Daily Current Affairs – 07-03-2025
Tamil Nadu
India’s First
Potash Mine Allotted to Hindustan Zinc Ltd in Rajasthan
® Hindustan Zinc Limited (HZL) has secured India’s first-ever potash and halite block in Rajasthan, along with a rare earth elements (REE) block in Uttar Pradesh. ® Coal India was allotted a graphite and vanadium mineral block, marking strategic diversification in critical minerals. ® Potash, essential for NPK fertiliser production, is 100% imported currently — from Canada, Belarus, Jordan, and South Korea. ® HZL is the world’s largest integrated zinc producer, holds 77% of India’s primary zinc market, and is among the top five silver producers globally. ® The move aligns with India’s goal of self-reliance in critical mineral resources.
Kochi Shipwreck
Declared State-Specific Disaster by Kerala Government
® The Kerala government has declared the wreckage of the Liberian-flagged cargo ship MSC ELSA-3 (IMO: 9123221) as a State-specific disaster. ® The ship sank off the Kerala coast, carrying 640 containers, including 13 with hazardous cargo and 12 with calcium carbide. ® Indian Coast Guard (ICG) initiated an immediate response, deploying ships Vikram, Saksham, Samarth, and pollution response vessel Samudra Prahari. ® ICG’s MRSC Kochi coordinated the operation; Dornier aircraft conducted aerial surveillance. ® INCOIS, Hyderabad activated the Search and Rescue Aid Tool (SARAT) to track drifting containers. ® Oil Spill Dispersants (OSD) and infrared cameras were used to assess and contain the oil spill. ® The Mercantile Marine Department, Kochi, issued a pollution liability warning to vessel owners under the Merchant Shipping Act, 1958.
South Asia’s
Largest Battery Energy Storage System Inaugurated in Delhi
® A 20-MW Battery Energy Storage System (BESS), the largest in South Asia, was inaugurated at Kilokari, New Delhi. ® It is also India’s first commercially approved utility-scale energy storage system. ® The system uses Lithium Iron Phosphate (LiFePO₄) technology, known for its safety, thermal stability, and long life. ® In LiFePO₄ batteries, lithium metal phosphate is used as the cathode, replacing conventional lithium metal oxide.
DRDO Inaugurates
Quantum Technology Research Centre (QTRC) in Delhi
® The Defence Research and Development Organisation (DRDO) has inaugurated the Quantum Technology Research Centre (QTRC) in Delhi to enhance India’s indigenous quantum technology capabilities. ® The centre is equipped with state-of-the-art experimental infrastructure to support R&D in critical quantum domains, including quantum computing, communication, and sensing. ® The QTRC aims to bolster strategic defence applications and reduce reliance on foreign technologies in emerging quantum fields.
Inflation forecast
by RBI
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According to a report by the RBI, the retail inflation for FY26 is projected at 4.2% , while the estimate for FY25 is retained at 4.8% .
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The target for CPI inflation is 4% within a band of +/- 2%.
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CPI inflation for FY25 is maintained at 4.8% .
India and Oman
amend DTAA
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India and Oman have agreed to amend their Double Taxation Avoidance Agreement (DTAA) to meet international standards on cross-border taxation.
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The treaty was implemented in 1997 .
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India already has a similar agreement with the UAE , which came into effect in 2022.
India’s GDP growth
forecast
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According to a report by the International Monetary Fund (IMF) , the growth projection of India for FY26 and FY27 is retained at 6.5% .
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The report also estimates the global growth for 2025 and 2026 at 3.3% .
International Monetary Fund (IMF):
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Headquarters – Washington, D.C., USA
India’s digital
economy to grow
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According to a report by the Indian Council for Research on International Economic Relations (ICRIER) , India’s digital economy is expected to increase to 13.4% of national income by the end of FY25, from 11.7% in FY23 .
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By 2030, the digital economy is expected to constitute nearly one-fifth of India’s GDP.
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In FY23, the digital economy was estimated at:
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₹28.9 lakh crore in Gross Value Added (GVA)
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₹31.6 lakh crore in GDP
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The traditional ICT sector constitutes the largest share in the digital economy, contributing 7.8% of national GVA .
Largest digitized country in the World:
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USA
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China
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India