The Government of India has announced an increase in the authorized capital of the Food Corporation of India (FCI) from Rs 10,000 Crore to Rs 21,000 Crore. This strategic move shows the government's steadfast commitment to supporting farmers and fortifying India's agrarian economy.
FCI, as the pillar of India's food security architecture, plays a pivotal role in various crucial functions, including the procurement of food grains at Minimum Support Price (MSP), maintenance of strategic food grain stocks, distribution to state governments and Union Territories (UTs), and stabilization of food grain prices in the market.
The Food Corporation of India (FCI) is a statutory body under the Ministry of Consumer Affairs, Food and Public Distribution. It was set up in 1965 following the enactment of the Food Corporation Act, 1964. It was set up in 1965 with its initial headquarters at Chennai. Later this was moved to New Delhi.
Agricultural and Processed Food Products Export Development Authority, has facilitated the export of bananas from India to Russia via sea. A consignment of 1,540 boxes of bananas was flagged off from Maharashtra by APEDA Chairman Abhishek Dev in a collaborative effort with the Central Institute of Sub-tropical Horticulture, CISH.
Renowned Urdu poet Gulzar and Sanskrit scholar Jagadguru Rambhadracharya will receive the 58th Jnanpith Award. Gulzar is known for his works in Hindi cinema and is considered one of the finest Urdu poets of this era. Jagadguru Rambhadracharya is the founder and chief of Tulsi Peeth in Chitrakoot, and is a renowned Hindu spiritual leader, educator and writer of books & texts
Goan writer Damodar Mauzo received the prestigious award for 2022.
Gulzar received the Sahitya Akademi Award for Urdu in 2002, Dadasaheb Phalke Award in 2013, Padma Bhushan in 2004, and five National film awards. Rambhadracharya is one of the present four Jagadguru Ramanandacharyas of the Ramananda sect and has been holding this position since 1982. In 2015, he received the Padma Vibhushan award.
Established in 1944, the prestigious Jnanpith Award is given annually for outstanding contributions to Indian literature. The recipients for the award were decided by a selection committee chaired by Jnanpith awardee Pratibha Rai. This is the second time the award is being given for Sanskrit language and the fifth time for Urdu language.
The award carries a prize money of Rs 21 lakh, a statue of Vagdevi and a citation.
Indian Air Force demonstration exercise Vayu-Shakti 2024 was held at the Pokhran Range near Jaisalmer in Rajasthan. The exercise showcased the IAF’s offensive and defensive capabilities across the day and night. This year’s Vayu-Shakti exercise featured joint operations with the Indian Army, highlighting the seamless coordination between the two branches of armed forces.
The Indian Space Research organisation launched GSLV F14 from the second launch pad at Sathish Dhawan Space Centre Sriharikota. The INSAT-3DS satellite, weighing 2274 kg is a follow-on mission of the third generation meteorological satellite to be placed in a geostationary orbit funded by the Ministry of Earth Sciences. INSAT stands for Indian National Satellite system.
The objective of the mission is to provide continuity of services to existing operational INSAT-3D (launched in 2013) and INSAT-3DR (September 2016) for enhanced meteorological observations, monitoring of land and ocean surfaces, weather forecast and disaster warning, as well as to provide satellite aided Search and Rescue Services (SAR) among others.
GSLV is one of the three main rockets used by ISRO for carrying its satellites, the other two being PSLV and LVM3 (earlier called GSLV-MkIII). GSLV has had a rather patchy track record thus far, because of which it has been described as the ‘naughty boy’.
Agricultural and Processed Food Products Export Development Authority (APEDA) has propelled India's agricultural exports from 0.6 billion US dollars in fiscal year 1987-88 to 26.7 billion US dollars in the fiscal year 2022-23. With APEDA's interventions, India's agricultural export growth has surged, showcasing the Compound Annual Growth Rate (CAGR) of 12 percent.
Commerce and Industry Ministry said that during April-December 2023, APEDA's strategic initiatives bore fruit, with 18 out of 23 Principal Commodities experiencing positive growth. It said that fresh fruit exports registered an exceptional 29 percent growth, while processed vegetables, Basmati Rice, and fresh vegetables also witnessed significant upticks.
Basmati rice witnessed a significant increase in export value upto 19 percent and an 11 percent growth in quantity, solidifying its position as a major export commodity for India. Top markets for Basmati rice includes Iran, Iraq, Saudi Arabia, the USA, and the UAE, reaffirming its enduring global demand.
Union Minister Sonowal launched the ‘Sagar Aankalan’ guidelines for Indian port performance index. The move aims at enhancing the efficiency and competitiveness of Indian ports. The ‘Sagar Aankalan’ guidelines for National Benchmarking of Indian Ports Performance will be enforced across all seaports in India, with goal of boosting their efficiency and competitiveness.
India has 13 major ports - Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V O Chidambaranar), Visakhapatnam, Paradip and Kolkata (including Haldia) and Jawaharlal Nehru Port.
Former Cabinet Secretary Pradeep Kumar Sinha will take over as Non-Executive Part-time Chairman of ICICI Bank after G. C. Chaturvedi’s term ends on June 30, 2024. The Bank’s Board, has approved the appointment of Sinha as an Additional (Independent) Director for a period of five years, with immediate effect subject to the approval of shareholders.
State Bank of India has launched a self-subscribing journey for enrolment under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) schemes for its customers. PMJJBY is a life insurance scheme that provides a life cover of Rs.2 lakh at Rs.330/year. PMJJBY, PMSBY and APY were launched by Prime Minister in 2015 at West Bengal.
PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident. Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident against a premium of Rs.20/- per annum.
In the Asian Indoor Athletics Championship 2024, India clinched three gold medals on the opening day as Tajinderpal Singh Toor, Harmilan Bains, and Jyothi Yarraji won gold in Tehran, Iran. The Asian Indoor Athletics Championships, running since 2004, is a biennial competition organised by the Asian Athletics Association. Asian Indoor Athletics Champion is the 11th edition.
Private lender Bandhan Bank has been authorised by the West Bengal government to collect tax and non-tax receipts on its behalf. The mandate will enable the bank to collect revenues through the Government Receipt Portal System (GRIPS). By virtue of this mandate, people will be able to pay taxes like property tax, motor vehicle tax and professional tax using bank portal.
Ujjivan Small Finance Bank Limited has named Mangesh Ramesh Mahale as its Chief Technology Officer, effective February 2024. Mangesh, an accomplished technology and business visionary, boasts a remarkable professional history marked by his expertise in establishing technology infrastructures, recognising technological trends, formulating processes and managing risk.
Japan and the US are planning to launch the world's first wooden satellite, the LingnoSat, into space in 2024. This unusual spacecraft is made up of Mangolia wood which, during the experiments, was found to be particularly stable and resistant tot cracking. The wooden satellite was created by Japanese scientists and US has become the part of this mission.
Indian National Young Academy of Science (INYAS) has organised its 9th Annual general Body Meeting on Feb 17th. INYAS is the only recognised academy of young scientists in India which was established in 2014 with a vision to promote Science education and networking among Young Scientists. Ranjana Aggarwal, Director of CSIR-NIScPR joined this program as the Guest of Honour.
Indian Renewable Energy Development Agency Ltd. and Punjab National Bank have signed a Memorandum of Understanding aimed at advancing renewable energy initiatives across the nation. The agreement, signed at IREDA's registered office in New Delhi February 19, 2024, paves the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy.
The MoU comprises various provisions aimed at enhancing support for renewable energy projects. These include joint lending, loan syndication and underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings.
This collaboration strengthens IREDA's successful partnerships with other prominent financial institutions, including Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank. These MoUs similarly focus on co-lending and loan syndication for a wide range of Renewable Energy projects.
