March 19, 2024

Economy


The Ministry of Rural Development (MoRD) has signed a Memorandum of Understanding (MoU) with Abdul Latif Jameel Poverty Action Lab (J-PAL), South Asia to set-up a Gender Impact Lab for inclusive development of rural poor women. The lab will conduct new research and institutionalise data use within Deendayal Antyodaya Yojana National Rural Livelihoods Mission (DAY-NRLM) for driving women-led development. DAY-NRLM is one of the largest community mobilisation efforts in the world, organising more than 10.04 crore women into over 90.76 lakh self-help groups. The programme promotes financial inclusion, digital literacy, sustainable livelihoods and social development interventions. Above all, it empowers....Read More

Sagarmala

The Ministry of Ports, Shipping & Waterways announced a major investment of more than ₹645 crores to develop 10 waterway projects under the flagship Sagarmala programme. The projects will be implemented with 100% financial assistance from the central government to enhance terminals and riverine infrastructure along the river Brahmaputra (National Waterways 2) to boost connectivity and foster economic growth. ABOUT SAGARMALA PROJECT The Sagarmala Programme is the flagship programme of the Ministry of Ports, Shipping and Waterways to promote port-led development in the country. The programme envisages unlocking the potential of waterways and the coastline to minimize infrastructural investments required....Read More

The government and the Asian Development Bank (ADB) signed a USD 23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City. GIFT City is an initiative of the Centre and the Gujarat government to foster India's financial services and fintech ecosystem. As per the loan agreement, a fintech institute will be set up at GIFT City. The project will establish International Fintech Institute (IFI) to strengthen fintech education, boost startup success rates, and drive fintech research and innovation. The IFI, to be established in partnership with globally reputed institutes and....Read More

Maharashtra is set to be the first state to purchase land in Jammu and Kashmir to construct a facility for tourists and officials who visit the Union Territory. The Maharashtra Bhawan – the first state Bhawan in the Valley – will come up at central Kashmir’s Budgam on the outskirts of Srinagar city. The Maharashtra cabinet sanctioned the purchase of the land recently. The bhawan will come up on a plot of land measuring 2.5 acres at Ichgam, close to Srinagar airport. The J&K government has approved the transfer of land to the state government, subject to a payment of....Read More

Prime Minister virtually laid the foundation stone of three semiconductor projects worth about Rs 1.25 trillion, including the Rs 91,000 crore facility in Dholera, which will commence chip production by 2026. Two of the three facilities are located in Gujarat, whereas one is based in Assam. The three projects are the Semiconductor fabrication facility at the Dholera Special Investment Region (DSIR) in Gujarat, the Outsourced Semiconductor Assembly and Test (OSAT) facility in Morigaon, Assam, and an OSAT facility in Sanand in Gujarat. All three projects are being incentivised under the India Semiconductor Mission which has an outlay of Rs 76,000....Read More

Prime Minister recently inaugurated the Sela Tunnel, the world's longest twin-lane tunnel, in Arunachal Pradesh. ABOUT SELA TUNNEL Situated at an altitude of 13,000 feet, the strategically important Sela Tunnel will ensure all-weather connectivity to Tawang in Arunachal Pradesh. Constructed at a cost of Rs 825 crore, the project consists of two tunnels and over 8 km of approach roads, with a total length of approximately 12 km. The first tunnel is a single-tube tunnel spanning 980 metres, while the second serves as an emergency escape route, measuring 1.5 km in length. Situated near the Line of Actual Control (LAC),....Read More

Moody's has raised its forecast for India's GDP growth in FY24 to 8% from 6.6% on the back of strong government expenditure and domestic consumption. The upgrade comes a week after the rating agency raised its forecast for India's GDP growth in calendar 2024 to 6.8% from 6.1%. Earlier, the Indian economy soared ahead in the December quarter with a surprise growth of 8.4%, belying fears of tempering as manufacturing, electricity and construction put up a robust show. The rating agency also expects India to be the fastest-growing economy among the major G20 countriesRead More

New GI tags

Serial number GI Tag Product state Type 1 Majuli Mask Assam Handicrafts 2 Assama Majuli Manuscript Painiting Assam Handicrafts 3 Ambaji White Marble Gujarat Natural Goods 4 Kutch Rogan Craft Gujarat Textiles 5 Cuttack Silver Filigree Odisha Handicrafts 6 Narasapur Crochet Lace Products Andhra Pradesh Textiles 7 Ratlam Riyawan Lahsun Madhya Pradesh Agriculture 8 Hyderabad Lac Bangles Telangana Handicrafts 9 Tripura Risa Textile Tripura Textiles 10 Bengal Muslin West Bengal Textiles                          Read More

The coal ministry announced that Gevra mine, operated by South Eastern Coalfields Ltd (SECL) in Chhattisgarh, has received environmental clearance to boost its production capacity to 70 million tonnes per annum. The expansion will position Gevra as the largest coal mine in Asia, overtaking Indonesia's Sangatta mine in coal production. Currently, Gevra's production capacity stands at 52.5 million tonnes a year, making it the largest in India. The Gevra mine stretches approximately 10 km in length and 4 km in width. SECL is a Coal India subsidiary and deploys environmentally friendly, blast-free mining technology, including surface miners and ripper mining....Read More

Prime Minister inaugurated the country's first-ever underwater metro, the Howrah Maidan-Esplanade Metro section in Kolkata. ABOUT THE METRO Kolkata's new underwater metro is 6 km long. About 8 km runs underground from Howrah Maidan to Phoolbagan, including the tunnel under the Hooghly River, making it the deepest in the country. The rest is above ground. Stretching over 8 km, one section connects Howrah and Salt Lake, providing a vital link between these twin cities. The underwater metro has six stations, with three of them underground. The metro covers a 520 m river stretch in just 45 seconds, promising a quick....Read More

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