Economy

• On February 25, the Department for Promotion of Industry and Internal Trade (DPIIT) notified the government’s decision to allow 100 percent foreign direct investment (FDI) in – insurance intermediaries (brokers, reinsurance brokers, consultants, corporate agents, third party administrators, surveyors and loss assessors).
• According to the report titled “Retail 4.0 Winning the 20s”, the Indian retail market is estimated to cross USD 1 trillion-mark by – 2025.
• On February 26, SEBI allowed investors to directly access the infrastructure of stock exchanges for purchasing and redeeming mutual fund units directly from – mutual fund and asset management companies.

National

• On February 26, the Union Cabinet approved the National Technical Textiles Mission, to be implemented from 2020-21 to 2023-24, with an outlay of – Rs 1,480 crore.
• ‘ Higher Education Leadership Development Programme for Administrator’ is a joint initiative of UGC and – British Council, UK.
• ‘Water Conclave 2020’ on hydrological aspects of climate change began at – IIT Roorkee.
• ICICI Foundation for Inclusive Growth has signed a pact with this research body for training and capacity building of farmers – ICAR.

Persons in News

• Newly appointed Co-Chairperson of The Federation of Indian Chambers of Commerce and Industry (FICCI) for 2020 – GSK Velu.

Sports

• Top with 14 medals at the Khelo India University Games in Odisha – Savitribai Phule Pune University (7 gold).
• On 25 February, the first-ever Khelo India Winter Games inaugurated in – Leh, Ladakh, Jammu and Kashmir.
• Host of the world’s richest horse race, with USD 20 million in cash prizes – Saudi Arabia.

State Current Affairs

• Under the theme ‘Ek Bhaart Shreshth Bharat’, the Eight day cultural fair called “Vasantotsav” was inaugurated on 25 February in – Gandhinagar, Gujarat.
• Maharashtra Education Minister Varsha Gaikwad announced shutting down of the – Maharashtra International Education Board (MIEB).

General Knowledge

• University Grants Commission (UGC) – Founded: 28 December 1953; Headquarters: New Delhi; Founder: Abul Kalam Azad.
• Employees’ state Insurance Corporation of India (ESIC) – Founded: 24 February 1952; Headquarters: New Delhi.
• Federation of Indian Chambers of Commerce and Industry (FICCI) – Founded: 1927; Founder: G D Birla & P Thakurdas; Headquarters: New Delhi.       
• Indian Council of Agricultural Research (ICAR) – Founded: 16 July 1929; Headquarters: New Delhi.
• Securities and Exchange Board of India (SEBI) – Founded: 1988; Statutory status: 30 January 1992; Headquarters: Mumbai.
• Department for Promotion of Industry and Internal Trade (DPIIT) was established in – 1995.
• DPIIT has been reconstituted in the year 2000 with the merger of the – Department of Industrial Development.