RBI maintains repo rate at 6.5%
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Cabinet greenlight PM-RKVY to push for sustainable agriculture
The Union Cabinet, chaired by Prime Minister Modi, has approved the rationalization of agricultural schemes under the Pradhan Mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY). With a budget of ?1.01 lakh crore, PM-RKVY will promote sustainable agriculture, while KY will focus on food security and agricultural self-sufficiency.
LEAD STORY
RBI maintains repo rate at 6.5%, shifts to a neutral stance
The Reserve Bank of India (RBI) has kept the repo rate steady at 6.5% for the tenth time, while shifting its stance to “neutral,” aiming to balance inflation control with economic growth. Food inflation, contributing around 70% to overall retail inflation, remains a key concern, as rising prices threaten price stability. The RBI remains vigilant on inflation trends, particularly in the food sector, while maintaining its focus on long-term economic stability.
Centre to establish 100 food testing labs
Union Food Processing Minister Chirag Paswan has declared that the government will establish 100 food testing laboratories and 50 food irradiation centres. This effort tries to boost processing volumes while maintaining product quality. Addressing the sector, Paswan emphasised the necessity of maintaining standards in order to market Indian food goods globally while minimising waste.
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HIGHLIGHT OF THE DAY
The ZED (Zero Effect, Zero Defect) certification scheme has provided significant financial assistance to MSMEs since its launch in April 2022, totaling ?275.67 crore. As of December 2022, ?105 crore had been allocated to encourage businesses to adopt eco-friendly manufacturing practices and enhance product quality. The scheme offers substantial subsidies for certification costs, with up to 50% for medium enterprises, 60% for small enterprises, and 80% for micro enterprises. The certification fees are ?10,000 for bronze, ?40,000 for silver, and ?90,000 for gold.
India’s Sustainable Aviation Fuel potential 8-10 Mt by 2040
India is projected to produce 8 to 10 million tonnes of Sustainable Aviation Fuel (SAF) by 2040, requiring investments of US$ 70 to US$ 85 billion, according to a Deloitte India report. This anticipated production will be a key contributor to decarbonization efforts in the aviation sector, with the potential to reduce carbon emissions by 20 to 25 million tonnes annually.
BigBasket, Urban Company lead in platform worker conditions
The report Fairwork India Ratings 2024, released by the Centre for IT and Public Policy (CITAPP) at IIIT Bangalore in collaboration with Oxford University, highlights the challenging conditions faced by platform workers in India. The sixth annual report evaluated 11 major platforms, including Amazon Flex, BigBasket, Swiggy, Uber, and Zomato, on key labour standards to assess their treatment of workers. The report pointed out a considerable gap in workers’ rights within the gig economy, specifically highlighting the absence of collective bargaining and the lack of formal recognition for workers’ unions across all platforms.
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