IMPORTANT DAYS

Jan Aushadhi Diwas celebrated on 7 March

• Jan Aushadhi Diwas is celebrated annually on 7th March, with the first observance in 2019.

• The day aims to raise awareness about the Pradhan Mantri Bhartiya Janaushadhi Pariyojana and promote the use of generic medicines.

• Janaushadhi Week (1st-7th March) is observed with the theme "Daam Kam - Dawai Uttam" in 2025.

• The Pradhan Mantri Bhartiya Janaushadhi Pariyojana was launched in November 2008 by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, in collaboration with Central Pharma Public Sector Undertakings.

• The scheme provides affordable, high-quality generic medicines at 50-80% lower prices than market rates.

• Jan Aushadhi Suvidha Oxo-biodegradable Sanitary Napkins were introduced on 27th August 2019 for just ₹1 per pad.

• More than 15,000 Janaushadhi Kendras are operational nationwide, ensuring availability in every district.

AWARDS

PM Modi Honoured with Honorary Order of Freedom of Barbados

• PM Modi was awarded the Honorary Order of Freedom of Barbados for his leadership and support during the COVID-19 crisis.

• The award was presented by Barbados President Dame Sandra Mason at a ceremony held at Government House in Bridgetown.

• Union Minister of State for External Affairs, Pabitra Margherita, received the award on behalf of PM Modi.

• The recognition was announced during the 2nd India-CARICOM Leaders' Summit in Georgetown, Guyana, on November 20, 2024.

• Diplomatic relations between India and Barbados have existed since 1966.

Nitin Kamath Conferred EY Entrepreneur of the Year 2024 India Award

• Nitin Kamath, CEO and founder of Zerodha Limited, has been honored with the EY Entrepreneur Of The Year 2024 India award.

• Kamath will represent India at the EY World Entrepreneur Of The Year Awards in Monte Carlo, June 2025.

• Last year, the EY Entrepreneur of the Year Award 2024 India was given to Indian entrepreneur Vellayan Subbiah.

• The winners of the 26th edition of the EY Entrepreneur Of The Year 2024 India were announced on March 5, 2025, by EY's Indian subsidiary.

• Union Minister of Environment, Forest, and Climate Change, Bhupender Yadav, presented the awards to the winners.

Andrew G. Barto and Richard S. Sutton Win 2024 ACM A.M. Turing Award

• Andrew G. Barto and Richard S. Sutton from the USA have been honored with the prestigious 2024 ACM A.M. Turing Award.

• The Association for Computing Machinery (ACM) announced the award, which is commonly known as the "Nobel Prize in Computing," in New York.

• The winners will share a $1 million prize, sponsored by Google.

• The A.M. Turing Award, established in 1966 by the ACM, recognizes outstanding contributions to the field of computing.

SUMMIT AND CONFERENCE

"Nari Shakti Se Viksit Bharat" Conference on International Women’s Day

• President Droupadi Murmu inaugurated the national conference in New Delhi on March 8th, International Women’s Day.

• The conference, themed “Nari Shakti Se Viksit Bharat,” was organized by the Ministry of Women and Child Development.

• Attendees included women from diverse sectors, such as the Armed Forces, Paramilitary Forces, Delhi Police, Anganwadi workers, Asha workers, My Bharat volunteers, and Self-Help Group members.

• Representatives from international organizations, including the World Bank, UNICEF, UN Women, UNDP, and UNFPA, also participated in the event.

• The Centre launched the #SheBuildsBharat campaign during the conference.

• Prime Minister Modi participated in the Lakhpati Didi program in Vansi-Borsi, Navsari, Gujarat, on the same day, marking International Women's Day.

Conclusion of the 24th World Sustainable Development Summit 2025

• The 24th World Sustainable Development Summit 2025 wrapped up in New Delhi on March 7th, 2025.

• Held from March 5-7, 2025, it is recognized as the only independently convened international summit on sustainable development and the environment in the Global South.

• The summit provided a platform for global leaders, scholars, corporate representatives, youth groups, and civil society to discuss sustainable development, climate change, and potential solutions.

• Key attendees included Prime Minister of Guyana Brigadier Mark Phillip, Brazil’s Minister of Environment and Climate Change Marina Silva, and other environmental experts.

• The summit was organized by The Energy and Resources Institute (TERI).

• The first World Sustainable Development Summit was held in 2001.

STATE NEWS

Unified Pension Scheme

• The Uttarakhand Cabinet has approved the implementation of the Central Government’s Unified Pension Scheme for state officers and employees, effective from April 1, 2025.

• The state government introduced the new Excise Policy 2025, which includes:

•  Closure of liquor licenses near religious sites.
•  Enhanced regulation of liquor sales.
•  Abolition of sub-shops and metro liquor sales systems.
•  Cancellation of licenses for shops selling liquor above MRP.

• Financial assistance will be provided to 45 writers under the new initiative.

• Sahitya Awards: Uttarakhand Sahitya Bhushan and 21 new literary awards were announced for outstanding contributions to literature.

GOVERNMENT SCHEMES

Launch of New Credit Assessment Model for MSMEs

• Union Finance Minister, Nirmala Sitharaman, introduced the new credit assessment model for MSMEs, announced in the Union Budget 2024-25.

• Public sector banks (PSBs) will develop in-house capabilities to assess MSME credit, moving away from external evaluations.

• The new model will rely on the scoring of MSME digital footprints, leveraging verifiable and digitally sourced data from the ecosystem.

• It will automate MSME loan appraisal processes, using objective decision-making for all loan applications, with model-based limit assessments for both Existing to Bank (ETB) and New to Bank (NTB) borrowers.

• Digital footprints such as PAN authentication, OTP-based verification, GST data, bank statements, ITR verification, bureau checks, and fraud detection via APIs will be incorporated into the assessment.

• The model enables MSMEs to submit loan applications online, reducing paperwork and eliminating the need for physical branch visits.

Launch of IndiaAI Compute Portal and AIKosha Dataset Platform

• Union IT Minister Ashwini Vaishnaw unveiled the IndiaAI compute portal to support AI development.

• The portal offers over 18,000 GPUs, cloud storage, and other AI resources, targeting students, startups, researchers, academics, and government bodies.

• The AIKosha dataset platform was also launched to provide non-personal datasets, AI tools, and mentorship to accelerate AI growth.

• The compute portal will play a key role in developing India’s own foundational AI model.

• India aims to launch its own GPUs within 3-4 years, priced under Rs 100 per hour, to compete globally.

• The AI Compute Portal is a major part of the IndiaAI mission, which was approved with a budget of Rs 10,371.92 crore in March last year.

• The IndiaAI mission promotes AI innovation through public-private partnerships and is overseen by the IndiaAI Independent Business Division under the Digital India Corporation.

RANKING AND INDEX

Growth of High Net Worth Individuals and Billionaires in India

• India’s high net worth population, defined as individuals with assets above $10 million, is expected to increase by 9.4%, reaching 93,753 by 2028 from 85,698 in 2024.

• The number of HNWIs in India grew by 6% from 2023 (80,686) to 2024 (85,698).

• India currently has 3.7% of the world’s high-income individuals and ranks 4th globally, following the US, China, and Japan.

• The country’s billionaire population grew by 12% in 2024, with 26 new billionaires joining, compared to only 7 in 2019.

• India now has 191 billionaires, with their collective wealth estimated at $950 billion, positioning India 3rd globally after the US ($5.7 trillion) and China ($1.34 trillion).

• More than 82% of the new billionaires in 2024 were men, but the proportion of women billionaires under 30 rose to 47%, indicating a more balanced future.

BANKING, ECONOMY AND FINANCE

India’s Economic Outlook for Fiscal 2026

• India’s real GDP growth is projected at 6.5% in fiscal 2026, despite global geopolitical challenges, assuming stable commodity prices and a normal monsoon season.

• Growth will be supported by increased discretionary spending, driven by lower food inflation, tax benefits in the Union Budget 2025-26, and reduced borrowing costs.

• Economic growth is stabilizing at pre-pandemic levels as fiscal stimulus normalizes and the effects of a high base diminish.

• India continues to outperform major global economies, with high-frequency data from the Purchasing Managers' Index indicating strong performance.

• Domestic demand, from both rural and urban sectors, will remain a key driver of growth amidst global uncertainties.

• Manufacturing growth is forecasted to average 9% annually from fiscal 2025 to 2031, up from 6% in the pre-pandemic decade.

• The services sector will remain dominant, but the manufacturing sector’s contribution to GDP is expected to grow from 17% in fiscal 2025 to 20%.

• Lower inflation and fiscal consolidation provide room for a potential 50-75 basis point reduction in interest rates next fiscal year.

• India’s extensive infrastructure development and economic reforms have enhanced its growth advantage over advanced economies.

Approval of 'Project Lion' for Asiatic Lion Conservation

• The Union Government has approved 'Project Lion' with a budget allocation of Rs 2,927.71 crore.

• The project aims to conserve and expand the population of Asiatic lions, which currently numbers 674, according to the 2020 census.

• Asiatic lions are primarily found in Gujarat, spread across 53 talukas in nine districts.

• 'Project Lion' will focus on habitat and population management, wildlife health monitoring, conflict mitigation, local community involvement, and scientific research.

• The initiative also emphasizes eco-tourism development and biodiversity conservation.

• In 2024, 237 beat guards, including 162 men and 75 women, were recruited to aid in conservation efforts.

• Asiatic lions, one of the most endangered large carnivores, are mainly located in Gujarat’s Gir Forest and surrounding areas.

• The project is designed to serve as a model for balancing wildlife conservation with sustainable development.