Current Affairs - Finance

The $25.45 million grant for the Solomon Islands water project was approved by the Asian Development Bank (ADB). This grant is part of the larger Urban Water Supply and Sanitation Sector Project, which aims to improve water and sanitation services in Honiara and five other towns. The project focuses on providing sustainable, climate-resilient water services, enhancing hygiene awareness, and managing water efficiently. The total cost of the project is $125 million, co-funded by ADB, the World Bank, the Global Environment Facility, and the European Union.

The Rising Rajasthan Investment Summit, inaugurated by PM Modi, centred around the theme "Replete, Responsible, Ready." The three-day event emphasized 12 key sectors, including water security, sustainable mining, tourism, and women-led startups. With eight country sessions featuring global participants, the summit aimed to enhance water management, trade, and tourism, supporting Rajasthan’s ambitious goal of doubling its economy with investments of ₹30 lakh crore.

The World Bank has approved a $188.28 million loan to Maharashtra, aiming to promote economic growth in the state's underdeveloped districts. The loan is intended to enhance district-level governance, improve e-governance services, and foster private-sector engagement. With the creation of a Maha Databank and an incentive framework for districts meeting performance targets, the project seeks to address challenges like gender disparities, fragmented governance, and poor data availability, thus driving inclusive growth in these backward districts.

The Asian Development Bank (ADB) signed a $98 million loan agreement with India to support the Atmanirbhar Clean Plant Programme. This initiative aims to enhance access to certified disease-free planting materials, boosting crop yield, quality, and climate resilience. By collaborating with nurseries, researchers, and growers, the program promotes sustainable practices and addresses climate challenges in horticulture plant health management.

The Reserve Bank of India has increased the transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000, enabling feature phone users without internet access to make higher-value digital payments. This service operates through methods such as IVR, missed calls, and sound technology, ensuring secure and seamless transactions. Additionally, new features like Aadhaar OTP for authentication and transaction purpose codes enhance security and tracking. This development significantly broadens financial inclusivity.