Current Affairs - Finance

The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is establishing a substantial investment fund totalling $4-5 billion through India’s Gujarat International Finance Tec-City (GIFT City).

UPI transactions in January achieved a record-breaking milestone, reaching Rs. 18.41 trillion, as reported by the National Payments Corporation of India (NPCI). This signifies a remarkable 52% increase in volume and a significant 42% rise in value compared to the corresponding month in the previous financial year.

Shri Arvind Panagariya, the former Vice-Chairman of NITI Aayog, leads the Sixteenth Finance Commission, which was constituted on December 31, 2023. Other appointed members include Shri. Ajay Narayan Jha, Smt. Annie George Mathew, and Dr Soumya Kanti Ghosh, serve as Full-time and Part-time Members.

India's equity market, boasting a market capitalization of $4.33 trillion, has secured the 4th position globally, surpassing Hong Kong's Hang Seng. This achievement highlights India's strong economic standing fueled by a growing retail investor base and stable fundamentals.

The National Rooftop Solar Scheme extends significant support, offering 40% financial assistance for the capital cost of solar rooftop projects. This initiative, coupled with the 'Pradhan Mantri Suryodaya Yojana,' aims to foster self-reliance in energy and encourages widespread adoption of rooftop solar installations.