Economy Current Affairs 2024-25

Part I
Brazil's Entry into OPEC+
• OPEC - Organization of the Petroleum Exporting
Countries.
• Formed: 1960, Baghdad.
• Members: 12 major oil-exporting nations
• Objective: Coordinate petroleum policies; stabilize oil prices.
• HQ: Vienna, Austria.
• Global Significance: Holds 79.5% of world's proven oil
reserves; contributes 39.7% of global oil production.
• OPEC+
• Formed: 2016 (OPEC + 10 non-OPEC nations, incl. Russia).
• Objective: Regulate oil supply; stabilize global oil markets.
• In January 2024, Brazil joined OPEC+, reflecting its growing
influence in global oil production.
• India is not a member of OPEC or OPEC+.
Mutual Credit Guarantee Scheme (MCGS) for
MSMEs
Objective → Boost MSME manufacturing through collateral-
free loans for machinery/equipment.
Guarantee Coverage → 60% coverage by NCGTC to Member
Lending Institutions (MLIs) for loans up to ₹100 crore.
Eligibility → MSMEs with valid Udyam registration; not NPAs;
min. 75% project cost for equipment.
Duration → 4 years or ₹7 lakh crore guarantee issuance
(whichever earlier).
Repayment Terms:
• Loans ≤ ₹50 crore → 8-year repayment, 2-year moratorium.
• Loans > ₹50 crore → Extended terms possible.
• Impact → Supports Make in India, enhancing GDP
contribution and employment.
Revised MSME Classification
• Change: Investment limits increased by 2.5x; turnover limits by 2x.
• Objective: Improve MSMEs' efficiency, technology adoption,
employment, and scalability.
Significance of MSMEs
• Contribution: Employs 25 crore people
across 5.93 crore MSMEs.
• Exports: MSMEs contributed 45.73% to
total exports in 2023-24; 45.79% till May
2024.
• Economic Output (GVA): Increased from
27.3% (2020-21) → 29.6% (2021-22) →
30.1% (2022-23).
Union Budget 2025-26: Key Measures for
MSMEs
• Classification Revision:
• Change: Investment limits up by 2.5x; turnover limits by 2x.
• Objective: Improve efficiency, technology adoption, employment.
• Enhanced Credit:
• Micro & Small Enterprises: Credit guarantee raised from ₹5cr to ₹10cr; additional ₹1.5 lakh cr credit in 5 years.
• Startups: Guarantee doubled to ₹20cr; reduced 1% fee for priority sectors.
• Exporter MSMEs: Term loans up to ₹20cr with increased guarantee.
• Micro Enterprise Credit Cards:
• Scheme: Customised cards offering ₹5 lakh credit; target 10 lakh cards in first year. (registered on the Udyam portal)
• Startup & First-time Entrepreneurs:
• Fund: ₹10,000cr Fund of Funds for startups.
• Scheme: Term loans (up to ₹2cr) for 5 lakh women, SC, ST entrepreneurs.
• Labour-Intensive Industries:
• Footwear & Leather: Focus Product Scheme; 22 lakh jobs, ₹4 lakh cr turnover.
• Toy Sector: Cluster development & skill-building to become global manufacturing hub.
• Food Tech: National Institute in Bihar to boost food processing.
• Manufacturing & Clean Tech:
• National Manufacturing Mission: Policy support under Make in India.
• Clean Tech: Promote solar cells, EV batteries, wind turbines, transmission equipment manufacturing.
Key MSME Initiatives (2023–25): What & How
• PM Vishwakarma Scheme
• What: Empower artisans and craftspeople.
• How: Provide training, collateral-free credit; ₹13,000 cr funding; 2.65 cr+ applications registered.
• Udyam Registration & Assist Portal
• What: Formalize MSMEs and integrate informal micro-enterprises.
• How: Free, paperless online registration; Udyam Assist launched in 2023 to bring micro-
enterprises into the formal sector.
• PM Employment Generation Programme (PMEGP)
• What: Create employment via new micro-enterprises in the non-farm sector.
• How: Offer credit-linked subsidies (up to ₹50L manufacturing, ₹20L services); geo-tagging; free 2-
day training; 89,118 units supported in 2023–24.
• SFURTI
• What: Boost traditional industries and artisan clusters.
• How: Approve cluster formation (513 clusters approved, 376 functional); extend ₹1,336 cr
support; create jobs for 2.2 lakh artisans.
• Public Procurement Policy for MSEs
• What: Increase government procurement from MSEs.
• How: Mandate 25% of Central Govt. procurement from MSEs (with sub-reservations for SC/ST
and women); 358 items reserved; ₹74,717 cr procurement (43.71% of total).
Prime Minister Dhan-Dhaanya Krishi Yojana
(PMDKY)
• Coverage: 100 districts with low productivity, moderate
crop intensity, and below-average credit parameters.
• Aim:
• Enhance agricultural productivity - Address low cropping
intensity (155% in 2021-22) to enhance land use and production.
• Promote crop diversification & sustainable practices.
• Strengthen post-harvest storage (panchayat/block level).
• Improve irrigation facilities.
• Facilitate long- & short-term credit.
• Approach:
• Inspired by Aspirational Districts Programme. (convergence,
collaboration, competition).
• Convergence of existing schemes, specialized measures, and
state partnerships.
• Beneficiaries: ~1.7 crore farmers.
• Outlay: No separate allocation; uses existing resources.
Makhana Board
• Introduced in Union Budget 2025–26 with a ₹100 cr
allocation.
• Part of the “Agriculture as the first engine” initiative.
• Coverage & Objectives:
• Focus on Bihar, India’s major makhana producer (~90%
share).
• Enhance production, processing, value addition, and
marketing.
• Provide training and ensure benefits from relevant
government schemes.
• Organize farmers into FPOs for better collective
bargaining.
• Other Initiatives:
• National Research Centre for Makhana
(Darbhanga): R&D and technical support.
• National Institute of Food Technology: Boosts processing.
• ODOP (One District One Product): Makhana recognized in
Darbhanga, Muzaffarpur.
• GI Tag (2022): ‘Mithila Makhana’ awarded GI status.
Why the Government is Focusing on
Makhana
• Nutritional Value
• High in protein and essential minerals (calcium, magnesium, iron).
• Low in fat and gluten-free, aligning with growing demand for healthy snacks.
• Economic Potential
• Large domestic market and rising global demand.
• Scope for export expansion, given its ‘superfood’ status.
• Rural Livelihoods
• Predominantly cultivated in Bihar (~90% of India’s output).
• Offers an additional income source for farmers, especially in waterlogged or flood-
prone areas.
• Value Addition & Employment
• Processing, packaging, and marketing of makhana can create jobs.
• Fostering FPOs (Farmer Producer Organizations) enhances bargaining power and
collective efficiency.
• Regional Development
• Focus on improving infrastructure, storage, and processing in underdeveloped
districts.
• Potential to uplift local economies and reduce migration by generating stable
employment.
Makhana (Euryale ferox)/ Foxnut
• Aquatic flowering crop (prickly water lily), also called “Black
Diamond.”
• Climate: Tropical/subtropical; grows in stagnant water (4–6 ft depth).
• Superfood Status: Rich in nutrients, increasingly recognized globally.
• Ideal Conditions:
• Temp: 20–35 °C
• Humidity: 50–90%
• Rainfall: 100–250 cm
• Soil: Smooth loamy
• Origins: Native to South-East Asia and China.
• Major Producing Regions:
• Bihar: ~90% of India’s production.
• Others: West Bengal, Manipur, Tripura, Assam, J&K, Odisha, Rajasthan, MP,
UP (limited commercial scale).
National Critical Mineral Mission (NCMM)
Aim: Secure India’s critical mineral supply chain. (In Budget 2024-25)
• Ensure availability of critical minerals from domestic and foreign sources.
• Exploration → Mining → Beneficiation → Processing → Recycling
What Are Critical Minerals?
Critical Minerals are those that are (Economic Importance + Supply Risk =
Criticality):
• Essential for economic development, technological progress, and national
security.
• Have high supply risk due to:
• Limited global production.
• Geographic concentration of resources or processing capacity.
• Vulnerability to trade disruptions or geopolitical tensions.
Not necessarily rare in quantity, but often:
• Hard to extract economically.
• Concentrated in politically sensitive or unstable regions.
• Lack alternatives or substitutes in industrial use.
India's Critical Minerals List (2023):
• 30 minerals notified by Ministry of Mines.
• Includes: Bismuth, Cobalt, Copper, Lithium,
Nickel, Potash, Phosphorus, REEs, Tin,
Titanium, Silicon, Vanadium, etc.
India’s Current Scenario:
• Heavy import dependency:
• Almost 100% dependent on imports for lithium,
cobalt, nickel, and REEs.
• No active production leases for lithium,
cobalt, nickel, and neodymium yet.
• Features:
• Financial incentives for exploration.
• Fast-track regulatory approvals.
• Encourage Indian PSUs/private sector
to acquire mineral assets abroad.
• Build strategic stockpile of minerals.
• Set up processing parks.
• Promote offshore mining (e.g.,
polymetallic nodules for cobalt, REEs).
Governance:
• Ministry of Mines: Nodal ministry.
• Empowered Committee: Coordinates
all activities.
• Whole-of-Government Approach:
Collaboration with ministries, PSUs,
private players, and R&D bodies.
Minerals Security Partnership Finance Network
(MSP-FN)
• India joined the US-led MSP Finance Network to secure sustainable supply chains for critical minerals.(China
controls ~85% of REE processing and ~60% of global critical mineral production)

Launched MSP: 2022; India joined in 2023

14 countries + EU (50%+ of global GDP); includes India, US, Japan, Australia, EU,
Members
etc.
Finance Network Partners DFC (USA), EIB (EU), JICA (Japan), etc.
Lead Ministry (India) Ministry of Mines

Objectives of MSP & Finance Network

•Facilitate public-private investment in critical mineral projects (extraction, processing, recycling).
•Diversify and de-risk global supply chains (especially from over-dependence on China).
•Enable co-financing and information exchange across Indo-Pacific and Europe.
•Promote sustainable and secure critical mineral sourcing globally (not limited to partner countries).
Mines and Minerals Amendment Act, 2023 - Allowed private sector to mine 24 listed critical minerals
Barytes, Felspar, Mica, and Quartz – Classified
as Major Minerals
• Why the Reclassification?
• These minerals are associated with critical
minerals.
• Quartz, Felspar, Mica occur in pegmatite rocks,
which also contain: Lithium, Beryl, Niobium,
Tantalum, Molybdenum, Tin, Titanium,
Tungsten (Critical minerals).
• Increasing role in high-tech industries and
strategic sectors.
Barytes – Industrial Importance
• Found with ores of antimony, cobalt, copper,
lead, manganese, silver.
• Applications:
• Oil & gas drilling (mud weighting agent),
• Electronics, TV screens, radiation
shielding, ceramics, glass, paint, rubber, medical
uses.
 Minor Mineral - Defined under
Major vs Minor Minerals Section 3(e) of MMDR Act, 1957.
Central Government may notify any
other mineral as “minor”.

Major Minerals:
•All minerals not declared as minor.
Urban Challenge Fund (UCF).
• Urban Challenge Fund (UCF) is a ₹1 lakh crore initiative
announced in Budget 2025–26 to promote sustainable,
inclusive, and innovative urban development across
India.
• Focus Areas:
• Cities as Growth Hubs
• Creative Redevelopment
• Water & Sanitation
Funding Mechanism:
• UCF funds up to 25% of bankable urban projects.
• Projects must be:
• Financially viable,
• Outcome-driven,
• Scalable with private or institutional finance.
Mandatory Condition:
• At least 50% of the project cost must come from:
• Municipal bonds,
• Bank loans, or
• Public-Private Partnerships (PPPs).
Restructured Skill India Programme (SIP)
Restructured SIP
• Composite Central Sector
Scheme combining:
• PMKVY 4.0
• PM-NAPS
• JSS
• Focus: Structured skill development, on-
the-job training, and community-based
learning.
• All certifications are mapped to NSQF and
integrated with DigiLocker and National
Credit Framework (NCrF).
Components of the Restructured Skill India
Programme
Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0
• Type: Short-Term Training (STT), Reskilling, and Recognition of Prior Learning (RPL)
• Target Group: 15–59 years
• 400+ future-skill courses (AI, 5G, green hydrogen, drone tech)
• Skill Hubs in IITs, NITs, JNVs
• International Mobility: Training for overseas jobs via MMPAs with countries like France, Germany, Israel
Jan Shikshan Sansthan (JSS) Scheme
• Focus: Community-based vocational training for rural, semi-literate, and dropout youth.
• Target Group: 15–45 years
• Special focus on women, rural youth, and marginalised groups.
• Linked with schemes like PM JANMAN and ULLAS for inclusive lifelong learning.
Pradhan Mantri National Apprenticeship Promotion Scheme (PM-NAPS)
• Objective: Promote industry-linked apprenticeship training.
• Target Group: 14–35 years
• Incentives: Govt. pays 25% of stipend (up to ₹1,500/month) via DBT to employers.
• Apprenticeship in future fields: AI, Industry 4.0, MSMEs, aspirational districts, NER.
About Skill India Mission
• Launched: 2015 by Ministry of
Skill Development &
Entrepreneurship (MSDE).
• Objective: Train 1 crore youth
annually to make them job-ready
through:
• Short-term training: PMKVY & JSS
• Long-term training: Craftsmen
Training via ITIs
• Entrepreneurship: PM YUVA
• Traditional Skills: PM Vishwakarma
• Infrastructure: Pradhan Mantri
Kaushal Kendras (PMKK)
• System reform: SANKALP – for
institutional capacity building
100% FDI in Insurance Sector
• The Union Budget 2025 also
announced the further increase of
FDI sectoral cap for the insurance
sector from 74% to 100%.
• This enhanced limit will be available
for those companies, which invest
the entire premium in India.
• This clause ensures that foreign
ownership doesn’t lead to capital
flight and supports domestic
investment and job creation.
Digital Payments Index (DPI)
• To measure the extent of digitisation of India’s
payment ecosystem and track adoption
trends in digital transactions.
• Published twice a year (March and September).
• Key Parameters (5 Broad Categories)
• Payment Enablers - Includes internet & mobile
penetration, literacy, and policy support.
• Payment Infrastructure (Demand-Side) - Consumer
access points – mobile wallets, cards, bank accounts,
etc.
• Payment Infrastructure (Supply-Side) - Merchant
acceptance points – PoS terminals, QR codes, UPI
support.
• Payment Performance - Volume and value of digital
transactions across platforms (UPI, NEFT, IMPS, etc.).
• Consumer Centricity - Focus on awareness,
education, complaint redressal, and user experience.
Algo Trading
Categorization of Algorithms
• SEBI has proposed a Retail Algo Trading
Framework - to democratize algo
trading for retail investors while
ensuring transparency and risk control.
• Algorithmic trading automates buy/sell
decisions using pre-set instructions based on
time, price, quantity, or market signals. White-box = safer for retail; Black-box = riskier due to
• Enables speed, accuracy, and efficiency in trade lack of control.
execution.
• Allowed for institutional investors through Direct
Market Access (DMA).
Algo Provider Regulation
• Algo providers not regulated by SEBI directly.
• Must register with stock exchanges.
• Must partner with a SEBI-registered broker to
offer algo strategies to clients.
SOVEREIGN GREEN BONDS
Advantages Risks
What are Green Bonds?
• Definition: Debt instruments used to raise funds for climate and environment -related Promotes green
projects. Interest rate risks
development
• Purpose: Finance renewable energy, pollution control, afforestation, climate-resilient Project
infrastructure, etc. Safer than corporate
implementation
• Key Issuers: Governments, corporations, multilateral banks. bonds
delays/failures
• Yields: Typically lower than conventional bonds, as funds are used exclusively for green
investments. Limited greenium
Attracts ESG/impact
(low yield advantage
What is a Greenium? investors
over regular bonds)
• "Green Premium" = Difference in yield between green and regular bonds.
• A higher greenium = lower cost of raising funds for eco-projects.
• India's Case: Greenium in India is low (2–3 basis points) compared to global average
(7–8 bps) → Less incentive for investors
Sovereign Green Bonds (SGrBs) in India
• Issuer: Central Government of India.
• Introduced: Under 2022 framework to finance:
• Renewable energy & energy efficiency
• Carbon emission reduction
• Climate-resilient infrastructure
• Conservation of natural ecosystems
PREDATORY PRICING
• Predatory pricing is identified as the sale of
goods or services below cost by a dominant
firm with the intent to eliminate
competitors.
• For a pricing strategy to be deemed
predatory, the following conditions must be
met:​
• Dominance in the market.​
• Pricing below cost, as defined by the new
regulations.​
• Intent to drive competitors out of the market.
Project MBRIDGE
• Why Important –
• Related to use Central Bank Digital Currency (CBDC) for Cross border
payment and Settlement. CBDC related question has been asked by UPSC
in Prelims frequently in recent times.
• Why in News –
• Project mBridge reached the minimum viable product (MVP) stage in mid-
2024
• What is Project MBRIDGE ?
• Project aimed to explore a multi-central bank digital currency (CBDC)
platform shared among participating central banks and commercial banks,
built on distributed ledger technology (DLT) to enable instant cross-
border payments and settlement.
• A platform based on a new blockchain – the mBridge Ledger – was built to
support real-time, peer-to-peer, cross-border payments and foreign
exchange transactions
• RBI is observing member of Project mBridge
• What is a CBDC ?
• A central bank digital currency (CBDC) is a digital form of a
country’s fiat currency, issued and regulated by its central
bank. Models of Retail CBDC:
• Unlike decentralized cryptocurrencies, CBDCs are state- •Token-based: Anonymous like cash;
issued and operated uses public-private key cryptography.
• CBDCs are generally more stable than cryptocurrencies •Account-based: Requires KYC, similar
because their value is fixed by the central bank and
equivalent to the country's fiat currency to bank accounts.
• CBDCs are different from stablecoins, which are private
cryptocurrencies pegged to another currency, commodity,
or financial instrument to maintain a stable value
• The RBI has launched pilot programs in both wholesale and
retail segments, including select banks. Currently, a pilot
program is ongoing with 13+ banks providing CBDC facilities
for their customers

Type Purpose Users

Wholesale Settlements between
Banks
CBDC banks & institutions
Retail CBDC Used by general public Citizens
 Types of Digital Currencies

Type Description Control Example

Uses blockchain &
cryptography to secure
Cryptocurrency Decentralized Bitcoin, Ethereum
transactions and
generate new units.
Digital form of sovereign
Central Bank Digital
fiat currency issued by Centralized Digital Rupee (e₹)
Currency (CBDC)
a central bank.
Pegged to fiat currencies
Centralized / Tether (USDT),
Stablecoins or assets to maintain
Hybrid USDC
stable value.
FEMA Liberalized
• RBI liberalized FEMA Regulations, 1999 to promote
the use of Indian Rupee (INR) in cross-border trade and
investment to promote Internationalization of the
Rupee.
• Changes to FEMA Regulations (2024)
Who What They Can Do
- Open INR accounts in overseas branches of Indian banks (ADs).
Non-residents - Use SNRR & SVRAs for transactions with other non-residents.
- Use INR accounts for investments in India.
- Open accounts in foreign currencies abroad.
Indian Exporters
- Use export proceeds to pay for imports.
SVRA – Special Vostro Rupee Account Nostro Vostro
Feature
Account Account
• What: INR account of a foreign bank held in
an Indian bank. "Our account "Your account
Full Form
• Purpose: Enables trade settlement in with you" with us"
INR between Indian and foreign entities.
Held By Indian bank Foreign bank
• Example: A Russian bank holds an INR
account with SBI for trade with Indian
businesses. Held In Foreign bank Indian bank
• Benefit: Reduces dependence on third-party
currencies like USD. Foreign
Indian Rupees
SNRR – Special Non-Resident Rupee Account Currency currency
(INR)
(e.g., USD)
• What: INR account opened by a non-
resident individual or entity in an Indian To make To receive
bank. Purpose payments payments in
• Purpose: For conducting bonafide INR abroad India
transactions related to business or
investments in India. SBI's USD Citibank
• Features: Non-interest bearing, repatriable Example account in (US)’s INR
(as per FEMA), not for savings. Citibank (US) account in SBI
Internationalization of Rupee
• Promoting INR in global transactions — trade, investment, and finance. Moves INR from domestic
use → regional use → global use
Benefits of Rupee Internationalization
• Reduces Dollar Dependency → shields from currency crises.
• Limits Exchange Rate Risks → lowers cost of doing business.
• Cuts Need for Forex Reserves.
• Deficit Financing → INR bonds to global investors.
• Boosts Financial Markets → more global investment in INR assets.
Steps Taken So Far
• UPI Globalization: Adopted in UAE, Singapore, France, etc.
• MoUs with Central Banks: UAE, Maldives, Indonesia.
• RBI Strategic Action Plan 2024–25:
• INR accounts abroad.
• INR loans to foreigners.
• SPECTRA Project: Digital platform for ECB and trade credit reporting.
• Special Vostro Rupee Accounts (SVRAs): INR settlement with 22 countries.
• Masala Bonds, Bilateral Currency Swaps, INR as designated currency in Sri Lanka.
India-Switzerland DTAA Issue
• Why in News –
• Switzerland will suspend MFN clause in its Double Taxation
Avoidance Agreement (DTAA) with India from 1st Jan 2025
• What is DTAA ?
• A DTAA is a tax treaty between two or more countries
designed to prevent the same income from being taxed
twice. Without a DTAA, individuals and businesses earning
income in a foreign country might face taxation both in the
source country (where the income is earned) and the
residence country (where the taxpayer resides).
• Its primary objectives are to promote economic cooperation,
prevent tax evasion, and provide clarity to taxpayers
regarding their tax obligations in foreign jurisdictions.
• What is MFN Status under DTAA ?
• a country will treat its treaty partner no less favorably than it treats any
third nation
• if a country agrees to a lower tax rate or more favorable terms with a
third nation, the same benefits should automatically extend to existing
treaty partners with an MFN clause.
• Why Switzerland Suspended MFN status under DTAA ?
• The Indian Supreme Court ruled that the MFN clause in tax treaties does
not apply automatically. For the MFN clause to be effective, a formal
notification under Section 90 of the Income Tax Act, 1961, is mandatory.
• Following the Supreme Court's ruling, which differed from Switzerland's
interpretation, Swiss authorities perceived a lack of reciprocity in the
agreement.
• Consequently, Switzerland decided to suspend the application of the
MFN clause in its DTAA with India
UPI Lite
• Why Important –
• UPI is a vital and transformative digital payment system,
questions in past have been repeatedly asked on digital
payment systems in news
• Why in News –
• There have been changes in transaction limits of UPI Lite
• What is UPI Lite ?
• On Device Wallet for small value transactions
• Process low value transactions without UPI Pin.
• UPI LITE is intended to be customer-friendly and enable low
value transactions without utilizing a bank’s core banking
systems in real-time, while providing adequate security.
• What are transaction Limit Changes of UPI Lite ?
• The per-transaction limit has been increased from ₹500 to ₹1,000
• The total wallet capacity has been increased from ₹2,000 to ₹5,000
• Other Related News
• UPI 123Pay:The per-transaction limit has been increased from ₹5,000
to ₹10,000
• UPI 123Pay enables feature phone users to access UPI services.
Users can complete transactions by making a missed call or dialing an
IVR number
• Related Information - UPI Lite X
• UPI Lite X allows you to make payments without an active internet
connection using NFC technology using the on device wallet of UPI
Lite.
Make in India @10
• Transform India into a global manufacturing & design hub
• Increase manufacturing growth rate to 12–14% per year
• Create 100 million jobs (by 2022)
• Raise manufacturing’s GDP share to 25% (revised to 2025)
• Make in India 2.0, launched in 2021, refined the approach by
focusing on 27 sectors, implemented in coordination with central
ministries, departments, and state governments.
4 Pillars of Make in India
New Processes Ease of Doing Business (EoDB), IBC, GST, Jan Vishwas Act
New Infrastructure Industrial Corridors, Smart Cities
New Sectors FDI liberalization in Defence, Medical Devices, Railways
New Mindset Shift from regulator to facilitator

Issue Details
Manufacturing Share Still ~17.7% of GDP (2023), below 25% target
Job Creation Workforce declined from 51M (2017) to 35M (2023)
Slow GVA Growth Dropped from ~8% (2012) to 5.5% (2023)
Investment Weakness Gross Capital Formation fell from 39.1% (2008) to 32.2% (2023)
FDI Skewed 70% FDI into 9 sectors (mainly services), rest 53 sectors got 30%
Export Decline Exports-to-GDP fell from ~10% (2013) to ~8% (2023)
PLI Viability High government burden (e.g., Micron factory largely state-funded)
National Mission on Edible Oils – Oilseeds
(NMEO-Oilseeds)
• NMEO–Oilseeds for 2024–25 to 2030–31 (7 years) - to boost domestic oilseed production and reduce import dependence
• Why Self-Sufficiency is Needed
• Oilseeds = 2nd-largest crop category after food grains.
• Rising edible oil demand due to urbanization & processed foods.
• India imports 57% of its edible oil demand.
Scope and Strategy of NMEO–Oilseeds
By 2030–31, the mission aims to:
• Raise oilseed production to 69.7 million tonnes (from 39 MT in 2022–23).
• Boost edible oil output to 25.45 million tonnes, meeting 72% of domestic needs (with NMEO–Oil Palm).
• Expand cultivation by 40 lakh hectares via fallow land use, intercropping, and crop diversification.
Focus Areas:
• Key oilseeds: Mustard, Groundnut, Soybean, Sunflower, Sesamum.
• Enhance oil recovery from secondary sources: Cottonseed, Rice Bran, Tree-Borne Oils.
Key Features:
• SATHI Portal: Tracks seed supply via a 5-year rolling seed plan.
• 600 Value Chain Clusters across 347 districts to support over 10 lakh hectares annually.
• Emphasis on high-oil-yielding seeds, genome editing, and modern storage (65 seed hubs, 50 storage units).
• Farmer support through training, GAP advisory, and awareness campaigns on dietary use of edible oils.
UPI Lite
• What is UPI Lite ?
• On Device Wallet for small value transactions
• Process low value transactions without UPI Pin.
• UPI LITE is intended to be customer-friendly and enable low value transactions
without utilizing a bank’s core banking systems in real-time, while providing
adequate security.
• What are transaction Limit Changes of UPI Lite ?
• The per-transaction limit has been increased from ₹500 to ₹1,000
• The total wallet capacity has been increased from ₹2,000 to ₹5,000
• Other Related News
• UPI 123Pay:The per-transaction limit has been increased from ₹5,000 to ₹10,000
• UPI 123Pay enables feature phone users to access UPI services. Users can
complete transactions by making a missed call or dialing an IVR number
• Related Information - UPI Lite X
• UPI Lite X allows you to make payments without an active internet connection
using NFC technology using the on device wallet of UPI Lite.
10 years of Pradhan Mantri Jan Dhan Yojana
(PMJDY)
• World’s largest financial inclusion mission
Six Key Pillars of PMJDY
1. Banking the Unbanked – Camp-mode account opening, relaxed KYC
2. Securing the Unsecured – RuPay cards with ₹2 lakh accident cover
3. Funding the Unfunded – Overdrafts up to ₹10,000, micro-credit
4. Financial Literacy – Community-based awareness efforts
5. Insurance & Pension – Link to PMJJBY, PMSBY, APY
6. Expansion of Access Points – Jan Dhan Darshak App, Bank Mitras
Key Achievements (2014–2024)
• 53.13 crore accounts opened (vs. 14.72 crore in 2015)
• ₹2.3 lakh crore in deposits; 4.12x rise in average deposit
• Zero balance accounts halved (8.52 cr → 4.26 cr)
• 36.14 crore RuPay cards issued → cashless economy push
• 100% village coverage (within 5 km radius)
• 2014–2018: Focus on every unbanked household
• Post-2018: Focus shifted to every unbanked adult for deeper inclusion
• Key Features
1. Accessible Zero-Balance Accounts
PMJDY enables opening of Basic Savings Bank Deposit Accounts (BSBDA) with no minimum balance. Relaxed
KYC and Small Accounts allow even those without documents to access banking services.
2. RuPay Debit Card with Insurance
Beneficiaries receive a free RuPay card with accident insurance of ₹2 lakh (₹1 lakh for pre-Aug 2018
accounts), promoting digital payments and offering financial protection.
3. Overdraft Facility
Eligible users can access an overdraft of up to ₹10,000 after six months of account activity—providing
emergency credit and fostering credit discipline.
4. Linkage with Financial Products
PMJDY accounts connect users to PMJJBY, PMSBY, APY, and MUDRA—ensuring access to life/accident
insurance, pensions, and micro-loans.
• 5. Last-Mile Banking via Bank Mitras
Bank Mitras deliver doorstep banking in underserved areas, offering essential services and strengthening
rural financial access.
National Industrial Corridor Development
Programme (NICDP)
• 12 new industrial nodes/cities under NICDP approved
What is NICDP?
• Launched in 2007 with the Delhi-Mumbai Industrial Corridor
(DMIC).
• Aims to develop smart, sustainable industrial cities integrated with
modern infrastructure and technologies.
• Currently managed by the National Industrial Corridor Development
Corporation (NICDC), overseeing 11 corridors.
Key Objectives & Features
• Accelerate manufacturing growth and systematic urbanisation.
• Develop modern industrial cities with high-quality infrastructure.
• Multi-modal connectivity aligned with PM Gati Shakti Master Plan.
• Seamless integration of ICT, green technologies, and logistics.
Corridor Name Endpoints Key States Covered Objective/Focus
Delhi-Mumbai Industrial Uttar Pradesh, Haryana, Rajasthan, Develop smart industrial cities with high-speed
Delhi to Mumbai
Corridor (DMIC) Madhya Pradesh, Gujarat, Maharashtra connectivity between Delhi and Mumbai.
Punjab, Haryana, Uttar Pradesh,
Amritsar-Kolkata Industrial Enhance industrial development along the Eastern
Amritsar to Kolkata Uttarakhand, Bihar, Jharkhand, West
Corridor (AKIC) Dedicated Freight Corridor.
Bengal
Chennai-Bengaluru Industrial Foster manufacturing and industrial activities
Chennai to Bengaluru Tamil Nadu, Karnataka, Andhra Pradesh
Corridor (CBIC) between Chennai and Bengaluru.

Vizag-Chennai Industrial Visakhapatnam to Promote industrialization along the eastern coast,

Andhra Pradesh, Tamil Nadu
Corridor (VCIC) Chennai integrating with ports for export-oriented growth.

Bengaluru-Mumbai Industrial Strengthen industrial linkages between Bengaluru

Bengaluru to Mumbai Karnataka, Maharashtra
Corridor (BMIC) and Mumbai.
Odisha Economic Corridor Paradip to Subarnarekha Leverage mineral resources for industrial
Odisha
(OEC) Port development in Odisha.

Hyderabad-Nagpur Industrial Connect Hyderabad and Nagpur to boost industrial

Hyderabad to Nagpur Telangana, Maharashtra
Corridor (HNIC) growth in central India.

Hyderabad-Warangal Industrial Develop industrial zones between Hyderabad and

Hyderabad to Warangal Telangana
Corridor (HWIC) Warangal.

Hyderabad-Bengaluru Enhance industrial connectivity between Hyderabad

Hyderabad to Bengaluru Telangana, Karnataka
Industrial Corridor (HBIC) and Bengaluru.

Extension of CBIC to Kochi via Chennai to Kochi via Extend industrial development from Chennai-
Tamil Nadu, Kerala
Coimbatore Coimbatore Bengaluru to Kochi through Coimbatore.

Delhi-Nagpur Industrial Delhi, Uttar Pradesh, Rajasthan, Madhya Establish industrial connectivity between Delhi and
Delhi to Nagpur
Corridor (DNIC) Pradesh, Maharashtra Nagpur.
Vadhvan Port
Location Near Dahanu town, Palghar, Maharashtra
Status Will be India's 13th Major Port
VPPL (Vadhavan Port Project Limited), a SPV by JNPA (74%) &
Project Entity
MMB (26%)
Type Deep-water container port, largest in India

Natural Draft ~20 meters – can handle ultra-large container ships

Capacity 254 million tonnes/year cargo handling expected

Connectivity Close to Western DFC & Delhi-Mumbai Expressway

Global Trade
Gateway to IMEEC and INSTC
Role

Technology Modern berths, advanced cargo systems, digital infra

Sustainability Follows ecological standards and sustainable practices

Galathea Bay (14th Major Port)
Aspect Details
Location Galathea Bay, Great Nicobar Island, A&N Islands
Type International Container Transshipment Port (ICTP)
Significance Lies on key shipping route; near Malacca Strait
Economic Importance Reduce India’s dependence on foreign ports for transshipment (Colombo, etc.)
Strategic Benefit Enhances control over international maritime trade routes
Port Name Location Unique Feature
Deendayal Port (Kandla Port) Kutch District, Gujarat Largest port by volume of cargo handled; a natural, tidal port.
Largest natural port and harbour in India; busiest port in terms of
Mumbai Port Mumbai, Maharashtra
traffic.
Jawaharlal Nehru Port Trust Navi Mumbai, Largest container port in India, handling around 50% of the total
(JNPT) Maharashtra containers among major ports.
Premier iron-ore exporting port; located on the estuary of the Zuari
Mormugao Port Goa
River.

New Mangalore Port Panambur, Karnataka Deals primarily with iron ore exports; deep-water, all-weather port.

Major port on the Arabian Sea; strategically located near international

Cochin Port Kochi, Kerala
sea routes.
Second largest container port in India; artificial harbour handling
Chennai Port Chennai, Tamil Nadu
diverse cargo.
Visakhapatnam, Andhra
Visakhapatnam Port Deepest port in India; handles bulk cargo like iron ore and coal.
Pradesh
Major port for coal and iron ore exports; located near mineral-rich
Paradip Port Jagatsinghpur, Odisha
regions.
Kolkata Port (Syama Prasad
Kolkata, West Bengal Oldest operating port in India; a riverine port handling diverse cargo.
Mookerjee Port)
Part of Kolkata Port; handles bulk cargo like petroleum, chemicals, and
Haldia Dock Complex Haldia, West Bengal
fertilizers.
Ennore Port (Kamarajar Port) Ennore, Tamil Nadu India's first corporatized port; primarily handles thermal coal.
Tuticorin Port (V.O.
Thoothukudi, Tamil Nadu Major port for pearl fishing; handles coal, salt, and fertilizers.
Chidambaranar Port)
PM Electric Drive Revolution in Innovative
Vehicle Enhancement (PM E-DRIVE) Scheme
Announced By Ministry of Heavy Industries
Duration 2024–2026

Background Schemes Subsumes FAME-I (2015), FAME-II (2019), and EMPS-2024

Promote EV adoption via demand incentives and charging

Objective
infrastructure

Supported Vehicles Electric 2-wheelers (e-2Ws), 3-wheelers (e-3Ws), and buses (e-buses)

- 22,100 fast chargers for e-4Ws

Charging Infrastructure Targets - 1,800 for e-buses
- 48,400 for e-2W/3W
Via STUs using Gross Cost Contract (GCC)/OPEX model; capped at ₹2
e-Bus Support
crore ex-factory price
Voluntary Vehicle Modernization Program
(2024)
Launched By Ministry of Road Transport and Highways (MoRTH)

Aim Phase out old, unfit, and polluting vehicles; promote fuel efficiency and road safety

Network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing

Key Mechanism
Stations (ATSs)
Eligibility Vehicles >15–20 years old or those failing fitness tests
Scrappage Certificate Issued upon scrapping; used to avail discounts and fee waivers

- Commercial vehicles: Up to 3% of ex-showroom price

Manufacturer Discounts
- Passenger vehicles: Up to 1.5%
- Motor vehicle tax concessions
Government Incentives
- Registration fee waiver
Scrap Value Paid by RVSFs based on recoverable materials (steel, rubber, etc.)
White Revolution 2.0
• Ministry of Cooperation launched the Standard Operating Procedure
for 'White Revolution 2.0' to transform India's dairy cooperative
sector.
Objective

Increase Milk Procurement Target: 1,000 lakh kg/day by 2029 (50% rise over 5 years)

Empower Women Farmers Promote rural employment, self-reliance, and nutrition

Strengthen Infrastructure Under NPDD 2.0: Support for milk procurement systems and chilling facilities
Boost Dairy Exports Indigenous testing tools, better bulk collection, export-oriented infrastructure

Financial Inclusion RuPay-KCC loans, micro-ATMs via 'Cooperation among Cooperatives' initiative

Sector Significance 25% global milk output, 5% GDP share, ~8 crore families, 70% women participation
India’s Dairy Sector
• India produces 25% of the world's milk,
making it the largest milk producer globally.
• The dairy sector contributes around 5% to
India's GDP.
• Around 8 crore families depend on dairy for
livelihood.
• More than 70% of the workforce in this
sector are women.