International News
India participated in the 19th Session of
the United Nations Forum on Forests in New York
- During the session, India highlighted the country’s significant advancements in forest conservation and sustainable forest management.
- This has led
to a consistent increase in forest cover over the past fifteen years.
- Globally, India ranks third in the net gain, in average annual forest area, between 2010 and 2020.
- India also shared the high priority it provides towards biodiversity and wildlife conservation.
India and Iran have signed long-term deal
for Chabahar Port operations
- India has been developing the strategically important Chabahar port, which is close to Iran’s border with Pakistan.
- The port opens a transit route for Indian goods and products to Afghanistan and Central Asia, avoiding the land route through Pakistan.
- Under the
agreement, IPGL will invest about $120 million with an additional $250
million in financing, bringing the contract’s value to $370 million.
National News
MediTech Stackathon 2024 Launched by Department of Pharmaceuticals
- This event was kicked off in New Delhi alongside the Confederation of Indian Industry (CII).
- The MEDITECH STACKATHON is a groundbreaking initiative designed to catalyze transformative change within India’s burgeoning MedTech sector.
- The overarching goal of this strategic endeavor is to undertake a comprehensive value chain analysis of select medical devices.
- This is aimed at fostering domestic manufacturing, reducing import dependence, and positioning India as a global leader in medical technology.
Elevating India: Sela Tunnel’s International Honour
- The tunnel is 2.598 Km long and
is situated at an altitude of 13000 ft on the Tezpur-Tawang Road.
- It has been constructed by BRO India to guarantee year-round connectivity to the strategic Tawang Region.
- This engineering marvel has given a big boost to the ease of connectivity in the strategic region of Arunachal Pradesh.
Banking
RBI Announces Interest Rate of 8% on Floating Rate Savings Bond (FRSB) 2034
- The interest rate is variable and will be reset every six months.
- The current rate, for the next six months (from April 30, 2024 to October 29, 2024), on this FRB bond will be 8%.
- The rate is calculated by taking an average of the interest rates from the previous three auctions of short-term government debt, plus a small additional fixed amount (0.98%).
- These bonds can be a good option for investors who want an interest rate that reflects current market conditions.
- FRBs have a maturity period of seven years.
- The minimum investment amount for FRBs is Rs 1,000, while there is no maximum limit.
- Interest on these bonds is paid semi-annually on January 1 and July 1 each year, with no provision for cumulative interest payments.
NRIs can own up to 100% of a global fund set up at GIFT City
- The cancellation was due to irregular lending practices and violation of RBI guidelines.
- The company, which had received the certificate of registration in February 2017, was found to be not complying with the extant regulations pertaining to charging excessive interest and ensuring confidentiality of customer information.
