Daily Current Affairs – 07-03-2025

Tamil Nadu

India and Oman amend DTAA

® India and Oman have agreed to amend their Double Taxation Avoidance Agreement (DTAA) to meet international standards on cross-border taxation. ® The treaty was implemented in 1997 . ® India already has a similar agreement with the UAE , which came into effect in 2022.

India’s GDP growth forecast

® According to a report by the International Monetary Fund (IMF) , the growth projection of India for FY26 and FY27 is retained at 6.5% . ® The report also estimates the global growth for 2025 and 2026 at 3.3% . International Monetary Fund (IMF): ® Headquarters – Washington, D.C., USA

Inflation forecast by RBI

® 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% . ® The target for CPI inflation is 4% within a band of +/- 2%. ® CPI inflation for FY25 is maintained at 4.8% .

India’s digital economy to grow

® 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 . ® By 2030, the digital economy is expected to constitute nearly one-fifth of India’s GDP. ® In FY23, the digital economy was estimated at: ® ₹28.9 lakh crore in Gross Value Added (GVA) ® ₹31.6 lakh crore in GDP ® The traditional ICT sector constitutes the largest share in the digital economy, contributing 7.8% of national GVA . Largest digitized country in the World: ® USA ® China ® India

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.

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.

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.