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NATIONAL AFFAIRS
MoMSME Announces New Criteria for MSME from April 2025
In March 2025, the Ministry of Micro, Small, and Medium Enterprises (MoMSME) has updated the classification criteria for businesses under the MSME category. These changes will take effect from April 1, 2025. The revision updates the criteria set in 2020.
- The notification, issued under the MSME Development Act, 2006, derives its authority from sub-section 1 of Section 7 read with sub-section 9 of section 7, which defines MSME classification based on investment and turnover, and Section 8(2) read with 8(3), which allows amendments after consulting the Advisory Committee.
Note: The updated classification was announced by Union Minister Nirmala Sitharaman, Ministry of Finance(MoF) during her Budget speech for 2025-26.
Revised MSME Classification:
The classification of MSMEs is based on investment in plant, machinery, or equipment and annual turnover (TO). The revised limits are as follows:
1.Micro Enterprises: Investment limit increased from Rs 1 crore to Rs 2.5 crore.
- Turnover limit raised from Rs 5 crore to Rs 10 crore.
2.Small Enterprises: Investment limit increased from Rs 10 crore to Rs 25 crore.
- Turnover limit doubled from Rs 50 crore to Rs 100 crore.
3.Medium Enterprises: Investment limit raised from Rs 50 crore to Rs 125 crore.
- Turnover limit increased from Rs 250 crore to Rs 500 crore.
Key points:
i.The updated classification offers several advantages:
- Easier access to loans with lower interest rates.
- Priority in government contracts reserved for MSMEs.
- Tax benefits and duty exemptions to improve profitability.
- Support for technology upgrades and innovation through various schemes
ii.The revised classification aims to support economic growth, accommodate inflation, and help businesses expand.
iii.India currently boasts over 1 crore registered MSMEs, employing 7.5 crore people and contributing 36% to the country’s manufacturing output. The share of MSME in all India exports stood at 45.56%.
About Ministry of Micro, Small, and Medium Enterprises (MoMSME):
Union Minister– Jitan Ram Manjhi ( Constituency- Gaya, Bihar)
Minister of State (MoS)– Shobha Karandlaje (Constituency- Bangalore North, Karnataka)
MoF Launched BAANKNET, e-Bkray to Enhance PSU Bank E-auctions for Asset Sales
The Ministry of Finance (MoF) has launched a revamped e-auction portal ‘BAANKNET (Bank Asset Auction Network)’ which was originally launched in January 2025, to further streamline the listing and auctioning of banks’ assets.
- The portal is specifically designed to improve transparency and accelerate the process of disposing of Non-Performing Asset (NPA) cases.
- Apart from it, the platform ‘e-Bkray’ was launched in February 2019, to boost the sale value realized through bank e-auctions.
- Both the portals developed by the Department of Financial Services, MoF
Key Features of BAANKNET portal:
i.Transparency: The portal ensures high level of transparency throughout the property auction process by using the state-of-the-art technology and integrating automated Know Your Customer (KYC) tools, secure payment gateways, and bank verified property titles.
- At present, all 12 Indian Public Sector Banks (PSBs) and Insolvency and Bankruptcy Board of India (IBBI) are using this platform for listing and auction of properties across India.
ii.Robust Architecture: It ensures smooth reliability and accessibility for users through mobile and web interfaces.
iii.Comprehensive Property Listings: It facilitates a convenient solution from property ‘search’ to ‘sale’ for all types of properties across India, streamlining the whole auction process.
iv.Simplified Navigation: It offers an easy-to-use interface for property search and auctions, which makes the process user-friendly and accessible.
v.Bank Verified Titles: It ensures that all property titles are verified by banks.
About Ministry of Finance (MoF):
Union Minister- Nirmala Sitharaman (Rajya Sabha- Karnataka)
Minister of State (MoS)- Pankaj Chaudhary (Constituency- Maharajganj, Uttar Pradesh, UP)
BANKING & FINANCE
SEBI to Constitute High-Level Committee to Review Conflict of Interest in Top Ranks
In March 2025, Mumbai (Maharashtra)-based market regulator, Securities Exchange Board of India (SEBI)has approved the setting up of a High-Level Committee (HLC) to review provisions related to governance and revamp its rules on conflict of interest and disclosure obligations for board members and senior officials.
- This decision was taken during SEBI’s 1st meeting under its new chairperson of Tuhin Kanta Pandey.
i.The HLC is tasked to conduct comprehensive review of regulations governing property, investments, and liabilities of board members.
- This move aims to ensure high standards of transparency, accountability, and ethical conduct of members and officials of the board.
ii.The Board of SEBI has eased investment restrictions for Category-II Alternative Funds (AIFs) including private equity and debt funds, enabling them to invest in listed debt securities rated ‘A’ or below.
iii.It has introduced key changes regarding the appointment of Public Interest Directors (PIDs) and cooling-off period for key management personnel (KMP) and directors for Market Infrastructure Institutions (MIIs).
- It has clarified that earlier process of appointment of PIDs, which requires the approval of SEBI but not shareholder will continue.
PSBs’ Dividends Increases 33% to Rs 27,830 crore in FY24: GoI data
According to Government of India (GoI)’s latest data, Public Sector Banks (PSBs) have witness an increase of 32.7% in dividend payout to Rs 27, 830 crore in the Financial Year 2023-24 (FY24) compared to Rs 20, 964 crore recorded in FY23. This increase reflects a significant improvement in financial health of these PSBs, compared to record losses of Rs 85,390 crore registered in FY18.
- Of the total dividend received, approximately 65% (Rs 18,013 crore) was paid to GoI towards their stake in FY24.
i.The data highlighted that combined net profit of 12 Indian PSBs was at Rs 1.41 lakh crore in FY24 against net profit of Rs 1.05 lakh crore in FY23, and earned Rs 1.29 lakh crore in nine months (April-December) of FY25.
ii.As per the data,State Bank of India (SBI)emerged as the largest contributor to the overall net profit registered by PSBs during FY24 i.e. over 40% (Rs 61,077 crore), which marks an increase of 22% compared to previous FY (Rs 50,232 crore).
>> Read Full News
NSDC & PayPal Formalised MoU to Provide Skill Development Opportunities to Youth in Fintech Sector
The National Skill Development Corporation (NSDC) and PayPal, California, the United States of America (USA)-based financial technology (fintech) company formalised a Memorandum of Understanding (MoU) as part of PayPal’s Corporate Social Responsibility (CSR) program to launch a comprehensive skill development initiative targeting India’s Banking, Financial Services, and Insurance (BFSI) sector.
- The MoU focuses on economic empowerment through skill enhancement, soft skills, and Personality Development Training (PDT).
i.NSDC will implement the project in multiple districts including Chennai (Tamil Nadu), Patna (Bihar), Hyderabad (Telangana), Surat (Gujarat), Indore (Madhya Pradesh), Bengaluru (Karnataka), Mumbai (Maharashtra), and Ranchi (Jharkhand).
Signatories: The MoU was exchanged between Dr. Rishikesh Patankar, Vice President, NSDC, and Srini Venkatesan, Global Chief Technology Officer (CTO), PayPal.
Note: New Delhi (Delhi)-based NSDC was established on 31 July 2008. It operates as a unique Public Private Partnership (PPP) model under the Ministry of Skill Development & Entrepreneurship (MSDE).
RBI: RRBs Get 5 More Years to Amortise Additional Pension Liabilities
On 20 March 2025, the Reserve Bank of India (RBI) issued a directive regarding the Amortisation of Additional Pension Liability in Regional Rural Banks (RRBs). As per the directive, RRBs are now permitted to amortise the additional pension liability over 5 years starting from March 31, 2025, with a minimum of 20% expensed annually. It applies to all the RRBs with effect from financial year 2024-25.
- RRBs must now implement the pension scheme respectively from November 1, 1993, which will increase their pension liabilities.
- Tier 1 Capital of RRBs will remain unaffected by unamortised pension expenses.
Note: RRBs were previously allowed to amortise their pension liability on account of the RRB (Employee) Pension Scheme 2018 for 5 years, beginning with the financial year ending March 31, 2019.
CIRL Partners with LIC to Enhance IR Services for Policyholders
In March 2025, , Mumbai (Maharashtra)-based Centrico Insurance Repository Limited (CIRL), subsidiary of Central Depository Services (India) Limited (CDSL) has entered an agreement with Mumbai-based Life Insurance Corporation of India (LIC) to provide Insurance Repository (IR) services.
- This collaboration, part of LIC’s Request for Proposal (RFP) process, aims to digitize policy management, enabling policyholders to store insurance policies electronically and access seamless updates.
Note:The IR system, introduced by Indian regulators, eliminates paperwork by allowing policyholders to hold and modify policies digitally.
i.CIRL, which now partners with 43 insurance companies (including 23 life insurers), will leverage LIC’s inclusion to expand value-added services for policyholders nationwide.
ii.Notably, LIC holds 4.4% stake in CDSL and 8.3% in CIRL, while CDSL maintains 51% direct ownership and 3.25% via its subsidiary CDSL Ventures Limited.
AWARDS & RECOGNITIONS
Violinist R K Shriramkumar Receives 2025 Sangita Kalanidhi Award of The Music Academy
In March 2025, eminent Carnatic violinist R K Shriramkumar has been conferred with the Sangita Kalanidhi award for 2025 by Chennai (Tamil Nadu, TN) based The Music Academy, Madras to recognizes his exceptional contributions to Carnatic music.
- His selection aligns with the 250th birth anniversary of Muthuswami Dikshitar in 2025.
- In addition to the Sangita Kalanidhi award, The Music Academy has announced other honors for 2025. The awards will be presented at The Music Academy’s events, including the 99th Annual Conference and Concerts, and the 19th Annual Dance Festival scheduled from December 15, 2025, to January 1, 2026.
i.The Sangita Kala Acharya award was presented to a distinguished Carnatic singer and former A-Top graded artist at All India Radio (AIR) Shyamala Venkateswaran and a leading Tavil artist R Govindarajan,
ii.The Musicologist Award was given to Professor C.A. Sridhara and the Nritya Kalanidhi Award was conferred to Urmila Satyanarayana,
About The Music Academy:
President – N. Murali
Headquarters – Chennai, Tamil Nadu(TN)
Established – 1928
>> Read Full News
APPOINTMENTS & RESIGNATIONS
Dilma Vana Rousseff Re-elected as President of NDB
On March 23, 2025, Dilma Vana Rousseff, the former President of Brazil, was re-elected as the President of the New Development Bank (NDB) (formerly known as BRICS Development Bank) for a term extending until 2030, following unanimous approval by the NDB board.
- This decision came after Russia proposed the extension during the 2024 BRICS summit in Kazan (Russia).
- Her tenure is set to conclude in July 2025. With her reappointment for another term, She will focus on enhancing financial independence for BRICS (Brazil, Russia, India, China, and South Africa) countries, promoting sustainable development projects, and advancing efforts towards de-dollarization.
About Dilma Vana Rousseff:
i.Dilma Vana Rousseff is a Brazilian economist and politician. She began her political career in the 1970s as an active member of left-wing and Marxist urban guerrilla groups opposing Brazil’s military dictatorship.
ii.In 2001, She joined the Workers’ Party (PT), and in 2003, she was appointed Minister of Mines and Energy under President Luiz Inácio Lula da Silva.
- She then became the Chief of Staff, making her the first woman to hold this position in Brazil.
iii.She served as the 36th President of Brazil from 2011 until she was impeached and removed from office on August 31, 2016. She was the only woman to hold the Brazilian presidency.
iv.She became the Chair of the NDB in March 2023, taking over from Marcos Troyjo.
About New Development Bank:
The New Development Bank (NDB), previously known as the BRICS Development Bank, is a global development bank formed by the BRICS countries: Brazil, Russia, India, China, and South Africa.
Headquarters – Shanghai, China
Established – 2012
Ashok Singh Thakur elected as Chairman of INTACH
In March 2025, New Delhi (Delhi)-based Indian National Trust for Art and Cultural Heritage (INTACH) elected Ashok Singh Thakur as its new Chairman for a three-year term during its Annual General Meeting (AGM) held at its headquarters in New Delhi.
- The elections, conducted for the posts of Chairman and Governing Council members, followed due procedure, with results declared post-AGM.
i.Ashok Singh Thakur’s appointment aligns with INTACH’s mission to address challenges in heritage conservation through policy advocacy, research, and community engagement.
ii.Established in 1984, INTACH is India’s foremost heritage conservation organization, registered under the Societies Registration Act, 1860.
- The organization operates nationwide, collaborating with government bodies and civil society to protect historical monuments, artifacts, and ecosystems.
iii.The INTACH Charter was adopted in 2004 which serves as a foundation document guiding heritage conservation in India.
Parminder Chopra Assumed Additional Charge as CMD of REC Limited
In March 2025, Parminder Chopra has assumed additional charge as Chairman and Managing Director (CMD) of REC Limited (formerly Rural Electrification Corporation Limited), a ‘Maharatna’ Central Public Sector Enterprise (CPSE) under the administrative control of Ministry of Power (MoP), for period of 3 months or until further orders, whichever is earlier.
- She succeeds Vivek Kumar Dewangan, who completed his tenure on March 20, 2025.
- She is currently serving as CMD of state-owned Power Finance Corporation Limited (PFC).
i.Since 2020, she has been serving as Director (Finance) at PFC. Later, she was bestowed with the additional charge of CMD of PFC in June 2023 thus, became the 1st woman to lead India’s largest Non-Banking Finance Company (NBFC).
- Also, she played a pivotal role in securing Rs 1.12 trillion Liquidity Infusion Scheme (LIS) for the power distribution sector under the Atmanirbhar Bharat program.
ii.In 2023 she was awarded the ‘Icon of the Year’ award by the Institute of Cost Accountants of India.
iii.Chopra has an extensive experience of over 35 years during which worked at leading power and financial sector companies in India like: National Hydroelectric Power Corporation Private Ltd. (NHPC Limited) and Power Grid Corporation of India Limited (POWERGRID).
WFI President Sanjay Kumar Singh Elected as a Bureau Member of UWW-Asia
In March 2025, Sanjay Kumar Singh, President of the Wrestling Federation of India (WFI) was elected as a bureau member of United World Wrestling (UWW)-Asia through elections held during UWW general assembly in Amman, Jordan.
- WFI President secured 22 votes out of the total 38 votes casted in the elections. which “demonstrates strong support from the Asian wrestling community.”
i.UWW had imposed ban on WFI in August 2023 due to its failure to conduct elections within a stipulated time following the accusations of sexual harassment against former WFI President Brij Bhushan Singh.
ii.In December 2023, Sanjay Kumar Singh was elected President of WFI. Later, the Ministry of Youth Affairs and Sports (MYAS) suspended WFI and an ad-hoc committee of the Indian Olympic Association (IOA) was formed to administer the federation.
- In March 2025, MYAS lifted the ban on WFI and restored its recognition as National Sports Federation (NSF).
SPORTS
Kabaddi World Cup 2025: India Clinches both Men’s and Women’s title in UK
In March 2025, India emerged victorious in both the Men’s and Women’s Kabaddi World Cup (KWC) 2025, held in Wolverhampton, theUnited Kingdom (UK).
- The Indian Men’s team clinched the title in a closely contested final, defeating England 44-41, while the Indian Women’s team delivered a dominant performance, securing a 57-34 victory over the same opponent.
- Captain Ritu Negi led the Indian women’s squad. Captain Pawan Sehrawat led the Men’s team.
About Kabaddi World Cup (KWC) 2025:
i.The 2nd edition of Kabaddi World Cup(KWC), featured over 60 matches, was held from March 17 to 23, 2025.
ii.For the first time, this tournament was hosted outside Asia, with matches played across Birmingham, Coventry, Walsall, and Wolverhampton in the UK’s West Midlands region.
iii.The 2025 event was supported by the West Midlands Combined Authority’s (WMCA) Commonwealth Games Major Events Legacy Fund.
- It was sponsored by Paddy Power, an Irish gambling company and received an additional GBP 500,000 from the WMCA along with backing from the University of Wolverhampton (England).
iv.The 1st edition of KWC organized by the World Kabaddi Federation (WKF)in Malaysia in 2019, where India had also secured both the men’s and women’s titles by defeating Iraq and Chinese Taipei, respectively.
Key Points:
i.The Men’s competition featured 10 teams, divided into Group A and Group B. India, placed in Group B, competed against Italy, Scotland, Wales, and Hong Kong, while Group A included England, Hungary, Poland, Germany, and the United States of America (USA).
ii.Meanwhile, the Women’s event had six teams, split into Group D and Group E. India was placed in Group D with Wales and Poland, whereas Group E featured England, Hong Kong, and Hungary.
Note: World Kabaddi celebrates World Kabaddi Day annually on March 24, marking the anniversary of its founding date in 2018
About International Kabaddi Federation (IKF):
The IKF, formerly World Kabaddi Federation (WKF), is an officially recognized governing body for kabaddi, representing 56 national federations worldwide and overseeing five continental governing bodies.
President- Vinod Kumar Tiwari (India)
Headquarters- Jaipur,Rajasthan
Established– 2004
Indian Gymnast Pranati Nayak Wins Bronze in Vault Final at FIG World Cup 2025 in Turkey
Indian gymnast Pranati Nayak, a 29-year-old Olympian, secured a bronze medal in the vault final at the Fédération Internationale de Gymnastique (FIG) World Cup (WC) in Antalya, Turkey.
- She delivered a strong performance, scoring 13.417 points, securing third place behind American Jayla Hang (13.667 points) and Claire Pease (13.567 points) from the United States of America (USA) in the Senior WAG category was held in Antalya, Turkey from March 20 to 23, 2025.
i.The Antalya meet marks the third leg of the FIG Apparatus World Cup 2025 series, which consists of six tournaments. The first two were hosted in Cottbus, Germany, and Baku, Azerbaijan.
ii.This marks Pranati Nayak’s second medal at the FIG Artistic Gymnastics Apparatus World Cup, following her bronze in the vault event at Cairo in 2024.
iii.She becomes the third Indian gymnast to secure an international medal in the vault event, following the achievements of Dipa Karmakar and Aruna Reddy.
iv.Apart from her World Cup medals, Pranati Nayak has an impressive track record, having represented India at the Tokyo 2020 Olympics. She also clinched bronze medals at the Asian Championships in 2019 (Ulaanbaatar) and 2022 (Doha).
IMPORTANT DAYS
World Meteorological Day 2025 – March 23
The United Nations (UN’s) World Meteorological Day (WMD) is annually observed on 23 March worldwide to raise awareness about the significance of understanding weather and climate patterns in tackling global challenges like climate change and extreme weather.
- Every 23 March, the WMD commemorates the coming into force of the Convention establishing the World Meteorological Organization (WMO) on 23 March 1950.
- The theme for World Meteorological Day 2025 is “Closing the Early Warning Gap Together“.
Background:
i.The WMO during its 12th session of the Executive Committee (EC-XII) held from 27 June to 15 July 1960, adopted Resolution 6 (EC-XII) – Annual World Meteorological Day, proclaiming 23 March of every year as World Meteorological Day.
ii.The first-ever WMD was observed on 23 March 1961.
2025 Events:
i.On 24 March 2025, the official ceremony of WMD was held at WMO Headquarters in Geneva, Switzerland.
ii.The India Meteorological Department (IMD), under the Ministry of Earth Sciences (MoES), celebrated WMD 2025 on March 22, 2025, at Mahika Hall, Prithvi Bhawan, New Delhi, Delhi.
About the World Meteorological Organization (WMO):
Secretary-General– Celeste Saulo
Headquarters– Geneva, Switzerland
Established– 1950
>> Read Full News
World Tuberculosis Day 2025 – March 24
World Tuberculosis (TB) Day is annually observed across the globe on 24th March to raise global awareness about tuberculosis (TB) and mobilize efforts to eliminate the disease.
- The theme for World Tuberculosis Day 2025 is ‘Yes! We Can End TB: Commit, Invest, Deliver’.
Background:
i.On 24 March 1882, German Doctor and Microbiologist Dr. Robert Koch announced his discovery of the ‘tubercle bacillus’ (later named Mycobacterium tuberculosis or M. tb) at the University of Berlin’s Institute of Hygiene, in Berlin, Germany.
ii.In 1982, on the centenary of Koch’s discovery, the International Union Against Tuberculosis and Lung Disease (IUATLD) and the World Health Organization (WHO) proposed designating 24 March as World TB Day under the campaign “Defeat TB: Now and Forever”.
- The first World TB Day was officially observed on March 24, 1983.
Key Points
i.On World TB Day 2025, Solna (Sweden) based European Centre for Disease Prevention and Control (ECDC) and Copenhagen (Denmark) based World Health Organization (WHO) Europe released the “Tuberculosis Surveillance and Monitoring in Europe 2025” report.
ii.On World TB Day 2025, Union Minister of State (MoS) Dr. Jitendra Singh, Minister of Science and Technology (MoS&T) announced the completion of 10,000 genome sequences of Mycobacterium tuberculosis isolates, marking progress toward India’s goal to eliminate TB by 2025—five years ahead of the World Health Organization (WHO)’s 2030 target.
>> Read Full News
International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims 2025 – March 24
The United Nations (UN’s) International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims, observed annually across the globe on March 24, is dedicated to honoring the victims of serious human rights violations and advocating for justice.
- The day also commemorates the legacy of Monsignor Oscar Arnulfo Romero, a prominent human rights activist from El Salvador, who was assassinated on March 24, 1980, for speaking against oppression and violence.
Background:
i.The United Nations General Assembly (UNGA) adopted resolution A/RES/65/196 on December 21, 2010, officially designating March 24 as this international day.
ii.The first observance took place in 2011.
>> Read Full News
International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade 2025 – March 25
The United Nations (UN’s) International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is observed globally on 25 March each year to honor the millions who suffered under the transatlantic slave trade, regarded as one of the most severe human rights violations in history.
- The theme for 2025 International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is “Acknowledge the past. Repair the present. Build a future of dignity and justice.”
Background:
i.On December 17, 2007, UN General Assembly (UNGA) adopted the resolution A/RES/62/122 and proclaimed the 25 March of every year as International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade.
ii.The first International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade was observed on 25 March 2008.
>> Read Full News
STATE NEWS
FM of Tripura, Pranajit Singha Roy Presents State Budget of Rs 32,423.44 Crore for FY 26
In March 2025, Finance Minister (FM) of Tripura, Pranajit Singha Roy presented the state’s budget for the financial year 2025-26 (FY 26), proposing a total expenditure of Rs 32,423.44 crore. The overall budget size has increased by Rs 4,618.77 crore compared to the previous year.
- Tripura government also announced a 3% Dearness Allowance (DA) hike for state employees, effective April 2025, raising their DA to 33%.
i.The Budget Estimates(BE) for FY25 stood at Rs 27,804.67 crore, which was later revised to Rs 30,296.50 crore in FY25 Revised Estimates. The budget deficit is Rs 429.56 crore.
ii.The budget introduces 13 new welfare schemes aimed at supporting job seekers, mentally challenged individuals. This year, the highest fund of Rs 6,450 crore has been allocated to the finance department.
iii.The budget includes major infrastructure projects:
- New police stations in West Agartala, East Agartala, Belonia, Baikhora, Bagbassa, and Madhupur in Tripura.
- For the convenience of people visiting Agartala, (Tripura) a ‘Bharat Mata Canteen cum Night Shelter’ will be established with an initial budget of Rs 2 crore.
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