National News

India Opens Space Sector To 100% Foreign Investment

• India has recently made a significant stride by permitting 100% foreign direct investment (FDI) in its space sector, signaling a pivotal shift in its economic policies.
• This amendment in the FDI policy aims to foster greater participation from international investors in various sub-sectors and activities within the space domain.
• By liberalizing FDI thresholds, India endeavors to streamline business operations, thus facilitating increased FDI inflows.
• This move is poised to catalyze economic growth, spur investments, and generate employment opportunities, ultimately bolstering India's standing in the global space arena.

Govt Launches Rs 100 Cr Projects For People With Disabilities

• The Government of India, under the leadership of Virendra Kumar, the Union Minister of Social Justice and Empowerment, recently unveiled projects worth over Rs 100 crore aimed at empowering people with disabilities.
• Among these initiatives is the inauguration of a Vocational Training Centre at SVNIRTAR, Cuttack. Spanning an extensive area, this center will provide comprehensive vocational training, including courses in LED repair, beauty therapy, mobile hardware repair, and soft skills.
• Such endeavors underscore the government's commitment to fostering inclusivity and providing avenues for skill development among marginalized communities.

Prime Minister Inaugurates IIT Hyderabad Campus

• Prime Minister Shri Narendra Modi inaugurated the transformative Campus Development Project at the Indian Institute of Technology Hyderabad (IITH) via video conference.
• This project includes the unveiling of various infrastructural marvels such as the International Guest House, Convention Centre, Technology Incubation Park, and more, collectively valued at Rs 1089 Cr.
• The inauguration ceremony signifies India's continued investment in education and research infrastructure, aimed at nurturing innovation and academic excellence.

International News

Turkey’s First Fifth-Generation Aircraft, KAAN, Completes Maiden Flight

• Turkey achieves a significant milestone with the successful maiden flight of its first fifth-generation aircraft, KAAN, showcasing the nation's prowess in aviation technology.
• The inaugural flight, which lasted 13 minutes and reached an altitude of 8,000 feet, marks a pivotal moment in Turkey's military capabilities.
• Developed in collaboration with BAE Systems, KAAN exemplifies the synergy between Turkish and international defense industries, highlighting Turkey's commitment to advancing its defense capabilities through innovation and strategic partnerships.

State News

Madhya Pradesh Introduces ‘Bag-Less School’ Initiative

• Madhya Pradesh embarks on a groundbreaking educational initiative with the introduction of the 'Bag-Less School' policy, aimed at revolutionizing traditional learning paradigms.
• Scheduled to commence from the academic session of 2024-25, this policy seeks to alleviate the burden of heavy school bags carried by students.
• Central to this initiative is the implementation of clear weight limits for school bags, varying according to students' respective classes.
• By reducing the physical strain on students and fostering a more conducive learning environment, Madhya Pradesh endeavors to redefine the educational landscape and prioritize the holistic development of its students.

Uttar Pradesh To Set Up First Turtle Conservation Reserve

• In Uttar Pradesh’s Gonda district, the Forest Department, in collaboration with the Turtle Survival Alliance Foundation India, is embarking on a significant conservation effort.
• Their objective is to establish the first turtle conservation reserve along the Sarju river, a tributary of the Ghaghra river.
• Gonda district boasts a remarkable turtle diversity, making it an optimal site for such conservation endeavors.
• The proposed reserve is slated to cover a 2-kilometer stretch of the Sarju river, which is abundant with a diverse range of plant species, avifauna, fishes, and water snakes.

Tribal Festival ‘Sammakka Saralamma Jatara’ Kicks Off In Telangana

• The tribal festival known as ‘Sammakka Saralamma Jatara’, commonly referred to as the Medaram Jatara, commenced on February 21 in Medaram, Mulugu district, Telangana.
• This festival, spanning four days, stands as the world’s largest tribal gathering, drawing pilgrims to the remote village of Medaram once every two years.
• It holds historical significance, commemorating the resilience of a mother and daughter duo, Sammakka and Saralamma, in their struggle against unjust rulers, thereby showcasing Telangana’s rich tribal heritage.

Education Minister Inaugurates 211 PM SHRI Schools In Chhattisgarh

• In Chhattisgarh's Raipur, Union Minister of Education and Skill Development & Entrepreneurship, Dharmendra Pradhan, in collaboration with Chief Minister Vishnu Deo Sai, inaugurated 211 PM SHRI schools.
• Additionally, Minister Pradhan introduced a Digital Library for Kendriya Vidyalaya and Virtual Reality labs for Navodaya Vidyalaya within the state.
• These initiatives mark a progressive step toward integrating technology into the educational framework, enhancing students’ learning experiences, and preparing them for the digital age.

Economy News

Morgan Stanley Projects India’s GDP Growth For FY25 To 6.5%

• Morgan Stanley Research's latest analysis forecasts India's GDP growth for FY25 to moderate to 6.5%, a decrease from the 6.9% projected for FY24.
• Despite this moderation, the report maintains a constructive outlook on the Indian economy, citing enhancements in domestic demand and macro stability.
• GDP growth for Q3 FY24 is expected at 6.5%, indicating a slight deceleration from the first half of the financial year.
• This analysis is supported by robust services exports and decreasing global commodity prices, particularly oil, leading to a benign current account deficit.

Banking News

RBI Grants Payment Aggregator License To Mswipe Technologies

• Mswipe Technologies, a prominent player in India’s digital payments sector, has been granted a Payment Aggregator (PA) license by the Reserve Bank of India (RBI).
• With this license, Mswipe aims to enhance its range of offerings, providing comprehensive payment technology solutions across various channels.
• The payment aggregator license underscores Mswipe’s commitment to enriching its suite of services, with a focus on delivering secure, efficient, and user-friendly payment solutions to its banking partners, enterprises, and merchants across diverse sectors.

PayPal Registers With Finance Ministry’s Financial Intelligence Unit- India (FIU- IND) Under Anti-Money Laundering Law

• PayPal's recent registration with the Financial Intelligence Unit- India (FIU-IND) under the Anti-Money Laundering Law signifies a significant step in regulatory compliance.
• The FIU had previously penalized PayPal in December 2020 for alleged non-cooperation and failure to meet anti-money laundering obligations.
• Although this penalty was overturned in July 2023, a court ruling mandated PayPal to adhere strictly to reporting obligations under the Prevention of Money Laundering Act (PMLA) as a payments system operator.
• This entails reporting large or suspicious transactions to the FIU-IND and implementing stringent customer verification procedures.
• Detailed record-keeping of users and transactions is now mandatory for PayPal, potentially setting a precedent for other fintech firms. Such measures could lead to increased compliance burdens across the sector.

Business News

PhonePe Launches Indus Appstore To Challenge Google And Apple

• PhonePe's launch of the Indus Appstore represents a bold move to challenge the dominance of established app marketplaces like Google Play Store and Apple App Store.
• The Indus Appstore, boasting over 2 Lakh apps across 45 categories, showcases a diverse array of applications from Indian brands such as Zomato, Myntra, Domino’s, and Flipkart.
• This platform, accessible in English and 12 Indian languages, emphasizes inclusivity, catering to a broader user base.
• Developers stand to benefit from exemptions from app listing fees until March 2025, fostering an environment conducive to innovation and app development.

Important Days News

Vishwakarma Jayanti 2024

• Vishwakarma Jayanti 2024, celebrated on February 22nd, holds immense significance in Hindu mythology, honoring the birth of Lord Vishwakarma.
• This festival is revered by engineers, artisans, craftsmen, and professionals from various trades and professions.
• Observed from February 21 to February 22, 2024, according to the Hindu Panchang, Vishwakarma Jayanti serves as a day of reverence and blessings, seeking success and prosperity in all endeavors.

Schemes News

Union Cabinet Expanded National Livelihood Mission(NLM)

• The expansion of the National Livelihood Mission (NLM) by the Union Cabinet introduces new subsidy provisions aimed at enhancing livelihood opportunities.
• Under these modifications, individuals, FPOs, SHGs, JLGs, FCOs, and Section 8 companies can avail a 50% capital subsidy, up to ₹50 lakhs, for establishing enterprises related to horses, donkeys, mules, and camels.
• State governments will collaborate in breed conservation efforts for these animals, with the Central Government allocating ₹10 crore for establishing semen stations and nucleus breeding farms.

Ranks & Reports News

Cybercrime Report: India Ranks 80th Worldwide

• India's ranking as the 80th most targeted country for cybercrime globally, as per a Cybercrime Report in 2023, underscores the importance of cybersecurity measures.
• Approximately 34% of Indian users experienced local threats, leading to the blocking of over 74 million incidents by Kaspersky products.
• These threats encompassed various forms of malicious programs, highlighting the need for robust cybersecurity protocols to safeguard users' devices and data from cyber threats.

New Chairmen Appointed For BOI, IOB, And UCO Bank

• The recent appointments made by the Appointments Committee of the Cabinet (ACC) have brought in new leadership to several prominent banks in India.
• Former LIC Chairman M R Kumar has been appointed as the part-time non-official Director and non-executive Chairman of the Bank of India (BOI).
• Srinivasan Sridhar has been selected as the part-time non-official Director and non-executive Chairman of the Board of Indian Overseas Bank (IOB).
• Additionally, Aravamudan Krishna Kumar has been appointed as the part-time non-official Director and non-executive Chairman on the Board of UCO Bank.

Ashish Vijayakar Appointed As MD & CEO Of SBM Bank India

• Ashish Vijayakar has been appointed as the Managing Director & Chief Executive Officer (MD & CEO) of SBM Bank India, a subsidiary of the State Bank of Mauritius.
• The appointment, effective from February 17, 2024, has been approved by the Reserve Bank of India (RBI).
• With a background in business transformation, risk management, and innovation, Ashish Vijayakar brings a wealth of expertise to his new role, poised to lead SBM Bank India through dynamic market landscapes.

Sports News

Pakistan’s Babar Azam Becomes Quickest To 10,000 Runs In T20s

• Former Pakistan cricket captain, Babar Azam, has achieved a remarkable milestone by becoming the quickest batter to surpass 10,000 runs in T20 cricket.
• His historic achievement occurred during a thrilling match between Karachi Kings and Peshawar Zalmi in the Pakistan Super League (PSL) 2024.
• Babar Azam's feat adds another illustrious chapter to his cricketing journey, cementing his legacy as one of the finest batters in the T20 format.

Books & Authors News

A New Book Titled “Sculpted Stones: Mysteries Of Mamallapuram” Authored By Ashwin Prabhu

• Ashwin Prabhu's latest book, "Sculpted Stones: Mysteries of Mamallapuram," published by Tulika Books, offers readers a captivating exploration of the ancient town of Mamallapuram.
• Delving into the rich tapestry of history and artistry, the book serves as a portal to Mamallapuram's illustrious past, unraveling the mysteries behind its architectural marvels and cultural heritage.

Science & Technology News

Empowering Indian Startups In AI, Microsoft And ICreate Launch IMPEL-AI Program

• Microsoft and iCreate have joined forces to launch the iMPEL-AI (iCreate-Microsoft program for Emerging Leaders in Artificial Intelligence) program, aimed at empowering Indian startups in AI.
• The program will identify 1100 AI innovators across India, referred to as AI Most Valuable Players (MVPs), who will focus on priority themes such as Healthcare, Financial Inclusion, Sustainability, Education, Agriculture, and Smart Cities.