INTERNATIONAL NEWS

EU to Impose Counter Tariffs on U.S. Goods Worth €26 Billion

• European Union will impose counter tariffs on U.S. goods valued at €26 billion ($28.33 billion) starting April 2025.

• This action comes in retaliation to U.S. tariffs on steel and aluminium imports.

• U.S. tariffs on steel and aluminium took effect on March 12, 2025.

• The EU will end the temporary suspension of tariffs on U.S. products by April 1, 2025.

• A new set of countermeasures on U.S. goods will be implemented by mid-April 2025.

LEGAL NEWS

Oilfields Amendment Bill 2024: Key Highlights

• The Oilfields (Regulation and Development) Amendment Bill, 2024, was passed by the Lok Sabha on March 12, following its approval by the Rajya Sabha in December 2024.

• The Bill aims to amend the Oil Fields (Regulation and Development) Act, 1948, to enhance the regulation of oil and gas exploration and production.

• It distinguishes petroleum operations from mining activities, ensuring clearer regulations.

• The definition of mineral oils has been expanded to include naturally occurring hydrocarbons, coal bed methane, and shale gas.

• The amendment clarifies that coal, lignite, and helium are not considered mineral oils under the law.

• India’s energy security strategy focuses on affordability, availability, and sustainability, achieving success in all three areas.

• India currently imports oil and gas from 40 different countries.

STATE NEWS

Madhya Pradesh Budget 2025-26

• MP Finance Minister Jagdish Deora presented a Rs 4.21 trillion budget for FY 2025-26, marking a 15% increase from the previous year's allocation of Rs 3.65 trillion.

• No new taxes have been introduced in the budget.

• The estimated fiscal deficit for the year is Rs 78,902 crore, which is 4.66% of the state's Gross State Domestic Product (GSDP).

• Over the next five years, the industrial sector will receive incentives totaling around Rs 30,000 crore.

• Nearly Rs 2 lakh crore has been allocated for social sector schemes.

• The Women and Child Development Department is allocated Rs 26,797 crore for the fiscal year.

• The health sector receives a proposal of Rs 23,535 crore.

• Rs 1,610 crore has been earmarked for tourism, culture, and Religious Trusts & Endowment.

• A provision of Rs 2,005 crore is allocated for Simhastha-2028.

• Madhya Pradesh has the highest GDP growth rate in India, with a 11% increase in GSDP for 2024-25.

• The state's goal is to increase its GDP to Rs 250 trillion by 2047.

New Schemes for Girl Children in Tripura Announced by Union Health Minister

• Union Health Minister Jagat Prakash Nadda announced two new schemes for the girl children of Tripura: Mukhyamantri Balika Samridhi Yojana and Mukhyamantri Kanya Atmanirbhar Yojana.

• The announcement was made during a speech at Swami Vivekananda Maidan, celebrating two years of the BJP-led Tripura Government 2.0.

• Mukhyamantri Balika Samridhi Yojana:

• The scheme provides a ₹50,000 bond for every girl born in a Below Poverty Line (BPL) family in Tripura.

• Upon reaching the age of 18, the girl will receive the bond, with a maturity value of ₹8-10 lakh.

• Mukhyamantri Kanya Atmanirbhar Yojana:

• Initially, the scheme aimed to award scooties to the top 100 girls in the Higher Secondary exams.

• The revised provisions now include 140 meritorious girl students from all boards to receive scooties.

GOVERNMENT SCHEMES

Launch of PM-YUVA 3.0 Scheme for Mentoring Young Authors

• The Ministry of Education has launched the third edition of the PM-YUVA Scheme for mentoring young writers.

• The initiative targets young authors under 30 years, offering them mentorship opportunities.

• Its goal is to promote a culture of reading, writing, and books throughout India.

• This edition builds upon previous ones, which involved young authors writing in 22 Indian languages and English.

• The scheme covers three main themes: the Indian diaspora’s contribution to nation-building, the Indian Knowledge System, and influential figures from modern India (1950-2025).

• The National Book Trust, India, will oversee the implementation of PM-YUVA 3.0.

• Selected works will be published and translated into several Indian languages.

• Authors will have the chance to interact with seasoned writers.

• The program kicks off with a nationwide contest on MyGov from March 11 to April 10.

• Fifty young authors will be chosen, with 10 focused on the diaspora theme, 20 on the Indian Knowledge System, and 20 on modern India’s makers.

BANKING, ECONOMY AND FINANCE

India’s Retail Inflation Drops to Seven-Month Low

• Retail inflation in India fell to 3.6% in February 2025, the lowest in seven months, driven by a drop-in food prices.

• The Consumer Price Index (CPI) had increased by 4.26% in January 2025.

• This marks the fourth consecutive month of slowing inflation, now below the Reserve Bank of India’s 4% target.

• Inflation in February decreased by 65 basis points compared to January.

• This is the lowest year-on-year inflation since July 2024.

• The Consumer Food Price Index rose by just 3.75%, the slowest increase in almost two years.

• Vegetable prices dropped by 1%, while wheat prices rose by 8.8%.

• Pulses and related products saw a decline of 1.35%, marking the first negative inflation in this category for the fiscal year.

• Inflation in urban areas decreased to 3.3%, down from 3.9% in January 2025.

• In rural areas, inflation fell to 3.8%, from 4.6% in January 2025.

• Kerala recorded the highest inflation rate at 7.3%, while Telangana had the lowest at 1.3%.

• Nine out of 22 states experienced inflation exceeding 4%.