Diamond Imprest Authorization Scheme

Context:

Recently, the Department of Commerce has introduced the Diamond Imprest Authorization (DIA) Scheme to enhance the global competitiveness of India’s diamond sector.

Key Features of the Scheme:

This scheme allows the duty-free import of Natural Cut and Polished Diamonds, of less than ¼ Carat (25 Cents).

• Carat is a unit of weight for precious stones equal to 200 milligrams.

This scheme mandates export obligation with a value addition of 10%.

All Diamond exporters holding Two Star Export House status and above and having US $15 Million exports per year, are eligible for availing the benefit under this scheme.

Significance of the scheme

• The DIA Scheme reinforces India’s position as a leading player in the global diamond trade.
• This scheme will create employment opportunities for skilled craftsmen in the diamond industry.
• The scheme is expected to increase the export of Cut and Polished diamonds from India thus rejuvenating the diamond industry.
• The scheme is designed to provide a level playing field for Indian diamond exporters, particularly MSME exporters, enabling them to compete effectively with larger peers.

India’s Growing Global Consumption

Context:

Recently, the McKinsey Global Institute report “Dependency and Depopulation: Confronting the Consequences of New Demographic Reality” highlights India is projected to account for 16% of global consumption by 2050.

Key Highlights of the Report

• By 2050, India’s labour force will account for two-thirds of global working hours.
• By 2050, only North America, with a projected 17% share at purchasing power parity (PPP), will surpass India’s global consumption share. 
• Only 26% of the global population will reside in the first-wave regions (those with historically lower fertility rates) by 2050 which is a sharp decline from 42% in 1997. 
• India’s share of the global population, which stood at 23% in 2023, will decrease to 17% by 2050. 
• India’s demographic dividend (a rise in GDP per capita due to an increasing working-age population) added an average of 0.7% to GDP per capita growth between 1997 and 2023.
• India’s rise in global consumption share is primarily attributed to its young and growing population, alongside increasing incomes.

Parakram Diwas 2025

Context: 

India is Celebrating Parakram Diwas 2025 on the occasion of the 128th Birth anniversary of Netaji Subhas Chandra Bose.

More on the News

Subhas Chandra Bose, born on January 23, 1897, in Cuttack, Orissa, was a nationalist leader who joined the nationalist movement led by Mahatma Gandhi and the Indian National Congress in 1921.

Odisha Chief Minister inaugurated the 3-day event on 23 January 2025, at Cuttack, the birthplace of Netaji.

This year the Parakram Diwas celebration is being organised by the Ministry of Culture.

To honour Bose for his efforts in restoring Indian freedom, in 2021, the government announced that 23rd January will be celebrated as ‘Parakram Diwas’. Since then, it has been celebrated annually.

• 2022 – a hologram statue of Netaji at India Gate was unveiled
• 2023 – 21 unnamed islands in the Andaman and Nicobar archipelago were named after the 21 Param Vir Chakra Awardees
• 2024 – the event was inaugurated at the historic Red Fort in Delhi, the site of the INA trials

Netaji Jayanti is celebrated to bring about feelings of patriotism in the country’s citizens, especially the youth, and remind them of the sacrifices he made and inspire them to have courage in the face of adversity like Netaji.