US President Joe Biden, during his East Asia trip, is expected to launch Indo-Pacific Economic Framework (IPEF) in Tokyo.   About the ‘Indo-Pacific Economic Framework (IPEF)’ – According to an insight paper on IPEF put out by the US Congressional Research Service, the IPEF is not a traditional trade agreement. Rather, it would include different… Continue reading Indo-Pacific Economic Framework

The Reserve Bank of India (RBI) has recently announced that its board had approved the transfer of a surplus of Rs 30,307 crore to the Union government for the fiscal year 2021-22, while maintaining the Contingency Risk Buffer at 5.5%.   How does RBI make profit? The RBI is a “full service” central bank— not… Continue reading Surplus of the RBI

Total outward remittances, under the RBI’s Liberalised Remittance Scheme, shot up to an all-time high of $19.610 billion in the year ended March 2022.   Background – Resident Indians or people resident in India are allowed to transfer foreign currency under the foreign exchange regulations. The transfer of foreign currency outside India is governed by… Continue reading Liberalised Remittance Scheme

The Department of Biotechnology (DBT) has issued guidelines easing norms for research into genetically modified (GM) crops and circumventing challenges of using foreign genes to change crops profile.   What are the new guidelines? Under the new guidelines, the researchers who use gene-editing technology to modify the genome of the plant are exempt from seeking… Continue reading GM Crop Research

World Bee Day was celebrated recently with great enthusiasm with the Union Agriculture Minister stating that the government is working very seriously under the guidance of Prime Minister to bring about a “Sweet Revolution” in the country.   Details – The centrally funded scheme, ‘National Beekeeping and Honey Mission’ aims to establish 5 big regional… Continue reading World Bee Day

The Navy recently tested an indigenous Naval Anti-Ship Missile (Short Range) or NASM-SR from a Sea King helicopter at the Integrated Test Range in Balasore, Odisha.   What is the NASM-SR tested by the Navy? The NASM-SR has been developed by the Defence Research and Development Organisation (DRDO). The NASM-SR has a range of 55… Continue reading NASM-SR

Reserve Bank of India has directed banks and ATM operators to provide cardless cash withdrawal facilities at all ATMs.   Details – In a circular, the RBI said, all banks, automated teller machine (ATM) networks, and White Label ATM Operators (WLAOs) may provide the option of ICCW at their ATMs.   Who will facilitate it?… Continue reading Interoperable Card-Less Cash Withdrawal

In an analysis of the World Bank’s World Governance Indicators (WGI), a presentation was made by the Ministry of Finance’s Economic Division. The presentation found that India’s scores were much below its peers on all counts.   Background – The Finance Ministry’s economic division was drafting a strategy to counter the negative commentary on India… Continue reading World Governance Indicators

Recently, the Supreme Court of India (SC), held that Union and State legislatures have equal, simultaneous and unique powers to make laws on Goods and Services Tax (GST) and the recommendations of the GST Council are not binding on them.   Details – The apex court’s decision came while confirming a Gujarat High Court ruling… Continue reading Laws on GST

The strategically-significant Sela Tunnel project in Arunachal Pradesh is nearing completion.   About the ‘Sela Tunnel Project’ – Location: Located in West Kameng district of Arunachal Pradesh, the tunnel project will provide an alternate axis to the Sela pass, which is at 13,700 feet. It will be on the BCT Road – the Balipara, Charduar… Continue reading Sela Tunnel