Current Affairs - National

The Indian Army has renamed Kolkata’s Fort William ‘Vijay Durg’ as part of a decolonization initiative aimed at honouring India’s indigenous military heritage. The decision, made in December 2024, draws inspiration from Maharashtra’s Vijaydurg Fort, a key Maratha naval stronghold under Chhatrapati Shivaji Maharaj. The renaming aligns with broader efforts by the Indian government to remove colonial imprints from institutions and landmarks. Fort William, originally built by the British in 1781, served as a major military base and later became the Eastern Command headquarters of the Indian Army post-independence.

The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, has raised the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%. This reform aims to attract foreign capital, improve market penetration, and integrate global best practices into India's insurance industry. The move is expected to bring in global insurance companies, fostering competition and strengthening the sector’s growth. Additionally, regulatory conditions on foreign investment are set to be simplified, ensuring a smoother and more efficient investment process. This policy change aligns with broader financial sector reforms aimed at enhancing India's economic landscape.

Nirmala Sitharaman has made history by presenting her 8th consecutive Union Budget on February 1, 2025. This sets a new record for the highest number of back-to-back budget presentations by any finance minister in India's history. Her tenure also marks the first budget under the Modi 3.0 government and reflects her significant role as India’s first full-time woman Finance Minister, continuing her impactful career in the country's financial landscape.

India has recently added four new wetlands to the Ramsar List, bringing the total number of Ramsar sites in India to 89. These include Udhwa Lake in Jharkhand, Sikkim’s first Ramsar site, a wetland in Gujarat, and another in Northeast India. This expansion highlights India’s ongoing efforts to conserve important wetlands, which are vital for biodiversity and the health of local ecosystems. The addition of these sites marks a significant milestone in the country’s environmental conservation journey.

NITI Aayog organized a workshop on the Circular Economy in Jaipur, focusing on the management and recycling of End of Life Vehicles (ELV) and End of Life Tyres (ELT). The event was inaugurated by Shri Naresh Pal Gangwar and emphasized the importance of circular economy practices in achieving India's Viksit Bharat@2047 vision. With over 150 participants, the workshop facilitated discussions on policy, technological advancements, and collaborative solutions for improving recycling and sustainability in the sector.