Current Affairs Quiz 8th and 9th February 2025 Quiz

Exp. Budget 2025: Export promotion mission, Bharat Trade Net in works to boost trade

The Union Budget announced an Export Promotion Mission with an outlay of ₹2,250 crore to facilitate easy access to export credit, cross-border factoring support, and help MSMEs tackle non-tariff measures in overseas markets.

The Mission, with sectoral and ministerial targets, will be driven jointly by the Ministries of Commerce, MSMEs, and Finance. This is among the slew of measures announced in the Budget to promote exports.

Another major plan is to create a digital public infrastructure, ‘BharatTradeNet’ (BTN), for international trade and it will be a unified platform for trade documentation and financing solutions. This will complement the Unified Logistics Interface Platform. The government will also revamp the model BIT (Bilateral Investment Treaty) to make it more investor-friendly and encourage sustained foreign investment.

In order to support food processing exports, a National Food Technology Institute will be set up in Bihar and it will enhance value addition, agri-exports, and job creation.

Exp. Budget 2025: Grameen Credit Score to serve credit needs of self-help groups

Finance Minister Nirmala Sitharaman has announced Grameen Credit Score, a framework to be developed by the public sector banks for the credit needs of the members of Self-Help Groups (SHGs) and people in rural areas.

Public Sector Banks will develop a ‘Grameen Credit Score’ framework to serve the credit needs of SHG members and people in rural areas.

GCS will complement existing microfinance models and work alongside credit scores like CIBIL and CRIF Highmark for assessing loans. This score will be integrated with the SVAMITVA Scheme.  

Exp. Budget 2025: Government to introduce Jan Vishwas 2.0 for greater ease of doing business

Finance Minister Nirmala Sitharaman announced in the Union Budget 2025-26, that the government would introduce the Jan Vishwas Bill 2.0 to decriminalise over 100 outdated legal provisions to achieve greater ease of doing business in the country.

The existing Jan Vishwas (Amendment of Provisions) Act, 2023 has decriminalised 183 Central Acts administered across a spectrum of 19 Ministries or Departments.

The key objective of the Jan Vishwas Act 2023 was to remove archaic provisions that did not serve the evolving technological and business environment.

The Jan Vishwas 2.0 intends to further usher in comprehensive reforms aimed to unburden the judiciary and reduce litigation time and costs. It would introduce civil penalties and administrative actions for minor technical and procedural lapses.

The 2023 Act covers amendments in statutes across a span of over 100 years. These include the Press and Registration of Books Act of 1867, the Indian Post Office Act of 1898, the Boilers Act of 1923, the Indian Forest Act 1927 to the more recent laws like the Prevention of Money Laundering Act, 2002 and the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) of 2016.

Exp. Budget 2025: Government proposes Rationalization of Customs Tariff Structure

The Union Budget 2025-26 introduces major exemptions under Basic Customs Duty (BCD) to rationalize tariff structure and address duty inversion.

The proposals are set to support domestic manufacturing and value addition while promoting exports, facilitating trade, and providing relief to common people.

Delivering on the promise to review the customs rate structure announced in July 2024, the Budget proposes removing seven customs tariff rates for industrial goods over and above those removed in Budget 2023-24. This will leave only eight tariff rates, including the ‘zero’ rate.

Exp. Zomato renamed ‘Eternal’, food delivery company unveils new log

Food and grocery delivery platform Zomato will rename the company to “Eternal” and unveil a new logo.

The change of name is subject to the approval of shareholders, the corporate affairs ministry, and other statutory authorities. After the approval, the company’s corporate website will transition from zomato.com to eternal.com

Eternal will comprise the company’s four major businesses – food delivery platform Zomato, quick commerce arm Blinkit, going-out business District, and business-to-business supplies vertical Hyperpure. The development comes over two years after the company began using the new name internally.

Exp. India ranks third globally for LEED green building certification in 2024

India ranks third in USGBC’s LEED green building certification globally during 2024, according to a report.

India retained its third spot on US Green Building Council’s (USGBC) annual list of top 10 countries and regions for LEED (Leadership in Energy and Environmental Design) in 2024.

LEED certifications in India are managed by the Green Business Certification Inc. (GBCI), which works to accelerate the adoption of green buildings nationwide.

The annual ranking by USGBC highlights the significant progress made by countries and regions outside the United States in adopting healthy, sustainable and resilient building design, construction and operations.

China topped the top 10 rankings for 2024 with over 25 million GSM certified followed by Canada with 10 million GSM. In India, as many as 370 projects, across both buildings and spaces, were certified for LEED, covering 8.50 million gross square meters (GSM) (91.5 million square feet).

Exp. IDFC FIRST Bank Launches Exclusive Banking Package for Senior Citizens

IDFC FIRST Bank has introduced a specialised range of banking products and services tailored for senior citizens, reaffirming its commitment to offering secure, customised, and superior financial solutions for this important customer segment.

The newly launched offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits, designed to cater to the unique financial needs of elderly individuals.

As part of this initiative, the bank has also introduced a dedicated feature on its Mobile Banking App called ‘Senior Citizen Specials’, providing exclusive benefits such as:

• Safe, secure, and customised investment solutions based on senior citizens’ life-stage needs.
• Additional 0.5% interest rate on fixed deposits.
• No penalty on premature closure of fixed deposits.
• Cyber Insurance Coverage of ₹2 lakhs to protect against rising cyber threats.
• Complimentary one-year MediBuddy health membership, offering unlimited doctor video consultations for up to four family members.

Exp. RBI reduces interest rates for first time in nearly 5 years

Almost after 5 years, the Reserve Bank of India (RBI) has reduced the policy repo rate by 25 basis points, from 6.50 per cent to 6.25 per cent.

Governor Sanjay Malhotra made the announcement in Mumbai, following a three-day meeting of the MPC. As a result, the standing deposit facility (SDF) rate will be set at 6.00 per cent, while the marginal standing facility (MSF) rate and the Bank Rate will both remain at 6.50 per cent. The MPC has also unanimously decided to maintain a ‘neutral’ stance, focusing unambiguously on aligning inflation with the target while supporting growth.

The 25 basis points rate cut to 6.25 per cent comes after the last rate reduction in May 2020. The most recent revision occurred in February 2023, when the policy rate was raised by 25 basis points to 6.50 per cent.

According to the first advance estimates, real GDP growth for the current year is projected at 6.4 per cent, with economic activity expected to improve in the coming year. Earlier it was projected at 6.6 per cent. The bank has also revised real GDP estimates from 6.9 per cent to 6.7 per cent for the next financial year.

RBI has also projected that CPI inflation for the current financial year will be 4.8 per cent with Q4 at 4.4 per cent. Assuming a normal monsoon, CPI inflation for the financial year 2025-26 is projected at 4.2 per cent.

To avoid banking fraud Mr Malhotra also announced that, the Reserve Bank shall implement the ‘bank.in’ exclusive Internet Domain for Indian banks. Registration of this domain name will commence from April this year. This will be followed by the ‘fin.in’ domain for the financial sector.

RBI has also decided that this year’s Financial Literacy Week will emphasise women’s role in financial decision-making and household budgeting. It will start from 24th February and the Governor urged all banks to actively participate in the campaign on the theme “Financial Literacy: Women’s Prosperity”.

RBI Current Policy Rate are as under –

• Policy Repo Rate – 6.25%
• Standing Deposit Facility (SDF) – 6%
• Marginal Standing Facility (MSF) – 6.50%
• Bank Rate – 6.50%
• Reverse Repo Rate – 3.35%
• Cash Reserve Ratio (CRR) – 4%
• Statutory Liquidity Ratio (SLR) – 18%

Exp. BIMSTEC Youth Summit 2025 to kick off in Gandhinagar, Gujarat

The Department of Youth Affairs, Ministry of Youth Affairs & Sports, Government of India, is organizing the BIMSTEC Youth Summit from 7th to 11th February 2025 in Gandhinagar, Gujarat.

Union Minister Dr. Mansukh Mandaviya will formally inaugurate the event on 8th February 2025, marking the beginning of the BIMSTEC Youth Summit.

During the 4th BIMSTEC Summit in Kathmandu on 30th -31st August 2018, the Hon’ble Prime Minister of India announced the hosting of a three-day BIMSTEC Youth Summit, aimed at bringing together the youth of BIMSTEC nations on a unified platform to exchange experiences and insights on youth-led initiatives undertaken by member states.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven member states: India, Bangladesh, Myanmar, Sri Lanka, Thailand, Nepal, and Bhutan.

Exp. Odisha Govt. launches multiple initiatives to empower girl ‘Beti Bachao Beti Padhao’

The Odisha government has launched a series of initiatives under the ‘Beti Bachao Beti Padhao’ scheme, which aims to address the alarming gender imbalance and declining child sex ratio in India.

Key programs such as “Nirbhaya Kadhi” (Fearless Bud), “Mo Gelha Jiya” (My Dear Daughter) in Ganjam, “Kalpana Avijan” in Dhenkanal, “Swarna Kalika” in Keonjhar, and “Veerangana Yojana” in Deogarh district are designed to empower adolescent girls.

These initiatives focus on preventing child marriage, combating sex selection and female foeticide, promoting higher education, and building self-esteem and confidence through martial arts and self-defense.

“Nirbhaya Kadhi” (Fearless Bud) and “Mo Gelha Jhia” (My Lovely Daughter) in Ganjam District: The “Nirbhaya Kadhi” initiative by Ganjam district administration under BBBP aims to create a just society for girls. It has reached 183,933 adolescent girls in 3,309 villages, focusing on raising awareness.

Another initiative, “Mo Gelha Jhia,” addresses sex selection and female foeticide. Ganjam was declared child marriage-free on 3rd January 2022. From 2019 to October 2024, 20 out of 953 child marriages were successfully prevented with the help of various agencies.

“Kalpana Avijan” Scheme in Dhenkanal District: Launched in Dhenkanal, this programme monitors adolescent girls (10-19 years) to prevent child marriage. Between 2019 and 2024, it successfully prevented 343 child marriages.

Swarna Kalika” Scheme in Keonjhar District: The “Swarna Kalika” initiative raised awareness in villages about the harmful effects of child marriage, with over 2,000 stakeholders involved. The program also promoted the ADVIKA app to raise awareness and intervene in child marriages.

“Veerangana” focuses on boosting the self-esteem and confidence of adolescent girls through martial arts and self-defense training.

Exp. FIFA suspends Pakistan Football Federation after failure to amend constitution

The International Football Federation (FIFA) has suspended the Pakistan Football Federation (PFF) after it failed to amend its constitution as required for the smooth and fair governance of the sport in the country.

FIFA stated that Pakistan will remain suspended until the PFF Congress makes the necessary amendments. This is the Pakistan Football Federation’s third suspension since 2017.

Since June 2019, Pakistan’s football has been managed by a FIFA-appointed Normalisation Committee, which was tasked with organizing elections and addressing parallel factions within the football setup.  

Exp. Tarundeep Rai Wins Bronze in Men’s Recurve Archery at 38th National Games

At the ongoing 38th National Games in Uttarakhand, four-time Olympian archer Tarundeep Rai from Sikkim won the Bronze Medal in the Men’s Recurve event.

Juel Sarkar from West Bengal clinched the Gold while Indira Chand from Services Sports Control Boar clinched the Silver medal.