1. MobiKwik becomes India's first app to Support Credit Cards on UPI
Tags: Economy/Finance National News
MobiKwik becomes the first fintech app to support RuPay Credit Card on UPI.
An overview of the news
With RuPay credit cards now linked directly to UPI IDs, MobiKwik customers can easily make payments at merchants by scanning the UPI QR code and using the UPI PIN for payment authentication.
This facility will provide an easy and secure payment experience to MobiKwik customers.
It will also open up new opportunities for merchants to be part of the credit ecosystem, with the acceptance of credit cards using asset-light QR codes without the need for point-of-sale (POS) terminals.
RuPay credit cards are issued by all major banks (private and public sector) for both commercial and retail use.
The integration of RuPay Credit Card with UPI is in line with the vision of National Payments Corporation of India (NPCI) and RBI.
RuPay Credit Card promotes credit card acceptance in India for merchants who are not part of the credit ecosystem.
About UPI
Unified Payments Interface (UPI) is a single platform that integrates various banking services and facilities under one umbrella.
It is developed by National Payments Corporation of India (NPCI).
The names of the top UPI apps currently are – PhonePe, Paytm, Google Pay, Amazon Pay and BHIM.
NPCI launched UPI in 2016 with 21 member banks.
2. Ashwini Vaishnav launches 'Digital Payments Utsav' to promote digital payments across the country
Tags: Economy/Finance National News
Electronics & Information Technology and Communications Minister Ashwini Vaishnav launched the 'Digital Payments Utsav' in New Delhi on 9 February.
An overview of the news
A comprehensive month-long campaign “Digital Payments Utsav" has been planned from for the promotion of Digital Payments across the country,
It will focus on G-20 Digital Economy Working Group event cities, namely Lucknow, Hyderabad, Pune and Bengaluru.
Minister of State for Electronics and Information Technology and Skill Development and Entrepreneurship Rajeev Chandrasekhar was the guest of honour at the event.
G-20 co-branded QR codes and a coffee table book showcasing India's journey to global leadership in digital payments and digital inclusion were released at the event.
The 'Digital Payments Utsav' will also highlight how digital payments are ensuring financial inclusion and empowering small traders, street vendors and common people of the country.
The Digital Payments Utsav will also introduce digital payments as a 'whole of government' initiative with active participation from other central ministries.
MeitY is striving to increase access to easy and convenient digital payment solutions for all citizens.
3. India received highest ever foreign inward remittances in a single year of $89,127 million in FY 2021-22
Tags: Economy/Finance National News
During the financial year 2021-22, India received foreign inward remittance of $89,127 million which is the highest ever inward remittance received in a single year.
An overview of the news
Union Minister of State for Finance Pankaj Chowdhary said this in a written reply to a question in the Rajya Sabha on 7 February.
Data for the past five years on inward remittances
Year | Inward Remittances (US $ million) |
2017-18 | 69,129 |
2018-19 | 76,396 |
2019-20 | 83,195 |
2020-21 | 80,185 |
2021-22 | 89,127 |
Share of different countries in inward remittances, 2020-21
Source Country | Share in Total Remittances (Percent) |
United States | 23.4 |
United Arab Emirates | 18.0 |
United Kingdom | 6.8 |
Singapore | 5.7 |
Saudi Arabia | 5.1 |
4. Reserve Bank increased the repo rate by 0.25 percent to 6.5 percent
Tags: Economy/Finance
The Reserve Bank of India (RBI) has increased the policy repo rate by 0.25 percent in the bi-monthly monetary policy review with the aim of bringing inflation under control.
An overview of the news:
After which the new repo rate has increased to 6.50 percent.
The Gross Domestic Product (GDP) growth forecast for the current financial year 2022-23 has been increased by RBI from 6.8 percent to 7 percent.
At the same time, in the next financial year 2023-24, the growth rate in gross domestic product (GDP) has been estimated to be 6.4 percent.
RBI has estimated retail inflation to be 6.5 per cent in the current financial year and 5.3 per cent in the next financial year.
In order to bring inflation under control, the repo rate has been increased by 2.50 percent in total six times since May this year.
Repo rate:
Repo rate is the interest rate at which commercial banks borrow money from the central bank to meet their immediate needs.
An increase in this means that borrowing from banks and financial institutions will be costlier and the monthly instalment (EMI) of existing loans will increase.
5. India ranks first with 24 percent contribution to global milk production
Tags: Economy/Finance National News
India is the world's largest milk producer, contributing 24 per cent to global milk production in the year 2021-22, according to production data from the Food and Agriculture Organization Corporate Statistics Database (FAOSTAT).
An overview of the news
India's milk production has registered a growth of 51 per cent during the last eight years - 2014-15 and 2021-22 and has increased to 220 million tonnes in the year 2021-22.
The Department of Animal Husbandry and Dairying runs various schemes to benefit the economically weaker farmers in the dairy sector.
The National Program for Dairy Development aims to enhance the quality of milk and milk products and increase the share of organised procurement, processing, value addition and marketing.
National Programme for Dairy Development
It was launched in February 2014 by merging three existing schemes- Intensive Dairy Development Programme, Strengthening Infrastructure for Quality and Clean Milk Production and Assistance to Cooperatives.
In July 2021, it was restructured with the objective of enhancing the quality of milk and milk products and increasing the share of organised procurement, processing, value addition and marketing for implementation of the program from 2021-22 to 2025-26.
Government Initiatives to the Dairy sector
Rashtriya Gokul Mission - launched in December 2014 with an outlay of Rs 2025 crore for the development and conservation of indigenous breeds through selective breeding.
National Animal Disease Control Programme (NADCP) - It is a flagship scheme launched in September 2019 for control of Foot & Mouth Disease and Brucellosis by vaccinating 100% cattle, buffalo, sheep, goat and pig population.
Animal Husbandry Infrastructure Development - It has been approved for incentivizing investments by entrepreneurs, private companies, MSME, Farmers Producers Organizations for Dairy sector.
Indian Dairy Sector
India ranks first in milk production and contributes 24% to global milk production.
The top 5 milk-producing states are: Uttar Pradesh (14.9%), Rajasthan (14.6%), Madhya Pradesh (8.6%), Gujarat (7.6%) and Andhra Pradesh (7.0%).
Dairy is the single largest agricultural commodity contributing 5% of the national economy, witnessing 6.4% in the past 5 years.
About 80 million people are directly or indirectly employed in the dairy industry.
6. Agriculture Ministry signs MoU to develop national level digital extension platform
Tags: National Economy/Finance
The Ministry of Agriculture and Farmers Welfare signed an MoU in New Delhi on 6 February with Digital Green under a public-private partnership framework to build a national-level digital extension platform.
An overview of the news
The platform will operate a digital library having material available in different languages and in different formats which will be helpful to the extension functionaries.
Through this material will also be available to the farmers. The proposed digital platform will make the extension system more effective.
Through this, skill development of the network of people associated with the areas of fisheries, agriculture, horticulture, animal husbandry and rural livelihood mission will also be done through certified online courses.
Through this, farmers will be linked to the strong base of the digital agricultural environment being created by the government.
Digital Green
It is an award winning social enterprise.
It is leveraging modern technology to help small and marginal farmers increase their productivity and income, strengthen their agency, and build community-level resilience.
It was founded by Rikin Gandhi, a technocrat and a social development enthusiast.
It is working with the State Governments in Bihar, Jharkhand, Odisha, Andhra Pradesh and Telangana.
It is serving more than 25 lakh farmers and has increased the capacity of more than 4000 front line workers.
7. Government approves conversion of Rs 16,133 crore interest dues of Vodafone Idea into equity
Tags: Economy/Finance National News
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The government has approved the conversion of debt-ridden Vodafone Idea's interest dues of over Rs 16,133 crore into equity.
An overview of the news
The government said Aditya Birla Group, one of the promoters, has committed to bring in additional funds.
With this conversion, the government is expected to become the largest shareholder in the loss-making telecom company with 33.14 per cent stake.
Vodafone Idea will issue equity shares at a face value of Rs 10 each to the government.
This relief for the company comes as part of the reform package announced by the government in September 2021.
Merger of Vodafone and Idea
Kumar Mangalam Birla's telecom company Idea Cellular agreed to merge with Vodafone in March 2017.
According to the latest data published by telecom regulator TRAI, the company has 243 million mobile subscribers, with a market share of 21.33 per cent.
It is the only telecom operator that is yet to place purchase orders for equipment for 5G services and is struggling to clear dues to its vendors.
Largest mobile subscriber companies in India
Reliance Jio is a leading wireless telecom company with more than 411 million customers across India.
Bharti Airtel (21.5 crore), Vodafone Idea (12.2 crore) are in second and third place respectively.
Vodafone Idea
It is a joint venture of Vodafone (United Kingdom) and Aditya Birla Group.
It has the third largest mobile telecommunication network in India.
Headquarters: Gandhinagar, Gujarat
Corporate Headquarters: Mumbai
Chairman: Ravinder Takkar
Chief Executive Officer: Akshay Moondra
8. IIT Madras to get Rs 242 cr grant for research on Lab Grown Diamonds
Tags: Economy/Finance National News
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The Indian Institute of Technology Madras will be provided a grant of Rs 242 crore over a period of five years to carry out research on Lab Grown Diamonds (LGD).
An overview of the news
It will encourage indigenous production of LGD seeds, machines and reduce import dependence.
The research will focus on indigenization of the LGD manufacturing process.
Presenting the Union Budget 2023-24, Finance Minister Nirmala Sitharaman said that "Laboratory grown diamonds (LGD) is a technology and innovation-driven emerging sector with high employment potential.
The government has proposed to cut duty on import of 'seeds', used as raw material for lab-grown diamonds.
About Lab-Grown Diamonds
Lab-grown diamonds are diamonds that are produced using specific technology that mimics the geological processes that grow natural diamonds.
These eco-friendly diamonds have optically and chemically similar properties to natural diamonds.
LGDs are chemically, physically and optically similar to natural diamonds and thus it is difficult to identify "lab-grown" diamonds.
Significance of LGDs
LGD is often used for industrial purposes, in machines and equipment.
Their hardness and added strength make them ideal for use as cutters.
Additionally, pure synthetic diamond has high thermal conductivity, but negligible electrical conductivity.
As the Earth's natural diamond reserves dwindle, LGDs are slowly replacing the precious stones in the jewellery industry.
Like natural diamonds, LGDs go through the same processes of polishing and cutting that are required to provide diamonds their distinctive lustre.
9. Government e-Marketplace achieves a Gross Merchandise Value of Rs 1.5 Lakh Crores
Tags: Economy/Finance National News
As of 1 February 2023, the Government e-Marketplace (GeM) has achieved Rs 1.5 lakh crore of Gross Merchandise Value (GMV) in FY23 alone.
An overview of the news
GeM is well positioned to cross its annual target of Rs 1.75 lakh crore.
GeM has crossed a gross business value of Rs 3 lakh crore since inception with the support of its stakeholders.
The total number of transactions on GeM has crossed 1.3 crore.
GeM has over 66,000 government buyer organisations and over 58 lakh sellers and service providers.
GeM portal features over 11,000 product categories with more than 29 lakh listed products.
About Government-e-Marketplace (GeM) platform
Launch - 9 August 2016
Purpose - to bring transparency and efficiency in the government buying process
Nodal Ministry - Ministry of Commerce and Industry
GeM works on inclusion, transparency and efficiency.
Who registered on GeM - Artisans, weavers, SHGs, startups, women entrepreneurs & MSMEs are registered on GeM
The portal is open for - all government buyers, Central and State Ministries, departments, public sector enterprises, autonomous institutions, local bodies, etc
Private buyers cannot buy on the platform but private people can sell products to government bodies by the portal.
10. Cooperation Ministry signs MoU to enable Primary Agricultural Credit Societies
Tags: Economy/Finance
A Memorandum of Understanding (MoU) was signed on February 2 to enable Primary Agricultural Credit Societies (PACS) and provide services by Common Service Centers (CSC).
An overview of the news
The MoU was signed between the Ministry of Cooperation, Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited in New Delhi.
The MoU was signed in the presence of Union Minister for Home Affairs and Cooperation, Amit Shah and Union Minister for Electronics and Information Technology, Ashwini Vaishnav.
This will help in taking forward the concept of Common Service Centers easily to the smallest unit of the country.
This agreement will enhance the business activities of PACS and help them to become a self-sustaining economic entity.
Primary Agricultural Cooperative Societies (PACS)
These are grassroots level cooperative credit institutions that provide short-term and medium-term agricultural loans to farmers for various agricultural and agricultural activities.
It works at the gram Panchayat and village level.
The first Primary Agricultural Credit Society (PACS) was set up in 1904.
PACS are registered under the Co-operative Societies Act and regulated by RBI.
Objectives of PACS
Raise capital for the purpose of making loans
Supporting members' essential activities
Collect deposits from members with the goal of improving their savings habit
Arrange for the supply and development of improved breeds of livestock to the members
Supply agricultural inputs and services to members at reasonable prices
