Banking News
1. Remarkable Growth in Digital Payments Revealed by RBI-DPI in FY23
In the fiscal year 2022-2023 (FY23), India witnessed a significant surge in digital payments, evident from the robust growth of 13.24% reported in the Reserve Bank of India's (RBI) Digital Payments Index (RBI-DPI). This comprehensive gauge of payment digitization depicted substantial progress across all metrics during this period, propelled by noteworthy advancements in payment infrastructure nationwide. The March 2023 index value reached an impressive 395.58, marking a substantial 13.24% increase from September 2022's figure of 377.46, as officially announced on January 31, 2023.
2. Fiscal Deficit in India Reaches 25.3% of Full-Year Target by June 2023
The fiscal deficit of the Indian government reached 25.3% of the full-year target by the end of June 2023, according to data disclosed by the Controller General of Accounts (CGA). In the preceding fiscal year 2022-23, the fiscal deficit stood at 6.4% of the GDP, a reduction from the earlier projected 6.71%. For the ongoing financial year 2023-24, the government aims to further curtail the fiscal deficit to 5.9% of the GDP.
3. New GST E-Invoice Rule: Mandatory for Companies with Turnover > ₹5 Crore
A significant update in the Goods and Services Tax (GST) rules was introduced by the Central Board of Indirect Taxes and Customs (CBIC) on July 28, 2023. The revised guidelines stipulate that companies with an annual turnover exceeding ₹5 crore are now obligated to generate electronic invoices (e-invoices) for their business-to-business (B2B) transactions and exports. This move by CBIC is aimed at boosting tax compliance and collections within the GST framework, with the inclusion of Micro, Small, and Medium Enterprises (MSMEs) expected to yield positive outcomes for both businesses and government revenue.
4. India to Host 5th World Coffee Conference in Bengaluru
From September 25 to 28, Bengaluru will host the prestigious 5th World Coffee Conference (WCC), a collaborative effort between the International Coffee Organisation (ICO) and the Coffee Board of India. The central theme of this event will revolve around "Sustainability through Circular Economy and Regenerative Agriculture." Renowned tennis player Rohan Bopanna has been appointed as the brand ambassador for the event, highlighting the significant role of coffee in global trade and environmental practices.
5. Russia-Africa Economic and Humanitarian Summits Foster Stronger Ties
The Second Summit of Russia–Africa Economic and Humanitarian Forum was held on July 27–28, 2023, in St. Petersburg, Russia. This landmark event emphasized the growing relations between Russia and African nations, demonstrating a shared commitment to deepening ties and cooperation. The summit's discussions centered on a vision of collaboratively constructing a fairer multipolar world order that champions sovereign equality among nations and encourages mutually beneficial collaboration.
Schemes News
6. National Mission on Libraries Scheme: Modernizing Access to Knowledge
The National Mission on Libraries, an initiative under the Ministry of Culture in India, is dedicated to modernizing and digitally connecting nearly 9,000 libraries across the country. This ambitious endeavor, estimated to cost around 1000 crores, aims to provide easy access to a wide range of books and information, catering to diverse audiences including students, researchers, professionals, artists, children, and differently-abled individuals.
7. Pradhan Mantri MUDRA Yojana: Empowering Micro Units
During the Financial Year (FY) 2022-23, the Pradhan Mantri MUDRA Yojana (PMMY) achieved a significant milestone by sanctioning over 6.23 crore loans. Designed to facilitate access to institutional finance for micro units and enterprises, the PMMY provides loans of up to 10 lakh rupees, contributing to the growth and sustenance of small businesses.
Agreements News
8. India and Moldova Strengthen Agricultural Cooperation
India and Moldova convened a meeting at Krishi Bhawan in New Delhi to enhance bilateral cooperation in agriculture. Discussions focused on boosting trade in agricultural commodities and sharing knowledge and technology to foster agricultural collaboration. This concerted effort aims to leverage each country's expertise in the field for mutual benefit.
Sports News
9. Max Verstappen Triumphs at Belgian Grand Prix
Max Verstappen, the reigning Formula One champion, clinched victory at the Belgian Grand Prix, securing his eighth consecutive win and tenth overall in a dominating season for Red Bull. His 22.3-second lead over teammate Sergio Perez underscored Red Bull's prowess, positioning Verstappen closer to a potential third consecutive world title.
10. Aishwary Pratap Singh Tomar Shines at FISU Games
At the FISU World University Games 2023 in Chengdu, China, Aishwary Pratap Singh Tomar, along with fellow archers Avneet Kaur, Sangampreet Singh Bisla, and the men's 10m air rifle team, secured gold medals, contributing to India's impressive tally of 17 medals, including nine gold, three silver, and five bronze. India's exceptional performance places it fourth on the medals table, showcasing remarkable achievements on the international stage.
Important Days
11. World Breastfeeding Week 2023: Fostering Maternal Health and Work Balance
World Breastfeeding Week, observed annually from August 1 to August 7, underscores the importance of regular breastfeeding for infant health. This year's theme, "Let's make breastfeeding and work, work!" advocates for essential maternity rights that support breastfeeding, such as extended maternity leave and workplace accommodations, to enable a healthier balance between breastfeeding and professional responsibilities.
12. Muslim Women's Rights Day 2023: Celebrating Legislative Progress
On August 1, the nation commemorates Muslim Women's Rights Day, recognizing the enactment of a law against instant triple talaq. This landmark legislation, passed on August 1, 2019, criminalized the practice and aims to empower Muslim women by protecting their marital rights. The day serves as a testament to India's commitment to gender equality and justice.
13. World Lung Cancer Day 2023: Advocating Awareness and Research
Every year on August 1, World Lung Cancer Day sheds light on the urgent need for awareness and research to combat this deadly disease. First marked in 2012, the day encourages understanding of lung cancer symptoms and fosters a supportive environment for patients. Collaboration among international respiratory societies has led to increased awareness, aiding in the identification and management of lung cancer cases.
Obituaries News
14. Former Kerala Assembly Speaker Vakkom Purushothaman Passes Away
At the age of 96, former Kerala Assembly Speaker Vakkom Purushothaman, a two-time speaker, and prominent political figure, passed away. His legacy began as an activist of the Revolutionary Socialist Party (RSP) in 1952. Notably, his entry into politics was influenced by former Chief Minister R. Shankar, who recognized Purushothaman's political acumen during his legal career.
Miscellaneous News
15. Project Tiger and Project Elephant Merge for Conservation
India's conservation efforts have taken a strategic step forward as Project Tiger and Project Elephant merge under the newly established 'Project Tiger and Elephant Division,' overseen by the Union Ministry of Environment, Forest, and Climate Change (MoEFCC). This merger seeks to streamline funding and enhance conservation effectiveness by eliminating redundancy in areas covered by both initiatives. The move aims to strengthen India's commitment to preserving its rich wildlife heritage.