Maharashtra Government Approves Logistics Policy 2024

National Logistics Policy (NLP):

• Launched: September 2022.
• Objective: Reduce logistics costs from 13-14% of GDP to 8% by 2030.

16th Finance Commission Advisory Council

Key Points on 16th Finance Commission:

• Constitutional Body: Recommends financial relations between the Centre and states.
• Chairman: Arvind Panagariya (appointed on December 31, 2023).
• Objective: Recommends the distribution of net tax receipts between Union and states.
• Report Submission: By October 31, 2025.
• Effective Period: For 5 years starting from April 1, 2026.
• First Meeting: Held on February 14, 2024.

India's Foreign Exchange Reserves Cross $700 Billion

India became the fourth country in the world whose foreign exchange reserves crossed $700 billion. Earlier, China, Japan, and Switzerland crossed this figure.