The Chennai-Vladivostok maritime corridor has officially commenced operations, enhancing trade and maritime connectivity between India and Russia. Announced by Union Minister Sarbananda Sonowal, the new shipping route connects the Indian port of Chennai with the Russian port of Vladivostok, significantly reducing transportation time for goods. This corridor is set to boost bilateral trade, particularly in key sectors such as agriculture, energy, and manufacturing. The initiative also supports India's broader efforts to strengthen maritime ties within the Indo-Pacific region and promote a "blue economy," creating new opportunities for regional economic integration.

In a significant legal victory for Kendriya Vidyalaya (KV) teachers, the Madras High Court has ruled that they are automatically enrolled in the General Provident Fund (GPF) scheme, ensuring their eligibility for pension benefits. The case arose after KV teachers contested the absence of a clear option between the Contributory Provident Fund (CPF) and GPF schemes, fearing it would compromise their retirement benefits. The court clarified that the lack of a formal CPF option does not disadvantage the teachers and that the GPF scheme, a government-backed retirement fund, should be considered the default for those who did not choose CPF. This decision reaffirms the protection of pension entitlements for government employees and strengthens their long-term financial security.

Bibek Debroy, the chairman of the Prime Minister's Economic Advisory Council (EAC-PM) and a highly respected economist, passed away on Friday at the age of 69. Prime Minister Narendra Modi honored him as a "towering scholar" whose expertise spanned economics, history, culture, and spirituality. Debroy was known for his substantial contributions to India’s economic policies, public finance, and his celebrated translations of ancient Sanskrit texts, including the Mahabharata and the Bhagavad Gita. Educated at prestigious institutions, Debroy held notable academic and advisory roles and served as a member of NITI Aayog until 2019. His passing marks a significant loss to India’s intellectual and policy landscape.

Prime Minister Narendra Modi is scheduled to visit Russia on October 22 and 23 for the BRICS Summit, where he is expected to engage in bilateral meetings with fellow leaders from BRICS nations and other invited dignitaries. A key point of speculation is whether PM Modi will meet with Chinese President Xi Jinping, although official sources have indicated that there is no current clarity on this matter. During a related conference, Russian envoy Denis Alipov highlighted the growing geopolitical relevance of BRICS, stressing the need for aspiring member countries to be economically ambitious and oppose illegitimate sanctions. He also advocated for an alternative to the SWIFT payment system, emphasizing the importance of using national currencies for trade among BRICS nations. South Africa’s High Commissioner-designate, Anil Sooklal, noted that BRICS has effectively expanded its focus on representing the global south.

The Employees' Provident Fund Organization (EPFO) has confirmed that the Employees' Deposit Linked Insurance (EDLI) scheme, which provides life insurance coverage to EPF members, will continue without changes. The scheme offers a maximum insurance benefit of up to ₹7 lakh, providing crucial financial support to families of employees in the event of their death. Employers contribute to the scheme, and employees are automatically enrolled, ensuring that financial protection is a key component of India’s social security framework. This move reaffirms EPFO's commitment to enhancing the welfare of its members and their families.

The Serious Fraud Investigation Office (SFIO) has recorded the statement of Veena Vijayan, daughter of Kerala Chief Minister Pinarayi Vijayan, in connection with an ongoing investigation into alleged illegal financial transactions involving her IT firm, Exalogic. Veena appeared before the SFIO in Chennai, accompanied by her husband, Kerala PWD and Tourism Minister Mohamed Riyas. The controversy stems from claims that Exalogic received Rs 1.72 crore from the mining company CMRL. While Veena clarified that the payments were for software services, the case has sparked political accusations against her and her family. SFIO is expected to submit a final report soon, after gathering information from key parties, including Kerala State Industrial Development Corporation (KSIDC) and CMRL.

As autumn arrives, Wular Lake in Jammu and Kashmir transforms into a vibrant culinary destination, showcasing the region's rich flavors and seasonal bounty. Local farmers and fishermen contribute fresh ingredients like apples, walnuts, and saffron, which are incorporated into traditional dishes. Visitors can savor local specialties such as grilled fish, Kashmiri kebabs, and comforting aloo-gobhi, along with sweet treats made from locally sourced fruits. The stunning backdrop of shimmering waters at sunset enhances the dining experience, making Wular Lake a must-visit for food enthusiasts and those seeking a taste of local culture during the autumn season.

The Reserve Bank of India (RBI) governor, Shaktikanta Das, announced the establishment of the Reserve Bank-Climate Risk Information System (RB-CRIS) during the monetary policy committee meeting on October 9. This initiative aims to create a centralized repository for climate-related data to assist regulated entities (REs) in conducting effective climate risk assessments. Das highlighted the urgency of addressing climate change as a significant risk to the global financial system, noting that such assessments are often hindered by gaps in quality data. The RB-CRIS will feature a web-based directory of data sources and a data portal for processed information, with the latter accessible only to regulated entities. The RBI has been actively working on various initiatives, including the release of a Discussion Paper on Climate Risk and Sustainable Finance and a Draft Disclosure Framework on Climate-related Risks, to better prepare the financial sector for climate-related challenges.

Union Minister for Road Transport and Highways, Nitin Gadkari, has introduced the Humsafar Policy, a new initiative aimed at upgrading wayside amenities on national highways. The policy focuses on providing better facilities for travelers, such as rest stops, fuel stations, food outlets, and essential services like restrooms and medical aid. It is part of a broader strategy to improve highway infrastructure, ensuring safer and more comfortable long-distance travel. The policy also benefits the logistics sector by reducing delays caused by insufficient roadside facilities, aligning with the government's vision of world-class infrastructure and sustainable travel.

The Union Cabinet, led by Prime Minister Shri Narendra Modi, has approved the establishment of the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat. The project is expected to generate approximately 22,000 jobs, comprising 15,000 direct and 7,000 indirect positions. The development will occur in two phases, with Phase 1A already underway and over 60% completed, targeted for completion by 2025. The Cabinet also granted in-principle approval for Phases 1B and 2, which will be financed through voluntary contributions. A separate society will be formed to oversee future developments, governed by a council headed by the Minister of Ports, Shipping & Waterways. The initiative aims to position NMHC as a world-class heritage museum, celebrating India's maritime history.

Ola Electric has received a show-cause notice from the Central Consumer Protection Authority (CCPA) on October 7, citing alleged violations of consumer rights, misleading advertisements, and unfair trade practices. The company is required to respond within 15 days, but it stated that the notice does not impact its financial or operational activities and does not impose any penalties. Following a strong sales start in July with 40,814 units sold, Ola Electric reported a decline in sales, with September figures dropping to 24,665 units, a decrease of 10.6% from August. Meanwhile, Ola Electric's shares rose by 4.8%, trading at Rs 94.62 on the BSE.

The World Telecommunication Standardization Assembly (WTSA) 2024, organized by the International Telecommunication Union (ITU), will take place in New Delhi from October 14 to 24, marking the first occurrence of this global tech event in the Asia-Pacific region. The assembly aims to bring together over 3,000 leaders and experts from over 190 countries to discuss future technology standards in areas such as 6G, AI, IoT, and cybersecurity. In conjunction with the WTSA, the second phase of the AI Bharat 5G/6G Hackathon commenced, featuring 12 shortlisted teams competing to develop innovative AI solutions for next-generation telecommunications. The event signifies India's growing prominence in the global technology landscape and highlights the potential for advancements in telecommunications through international collaboration.

In a strategic move to bolster India’s monetary policy framework, the government has appointed three new members to the Reserve Bank of India’s Monetary Policy Committee (MPC). This decision, aimed at enhancing economic governance, comes at a critical time as the country faces economic challenges such as inflation fluctuations and shifts in global markets. The new members are expected to bring diverse expertise in finance, economics, and public policy, which will aid the MPC in its primary objective of maintaining price stability while fostering economic growth. The MPC, which includes the RBI Governor and other key officials, is scheduled to convene soon to address these pressing economic issues and formulate effective monetary policies.

The Food Corporation of India (FCI) has selected Coforge Limited as the system integrator for its digital transformation project, Anna DARPAN. The initiative aims to enhance the supply chain management system through an interactive user interface and data-driven decision-making. Coforge will design, develop, implement, and maintain the cloud-based platform, leveraging a service mesh architecture to ensure seamless operations. The project is currently in the requirement gathering phase, where Coforge is analyzing FCI’s existing processes to develop a tailored solution.

China has launched the second phase of construction for the Five-hundred-meter Aperture Spherical Telescope (FAST), the largest single-dish radio telescope globally, located in Guizhou province. Officially starting on September 25, the expansion will introduce 24 new moveable radio telescopes, each measuring 131 feet (40 meters) in diameter, enhancing the telescope's resolution and detection capabilities. The FAST Core Array will utilize the "quiet" electromagnetic environment within a 3-mile radius to support deeper investigations into gravitational wave events, fast radio bursts, supernovae, and black hole tidal disruptions. This development, which aims to improve space situational awareness and facilitate communication with deep space probes, follows FAST's operational success since early 2020, during which it has detected over 900 pulsars and welcomed international research collaborations.

The second day of a National Level Multi-Stakeholder Consultative Workshop on Sustainable Oil Palm Cultivation was held in Guwahati, organized by Assam's Agriculture Department in collaboration with the Government of India's Department of Agriculture and Farmer’s Welfare. State Agriculture Minister Atul Bora emphasized the importance of the National Mission on Edible Oils-Oil Palm (NMEO-OP) in empowering farmers and promoting self-reliance in edible oil production, aligning with Prime Minister Narendra Modi’s vision for the development of North-East India. The workshop featured discussions with agricultural leaders from Andhra Pradesh and Arunachal Pradesh, highlighting successful oil palm cultivation in these regions. Attendees included government officials, business owners, and international representatives, showcasing a collaborative effort towards establishing a thriving oil palm industry in Assam.

On October 1, 2024, Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, launched the Cruise Bharat Mission from Mumbai, aiming to enhance India's cruise tourism industry and double passenger traffic by 2029. The initiative, supported by Union Minister of State, Shri Shantanu Thakur, will be implemented in three phases from October 2024 to March 2029. The mission targets significant growth in sea and river cruise passengers, international terminals, and employment opportunities within the sector. By focusing on sustainable infrastructure, streamlined operations, and international marketing, the mission aspires to establish India as a global hub for cruise tourism, leveraging the country's rich maritime resources and cultural heritage.

The Department for Promotion of Industry and Internal Trade (DPIIT) has reopened the application window for the production-linked incentive (PLI) scheme aimed at white goods manufacturers, including air conditioners (ACs) and LED lights. Despite the attractive fiscal benefits, the response from the sector has been muted so far. Rajeev Singh Thakur, Additional Secretary in the DPIIT, has urged manufacturers to participate in large numbers to boost domestic production under the scheme, which is designed to enhance manufacturing output and reduce reliance on imports.

The GST Council has constituted a 10-member Group of Ministers (GoM), led by Minister of State for Finance Pankaj Chaudhary, to devise a taxation proposal for luxury, sin, and demerit goods after the compensation cess concludes in March 2026. This GoM, which includes representatives from various states, will submit its report by December 31. The compensation cess, originally set to end in June 2022, was extended to repay a Rs 2.69 lakh crore loan taken during the pandemic to cover states' revenue losses. The GoM will explore whether to continue the cess or impose additional taxes and recommend new slabs and legislative changes, as required.

India has made remarkable progress in the Global Innovation Index (GII) 2024, now ranking 39th out of 133 economies, up from 81st in 2015—an improvement of 42 positions over the past nine years. The country is recognized as the top-ranked nation among 38 lower-middle-income economies, highlighting its leadership in innovation within the developing world. Union Minister Piyush Goyal attributed this success to the leadership of Prime Minister Narendra Modi and the government's focus on fostering an innovative environment. India also secured the 1st position among 10 economies in Central and Southern Asia and ranks 4th in the WIPO Science & Technology (S&T) Cluster Ranking. Major cities like Mumbai, Delhi, Bengaluru, and Chennai are listed among the world's top 100 S&T clusters, emphasizing India’s role as a hub for technological advancement. Additionally, India ranks 7th globally in intangible asset intensity, underlining the importance of non-physical assets in driving innovation. Indian innovators and entrepreneurs continue to play a pivotal role in transforming the nation’s innovation landscape.

During the 16th Asian Organisation of Supreme Audit Institutions (ASOSAI) Assembly in New Delhi on September 24, 2024, President Droupadi Murmu expressed her confidence in the role of Supreme Audit Institutions (SAIs) in managing public funds effectively. She emphasized the importance of the Comptroller and Auditor General (CAG) of India in promoting transparency and accountability in public finance. The President highlighted the evolving mandate of public sector audits, which now includes evaluating public welfare schemes, and stressed the need for audits to adapt to technological advancements. Additionally, she raised concerns about the digital divide affecting women and vulnerable groups, urging SAIs to ensure that digital public infrastructure is inclusive and accessible to all.

The Real Estate Investment Trust (REIT) Association has introduced a new initiative called Detailed Business Insights (DBIs) aimed at enhancing transparency and providing comprehensive information to investors. The DBIs will offer in-depth analyses of investment opportunities, risk assessments, and performance metrics, enabling investors to make informed decisions. Emphasizing the importance of transparency in today’s investment landscape, a REIT Association spokesperson highlighted the initiative's role in fostering trust and confidence among investors. The first DBIs are expected to be released in the coming months, setting a new standard for communication in the real estate sector.

Union Finance Minister Nirmala Sitharaman officially launched the NPS Vatsalya scheme, aimed at securing long-term wealth for children. Managed by the Pension Fund Regulatory and Development Authority (PFRDA), the scheme allows parents to invest in their child's retirement from infancy. The launch occurred across 75 locations in India, with ICICI Bank participating by opening NPS Vatsalya accounts for minor subscribers. The scheme offers flexible contributions, starting from ₹1,000 annually, and includes multiple investment options. Once the child turns 18, the account transitions into a standard NPS account, with withdrawal and annuity options based on the total corpus.

The Department for Promotion of Industry and Internal Trade (DPIIT) will launch the Bharat Startup Knowledge Access Registry (BHASKAR) tomorrow, aiming to enhance India’s startup ecosystem. This new digital platform, part of the Startup India program, is designed to centralize interactions among startups, investors, mentors, service providers, and government bodies. BHASKAR will provide a comprehensive range of resources, tools, and networking opportunities through personalized BHASKAR IDs. It seeks to support India’s goal of becoming a global leader in innovation by fostering a collaborative environment and improving access to essential resources. The platform promises to streamline processes, enhance discoverability, and promote India’s global reputation as an innovation hub.

The Ministry of Corporate Affairs (MCA) has taken strong action against non-compliant Nidhi companies by imposing penalties on 24 companies over the past two weeks. Nidhi companies, which are established to promote savings and financial discipline among their members, must adhere to strict MCA guidelines to ensure investor protection and financial integrity. The recent penalties are part of a broader MCA strategy aimed at enhancing regulatory compliance and safeguarding stakeholder interests. This enforcement reflects the MCA’s commitment to maintaining high standards in the financial sector and serves as a warning to other companies to comply with legal and regulatory requirements.

SEBI has cleared seven top officials, including ex-CEOs Ravi Narain and Chitra Ramakrishna, from charges related to lapses in the NSE's high-frequency trading (HFT) facility, allowing them to return to market-related roles after a five-year ban.

The government has dissolved the Standing Committee on Statistics (SCoS), citing redundancy with the recently established Steering Committee for National Sample Surveys. Formed on July 13, 2023, the SCoS was tasked with overseeing statistical surveys and addressing issues related to survey methodologies. The dissolution comes amid concerns about delays in conducting the decennial census, which was due in 2021 but has yet to be completed. The new committee, led by Rajeeva Laxman Karandikar of the National Statistical Commission, will continue similar oversight functions. The decision follows criticism of India's statistical system from members of the Economic Advisory Council to the Prime Minister.

Union Minister of Textiles, Shri Giriraj Singh, launched the ‘VisioNxt Fashion Forecasting Initiative’ at the National Institute of Fashion Technology (NIFT), along with the bilingual web portal and the India-specific Fashion Trend Book ‘Paridhi 24x25’. Attended by Union Minister of State for Textiles and External Affairs, Shri Pabitra Margherita, and Textiles Secretary, Smt. Rachna Shah, the event highlighted VisioNxt's role in promoting indigenous design and manufacturing under Prime Minister Narendra Modi’s leadership. The initiative combines Artificial Intelligence (AI) and Emotional Intelligence (EI) to provide trend insights, positioning India as a leader in global fashion. VisioNxt, centralized in Chennai, will offer trend insights, forecasts, and consultancy services, aiming to reduce dependence on international forecasting agencies and showcase India's unique fashion identity.

Union Textiles Minister Giriraj Singh announced that India’s technical textile exports are projected to surpass $10 billion by 2030. Currently, the global technical textile market is valued at $300 billion, with India’s domestic market at $25 billion and exports amounting to $2.6 billion. Singh revealed that India aims to start producing carbon fibre—a key material for aerospace, civil engineering, and defence—by 2025-26, reducing reliance on imports. The government is actively supporting the industry through initiatives such as the National Technical Textiles Mission and the Production Linked Incentive scheme. Additionally, 156 research projects have been sanctioned under this mission to advance the sector. Minister of State for Textiles, Pabitra Margherita, highlighted the country's progress towards self-reliance and urged states to promote investments, including foreign direct investment (FDI), in technical textiles.

India's Chief Economic Advisor, V Anantha Nageswaran, has highlighted the potential risks associated with the rise in derivatives trading among retail investors, particularly on expiration days. In the recent economic survey, Nageswaran stressed that while derivatives trading can offer significant gains, it often results in substantial financial losses for investors. He urged that all stakeholders work to ensure retail investors' savings are directed towards more productive investments. The survey noted a dramatic increase in retail investor participation, with unique tax IDs on the National Stock Exchange growing from 2.7 crore in FY 2019 to 9.2 crore in FY 2024. Nageswaran emphasized the need for heightened investor awareness and financial education to mitigate potential losses and support a stable financial market evolution.

The Ministry of Labour & Employment (MoLE) has announced that over 30 crore unorganised workers have been registered on the eShram portal within just three years of its launch. The portal is set to become a "One-Stop-Solution" for unorganised workers, as highlighted in the 2024-25 Budget speech. The government plans to integrate the eShram portal with other platforms, providing workers seamless access to major social security schemes, including PMJJBY, PMSBY, AB-PMJAY, and MGNREGA. This initiative is designed to make welfare benefits easily accessible to unorganised workers through a single platform.

Union Minister for Agriculture and Farmers' Welfare, Shri Shivraj Singh Chouhan, unveiled the AgriSURE Scheme in New Delhi, a pioneering ₹750 crore fund aimed at revolutionizing the agricultural sector through technology-driven start-ups and rural enterprises. With contributions from the Government of India, NABARD, and private investors, the scheme aims to foster innovation, enhance production, and reduce costs for farmers. The event also featured the AgriSURE Greenathon Awards, recognizing the top start-ups addressing key challenges in agriculture. The fund is set to drive significant investments, empowering farmers and boosting the rural economy.

As climate change, deforestation, and supply chain issues threaten the cocoa industry, lab-grown cocoa emerges as a promising alternative. Developed through advanced biotechnology, lab-grown cocoa offers a sustainable and efficient method of cultivation, potentially reducing environmental impacts and stabilizing supply. However, the technology is still in its early stages, with challenges including scaling production, consumer acceptance, and cost. If successful, lab-grown cocoa could transform the chocolate industry and set a new standard for food production.

The Union Cabinet, led by Prime Minister Narendra Modi, has approved a significant Rs. 2817 crore investment in the Digital Agriculture Mission, with a central share of Rs. 1940 crore. This initiative aims to enhance digital infrastructure in agriculture, focusing on creating a comprehensive Digital Public Infrastructure (DPI), implementing the Digital General Crop Estimation Survey (DGCES), and other IT-driven improvements. The mission includes key components like AgriStack, a farmer-centric digital identity system, and the Krishi Decision Support System for integrating data on crops, soil, and weather. Pilots for digital identities and crop surveys are already underway in several states, with goals to cover all districts by FY 2025-26. The mission is expected to streamline agricultural services, improve transparency, and create employment opportunities for local youth.

The Digital Bus initiative is revolutionizing education and skill development for young adults in remote regions of the country. By equipping mobile buses with high-speed internet, computers, and educational software, the program brings essential digital resources and training directly to underserved communities. This initiative not only improves access to online learning and enhances digital literacy but also provides career training, technical skills development, and entrepreneurship support. Success stories from rural Maharashtra and tribal areas of Madhya Pradesh showcase the initiative's impact, including job placements and community-run e-learning centers. Looking ahead, the initiative plans to expand its reach, upgrade technology, and strengthen partnerships to further benefit remote regions.

The Union Cabinet has sanctioned a ₹3,307 crore (US$394.15 million) investment for Kaynes Semicon to establish a semiconductor unit in Sanand, Gujarat. This project, part of the India Semiconductor Mission (ISM), marks the fifth semiconductor facility approved under the initiative, raising the total investment in the sector to ₹1,52,307 crore (US$18.15 billion). The new ATMP (assembly, testing, marking, and packaging) unit will produce around 6 million chips daily, supporting various industries including automotive and consumer electronics. The facility is set to begin chip production by March 31, 2025. Key technology partners include Globetronics, Aptos Technology, and AOI, with an emphasis on creating significant employment opportunities and developing advanced packaging and testing capabilities. Updates on other semiconductor projects reveal ongoing progress, including Micron’s facility in Gujarat and Tata Electronics’ fab unit in Dholera.

On August 30, 2024, the Solar Energy Corporation of India Ltd (SECI) was awarded the Navratna status by the Ministry of Finance, marking a significant milestone as the company completes 13 years of its establishment. This prestigious status is a testament to SECI’s pivotal role in advancing Renewable Energy (RE) in India, with a cumulative generation capacity of 69.25 GW and an annual power trading volume of over 42 billion units. SECI has demonstrated remarkable financial growth, posting a turnover of Rs. 13,118.68 Crore, a 20.85% increase from the previous year, and a Profit After Tax (PAT) of Rs 510.92 Crore, reflecting a 34.89% growth. The Navratna classification will enhance SECI’s operational and financial autonomy, fostering its expansion and technological advancements while supporting India’s shift towards sustainable energy solutions.

The Tourism & Hospitality Skill Council (THSC) has signed a three-year Memorandum of Understanding with Visa, valued at up to $1 million USD. This partnership, announced in the presence of Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship, aims to enhance the tourism skills of at least 20,000 Indian youth. The initiative will focus on training individuals across 10 states, including Assam, Gujarat, Himachal Pradesh, and West Bengal, for key roles in the tourism sector such as tour guides and customer service executives. Visa's commitment is expected to bolster India's tourism industry, which contributes significantly to the nation’s GDP and employment.

The Trade Ministry has proposed an anti-dumping duty on aluminium foil imports from China. This measure aims to protect domestic aluminium foil manufacturers from unfair competition due to the low pricing of Chinese imports. The duty is intended to prevent market disruption and ensure fair competition. If the proposal is approved, it will lead to higher prices for aluminium foil but is expected to stabilize the market and benefit local producers. The next steps involve stakeholder consultations and the potential implementation of the duty.

The Central Board of Direct Taxes (CBDT) has launched the e-Dispute Resolution Scheme (e-DRS) under section 245MA of the Income-tax Act, 1961, aimed at reducing litigation and providing relief to eligible taxpayers. The scheme allows taxpayers to electronically submit applications for dispute resolution through designated Dispute Resolution Committees (DRCs) based on their jurisdiction. DRCs have been established across all 18 Principal Chief Commissioner of Income-tax (Pr. CCIT) regions in India. The scheme applies to specified orders where the variations do not exceed Rs. 10 lakh, and the returned income is below Rs. 50 lakh, with certain exclusions. Applications must be filed within specified timelines using Form No. 34BC on the Income Tax Department's e-filing portal. The DRC is required to pass its order within six months of admitting the application, potentially offering reduction or waiver of penalties and prosecution.

On August 19, the Reserve Bank of India (RBI) announced a new framework to formally recognize Self-Regulatory Organizations (SROs) within the financial markets. This framework is designed to strengthen compliance culture and provide a consultative platform for policy-making. SROs will be responsible for creating and promoting best practices, setting minimum standards, and addressing key industry issues. They will work closely with the RBI to enhance adherence to regulatory guidelines and to identify early warning signals. The RBI maintains the authority to revoke the recognition of any SRO if its activities are deemed harmful to public interest or inconsistent with its objectives.

In June 2024, the National Coal Index (NCI) dropped by 3.48% to 142.13 points from 147.25 points in June 2023, indicating a significant reduction in coal prices and suggesting a well-supplied domestic market. This decline in the NCI, coupled with a sharp decrease in coal auction premiums, confirms the ample availability of coal. India's coal production surged by 14.58% year-on-year, reaching 84.71 million tonnes, which supports stable supply and enhances national energy security. The NCI, established with a base year of FY18, aggregates coal prices from various sales channels, providing a comprehensive view of market dynamics and price trends.

In Pakshirajapura village, Karnataka, the Hakki Pikki tribal community has turned their traditional knowledge of hair care into a booming business. Led by Radha and her family, they manufacture Adivasi hair oil, priced at Rs 1,500 for a 500ml bottle, which claims to address hair fall, balding, dandruff, and greying. Endorsed by celebrities and influencers like Elvish Yadav and Farah Khan, the oil has gained worldwide attention. Nearly every family in the village is now involved in producing and marketing the oil, with over 100 brands available. This success highlights the potential of tribal entrepreneurship and the power of modern marketing to elevate indigenous products.

Uttarakhand has introduced the world's first Gross Environment Product (GEP) Index, a pioneering metric that goes beyond traditional measures of ecosystem services to include the environmental contributions and withdrawals by human activities. Developed by Anil Prakash Joshi of the Himalayan Environmental Studies and Conservation Organisation, the GEP Index evaluates the impact on four key pillars: air, soil, trees, and water.

The United Nations has unveiled a new framework designed to enhance the measurement of economic vulnerability among nations. This innovative approach focuses on evaluating critical factors such as external shocks, economic dependency, and the effectiveness of policy responses. By providing a clearer understanding of economic risks, the UN aims to improve the targeting of support and interventions by governments and international organizations. This framework is expected to significantly contribute to global efforts in promoting economic stability and resilience, offering a more nuanced perspective on how countries can manage and mitigate economic challenges.

Union Minister of Commerce & Industry, Shri Piyush Goyal, announced the introduction of the Diamond Imprest Licence during the 40th India International Jewellery Show (IIJS) 2024. The licence aims to benefit MSME exporters by allowing diamond exporters with a certain export turnover to import 5% of their average export turnover from the past three years, fostering a level playing field. Shri Goyal also discussed reduced duty rates on precious metals, India's negotiations with G7 nations, and the establishment of a diamond center in Mumbai or Surat. Additionally, the minister outlined plans for future Free Trade Agreements (FTAs) and emphasized the need for value addition by Indian exporters amidst global recession challenges. The event, which showcased the theme "Brilliant Bharat," featured significant participation from international buyers and exhibitors, underscoring the importance of the Indian gem and jewellery sector in the global market.

India's inaugural 24-hour grain ATM, named Annapurti, was launched in Mancheswar, Bhubaneswar, Odisha. The ATM, unveiled by Odisha's Food Supplies Minister Krushna Chandra Patra and World Food Programme Deputy Country Director Nozomi Hashimoto, aims to enhance food distribution efficiency. It provides rice or wheat around the clock, dispensing up to 50 kilograms in five minutes with a minimal error rate. Designed to be modular and energy-efficient, Annapurti will be deployed across all districts in Odisha to ensure consistent access to food rations and reduce waiting times by 70%.

The government has proposed new amendments to banking laws that will permit account holders to designate up to four nominees on a single bank account. This change is aimed at enhancing flexibility and security, ensuring that accounts can be efficiently managed and accessed by multiple trusted individuals in unforeseen circumstances. The amendments are expected to simplify the account ownership transfer process and provide greater peace of mind. As part of a broader initiative to modernize banking regulations, banking institutions will need to update their processes to comply with these new guidelines.

The Reserve Bank of India (RBI) is reviewing the foreign investment limits for the overnight index swap (OIS) market, as announced by Deputy Governor Michael Debabrata Patra. Foreign investors have already utilized 96% of the Rs 3.5 billion allocated for OIS transactions. The OIS market, a tool for hedging interest rate fluctuations, has seen increased trading activity since JPMorgan added Indian bonds to its emerging market debt index. Patra's remarks suggest that excluding new 14-year and 30-year government bonds from the Fully Accessible Route (FAR) could drive demand towards 5-year to 10-year bonds, potentially improving liquidity and reducing transaction costs. The RBI's updated guidelines maintain a 6% cap on foreign holdings for these longer-tenure bonds, while FPI investments in FAR securities have reached Rs 2.10 trillion. Industry experts, including Vikas Goel and V R C Reddy, emphasize the need for stable investment rules and highlight the shifting demand toward shorter-term bonds.

The Supreme Court of India has issued a stay on the tax recovery process against Newsclick, a prominent news portal, until the final resolution of its appeal before the Income Tax Appellate Tribunal (ITAT). This move provides temporary relief to Newsclick amidst a disputed tax demand by the Income Tax Department. The court's decision is a crucial step in ensuring that the legal process is fully exhausted before any recovery measures are implemented. The case, which has broader implications for media freedom and tax enforcement in India, will now proceed to the ITAT for a final decision.

The Reserve Bank of India (RBI) has announced the implementation of a continuous clearing system for cheques under the Cheque Truncation System (CTS). This new approach will allow real-time processing of cheques, significantly reducing the time from submission to settlement and enhancing overall efficiency. The previous batch-processing method often led to delays, but the continuous system aims to provide quicker access to funds and a smoother banking experience for both individuals and businesses. This initiative is part of the RBI's broader effort to modernize banking infrastructure and improve financial transactions. Banks and financial institutions are expected to adopt this system promptly, with customers to be informed of any changes in processing times.

The Ministry of Textiles has introduced the Kasturi Cotton Bharat brand to boost the quality and traceability of Indian cotton. Utilizing QR code certification technology, the initiative aims to ensure adherence to quality protocols. Approximately 343 modernized ginning and pressing units have been registered, with about 100 bales from Andhra Pradesh certified under the new brand. The program, formalized through a MoU between the Cotton Corporation of India and the Cotton Textiles Export Promotion Council on December 15, 2022, is backed by a Rs 30 crore budget. It employs QR code and blockchain technologies for comprehensive traceability and certification throughout the cotton value chain.

Google Pay, PhonePe, and Amazon Pay are set to participate in the Reserve Bank of India’s digital currency trial by facilitating transactions through the e-rupee. Indian fintech companies Cred and Mobikwik are also seeking to join the pilot, expected to launch in the next three to four months. Despite a recent decline in e-rupee transactions from over 1 million daily to around 100,000-200,000, involving major payment firms is likely to boost user adoption and transaction volumes. The digital rupee, introduced by the RBI in December 2022, remains in the pilot phase and aims to enhance financial inclusion and transaction efficiency. The e-rupee will likely stay in this phase for a couple of years, with initial adoption by banks expanding to include payment firms as of April 2024.

On August 6, 2024, Shri. Harish Dudani took the Oath of Office and Secrecy as a Member of the Central Electricity Regulatory Commission (CERC). Established under the Electricity Regulatory Commissions Act, 1998, CERC operates under the Electricity Act, 2003, overseeing tariffs and licensing for inter-state electricity transmission and trading. The Commission is led by a Chairperson and includes three other members, with the Chairperson of the Central Electricity Authority serving as an ex-officio member. Prior to his new role, Shri. Dudani served as Principal Judge of the Family Court in the High Court of Delhi, and held various judicial positions including District Judge (Commercial Court) and Special Judge (PC Act) CBI.

On August 5, 2024, major global stock markets experienced their steepest decline in decades, primarily driven by the unwinding of the yen carry trade. Investors had previously borrowed yen at low interest rates to invest in higher-yielding assets in various countries. However, the Bank of Japan's recent decision to raise interest rates from -0.10% to 0.25% triggered a sell-off of these investments. The strengthening yen against other major currencies led to reduced value for assets held in foreign currencies, exacerbating the market downturn.

The Securities and Exchange Board of India (SEBI) has introduced new measures targeting the heads of Asset Management Companies (AMCs) involved in abusive market practices. This move follows an extensive investigation into harmful practices affecting market health and investor trust. SEBI aims to enforce accountability, ensuring transparency and regulatory compliance within the financial sector. By holding top executives accountable, SEBI seeks to prevent future misconduct and foster a stable investment environment. Investors and market participants are advised to stay informed about these significant regulatory changes.

The Centre has announced that the Mahila Samman Savings Certificate, a scheme launched in April 2023 with a two-year duration, will not be extended beyond March 2025. The scheme, designed to promote savings among Indian women, offered an annual interest rate of 7.5 percent. While the Mahila Samman Savings Certificate and other small savings schemes like the Senior Citizen Savings Scheme and Sukanya Samriddhi Yojana have performed well, inflows are expected to plateau, leading to lower projected collections from the National Small Savings Fund (NSSF) for FY25. The government's budget for FY25 has set NSSF collections at Rs 4.20 lakh crore, down from the interim estimate of Rs 4.67 lakh crore, reflecting shifts in household investments towards equity markets and mutual funds. Additionally, the government has reduced gross borrowing by Rs 12,000 crore to Rs 14.01 lakh crore and cut the fiscal deficit target to 4.9 percent.

The Department of Consumer Affairs, Government of India, has expanded its Price Monitoring System (PMS) to include 16 additional commodities, bringing the total to 38 commodities monitored daily. This expansion, announced by Union Minister Shri Pralhad Venkatesh Joshi during the launch of the Version 4.0 PMS Mobile App, aims to enhance policy interventions for price stability and inflation control. The commodities now monitored represent approximately 31% of the total Consumer Price Index (CPI) weights. The government has also implemented various measures to curb food price inflation, including subsidized food items, retail sale of tomatoes by NCCF, stock limits on certain pulses, duty-free imports, and the creation of a buffer stock. These efforts have resulted in market stabilization and a decline in retail prices of pulses.

The Ministry of Cooperation has established the Bhartiya Beej Sahkari Samiti Limited (BBSSL) under the Multi-State Cooperative Societies (MSCS) Act, 2002, with an initial paid-up capital of Rs. 250 Crore, promoted by IFFCO, KRIBHCO, NAFED, NDDB, and NCDC. BBSSL aims to enhance crop yields and promote indigenous seeds through the production, procurement, and distribution of quality seeds via cooperatives. The society focuses on various stages of seed production and aims to reduce reliance on imported seeds, boost agricultural production, and support the rural economy, aligning with the "Make in India" initiative and Atmanirbhar Bharat vision. Clause 55 of BBSSL's byelaws outlines the provisions for disposing of net profits, ensuring equitable distribution and support for cooperative education and unforeseen losses.

The Health Ministry has instructed the Board of Control for Cricket in India (BCCI) and the Sports Authority of India (SAI) to take action against surrogate advertising of tobacco and alcohol products by sportspersons. The directive is aimed at preventing indirect promotion of harmful substances through sports endorsements. Both BCCI and SAI are tasked with reviewing current endorsements, implementing new guidelines, and establishing monitoring systems to ensure compliance and promote healthier lifestyle choices.

The Indian government has authorized state governments to buy rice directly from the Food Corporation of India (FCI) at Rs 2,800 per quintal under the open market sale scheme (domestic), bypassing the previous requirement for e-auction participation. This policy shift aims to alleviate the large surplus of rice stored in FCI godowns ahead of the new procurement season. The decision also addresses challenges faced by the Karnataka government, which was impacted by earlier e-auction restrictions that affected their ability to meet election promises. The revised scheme excludes transportation costs from the purchase price.

The National Skill Development Corporation (NSDC) has introduced the Women Entrepreneurship Program in partnership with Britannia Industries Limited to empower women entrepreneurs and address their unique challenges. The initiative includes financial grants, showcasing products on the Skill India Digital Hub, and providing comprehensive skill training. The program aims to support approximately 25 lakh women across India, offering self-learning courses and incubation support. Key government and Britannia representatives emphasized the importance of collaboration in promoting women-led entrepreneurship. The initiative includes online courses, certification, and a grand finale with financial grants for top contestants.

The Reserve Bank of India (RBI) has proposed new draft guidelines for banks regarding the Liquidity Coverage Ratio (LCR), which will take effect on April 1, 2025. The guidelines require banks to increase their reserves of liquid securities to better handle potential withdrawal risks due to advancements in technology like mobile and internet banking. This change mandates that retail deposits enabled with these technologies be assigned higher run-off factors—10% for stable deposits and 15% for less stable deposits. Additionally, unsecured wholesale funding from non-financial small business customers will be subject to similar treatment. Analysts predict that these new requirements will increase banks' liquidity needs and impact their core earnings, particularly affecting banks with high retail deposit shares and lower net interest margins.

The central government is contemplating filing a formal complaint against the International Labour Organisation (ILO) concerning its recent India Employment Report. The government has expressed concerns about the accuracy and methodology of the report, which they believe may misrepresent the current employment situation in India. The report's findings could potentially impact India's economic reputation and foreign investments. To address these concerns, the government may file a complaint, engage with ILO representatives, and consider an independent review of the report.

Bolivia has officially attained full membership in MERCOSUR as of December 2023, after initially joining as an associated member in 1996. The accession, hailed by Bolivian President Luis Arce and Brazilian leader Lula, marks a historic milestone for Bolivia amidst global challenges. Full membership is expected to enhance Bolivia’s economic integration with MERCOSUR, providing benefits such as reduced trade barriers, increased export opportunities, and greater investment prospects. However, Bolivia faces significant challenges, including economic disparities with other member countries, internal divisions within MERCOSUR, and the need to align its regulations with MERCOSUR standards. Addressing these challenges will be crucial for Bolivia to maximize the benefits of its new status.

On July 22, Chief Economic Advisor V. Anantha Nageswaran called on private investors to align their actions with sustainable investment priorities, criticizing the low "greenium" received from India's sovereign green bond offerings. Despite receiving a favorable rating on its green bond framework, India's sovereign green bonds have not attracted significant greenium, with a "wall of capital" waiting rather than a substantial influx. The Economic Survey 2023-24 echoed these concerns, highlighting the lack of mobility in capital for energy transitions in Emerging Markets and Developing Economies (EMDEs). India's 'Framework for Sovereign Green Bonds,' rated 'Medium Green' by CICERO, aims to reduce carbon intensity and fund sustainable public sector projects. In 2022-23, India raised Rs 16,000 crore through these bonds, but the greenium declined from 6 basis points in the initial tranche to around 2 basis points in FY24. For FY25, Rs 12,000 crore is planned to be borrowed through Sovereign Green Bonds as part of a larger gross market borrowing strategy.

The Union government has reported that the Goods and Services Tax (GST) has effectively reduced the tax burden on the common man, minimized compliance and logistics costs for businesses, and boosted revenue for both Central and state governments. The Union Budget 2024-25 plans to expand GST to additional sectors, with Finance Minister Nirmala Sitharaman emphasizing the success and future enhancements of the GST system. Notable advancements include the digitisation of major taxpayer services and significant increases in GST collections, including a record high in April 2023. Experts highlight that GST reforms have fostered economic growth and benefitted the salaried class through tax regime changes. The GST taxpayer base has expanded significantly, and relief measures for small taxpayers, such as waiving the annual return filing requirement for those with turnover up to Rs 2 crore, have been recommended.

In the Budget 2024 announcement, the Finance Minister introduced a new scheme to support students pursuing higher education by offering loans up to Rs 10 lakh. This initiative aims to make higher education more accessible and affordable, reducing the financial burden on families. Eligible students enrolled in recognized institutions can avail of these loans, which will be provided through banks and financial institutions. The scheme is designed to promote educational equality and support students from various socio-economic backgrounds. Regular monitoring and evaluation will ensure effective implementation and reach to deserving students.

Finance Minister Nirmala Sitharaman has introduced a climate finance taxonomy in India, aimed at classifying and defining investments that support climate change mitigation and adaptation. This taxonomy will categorize financial activities based on their environmental impact, establish specific standards for sustainability, and improve transparency for investors. It aligns financial flows with the country's climate objectives, ensuring that investments are directed towards projects that promote climate resilience and sustainability. The framework also includes mechanisms for monitoring and reporting on the effectiveness of these investments.

In her Union Budget 2024-25 presentation, Finance Minister Smt. Nirmala Sitharaman proposed several significant changes to foster economic growth and innovation. Key highlights include the abolition of 'angel tax' for all investors to support the start-up ecosystem, a reduction in the corporate tax rate for foreign companies from 40% to 35%, and the introduction of a financial sector vision and strategy document. Additionally, she proposed the development of a climate finance taxonomy to aid in capital availability for climate-related initiatives, sought legislative approval for flexible financing structures, and recommended simplifying regulations for Foreign Direct Investment (FDI). Measures to promote the diamond cutting industry and a simpler tax regime for foreign shipping companies operating domestic cruises were also announced.

The Ministry of MSME has introduced the MSME Trade Enablement and Marketing Initiative (MSME-TEAM Initiative), a sub-scheme under the Central Sector Scheme “Raising and Accelerating MSME Performance.” This initiative aims to assist 500,000 micro, small, and medium enterprises (MSMEs) in onboarding the Open Network Digital Commerce (ONDC) platform. The program will offer awareness workshops and financial aid for catalogue preparation, account management, logistics, and packaging. Among the beneficiaries, 250,000 MSMEs are women-owned. The scheme, running from 2024 to 2027, will focus on Tier 2 and Tier 3 cities and MSME clusters, with an emphasis on supporting women and SC/ST-owned MSMEs. The initiative was announced by Minister of State for the Ministry of Micro, Small & Medium Enterprises, Sushri Shobha Karandlaje, in Rajya Sabha.

Business Responsibility & Sustainability Reporting (BRSR) has become the standard for listed companies to disclose Sustainability and ESG (Environment, Social, and Governance) matters in the non-financial section of their annual reports. Evolving from Business Responsibility Reporting (BRR), which was based on the National Voluntary Guidelines for Responsible Business Conduct, BRSR has made significant progress but continues to develop, aiming to enhance sustainability reporting practices.

The Non-Performing Assets (NPA) under the Emergency Credit Line Guarantee Scheme (ECLGS) have been reported at approximately 6%, suggesting that the overall cost of providing full guarantees will be less than initially anticipated. The scheme, launched in May 2020 to support businesses impacted by the COVID-19 lockdown, has provided a total liquidity support of ₹3.68 lakh crore, with NPAs amounting to ₹22,000 crore. The definition of NPA under ECLGS aligns with the Reserve Bank of India's standards.

To boost competitiveness and foster growth in the infrastructure lending sector, the government is urging major banks to support the country’s newest infrastructure lender. This strategic move aims to create a more dynamic financial environment by integrating fresh perspectives and innovative solutions from the new lender. The collaboration is expected to enhance resource allocation, promote industry growth, and benefit both investors and the economy. The initiative underscores the government’s commitment to strengthening the infrastructure financing ecosystem, with the effectiveness of this support likely to be a key indicator of sector dynamics.

The Asian Development Bank (ADB) has upheld its forecast of 7% GDP growth for India in the current financial year, a projection that mirrors the International Monetary Fund’s (IMF) revised estimate. Both organizations highlight robust growth in the industry sector, driven by manufacturing and construction. The IMF cites a resurgence in private consumption, particularly in rural areas, as the reason for its upward revision. Despite these optimistic forecasts, the ADB and IMF's projections are below the Reserve Bank of India's (RBI) estimate of 7.2%. The ADB anticipates a recovery in agriculture supported by an expected above-normal monsoon. However, new investment projects announced in the June quarter have plummeted by 92% compared to the previous year, reflecting a continued decline in private capital expenditure and raising concerns about the future of investment in India.

Finance Minister Nirmala Sitharaman marked the final stage of preparations for Union Budget 2024-25 with the traditional 'halwa' ceremony at North Block, New Delhi. The ceremony, attended by top officials including Minister of State for Finance Pankaj Chaudhary, signifies the completion of budget preparations before its unveiling in Lok Sabha on July 23. This ritual, dating back decades, maintains secrecy and honors the efforts of finance ministry personnel involved in crafting India's annual financial statement.

Banks across the country are intensifying their efforts to detect 'money mules' by closely monitoring proprietor accounts. Utilizing advanced analytical tools, financial institutions are tracking unusual transaction patterns, frequent international transfers, and sudden large deposits or withdrawals. This initiative, part of a broader security enhancement effort, aims to protect customers from becoming unwitting participants in money laundering schemes. Banks are collaborating with regulatory bodies and law enforcement, while also educating customers through campaigns and support services. These measures are crucial for ensuring the integrity and security of the financial system amidst growing cybercrime and financial fraud.

The Indian government is restructuring the National Test House (NTH) to become the country's premier certification body for all domestic products. This initiative aims to address recent rejections of Indian exports due to quality issues by establishing NTH labs nationwide. These labs will certify a wide range of products, including food, spices, and organic goods, ensuring they meet global standards. The transformation is expected to be completed within 125 days, focusing on regions critical for certification. The NTH will play a crucial role in validating and re-testing products, aiming to restore India's global reputation for product quality and reliability.

The Reserve Bank of India (RBI) has joined Project Nexus, an initiative aimed at enabling instant cross-border retail payments by linking domestic Fast Payment Systems (FPS). Initially, this project will interlink India's Unified Payments Interface (UPI) with the FPS of Malaysia, the Philippines, Singapore, and Thailand, with Indonesia expected to join in the future. RBI Governor Shaktikanta Das highlighted the project's potential to make cross-border payments faster and less costly, enhancing international cooperation for more efficient and affordable remittances. Project Nexus involves collaboration with the Bank for International Settlements Innovation Hub (BISIH) and seeks to benefit both person-to-person and person-to-merchant transactions.

The Department of Commerce has extended the Interest Equalisation Scheme for pre- and post-shipment rupee export credit for Micro, Small and Medium-scale (MSME) exporters until August 31. The extension, with an allocated outlay of ₹750 crore, excludes non-MSME exporters beyond June 30. Sudhir Sekhri of AEPC highlighted the scheme's benefits for the garment sector, urging for stability and longer-term policy frameworks.

The International Monetary Fund (IMF) has introduced an Artificial Intelligence Preparedness Index (AIPI) Dashboard, evaluating the AI readiness of 174 economies worldwide. Countries are categorized into Advanced Economies (AE), Emerging Market Economies (EM), and Low-Income Countries (LIC). Singapore, Denmark, and the United States lead among AEs, while India ranks 72nd overall. The index measures readiness based on digital infrastructure, human capital and labor market policies, innovation and economic integration, and regulation. The IMF also highlighted the potential impact of AI on employment, with significant job risks in AEs, EMs, and LICs. Economist Giovanni Melina noted AI's potential to enhance productivity and create new jobs, while warning of increased inequality, emphasizing the need for targeted policies to ensure equitable AI benefits.

Meghalaya Lokayukta Issues Notices Over Alleged Irregularities in Saubhagya Scheme Implementation

India's external debt has risen sharply to $663.8 billion as of March 2024, marking a $39.7 billion increase from the previous fiscal year. The surge reflects heightened borrowing for infrastructure projects and economic stabilization efforts amidst global economic uncertainties. The debt composition includes significant long-term borrowings for developmental projects and short-term liabilities for operational needs. As India navigates these economic challenges, managing external debt levels remains critical for ensuring financial stability and fostering sustainable growth in the coming years.

RBI has updated its priority sector lending guidelines to promote small loans in economically disadvantaged districts and discourage lending in districts with high average loan sizes. Starting FY25, loans in districts with low credit availability will receive higher weightage (125%), while districts with high credit availability will see reduced weightage (90%). This aims to balance credit distribution across districts based on per capita credit flow.

Shares of Investment Holding Companies (IHCs), also known as Holdcos, surged despite overall market volatility following the Securities and Exchange Board of India (Sebi)'s announcement of a special call auction. This move by Sebi aims to facilitate fair price discovery for Holdco shares, which typically trade at significant discounts to their actual book values. Companies like Bombay Burmah Trading Corporation and Kalyani Investment Company witnessed notable gains ahead of the first special session scheduled for October. Analysts believe this initiative could potentially unlock value for savvy investors by bridging the gap between market prices and intrinsic values of Holdcos.

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, made significant decisions during its 53rd meeting held in New Delhi. The Council recommended a uniform GST rate of 12% on all milk cans made from steel, iron, and aluminum, aiming to streamline taxation and reduce disputes. Additionally, it waived interest and penalties on tax demand notices issued under Section 73 for the financial years 2017-18 to 2019-20, provided taxes are paid by March 31, 2025. Services like platform tickets provided by Indian Railways were exempted from GST, offering relief to consumers. Other measures included an extension of the GSTR4 filing deadline to June 30 from FY 2024-25 onwards, enhancements in GSTR1A functionality for rectifications, and prescribed filing limits for appeals to appellate tribunals and courts to reduce litigation. The Council also announced a phased rollout of biometric authentication across India to combat fake invoicing and ensure compliance integrity.

The UN Conference on Trade and Development's (UNCTAD) World Investment Report 2024 highlights a decrease in foreign investment in Africa for 2023, with international project finance deals plummeting by 50% to $64 billion and greenfield project values dropping from $196 billion in 2022 to $175 billion. Despite these declines, project announcements increased by 7%, and the continent attracted a significant share of global greenfield megaprojects, particularly in the clean energy sector. Notable investments included a $34 billion green hydrogen project in Mauritania and a $6.4 billion electric vehicle battery manufacturing facility in Morocco. The report underscores the critical role of foreign direct investment (FDI) in funding essential infrastructure and services, emphasizing sustainable development goals (SDGs). The African Continental Free Trade Agreement Investment Protocol, adopted in 2023, is expected to further boost intra-regional FDI.

The Global Gender Gap Report 2024 has revealed that India ranks lower than neighboring countries such as Bangladesh, Nepal, Sri Lanka, and Bhutan in terms of gender equality. The report highlights India's poor performance in political empowerment, with a significant underrepresentation of women in political leadership roles. In contrast, countries like Bangladesh, Nepal, and Sri Lanka have made strides in political participation, contributing to their higher rankings. The report emphasizes the need for India to implement policies and initiatives that enhance women's political participation and ensure equal opportunities across all sectors to bridge the gender gap effectively.

The Telangana High Court issued a landmark judgment against a taxpayer in the first significant ruling on the General Anti-Avoidance Rule (GAAR) since its introduction on April 1, 2017. The court emphasized that transactions must have commercial substance to avoid being classified as tax avoidance schemes. The taxpayer, Ayodhya Rami Reddy Alla, engaged in transactions involving shares of Ramky Estate and Farms (REFL) that were deemed to lack commercial substance, resulting in a significant short-term capital loss which he offset against long-term gains. The taxpayer argued that the specific anti-avoidance rule (SAAR) should apply instead of GAAR, but the court ruled that GAAR was applicable since the arrangement was designed to avoid taxes without any commercial justification. Experts highlighted the ruling's reinforcement of the need for genuine commercial rationale in transactions to prevent tax avoidance.

In the realm of international trade, disputes are inevitable and traditionally resolved through either lengthy litigation or quicker but sometimes non-binding negotiation. A new hybrid method called 'litigotiation' is gaining traction, blending the strengths of both litigation and negotiation. This approach involves strategic negotiation within the framework of litigation, leveraging the pressure and structure of the legal process to foster sincere and productive negotiations. 'Litigotiation' offers several benefits, such as a clear legal backdrop and motivation for parties to settle before trial, and is increasingly used by businesses and governments to manage complex regulatory issues and multinational disputes. However, it requires skilled professionals and carries the risk of litigation overshadowing negotiation. Despite these challenges, 'litigotiation' is seen as a promising solution for achieving fair and efficient resolutions in the evolving landscape of global trade.

The prevalence of "zombie companies," firms unable to cover interest payments with current earnings, is rising alarmingly due to factors such as the pandemic, rising interest rates, and supply chain disruptions. This surge, highlighted in recent financial reports, has raised concerns among investors and economic analysts about potential insolvencies. Economist Jane Doe from Global Finance Insights emphasizes the threat these companies pose to global financial stability by tying up capital inefficiently. Industry experts suggest targeted interventions like accessible refinancing and strategic economic policies, though a wave of bankruptcies may be inevitable. Stakeholders are urged to remain vigilant and prepared for potential economic fallout from increasing corporate failures.

The Securities Exchange Board of India (Sebi) imposed a fine of Rs 7.75 crore on 11 individuals for their involvement in a 'pump and dump' scheme related to the stock of Svarnim Trade Udyog. This scheme, operated through recommendations shared via Telegram channels, led to inflated stock prices, causing losses to public shareholders. Sebi's actions come as part of its efforts to regulate stock market manipulation activities and financial influencers on social media platforms. Pump and dump schemes involve artificially inflating stock prices through false information, followed by selling at the inflated price, resulting in significant investor losses. Regulators like Sebi are actively working to ban such schemes and protect investors from fraudulent activities in the stock market.

The Reserve Bank of India (RBI) is set to modernise the Guidelines for Export and Import of Goods and Services under the Foreign Exchange Management Act (FEMA), 1999, in response to evolving international trade dynamics. RBI Governor Shaktikanta Das announced the forthcoming issuance of draft guidelines for public feedback, aiming to align the regulations with the progressive liberalisation of foreign exchange policies. The objectives include enhancing ease of doing business and providing greater operational flexibility to authorised dealer banks. India's export sector witnessed a significant milestone in FY24, with exports reaching $776.68 billion, showcasing a slight increase from the previous fiscal year. Import statistics also saw adjustments, with a decrease of 5.66% to $675.44 billion in FY24. India's efforts to diversify its export portfolio beyond traditional sectors like iron ore and agriculture are underway, with a focus on expanding into electronics, pharmaceuticals, engineering products, and various food items. The Ministry of Commerce is actively promoting initiatives to introduce new export offerings, including alcohol beverages, prepared meals, confectioneries, and value-added products like jackfruit and bananas.

The Reserve Bank of India (RBI) is grappling with persistent inflationary pressures, hindering early expectations of rate cuts. Despite some moderation in prices, the RBI maintains a CPI inflation projection of 4.5% for the current fiscal year. Governor Shaktikanta Das emphasizes the difficulty in achieving the 4% inflation target, particularly due to stubborn food inflation. Economists anticipate a cautious approach from the RBI, with expectations of a shallow rate cut cycle starting from December 2024. Rising food prices, coupled with global commodity price increases, pose significant challenges to inflation management. The Monetary Policy Committee (MPC) is expected to remain vigilant, prioritizing the assessment of evolving risks before making policy decisions.

The Reserve Bank of India (RBI) recently announced a comprehensive strategic roadmap aimed at modernizing and strengthening India's financial ecosystem. At the heart of this agenda are initiatives to liberalize the capital account, globalize the Indian rupee, and revolutionize the digital payment landscape. These efforts are intended to attract foreign investment, enhance economic growth, and position India as a leader in global finance. Governor of the RBI emphasized the importance of collaboration among stakeholders to realize the vision of a modern and resilient financial system, driving economic prosperity for the nation.

Indian Highways Management Company Limited (IHMCL), under the National Highways Authority of India (NHAI), has announced plans to implement a GNSS-based Electronic Toll Collection (ETC) system to improve toll operations and user experience on National Highways. The initiative invites global companies to express interest in developing robust Toll Charger Software for this system. Initially, a hybrid model integrating both RFID-based and GNSS-based ETC will be deployed, with dedicated GNSS lanes at toll plazas. The system aims to offer barrier-free tolling, distance-based charges, and enhanced efficiency by reducing leakages and checking toll evasion. Interested companies are to submit their interest by July 22, 2024.

SEBI, India's securities regulator, has introduced a comprehensive framework aimed at addressing the proliferation of misinformation and speculative activities in the stock market. The framework includes enhanced surveillance mechanisms, real-time monitoring of social media channels, collaboration with regulatory bodies, and initiatives to raise investor awareness about the risks associated with trading based on unverified information. Market analysts and experts have welcomed SEBI's proactive stance, highlighting its significance in maintaining market integrity and bolstering investor confidence amidst the challenges posed by digital platforms and social media.

The Preston curve, introduced by Samuel H. Preston in 1975, illustrates a noteworthy association between life expectancy and per capita income within countries. Initially, as countries experience economic growth, there is a substantial increase in life expectancy due to improved living standards and healthcare access. However, this correlation diminishes beyond a certain point, highlighting the concept of diminishing returns. The Preston curve's implications extend to various development indicators, including infant mortality, education, and healthcare. Debates persist regarding the causal relationship between economic growth and development outcomes, with some emphasizing public investment in healthcare and technology as crucial factors. Additionally, technological advancements and technology transfers play pivotal roles in shaping development outcomes, particularly in poorer nations.

The inaugural United Nations Global Supply Chain Forum, organized by UNCTAD and the Government of Barbados, addressed escalating disruptions in global supply chains. Over 1,000 participants from around the world, including key figures from small island developing states (SIDS), convened to tackle pressing issues such as climate change and geopolitical tensions. Discussions emphasized the role of ports in maintaining global value chains through advanced technologies and sustainable practices, with Barbados positioned as a model for other SIDS. Key outcomes included the launch of initiatives like the "Manifesto for Intermodal, Low-Carbon, Efficient and Resilient Freight Transport and Logistics" and the UN Trade and Development Trade-and-Transport Dataset, aiming to enhance global trade optimization and support evidence-based policymaking. Future collaborations, including a Memorandum of Understanding with CCPIT and Saudi Arabia hosting the second forum in 2026, aim to further strengthen global supply chains.

Bank employees, under the banner of the All India Bank Employees' Association (AIBEA), have introduced Bank Clinic, a complaint redressal platform aimed at assisting retail customers in navigating their grievances. Through the website Banksclinic.com, customers can register complaints and receive guidance on available remedies within five days. While not directly resolving queries, Bank Clinic provides essential regulatory guidelines to empower customers. Key figures within the banking sector, including CH Venkatachalam and Rajkiran Rai, have lauded the initiative, highlighting its significance in addressing the evolving needs of digital banking customers.