, in New Delhi.
• The discussions centered on expanding cooperation in the mining sector, with a special focus on lithium exploration and investment opportunities.

Key Highlights of the Meeting

• Signing of MoU: A Memorandum of Understanding (MoU) was signed between Mineral Exploration and Consultancy Limited (MECL), a PSU under the Ministry of Mines, and the Provincial Government of Catamarca, Argentina.
• Focus Area: Strengthening collaboration in exploration and resource development of critical minerals, particularly lithium.
• Strategic Importance: Argentina, part of the 'Lithium Triangle', holds vast lithium reserves, making it a key partner for India’s push towards electric vehicle (EV) batteries and renewable energy storage.

India’s Expanding Role in Lithium Exploration

• Ongoing lithium exploration projects in Catamarca by Khanij Bidesh India Ltd. (KABIL) & Greenko.
• Increased participation of Indian companies in Argentina’s mining sector.
• Discussions on investment opportunities, long-term supply agreements, and joint ventures to enhance India's access to lithium reserves.

RECENT NEWS

• In Feb 2025, Argentina announced its withdrawal from the World Health Organization (WHO), following a similar decision made by the United States under President Donald Trump.

About Argentina:
• Capital: Buenos Aires
• Currency: Argentine Peso (ARS)
• President: Javier Milei

SPM-NIWAS and Arghyam Partner to Develop Digital Public Infrastructure for WASH Sector

• The Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS) and Arghyam have signed a Memorandum of Understanding (MoU) to collaborate on developing Digital Public Infrastructure (DPI) for the Water, Sanitation, and Hygiene (WASH) sector.
• This initiative aligns with the Government of India’s vision to enhance water and sanitation service delivery through digital solutions.

Objective of the Partnership

The collaboration aims to conceptualize, design, and implement a digital ecosystem to support key national programs:

• Jal Jeevan Mission (JJM)
• Swachh Bharat Mission (SBM-G)

Under this agreement:

• SPM-NIWAS will lead the implementation of digital initiatives.
• Arghyam, as a key knowledge partner, will contribute expertise in technology-driven water governance.

Key Focus Areas

The partnership will focus on:

• Developing open APIs and interoperable solutions for data-driven decision-making.
• Strengthening state institutions to ensure efficient operation and maintenance of water assets.
• Building participatory digital platforms for sustainable water management.

Tribal Cooperative Marketing Development Federation of India Limited Partners with Meesho,Indian Federation of Culinary Associations , and Mahatma Gandhi Institute of Rural Industrialization to Boost Tribal Businesses

• In a strategic move to shift from a B2C to a B2B approach for tribal communities, the Tribal Cooperative Marketing Development Federation of India Ltd (TRIFED) has entered into key partnerships with Meesho, the Indian Federation of Culinary Associations (IFCA), and the Mahatma Gandhi Institute of Rural Industrialization (MGIRI).
• The Memoranda of Understanding (MoUs) were signed, during the flagship event ‘Aadi Mahotsav’ at Major Dhyan Chand National Stadium, New Delhi, which runs from February 16 to 24, 2025.

Objectives of the MoUs

1. TRIFED – Meesho Partnership

• Onboarding of tribal products onto Meesho’s social commerce platform.
• Training and capacity-building initiatives for tribal suppliers to improve their market presence.

2. TRIFED – IFCA Partnership

• Long-term collaborations with culinary professionals and hotel chains.
• Utilization of technology-driven platforms to promote tribal food products and traditional cuisines.

3. TRIFED – MGIRI Partnership

• Knowledge partnership for training and capacity-building of tribal artisans.
• Promoting sustainable rural industrialization in line with Mahatma Gandhi’s vision.

Exchange of Agreements & Key Attendees

The MoUs were exchanged between General Managers of TRIFED and:

• Prachi Bhuchar, Head of Public Policy & Government Affairs, Meesho
• Chef Manjit Gill, Representative of IFCA
• Ashutosh A. Murkute, Director, MGIRI

The exchange took place in the presence of Shri Ashish Chatterjee, Managing Director, TRIFED, underscoring the government's commitment to tribal economic development.

Inauguration of Aadi Mahotsav 2025

The President of India, Smt. Droupadi Murmu, inaugurated the festival, alongside:

• Shri Jual Oram, Union Minister for Tribal Affairs
• Shri Durga Das Uikey, MoS for Tribal Affairs
• Bansuri Swaraj, Member of Parliament, New Delhi

About the Organizations

TRIFED

TRIFED, under the Ministry of Tribal Affairs, Government of India, is dedicated to socio-economic development through marketing tribal products. It organizes ‘Aadi Mahotsav – National Tribal Festival’, a platform that directly connects tribal craftsmen and artisans with urban markets.

Meesho

Meesho is a leading Indian e-commerce platform, enabling individuals and small businesses to sell products online via social media like WhatsApp, Facebook, and Instagram.

IFCA

The Indian Federation of Culinary Associations (IFCA) promotes culinary arts in India, representing chefs and culinary professionals and facilitating industry collaboration.

MGIRI

The Mahatma Gandhi Institute of Rural Industrialization (MGIRI) promotes sustainable rural development through small-scale and cottage industries, in alignment with Gandhian principles.

CURRENT AFFAIRS: DEFENCE NEWS

India, Malaysia expand defence ties, advance Su-30 upkeep cooperation

• India is strengthening defence ties with Malaysia, focusing on maritime security, the defence industry, and cooperation in multilateral forums.
• The 13th Malaysia-India Defence Cooperation Committee (MIDCOM) meeting took place on February 19, 2025, in Kuala Lumpur, discussing regional and global issues, including cyber security and artificial intelligence.
• India and Malaysia exchanged the finalised Terms of Reference (ToR) for setting up a Su-30 forum to enhance cooperation between the Indian Air Force (IAF) and the Royal Malaysian Air Force (RMAF) in Su-30 maintenance.
• The Su-30 forum will foster collaboration between the IAF and RMAF in training, maintenance, technical support, and safety-related issues.
• The finalised ToR for creating a strategic affairs working group were exchanged to serve as an intermediary consultative mechanism between MIDCOM and its sub-committees.
• India and Malaysia agreed to establish a joint focus group to address non-traditional maritime security challenges.
• Defence Secretary Singh highlighted India’s defence sector capabilities and its potential for collaboration with Malaysian companies in capability enhancement and modernisation.
• India conveyed support for Malaysia’s regional security efforts as it assumes the ASEAN chairmanship and leads the ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus).
• India considers Malaysia a vital Indo-Pacific partner, positioned at the intersection of the Act East Policy, SAGAR (Security and Growth for All in the Region), and the Indo-Pacific Oceans Initiative.
• In January 2025, India and Malaysia agreed to deepen cooperation in counter-terrorism, deradicalization, cyber security, the defence industry, and maritime security.
• The 1993 MoU on Defence Cooperation serves as the foundation of India-Malaysia defence relations, enabling joint ventures, development projects, and training programs.

About Malaysia:

• Capital: Kuala Lumpur
• Currency: Malaysian Ringgit (MYR)
• Yang di-Pertuan Agong (King): Sultan İbrahim Sultan İskandar
• Prime Minister: Anwar Ibrahim

Defence Research and Development Organisation, MIDHANI Ink Pact for High-Performance Aerospace-Grade Steel

• The Aeronautical Development Agency (ADA), a premier lab under the Defence Research and Development Organisation (DRDO), has signed an MoU with MIDHANI for the indigenous development of high-strength, high-toughness special-grade steel "MDN100" for aeronautical applications, including its use in the 5th generation Advanced Medium Combat Aircraft (AMCA).
• The steel, known for its good forgeability, will be utilized in highly stressed aircraft parts, offering weight-saving benefits.
• The MoU was signed during Aero India 2025, reinforcing the vision of Atmanirbhar Bharat.
• MIDHANI, a Defence PSU, has been supporting DRDO and Hindustan Aeronautics Ltd (HAL) in supplying critical materials for aeronautical purposes, including SuperNi 41 plates, a nickel-chromium-based superalloy capable of withstanding extreme temperatures in aero engines.
• ADA, the nodal agency for combat aircraft development in India, is actively engaged in key programmes, including LCA Mk2, AMCA, and the Twin Engine Deck-Based Fighter (TEDBF).

About DRDO:

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Dr. Samir V. Kamat

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Indian Space Research Organization Develops World’s Largest Vertical Propellant Mixer

• In a major boost to India’s self-reliance in space technology, Indian scientists and engineers have successfully developed the world’s largest 10-tonne Vertical Planetary Mixer for processing solid propellants, a critical component in rocket motor production.
• The milestone marks a significant achievement under the ‘Atmanirbhar Bharat in Space’
• The mixer was designed and developed by Satish Dhawan Space Centre SHAR (SDSC SHAR), ISRO, incollaboration with Central Manufacturing Technology Institute (CMTI), Bangalore, a premier research and development organisation under the Ministry of Heavy Industries.
• The system has completed factory-level acceptance tests and was officially handed over to SDSC SHAR’s director by CMTI’s director in the presence of Secretary, DoS and ISRO Chairman in

Technological Breakthrough in Solid Propulsion:

• Solid propulsion plays a crucial role in India’s space transportation systems, with solid propellants forming the backbone of rocket motors.
• Their production requires the precise mixing of highly sensitive and hazardous materials, making advanced mixing technology essential.
• The newly developed 10-ton Vertical Planetary Mixer will significantly enhance productivity, quality, and throughput in solid motor production.
• This high-capacity system is expected to increase India’s capability to produce heavy solid motors efficiently, strengthening the country’s space launch infrastructure.

Key Features of the 10-Ton Vertical Mixer:

• World’s Largest: The system is the largest solid propellant mixing equipment globally.
• Heavy-Duty Build: Weighing approximately 150 tonnes, it measures 5.4m (L) × 3.3m (B) × 8.7m (H).
• Advanced Technology: It is equipped with multiple agitators which are hydrostatic driven and will be remotely operated using PLC based control systems with SCADA stations.

Recent News:

• In February 2025, ISRO and IIT Madras successfully developed and booted ‘IRIS’ (Indigenous RISC-V Microprocessor for Space Applications), a semiconductor chip designed for space missions.

About ISRO:

• Established: 1958
• Headquarters: New Delhi, India
• Chairman: V. Narayanan

West Bengal’s Darjeeling Zoo Gets Country's First Bio-Banking And Animal Museum

• The Padmaja Naidu Himalayan Zoological Park, West Bengal (Darjeeling Zoo) setting up the country's first bio-banking facility and animal museum is a huge step forward in preserving endangered species and studying biodiversity.

Key Highlights:

• First-of-its-kind in India – The Darjeeling Zoo is the first zoo in India to establish a biobank and museum for endangered species.
• Preservation of Biological Samples – The facility will store DNA, genome, and gametes of endangered species like the Red Panda, Snow Leopard, and Siberian Tiger.
• Long-term Storage – Samples can be stored for 40 to 45 years, aiding future research.
• Climate Change & Genetic Research – Scientists can study mutation effects, climate impact, and genetic diversity using the stored samples.
• Collaboration with Authorities – The project follows international guidelines and is supported by the Central Forest Authority and State Forest Departments.
• Public Museum – The animal museum inside the zoo will showcase skeletons and body parts of various species for education and research.

About Biobank:

• A biobank is a collection of biological samples that are stored and used for research.
• Biobanks are important for medical research and can help develop new treatments.

About West Bengal:

• Chief Minister: Mamata Banerjee
• Governor: C. V. Ananda Bose
• Capital: Kolkata
• National Parks: Sundarbans National Park, Jaldapara National Park, Buxa National Park, Gorumara National Park, Neora Valley National Park
• Wildlife Sanctuaries: Sajnekhali Wildlife Sanctuary, Bibhutibhushan Wildlife Sanctuary, Bethuadahari Wildlife Sanctuary, Ballavpur Wildlife Sanctuary, Haliday Island Wildlife Sanctuary

CURRENT AFFAIRS: PERSON IN NEWS

First astronaut with disability approved for International Space Station mission

• The European Space Agency (ESA) has confirmed that John McFall, a 43-year-old British surgeon and former Paralympian, has been approved for a long-duration mission aboard the International Space Station (ISS).
• His selection under ESA’s Parastronaut initiative marks a groundbreaking step toward inclusivity in space exploration.

John McFall’s Journey to Space:

• Early Life & Athletic Career:
  • At 19 years old, McFall lost his leg in a motorbike accident but pursued a career in athletics, representing Great Britain as a Paralympian.
  • He later became a surgeon, demonstrating resilience and determination.
• Entry into the ESA Astronaut Reserve:
  • In 2022, ESA selected McFall for its astronaut reserve, focusing on the feasibility of sending an astronaut with a prosthetic leg to space.
  • Since then, ESA has studied how prosthetic limbs function in microgravity.

Medical Clearance:

• In February 2025, McFall passed ESA’s medical evaluation, becoming eligible for a long-duration space mission.
• His clearance was approved by all ISS partners, including the United States.
• The initiative aligns with ESA’s Diversity, Equity, and Inclusion (DEI) commitment, ensuring equal opportunities in space exploration.

Challenges & Future Prospects:

• Understanding how McFall’s prosthetic leg will function in microgravity.
• Developing specialized prosthetics to aid movement and stability.
• ESA’s research on prosthetics in space could have broader benefits for the disabled community on Earth.
• ESA has not yet announced a launch date, but McFall is awaiting assignment like other astronauts.
• His mission will pave the way for future astronauts with disabilities.

CURRENT AFFAIRS: IMPORTANT DAYS

International Mother Language Day 2025: February 21

• Every year February 21 is celebrated as International Mother Language Day 2025 all over the world.
• UNESCO declared February 21st as International Mother Language Day in the year 1999 and has been witnessed all throughout the world since 2000.
• This declaration of Mother Language Day came into existence as a tribute to the language movement in Bangladesh. When Pakistan was separated in 1947 it had two partitions: East Pakistan and West Pakistan.
• The two parts were extremely different from each other in the sense of culture and languages. In 1948, the Pakistani government declared Urdu as the national language of both East and West Pakistan. But the majority of the people in both east and west Pakistan had Bengali or Bangla.
• The East Pakistan people started a protest as they have Bengali as their mother tongue. They demanded Bengali be at least one of the national languages in addition to Urdu.
• This was raised first by Dhirendranath Datta on February 23, 1948. To demolish the protest, the government of Pakistan outlawed public meetings and rallies.
• The students of the University of Dhaka, with the support of the general public, arranged massive rallies and meetings. On 21 February 1952, police opened fire on rallies.
• Three people died, with hundreds of others injured. This was a rare incident in history, where people sacrificed their lives for their mother tongue.
• Since then, Bangladeshis have celebrated International Mother Language Day as one of their tragic days.
• They visit the Shaheed Minar, a monument built in memory of the martyrs and its replicas to express their deep sorrow, respect, and gratitude to them. International Mother Language Day is a national holiday in Bangladesh.
• The resolution was suggested by Rafiqul Islam and Abdus Salam, Bengalis living in Vancouver, Canada. They wrote a letter to Kofi Annan on 9 January 1998 asking him to take a step toward saving the world's languages from extinction by declaring an International Mother Language Day.
• Rafiq proposed the date as 21 February to commemorate the 1952 killings in Dhaka during the Language Movement. Rafiqul Islam's proposal was introduced in the Bangladesh Parliament and in due course (at the behest of the Prime Minister) a formal proposal was submitted to UNESCO by the government of Bangladesh.
• The process of shepherding the proposal through UNESCO's regulatory system was undertaken by Syed Muazzem Ali, then Bangladesh ambassador to France and Permanent Representative to UNESCO, and Tozammel Tony Huq, his predecessor, who was then a Special Adviser to UNESCO Secretary-General.
• Finally, on 17 November 1999, the 30th General Assembly of UNESCO unanimously resolved that "21st February be proclaimed International Mother Language Day throughout the world to commemorate the martyrs who sacrificed their lives on this very day in 1952.

Daily CA One- Liner: February 21

• The Union Government has released the Fifteenth Finance Commission (XV FC) Grants for Rural Local Bodies (RLBs) in Bihar, Haryana, and Sikkim for the Financial Year 2024–25
• India was elected to the Vice Presidency of the International Organization of Aids to Marine Navigation (IALA) during its first General Assembly in Singapore
• Nita Ambani, Founder and Chairperson of Reliance Foundation, has been awarded the Governor of Massachusetts’ Citation for her outstanding contributions to education, healthcare, sports, arts, culture, and women’s empowerment
• Marking a significant milestone in Science and Technology (S&T) cooperation, the Council of Scientific and Industrial Research (CSIR), India, and the Nepal Academy of Science and Technology (NAST) formalized a Memorandum of Understanding (MoU) at CSIR-National Physical Laboratory (CSIR-NPL), New Delhi
• Union Minister for Coal and Mines, Shri G. Kishan Reddy, along with senior officials from the Ministry of Mines, held a high-level meeting with E. Raúl Alejandro Jalil, Governor of Catamarca, Argentina, in New Delhi.
• The Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS) and Arghyam have signed a Memorandum of Understanding (MoU) to collaborate on developing Digital Public Infrastructure (DPI) for the Water, Sanitation, and Hygiene (WASH) sector
• In a strategic move to shift from a B2C to a B2B approach for tribal communities, the Tribal Cooperative Marketing Development Federation of India Ltd (TRIFED) has entered into key partnerships with Meesho, the Indian Federation of Culinary Associations (IFCA), and the Mahatma Gandhi Institute of Rural Industrialization (MGIRI)
• The Insurance Regulatory and Development Authority of India (Irdai) has formed a high-powered committee led by Dinesh Khara, former State Bank of India (SBI) chairman, to scrutinise various aspects of the Insurance Act, 1938, and suggest amendments.
• High-frequency indicators like vehicle sales, air traffic, steel consumption, and GST E-way bills suggest a sequential pickup in activity during H2 2024-25, as per the RBI bulletin for February.
• SBI Research estimates India’s GDP growth at 6.3% for FY25, assuming no major revisions in Q1 and Q2 growth figures from the National Statistical Office (NSO).
• Securities and Exchange Board of India (SEBI) and the Bharat InvIT Association (BIA) are working on setting up dedicated data benchmarking institutes (DBIs) for Infrastructure Investment Trusts (InvITs) to enhance transparency, accessibility, and informed decision-making for investors.
• Pushkar Singh Dhami-led government in Uttarakhand has repealed the 2018 land law enacted during Trivendra Singh Rawat’s tenure.
• Rekha Gupta took oath as the Chief Minister of Delhi, marking the BJP’s return to power in the national capital after 27 years.
• PayU has appointed Pramod Rao as its new Chief Risk Officer (CRO).
• The Competition Commission of India (CCI) has approved the acquisition of a stake in Blackwater Coal Mine by NS Blackwater Pty Limited and JFE Steel Australia (BW) Pty Ltd.
• The Competition Commission of India (CCI) has approved the amalgamation of Chaitanya India Fin Credit Private Limited (CIFCPL) and Svatantra Holdings Private Limited (SHPL) into Svatantra Microfin Private Limited (SMPL).
• India is strengthening defence ties with Malaysia, focusing on maritime security, the defence industry, and cooperation in multilateral forums.
• The Aeronautical Development Agency (ADA), a premier lab under the Defence Research and Development Organisation (DRDO), has signed an MoU with MIDHANI for the indigenous development of high-strength, high-toughness special-grade steel "MDN100" for aeronautical applications, including its use in the 5th generation Advanced Medium Combat Aircraft (AMCA).
• In a major boost to India’s self-reliance in space technology, Indian scientists and engineers have successfully developed the world’s largest 10-tonne Vertical Planetary Mixer for processing solid propellants, a critical component in rocket motor production.
• The Padmaja Naidu Himalayan Zoological Park, West Bengal (Darjeeling Zoo) setting up the country's first bio-banking facility and animal museum is a huge step forward in preserving endangered species and studying biodiversity.
• The European Space Agency (ESA) has confirmed that John McFall, a 43-year-old British surgeon and former Paralympian, has been approved for a long-duration mission aboard the International Space Station (ISS).
• Every year February 21 is celebrated as International Mother Language Day 2025 all over the world.