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📝 Revision Notes
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Business & Economy
NITI Aayog MSME Report — ₹80 Lakh Crore Credit Gap
NITI Aayog’s report ‘Enhancing MSMEs Competitiveness in India’ (with IFC, May 2025) found only 19% of MSME credit demand was formally met in FY21, leaving a ₹80 lakh crore gap. Scheduled bank credit access: MSEs rose from 14% → 20%; medium enterprises from 4% → 9% (2020–24).
Governance
Rashtriya Vayoshri Yojana & Senior Citizens Initiatives
Rashtriya Vayoshri Yojana (RVY) is implemented by ALIMCO (Artificial Limbs Manufacturing Corporation of India), a PSU under MoSJE, providing physical aids to BPL senior citizens. At the ‘Ageing with Dignity’ event (2 May 2025), President Draupadi Murmu launched the Senior Citizens Welfare Portal and inaugurated 5 new Senior Citizens Homes.
Business & Economy
India’s FY25 Exports — All-Time High USD 824.9 Billion
India’s total exports (goods + services) hit an all-time high of USD 824.9 billion in FY25 — up 6.01% from USD 778.1 billion in FY24 (RBI data). Services exports: USD 387.5 billion (up 13.6%). Non-petroleum merchandise exports: USD 374.1 billion (record high).
Defence
US FMS Deal — SeaVision & IPMDA (Quad)
The USA approved a USD 131 million FMS deal providing India with SeaVision software (enhancements, documentation, TAFT training) under the Indo-Pacific Maritime Domain Awareness (IPMDA) programme — a Quad initiative. Primary contractor: Hawkeye 360, Herndon, Virginia. India is a designated Major Defence Partner of the USA.
Governance
Kozhikode Joins WHO GNAFCC — 2nd Indian City
Kozhikode became the 2nd Indian city (after Kochi, 2024) to join WHO’s Global Network for Age-Friendly Cities and Communities (GNAFCC). Also 2nd in WHO’s South-East Asia Region after Wellawaya, Sri Lanka. GNAFCC: est. 2010; covers 1,705 cities in 60 countries. Kozhikode is also a UNESCO City of Literature (2023).
Business & Economy
GDP Forecasts Downgrade — S&P, IMF, World Bank, RBI
S&P Global cut India’s FY26 GDP forecast to 6.3% (–20 bps, citing US tariff uncertainty). Comparison: IMF: 6.2% (–30 bps); World Bank: 6.3% (–40 bps); RBI: 6.5% (–20 bps). S&P also cut FY27 to 6.5% and global growth to 2.2% (2025) and 2.4% (2026).
Sports
AIFF Awards 2024-25 — Subhasish Bose & Soumya Guguloth
Subhasish Bose (Mohun Bagan Super Giant, West Bengal) won AIFF Men’s Footballer of the Year 2024-25 — first West Bengal player since Nabi (2012). Soumya Guguloth (East Bengal FC) won the women’s award — first from Telangana. AIFF President: Kalyan Chaubey; Founded: 1937.
Sports
Prof. Sunny Thomas — First Shooting Coach with Dronacharya Award
Professor Sunny Thomas received the Dronacharya Award in 2001 — first ever for a shooting coach. Coached India’s national team for 19 years (1993–2012). Key achievement: coached Abhinav Bindra to India’s first individual Olympic gold (10m Air Rifle, Beijing 2008). Also won medals at 6 World Championships, 6 Asian Games, 5 CWGs.
Governance
IICA New DG & CEO — Gyaneshwar Kumar Singh
Gyaneshwar Kumar Singh, 1992-batch IP&TAFS officer, assumed charge as DG & CEO of IICA (Indian Institute of Corporate Affairs) — a think tank under the Ministry of Corporate Affairs. His second tenure at IICA (first: 2017–18). Succeeded Dr. A.B.P. Pandey; 30+ years in finance, corporate law, and governance.
Governance
Corporate Bhavan, Kolkata — First PMIS Facilitation Centre
‘Corporate Bhavan’ in New Town, Kolkata (₹150.43 crore; 7 floors), inaugurated by FM Nirmala Sitharaman, hosts India’s first PM Internship Scheme (PMIS) Facilitation Centre (7th floor, with CII) for youth aged 21–24. Consolidates MCA offices: ROC, SFIO, NCLT Kolkata Bench, IBBI, and Official Liquidator.
🎴 Revision Flashcards
Click each card to flip and test your recall
Tap to Reveal
What was the unmet formal credit demand for MSMEs in FY21?
₹80 lakh crore
Only 19% formally met; NITI Aayog + IFC report, May 2025
Tap to Reveal
Which PSU implements Rashtriya Vayoshri Yojana?
ALIMCO
Artificial Limbs Manufacturing Corporation of India; under MoSJE; aids for BPL seniors
Tap to Reveal
India’s total exports (goods + services) in FY25?
USD 824.9 billion (all-time high)
+6.01% from FY24 (778.1 bn); services exports: USD 387.5 bn (+13.6%)
Tap to Reveal
What software system did the US provide India under the USD 131 mn FMS deal?
SeaVision (IPMDA / Quad programme)
Primary contractor: Hawkeye 360, Virginia; India is a Major Defence Partner of USA
Tap to Reveal
Which was the first Indian city to join WHO GNAFCC?
Kochi (2024)
Kozhikode is 2nd (2025); GNAFCC est. 2010; 1,705 cities in 60 countries
Tap to Reveal
S&P’s revised India FY26 GDP forecast in May 2025?
6.3% (down 20 bps)
IMF: 6.2%; World Bank: 6.3%; RBI: 6.5%; all cuts cite US tariff uncertainty
Tap to Reveal
Who was the first shooting coach to win the Dronacharya Award?
Prof. Sunny Thomas (2001)
National coach 1993–2012; coached Abhinav Bindra to Olympic gold, Beijing 2008
Tap to Reveal
Which scheme’s first facilitation centre is housed in Corporate Bhavan, Kolkata?
PM Internship Scheme (PMIS)
7th floor; with CII; for youth aged 21–24; inaugurated by FM Nirmala Sitharaman
Think & Discuss
India’s MSME Credit Gap: Can Formalisation Alone Bridge ₹80 Lakh Crore?
Context from today’s quiz: NITI Aayog’s May 2025 report found that despite rising formal credit access, a staggering ₹80 lakh crore in MSME credit demand remained unmet in FY21 — with only 19% formally served. MSMEs employ over 110 million people and contribute ~30% of India’s GDP, yet most operate outside the formal credit ecosystem.
🤔 Your Perspective Matters
India’s MSME sector is both its economic backbone and its most financially excluded segment. Digital tools, GST data, and OCEN (Open Credit Enablement Network) are being deployed to close the gap — yet structural barriers persist: collateral requirements, informal bookkeeping, and lender risk aversion. Meanwhile, India’s total exports hit a record USD 824.9 billion in FY25, with MSME exports playing a significant role.
What combination of policy, technology, and financial innovation can realistically close India’s ₹80 lakh crore MSME credit gap within the next decade?
What combination of policy, technology, and financial innovation can realistically close India’s ₹80 lakh crore MSME credit gap within the next decade?
- Should India mandate a minimum MSME lending quota for public sector banks, similar to priority sector lending norms, to force systemic change?
- How can alternative data sources — GST filings, UPI transaction history, e-way bills — replace traditional collateral-based credit assessments for micro enterprises?
- Given the PM Internship Scheme’s focus on youth employability, should India create a dedicated MSME Internship track to build talent pipelines for small businesses?
We’d love to hear your thoughts! Share your perspective in the comments.
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