NATIONAL UPDATES:
1. India, ADB sign $200 million
loan agreement for Uttarakhand power system project: The Centre has signed an agreement with the Asian Development
Bank (ADB) for a $200 million loan from the latter to improve the
quality, efficiency, and reliability of power supply in the State of
Uttarakhand. The ADB funding for the project will strengthen power system
infrastructure and help Uttarakhand in achieving its goal of providing 24×7
power to its residents. The project will modernize Dehradun city’s power
network infrastructure by introducing an advanced and climate-resilient
underground cable system comprising 537 km subterranean cables, 354 ring main
units, and 99 compact substations. Additionally, it will enhance the current
power system by installing upstream substations and their associated power
lines that will help meet increasing electricity demand, reduce network
congestion, and improve power distribution reliability in urban and suburban
areas.
INTERNATIONAL UPDATES:
1. Zepto founders top Hurun India’s list of ‘Top 100
under 30: The young entrepreneurs Kaivalya Vohra (21)
and Aadit Palicha (22), founders of the Quick Commerce app Zepto, have
claimed the top spots in the Hurun India Top 100 Under 30 List 2023. The
list showcases 100 entrepreneurs aged 30 and below who have demonstrated
exceptional prowess in their respective fields. Zepto, the brainchild of Vohra
and Palicha, stands out for its commitment to delivering a diverse array of
products within minutes. The app caters to a wide spectrum of consumer needs,
ranging from online groceries and fresh produce to personal care items and
electronics. Earlier this year, the company secured $200 million in funding
which propelled Zepto’s valuation to $1.4 billion, marking it as the first
Indian unicorn of 2023.
2. Shah Rukh Khan tops UK’s 2023 South Asian celebrity
list: Bollywood superstar Shah
Rukh Khan, referred to as the King Khan of the Indian film industry,
has topped a UK list of the ‘Top 50 Asian Celebrities in the World’. The
58-year-old actor, who had double box-office success this year with action
thrillers “Pathaan” and “Jawan”, is currently preparing for the Christmas
release of comedy-drama “Dunki”. Popular actor Alia Bhatt came in
second for her impact in Bollywood and Hollywood and also for being a
strong role model for working mothers. Third-placed Priyanka Chopra Jonas, the
most famous Indian on the planet, has been recognised for her ground-breaking
work on the international stage, including with big-budget series “Citadel”,
Hollywood film “Love Again”, humanitarian work and lighting up the red carpet
globally. Fourth-placed Diljit Dosanjh confirmed his place as the biggest
Punjabi star, with stunning work as an actor and singe.
3. India’s Uma Sekhar elected to Governing Council of
UNIDROIT: In a historic moment for
India, Ms. Uma Sekhar has secured a remarkable victory by garnering
45 out of 59 votes in the initial round of elections for the Governing
Council of the International Institute for the Unification of Private Law
(UNIDROIT) held in Rome, Italy. This win not only signifies Ms. Sekhar’s
individual achievement but also elevates India to a prominent position on the
Governing Council for the term spanning 2024-28. Securing a position on the
Governing Council required a minimum of 21 votes, and Ms Uma Sekhar’s
substantial support of 45 votes underscores the confidence and trust vested in
her capabilities. The Governing Council, comprising 25 positions occupied by
distinguished legal experts, holds a pivotal role in shaping international
legal frameworks.
OTHER UPDATES:
BANKING AND FINANCE
1. SBI signed 70-million-euro LoC with KfW for solar
projects: State Bank of India (SBI) has signed
a 70-million-euro (about Rs 630 crore) Line of Credit (LoC) with German
Development Bank KfW for promoting solar projects in the country. The Line of
Credit (LoC) is specifically tailored to bolster Solar Photovoltaics (PV)
projects in India, aligning with the nation’s commitment to clean and renewable
energy sources. This collaboration between SBI and KfW reflects a shared vision
of promoting sustainable practices and reducing the carbon footprint through
solar initiatives.
2. Reliance Industries partners with DBS Bank for
financing programme: Reliance Industries Limited (RIL) and DBS Bank India have
collaborated to establish a financing programme customized to the
requirements of the compressed biogas project initiated by RIL. The financing
will enable the ecosystem development for vendor partners to aggregate
agri-residue as inputs for the Reliance compressed biogas production plants
across India. The company targets to establish 100 compressed biogas (CBG)
plants in the next five years, consuming 5.5 million tonnes of agro-residue and
organic waste. The move would help in mitigating nearly 2 million tonnes of
carbon emissions and producing 2.5 million tonnes of organic manure annually.
3. IDFC FIRST Bank, LIC Cards, and Mastercard to
co-launch Credit card: IDFC First Bank, LIC Cards, and Mastercard have partnered
to launch an exclusive co-branded credit card to meet the dynamic
financial needs of the country. Available in two variants — LIC Classic and LIC
Select — the credit cards will let more than 27 crore policyholders across the
country save in the form of reward points on every LIC insurance premium
payment. It will also come with other benefits, including up to Rs 50,000 cover
for lost card liability and a personal accident insurance cover of up to Rs 5
lakh. The new partnership will create synergy by collaborating Brand LIC which
signifies ‘Trust’ and IDFC First Bank which represents new age “Customer
Centricity”
4. ADB raises India FY24 growth forecast to 6.7%: Asian Development Bank (ADB) has
raised India’s growth forecast from 6.3 % to 6.7% for the Financial Year
2023-24 (FY24). ADB’s growth forecast for FY25 is unchanged at 6.7 percent. Fixed
investments – driven by increased capital spending by the central and state
governments – will compensate for lower growth in private consumption
expenditure and weaker-than-expected exports in FY24. ADB kept its earlier
forecasts on Indian inflation unchanged 5.5 percent in FY24. Similarly, Morgan
Stanley predicted the Indian economy to grow by 6.9 percent in the current
fiscal year and Kotak Mahindra Bank revised its estimate to 6.8 percent. The
two had projected the economy to grow 6.4 percent and 6.2 percent,
respectively.
AWARDS AND HONOURS
1. BBG Foundation becomes winner of Telangana Business
Awards: In recognition of its outstanding commitment to
empowering girls through education, BBG Foundation has been honored with the prestigious title
of Best Girl Child Empowerment
Program Initiative of the Year.
The
award was presented by Telangana Business Awards (TBA), a distinguished
platform dedicated to recognizing excellence in various sectors. Telangana
Business Awards serves as a beacon for enhancing productivity and quality in
companies, entrepreneurs, and service providers, acknowledging their remarkable
achievements and performance in their respective fields. The awards aim to
promote business excellence by providing a structured framework for assessment.
BBG Bangaaru Thalli, a non-profit organization founded in 2019 by Mallikarjuna
Reddy and a team of dedicated experts, is dedicated to revolutionizing girls’
education in rural and educationally disadvantaged areas of India.
2. Ali Abu Awwad and Daniel Barenboim won Indira Gandhi
Peace Prize: The
Indira Gandhi Prize for Peace, Disarmament, and Development for 2023 has been jointly awarded to Daniel Barenboim and Ali Abu Awwad for their efforts in
bringing together the youth and peoples of Israel and the Arab World for a
non-violent resolution of the Israel-Palestine conflict. The International Jury
of the Indira Gandhi Prize for Peace was chaired by former CJI T.S. Barenboim
and Mr. Awwad have fostered meaningful, mutual social, and cultural
understanding, and peaceful public cooperation via the tools of music, dialogue
and people’s participation.
3. Federal Bank as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards: International Finance Corporation (IFC), a World Bank Group has recognized Federal Bank as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting. Out of the 258 financial institutions globally participating in climate reporting through the CAFI tool, Federal Bank emerged as a standout performer. Federal Bank secured two positions on the global stage i.e. Highest Climate Loan Amount Reported and Most GHG Mitigated category. Furthermore, in the South Asian region, Federal Bank clinched four prestigious recognitions in the following categories:
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