CURRENT AFFAIRS
07 March, 2025
1. A NEW REPORT BY THE WORLD BANK STATES THAT INDIA NEEDS TO SIGNIFICANTLY SPEED UP ITS REFORMS TO ACHIEVE HIGH-INCOME STATUS BY 2047 –
What is High-Income Status-
• High-income status is a classification used by the World Bank to categorize countries based on their Gross National Income (GNI) per capita.
• It is a key indicator of a country’s economic development and standard of living.
World Bank Income Classifications
• For the 2025 fiscal year, the World Bank classifies economies based on their Gross National Income (GNI) per capita using the Atlas method.
• Low-income economies: GNI per capita of $1,145 or less.
• Lower middle-income economies: GNI per capita between $1,146 and $4,515.
• Upper middle-income economies: GNI per capita between $4,516 and $14,005.
• High-income economies: GNI per capita of $14,005 or more.
• India’s Current Economic Status
• In 2007-08, India was classified as a lower middle-income country, with a per capita income of $1,022 (IMF).
By 2024, this figure has increased to $2,697.
• As per IMF projections, India’s per capita income may reach $4,195 by 2029, meaning it is likely to become an upper middle-income country by 2032.
• However, achieving high-income status by 2047 will require sustained high growth.
2. U.S. PRESIDENT DONALD TRUMP HAS ANNOUNCED THAT THE UNITED STATES WILL IMPOSE RECIPROCAL TARIFFS ON INDIA AND OTHER COUNTRIES, EFFECTIVE APRIL 2, 2025 –
What Are Reciprocal Tariffs-
• Reciprocal tariffs are a trade policy tool where a country imposes tariffs on imports from another country that are equal to the tariffs that country imposes on its exports.
• The goal is to create a level playing field by ensuring that both countries face the same trade barriers.
• Implementation: If a country sees that another country has high tariffs on its exports, it might choose to impose reciprocal tariffs as a way to respond or negotiate.
• For example, if Country A charges a 10% tariff on imports from Country B, then Country B might also charge a 10% tariff on imports from Country A.
Purpose of Reciprocal Tariffs
• Balancing Trade Relationships: The primary aim is to ensure fair trade by eliminating disparities in tariff rates between trading partners.
• Retaliation: Reciprocal tariffs can also be used as a retaliatory measure against countries that impose high tariffs on a country’s exports.
• Negotiation Tool: They can serve as a bargaining chip in trade negotiations to encourage other countries to lower their tariffs.
• Impacts on Domestic Industries: Reciprocal tariffs can provide protection to domestic industries by making imported goods less competitive in the local market.
3. PUNJAB LAUNCHES ‘PROJECT HIFAZAT’ TO STRENGTHEN WOMEN AND CHILD SAFETY –
• In a significant move to enhance the safety and protection of women and children affected by violence, Punjab’s Social Security, Women, and Child Development Minister, Dr. Baljit Kaur, officially launched ‘Project Hifazat’ on Thursday, March 7, 2025.
• This initiative aims to provide immediate assistance to victims through an integrated 24×7 helpline, coordinated support from various departments, and on-ground response mechanisms.
• Addressing the launch event, Dr. Baljit Kaur emphasized the importance of empowering women to report crimes without fear. She urged the women of Punjab to save the emergency helpline number ‘181’ on their mobile phones to seek help during distress situations.
• The project is a major step towards ensuring swift action against gender-based violence by integrating government agencies and providing seamless support.
4. ASSAM NAMES ELECTRONICS CITY AFTER RATAN TATA –
• In a major decision recognizing Ratan Tata’s contributions to Assam’s development, the state cabinet has announced that the upcoming Electronics City in Jagiroad will be named Ratan Tata Electronic City.
• This move highlights the Tata Group’s deep-rooted engagement in Assam’s industrial and economic landscape. The announcement follows Tata Sons chairman N Chandrasekaran’s remarks at the Advantage Assam 2.0 Investment Summit (February 2025), where he emphasized Ratan Tata’s strong connection with the state.
• The Tata Group has been instrumental in Assam’s economic and technological progress, particularly in the semiconductor and electronics manufacturing sectors.
5. SEBI’S TOTAL INCOME RISES 48% TO ₹2,075 CRORE IN 2023-24 –
• The Securities and Exchange Board of India (SEBI) recorded a 48% year-on-year growth in its total income, reaching ₹2,075 crore in FY 2023-24.
• The increase was primarily driven by higher earnings from fees and subscriptions. SEBI’s fee income surged significantly compared to the previous fiscal year, reflecting increased contributions from stock exchanges, market participants, and companies.
• Additionally, the regulator’s investment income and other income also witnessed an uptick. Despite the rise in revenue, SEBI’s total expenditure increased as well, reaching ₹1,006 crore.
• SEBI also reported substantial funds in its general fund, Investor Protection & Education Fund (IPEF), and Disgorgement Fund.
MCQ QUIZ
Q1. Recently, the United States President Trump announced reciprocal tariffs from April 2, 2025.
Which of the following countries did Trump criticize for imposing high tariffs on US goods ?
a) China and India
b) Brazil and South Korea
c) European Union
d) All of the above
Q2. What is the total budget allocated for the Kedarnath and Hemkund Sahib ropeway projects in Uttarakhand ?
a) ₹5,000 crore
b) ₹6,811 crore
c) ₹7,500 crore
d) ₹4,200 crore
Q3. What is the name of the world’s largest iceberg ?
a) B15
b) A68a
c) A23a
d) D28
Q4. Consider the following statements about the United Nations (UN) and its structure:
1. The UN was established after World War I, with collective security and peacekeeping as some of its founding principles.
2. The General Assembly is the primary policymaking body of the UN, while the UNSC is responsible for peace and security.
Which of the above statements is/are correct ?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Explanation-
• Statement 1: The United Nations was established in 1945 after World War II, with the primary goals of maintaining international peace and security, promoting disarmament, and engaging in peacekeeping activities.
• Statement 2 is correct. The General Assembly serves as the UN’s main policymaking body, while the UNSC is specifically responsible for issues related to international peace and security.
Q5. Consider the following statements.
1. The Dharma Guardian exercise is a joint military exercise between the armies of India and Japan.
2. The Malabar exercise, which involves the navies of India and Japan, also includes other Quad nations.
3. Veer Guardian is a military exercise conducted between the naval forces of India and Japan.
How many of the above statements is/are correct ?
a) Only one
b) Only two
c) All three
d) None
Explanation-
• Statement 1 is correct: Dharma Guardian is a joint military exercise between the armies of India and Japan.
• Statement 2 is correct: The Malabar exercise is a naval exercise involving India, Japan, and other Quad nations, such as the United States and Australia.
• Statement 3 is incorrect: Veer Guardian is an air force exercise, not a naval exercise, conducted between India and Japan.
Answer Key
1 | 2 | 3 | 4 | 5 |
D | B | C | B | B |