1) EU’s new Foreign Subsidies Regulation (FSR): European Union’s FSR allows European Commission (EC) to investigate and impose remedies if subsidies received from non-EU countries distort competition in the EU internal market.
- India’s exports to the EU and Production Linked Incentive (PLI) scheme could attract a higher degree of scrutiny under the FSR regime.
- EU is one of India’s largest export markets, where in FY23 India’s total exports were worth nearly $75 billion.
2) Minimum Income Guarantee (MIG): Rajasthan introduced the Minimum Guaranteed Income Bill, 2023, which effectively seeks to cover the entire adult population of the state with guaranteed wages/pensions.
- Bill has three broad categories: right to minimum guaranteed income, right to guaranteed employment, and right to guaranteed social security pension.
- MIG is a guarantee: an income floor beneath which no one should fall.
- MIG constitutes a policy response to the new social risks of poverty and social exclusion by securing subsistence while maintaining incentives to work.
3) Competition (Amendment) Act 2023: Centre has implemented a key provision of the Act that vests the power of appointment of Director General (Investigation) in the Competition Commission of India (CCI).
- So far, the power to appoint DG was vested in Central Government.
- Key Features of Competition (Amendment) Act:
- Broadened scope of anti-competitive agreements;
- Reduction in the time limit for review of Mergers and acquisitions from 210 to 150 days;
- Introduction of Settlement & Commitment framework for a faster market correction.
4) Invest India: New Managing Director & CEO of Invest India has been appointed.
- It is the National Investment Promotion and Facilitation Agency that helps investors looking for investment opportunities and options in India.
- It was formed under Section 25 of the Companies Act 1956.
- It is set up as a joint venture company between Industry Associations (17% each of FICCI, CII & NASSCOM) and the remaining 49% of Central and several State Governments.
- Essentially, Invest India is a private company, unlike India Brand Equity Foundation, a Trust established by the Department of Commerce to create the brand India.
5) Srivilliputhur Megamalai Tiger Reserve (SMTR): A forest fire has started in SMTR.
- SMTR is the fifth tiger reserve in Tamil Nadu.
- Other 4 are: Mudumalai, Anamalai, Sathyamangalam and Kalakkad Mundanthurai.
- Spread across the Western Ghats, SMTR was formed by combining Srivilliputhur Grizzled Giant Squirrel Sanctuary and Megamalai Wildlife Sanctuary.
- It is playing a key role in the revival of the Vaigai River.
- Forest type: It has grassland forests, semi-evergreen forests, dry deciduous forests etc.
- Other Species: Nilgiri Tahr, elephant, Lion-Tailed Macaque, etc.