Union Cabinet approves Bharat Maritime Insurance Pool (BMI pool) with ₹12,980 crore sovereign guarantee
[Bharat Maritime Insurance Pool]
Key Updates:
- The Union Cabinet has approved the formation of the Bharat Maritime Insurance Pool (BMI pool) to provide insurance coverage for Indian-flagged or controlled vessels.
- The Centre has provided a sovereign guarantee of ₹12,980 crore to facilitate insurance for maritime risks including hull, machinery, cargo, protection and indemnity (P&I), and war.
- The BMI pool will have a combined underwriting capacity of approximately ₹950 crore, with policies issued by member insurers.
- The pool includes participation from reinsurers such as General Insurance Corporation of India (GIC Re), Allianz-Jio Re, and Valueattics Re.
- A dedicated Governing Body will be constituted to oversee the formation and functioning of the BMI pool.
- The initiative aims to reduce the high dependence of Indian vessels on the International Group of Protection and Indemnity (IGP&I) Club for third-party liability insurance.
- The pool ensures affordable insurance for vessels carrying cargo from any international origin to Indian ports and vice-versa, even in volatile maritime corridors.
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- The Union Government signed an MoU on 4 February 2026 to establish the Bharat Container Shipping Line (BCSL) under the Ministry of Ports, Shipping and Waterways (MoPSW).
- The MoU was signed among Shipping Corporation of India (SCI), Container Corporation of India (CONCOR), Jawaharlal Nehru Port Authority, V.O. Chidambaranar Port Authority (VOCPA), Chennai Port Authority, and Sagarmala Finance Corporation Limited (SMFCL).
- A separate tripartite MoU was signed between VOCPA, Indian Railway Finance Corporation Limited (IRFC), and Sagarmala Finance Corporation Limited (SMFCL) to finance the Outer Harbour Project at Tuticorin.
- The agreements provide for joint funding of up to ₹15,000 crore for eligible projects to expand port capacity under the Sagarmala Programme and the PM Gati Shakti National Master Plan.
- The financing framework will use a Hybrid Annuity Model (HAM) focusing on debt funding for breakwater construction and allied onshore-offshore facilities.
- The initiatives align with the Container Manufacturing Assistance Scheme (CMAS) announced in Union Budget 2026-27 and support the Maritime Amrit Kaal 2047 vision.
- The third meeting of the Inland Waterways Development Council (IWDC) held in Kochi approved projects worth more than ₹1,500 crore for expanding India’s inland water transport network.
- Union Minister of Ports, Shipping and Waterways (MOPSW) Sarbananda Sonowal chaired the meeting attended by state ministers from Himachal Pradesh, Bihar, Nagaland, Arunachal Pradesh, Uttar Pradesh and Punjab.
- The council approved Ro-Ro and cargo terminals at Muktyala and Harishchandrapuram on the Krishna river in Andhra Pradesh to strengthen cargo movement.
- Foundation stones were laid for river cruise jetties exceeding ₹150 crore in Kerala, Gujarat, Karnataka, Odisha and Telangana to expand cruise tourism circuits.
- Shipping Corporation of India (SCI), Container Corporation of India (CONCOR), Jawaharlal Nehru Port Authority, V.O. Chidambaranar Port Authority (VOCPA), Chennai Port Authority, and Sagarmala Finance Corporation Limited (SMFCL) signed an agreement on Tuesday to form Bharat Container Shipping Line (BCSL).
- The agreement provides for joint funding of up to ₹15,000 crore for eligible projects aimed at port capacity expansion under the Sagarmala Programme and the PM Gati Shakti National Master Plan.
- India will place orders for 15 domestically manufactured container vessels through BCSL during fiscal 2026-27 as part of a strategy to procure 51 vessels in the next five years under phase one.
- The initiative is aligned with the Container Manufacturing Assistance Scheme (CMAS) announced in Union Budget 2026-27.
- The equity capital will be infused by the Department of Financial Services (DFS) in a phased manner over three years.
- Of the total amount, ₹3,000 crore will be infused in FY26 at a book value of ₹568.65 per share as on March 31, 2025.
- The remaining ₹2,000 crore will be infused in two equal tranches of ₹1,000 crore each in FY27 and FY28 at the book value as on March 31 of the respective preceding financial years.
- The number of MSMEs receiving financial assistance is projected to rise from 76.26 lakh at the end of FY25 to about 1.02 crore by the end of FY28.
- The additional MSMEs supported by SIDBI are estimated to generate employment for about 1.12 crore people by the end of FY28.
- The equity infusion will help SIDBI maintain a Capital to Risk-weighted Assets Ratio (CRAR) above 10.5 per cent even under high-stress scenarios and above 14.5 per cent under Pillar 1 and Pillar 2 norms over the next three years.
United States (US) and Philippines to develop 4,000-acre industrial hub under Pax Silica initiative
[United States, Philippines]
Key Updates:
- The Philippines has joined the United States (US)-led Pax Silica initiative as its 13th member to secure technology supply chains for semiconductors and Artificial Intelligence (AI).
- A 4,000-acre industrial hub will be developed in the Luzon Economic Corridor, covering Manila and surrounding industrial zones, under a trilateral framework involving the US, Japan, and the Philippines.
- The Pax Silica programme includes international partners such as India, South Korea, Singapore, Qatar, and the United Arab Emirates (UAE).
- The industrial hub is designed to support the processing of critical resources including nickel, cobalt, and copper to strengthen the global minerals-to-chips ecosystem.
- The European Union (EU) and the US are coordinating a framework for critical mineral supplies that includes minimum price guarantees for non-Chinese suppliers.
- The International Monetary Fund (IMF) has placed 27 out of 45 sub-Saharan African countries under financial programmes due to fiscal strain from regional conflicts and reduced foreign aid.
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- Prime Minister Narendra Modi inaugurated the Outsourced Semiconductor Assembly and Test (OSAT) facility of Kaynes Technology in Sanand, Gujarat.
- The Kaynes plant has been built at an estimated cost of Rs 3,300 crore in Sanand GIDC.
- Intelligent Power Modules produced at the facility will be supplied to a California-based company and a large share of output is booked for export.
- India’s current global semiconductor market stands at Rs 4.5 lakh crore with a target of reaching Rs 9 lakh crore by 2030.
- India is a member of the US-led Pax Silica initiative and has launched the National Critical Minerals Mission.
- The government has announced a Rs 1,500-crore scheme for mineral recycling and a Rare Earth Corridor connecting Odisha, Andhra Pradesh, Tamil Nadu and Kerala.
- The Ministry of Development of North Eastern Region (MDoNER) launched two major bamboo sector projects with a combined outlay of Rs 82.5 crore in Guwahati.
- The initiatives are being implemented by the North East Cane and Bamboo Development Council (NECBDC) in collaboration with the North Eastern Council (NEC).
- The first project, Strengthening Traditional Bamboo Artisan Clusters, aims to revitalise artisan clusters across all eight North Eastern States, benefiting over 4,500 artisans.
- MDoNER signed Memorandums of Understanding (MoUs) with Amazon India and Flipkart to provide digital market access and capacity building for artisan groups.
- The second project, Promotion of Engineered Bamboo Products, focuses on industrial-scale manufacturing in Karbi Anglong (Assam) and Mokokchung (Nagaland).
- The second initiative includes the development of 1,000 hectares of certified bamboo plantations and the training of 1,000 youth and artisans in advanced processing.
- An MoU was signed with All Time Plastics (ATP) Ltd. to support product development, industrial applications, and sales promotion for engineered bamboo products.
- The projects were inaugurated by Jyotiraditya M. Scindia, the Union Minister for Development of North Eastern Region.
- The United States Department of State (US State Department) announced the Edge AI Package on 19 February 2026.
- The programme offers up to $200 million in competitive funding to support secure and affordable smartphones across the Indo-Pacific region.
- It is framed within the broader Pax Silica strategy launched in December 2025 to secure global AI and semiconductor supply chains.
- Pax Silica reportedly includes the United States, Japan and South Korea, with India set to join on 20 February 2026.
- Proposals are invited from Mobile Network Operators (MNOs) and Original Equipment Manufacturers (OEMs) for distributing low-cost, AI-ready smartphones in designated Indo-Pacific countries.
- Interested parties must email EdgeAI@state.gov to request technical requirements and the submission window remains open for 90 days.
- India signed the Pax Silica Declaration on the sidelines of the India AI Impact Summit 2026.
- Pax Silica is the United States Department of State’s flagship framework for building a trusted technology and industrial partner network.
- Signatories to the Pax Silica Declaration include Australia, Greece, Israel, Japan, Qatar, South Korea, Singapore, the UAE and the UK.
- Non-signatory participants include Canada, the Netherlands, the European Union (EU), the Organisation for Economic Co-operation and Development (OECD) and Taiwan.
- US Ambassador to India Sergio Gor described India’s entry as a pivotal moment in the evolving global technology order.
- US Under Secretary of State Jacob Helberg stated the initiative rejects weaponised dependency and aims to secure the full technology stack from critical minerals to AI deployment.
- The declaration aligns with the India–United States COMPACT (Catalyzing Opportunities for Military Partnership and Accelerated Commerce and Technology) framework.
- Both countries pledged to promote pro-innovation regulation, strengthen the physical AI stack and drive free enterprise under the Pax Silica framework.
Third Edition of AICTE-VAANI Scheme Launched with ₹4 Crore Annual Outlay
[All India Council for Technical Education]
Key Updates:
- The All India Council for Technical Education (AICTE) launched the third edition of the AICTE-VAANI (Vibrant Advocacy for Advancement and Nurturing of Indian Languages) scheme.
- The scheme provides an annual financial assistance of ₹4 crore to support 200 conferences, seminars, and workshops, with each selected institution receiving ₹2 lakh.
- Events under the AICTE-VAANI will be conducted over two to three days in 22 regional languages, including Hindi, Tamil, Telugu, Bengali, Marathi, Gujarati, Kannada, Malayalam, Punjabi, and Urdu.
- The initiative covers 16 thrust areas in emerging domains such as Artificial Intelligence (AI) and Data Science, Quantum Technology, Hydrogen Energy, Cybersecurity, Space and Defence, and Agrotech.
- Applications from AICTE-approved institutions are invited through the AICTE-ATAL portal from 18 April to 17 May 2026.
- The AICTE-VAANI aims to facilitate the publication of research papers in Indian languages and strengthen collaboration between academia and industry.
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- Delhi Chief Minister Rekha Gupta announced Lakhpati Bitiya Yojana effective from April 1, replacing the 2008 Ladli Yojana.
- The scheme will deposit ₹56,000 in stages during a girl’s academic journey, projected to grow to ₹1 lakh with interest.
- Deposits are ₹11,000 at birth, ₹5,000 on entry to Classes 1, 6, 9, 10 and 12, and ₹20,000 after completing graduation or diploma.
- Eligibility requires the girl to be born in Delhi, family residence in Delhi for at least three years, annual family income not exceeding ₹1 lakh, and a maximum of two daughters per family.
- The final payout is available when the girl turns 21 or completes graduation or diploma, whichever is earlier, even if studied outside Delhi.
- The Ladli Yojana is being discontinued and the government is clearing pending payments under the earlier scheme.
- Delhi Chief Minister Rekha Gupta announced Lakhpati Bitiya Yojana effective from 1 April 2026, replacing the 2008 Ladli Yojana.
- The scheme deposits ₹56,000 in stages and with interest the corpus is projected to reach ₹1 lakh when the girl turns 21 or completes graduation/diploma, whichever is earlier.
- Instalments: ₹11,000 at birth, ₹5,000 on admission to Classes 1, 6, 9, 10 and 12, and ₹20,000 after completing graduation or diploma.
- Eligibility: girl must be born in Delhi, family must have resided in Delhi for at least three years, annual family income must not exceed ₹1 lakh, and only two daughters per family can receive benefits.
- Beneficiaries pursuing graduation or diploma outside Delhi remain eligible for the final payout.
- Pending Ladli Yojana dues are being cleared through a government campaign to identify unclaimed accounts.
- The Antariksh Venture Capital Fund, managed by SIDBI Venture Capital Limited (SVCL), will begin investing in Indian space startups from the first quarter of FY2027.
- The fund has a committed corpus of ₹1,005 crore aimed at boosting private sector innovation in India’s space economy.
- SVCL received Securities and Exchange Board of India (SEBI) registration for the fund on 31 October 2025.
- The fund completed its initial closing on 10 November 2025 after appointing a custodian and registering with depositories for issuing alternative investment fund units.
- Union Minister Jitendra Singh announced that the first round of funding approvals is expected soon.
- Under the 'Atal Vichal Agragami Assam scheme', the state government will provide monthly financial assistance of Rs 25,000 to research scholars.
- Divyang research scholars will receive enhanced support of Rs 40,000 per month.
- The scheme is scheduled to be formally launched on February 11, 2026.
India and China Hold First Bilateral SCO Consultations on 16-17 April
[China, Shanghai Cooperation Organisation]
Key Updates:
- India and China conducted their first Shanghai Cooperation Organisation (SCO) bilateral consultations on 16-17 April following the resolution of the eastern Ladakh military standoff in 2024.
- Both delegations met with the Secretary (West) in the Ministry of External Affairs (MEA), Sibi George, to review cooperation in security, trade, connectivity, and people-to-people ties.
- The two sides discussed the implementation of decisions made by SCO leaders and the future course of the organisation.
- China has pledged support for the ongoing BRICS (Brazil, Russia, India, China, South Africa) presidency held by India.
- The Chinese Foreign Minister, Wang Yi, is expected to visit India for the BRICS foreign ministers’ meeting scheduled for 14-15 May.
- The President of China, Xi Jinping, is anticipated to travel to India in September for the BRICS summit.
- India reiterated that the original objectives of the SCO are to combat terrorism, radicalisation, and extremism.
- India emphasised that regional connectivity initiatives must uphold the principles of sovereignty and territorial integrity as enshrined in the SCO charter.
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- India and Italy agreed on expeditious implementation of the India-Italy Joint Initiative to Counter Financing of Terrorism during the 9th India-Italy Foreign Office Consultations (FOC) held in New Delhi on March 20.
- The Indian delegation was led by Sibi George, Secretary (West), Ministry of External Affairs (MEA).
- The Italian delegation was led by Ambassador Nicoletta Bombardiere, Director General for Globalisation and Global Issues at the Ministry of Foreign Affairs and International Cooperation.
- Both sides expressed satisfaction on progress of the Joint Strategic Action Plan (JSAP) 2025-29 in sectors including trade, technology, space, defence, counter-terrorism and renewable energy.
- First Maritime Security Dialogue is being planned to enhance maritime collaboration.
- The 6th Foreign Policy and Security Dialogue (FPSD) between India and South Korea was held in Seoul.
- The dialogue was co-chaired by P. Kumaran, Secretary (East) at the Ministry of External Affairs (MEA), and Park Yoon-joo, Vice Minister of Foreign Affairs of South Korea.
- Both nations reviewed bilateral relations including security and defence cooperation, science and technology collaboration, and economic issues.
- The two sides agreed to work towards enhancing their Special Strategic Partnership and reaffirmed commitments to global cooperation.
- The engagement followed parliamentary talks between the Deputy Chairman of the Rajya Sabha and South Korean legislators to reinforce strategic ties.
- India-China bilateral trade reached USD 155.6 billion in 2025, marking a year-on-year growth of over 12 per cent.
- India’s exports to China grew by 9.7 per cent during the same period.
- The meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping in Tianjin last August led to improved ties and increased people-to-people exchanges.
- China supports India’s BRICS presidency and is ready to strengthen multilateral coordination with New Delhi for Global South development.
- The military stand-off that began after the June 2020 Galwan Valley clashes effectively ended in October 2024.
- The first meeting of BRICS Sherpas and Sous Sherpas under India’s Chairship was held from 9-10 February 2026 in New Delhi.
- Secretary (Economic Relations) Sudhakar Dalela, India’s BRICS Sherpa, chaired the meeting, supported by Joint Secretary (Multilateral Economic Relations) Shambhu L Hakki, India’s BRICS Sous Sherpa.
- BRICS Sherpas and senior officials from Brazil, China, Egypt, Ethiopia, Indonesia, Iran, Russia, Saudi Arabia, South Africa and UAE participated in the meeting.
- India presented its 2026 Chairship priorities under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'.
- Ministries outlined proposed activities in health, agriculture, labour and employment, disaster risk reduction, environment, climate change, energy, innovation, ICT, security and counter-terrorism, economic and financial domains.
- Presentations on people-centric initiatives included sports, youth connect, cultural engagements, BRICS Academic Forum, BRICS Think Tank Council, BRICS Civil Forum, BRICS Business Council and BRICS Women’s Business Alliance.
- BRICS Members and Partner countries appreciated India’s theme and priorities and shared perspectives on advancing resilience, innovation, cooperation, sustainability and a people-centric approach.
- Delegates visited the National Crafts Museum & Hastakala Academy and Akshardham Temple during the meeting.
National Aeronautics and Space Administration (NASA) selects SpaceX Falcon Heavy for ESA Mars Rover Mission
[National Aeronautics and Space Administration, SpaceX, European Space Agency]
Key Updates:
- National Aeronautics and Space Administration (NASA) has selected the SpaceX Falcon Heavy rocket to launch the European Space Agency (ESA) Rosalind Franklin rover mission to Mars.
- The launch is scheduled for late 2028 under the Rosalind Franklin Support and Augmentation (ROSA) project.
- The launch contract is valued at $175.7 million, which includes the launch service and other mission-related costs.
- NASA is providing braking engines, electronics, a mass spectrometer, and Radioisotope Heater Units (RHUs) that use the decay of plutonium to generate heat for the rover.
- The mission was restructured after ESA ended cooperation with Russia, which was originally providing the Proton launch vehicle and landing stage.
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- SpaceX is scheduled to launch a Falcon 9 rocket carrying 25 Starlink satellites into low Earth orbit from Space Launch Complex 4 East at Vandenberg Space Force Base, California.
- According to Indian Standard Time (IST), the launch window is scheduled from 20:47 on February 2, 2026, to 00:47 on February 3, 2026.
- The mission will utilise a first-stage booster that has already flown 30 times, marking its 31st flight as part of the company’s reusability programme.
- Following stage separation, the first stage is planned to perform a controlled landing on the Pacific Ocean-based droneship named Of Course I Still Love You.
- The Falcon 9 is a two-stage reusable rocket whose first stage is propelled by nine Merlin engines using liquid oxygen and rocket-grade paraffin as fuel.
- Amit Kshatriya became NASA’s Associate Administrator, the agency’s highest-ranking civil servant, in September 2025.
- He serves as senior advisor to NASA Administrator Jared Isaacman and leads ten centre directors and mission directorate heads at NASA Headquarters in Washington.
- Kshatriya previously held the role of Deputy Associate Administrator for the Moon-to-Mars Program at NASA.
- He was awarded the NASA Outstanding Leadership Medal for his work as lead flight director during the International Space Station’s 50th expedition.
- He received the Silver Snoopy award for his performance as lead robotics officer during the Commercial Orbital Transportation Services Dragon demonstration mission.
- Elon Musk announced the Terafab manufacturing facility near Austin, Texas to produce AI, robotics and data-centre chips.
- Terafab targets one terawatt of computing power per year, equivalent to slightly less than total US power generation capacity.
- Tesla and SpaceX will jointly run Terafab; Musk cited no initial investment figure, though earlier US media reports estimate $20-25 billion.
- The facility will design, manufacture, test and refine chips on-site, aiming for 100-200 gigawatts on Earth and one terawatt in space.
- Musk said global suppliers Samsung, TSMC and Micron cannot expand fast enough to meet Tesla and SpaceX demand.
- The National Aeronautics and Space Administration (NASA) successfully concluded the Artemis II mission with the Orion spacecraft splashing down in the Pacific Ocean off the coast of San Diego.
- The mission crew consisted of commander Reid Wiseman, pilot Victor Glover, mission specialist Christina Koch, and Canadian astronaut Jeremy Hansen.
- Artemis II set a new record for the farthest distance humans have traveled from Earth, reaching a maximum distance of 252,756 miles during the lunar flyby.
- The Orion capsule, named Integrity, traveled a total estimated distance of 694,481 miles over a mission duration of 9 days, 1 hour, and 31 minutes.
- During atmospheric reentry, the spacecraft reached a maximum speed of 24,661.21 mph and its heat shield endured temperatures of approximately 5,000 degrees Fahrenheit.
- A system of 11 parachutes was deployed to slow the capsule from 300 mph to a splashdown velocity of approximately 17-20 mph.
- The United States Navy recovery ship USS John P. Murtha was utilised to recover the crew and the spacecraft from the Pacific Ocean.
- The mission involved a lunar flyby where the spacecraft reached its closest approach of 4,067 miles above the surface of the moon.
- The crew carried a plush mission mascot named Rise, designed by an eight-year-old, which served as the zero-gravity indicator for the mission.