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Russia and Ukraine Agree to Further Extend the Black Sea Grain Deal
This November, Russia, and Ukraine have agreed to extend an UN-brokered grain export deal for
another 120 days, officials announced. World leaders praised the breakthrough for helping “avoid
global food shortages” at a crucial time.
What Has Been Said:
Ukrainian Infrastructure Minister Oleksandr Kubrakov said that the Black Sea grain deal between
Ukraine and Russia will be extended for another 120 days.
He said continuing the grain export agreement brokered by Turkey with the UN was “another
important step in the global fight against the food crisis.”
Russia’s Foreign Ministry also confirmed that the deal would be extended “without changes in terms
of scope” to the current agreement.
What The UN Says:
UN Secretary-General Antonio Guterres welcomed the agreement “by all parties to continue the Black
Sea Grain Initiative to facilitate the safe navigation of export of grain, foodstuffs, and fertilizers from
Ukraine.”
Guterres also emphasized the necessity to remove remaining obstacles to exporting food and fertilizer
from Russia. “Both agreements signed in Istanbul three months ago are essential to bring down the
prices of food and fertilizer and avoid a global food crisis,” Guterres said.
The Risk Of The Deal:
Moscow and Kyiv had agreed to allow Ukrainian foodstuff exports via the Black Sea in a move to ease
a global food crisis. The agreement allowed ships to travel without being attacked on specific routes
from Ukraine to the Bosporus.
The agreement is crucial in securing food supplies for developing countries in Africa and the Middle
East. Ukraine is a major global exporter of wheat, along with Russia. Grain exports were renewed
after a hiatus of over four months caused by Russia’s invasion of Ukraine.
Turkish Role:

The deal between the two warring sides, brokered in July by Turkey and the UN, has seen more than
11 million tonnes of agricultural products shipped from three of Ukraine’s Black Sea ports, including
4.5 million tonnes of corn and 3.2 million tonnes of wheat.
The extension was less than the one year sought by the UN and Ukraine. But Turkish President
Recep Tayyip Erdogan welcomed Russia and Ukraine’s consensus on continuing the deal. “The
significance and benefits of this agreement for the food supply and security of the world have become
evident,” Erdogan said.

Russia: Top oil supplier to India
Surpassing traditional suppliers Saudi Arabia and Iraq, Russia emerged as the top oil supplier to India
in October. This comes amid an ongoing war between Russia and Ukraine that has also seen many
Western nations issue sanctions against Russian Federation.
About The Trend:
The data shows that Russia, which made up for just 0.2 percent of all oil imported by India in the year
to March 31, 2022, supplied 935,556 barrels per day (BPD) of crude oil to India in October — the
highest ever. Russia now supplies almost 22% of India’s total crude imports, ahead of Iraq’s 20.5
percent and Saudi Arabia’s 16 percent.
About The Time-Line:
India’s appetite for Russian oil swelled ever since it started trading on discount as the West shunned it
to punish Moscow for its invasion of Ukraine.
India imported just 36,255 barrels per day of crude oil from Russia in December 2021 as compared to
1.05 million BPD from Iraq and 952,625 BPD from Saudi Arabia. There were no imports from Russia
in the following two months but they resumed in March, soon after the Ukraine war broke out in late
February. India imported 68,600 BPD of Russian oil in March while it increased to 266,617 BPD in the
following month and peaked at 942,694 BPD in June. But in June, Iraq was India’s top supplier with
1.04 million BPD of oil. Russia in that month became India’s second biggest supplier.
Imports dipped marginally in the following two months. They stood at 876,396 BPD in September
before rising to 835,556 BPD in October.
Other Peers Place:
Iraq slipped to the No.2 slot with 888,079 BPD of supplies in October, followed by Saudi Arabia at
746,947 BPD.
What Is The Govt Instance:
The Indian government has been vehemently defending its trade with Russia, saying it has to source
oil from where it is cheapest. On being asked if India faces a moral conflict due to imports from
Russia amid the latter’s conflict with Ukraine, he had stated: “Absolutely none. There is no moral
conflict. We don’t buy from X or Y. We buy whatever is available. The government does not buy, it’s
the oil companies that do the buying.”

India has also remained non-committal on a plan proposed by the G7 group of nations (UK, US,
Canada, France, Germany, Italy and Japan) to cap the price of oil purchased from Russia as a means
of limiting Moscow’s revenue.

IMF to Provide a $4.5 bn Loan for Bangladesh to Combat Economic Crisis
The International Monetary Fund (IMF) provisionally agreed to a $4.5-billion support program for
Bangladesh, with the country’s finance minister saying the deal would help prevent economic
instability from escalating into a crisis.
Current Economic Situation Of Bangladesh:
Bangladesh’s $416-billion economy has been one of the world’s fastest-growing economies for years.
But rising energy and food prices, sparked by Russia’s invasion of Ukraine, along with shrinking
foreign exchange reserves, have swelled its import bill and current account deficit.
It became the third South Asian nation to secure a “staff-level agreement” with the IMF for loans this
year, after Pakistan and Sri Lanka.
Why The Crisis Situation:
Bangladesh’s economic mainstay is the export-oriented garment industry, which is bracing for a
slowdown as big customers like Walmart are saddled with excess stocks as inflation forces people to
prioritize their spending.
The country’s foreign exchange reserves had dwindled to $35.74 billion by Nov. 2 from $46.49 billion
a year ago, central bank data showed.
What Has Been Said:
“The heat of the global economy has affected our economy to some extent,” Finance Minister A.H.M.
Mustafa Kamal told reporters after the IMF announcement. “We requested the IMF loan as a
precautionary measure to ensure that this instability does not escalate into a crisis.”
The Fund said a “staff-level agreement” had been reached for a 42-month arrangement, including
about $3.2 billion from its Extended Credit Facility (ECF) and Extended Fund Facility (EFF), plus
about $1.3 billion from its new Resilience and Sustainability Facility (RSF).

“The objectives of Bangladesh’s new Fund-supported program are to preserve macroeconomic
stability and support strong, inclusive, and green growth, while protecting the vulnerable,” the lender
said in a statement.
About IMF:
The International Monetary Fund (IMF) is an organization of 190 member countries, each of which
has representation on the IMF’s executive board in proportion to its financial importance so that the
most powerful countries in the global economy have the most voting power.
History of IMF:
The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New
Hampshire, United States, in July 1944.
The 44 countries at that conference sought to build a framework for economic cooperation to avoid a
repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s.
Countries were not eligible for membership in the International Bank for Reconstruction and
Development (IBRD) unless they were members of the IMF.
IMF, as per the Bretton Woods agreement to encourage international financial cooperation,
introduced a system of convertible currencies at fixed exchange rates and replaced gold with the U.S.
dollar (gold at $35 per ounce) for official reserve.
After the Bretton Woods system (system of fixed exchange rates) collapsed in 1971, the IMF
promoted the system of floating exchange rates. Countries are free to choose their exchange
arrangement, meaning that market forces determine the value of currencies relative to one another.
This system continues to be in place today.

India Fastest Growing Market for Microsoft-Owned LinkedIn
India has become LinkedIn’s fastest-growing market as more companies and advertisers come online,
with sales in the country rising at a 50% year-on-year clip. LinkedIn is a “Microsoft” owned business
networking service company.
What Has Been Said:
“What’s going to happen in the next 10 years in India is being written right now,” Roslansky, CEO,
said. The business networking service owned by Microsoft Corp. is looking abroad for new growth
opportunities as the worsening economic climate weighs on its US home market. He said LinkedIn
has paused hiring to prepare for tougher conditions.
The majority of LinkedIn’s growth is happening outside of the United States, he said, adding that new
members are joining the networking site in markets such as India, Indonesia, and Western Europe.
China’s Crackdown:
In 2021, several individuals had their profiles blocked or posts removed from the China version of
LinkedIn since May as the nation’s domestic internet firm crackdown gained steam. LinkedIn accepted
Chinese censorship when it entered China in 2014. Shortly after, LinkedIn announced pausing new
member sign-ups as the platform to ensure local law compliance.
Slowdown In the US:
The business networking service explored overseas for new growth opportunities as the worsening
economic climate weighs on its U.S. home market. Roslansky said LinkedIn has paused hiring to
prepare for more challenging conditions.

Amazon becomes the First Company in History to Lose $1 Trillion Market Cap
Amazon.com Inc. is the world’s first public company to lose a trillion dollars in market value as a
combination of rising inflation, tightening monetary policies and disappointing earnings updates
triggered a historic selloff in the stock this year.
More About The Sell-Off:
Shares in the e-commerce and cloud company fell 4.3%, pushing its market value to about $879
billion from a record close at $1.88 trillion on July 2021. The stock has lost around 48% of its value
this year alone and is a far cry from July 2021 when the company’s market cap almost touched $1.9
trillion. Amazon’s market value fell below the $1 trillion mark on November 1, days after the company
posted mixed third-quarter earnings and projected the company’s slowest fourth-quarter growth ever.
Across US Tech Firms:
It’s not just Amazon that’s bleeding money, the top five US tech companies by revenue have already
lost nearly $4 trillion in market value so far this year, thanks to rising inflation and macroeconomic
headwinds. Amazon and Microsoft Corp. were neck-and-neck in the race to breach the unwelcome
milestone, with the Windows software maker close behind after having lost $889 billion from a
November 2021 peak.
E-Commerce Slowdown:
The world’s largest online retailer has spent this year adjusting to a sharp slowdown in e-commerce
growth as shoppers resumed pre-pandemic habits. Its shares have fallen almost 50% amid slowing
sales, soaring costs, and a jump in interest rates. Since the start of the year, co-founder Jeff Bezos
has seen his fortune dwindle by about $83 billion to $109 billion.
Recently, Amazon projected the slowest revenue growth for a holiday quarter in the company’s history
as shoppers reduce their spending in the face of economic uncertainty. That sent its market value
below $1 trillion for the first time since the pandemic-fueled rally in tech stocks more than two years
ago.

No Charge for RuPay credit card use on UPI for transactions up to Rs 2,000:
NPCI
The National Payments Corporation of India (NPCI) has said there will be no charge for RuPay credit
card use on Unified Payments Interface (UPI) for transactions up to ₹2,000. RuPay credit card has
been operational for the last four years, and all major banks are enabled and are issuing incremental
cards for both commercial and retail segments.
About The Recent Changes:
RBI has approved the linking of RuPay Credit Cards to UPI, which will provide a seamless, digitally
enabled credit card lifecycle experience for customers. Customers will benefit from the ease and the
increased opportunity to use their credit cards. Merchants will benefit from the increase in
consumption by being part of the credit ecosystem with acceptance of credit cards using asset lite QR
codes. Credit cards can now be linked to a Virtual Payment Address (VPA) i.e., UPI ID (credit card
number cannot be part of this), thus directly enabling safe, and secure payment transactions.
What The NPCI Said:
“During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall
include and be construed as customer consent for credit card enablement for all types of
transactions,” a recent NPCI circular said. For international transaction enablement, the existing
process from the app will apply to credit cards too, the circular dated October 4 said.
Nil Merchant Discount Rate (MDR) would apply for this category up to the transaction amount less
than and equal to ₹2,000, it noted. Nil MDR (no interchange, PSP & app provider charges) shall apply
for this category up to the transaction amount less than and equal to ₹2,000, said the circular.
Merchant Discount Rate (MDR) is the cost paid by a merchant to a bank for accepting payment from
their customers via credit or debit cards every time a card is used for payments in their stores.
Credit Card Linking:
Reserve Bank of India (RBI) Governor Shaktikanta Das on 21 September launched the Rupay credit
card on Unified Payments Interface (UPI) network, a move that experts believe has the potential to
expand the market for credit by almost five times. Currently, Union Bank, Punjab National Bank, and
Canara Bank are issuing credit cards.

To enable the linking of credit cards on UPI, the ecosystem will have to enhance its tech platforms.
While the issuers will enable the linking of credit card accounts at the customer’s end, the acquirers
will enable the acceptance of linked credit cards at the merchant’s end. The initial phase of
operationalization will provide learnings and critical inputs, that can be used to fine-tune the
proposition in later phases to scale up the usage, the circular said.

1st SemiconIndia Future Design roadshow launched by Rajeev Chandrasekhar
1st SemiconIndia Future Design roadshow launched: Rajeev Chandrasekhar, state minister for
electronics and IT for the Union, officially kicked off the first SemiconIndia FutureDesign roadshow in
Gujarat. Speaking at the event, Chandrasekhar stated that the roadshows were organized with the
intention of encouraging startups, next-generation innovators, and business titans to invest in
semiconductor design.
1st SemiconIndia Future Design roadshow launched: Key Points
As envisioned by Prime Minister Narendra Modi, it will contribute to the development of a strong
semiconductor ecosystem in the nation.
At the occasion, the minister also unveiled the ISRO-tested and approved NavIC Receiver Chipsets.
They are prepared for commercial market deployment.
The government wants to get as many young Indians interested in and involved in the Semicon India
trip by bringing the program to every student and every campus.

Fintech platform PhonePe launches its first green data center in India
PhonePe, a homegrown fintech platform, announced the launch of its first green data center in India,
leveraging technologies and solutions from Dell Technologies and NTT. The facility opens up new
opportunities in data management for PhonePe, with efficient data security, power efficiency, ease of
operations, and cloud solutions. The center will also help the company to build sustainable and
efficient infrastructure to scale its operations across the country further seamlessly.
What is Green Data Center?
The Green Data Center is set to open up new opportunities in data management for PhonePe, with
efficient data security, power efficiency, ease of operations, and cloud solutions. The center will also
help the company to build sustainable and efficient infrastructure to further seamlessly scale its
operations across the country.
This 4.8-megawatt facility, which occupies 13740 sqft at Mahape, Navi Mumbai, is built and designed
with advanced alternative cooling technologies like Direct Contact Liquid Cooling (DCLC) and Liquid
Immersion Cooling (LIC). The data center’s Dell PowerEdge servers will provide exceptional
performance, simplified management, and intelligent automation while using less energy.
Green data centers are the future of sustainable digital transformation. This deployment is an exciting
showcase for the possibilities of new alternative cooling technologies that can help optimize power
consumption in a data center.

India fines Google Rs.1337 crore for abusing its dominant position
India fines Google Rs.1337 crore: The nation’s competition watchdog has fined Google, a subsidiary
of Alphabet Inc., Rs 1,337 crore for engaging in anti-competitive behavior with regard to Android
mobile devices. Google was penalized by India’s Competition Commission (CCI) for “abusing its
dominant position in numerous regions within the Android mobile device ecosystem.”
India fines Google Rs.1337 crore: Key Points
The decision to fine Google for alleged anti-competitive practices were described as “a major setback
for Indian consumers and businesses” by Google.
Google company said it would review the decision to determine its next course of action.
The Android OS (operating system) is run and managed by Google, and the company also grants
licenses for its other proprietary programs. In their mobile devices, OEMs (original equipment
manufacturers) employ this OS and Google’s apps.
An operating system (OS) is required for running programs and applications on smart mobile devices.
One of these mobile operating systems that Google purchased in 2005 is Android.
The panel looked at Google’s licensing policies for the Android mobile operating system and a
number of its own, exclusive mobile applications, including Play Store, Google Search, Google
Chrome, YouTube, etc.
The commission identified five relevant markets in the current case to serve this purpose. There was
a market in India for licensable mobile operating systems for smart devices, an app store for Android
mobile operating systems, general web search services, non-OS specific mobile web browsers, and
an online video hosting platform (OVHP).
India fines Google Rs.1337 crore: Google’s Response
Google complained about the Apple-related competitive pressures during the investigation. The
contrasts in the two business models, which have an impact on the underlying motivations of business
actions, were underlined by the Commission in connection to understanding the level of competition
between Google’s Android environment and Apple’s iOS ecosystem.

The core of Apple’s business is a vertically integrated smart device ecosystem that prioritizes the
selling of high-end smart devices with cutting-edge software.
However, it was discovered that Google’s business is ultimately motivated by the need to attract more
people to its platforms so that they can interact with its revenue-generating service, online search,
which has a direct impact on the company’s ability to sell online advertising services.
The commission determined that there is no substitutability between Google’s Play Store and Apple’s
App Store after looking at it from the perspectives of all three demand components for the Android OS
and iOS platforms.
The commission also stated that although there may be some competition between the two mobile
ecosystems, namely Apple and Android, it is limited when determining which smartphone to purchase.
The Commission was of the considered opinion at that time as well that the hardware specifications
and pricing of the gadget were the main and most important factors in a user’s decision. Google was
determined by the Commission to be dominant based on its evaluation.

Elon Musk Fires Twitter CEO Parag Agrawal, “Escorted Out” an Executive
Elon Musk Fires Twitter CEO Parag Agrawal: Elon Musk finally completed his $44 billion acquisition of
Twitter Inc., after six months of a public and legal battle over the purchase. Placing the world’s richest
man in charge of the faltering social network. One of Musk’s first actions was to replace the
leadership.
Elon Musk Fires Twitter CEO Parag Agrawal: Key Points
Redundancies include Twitter CEO Parag Agrawal, director of legal, policy, and trust Vijaya Gadde,
chief financial officer Ned Segal, who joined Twitter in 2017, and general counsel Sean Edgett, who
has served as Twitter’s general counsel since 2012. According to two of the people who requested
anonymity because the details are private, Edgett was led out of the building.
Long before Musk took over, it was obvious that Agrawal probably wouldn’t stay in command.
Twitter will now be a private corporation and shareholders will receive $54.20 per share.
The conclusion brings to an end a complicated process that started in January with Elon Musk quietly
building up a sizable investment in the business, his mounting displeasure with the way it’s handled,
and an eventual merger agreement that he later spent months trying to undo.
On October 4, Musk decided to move forward with the terms he had first suggested, and a Delaware
Chancery Court judge granted the two parties until October 28 to complete the transaction.
Elon Musk, who also serves as CEO of SpaceX and Tesla Inc., also has the power of Twitter, which
he frequently uses but openly criticizes and which he has promised to fundamentally alter.
Shares of the company are not anticipated to trade on the New York Stock Exchange anymore.
Elon Musk: Overview of the Twitter
Many of Musk’s suggestions for changing the company are incompatible with the way it has been
conducted for years, the company’s operations will immediately become disrupted by his ownership.

Musk has stated that he wants to protect “free speech” on social network, which probably entails
lowering the standards for content moderation.
Elon Musk also plans to reinstate some well-known accounts that were suspended from Twitter for
breaking the rules, including the account of former US President Donald Trump.
Musk’s activities pose a threat to reverse years of Twitter’s attempts to curtail bullying and
harassment on the social media site.
Elon Musk: Twitter Acquisition
The twitter acquisition was announced in April, Twitter staff have been preparing for layoffs, and Musk
mentioned the concept of cost reductions to banking partners when he was initially raising money for
the deal.
Musk informed some prospective investors that he expects to double Twitter’s income within three
years and plans to reduce 75% of the company’s personnel, which currently numbers approximately
7,500.
Elon Musk visited Twitter’s headquarters on Wednesday, he told employees that he did not intend to
fire 75% of the workforce after taking over the firm.
Twitter froze the accounts for employees who received stock incentives.
Who is Parag Agrawal?
Parag Agrawal is an Indian-American software developer once held the position of CEO of Twitter,
Inc.
On October 27, 2022, he was let go after Elon Musk bought the company.
Elon Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of legal and policy Vijaya
Gadde.
Elon Musk claimed that they had misled him and Twitter’s investors over the prevalence of phony
accounts on the social media site.

CASHe tie-up with IRCTC to launch ‘travel now pay later’ facility
AI-driven financial wellness platform, CASHe, announced that it has partnered with the Indian
Railways Catering and Tourism Corporation (IRCTC), to provide a “travel now pay later” (TNPL)
payment option on its travel app, IRCTC Rail Connect. This will enable travelers of Indian Railways to
book their rail tickets instantly and pay for them later in pocket-friendly EMIs, ranging from three to six
months. With CASHe’s payment option, booking and paying for rail tickets on the IRCTC travel app
will now be easier and hassle-free for millions of Indian Railway passengers.
Benefits of the partnership:
The EMI payment option will be available on the IRCTC travel app’s checkout page for passengers
booking their reserved and tatkal tickets. CASHe’s TNPL EMI payment option offers a seamless user
experience by automatically qualifying all users to avail of the TNPL facility without any
documentation.
The IRCTC travel app has over 90 million downloads and powers over 1.5 million railway ticket
bookings per day. This partnership will also tremendously aid CASHe to reach out to the millions of
IRCTC’s customers and provide them with a never-before and convenient option to travel now and
pay for their rail tickets later in easy EMIs.
The travel now and pay later as the segment has seen remarkable growth and the message from the
travellers is clear – they want the choice to pay for their trips in instalments. With CASHe’s travel now
pay later, we will significantly enhance the payment convenience and flexibility for IRCTC’s customers
at checkout, thereby improving customer experience.”
About CASHe:
CASHe’s unique proposition lies in its proprietary AI-based algorithm platform – Social Loan Quotient
(SLQ). SLQ assesses the risk of a borrower based on the user’s social and mobile data footprints
thereby providing credit to those that don’t qualify for credit from conventional lending. Besides
offering faster credit decisions, SLQ has enabled CASHe to seamlessly capture untapped markets
among the financially excluded sections of society. Its affordable interest rates, instant processing,
and flexible repayment options makes it India’s most preferred digital credit platform.


Chinese Economy Is In Serious Trouble, A Sluggish Growth trend
The world’s second-biggest economy is grappling with the impact of severe drought, and its vast real
estate sector is suffering the consequences of running up too much debt. Business and consumer
activity in the world’s second-largest economy have been stymied by Beijing’s zero-COVID policy that
sparked monthslong lockdowns on workers in dozens of cities, forcing many businesses to shut.
Chinese leaders are loathe to reverse the draconian policy now, for fear of unleashing a bigger crisis.
Near Term Projections:
As growth in major global economies slows as a result of high inflation, exacerbated by the Ukraine
war, many economists are hoping that China will again come to the world’s rescue. But this is not
2008, when China’s then rapidly expanding economy and a huge stimulus unleashed by the Beijing
government, helped Western countries to recover much faster from the financial crisis. This time,
China’s economic woes run deep. The government has all but given up on this year’s target of 5.5%
GDP growth and Premier Li Keqiang warned last month there was little appetite right now for more
expansionary policymaking.
Harsh Covid Policy:
Nationwide, at least 74 cities had been closed off since late August, affecting more than 313 million
residents. Goldman Sachs last week estimated that cities impacted by lockdowns account for 35% of
China’s gross domestic product (GDP). China has effectively not lived with COVID like the rest of the
world. So there would be economic chaos if the virus were suddenly to rip through the country. Worse
still, the recent government crackdown on the debts of property developers sparked a real estate
crash that forced one of the country’s largest builders, China Evergrande, to the edge of bankruptcy.
Chinese homebuyers have stopped paying mortgages on unfinished apartments, bank loans for
property purchases have fallen for the first time in a decade and the amount of residential floor space
— a measure of new construction activity — dropped by nearly half in the second quarter.
Real-Estate Crash:
The property crash is the bigger problem, compared with the zero-COVID policy,” said Craig Botham,
China expert at the research house Pantheon Macroeconomics. “The economy has shown it can
recover quickly from lockdowns, but the damage from falling asset prices in a sector worth 30% of
GDP is far more pernicious. Households, banks, and local governments all have damaged balance
sheets. While refusing to unleash more monetary stimulus until inflation and the pandemic are under
control, China’s central bank this week slashed interest rates, after industrial production and retail
sales grew lower than expected and oil demand fell 10% year on year in July.

Conflicting Monetary Policy:
China cuts while the world hikes rates:
“It’s the opposite of what’s happening everywhere else in the world where countries are ratcheting up
their rates,”. “China has the opposite problems that we have in the United States and Europe,” adding
that Chinese consumers are afraid to spend for fear of being sent into quarantine with no income.
Botham said the latest rate cuts were unlikely to make much difference to economic growth for two
reasons. “One is that they will only immediately impact bank funding costs, with no requirement to
pass them through to the real economy. The second, and more important, is that loan demand has
fallen off a cliff. I suspect the PBoC [People’s Bank of China] felt like it had to do something, even
though it knows whatever it does will have minimal impact,” he added.
Classic Demand Problem:
Pressure is already building on China’s leaders after a state-backed newspaper called this week in a
front-page report for new pro-growth policies. Citing Wen Bin, chief economist at China Minsheng
Bank, said Beijing should use more stimulus to boost demand. The paper also called for more
industrial policies and measures for the real-estate market which it said would drive a recovery in
production and consumption.
Resistance to a fresh stimulus could ease in the next few months as President Xi Jinping seeks re-
election as Chinese leader by the 20th National Congress of the Chinese Communist Party. The
summit, which is due in November is likely to approve Xi’s third term.
Unlike 2008, when China’s 4 trillion yuan ($586 billion, €579 billion) monetary stimulus helped to
stabilize the global economy, the impact of any future expansionary policies by Beijing is likely to be
limited for the West. But he said they could help to ease the cost-of-living crisis that was hurting
growth in the West.

5G Launch: PM Modi says rollout of 5G a gift to 130 billion Indians
5G Launch: The nation’s 5G services were officially inaugurated by Prime Minister Narendra Modi on
October 1st, 2022, ushering in a period of ultra-high-speed mobile internet, according to a statement
from the Prime Minister’s Office. The sixth iteration of the India Mobile Congress was also launched
by PM Modi.
5G Launch by PM Modi: Key Points
Speaking to the crowd, PM Modi stated that the government and the country’s telecom industry are
giving 130 crore Indians a fantastic present in the shape of 5G.
A new era in the nation is ringing in with the arrival of 5G. A limitless sky of options will open up with
5G.
The PM continued by saying that the New India will actively participate in the creation and use of
technology rather than simply becoming a consumer of it.
Future wireless technology design and related production will be heavily influenced by India.
5G has Potential to Change lives: PM
According to the prime minister, the usage of 5G technology will go beyond providing quick internet
access and has the potential to alter lives. In order to fully utilise this new technology, PM Modi
advised the executives of the telecom industry association to visit the nation’s universities and high
schools. A supportive ecosystem for MSMEs to prepare replacement parts for electronic
manufacturing was another thing he encouraged them to do.
5G Launch by PM Modi: 4 Pillars of Digital India
The prime minister explained that India concentrated on 4 Pillars, in four directions at once,
emphasising the necessity for a comprehensive approach to Digital India.
The cost of the gadget/Device
Digital connectivity

Cost of data,
And the most crucial
The notion of “digital first”
According to the prime minister, the usage of 5G technology will go beyond providing quick internet
access and has the potential to alter lives

India’s first Green Technology incubation facility opened at NIT Srinagar
India’s first Green Technology incubation facility: At the National Institute of Technology (NIT)
Srinagar, a technology company incubator centred on green technology (Green Technology
incubation facility) called the “Greenovator Incubation Foundation” will soon open. The Department of
Science and Technology (DST) is supporting a three-year initiative known as Inclusive TBI (i-TBI) for
educational institutions, idea generators, innovators, and entrepreneurs to support innovative ideas,
startup initiatives, and promote self-employment and job creation through incubation.
India’s first Green Technology incubation facility: Key Points
All of the money required to establish the Green Technology incubation facility centre will be provided
by the Department of Science and Technology. Startups will have access to the co-working space,
which includes conference spaces, a prototype lab, and other amenities.
In addition to office space, financial support in the form of seed money would be provided on an
individual basis with equity in accordance with DST criteria.
Saad Parvez, the center’s CEO, described the forthcoming centre as the first of its type in the area
and claimed that it would foster ideas that would lead to entrepreneurship and self-employment.
Saad Parvez continued by saying that this will be India’s first green technology incubation centre.
Aside from the softer aspects of GreenTech that fit with the theme of the valley, the proposed
incubator would address some of the issues that have the potential to alter the socioeconomic
standing of the valley and produce innovations that could be applied to other markets, increasing the
likelihood of interstate trade and commerce.
AgriTech, EnviroTech, and AlterTech are some of the key topics on which the centre will concentrate.

Rishi Sunak, Youngest UK PM in two centuries, takes office
Rishi Sunak to take Oath as PM of UK: Rishi Sunak will be named as the PM of UK, and he will be the
first British Prime Minister of Indian descent. In a remarkable shift of power during an economic crisis.
In the midst of a “deep economic dilemma,” the future prime minister of the UK, Rishi Sunak, has
called for cooperation.
Rishi Sunak to take Oath as PM of UK: Key Points
Due to Penny Mordaunt’s inability to garner enough support from MPs, he won the race for the
Conservative Party leadership.
Rishi Sunak declared that uniting his party and the UK would be his utmost priority in his opening
statement.
Rishi Sunak, 42, is the first British Asian prime minister since more than 200 years and will also be the
youngest.
He succeeds Liz Truss, who resigned last week barely 45 days into her turbulent premiership.
Rishi Sunak Youngest UK PM: Highlights
The departing prime minister will speak outside No. 10 after presiding over her final cabinet meeting
at 9:00 BST before making her way to Buckingham Palace for her final visit with the King.
After that, Mr. Rishi Sunak will have his first meeting with the king, at which he will be given the
opportunity to establish a government.
Rishi Sunak took over as Conservative Party leader after his old employer Boris Johnson cancelled
his attempt to make a comeback and his competitor Penny Mordaunt was unable to win enough
support from Conservative MPs.
Sunak will be the nation’s youngest prime minister in more than 200 years.

He succeeds Liz Truss, who had to resign in disgrace when her tax-cutting schemes failed within two
months.
Even before Truss’s tax-cutting budget sent shockwaves through the market and caused the pound to
plummet, the economy he inherited was on the verge of entering a recession.
After being forced to resign as Prime Minister in part because Mr. Rishi Sunak resigned as
Chancellor, Boris Johnson may not be given a position in his cabinet.
The parents of Mr. Rishi Sunak are of Indian descent and arrived in the UK in the 1960s via East
Africa.
He is wed to Akshata Murty, who is the daughter of Infosys founder Narayana Murthy.

IMF To Extend 2.9 Billion $ To Sri Lanka
Bankrupt Sri Lanka agreed a conditional $2.9 billion bailout with International Monetary Fund
negotiators, as the island nation seeks to overcome a bruising economic crisis that saw its president
flee the country. Months of acute food, fuel and medicine shortages, extended blackouts and runaway
inflation have plagued the country after it ran out of dollars to finance even the most essential imports.
Why It Is Important:
The Extended Fund Facility will support Sri Lanka’s program to restore macroeconomic stability and
debt sustainability, the IMF said in a statement Thursday. The 48-month program will be subject to
approval by IMF management and the board. The South Asian nation is grappling with its worst
economic crisis since independence alongside a political turmoil that led to the formation of a new
government. Dwindling foreign-exchange reserves, crippling shortages of essential items and Asia’s
fastest inflation have hammered the $81 billion economy.
What The IMF Said:
At a briefing in Colombo, IMF officials stressed the importance of moving swiftly on debt restructuring
to obtain final loan approval. IMF’s senior mission chief Peter Breuer said a timeline for the loan
disbursement would be difficult to ascertain. He also reinforced the need for urgent, short-term
support for Sri Lanka to avert a humanitarian crisis. Sri Lanka is working with financial and legal
advisers on a debt restructuring strategy and intends to make a presentation to the creditors in the
next few weeks, the finance ministry said in a separate statement. The meetings aim to provide
updates on macroeconomic developments, main areas of the reform package agreed with the IMF
and the next steps on debt restructuring, it said.
KEY ELEMENTS OF THE PROGRAM ARE:
Sri Lanka must implement major tax reforms including making personal income tax more progressive
while broadening tax base for corporate income tax and VAT to meet a primary surplus of 2.3% of
GDP by 2025
Introduce cost-recovery based pricing for fuel and electricity to minimize fiscal risks arising from state-
owned enterprises
Mitigate the impact of the current crisis on the poor by raising social spending

Rebuild foreign reserves through restoring a market-determined and flexible exchange rate
Restore price stability through data-driven monetary policy action, fiscal consolidation, phasing out
monetary financing
Safeguard financial stability by ensuring a healthy and adequately capitalized banking system
Reduce corruption vulnerabilities by improving fiscal transparency and public financial management.
Sri Lanka’s Approach:
Ahead of the IMF pact, Sri Lanka increased the value-added tax to 15% from 12% starting Sept. 1
and unveiled plans earlier this week to boost revenue to 15% of gross domestic product by 2025,
reduce debt-to-GDP ratio to 100%, hit a 5% economic growth over the medium term and cool inflation
that has accelerated above 60% to below 10%. The CSE All Share index jumped 2%, up for a third
straight day, while Sri Lanka’s 7.55% 2030 dollar bond dropped 0.7 cents to 31.3 cents on the dollar
after gaining 2 cents on the dollar. Apart from the IMF, Sri Lanka is tapping India, Japan and China for
bridge financing. The country would need an agreement among its official creditors before it
approaches the bond holders, Wickremesinghe had said.

G-7 Countries Agrees To Price Cap System For Russian Oil
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow’s ability
to finance the war in Ukraine. The cap on crude oil and petroleum products would also help reduce
global energy prices. The cap will be set at a level based on a range of technical inputs. “We will
continue to stand with Ukraine for as long as it takes,” the G7 said. Russia said it would stop selling oil
to countries that imposed price caps. “Companies that impose a price cap will not be among the
recipients of Russian oil,” Kremlin spokesman Dmitry Peskov said. The G7 (Group of Seven) consists
of the UK, US, Canada, France, Germany, Italy and Japan. The group is an organisation of the
world’s seven largest “advanced” economies, which dominate global trade and the international
financial system.
The G-7 Approach:
The introduction of a price cap on Russian oil means countries that sign up to the policy will only be
permitted to purchase Russian oil and petroleum products transported via sea that are sold at or
below the price cap. In the aftermath of Russia’s invasion of Ukraine the price of oil soared and has
remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its
export volumes falling. The EU plans to impose an embargo on Russian crude oil from 5 December. It
will apply to crude shipped by tanker and most piped supplies. “We confirm our joint political intention
to finalize and implement a comprehensive prohibition of services which enable maritime
transportation of Russian-origin crude oil and petroleum products globally,” G7 finance ministers said
in a joint statement. “The provision of such services would only be allowed if the oil and petroleum
products are purchased at or below a price (“the price cap”) determined by the broad coalition of
countries adhering to and implementing the price cap.”
India-China Approach:
China and India – major trading partners for Russia – may not follow G7 policy on Russian oil,
analysts say. They have not joined the Western sanctions targeting Russia. In fact, oil from Russia
has been a lot cheaper than crude from other sources for months, due to a combination of official
sanctions and a reluctance by some to trade in it. But refiners in places like India and China have still
been happy to buy it, and Russia’s coffers have been filling up as a result. So the price cap needs to
be a lot lower than the level Russian oil is already trading at – and the enforcement mechanism needs
to be absolutely watertight. The G7 agreement to impose a cap on the price of Russian oil is certainly
symbolic. How effective it is in practice will depend on the level of the cap and how it is enforced.
Energy prices have soared since Russia invaded Ukraine – and the revenues from oil sales have
been helping to finance Vladimir Putin’s aggression.

Vehicle Dispatches Rise 21% As Chip Supply Improves
Passenger vehicle wholesales in India witnessed a 21 per cent annual growth in August, riding on
improved supplies of semiconductors and festive demand, according to the Society of Indian
Automobile Manufacturers. As per the latest data released by industry body Society of Indian
Automobile Manufacturers (SIAM), passenger vehicle (PV) dispatches to dealers stood at 2,81,210
units last month, against 2,32,224 units in August 2021. Passenger car wholesales were up 23 per
cent at 1,33,477 units last month, as against 1,08,508 units in the year-ago period, SIAM said.
Growth So For:
Utility vehicle dispatches were higher by 20 per cent at 1,35,497 units in August, as compared to
1,12,863 units in the same month a year ago. Similarly, total two-wheeler wholesales increased to
15,57,429 units last month, compared to 13,38,740 units in the year-ago period, a growth of 16 per
cent. Motorcycle wholesales grew by 23 per cent at 10,16,794 units in August 2022, as compared to
8,25,849 units in the year-ago month. Scooter sales were higher by 10 per cent at 5,04,146 units last
month, as against 4,60,284 units in August 2021, SIAM said. Total three-wheeler sales rose to 38,369
units last month, against 23,606 units in August 2021, up 63 per cent. Sales across segments rose by
18 per cent to 18,77,072 units in August this year, from 15,94,573 units in the same month last year,
SIAM said. Sales across segments rose by 18 per cent to 18,77,072 units in August this year, from
15,94,573 units in the same month last year, SIAM said.
Other Reasons:
The increase in dispatches from manufacturers to their dealers comes on the back of improvement in
semiconductor shortage issues and also preparation to meet festive season demand. “While a good
monsoon and the upcoming festive season is likely to increase demand, SIAM is keeping a close
watch on the dynamic supply-side challenges,” SIAM Director General Rajesh Menon said in a
statement. However, he said high CNG price is a big challenge for the industry and is looking forward
to interventions and support from the government.

India-Bangladesh Ties, A Model For Bilateral Relations
India Bangladesh Relations: Ever since the Liberation War in 1971, Bangladesh and India have
shared a special relationship not only due to their geographical boundaries, but also largely owing to
their shared cultural, linguistic and historical connections. India, during the war for liberation of the
Bangladeshi nation, provided much of the required humanitarian as well as militaristic support which
was so duly needed at the time. Both the countries since then, have shared a gigantic 4000 km long
border which makes Bangladesh India’s longest land sharing neighbour in the South Asian region.
How Bangladesh Sees It:
Bangladesh’s current Prime Minister Sheikh Hasina recently described the India-Bangladesh bilateral
relations as a ‘role model of good neighbourhood diplomacy’. This statement hence came as an
assertion of the long-shared friendship the two nations have had for the past five decades.
India, on the other hand, was amongst the first countries in the world to establish its diplomatic
relations with the newly independent nation in December of 1971. Since then, Bangladesh has gone
on to become India’s biggest developmental and trading partner in South Asia. This has prompted the
two neighbouring countries in contributing to each other’s economic and social prosperity.
Major advancements have also been made on security and water sharing issues that have largely
been a small thorn in the mutually cordial relations between the two nations. Soon after Bangladesh’s
independence, both the nations went on to sign 13 agreements related to trade, telecommunication,
culture and other domains in the early 1970’s. At the time this was seen in a way as the Bangladeshi
nation’s approval for forging friendlier relations with their land sharing neighbour. The two countries
also share around 54 common rivers amongst them; in 1972 a bilateral Joint River Commission was
set up between the two to maintain mutual contact in order to maximize benefits for the shared river
systems.
In an advancement to such beneficial relations, Bangladesh and India signed a Framework

Agreement on Cooperation for Development, under which both parties agreed to narrow the trade
imbalances by reworking their trade and non-tariff barriers while also agreeing to expand their
cooperation to the sub-regional level as well. A recent development in their relations has also come by
way of both the countries working towards signing a Comprehensive Economic Partnership
Agreement (CEPA), which emphasises on three specific dimensions; trade in goods, services and
investments. The goal of such an agreement is to open up newer avenues, including new markets
and multi-modal connectivity while also focusing on reduction on trade gaps that have been
persisting.

Other Dimensions:
In a testimony to such an enduring relationship based on mutually beneficial agreements, both the
countries had also brought the Land Boundary Agreement into force in 2015 by exchanging the
instruments of ratification. This came as a symbol of willingness in which both the countries were
inclined towards resolving issues that were seen to be hindering the relationship.
These ties however, have also been witnessing stronger political will to engage further than their
current positions; in the recent past, India and Bangladesh both have substantiated their mutual trust
beyond the general cooperation in specific sectors. In the past eight years, India has extended credit
lines worth $8 billion to its neighbour for developmental projects in sectors including roadways,
shipping, ports and railways. This makes Bangladesh the recipient of India’s largest concessional
credit lines to a single country around the globe. India is also contributing to various projects in
Bangladesh which includes an upgradation of the Ashuganj river port and Akhaura land port road with
a credit line of more than $400 million. A road project connecting the India- Bangladesh border which
eases connectivity to some of the north eastern states of India with Bangladesh is also being worked
upon with a further line of credit worth $80 million from the Indian nation.
However, it is not only the trade and economic related aspects that makes the relations between the
two densely populated countries a role model for the world, but is rather their all weather friendship
that ascertains the Bangladeshi Prime Minister’s statement, which was well in fact also reciprocated
by the Indian side. Prime Minister Modi, in one of his first foreign visits post the Covid-19 outbreak
visited Bangladesh to participate in its Golden Jubilee of Independence. Thus, economic and security
cooperation between the two are based out of a long-cherished history and connection the nations
have had in the past.
How India Shaped It:
In times of crisis, India has assisted Bangladesh with medical as well as humanitarian aid as well. For
instance, in 2020, the Indian Railways gifted ten broad gauge diesel locomotives to Bangladesh
based on an urgent need. Similarly, India also provided its neighbours with a significant amount of
Covid vaccines that were manufactured domestically and had arranged for an evacuation of
Bangladeshis stranded in between the Russia-Ukraine war.
What has rather emerged as a consequence of such gestures, is that many newer avenues for mutual
cooperation have opened up in the recent decade. Bangladesh’s population has subsequently
become India’s biggest medical tourist market; as India makes for an affordable and economically
sound expenditure for procedures that may not be available in the country. This has led to an extreme
uptake of medical tourist visas from Bangladesh travelling to India. Not only in this aspect, but such
new found paths for mutual benefits and interests are only possible if nations have a lasting
relationship built on trust and the will of the top most leadership.

Political entities in both India as well as in Bangladesh have constantly attempted to advance their
bilateral ties beyond the scope that is currently prevalent. There is however, significant scope to
further the relationship in a way that opens up other routes and modes for ensuring that relations
remain beneficial to both the countries. Aspects such as free trade, global health governance, global
peace and stability are avenues that could present itself as an opportunity for both India and
Bangladesh to not only take their cordial relations to the next level, but would also be an important
message to the world in terms of unity in advancing one’s own perspective in the global arena.
Hence, the former Foreign Secretary of India, Harsh Vardhan Shringla’s statement echoing the
Bangladeshi Prime Minister’s assertions of India-Bangladesh ties being a role model of good
neighbourhood diplomacy, is not a shallow statement made to present a certain idea of the bilateral
relationship. It is rather a strong testimony to the power of cooperation that can lead to land and water
sharing countries having a mutually beneficial relation while also elevating their economic, social and
political statuses in the global forum.

North Korea passes law authorising nuclear strikes as form of defence
North Korea passes law regarding Nuclear Strikes: North Korea has approved a law that gives it the
authority to launch a nuclear attack in advance. With the recently passed law, North Korea’s status as
a nuclear weapons state has become irreversible. North Korea, this year tested a record number of
weapons, including an intercontinental ballistic missile.
North Korea passes law regarding Nuclear Strikes: Key Points
According to the law, among other things, the North may use nuclear weapons in the event of a
nuclear or non-nuclear attack by hostile forces against the state’s leadership and the command
structure of its nuclear forces.
Since 2019, discussions on sanctions relief and what Pyongyang would be ready to give up in
exchange have stalled nuclear negotiations and diplomacy between Washington and Pyongyang.

Norwegian central bank develops National digital currency using Ethereum
National digital currency using Ethereum: Norges Bank, Norway’s central bank, made a significant
advancement in its efforts to develop a digital currency by publishing the open source code for the
nation’s central bank digital currency (CBDC) sandbox based on Ethereum technology. This
development was made possible by the ongoing mainstream adoption of cryptographic technology.
National digital currency using Ethereum: Key Points
CBDCs are a type of electronic fiat money backed by the central bank. Although they are not required
to be, CBDCs can be built on blockchain networks. However, the CBDC in Norway is built on
Ethereum.
The sandbox is made to provide a way to communicate with the test network.
The Bank’s official CBDC partner, Nahmii, stated in a blog post that it has also enabled features
including minting, burning, and transferring ERC-20 tokens.
The Ethereum wallet Metamask is not supported by the open source code as of right now.
The sandbox has a unique interface and network monitoring programmes like BlockScout and
Grafana.
It had already been reported that Norges Bank intended to hold CBDC in April of last year.
National digital currency using Ethereum: CBDCs:
The International Monetary Fund (IMF) reports that 97 nations, or more than half of the world’s central
banks, are experimenting with developing CBDCs.
According to the IMF, only Nigeria and The Bahamas have fully started their CBDC initiatives thus far.
The Reserve Bank of India (RBI) announced plans to roll out its CBDC over the course of this fiscal
year, but in phases.

The CBDC will initially be available to wholesale businesses and is created in a way that prevents
anonymity.
In a controlled environment, the nation has started the technological development and early testing of
CBDC, according to a recent report by the data analytics company Visual Capitalist.

India emerges as Sri Lanka’s largest bilateral lender overtaking China
India becomes the largest bilateral lender for Sri Lanka and overtakes China. In four months of 2022,
India has provided a total of 968 million US Dollars in loans to Sri Lanka. China has been the largest
bilateral lender to Sri Lanka for the past five years from 2017-2021.
Key Points related to Bilateral Lender of Sri Lanka
Asian Development Bank (ADB) has been the largest bilateral lender in the past five years.
In 2021, a total of 610 million dollars were provided to Sri Lanka by the Asian Development Bank
(ADB).
India has provided 4 billion dollars in food and financial assistance to Sri Lanka.
India handed 21,000 tonnes of fertilizers to Sri Lanka on August 2022.
Since the beginning of 2022, Sri Lanka is suffering from an economic crisis and the default of the
government has made the situation worse.
The Country is indebted to foreign loans and is battling severe food and fuel scarcity.
The economic crisis has affected a large number of people in the country.

First LNG truck facility in India opened by Blue Energy Motors
First LNG truck facility in India: The long-haul, heavy-duty trucks from Blue Energy Motors, which
intends to upend the Indian trucking business by producing clean energy, almost zero emissions
vehicles, will run on LNG. The business was inaugrated by Union Minister, Nitin Gadkari. Blue Energy
Motors has a contract in place with FPT Industrial, the global powertrain brand of the Italian Iveco
Group, to launch the first LNG trucks with BS VI-compliant FPT Industrial engines.
First LNG truck facility in India (Blue Energy Motors): Key Points:
The introduction of the 5528 4×2 tractor will serve as the first model for the market entry of LNG-
fueled trucks.
Blue Energy Motors claims that its “trucks have been built and tested in compliance with the
demanding duty cycles of the Indian transport industry.”
These trucks, which have high-torque FPT Industrial engines, not only have the best TCO in their
class but also provide unparalleled ride comfort and driver safety for long hauls.
One of the most potent natural gas engines is the FPT Industrial engine, which is also compatible with
CNG, LNG, and biomethane.
To ensure best-in-class fuel consumption and lower noise than diesel engines, it uses multipoint
stoichiometric combustion.

Health Sector in India To Reach $50 Billion By 2025
India’s healthcare industry is expected to grow to hit $50 billion in size by 2025, said Union minister
Jitendra Singh. Addressing the 14th CII Global MedTech Summit, “Seizing the Global Opportunity”,
the minister said that under Prime Minister Narendra Modi, healthcare has become more focused on
innovation and technology over the past two years. About 80% of the healthcare system aims to
increase investment in digital healthcare tools in the coming five years.
Becoming Self-Reliant :
The minister added that the prime objective of the government is to reduce import dependence from
80% to below 30% in thethe next 10 years ana d ensure a self-reliance quotient of 80% in med-tech
through Make in India with SMART milestones. Towards this, the Indian government has undertaken
structural and sustained reforms to strengthen the healthcare sector and has also announced
conducive policies for encouraging FDI. This has led to a change in trend, with the country becoming
a hotbed of MedTech innovation and instead of adopting western products, Indian innovators are
developing path breaking MedTech products and solutions. India has reached an inflection point,
whica h is leadingthe to a rapid expansion of the HealthTech/ MedTech ecosystem, he said.
New Areas & Potential:
“Telemedicine is also expected to reach $5.5 billion by 2025. e-Sanjeevani, a Ministry of Health &
Family Welfare conceived technical intervention, has enabled virtual doctor consultations and
connected thousands of people living in remote parts of the country with doctors in major cities while
sitting in the comfort of their own homes,” Singh said. “India has all the essential ingredients for the
exponential growth in this sector, including a large population, a robust pharma,, and medical supply
chain, 750 million plus smartphone users, 3rd largest start-up pool globally with easy access to VC
funding and innovative tech entrepreneurs looking to solve global healthcare problems.”
Pandemic Role:
The minister noted that the pandemic has provided an additional impetus by changing the scenario of
doing business in this sector. He said that it has opened massive opportunities for the healthcare
sector,, especially in niche areas like teleconsultation, AI-based diagnostics, and remote healthcare
management.
Future Prospects:

“It is expected that India becomes one of the top markets in medical devices upwards of 14% – 15%.
This global position is attainable by achieving the targets set in the National Infrastructure Pipeline
2020, to build 73 new medical colleges to increase domestic consumption and improve healthcare
infrastructure.”
The minister added that India aims to achieve 10-12% of the global market share of the medical
devices industry to arrive at a $100 billion to $300 billion industry, adding that the country will have
about 50 clusters for faster clinical testing of medical devices to boost product development and
innovation. He said the sector will be driven by life expectancy, a shift in disease burden, changes in
preferences, a growing middle class, an increase in health insurance, medical support, infrastructure
development, and policy support and incentives.

Amazon India signed an agreement with Indian Railways to boost delivery
Amazon India has engaged with the Railway of India to boost its delivery services in the country.
Through this partnership, Amazon India will be able to transport packages on more than 110 inter-city
routes, ensuring one to two-day delivery for its customer. Amazon began working with the Indian
Railways in 2019. The company has increased its transportation lanes five-fold, it said.
About Amazon India:
Amazon is one of the enablers for the company to offer 1-day and 2-day delivery promises to
customers in the hinterlands of the country. It is now working with Railways on more than 110 inter-
city routes.
Amazon India ferries customer packages to cities and towns such as Jharsuguda, Ratnagiri, Kurnool,
Nanded, Bareilly, Bokaro, and Rudrapur among others.
Amazon will pay a monthly rent of about Rs 3.57 crore, with periodic rental escalation, for a lease
tenure of 21 years and six months. The lease agreement includes a rent-free period of 24 months,
with a lock-in period of 15 years from the lease commencement date.

CoinDCX Announces to Host UNFOLD 2022, a Web 3.0 Event
CoinDCX, an Indian homegrown crypto exchange company, has announced to host ‘UNFOLD 2022′
from 26th August 2022 to 28th August 2022 in Bangalore. The UNFOLD 2022 is a mega event in
which the developers, investors, web3 startups, and regulators will showcase their ideas and discuss
how can India can leverage its Web 3 talent and become a known global leader.
UNFOLD 2022 will be a platform for all the developers and industrialists to know more about web 3.0
trends and to understand their readiness of India of facing challenges and excepting opportunities for
the web 3.0 startup ecosystem. The event is powered by BuildersTribe and Devfolio, who will
introduce their first edition of UNFOLD 2022 Hackathon and Demo Day.
UNFOLD 2022: Things you need to know
The theme for UNFOLD 2022 will be ‘innovation’. The event will majorly focus on upcoming
innovations related to web 3.0.
A gathering or conference will be held for the UNFOLD 2022 in which top speakers from various
companies related to web startups or developers will share their views and ideas on the new trend of
web 3.0.
BuildersTribe and Devfolio will introduce their first edition of UNFOLD 2022 Hackathon and Demo
Day. It will encourage the developers, investors, and advisors to build new decentralized applications
which have the capability of mass adoption.
The Devfolio Demo Day will give the investors and developers to get an opportunity to pitch their
ideas and win a $1 million pool of funding and $25K of grants for web startups.
The UNFOLD 2022 is an initiative of CoinDCX to build the vision of India’s crypto or web3 ecosystem
stronger and stronger every day. This annual event is one of the major steps to bring several top
minds together and Innovative and explore new things from web 3.0

IndiGo joins WEF’s “Clear Skies for Tomorrow” sustainability campaign
Clear Skies for Tomorrow: IndiGo, the largest airline in the nation, announced that it has joined a
sustainable effort led by the World Economic Forum (WEF). IndiGo airline has joined the Clear Skies
for Tomorrow, India Coalition initiative as a signatory. IndiGo’s dedication to deploying sustainable
initiatives would help to achieve a substantial scale for SAF (Sustainable Aviation Fuel) to attain a
critical mass and bring in cost-efficiency for wide adoption in India.
IndiGo joins WEF’s “Clear Skies for Tomorrow”: Key Points
On February 18 of this year, IndiGo flew its brand-new A320 neo aircraft with a 10% SAF blend from
Toulouse, France, to New Delhi.
A meaningful and proactive path for the industry to achieve carbon-neutral flying is provided by ‘Clean
Skies for Tomorrow’, which was launched in January 2019.
Clear Skies for Tomorrow offers a crucial mechanism for top executives and public leaders, across
and beyond the aviation value chain, to align on a transition to sustainable aviation fuels.
To support aviation’s overall net-zero pathway by 2050, the objective of ‘Clear Skies for Tomorrow’ is
to establish commercially feasible SAF production (both bio and synthetic) at scale for industry
adoption by 2030.

Zomato acquired Blinkit for Rs 4,447 crore in all-stock deal
Zomato (Online food delivery platform) has announced the acquisition of Blink Commerce (Blinkit),
earlier known as Grofers India. The company’s Board of Directors approved a proposal to acquire
cash-strapped quick commerce company Blinkit for Rs 4,447 crore. Last year, Zomato extended USD
50 million loans to Grofers India Private Limited. Zomato already owned more than a 9 percent stake
in Blinkit (earlier Grofers). While the earlier Blinkit deal value was around $700 million, the drop in
Zomato’s share price reduced it to $568 million.
About Blinkit:
Blinkit is a quick commerce marketplace delivering groceries and other essentials to customers within
minutes (an average delivery time of 15 minutes in the month of May). Blinkit was rebranded from
Grofers after a pivot to quick commerce last year. Their erstwhile business model was next-day
grocery delivery.

Ola introduces India’s first indigenously made lithium ion-cell
Ola Electric has unveiled the country’s first indigenously developed lithium-ion cell. The Bengaluru-
based two-wheeler maker will begin the mass production of the cell- NMC 2170, from its Chennai-
based Gigafactory by 2023. The use of specific chemicals and materials enables the cell to pack more
energy in a given space and also improves the overall life cycle of the cell.
About the Ola Electric:
Ola is building the world’s most advanced cell research centre that will enable us to scale and
innovate faster, and build the most advanced and affordable EV products in the world with speed.
The company was recently allocated 20GWh capacity under the ACC PLI scheme by the govt for
developing advanced cells in India.
Ola Electric launched its first electric vehicle in August 2021 and has also set up the world’s largest
two-wheeler manufacturing facility in India.

Google launched Startup School India, which targets 10,000 startups in small
cities
Tech Giant, Google launched the Startup School India initiative, which aims to gather relevant
information on startup building into a systematic curriculum to help 10,000 startups in Tier 2 and Tier 3
cities. The nine-week virtual program will involve fireside chats between Google leaders and
collaborators from across the startup ecosystem.
Key points of the program:
Startup School is a series of guided online training designed to equip early-stage startup founders
with the tools, products, and knowledge that growing companies need.
The curriculum will feature instructional modules on subjects like shaping an effective product
strategy, deep dives on product user value, road mapping and product requirements document
development, building apps for the next billion users in markets like India, driving user acquisition, and
many more.
With close to 70,000 startups, India is the third largest birthing ground for startups in the world. And as
more Indian founders lead their companies successfully to IPOs or unicorn status, it has set off a
virtuous cycle wherein their success has ignited aspirations among young Indians across the length
and breadth of the country.

e-RUPI: Voucher Based Digital Payment System
e-RUPI:
It is a cashless and contactless method for digital payment. It is a Quick Response (QR) code or SMS
string-based e-voucher, which is delivered to the mobile of the users.
The users will be able to redeem the voucher without needing a card, digital payments app, or internet
banking access, at the service provider.
It connects the sponsors of the services with the beneficiaries and service providers in a digital mode
without any physical interface.
The mechanism also ensures that the payment to the service provider is made only after the
transaction is completed.
The system is pre-paid in nature and hence, assures timely payment to the service provider without
the involvement of any intermediary.
Different from Virtual Currency:
In effect, e-RUPI is still backed by the existing Indian rupee as the underlying asset and specificity of
its purpose makes it different to a virtual currency and puts it closer to a voucher-based payment
system.
Issuing Entities & Beneficiary Identification:
The one-time payment mechanism has been developed by the National Payments Corporation of
India on its Unified Payments Interface (UPI) platform, in collaboration with the Department of
Financial Services, Ministry of Health & Family Welfare, and National Health Authority.

It has boarded banks that will be the issuing entities. Any corporate or government agency will have to
approach the partner banks, which are both private and public-sector lenders, with the details of
specific persons and the purpose for which payments have to be made.
The beneficiaries will be identified using their mobile number and a voucher allocated by a bank to the
service provider in the name of a given person would only be delivered to that person.
Uses:
Government Sector:
It is expected to ensure a leak-proof delivery of welfare services and can also be used for delivering
services under schemes meant for providing drugs and nutritional support under Mother and Child
welfare schemes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan
Arogya Yojana, fertiliser subsidies etc.
Private Sector:
Even the private sector can leverage these digital vouchers as part of their employee welfare and
Corporate Social Responsibility (CSR) programmes.
Significance:
The government is already working on developing a Central Bank Digital Currency and the launch of
e-RUPI could potentially highlight the gaps in digital payments infrastructure that will be necessary for
the success of the future digital currency.
Future of Digital Currency in India: According to the Reserve Bank of India (RBI), there are at least
four reasons why digital currencies are expected to do well in India:
Increasing Penetration: There is increasing penetration of digital payments in the country that exists
alongside sustained interest in cash usage, especially for small value transactions.
High Currency to GDP Ratio: India’s high currency to Gross Domestic Product (GDP) ratio holds out
another benefit of CBDCs.
Cash-to-GDP Ratio or Currency in Circulation (CIC) to GDP Ratio or simply currency-to-GDP ratio
shows the value of cash in circulation as a ratio of GDP.
Spread of Virtual Currencies: The spread of private virtual currencies such as Bitcoin and Ethereum
may be yet another reason why CBDCs become important from the point of view of the central bank.

Will Act as a Cushion: Central bank digital currencies might also cushion the general public in an
environment of volatile private virtual currencies.

G-20 Summit 2022
Why in News?
Recently, the 17th annual summit of G-20 was hosted by the Indonesian G20 presidency in Bali under
the theme ‘Recover Together, Recover Stronger’.
Now, India has assumed the charge of the G20 presidency and the 18th summit will be held in India in
2023.
What are the Outcomes of the Summit?
Condemning Russian Aggression:
Member countries adopted a declaration deploring Russia's aggression in Ukraine "in the strongest
terms" and demanding its unconditional withdrawal.
They also recognised that while most members condemned the war in Ukraine, "there were other
views and different assessments of the situation and sanctions".
Focus on Global Economy:
The G20 economies agreed in their declaration to pace interest rate rises carefully to avoid spillovers
and warned of "increased volatility" in currency moves, a sea change from last year's focus on
mending the scars of the Covid-19 pandemic.
Food Security:
The leaders promised to take coordinated action to address food security challenges and applauded
the Black Sea grains initiative.
Climate Change:
G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5 degrees Celsius -
confirming they stand by the temperature goal from the 2015 Paris Agreement on climate change.

Digital Transformation:
Leaders recognised the importance of digital transformation in reaching the sustainable development
goals.
They encouraged international collaboration to further develop digital skills and digital literacy to
harness the positive impacts of digital transformation, especially for women, girls, and people in
vulnerable situations.
Health:
Leaders also expressed their continuous commitment to promoting a healthy and sustainable
recovery which builds towards achieving and sustaining universal health coverage.
They welcomed the establishment of a new financial intermediary fund for pandemic prevention,
preparedness and response (the ‘Pandemic Fund’) hosted by the World Bank.
Leaders reaffirmed their commitment to strengthen global health governance, with the leading and
coordination role of World Health Organisation (WHO) and support from other international
organisations.
What are the Challenges before the G-20 Member Countries?
Impact of Russia’s Invasion of Ukraine:
Russia’s invasion of Ukraine has not only created massive geopolitical uncertainty but also spiked
global inflation.
The associated sanctions by the West have further queered the pitch.
Persistently high inflation — at historic highs in several countries — has eroded purchasing power
across these countries, thus dragging down economic growth.
Impact of Rising Inflation:
In response to high inflation, central banks across countries have raised interest rates, which, in turn,
have dampened economic activity further.

Some of the biggest major economies such as the US and the UK are set to face a recession; others,
such as those in the euro area, are likely to slow down to almost a halt.
Slowdown of Major Economies:
China, one of the major engines for global growth, is witnessing a sharp slowdown as it struggles with
a real estate crisis.
Rising Geopolitical Rifts:
The world economy is struggling with geopolitical rifts such as the tensions between the US and
China, the two biggest economies in the world, or the decline in trade between the UK and the euro
area in the wake of the Brexit decision.
What is the G20?
About:
The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia
and Southeast Asia in particular.
It aims to secure global financial stability by involving middle-income countries.
Together, the G20 countries include 60% of the world’s population, 80% of global GDP, and 75% of
global trade.
Members:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic
of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States
and the EU.
Way Forward
The first job at hand for the G-20 Countries is to contain raging inflation.

But at the same time, governments have to find ways to help the vulnerable without necessarily
ballooning the debt levels. A key concern in this regard would be to ensure that external risks are
carefully monitored.
A strong, sustainable, balanced, and inclusive recovery requires joint action by the G-20 and this kind
of joint action, in turn, requires not just securing peace in Ukraine but also “help prevent further
fragmentation”.
On trade, the G20 leaders need to push for a “more open, stable, and transparent rules-based trade”
that would help address global shortages of goods.
Strengthening the resilience of global value chains would help protect against future shocks

Election body busy laying voters' pitch
For the purpose of seeding voter ID cards, more than 54 crore Aadhaar numbers have already been
placed into the ECI database. The space may have quite a clean-up in 2023 as a result of the ECI's
attempt to deweed Registered Unrecognised Political Parties, which are frequently exploited as
pawns for political finance. Watch out for the contentious electoral bond programme ELECTORAL
BOND 2023 as well.
The Election Commission of India (ECI) is planning to implement a number of major electoral reforms
in light of the ten state assembly elections scheduled for 2023, including possibly the eagerly
anticipated Jammu and Kashmir elections that would kick off the countdown to the 2024 Lok Sabha
elections.
The controversial topic of election pledges is at the top of the ECI's list of priorities. The ECI has
already taken the first step by recommending that each political party submit an additional new pro
forma outlining all of the electoral promises made in the manifesto, the total cost associated with
fulfilling them, and how they would be specifically fulfilled in light of the state's financial situation.
INFORMED ELECTORAL CHOICES
The ECI had written to all political parties on the proposed move to help voters make “informed
electoral choices”.
MIGRANT, NRI VOTING
The polling panel is, however, also working on further reform initiatives that might alter the
composition of the entrenched vote bank in a number of constituencies.
Plans to allow Non-Resident Indians to vote are actively being pursued by the ECI. Approximately
25,000 NRIs are now registered as Indian voters, according to back of the hand estimates, but that
figure is projected to rise significantly if they are given the opportunity to vote from outside. Among the
states where proxy voting by NRIs is anticipated to have a significant electoral impact are Kerala,
Punjab, Goa, and Andhra Pradesh.
A compromise solution might well materialise as a result of the commission's aggressive pitching of
the action to both the law ministry and the Ministry of External Affairs. Remote voting for domestic
migrants may produce the more difficult but significantly larger shift in poll results.

At the meeting of the Election Commission, a prototype voting machine created with assistance from
ECI's Technical Expert Committee was displayed, demonstrating the viability of the scheme. Howe
Any action to implement a domestic migrant voting machine pilot test will necessitate a negotiation
process involving all parties.
Prior to the 2024 Lok Sabha elections, this will be a challenging task. Given the type of "tampering"
allegations made against EVMs even after years of effective use, the topic is politically sensitive. Prior
to the 2024 Lok Sabha elections, any ECI move for a pilot test of the domestic migrant voting system
will require dialogue and a consensus-building effort with all political parties..
FUND DECLARATION
However, there are a number of other minor initiatives and changes that might significantly help clear
the electoral field, and the ECI is persistently pressing the administration to take them. As opposed to
the present Rs 20,000 limit, the Election Commission has suggested that political parties reveal any
foreign money they have received, refrain from accepting more than 20% of their total donations in
cash, and disclose any political donations over Rs 2,000.
A suggestion has also been made to the law ministry to forbid candidates from running in more than
one constituency at the same time, something that even the most powerful people frequently do. In
addition to regulating opinion and exit polls, the ECI's list of pending reforms with the government
includes recommendations to declare paid news and fraudulent affidavit submission as electoral
offenses/corrupt practises punishable by law.
AADHAAR-CARD LINKAGE
Aside from the list of suggested improvements, others are already in motion and will take effect as of
the following year. It is anticipated that the ongoing AadhaarVoter ID linking, which is optional, will
remove any duplicate and fraudulent voter registrations from the electoral records, clearing them up
and creating the groundwork for a single electoral roll.
For the purpose of seeding voter ID cards, more than 54 crore Aadhaar numbers have already been
placed into the ECI database. The space may have quite a clean-up in 2023 as a result of the ECI's
attempt to deweed Registered Unrecognised Political Parties, which are frequently exploited as
pawns for political finance.
ELECTORAL BOND
Watch out for the contentious electoral bond programme in 2023 as well. The electoral bond, which is
opposed even by the Election Commission of India in the Supreme Court for its lack of transparency,

is a crucial fundraising tool for several political parties, most notably the BJP, the center-right party in
power. While some have taken it to court, many have criticised it for its secrecy and anonymity. A
court decision in 2023 might determine how money would flow into party coffers prior to the 2024
elections.

Chinese manufacturing weakens amid COVID-19 outbreak
Chinese manufacturing contracted for a third consecutive month in December, the most significant
drop since early 2020, as the country battles a nationwide COVID-19 surge after suddenly easing
anti-epidemic measures.
A monthly purchasing managers' index declined to 47.0 from 48.0 in November, according to data
released from the National Bureau of Statistics. Numbers below 50 indicate a contraction in activity.
The contraction was the biggest since February 2020, when the COVID-19 pandemic had just started.
The weakening comes as China earlier this month abruptly relaxed COVID-19 restrictions after years
of attempts to stamp out the virus. The country of 1.4 billion is now facing a nationwide outbreak and
authorities have stopped publishing a daily tally of COVID-19 infections.
In several other sub-indexes, including for large enterprises, production and demand in the
manufacturing market also dropped compared to November.
“Some surveyed companies reported that due to the impact of the epidemic, the logistics and
transportation manpower was insufficient, and delivery time had been extended,” said Zhao Qinghe, a
senior economist at the statistics bureau in a published analysis of the December data.
According to data from the bureau, sectors, including construction, saw expansion in December
together with sub-indexes that measure industries such as air transport, telecommunications, and
monetary and financial services.
The purchasing managers' index for China's non-manufacturing sector also fell to 41.6 in December,
down from 46.7 in November.
China is likely to miss its goal of 5.5% economic growth this year, with forecasters cutting their outlook
to as low as 3% in annual growth, which would be the second weakest since at least the 1980s.

2023 will be ‘critical year’, plan to turn around the economy, says Sri Lanka
President Wickremesinghe in New Year’s message
Sri Lanka President Ranil Wickremesinghe on Sunday said 2023 will be a “critical year” for the cash-
strapped country, as his regime desperately scrambles to inject much-needed impetus to galvanise
the beleaguered economy.
Sri Lanka was hit by an unprecedented financial crisis in 2022 due to a severe paucity in foreign
exchange reserves that also sparked political turmoil in the island nation that led to the ouster of the
all-powerful Rajapaksa family.
“We are looking at the New Year 2023 after having undergone the bleakest of times, immense
hardships, as well as the uncertainties and hopelessness of the last year,” Mr. Wickremesinghe said
in his New Year’s message, as Sri Lanka turns 75 as an independent nation later this year.
“I understand the great burdens that are placed on all of us and the setbacks that a majority of us
have suffered due to the country’s abject economic collapse,” he said.
From April to July, chaos reigned supreme on Sri Lanka, with miles-long queues forming at fuel
stations and irate residents coming out in thousands blocking roads with empty cooking gas cylinders.
The Sri Lankan government in May last year declared a debt default on over $51 billion in the foreign
loan - a first in the country's history.
“Indeed, 2023 will be a critical year in which we plan to turn around the economy. 2023 is also the
75th year of independence from the British Empire,” he noted.
National Day, also known as Independence Day is celebrated on February 4 to commemorate the
country’s political independence from British rule in 1948.
The resignations by President Gotabaya Rajapaksa in July and his elder brother Prime Minister
Mahinda Rajapaksa in May 2022 amid massive anti-government protests subsided with the formation
of a government led by their ally Mr. Wickremesinghe, who is now tasked with stabilising the economy
and restoring the financial health of the economy, already hit badly by the pandemic.
“We must boldly implement the proposed social, economic and political reforms to build a prosperous
and productive Sri Lanka in the coming decade,” Mr. Wickremesinghe explained.
While explaining the roadmap ahead, the President assured that the worst in the country’s financial
crisis may be over.
“Yet I believe that we have already gone through the worst of these times,” he noted.
Mr. Wickremesinghe, 73, thanked the citizens for their patience and courage as the government took
the critical steps to stabilise the economy.

In August last year, Mr. Wickremesinghe said Sri Lanka's economic woes would last for another year
and it will have to think outside the box and look at new sectors such as logistics and nuclear energy
to revive the bankrupt economy.
The President also lamented that Sri Lanka was trailing behind some of the other countries that
attained independence from Great Britain around the same time.
“Looking back, it is obvious that we have not done as well as other ex-colonies. This is why the youth
of our country are calling for a system change – especially at this juncture. This cannot be ignored,”
he added.
Last year, Sri Lanka and the IMF agreed on a staff-level agreement to release $2.9 billion over 4
years.
But the much-anticipated IMF bailout will have to wait as the country pursues talks with creditors to
meet the global lender's condition for the facility.
President Wickremesinghe recently said that India and Sri Lanka held "successful" talks on debt
restructuring and the country will also begin discussions with China, as it tries to get assurances from

India’s G20 Presidency ‘very big deal’: EAM Jaishankar
India formally assumed the G20 Presidency on December 1. The next G20 Leaders’ Summit at the
level of Heads of State/Government is scheduled to be held on September 9 and 10 in New Delhi.
Addressing the members of the Indian diaspora here in the Austrian capital on Sunday, Jaishankar
said India intends to use its presidency for the benefit of the international community.
“I sometimes get the question, you can imagine from which quarters, saying, well, it was bound to
come your way anyway. So, what’s the big deal? It is a very big deal. Because in our diplomatic
history, we have never had this many powerful nations, the top 20 economies of the world who among
them today account for the bulk of the global GDP to dominate world trade, their leaders, come to
India,” he said.
“More than who is coming, it is when are they? Because it is a difficult time. The world is under great
economic stress on the supply chains. There is very strong political polarisation, even getting all the
major countries to sit around the table itself requires a lot. So, for us to take up this responsibility at
this time, is something truly exceptional,” he said.
Jaishankar, who arrived in Austria from Cyprus on the second leg of his two-nation tour, said India will
be a “voice of fairness and justice”.
He said the country will ensure that it emerges as a voice for societies and countries that would
otherwise get left behind and not have somebody else to speak for them.
“We will take it as an opportunity to present India and all the changes that I have tried to describe to
the people. This G20 presidency is not as would normally be done. It’s not something that is just going
to be done in the capital city or even in two or three metropolises. We are going to take it across the
country to more than 55 cities.
“We are going to make sure that the diversity of every region, every culture, every local cuisine, and
local products will be on display to the world,” he said.
Jaishankar said there will be tens of thousands of officials and leaders who will be coming to India to
have an opportunity to see the length and breadth of the country.
“So, in a sense, I would say you can think of it as a marketing of India to the world,” he said in his
lengthy address to the Indian community.

India and Austria to sign migration and mobility agreement, shore up ties
Close on the heels of similar mobility agreements with France, United Kingdom, Germany and
Finland, India will sign a “Comprehensive Migration and Mobility Partnership Agreement” (MMPA) with
Austria on Monday during External Affairs Minister S. Jaishankar’s visit to Vienna.
While India has been keen to finalise these agreements with European countries as a stepping stone
to resolving issues over the long-pending India-European Union (EU) Free Trade Agreement and
facilitating Indian professionals working in these countries, the European countries also see them as a
way to curb illegal immigration from India.
“This is a much-needed agreement, especially in view of the sharp increase in illegal migration Austria
was confronted with last year, including over 15,000 illegal migrants from India with practically no
chance of asylum,” explained Claudia Türtscher, spokesperson to Austrian Foreign Minister
Alexander Schallenberg, when asked about the MMPA. “The agreement is now a useful tool to
combat illegal migration together, as it enables the swift return of illegal migrants.”
In addition, the agreement will regulate multiple entry visas for professionals and student exchange
programmes, and will be reviewed regularly by a Joint Working Group (JWG).
Mr. Jaishankar who is on a trip to Cyprus and Austria, attended the famous “New Year’s Concert” of
the Vienna Philharmonic Orchestra together with Mr. Schallenberg on Sunday, and the two Ministers
will meet again on Monday for bilateral talks. They also held a combined meeting with Foreign
Ministers of Czech and Slovakia, under the “Slavkov” trilateral format for the Central European
countries.
On the agenda for bilateral and multilateral talks, the Austrian Foreign Minister’s Spokesperson said,
is India’s Presidency of the G-20, as well as “the position of India on the Russian war of aggression in
Ukraine and its global negative ramifications”. During a visit to Delhi in March, Mr. Schallenberg, one
of a number of U.S. and European senior officials who tried to change the Modi government’s position
on Russian war in Ukraine, had told The Hindu that the war in Europe would have repercussions for
the whole world, and no country could “stay at its sidelines”.
This is the first trip to Austria by an Indian Foreign Minister in 27 years, the Ministry of External Affairs
said in a statement last week, indicating the importance of the visit. Mr. Jaishankar also met with the
Austrian Chancellor Karl Nehammer on Sunday, and will meet the Director General of the Vienna-
based International Atomic Energy Agency (IAEA) Rafael Grossi on Monday.
Mr. Grossi had earlier interacted with Mr. Jaishankar in 2016, when he was the head of the Nuclear
Suppliers Group (NSG) and worked on proposals for India’s membership application, which is still
pending. More recently he has been at the forefront on monitoring the Russian occupation of
Ukrainian Nuclear Power Plant (NPP) at Zaporizhzhia where India was amongst countries that
expressed concerns over nuclear safety risks. Also of interest for India is the IAEA’s assessment of
Iran’s nuclear programme and efforts to revive the Joint Comprehensive Plan of Action (JCPOA).
Monday’s meeting between Mr. Jaishankar and Mr. Schallenberg will be their fifth formal meeting, as
apart from bilateral visits, the two also met at the Munich Security Conference, Globsec Bratislava
Forum and UN General Assembly.

India set for 5G boom in 2023: Smartphone shipments predicted to cross 100
million mark in Q2
A new study has suggested that India's smartphone shipments are expected to decline in 2022 due to
a range of macroeconomic factors that are affecting consumer demand in the entry and budget
segments. However, 5G technology is expected to drive demand for smartphones in 2023. In fact,
India's 5G smartphone shipments are estimated to grow 81% year-over-year in 2022, due to the
expanding presence of 5G connectivity in lower price bands and the rollout of 5G networks in the
second half of the year.
The study by Counterpoint Research predicts that cumulative 5G smartphone shipments will surpass
the 100 million mark in the second quarter of 2023 and surpass 4G smartphone shipments by the end
of 2023. In addition, a recent consumer study by Counterpoint found that 5G is the third most
important factor for future smartphone purchases.
According to the study, the share of 5G smartphones in lower price bands is gradually increasing,
from 4% in 2021 to 14% in 2022 and is expected to reach 30% in 2023. The cost of an entry-level 5G
smartphone dropped below INR 10,000 (approximately $122) in 2022 with the launch of the Lava
Blaze 5G. Cheaper 5G chipsets from Qualcomm and MediaTek have allowed OEMs to launch more
5G devices in the lower price segment, while the rollout of 5G services has also driven demand for
these devices.
However, the growth of 5G in the budget segment has been limited due to component supply
shortages, inflation, geopolitical conflicts, and other macroeconomic issues that have delayed 5G
device launches. To compensate, some OEMs have dropped or downgraded other key features such
as display or fast charging in order to reduce the impact of increasing component costs, which has
affected consumer demand for 5G in this price tier. The limited availability of 5G networks has also
impacted demand.
The study expects these constraints to ease by the end of 2023, leading to the mass adoption of 5G.
The availability of networks in major areas is also expected to facilitate 5G smartphone growth in
2023, which is estimated to be 62% year-over-year.

India plans a $2 billion incentive for the green hydrogen industry
India is planning a $2 billion incentive program for the green hydrogen industry, three sources told
Reuters, in a bid to cut emissions and become a major export player in the field.
The 180-billion-rupee ($2.2 billion) incentive aims to reduce the production cost of green hydrogen by
a fifth over the next five years, said a senior government official and an industry manager working in
renewable energy. It would do this in part by increasing the scale of the industry, they said.
The current cost in India is 300 rupees to 400 rupees per kg, said the manager.
The United States and the European Union have already approved incentives worth billions of dollars
for green hydrogen projects.
Hydrogen can be used as fuel. It is made by splitting water with an electrical process, electrolysis. If
the devices that do that, electrolyzers, are powered by renewable energy, the product is called green
hydrogen, a fuel-free of greenhouse emissions.
The Indian aid could be announced in the Feb. 1 budget for the fiscal year beginning April 1, said the
government official. All sources declined to be named discussing a budget proposal.
The ministries of renewable energy and finance did not respond to queries sent by Reuters.
Indian companies such as Reliance Industries, Indian Oil, NTPC, Adani Enterprises, JSW Energy,
and Acme Solar have big plans for green hydrogen.
Adani, led by the world's third-richest person, Gautam Adani, said in June that it and France's
TotalEnergies would jointly create the "world's largest green hydrogen ecosystem".
The Indian government expects the industry to invest 8 trillion rupees in green hydrogen and its
derivative green ammonia by 2030, said the industry manager and another government official. Green
ammonia is made by combining nitrogen with hydrogen using renewable energy sources; it can be
used by the fertiliser industry or as a fuel or convenient means of transporting hydrogen.
The green hydrogen proposal is likely to be called "Strategic Intervention for Green Hydrogen
Transition (SIGHT)" and will be split into 45 billion rupees for electrolyzer manufacturing for five years
and 135 billion rupees for green hydrogen and green ammonia production for three years, the
manager and second official said.
The incentive for making green hydrogen is likely to be 50 rupees per kg for three years, they said.
India aims to sell 70% of the production to countries such as South Korea, Japan, and in the
European Union, an industry official said, adding that derivatives, including green ammonia, had
equally strong demand.
The government is estimating global demand for green hydrogen will exceed 100 million tonnes by
2030, from just under 75 million tonnes now, according to other industry sources.
In February the government announced plans for India to make 5 million tonnes of green hydrogen
annually by 2030, a figure that the first government official said could be doubled, depending on
international demand.
The government also plans for the country to achieve an electrolyzer manufacturing capacity of 15
gigawatts in phases by 2030. That would be almost 10 times the current global capacity.
U.S.-based Ohmium International has commissioned India's first green-hydrogen factory in
Bengaluru. Reliance Industries, Larsen & Toubro, Greenko, and H2e Power last year announced
plans to build gigawatt-scale factories.

Indian oil refineries and fertilizer and steel plants annually use 5 million tonnes of hydrogen made from
natural gas, called grey hydrogen. The process produces carbon dioxide.
Higher gas prices have pushed the Indian grey hydrogen price to around 200 rupees per kg from 130
rupees a year ago.

GDP, GST, foreign reserves: What high-frequency economic indicators tell us
about the state of India's economy
GDP: India’s GDP at constant prices in the first half of the current financial year H1FY23 (April to
September 2022) is recorded as Rs 75.02 lakh crore, which is 9.7 percent higher than Rs 68.36 lakh
crore in the same period last year H1FY22. However, in the pre-Covid era, during the first six months
of FY20, India’s GDP was Rs 70.95 lakh crore.
Foreign investments: India received $13.74 billion in foreign investment inflow in the first ten months
(January to October) of the year 2022. In 2021, India received foreign investments worth $33.2 billion.
Also, before Covid, in 2019, India received $62.1 billion in foreign investments.
GST: The country registered a 22.6 percent annual growth in GST collection. The total GST collected
in the calendar year 2022 reached Rs 17.54 lakh crore from Rs 14.31 lakh crore in CY21. In a three-
year period, this growth is 44.4 percent from Rs 12.15 lakh crore in CY19.
Bank credit: Total bank credit has grown 11.1 percent at Rs 128.6 lakh crore as on October 2022
from Rs 115.8 lakh crore on December 2021. From Rs 99.7 lakh crore in December 2019, the current
bank credit rose 29.1 percent.
Inflation: The latest CPI reading in November 2022 was 5.88 percent, which cooled down from its
peak of 7.79 percent in April this year. However, the average consumer price inflation this year till
November is recorded at 6.79 percent, which was 5.14 percent in CY21. This, while average inflation
in pre-Covid year CY19 was 3.71 percent.
External-debt-to-GDP ratio: India’s total external-debt-to-GDP ratio in FY22 is 19.86 percent, which
has improved from 21.17 percent in FY21. However, in FY19 this ratio was at the same level at 19.87
percent as it is now in FY22.
Balance of trade: Due to higher crude prices and the depreciation of the rupee this year, India’s trade
deficit has widened to $249.7 billion in just eleven months from January to November 2022. This trade
deficit was $177.6 billion in 12 months last year (Jan-Dec 2021). Also, before Covid in 2019, the total
trade deficit for the whole year was $161.7 billion.
Index of Industrial Production (IIP): The latest IIP reading in November 2022 was 129.6, which has
declined from its peak of 148.8 in March this year, indicating a sharp slowdown in Industrial
production. However, the average IIP index reading this year from January to October 2022 is
recorded as 136, which was recorded as 130.9 last year (Jan to Dec 2021). This, while average
industrial production stood at 130.5 in the pre-Covid year (CY19).
Aircraft passengers: Total monthly aircraft passengers number stood at 2.83 crores on November
2022, which has increased by 21.8 percent from the same month last year. However, before Covid,
the average number of passengers traveling through aircraft was 2.94 crores monthly.
In 2022, India’s banking and industrial activities have recovered from the Covid shock, which is also
visible from increasing GST collection, GDP growth, and air traffic numbers. However, due to external
factors, mainly due to the Russia-Ukraine conflict, prices of crude have risen sharply last year, which
has hurt India’s trade balance also depreciation of the rupee against the US Dollar has led to
increased deficit and inflation in the country.
Now, with the growing fear of an economic slowdown in the US and Europe, foreign investment is
also reducing in India. However, strong domestic macros are helping the economy but to grow rapidly,
India also requires favorable external factors, which seems difficult in the near term.

Cloud will be foundational to scaling India's digital journey
Cloud will be foundational to scaling India's digital journey and Microsoft is innovating across the tech
stack to support the country's ecosystem of developers, startups, and companies across every
industry, the company's Chairman and CEO Satya Nadella said here on Tuesday.
Addressing a gathering of CEOs at the 'Microsoft Future Ready Leadership Summit,' in Mumbai, he
said that Microsoft Cloud can foster innovation, create broad economic progress, and accelerate the
growth of businesses in India.
"One of the most fantastic things even in this trip to India that I'm learning about, is not just what's
happening in the top cities of the country, but what's happening across all the cities in the country and
how digital is playing a role," said Nadella.
Nadella said that every knowledge worker is going to be more creative, more expressive, and more
productive.
"Every frontline worker will be able to do more knowledge work than they ever did. Every design task,
whether it's software engineering, mechanical design, or architecture, is going to be that much more
productive going forward, as he said about the role of AI.
It is going to accelerate human creativity, human ingenuity, and human productivity across a range of
tasks," Nadella added.
Microsoft has operated in India for more than 32 years. The country is a hub of innovation and
resourcefulness, with India expected to become the world’s third-biggest economy by 2033.
Meanwhile, YES BANK announced its partnership with Microsoft to bring forth a next-generation
mobile application with a view to providing customers with a personalized banking experience.
HDFC Bank is partnering with Microsoft in the next phase of its digital transformation journey of
unlocking business value by transforming the application portfolio, modernizing the data landscape,
and securing the enterprise with the Microsoft Cloud Platform.

Mumbai Indians float ‘Request for Proposal’ for non-fungible tokens
Mumbai Indians announced the release of a Request for Proposal (RFP) to entities to create and
launch non-fungible tokens (NFTs) based on their existing intellectual properties (IPs) and leverage
the franchise’s global brand value.
This is the first time that a team from the Indian Premier League has released an RFP for revenue
and price discovery.
A statement said, “Mumbai Indians have been at the forefront of using technology, innovation, and
storytelling for engaging with its over 50 million loyal and passionate fans on social media. This RFP
will encourage international platforms to engage and build a dedicated Indian customer base due to
the franchise’s widespread reach across the globe.”
A spokesperson for Mumbai Indians said, “We believe in offering our growing fan base world-class
experiences they would cherish as individuals and collectively as well. The idea behind initiating this
activity springs from the very same impetus — it’s a matter of connecting with millions of loyal and
passionate MI fans around the world and opening up an innovative way to become part of our family.”
The spokesperson added, “We look forward to having a partner who shares the same ethos and
unlocks this initiative as a fan-first engagement, strengthening the bond between the team and fans.”

EV charging aggregator ElectricPe closes pre-Series A round at $5 million led
by Blume Ventures
ElectricPe, an Indian EV charging aggregation platform, announced on Thursday that it has closed a
pre-Series A round of $5 million. The funding round was led by Green Frontier Capital, Blume
Ventures, and Micelio Fund, and also saw participation from Dubai-based NB Ventures, Anchorage
Capital Partners, Supermorpheus, and Climate Angels.
The pre-Series A funding round was completed in 12 months after the seed funding round. ElectricPe
shared that it will use the combined capital of $8 million to deepen technology investments and scale
operations.
"We've received positive consumer response to our offering of a single app to find, use and pay
across any charging or swapping station. Our belief has always been in stage-by-stage capitalization
as we ramp up our operations and create a holistic full-stack consumer-facing platform," said Avinash
Sharma, co-founder & CEO, ElectricPe.
The startup offers EV charging infrastructure to EV users. Since its inception in May 2021, ElectricPe
claims to have built 10,000 live charging points in Bangalore. In a span of 7.5 months, the ElectricPe
app usage has increased by 30% month-on-month, with customers on the network completing 4
million green kilometers, according to the company’s estimates.
“We are focused on investing in homegrown start-ups which have a strong vision and are proving their
ability to provide a unique technology solution to the growing climate change issue. As e-mobility is
gaining traction in India, ElectricPe has identified a primary challenge and is working to create easy
and seamless access to a trusted network of charging points/swapping stations all in one space,”
Sandiip Bhammer, managing partner, Green Frontier Capital, said.
The demand for EVs is expected to grow at 39% CAGR, with charging infrastructure being the major
contributor to the rise in demand, the company revealed in a statement.
“The EV sector is growing at a rapid pace and consumers are seeking full-stack solutions, in one
place. Having a trusted dense network of charging/swapping points to find, use and pay will not only
help increase adoption but also utilization of charging infrastructure,” said Arpit Agarwal, director,
Blume Ventures.
ElectricPe is a B2C EV charging and demand generation app that offers EV users a one-stop platform
to identify, access, and pay for EV charging points to make e-mobility easier. The company claims to
have dispensed 100 gigawatt hours of energy.

Delhi could transition to almost 100% renewable energy by 2050
In a first-of-its-kind research, the study speaks to the technical feasibility and economic viability of 100
percent renewable energy systems for a global megacity like Delhi within the northern Indian grid
region.
According to the study, batteries, prosumers and utility-scale solar meet most of the demand in Delhi
by 2050 as fossil fuels are phased out by then. The energy system taken into consideration includes
the power, heat, transport and desalination sectors.
Given Delhi's limitations in terms of land availability, it continues to get its power from the northern
region, which comprises eight states. It is expected that these states -- Jammu and Kashmir (including
Ladakh), Himachal Pradesh, Punjab and Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan and
Uttar Pradesh are interconnected with optimized transmission networks.
Delhi's power demands shot up to over 7GW in July 2022. Further, it is expected that the demand will
go up from 2,000 TWh in 2030 to around 4.400 TWh by 2050. The adjoining states emerge as new
exporters of low-cost renewable electricity which can economically boost the states and also create
much-needed jobs.
A recent announcement by the Delhi Pollution Control Board indicated that starting January 1, no coal
will be permitted for use in 2023 although this does not cover thermal power plants. This was mainly
with the intention to curb air pollution.
The Delhi government also recently announced its intention to become the rooftop capital for the
country by 2030 and achieve 50 percent solar rooftops towards this.
"While this is encouraging and in the right direction, our study shows that the government needs to be
more ambitious given the potential and the co-benefits in terms of reduced costs, GHG emissions,
and reduced air pollution that the capital has been grappling with for over a decade and a higher
number of jobs. This is the time for transformative change and Delhi has the opportunity to drive the
energy transition across North India," said Manish Ram, one of the authors of the study.
Previous studies have considered urban energy systems for megacities such as Beijing, Vancouver,
Cape Town, and Helsinki but remain limited in the details.
Urbanization has been on the rise and it is expected that half the world's population will reside in cities
by 2050.
According to UN Habitat, cities consume 78 percent of the world's energy and produce more than 60
percent of greenhouse gas emissions.
"Cities are already facing the heat of locked-in climate impacts, faced with an increased urban growth
and resource challenges, cities would need to be at the forefront of accelerated climate action. Data-
driven climate action plans provide a strategic basis for cities to develop roadmaps to holistically
mainstream climate action in long-term economic and urban planning," said Shruti Narayan, Regional
Director, C40.

Key factors behind Pakistan's worsening economic crisis
Pakistan’s economic crisis continues to worsen as the country struggles to cope with mounting debt,
inflated energy import costs, dwindling forex reserves, global inflation, political instability, and a
sustained drop in GDP growth. For the government, it is now a race against time to prevent the nation
from a complete economic collapse, which could severely impact millions of citizens.
Such is the extent of the crisis that the government auctioned a Pakistani embassy property in the US
a few days ago. The government is even resorting to drastic measures like ordering shopping malls,
restaurants, wedding halls, and markets to shut down early, hoping that it would save the nation
around $273 million or 62 billion Pakistani rupees towards energy imports.
Among other moves, all government departments in the country have been asked to reduce electricity
consumption by 30 percent. While Pakistan’s economy has been out of shape consistently for the
past few years, the cash-strapped nation’s financial problems were further aggravated in 2022.
Without an immediate bailout package, Pakistan’s economic situation is unlikely to get better anytime
soon. Mounting debt and rapidly dwindling forex reserves in the wake of higher global inflation are the
biggest challenges for the government.
Moreover, a devastating flood that hit the nation in 2022 from June to October is another factor that
has worsened the economic situation in Pakistan. The flood, which affected nearly 33 million people,
is believed to have led to damages worth over $30 billion.
In fact, the flood increased Pakistan’s dependence on imported goods other than oil, while the
country’s exports slumped. According to the Pakistan Bureau of Statistics, the country’s trade deficit
stood at over $2.8 billion in December 2022 as exports declined by over 16 percent to $2.3 billion. A
depreciating currency isn’t helping the economic situation either, with the Pakistani Rupee falling
nearly 30% in 2022, compared to the US dollar.
A Reuters report stated that Pakistan has to meet external financing needs to the tune of over $30
billion up until June 2023, including energy and debt repayments – an impossible feat considering the
country’s sluggish GDP growth, which the World Bank has pegged at just 2 percent.
In addition to slow growth, Pakistan is also facing skyrocketing inflation that could rise up to 23
percent in FY23. Slower growth and rising inflation could prove to be a dangerous combination for the
nation of approximately 220 million people, where getting a job is getting harder by the day. A recent
video uploaded on social media showed 30,000 people showed up at a stadium in Islamabad for a
constable recruitment drive to fill 1,167 vacancies.
While the Pakistan government’s drastic measures to save energy costs can provide some breathing
space, it is not enough to deal with the cocktail of economic woes plaguing the country at the moment.
The only hope that the country has is the release of the $1.1 billion IMF bailout tranche that has been
delayed due to a pending review.

Europe’s energy crisis
The energy sector is by default cyclical and history provides abundant examples of market expansion
followed by sudden and at times painful contraction. Alas, the current crisis differs from previous such
episodes in several important respects, mainly because the recent surge in energy prices offers a
glimpse of a future where a transition to a low-carbon economy that is not properly managed or
stress-tested against scarcity and volatility might produce recurrent market crunches and hinder the
decarbonization trajectory.
A confluence of interconnected factors has created turmoil in the energy market. In hindsight, it seems
that the economy might have been better prepared to withstand the shock if the EU had conducted
horizon scanning and worst-case scenario resilience exercises that could have anticipated such
disruption. Ultimately, policies focusing exclusively on emissions reduction have compounded the
situation. As the winter season sets in, soaring prices heighten inflationary pressures, constrain post-
Covid recovery objectives and exacerbate the energy poverty predicament of millions of Europeans.
The balance between the three dimensions of the energy trilemma – security, affordability, and
sustainability – has come under strain, to the consternation of consumers. If not managed effectively,
the crisis can compromise the pursuit of the overarching net-zero emissions target, and feed into the
emerging anti-transition sentiment that could sabotage support for the flagship European Green Deal
(EGD) and undermine the EU’s global climate leadership. This makes the design and deployment of
targeted and anticipatory mechanisms to cope with the volatility of the energy market all the more
imperative.
This Brief explores the causes of the crisis, analyses its impacts, and proposes strategic responses in
the short, medium and long term to bolster the EU’s systemic resilience to energy market volatility in a
context of radical decarbonization. The overriding premise of the Brief is that the EU’s ability to
transition to a carbon-neutral economy while navigating the accompanying challenges and instability
will foreshadow and inform processes across the globe, and predetermine the global net-zero
trajectory.
Gas supply and demand cycles are impacted by weather and economic activity. The winter season in
2020/21 was unusually cold in both Asia and Europe – the two main competing markets for liquefied
natural gas (LNG). The competition was accentuated by severe contraction of supply. Freezing
weather in Texas at the beginning of the year led to concern about the resilience of energy
infrastructure to extreme weather events, but it also resulted in a reduction of US LNG cargoes
usually departing at this period for Asia and Europe to cater for heightened heating demand. The
situation further worsened as the year progressed, with summer heatwaves across Europe, Asia, and
the United States leading to a surge in demand for air conditioning. In Latin America drought-induced
reduction in critical hydropower generation caused even more LNG cargoes to be diverted away from
Europe. Temporary transit problems in the Panama Canal further complicated matters.

Indo-Bangla Friendship Pipeline likely to be commissioned in February

The ambitious 130-km long Indo-Bangla Friendship Pipeline (IBFPL), constructed at a cost of ₹377.08
crore, is likely to be commissioned by next month, official sources said on Sunday.
The international oil pipeline, IBFPL, will carry fuel from Assam-based Numaligarh Refinery Limited's
(NRL) marketing terminal at Siliguri in West Bengal to the Parbatipur depot of Bangladesh Petroleum
Corporation (BPC).

The mechanical works of the bilateral project, being funded by India, was completed on December 12
last year, a senior official of NRL told PTI on condition of anonymity.

"We have set the commissioning target completion in February 2023," he added.

The groundbreaking ceremony for the 130-km IBFPL was held in September 2018 in the presence of
the Prime Ministers of India and Bangladesh through video conferencing.

"The project is in a true sense an engineering marvel. We faced lots of hurdles but with mutual
cooperation and technological understanding between the two countries, this international project will
see the light of the day," another senior executive of the Northeast's largest refiner said.

The IBFPL has been successfully implemented because of the true friendship between India and
Bangladesh, and it will remain a testimony of the best relationship between the two South Asian
nations, she added.

Indian Prime Minister Narendra Modi in his meeting with Hasina in 2017 had agreed to finance this
pipeline with a capacity of one million metric tonnes per annum (MMTPA).

The total project cost for the construction of the IBFPL is ₹377.08 crore. Out of this, NRL's investment
is ₹91.84 crore for the India portion of the pipeline, while the remaining ₹285.24 crore for the
Bangladesh portion is being funded by the Indian government as a grant-in-aid.

According to a recent report, prepared by the Assam Assembly on the visit of a delegation of the
legislators to the neighboring country, Bangladesh will start importing gas and oil from NRL later this
year.

The delegation met Bangladesh Prime Minister Sheikh Hasina, who said that "importing fuel oil from
India through the pipeline" will start this year, it added.

"She said that Bangladesh wants to import oil from India through a pipeline... The 130-km India-
Bangladesh Friendship Pipeline (IBFPL) project aims to export oil products from India to Bangladesh,"
the report said.

NRL and BPC had in April 2017 inked a long-term agreement for selling High-Speed Diesel (HSD)
from India to Bangladesh through the IBFPL.

Later in October of the same year, the state-run NRL signed another 15-year agreement with the BPC
for the export of gas oil (diesel) to the neighboring nation.

In NRL, Oil India Limited has a 69.63% stake, while Assam Government and Engineers India Limited
have 26% and 4.37%t holding respectively.
Thousands of Israelis protest new government's policies
Thousands of Israelis took to the streets on Saturday evening to protest plans by Prime Minister
Benjamin Netanyahu’s new government that opponents say threaten democracy and freedoms.


The protesters gathered in the central city of Tel Aviv days after the most right-wing and religiously
conservative government in the country’s 74-year history was sworn in.
“The settler government is against me,” read one placard. Another banner read, “Housing, Livelihood,
Hope.” Some protesters carried rainbow flags.

The protest was led by left-wing and Arab members of the Israeli parliament, the Knesset. They
contend that proposed plans by the new Cabinet will hinder the judicial system and widen societal
gaps.
The left-wing protesters slammed Justice Minister Yariv Levin, who on Wednesday unveiled the
government’s long-promised overhaul of the judicial system that aims to weaken the country’s
Supreme Court.

Critics accused the government of declaring war on the legal system, saying the plan will upend
Israel’s system of checks and balances and undermine its democratic institutions by giving absolute
power to the new governing coalition.

“We are really afraid that our country is going to lose the democracy and we are going to a
dictatorship just for reasons of one person which wants to get rid of his law trial," said Danny Simon,
77, a protester from Yavne, south of Tel Aviv. He was referring to Netanyahu, who was indicted on
corruption charges in 2021, allegations that he has denied.

Protesters also called for peace and co-existence between Jews and Arab residents of the country.
“We can see right now many laws being advocated for against LGBTQ, against Palestinians, against
larger minorities in Israel,” said Rula Daood of “Standing Together,” a grassroots movement of Arabs
and Jews. “We are here to say loud and clear that all of us, Arabs and Jews and different various
communities inside of Israel, demand peace, equality, and justice.”


India to contribute 25% of global fuel demand by 2040
India will contribute 25% of global fuel demand by 2040 and achieve 20% ethanol blending in petrol
by 2025, union minister for petroleum and natural gas Hardeep Singh Puri said on Tuesday.
Underlining an increase in the ethanol blending in petrol from 1.53% in 2013-14 to 10.17% in 2022,
Puri said that the government’s updated target is to achieve 20% ethanol blending in petrol from 2030
to 2025-26.
He said, India increased the number of its crude oil suppliers from 27 countries in 2006-07 to 39 in
2021-22 and attributed the growth to the addition of new suppliers like Columbia, Russia, Libya,
Gabon, and Equatorial Guinea while India strengthened its relationship with countries like US and
Russia.
The union minister said that the government is also setting up five 2G ethanol biorefineries in places,
including, Panipat (Parali) in Haryana, Bathinda in Punjab, Bargarh (Parali) in Odisha, Numaligarh
(Bamboo) in Assam and Devangere in Karnataka.
Giving information on E20 fuel, the petroleum minister noted that the phased rollout of E20 fuel would
start on 1st April 2023. “The E20 fuel is a 20% blend of ethanol and 80% of fossil-based fuel. The
planned introduction of E20 fuel aims to reduce the reliance on fossil-based fuels and to reduce
vehicular emissions,” he added.
Puri said that the government intends to increase India’s exploration acreage to 0.5 million sq. km. by
2025 and 1.0 million sq. km. by 2030. He noted that the government has successfully reduced the ‘No
Go’ area by 99%, opening .91 million sq. km. of acreage.
The union minister also hailed the excise cuts announced by Prime Minister Modi, saying, “Diesel
prices, which in India between December 2021 and December 2022 rose by only 3%, went up by 34%
in the USA, 36% in Canada, 25% in Spain and 10% in the UK.”
The center has also hiked the rate for Compressed Biogas (CBG) plants under the SATAT scheme
from Rs. 46/kg to Rs. 54/kg and is taking measures to ensure bio manure produced during CBG
production is bundled with fertilizers like urea.
The petroleum minister also highlighted the government’s investment of ₹19,744 crores into the
‘National Green Hydrogen Mission’ for developing a green hydrogen production capacity of at least 5
MMT (million metric tonnes) per annum. He noted the petroleum ministry would aggressively pursue
green hydrogen to support the nascent industry’s development.
Oil marketing companies are targeting the installation of alternative fuel stations (EV charging/ CNG/
LPG/ LNG/ CBG) at 22,000 retail outlets by May 2024, the petroleum minister said.

Historic UK rocket mission ends in failure, scientists report ‘anomaly’
A Virgin Orbit Boeing 747 carrying the 70-foot (21-metre) rocket took off from a spaceport in Cornwall,
southwest England, at 2202 GMT.
The rocket then detached from the aircraft and ignited as planned at a height of 35,000 feet over the
Atlantic Ocean to the south of Ireland at around 2315 GMT.
But in a series of tweets, as the rocket was due to enter orbit and discharge its nine satellites, Virgin
Orbit said: "We appear to have an anomaly that has prevented us from reaching orbit. We are
evaluating the information.
"As we find out more, we're removing our previous tweet about reaching orbit. We'll share more info
when we can."
The aircraft returned as planned to a subdued Spaceport Cornwall, a consortium that includes Virgin
Orbit and the UK Space Agency, at Cornwall Airport Newquay.
The launch was the first from UK soil. UK-produced satellites have previously had to be sent into orbit
via foreign spaceports.
Had the mission been successful, the UK would have been one of only nine countries that could
launch the craft into Earth's orbit.
"Joining that really exclusive club of launch nations is so important because it gives us our own
access to space... that we've never had before here in the UK," Spaceport Cornwall chief Melissa
Thorpe told BBC television before the launch.
Hundreds of people watched the launch, named "Start Me Up" after the Rolling Stones song.
The satellites were to have a variety of civil and defense functions, from sea monitoring to help
countries detect people smugglers to space weather observation.
The number of space bases in Europe has grown in recent years due to the commercialization of
space.
For a long time, satellites were primarily used for institutional missions by national space agencies but
most of Europe's spaceport projects are now private-sector initiatives.
The market has exploded with the emergence of small start-ups, modern technology making both
rockets and satellites smaller, and the rapidly growing number of applications for satellites.
Some 18,500 small satellites -- those weighing less than 500 kilograms (1,100 pounds) -- are
expected to be launched between 2022 and 2031, compared with 4,600 in the previous decade.
Campaigners, however, criticized the launch.
"Space is the new frontier for military escalation and spending with no real public scrutiny or
accountability," said Campaign for Nuclear Disarmament (CND) general secretary Kate Hudson.
Drone Wars director Chris Cole denounced a "space arms race which will inevitably lead to greater
risk of instability and conflict".

Startup IG Drones develops India's first 5G-enabled drone, Skyhawk
Startup firm IG Drones, which was born out of the Veer Surendra Sai University of Technology
(VSSUT) campus in Odisha's Sambalpur has developed a 5G-enabled drone that is capable of
vertical take-off and landing.
The drone named Skyhawk can be used in defense and medical applications, among other sectors.
The drone can carry a 10 kg payload and has an endurance of around five hours.
With Telecom Service Providers (TSPs) providing 5G services in the country, these drones can be
controlled with much more precision and can be controlled from the command center directly rather
than being on the field.
As it's a VTOL (Vertical Take-off and Landing), it can be operated from any terrain without the need
for a conventional runway.
With the addition of Artificial intelligence and thermal imaging capabilities, drones can be used in
monitoring border intrusion and also during regular patrolling by the defence forces, according to the
company.
It is IP67 rated and can be controlled via a combination of NavIC + GPS navigational satellites which
remain connected in the upper range of 50 to 60 in case of failsafe activation.
"This has been developed keeping in mind the needs of the defence and medical sectors. We are
making it in India with an aim to take it to the world," said Sambit Prasad Parida, the chief technology
officer.
The drone is also capable of operating through satellites in case an internet link is not available,
Parida told ANI.
"When it will connect several satellites, it will work with precision in medical services delivery and in
defence. The drone, if operated at its peak speed, can cover almost 100 km in 12-15 minutes," Parida
said.
According to KC Sahoo, Chief Administrative Officer of IG Drones, "For use by defense forces, it can
give surveillance up to 100-200 km per day. If someone deploys 20-30 drones, an area can be
secured."
Sahoo also reiterated that if 5G services are not available at any locations, they will be downgraded to
3G or 4G, or either latch on to satellites.

ChatGPT is coming for classrooms, hospitals, marketing departments,
and everything else as the next great startup boom emerges
As ChatGPT goes viral and "generative AI" becomes a buzzword, many VCs are anxious to invest in
the space.
If the early 2010s was the era of start-ups with the elevator pitch of "It's like Uber, but for (fill in the
blank)," we may be entering the era of founders explaining why their companies as like ChatGPT, but
for, well, everything.
The content creation firm Jasper uses the tech behind ChatGPT, and raised $125 million in a Series A
in October, valuing the company at $1.5 billion. Jasper competitor Copy.ai, which uses ChatGPT for
marketing, raised $11 million in Series A in October 2021.
There's generative AI for healthcare, with startups like doctor-focused Atropos Health, and synthetic
healthcare data firm Syntegra all raising funding within the past 12 months. AI-enabled video editing
start-up Runway raised a $50 million Series C in December, while AI-enhanced design Creative
Fabrique raised $61 million in January 2023. In education, there's AI-generated teaching feedback
startup TeachFX, which raised $10 million in September, and AI-enhanced textbook company Prof
Jim with a $1 million seed round in January 2022.
And there's plenty more to come, said Lux Capital partner Grace Isford.
"We're at an exciting inflection point for AI — we're just at the tip of the iceberg for the many vertical
uses cases for large language models beyond the creative industries to spaces like biology,
manufacturing, and healthcare," Isford said. "We'll likely get to the point where AI will be seamlessly
integrated into daily workflows."
The beauty of recent generative AI models is that they are available for other companies. OpenAI, the
operator of ChatGPT and DALL-E, works with Jasper, Copy.ai, and mental health start-up Koko,
among others.
As the access to generative AI models becomes easier, founders can spin up their "ChatGPT, but for
plant lovers" idea much faster than before. For many investors, that's a good thing. They believe
generative AI can become as ubiquitous as the cloud or the internet.
But down the line, there's a risk that start-ups will be using ChatGPT for ChatGPT's sake. Not all
generative AI companies have longevity, and not all sectors have problems that generative AI can
solve.
When Uber began its rise, suddenly, there was an Uber for pets — pet and human ride-hailing app
SpotOn — and an Uber for groceries such as Getir, but only a few became as successful or
transformative as Uber.
For now, investors are confident their bets in generative AI will pay off, said Josh Constine, partner at
Signal Fire.
"As with most trendy sectors, there are companies that are or will be worth much more, and many
more that will never live up to their hype," Constine said. "But unlike some past cycles where utility felt
speculative or at least many years away, we're already seeing traditional businesses transformed by
the breadth and efficiency of generative AI."
It's still early days for generative AI, and there will still be more new use cases companies will come
up with for the technology.

Eventually, generative AI will lose its luster and start-ups will have to sink or swim the same way as
every company: consistent revenue and profits. But for the time being, being buzzy is enough.

The Future of E-Commerce: How Online Shopping is Changing
The rise of e-commerce has been one of the most significant changes in the business world in recent
years. Online shopping has become increasingly popular due to its convenience, accessibility, and the
wide range of products and services that are now available online. With the outbreak of COVID-19,
this trend has accelerated even more as people are forced to stay home and avoid physical stores. As
a result, e-commerce has become an essential part of the retail industry and is continuing to evolve
and change in response to new technologies and trends.
One of the major changes in e-commerce is the rise of mobile shopping. As more and more people
use smartphones to access the internet, mobile commerce has become increasingly important. This
has led to the development of mobile-friendly e-commerce websites and apps, as well as the
integration of features such as mobile payments. These developments have made it easier for
consumers to shop online from anywhere and at any time, further increasing the popularity of e-
commerce.
Another trend in e-commerce is the growth of social media commerce. Social media platforms such
as Instagram and Facebook have begun to allow businesses to sell products directly through their
platforms, making it easier for consumers to discover and purchase products. This has opened up
new opportunities for businesses to connect with customers and expand their reach.
There is also an increased focus on personalization and customization in e-commerce. Retailers are
using data and machine learning to provide personalized product recommendations and tailor their e-
commerce experiences to individual customers. This has led to a more personalized and convenient
shopping experience for consumers.
Finally, there is a growing emphasis on sustainability and environmentally-friendly practices in e-

commerce. Consumers are becoming more conscious of their impact on the environment, and
retailers are responding by offering more sustainable options, such as eco-friendly products and more
sustainable packaging. This is an important development as it highlights the importance of
considering the environmental impact of e-commerce and the need for businesses to adapt and
innovate in this area.
In conclusion, e-commerce is an ever-evolving and rapidly changing industry. The rise of mobile
shopping, social media commerce, personalization, and sustainability are all important trends that are
shaping the future of e-commerce. Businesses that are able to stay informed and adapt to these
changes will be best positioned to succeed in the e-commerce landscape of the future.

India’s sinking towns have a renewable energy problem
Joshimath, a hill town of about 20,000 people in Uttarakhand is sinking. Wide cracks are splitting
roads. Buildings are tilting and collapsing as the land beneath them shifts. And people are being
evacuated in a hurry.
Now the technical term for what’s happening is land subsidence. Think of it like the ground simply
giving up one day and collapsing under your feet.
And everyone’s pointing fingers at each other now.
Some folks are blaming the Border Roads Organization. They’re apparently constructing a new
bypass using some heavy machinery in the mountains. And that’s causing the land to shift.
Others are blaming overdevelopment in Joshimath. The town serves as a starting point for many
pilgrimage tours and treks in the Himalayas. And to capitalize on the tourist influx, new buildings,
shops, and hotels sprung up. Many of them were unplanned.
And since the town was actually built on the debris of a landslide, you can imagine that it was never
safe, to begin with.
But there’s an even bigger problem that we want to highlight today — our obsession with hydropower
projects. Yes, renewable energy projects that are ‘green’ and use the power of the Himalayan rivers
are actually a major threat.
And that’s possibly the main culprit in Joshimath too — the Tapovan Vishnugad Hydro Power Project
by government-owned NTPC.
See, harnessing water isn’t very easy. Especially in the mountains. You need to tame the river by
setting up massive dams first. You need underground tunnels to transport water to gigantic power
stations that do the heavy lifting. You have to construct pathways for heavy construction vehicles to
pass through. You have to dig deep wells and desilting chambers to handle sand sediments and
wastewater.
And to set all of this up, you need to drill into the hills. And if it’s not done right, it can puncture
aquifers — rocks that contain groundwater — and disturb the land underneath our feet.
Now NTPC has denied its role in the affair. But it’s not the first time the project has come under
scrutiny. The Indian Express found official records that showed NTPC’s tunnel boring machine had
punctured rocks with water multiple times in the past. And one by one, all these transgressions might
have led to the calamity today.
Now here’s the thing. These hydro projects are being set up all across the sensitive Himalayan region.
All thanks to the abundance of rivers fed by glacial water.
For instance, the Himalayan state of Himachal Pradesh is the highest producer of hydropower in the
country today. But it’s worth noting that nearly 97.50% of the total geographical area of the state is
actually prone to landslides. This means that at least 1 in 4 hydropower stations are constantly under
threat of falling mountains and debris.
But we continue to build like there’s no tomorrow. Because we’re banking on these projects
generating revenue and employment in the local economy.
So a couple of years ago, Him Dhara, an environmental research and action collective, decided to
conduct an in-depth investigation into what was going on in the Himalayas. They spent time between

2011 and 2018 studying and documenting the various hydropower projects in the Himachal region.
And they found problems that will shock you.
See, in a bid to set up projects quickly, environment clearances were hastily doled out. There wasn’t
enough assessment done on the eco-vulnerability. And even when studies were conducted, they were
quickly glossed over saying that any ‘hurdles’ and ‘surprises’ would be dealt with as and when they
occurred. Mitigation and sustainability weren’t front and centre of these projects. Apparently, even the
Himachal Directorate of Energy and State Disaster Management Authority turned a blind eye to
regulating and monitoring these projects.
And the problem is that it’s hard to say ‘no’ to these projects.
Simply because there’s a dearth of studies that explicitly prove how mountain tunnel construction can
lead to land subsidence in the region. Without this, no one pays attention to warnings. It’s the
economic angle that always gets the eyeballs.
And India has been shouting from the rooftops about why we need renewable energy sources.
Obviously, hydropower feeds nicely into that narrative.
But you know what’s even worse?
A parliamentary committee had recommended that all hydroelectricity projects above 25 MW would
also be considered “renewable”. And we know that ‘renewable’ projects get a lot of subsidies. A
discount that generates massive profits in the hands of developers. Meanwhile, the brunt of this cost
is borne by the ecology and people living in the region.
So yeah, land subsidence due to hydropower projects isn’t concentrated in Joshimath alone. It’s a
Himalayan problem that’s also playing out in the North East of India.
The sad part about all of this is that we know better. We have been warned about it on numerous
occasions.
See, as far back as 1976, the Mishra Commission told us that Joshimath was in a precarious
situation. It asked to stop heavy construction in the area. But we didn’t listen.
Then in 2006, we had another report from the Wadia Institute of Himalayan Geology which pointed
out the shoddy state of the drainage system in the town. And said that alone could affect the soil. It
could lead to an eventual collapse. But no one paid heed to that as well. And in 2013, a committee
appointed by the Supreme Court warned that hydropower projects were a significant hazard in
Uttarakhand. But looks like the warning fell on deaf ears. Hopefully, the Joshimath disaster is the final
wake-up call we need to reconsider some of the hydropower projects in the Himalayas. And move
towards less harmful, alternative energy sources such as solar power. We have to act before it’s too
late.
We don’t want our precious towns to sink, do we?

Digital marketplace: The future of online shopping
Have you listed your products and services on multiple marketplaces? If yes, are you able to manage
the listings, prices, creatives, and content efficiently? During the pandemic, customers’ buying habits
changed as they preferred online stores over brick-and-mortar shops.
Since then, online marketplaces have become the key drivers of growth for businesses. But
managing multiple marketplaces and staying on top of your listings can take time and effort. The
digital marketplace model is an excellent way to reduce the risk of holding excess inventory and the
expenses of managing a physical store. It provides a low-risk model to reach a significantly larger
audience.
The benefits of a digital marketplace
The aforementioned challenges should not deter you from going online. Statistics reveal that the e-
commerce market in the US will surge past $1 trillion by 2023. The e-commerce sales in India were
at $84 billion in 2021, up from just $30 billion in 2020. Businesses must recognise their growth
potential in a digital marketplace.
Convenience: The marketplace model has eliminated any entry barriers for a business to reach its
customers. Businesses no longer need large investments to manage physical stores and warehouses.
Most marketplaces offer fast onboarding and assisted promotion to boost sales.
Global outreach: With an online digital marketplace, your business can sell their products and
services anywhere in the world. You can target a specific country or demography with ease.
Access huge customer base: Marketplaces offer a one-stop-shop solution for all customers. A
physical store cannot match the choice and inventory that an online marketplace offers. Hence, a
large customer base can be reached by an online marketplace due to the variety of products it offers.
Easy payment and logistics fulfilment: Your marketplace manages operational requirements, be it
payments, shipping, refunds, returns, or product pickups. This delivers efficiency into the system,
allowing businesses to focus on their core job.
Measure the KPIs: Most online marketplaces provide dashboards that help you monitor key
performance indicators (KPIs) such as revenue, sales, reach, and customer satisfaction. It is not
feasible for most businesses to develop this capability independently.
The challenges of listing on multiple B2B marketplaces
While B2B marketplaces are the future, managing your listing on multiple platforms has numerous
challenges.
The online B2B marketplace is a fast-changing model where you need to update products, services,
prices, and creatives frequently. Doing so on multiple platforms manually is an uphill task.
Providing customer support and keeping track of agreed-upon terms with multiple marketplaces is
difficult.
Lack of backend technology can create a large amount of manual work.

Tracking and dealing with counterfeit products from suppliers and frauds is necessary but difficult
without technology.
Industry trends in marketplace management

The pandemic has shifted the way customers buy products and services, and the following industry
trends are set to influence online marketplaces.
Shopping on mobile phones: Over 70% of online shopping happens on smartphone apps. It is crucial
for businesses to offer a great buying experience for customers on mobile phones and desktops.

Vertical marketplaces: Vertical marketplaces connect businesses with a group of customers within a
specific niche. They have a specific target audience. This model brings high-quality leads that can be
converted into sales quickly and easily. As a business, a vertical marketplace can help you offer more
value to the customers.
Voice commerce: The use of smart devices that work on voice commands is growing rapidly, and
customers are using them to purchase products and services online. In the future, these devices will
optimise voice search queries, increase search speed, and help businesses make their listings
friendly to voice search.
Artificial intelligence (AI): Chatbots are a great example of AI technology. They provide instant
answers to customer questions, as well as learn and improve over time. Online marketplaces serving
global customers cannot have a human workforce serving 24 x 7 and need to rely on AI chatbots to fill
the gap.
Marketplaces have been the lifeblood of commerce since times immemorial. In today’s world
digitization is expanding rapidly, and so is the need for digital marketplaces. Like any new digital
transformation, this disruption too is currently on a test run and requires some tweaks, but it certainly
promises trailblazing advancements and opportunities.

Digitization giving big boost to healthcare, medical education
Union Health Minister Mansukh Mandaviya was speaking on the sidelines of the World Economic
Forum Annual Meeting 2023 in Davos.
Digitisation is giving a big boost to healthcare and medical education sectors in India while also
providing much needed safeguard against corruption, Union Health Minister Mansukh Mandaviya said
on Tuesday, January 17, 2023.
Speaking at a breakfast session organised by industry chamber CII and consultancy giant EY, on the
sidelines of the World Economic Forum Annual Meeting 2023 here, the Health Minister also said that
there is no risk of data theft in digitisation of medical records of Indian citizens.
Access to records is available only after consent of the patient through a single-use OTP and the data
cannot be stored locally or accessed by any hospital, doctor or laboratory after the patient has left, he
said.
Digitisation is giving a big boost to healthcare and medical education sectors in India while also
providing much needed safeguard against corruption, Union Health Minister Mansukh Mandaviya said
on Tuesday, January 17, 2023.
Speaking at a breakfast session organised by industry chamber CII and consultancy giant EY, on the
sidelines of the World Economic Forum Annual Meeting 2023 here, the Health Minister also said that
there is no risk of data theft in digitisation of medical records of Indian citizens.
Access to records is available only after consent of the patient through a single-use OTP and the data
cannot be stored locally or accessed by any hospital, doctor or laboratory after the patient has left, he
said.
Mr. Mandaviya also said technology and artificial intelligence are helping in a big way in the medical
education sector with all colleges and institutions being linked to the National Medical Council.
"These are examples of how we can create a corruption-free society," he added.
Training tomorrow’s physicians
Medical education has witnessed a significant transformation in recent years. The entire ecosystem is
actively transitioning to a digital-first way of teaching and learning. Today, innovations in Ed-Tech,
digitisation of learning resources and skill-enabling knowledge are critical in creating tomorrow’s
physicians. They need to be equipped and trained to power the spread of collaborative healthcare
delivery while also navigating unforeseen situations such as the COVID-19 pandemic.
The pandemic led to a change in the medium of education to facilitate Continuing Medical Education
(CME). Additionally, other innovative e-learning methods like online education sites, skill laboratories,
and clinical decision support systems have come into their own. Today, medical learning resources
and apps, podcasts and videos with flipped classrooms, simulations, AR, and VR lead resources are
considered the future of medicine. These are now categorised as primary technological skills for
tomorrow’s physicians to become global practitioners, aiding them to quickly adapt to working
conditions where technology-enhanced procedures are the norm.
Medical education is heavily dependent on setting up robust digital mechanisms that are easy to use
and provide a holistic mechanism for outcome-oriented learning. To strengthen these processes,
institutions and students adopt advanced learning aids and platforms like syllabus mapped content,
class schedules, presentations, AV lecture footage, course evaluations, dissection guides, quizzes,
case makers, and other resources.

Transformation
There has been a significant transformation in the healthcare industry with technological
advancements. Several healthcare start-ups in India have developed a system for patients to avail
easy e-consultation without being physically present, making it the new normal. Transformation is also
seen through the IoMT (Internet of Medical Things), which is key to developing products that require
minimal human interaction to deliver services. These include associated medical devices, equipment,
and infrastructure processes like smart medical diagnosis, automatic disinfection, and remote patient
administration. Additionally, Cognitive IoMT (CIoMT) integrates automated processing, sensory
information, and interaction through real-time diagnosis, observation, and disease control systems.
Rising awareness around healthcare has put patient health and safety under the spotlight, and hence
practical and case-based medical learning has taken on increased significance. The advent of the
Competency-Based Medical Education (CBME) framework launched by the National Medical Council
saw the introduction of new pedagogical processes and a shift in existing education delivery systems.
The redefined skill sets under the CBME has created a proficiency-based curriculum that forms the
foundation for technology-enabled learning.
Holistic approach
These transformations point to the need for a more holistic and practical approach to medical
education. However, to ensure proper and pervasive transformation, it is necessary to make
technology-enabled resources widely accessible to all and easy to access at any time. This will, in
turn, enable knowledge procurement across the board, cultivate hands-on skills, nurture quick
decision-making, improve the quality of learning, and equip doctors of tomorrow to handle a plethora
of problems that may come their way.
To help bridge the gap and train competent healthcare professionals, it is essential to teach them right
from the beginning. A competency-based learning system (CBME) that trains in knowledge and
practical experience will contribute to well-rounded learning, making tomorrow’s medical professionals
competent and future-ready.

Pakistan is South Asia's weakest economy: World Bank report
Pakistan is South Asia's weakest economy, and it will take a herculean effort to pull the country out of
poverty, reported Islam Khabar.
Pakistan is in the news for its economic meltdown amid natural disasters, food shortages, and
poverty.
Pakistan had unprecedented floods in July last year, devastating large swathes of farmlands. The
forex reserves in the country which hit a new low of USD 4.6 billion would only be enough to pay for
foreign import bills for three weeks. The analysts put Pakistan's need for relief at USD 33 billion.
The world helped then and has renewed its pledge. Moved by the intervention by the UN Secretary-
General, better-off nations have come forward with generous commitments of around USD 10 billion.
Sensing the urgency, friends including Saudi Arabia and the UAE have chipped in with four billion
dollars this month, reported Islam Khabar.
It has been six months since the flood waters ebbed. But on-land traveller (SF Aizaduddin, Dawn
January 11, 2023) writes that they remain underwater, with no sign of water management or renewed
cultivation. It is understandable up to a point, though. But after so many months, there is an acute
food shortage.
Imagine the country with one of the world's most irrigated fertile wheat-growing land has a shortage of
flour and no money to import it. Market reports say a PKR 1200 bag of 20 kg of flour has shot up to
PKR 3,00, reported Islam Khabar.
Dragging talks with the International Monetary Fund (IMF) put PKR at three months low. The Express
Tribune (January 12, 2023) quoted a currency exchange expert, "The Pakistrupee's fair value is the
one prevailing in the black market at Rs 260-270 to a dollar. The government has artificially kept the
currency overvalued. It should let market forces determine the exchange rate meet an IMF's
condition."
Unsurprisingly, warning of another global recession, the World Bank on January 13, 2023 forecasted
Pakistan's economic growth to slow further to two per cent during the current year -- down by two
percentage points from its June 2022 estimate, reported Islam Khabar.
The new excuse is climate change as if only Pakistan is affected. Prime Minister Shehbaz Sharif says
the country will need USD 16.3 billion over the next three years for the initial efforts to rebuild and
improve its ability to withstand climate change.
Sharifs earlier called out Imran Khan for 'begging'. Now Khan is returning the same compliment. He
had globe-trotted with a begging bowl, now he asks why Sharif 'wasted' money on going to the
Geneva conference where aid pledges were made.
'Begging' continues, no matter who rules Pakistan. But, the country fails to acknowledge the damage
caused by the China-Pakistan Economic Corridor to the fragile Himalayas in Gilgit-Baltistan, reported
Islam Khabar.
Farmers are reluctant to increase the area under wheat cultivation because of the delay in the
announcement of support prices.
They are demanding an "Agri-emergency" due to fertiliser shortage and weak crop outlook. Pakistan
Kissan Ittehad (PKI) President Khalid Mehmood Khokhar said instead of boosting domestic wheat

production, the government was "supporting farmers of other countries by buying the commodity at
higher prices from them," reported Islam Khabar.
In a report, it said Pakistan's declining economic output was also bringing down the regional growth
rate. It forecast Pakistan's GDP growth rate to improve to 3.2 per cent in 2024, which would be lower
than the earlier estimate of 4.2 per cent.

Microsoft is working on an AI called VALL-E that can clone your voice
from a 3-second audio clip
Microsoft, which has plans to invest $10 billion in ChatGPT, is working on an artificial intelligence
called VALL-E that can clone someone's voice from a three-second audio clip.
VALL-E, trained with 60,000 hours of English speech, is capable of mimicking a voice in "zero-shot
scenarios", meaning the AI tool can make a voice say words it has never heard the voice say before,
according to a paper published by Cornell University in which the developers introduced the tool.
VALL-E uses text-to-speech technology to convert written words into spoken words in "high-quality
personalized" speeches, according to the 16-page paper.
It used recordings of more than 7,000 real speakers from LibriLight– an audiobook dataset made up
of public-domain texts read by volunteers – to conduct its sampling. The tech giant released samples
of how VALL-E would work, showcasing how the voice of a speaker is cloned.
The AI tool is not currently available for public use and Microsoft hasn't made it clear what its intended
purpose is.
The researchers said the results so far showed that VALL-E "significantly outperforms" the most
advanced systems of its kind, "in terms of speech naturalness and speaker similarity."
But they pointed out the lack of diversity of accents among speakers, and that some words in the
synthesized speech were "unclear, missed, or duplicated."
They also included an ethical warning about VALL-E and its risks, saying the tool could be misused,
for example in "spoofing voice identification or impersonating a specific speaker".
"To mitigate such risks, it is possible to build a detection model to discriminate whether an audio clip
was synthesized by VALL-E," the developers wrote in the paper. They didn't give details of how this
could be done.
They added that "if the model is generalized to unseen speakers in the real world, it should include a
protocol to ensure that the speaker approves the use of their voice."

Apple, Samsung lead sustainability but smartphone e-waste still major
concern
Apple leads the smartphone market in the overall approach towards sustainability, followed by
Samsung, across the three major stages of the smartphone circular economy - production, usage and
end of life, a report mentioned. However, a lot has to be done when it comes to the used stock or
mobile e-waste.
While Apple scores high on overall longevity, updates, and innovations toward sustainability,
Samsung scores higher in repair, energy efficiency and after-sales networks, according to
Counterpoint Research.
Production of a smartphone is responsible for about 80 per cent of the total carbon footprint in its life
cycle, and hence it is the most vital of the stages.
Top brands like Samsung, Apple, and OPPO have started propagating environmental benefits
through their initiatives in production, the report mentioned.
"Due to sustainability efforts, OEMs have to maintain a balance between enticing the consumer and
saving the environment. Chinese leaders like OPPO, Xiaomi, and vivo are consistently trying to
improve battery life and energy efficiency," said Glen Cardoza, senior research analyst.
However, OEMs have a lot to do when it comes to reclaiming their smartphones once their usable life
comes to an end.
"Getting pre-owned smartphones back into the system is necessary to handle them sustainably. They
need to be repaired/refurbished for reuse or recycled responsibly to complete the circular loop. The
main objective here is to reduce e-waste. It is vital to know how much OEMs are doing for this cause,"
Cardoza added.
In 2021, the global refurbished market grew 15 per cent (on-year) and shows promise to grow further
in the coming years.
"Carriers and retail refurbishment players are growing but OEM initiatives on reclamation,
refurbishment, and e-waste reduction are quite limited. Even the best brands are not active enough in
pulling back their used stock," the report mentioned.
The highest potential now rests with initiatives like trade-ins, which ensure a buyback of the older
devices.
"Brands like OPPO, Vivo and Xiaomi have a long way to go with reclaiming and refurbishing devices if
we consider the volume of new smartphones shipped by them every year. Apple and Samsung lead
here as well but most of the reclaiming and refurbishing are done by the other players in the
secondary ecosystem," the report said.

New Zealand's Jacinda Ardern is an icon to many for stepping down
New Zealand Prime Minister Jacinda Ardern, who became a global icon of the left and exemplified a
new style of leadership, said that she would leave office.
Just 37 when she became leader, Ardern was praised around the world for her handling of the
nation’s worst-ever mass shooting and the early stages of the coronavirus pandemic. But she faced
mounting political pressures at home and a level of vitriol from some that hadn’t been experienced by
previous New Zealand leaders.
Still, her announcement came as a shock throughout the nation of 5 million people.
Fighting back tears, Ardern told reporters in Napier that Feb. 7 would be her last day as prime minister
after five and a half years in office.
“I know what this job takes, and I know that I no longer have enough in the tank to do it justice. It is
that simple,” she said.
Lawmakers in her Labour Party will vote for a new leader on Sunday.
Ardern became an inspiration to women around the world after first winning the top job in 2017. She
seemed to herald a new generation of leadership — she was on the verge of being a millennial, had
spun some records as a part-time DJ, and wasn’t married like most politicians.
In 2018, Ardern became just the second elected world leader to give birth while holding office. Later
that year, she brought her infant daughter to the floor of the U.N. General Assembly in New York.
She notched up center-left victories while right-wing populism was on the rise globally, pushing
through a bill targeting net-zero carbon emissions by 2050, overseeing a ban on assault weapons,
and largely keeping the coronavirus out of New Zealand for 18 months.
Her approach to the pandemic earned the ire of U.S. President Donald Trump, and she pushed back
against wildly exaggerated claims from Trump about the spread of COVID-19 after he said there was
a massive outbreak and “It’s over for New Zealand. Everything’s gone.”
“Was angry the word?” Ardern said about Trump's comments in an interview with The Associated
Press at the time.
In March 2019, Ardern faced one of the darkest days in New Zealand’s history when a white
supremacist gunman stormed two mosques in Christchurch and slaughtered 51 worshippers during
Friday prayers. Ardern was widely praised for her empathy with survivors and New Zealand’s wider
Muslim community in the aftermath.
After the mosque shootings, Ardern moved within weeks to pass new laws banning the deadliest
types of semi-automatic weapons. A subsequent buyback scheme run by police saw more than
50,000 guns, including many AR-15-style rifles, destroyed.
Less than nine months after the shooting, she faced another tragedy when 22 tourists and guides
were killed when the White Island volcano erupted.
Ardern was lauded globally for her country’s initial handling of the coronavirus pandemic after New
Zealand managed to stop the virus at its borders for months. But she was forced to abandon that
zero-tolerance strategy as more contagious variants spread and vaccines became widely available.
She faced growing anger at home from those who opposed coronavirus mandates and rules. A
protest against vaccine mandates that began on Parliament’s grounds last year lasted for more than
three weeks and ended with protesters hurling rocks at police and setting fires to tents and mattresses
as they were forced to leave. This year, Ardern cancelled an annual barbecue she hosts due to
security fears.

Ardern last month announced a wide-ranging Royal Commission of Inquiry would look into whether
the government made the right decisions in battling COVID-19 and how it could better prepare for
future pandemics. A report is due next year.
Many observers said that sexist attitudes played a role in the anger directed at Ardern.
"Her treatment, the pile on, in the last few months has been disgraceful and embarrassing," wrote
actor Sam Neill on Twitter. “All the bullies, the misogynists, the aggrieved. She deserved so much
better. A great leader.”
But Ardern and her government also faced criticism that it had been big on ideas but lacking on
execution. Supporters worried it hadn’t made promised gains on increasing housing supply and
reducing child poverty, while opponents said it was not focusing enough on crime and the struggling
economy.
Ardern described climate change as the great challenge for her generation. But her polices faced
skepticism and opposition, including from farmers who protested plans to tax cow burps and other
greenhouse gas emissions.
Ardern had been facing tough prospects at the ballot box. Her center-left Labour Party won reelection
in 2020 with a landslide of historic proportions, but recent polls have put her party behind its
conservative rivals.
Ardern said the role required having a reserve to face the unexpected.
“But I am not leaving because it was hard. Had that been the case I probably would have departed
two months into the job,” she said. “I am leaving because with such a privileged role comes
responsibility. The responsibility to know when you are the right person to lead, and also, when you
are not.”
She said her time in office had been challenging but fulfilling.
“I am entering now my sixth year in office, and for each of those years, I have given my absolute all,”
she said.
Australian Prime Minister Anthony Albanese said Ardern “has shown the world how to lead with
intellect and strength.”
“She has demonstrated that empathy and insight are powerful leadership qualities,” Albanese
tweeted. “Jacinda has been a fierce advocate for New Zealand, an inspiration to so many and a great
friend to me.”
Canadian Prime Minister Justin Trudeau thanked Ardern on Twitter for her friendship and “empathic,
compassionate, strong, and steady leadership.”
Ardern charted an independent course for New Zealand. She tried to take a more diplomatic approach
to China than neighboring Australia, which had ended up feuding with Beijing. In an interview with the
AP last month, she said that building relationships with small Pacific nations shouldn’t become a
game of one-upmanship with China.
New Zealand Opposition Leader Christopher Luxon said Ardern had been a strong ambassador for
the country on the world stage. He said that for his party “nothing changes” and it remains intent on
winning this year's general elections to “deliver a government that can get things done for the New
Zealand people.”

Ardern announced that vote would be held on Oct. 14, and that she would remain a lawmaker until
then. Deputy Prime Minister Grant Robertson announced that he won’t contest the leadership of the
Labour Party, throwing the competition open.
It’s unclear who will take over as prime minister until the election.
If no candidate gets at least two-thirds support from the caucus when Labour lawmakers vote on
Sunday, then the leadership contest will go to the wider party membership. Ardern has recommended
the party chose her replacement by the time she steps down.
Ardern said she hadn't had too much time to reflect on her tenure in the role, although noted it had
been marked with crises.
“It’s one thing to lead your country in peace times, it’s another to lead them through crisis. There’s a
greater weight of responsibility, a greater vulnerability amongst the people, and so in many ways, I
think that will be what sticks with me,” she said. "I had the privilege of being alongside New Zealand
during crisis, and they placed their faith in me.”
Aya Al-Umari, whose brother Hussein was killed in the Christchurch mosque attacks, tweeted her
“deepest gratitude” to Ardern, saying her compassion and leadership during that grim day “shone a
light in our grief journey.”
“I have a mixture of feelings, shocked, sad but really happy for her,” Al-Umari wrote.
Ardern said she didn’t have any immediate plans after leaving office, other than family commitments
with her daughter, Neve, and her fiancé, Clarke Gayford, after an outbreak of the virus thwarted their
earlier wedding plans.
“And so to Neve, Mum is looking forward to being there when you start school this year,” Ardern said.
“And to Clarke, let’s finally get married.”

Cost of living to become major crisis in India within two years: World
Economic Forum
The climate change crisis may be a global problem, but for India there may also be a cost of living
crisis emerging, according to a report released by the World Economic Forum titled "Global Risks
Report 2023".
Digital inequality and a cost of living crisis coupled with natural disasters are going to be major risks in
the short as well as medium term for India, the report noted.
The findings of the report couldn't have come at a more opportune time, as a land subsidence crisis
has hit Joshimath town in Uttarakhand.
In the next two years, the cost of living crisis is going to be one of the biggest risks, it said.
Also, natural disasters and extreme weather events, geo-economic confrontations, failure to mitigate
climate change and large-scale environmental damage incidents, are some of the other short term
risks for India, the report noted.
At the same time, on a long term basis, i.e. 10 years down the line, some major risks for India include
failure to mitigate climate change and climate change adaptation, biodiversity loss, large-scale
involuntary migration, and natural resources crises.
"As 2023 begins, the world is facing a set of risks that feel both wholly new and eerily familiar. We
have seen a return of "older" risks — inflation, cost-of-living crisis, trade wars, capital outflows from
emerging markets, widespread social unrest, geopolitical confrontation and the spectre of nuclear
warfare — which few of this generation's business leaders and public policy makers have
experienced," the report said.
It noted that these risks would be amplified by aspects like unsustainable levels of debt, a new era of
low growth, low global investment and de-globalisation, a decline in human development after
decades of progress, rapid and unconstrained development of dual-use (civilian and military)
technologies.
The report said that geopolitical rivalries and inward-looking stances will heighten economic
constraints and further exacerbate both short- and long-term risks.
Climate change is among the major risks that the global economy faces, and it is the challenge for
which humanity is least prepared, the report stated.
"Nature loss and climate change are intrinsically interlinked — a failure in one sphere will cascade into
the other. Without significant policy change or investment, the interplay between climate change
impacts, biodiversity loss, food security and natural resource consumption will accelerate ecosystem
collapse, threaten food supplies and livelihoods in climate-vulnerable economies, amplify the impacts
of natural disasters, and limit further progress on climate mitigation," it said.

The View From India | Will the Adani crisis impact India’s neighbourhood
diplomacy?
The ongoing crisis affecting the Adani Group, triggered by a January 24, 2023 report from U.S. firm
Hindenburg Research that had accused the company of stock manipulation and fraud – charges the
Group has denied – has ramifications not only for India’s economy but also on the foreign policy front.
While India’s Ministry of External Affairs (MEA) denied this was the case – this was “not a foreign
policy issue”, the Ministry said – a financial crisis rocking an Indian company with a major overseas
footprint will likely have an impact beyond India’s borders. Reports last week said an Adani Power
project planned as a major Indian infrastructure push to provide electricity to Bangladesh may be
delayed by another six months, according to local media. As Suhasini Haidar reports the project is
one of a number in the neighbourhood — including those in Bangladesh, Sri Lanka, Nepal and
Myanmar — that have accompanied the Narendra Modi-led government’s “Neighbourhood First”
initiative in the past few years.
Reflecting the company’s global ambitions, Adani chairperson Gautam Adani has met with regional
leaders, including Bangladesh Prime Minister Sheikh Hasina in September 2022 and then-Sri Lankan
President Gotabaya Rajapaksa, while Adani family members have met with senior officials from
Myanmar and even Indonesia. Now, governments in neighbouring countries are watching the
company’s market situation closely.
The ongoing crisis affecting the Adani Group, triggered by a January 24, 2023 report from U.S.
firm Hindenburg Research that had accused the company of stock manipulation and fraud –
charges the Group has denied – has ramifications not only for India’s economy but also on the foreign
policy front.
While India’s Ministry of External Affairs (MEA) denied this was the case – this was “not a foreign
policy issue”, the Ministry said – a financial crisis rocking an Indian company with a major overseas
footprint will likely have an impact beyond India’s borders. Reports last week said an Adani Power
project planned as a major Indian infrastructure push to provide electricity to Bangladesh may be
delayed by another six months, according to local media. As Suhasini Haidar reports the project is
one of a number in the neighbourhood — including those in Bangladesh, Sri Lanka, Nepal and
Myanmar — that have accompanied the Narendra Modi-led government’s “Neighbourhood First”
initiative in the past few years.
Reflecting the company’s global ambitions, Adani chairperson Gautam Adani has met with regional
leaders, including Bangladesh Prime Minister Sheikh Hasina in September 2022 and then-Sri Lankan
President Gotabaya Rajapaksa, while Adani family members have met with senior officials from
Myanmar and even Indonesia. Now, governments in neighbouring countries are watching the
company’s market situation closely.
When India’s companies have become important regional and global players, their financial health will
certainly have a bearing on India’s diplomacy in countries where they are have a prominent presence.
Moreover, as an editorial last week in The Hindu observed, at a time when India holds the G20
presidency, authorities will need to ensure the country’s regulatory framework is seen in nothing less
than the best light as the government weighs a response to the crisis.

What is the Adani-Hindenburg saga all about?
Well-known US activist investor Hindenburg Research has alleged that Adani Group was “engaged in
a brazen stock manipulation and accounting fraud”, a charge the conglomerate described as
malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale,
PTI reported.
Hindenburg, a US-based investment research firm that specialises in activist short-selling, said its
two-year investigation reveals that “the ₹17.8 trillion (US$ 218 billion) Indian conglomerate Adani
Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of
decades.” The report comes ahead of a ₹20,000 crore follow-on share sale of Adani Group’s flagship
Adani Enterprises. The follow-on public offer (FPO) is slated to open on January 27 and close on
January 31.
Adani Group said it was shocked to see the report that came out without any attempt to contact it to
get the factual matrix. “The report is a malicious combination of selective misinformation and stale,
baseless and discredited allegations that have been tested and rejected by India’s highest courts,” the
ports-to-energy conglomerate said in a statement.
It went on to question the timing of the report, saying its publication ahead of the FPO “clearly betrays
a brazen, malafide intention to undermine Adani Group’s reputation with the principal objective of
damaging” the issue.
Adani Group stocks fell after the report but recouped some of the losses. Adani Enterprises fell 2.5%
but pared some losses after the statement to trade at 1.5% lower at 1350 hrs. Adani Ports & SEZ Ltd,
which was down 6.23% at noon, too recovered some grounds and was down 5.1% at 1350 hrs.
“Gautam Adani, founder and chairman of Adani Group, has amassed a net worth of roughly USD 120
billion, adding over USD 100 billion in the past 3 years largely through stock price appreciation in the
group’s seven key listed companies, which have spiked an average of 819% in that period,” the US
researcher’s report said.
The Hindenburg’s report details a web of Adani-family controlled offshore shell entities in tax havens
spanning the Caribbean and Mauritius to the United Arab Emirates, which it claims were used to
facilitate corruption, money laundering and taxpayer theft, while siphoning off money from the group’s
listed companies. “Our research involved speaking with dozens of individuals, including former senior
executives of Adani Group, reviewing thousands of documents, and conducting diligence site visits in
almost half a dozen countries,” it said.

Budget 2023 proposes 20% TCS on foreign expenses under LRS
The Union Budget 2023 has proposed a tax collection at source (TCS) of 20% for foreign outward
remittance under liberalized remittance scheme (LRS) (other than for education and medical
purposes). This will be applicable from July 1, 2023. Before this, TCS of 5% was applicable to foreign
outward remittance in excess of ₹7 lakh. Now, apart from education and medical treatment, there will
be no threshold limit for other instances of remittances.
“ There is a proposal to increase the TCS to 20% from 5% for exchange remittances under LRS as
prescribed by RBI. The TCS can be claimed as a credit in the tax return. This impacts the remittances
being made under LRS, such as investing in foreign stocks, property overseas travel, maintenance of
relatives abroad,” says Rohinton Sidhwa, partner, Deloitte India. Let us take a closer look at how this
will affect overseas remittance under LRS.
Overseas education and medical treatment: For both overseas education and medical treatment, the
5% TCS is charged on the total amount of remittance in excess of ₹7 lakh. The budget proposes no
change in that. Plus, when someone takes a loan to study abroad the TCS is charged only at 0.5% of
the total amount in excess of ₹7 lakh.
It is to be noted that education includes tuition fees and hostel expenses. “In case a student goes
abroad and lives in a school/college hostel and remittance for foreign exchange is made for the same,
then it can be considered as remittance for educational purposes. However, in case the student
spends for food/lodging and where there is no link of such spending with the school/college, then it
may be sought to be classified as other than education purposes and the field officers may seek to
demand a levy of TCS at 20%. In case this happens, then education abroad would become quite cash
intensive,” says Vivek Jalan, Partner, Tax Connect Advisory.
Overseas tour packages: Overseas tour packages will get costlier and attract a TCS of 20% without
any threshold limit. If an Europe tour package costs ₹10 lakh, one now has to pay ₹12 lakh for the
same package going ahead. “However, this is applicable only to your packages and will not apply if
someone is making bookings of hotels etc on their own,” says Rachit Sharma, Company Secretary,
Taxmann Group.
“While various boosters have been provided for integrated domestic travel in this budget, yet this
increase in the rate of TCS would act as a dampener for foreign travel. Hence the policy of The
Government seems clear,” says Jalan.
Overseas investments: When investing abroad, one has to pay 20% TCS without any threshold limit
going forward. Over the last few years more and more Indians have been investing overseas,
especially in the US. Since every dollar one invests will now have a 20% tax imposed on it, this will
affect their returns (earlier one did not have to pay any TCS on up to ₹7 lakh invested).
Buying property abroad: “Similarly, if the person wants to buy an immovable property outside India, in
addition to the money he has to pay for the purchase of the property, he will be required to pay 20% of
the the purchase price by the way of TCS to the bank from where remittance is made,” says Ved Jain,
founder, Ved Jain Associates. Hence, if you are buying a property in Dubai worth Rs 3 crore, an
additional ₹60 lakh needs to be paid. However, one can get a tax credit on the same as explained
later.
TCS can be settled against tax dues: TCS on remittances essentially means that a person making a
remittance will have to pay an additional 20% at the time of making the remittance, i.e. there will be an
additional 20% cash flow paid towards TCS. However, it can be settled against tax dues.
“This amount then will appear in their Form 26AS since TCS is linked to their PAN and can be settled
against their tax dues. This is tax already collected from them. In the event the taxpayer has a refund
situation, the excess tax collected via TCS shall be refunded to the taxpayer,” says Archit Gupta,
founder and CEO, Clear.

“However for everyone this implies more funds locked in which are only adjustable while paying taxes,
or refunded after the FY once income tax return is processed,” says Sidhwa.
One may infer that this move is aimed at discouraging people from sending money abroad. When
sending money abroad, one thus needs to plan accordingly.

Budget 2023-24: Continued focus on infra to enable growth, create jobs
& enhance quality of life
India intends to be a 5 trillion-dollar economy in the next few years. Infrastructure is one of the key
catalysts for achieving this objective. Government of India launched the National Infrastructure
Pipeline for the period FY 20–25 for supporting development of road, airport, port, urban, electricity,
railways, among others.
Given the importance of infrastructure sector, in budget FY21–22 Government of India announced
multiple initiatives including creation of a new Development Finance Institution for extending long
tenure debt financing at reasonable rates and announced potential projects for monetization through a
National Monetization Pipeline besides increasing capital expenditure (Source: Budget FY2021–22).
In Budget 2022–23, initiatives to further strengthen the infrastructure sector were undertaken including
significant increase in infrastructure capital expenditure, new infrastructure development programmes,
formation of a high-level committee for urban planning among others (Source: Budget FY2022–23).
Continuing with the focus of creating world-class infrastructure, the current Budget has allocated
substantial funds for capital expenditure for developing infrastructure. The Government has committed
an outlay of ₹10 lakh crore during 2023-24 towards infrastructure capital expenditure compared to
₹7.5 lakh crore (BE) during 2022–23, which is a 33% year-on-year increase.
The overall effective capital expenditure of the Government is estimated at ₹13.7 lakh crore for 2023–
24 considering the additional grant in aid earmarked for capital asset creation for states. Given such
high budgetary provisions, it is clear that infrastructure spending remains a key lever for the
Government of India to enable overall GDP growth.
Multiple initiatives have been declared for developing infrastructure in the current Budget including:
₹2.4 lakh crore capital outlay for railways

₹75,000 crore (including ₹15,000 from private sector) for creating 100 critical transport infrastructure
for improving first and last mile connectivity for ports, coal, steel, fertilizer and food grain sectors
50 additional airports, heliports, water aerodromes and advance landing grounds for improving
regional connectivity,
100% mechanical desludging of septic tanks and sewers in all cities and towns focusing on scientific
wet and dry waste management
₹79,000 crore outlay on PM Awas Yojana, 66% higher than previous year
The budget also announced multiple forward-looking initiatives for improving the infrastructure sector.
For ensuring more private sector investments in infrastructure like roads, railways, urban
infrastructure and power, support will be provided by the newly established Infrastructure Finance
Secretariat.
Focus will be provided to transform our cities to sustainable cities by encouraging states and cities to
undertake urban reforms. Cities will be incentivized to improve their creditworthiness – emphasis will
be on property tax governance and ring-fencing user charges. An Urban Infrastructure Development
Fund (UIDF) will be created and managed by National Housing Bank, which will enable creation of
infrastructure in Tier 2 and 3 cities by supporting viability gap funding, enabling creation of more
bankable projects, enhancing access to external funding, among others.
Further, fifty-year interest free loans for capital expenditure within 2023-24 may be availed by the
states, which will enable the states allocate funds in areas like urban planning and reforms, fiscal
reforms in urban local bodies, capital expenditure (states share), among others.
To complement the physical infrastructure spending, multiple initiatives for augmenting digital
infrastructure have also been announced in the budget. Examples include the National Data
Governance Policy which will enable innovation in areas like road sector management, urban service

delivery, urban safety & security management, infrastructure management, among others. Open data
will also enable evidence-based policy formulation in the infrastructure sector.
The three Centres of Excellence for Artificial Intelligence will enable development of solutions for
creating sustainable cities. One hundred labs for developing applications using 5G services will
enable creation of digital solutions in areas like intelligent transport management, urban water
management, solid waste management, among others.
The budget also focusses on green growth, including initiatives for greening of infrastructure. A Green
Credit Programme is proposed to be notified for incentivizing undertaking environmentally sustainable
activities by various stakeholders including local bodies. Galvanizing Organic Bio-Agro Resources
dhan (GOBARdhan) scheme intends to create 500 new “Waste to Wealth” plants for promoting a
circular economy. Investment of ₹20,700 crore including ₹8,300 crore central support has been
allocated for construction of inter-state transmission system for grid integration and evacuation of 13
GW renewable energy from Ladakh.
Overall, for attaining over 6% GDP growth, a public investment led budget was needed this year. This
budget focuses on increased spending in infrastructure, which is likely to have a multiplier effect by
increasing demand generation, creating more employment as well as enhancing the quality of life of
citizens.

Budget 2023-24: Positive for infra and credit growth
The budget for fiscal 2024 is clearly growth-oriented, and plumps for capital spending to stoke
demand and ultimately crowd in private-sector investments. That, in turn, should fuel credit growth for
lenders.
It also provides support to micro, small and medium enterprises (MSMEs) and should boost
consumption demand through tax concessions.
Yet it plans to stick to the fiscal consolidation path — there is no borrowing shock — which augurs
well for interest rates.
Such tidings will prepare the economy for its next phase of growth.
After spending almost the entire budgeted capex outlay this fiscal as committed, the government has
continued its focus on capex especially towards infrastructure build-out.
Out of the budgeted capital outlay of ₹13.7 lakh crore for fiscal 2024 (over 30% higher on-year),
railways and roads sectors are slated to garner higher share.
This would also have a multiplier effect on demand and should lure private corporate capex as well.
Higher spends on infra would benefit sectors such as steel, cement, pipes, capital goods, and civil
construction.
Given the currently decadal low gearing levels (less than 0.5 times) and optimal capacity utilization
levels, India Inc has the wherewithal for taking on debt and set up additional capacities. Banks are
also well equipped to support this growth led by healthy capitalisation and low non-performing asset
levels.
From a more long-term perspective, a clear focus has been articulated towards enhancing bank
governance and investor protection with an announcement of amendments to the Banking Regulation
Act, the Banking Companies Act, and the Reserve Bank of India Act. This should further structurally
strengthen the financial sector and bolster stakeholder confidence.
Further, we see a step towards ensuring higher transparency and curtailing information asymmetry,
with the government planning to set up a national financial information registry. It would support credit
decision making and promote financial inclusion, albeit over a longer horizon.
MSMEs, which are yet to recover fully from Covid disruptions, will benefit from the revamped credit
guarantee scheme that envisages ₹2 lakh crore credit flow at lower interest rates.
Additionally, the move to link tax deduction on expenditure of larger companies to making timely
payments to MSMEs will improve the liquidity position of these entities. As MSME accounts for about
30% of India’s GDP, the benefits would be wide-ranging and across sectors.
Further, reduction in personal income taxes under the new tax regime should also spur consumption
leading to growth in discretionary sectors such as automobiles, consumer durables and fast-moving
consumer goods.
Overall, a pro-growth pronouncement emphasizing big-ticket infra spending while not losing sight of
the small fry.

Budget to aid flagging affordable home segment, boosts demand with
infra push
This Budget, the government has given a much expected boost to affordable housing – the only
segment in the real estate market that did not gain from the pandemic boom. The finance minister
Nirmala Sitharaman increased allocation to PM Awas Yojana (PMAY), the scheme earmarked for it,
by a massive 66% to over ₹79,000 crore.
“This (affordable housing) supply will definitely gain momentum along with the Urban Infrastructure
Fund and boost development in the surrounding areas of MMR (Mumbai Metropolitan Region) as well
as Tier 2 and Tier 3 cities. Ultimately, this will bring in a good supply of affordable housing and drive
up the demand in terms of PMAY, thus overall benefitting the housing sector,” Dhaval Ajmera, director
at Ajmera Realty & Infra India told Business Insider India.
According to an Anarock Consumer Sentiment Survey, in 2022, the demand for affordable housing
sunk precariously. “The enhanced allocation for PM Awas Yojana is certainly a boost for affordable
housing, which was flagging due to increased input costs and also because the buyers in this
segment, mostly from the unorganised sector, were still reeling under the impact of the pandemic,”
said Anuj Puri, chairman of Anarock Group.
Only 26% of property seekers were looking for ‘budget’ properties that cost below ₹40 lakh, falling
from 39% in 2018. All other properties, including premium and others, saw robust demand as well as
supply during the year.
“This move will give impetus to affordable housing in the country by providing a better housing
subsidy to economically weaker sections and lower-income groups,” said Devanshu Bansal, director,
UK Realty.
Deducing the effect of the new tax regime
The finance minister has made the new tax regime very attractive in Budget 2023-24, by doing away
with income tax for those earning below ₹7 lakh and reducing the number of tax slabs. However, the
new regime which will now also be the default regime, does not provide any deductions for interest
paid on housing loans.
“One of the major changes is the introduction of a new tax regime, which offers lower tax rates for
individuals who forgo exemptions and deductions. However, this regime also foregoes the previous
deductions on housing loans - one of the most popular incentives for middle-class homebuyers. This
cannot be seen as positive for homebuying sentiment,” said Akash Pharande, managing director of
Pharande Spaces.
On the other hand, Suneel Dasari, founder of EZTax.in tells Business Insider India that savings in
general are higher in the new tax regime, even without deductions. Ram Raheja, managing director at
S Raheja Realty agrees and says, “The personal tax regime revisions will result in a rise in disposable
funds due to lower deductions.”
The extra income in the hands of the taxpayers is good news for the realty sector as real estate is
generally the preferred investment vehicle.
“Surplus of liquidity in the hands of the taxpayers will aid in more real estate buying because of their
preference for real estate over other asset classes. This move will boost the demand and gain
momentum for the real estate industry, specifically in the affordable and mid-luxury segments,” says
Ajmera.
Luxury homes & capital gains tax

The FM capped the deductions that can be availed on capital gains arising from sale of residential
houses at ₹10 crore. That means if a home owner earns over this limit via a home sale, it would be
taxed.
This won’t have too much impact, experts say. “The intention is to deter tax exemption for extremely
high-value transactions in the residential space. However, we believe that most of the transactions in
the luxury segment would fall within the ambit of the ₹10-crore cap,” says Anshuman Magazine,
chairman & CEO-India, South-East Asia, Middle East & Africa, CBRE.
For this category of buyers – that’s high-networth individuals (HNIs) and ultra HNIs – there is much to
be gained in terms of a 4% reduction in the overall tax rate that was announced in the Budget for the
highest tax slab, leaving more liquidity in their hands, Magazine adds.
Pharande too says that while this is a dampener, those buying or upgrading to luxury homes primarily
for lifestyle improvement would not be too concerned. “I don't see the negative impact spreading
much beyond MMR and Delhi,” he says.
Puri and Pharande say that there is nothing specific in the budget that would boost consumer
sentiment towards the sector in a high interest rate regime where housing prices too are on the
upswing due to rising input costs.
The Budget gave a boost to infrastructure with announcements like the highest ever railway outlay at
₹2.4 lakh crore; increased regional connectivity via 50 additional airports, helipads, water aero drones
and advanced landing grounds – all of which will boost affordable regional connectivity. This, most
experts hope, will be a catalyst for real estate demand.

Writers are worried ChatGPT will steal their jobs. Experts offered 3
reasons why this is unlikely — and even ChatGPT itself agrees.
Since OpenAI's ChatGPT was launched in November, writers across industries like copywriting,
marketing, and journalism have been worried that it might take their jobs.
ChatGPT's ability to read, write, and absorb vast amounts of information has raised concerns about
the risk of losing one's job to AI. The chatbot reached 100 million users in just two months — faster
than TikTok and Instagram — as people experiment with it to probe its wide-ranging skills.
The media industry has been particularly receptive to the tool. After Buzzfeed laid off 12% of its
workforce in December, it announced that it will use ChatGPT to generate quizzes and other types of
content. Tech news site CNET also said it was using a ChatGPT-like tool to produce its articles.
One copywriter wrote in the Guardian that he was horrified it "took ChatGPT 30 seconds to create, for
free, an article that would take me hours to write."
Experts, however, say the likelihood of ChatGPT actually replacing jobs in writing-based industries is
low.
Alan Jacobson, chief data and analytics officer at software firm Alteryx said people are "intimidated"
by ChatGPT because of the perception that: "It's going to replace me, it's a competitor."
Such tools will actually "help humans go further on their journey than before," he told Insider.
He said: "In quite some time we haven't really seen a technology breakthrough really displacing
workers from the workforce, but it could change the type of work that people are doing."
Although ChatGPT might bring some changes to the workplace, here are three reasons why it's
unlikely to replace you.
ChatGPT can't replicate human creativity or empathy
Sheeta Verma, a marketing consultant for startups based in California, said she's not convinced that
ChatGPT is going to replace her because AI-generated content has telltale signs.
She said that some founders had reached out to her because they had been spammed by agencies
sending them content written by ChatGPT. They requested that Verma redo the work submitted by
the agencies and create better copy.
Verma said the difference between content written by AI and marketers is like "night and day."
"You will see that it's lacking that sort of human touch," she said. "A marketer is 100% a professional
who has been doing this for years, who knows exactly how to make it fun, quirky, and to completely
appeal to the audience."
Empathy is another skill ChatGPT doesn't have because we have "a higher order way of thinking
about things," Jacobson said.
"We have beliefs about equality and justice, aspects of what is in our belief system that come out in
our products and services as companies in the way we write, that the computer doesn't have."
ChatGPT can't beat Google's spam policies
Companies that publish content written by ChatGPT or other AI tools are likely to be penalized by
Google's unbeatable spam policies.

"AI-written content has been against Google guidelines for over a decade," Edward Coram, the CEO
of marketing agency Go Up said to Insider. "The spam guidelines are the main offenders where
Google says this isn't really open to interpretation: 'If you break any of these rules and we catch you,
we will penalize you.'
"There are less than 20 such rules and one of them is don't use AI-written content on your website.
Just don't do it."
If users break Google's spam policies, their websites "may rank lower in results or not appear in
results at all," the guidelines state.
The policies dedicate a section to "spammy automatically generated content" which includes text
generated by automated processes without regard to quality or "text generated from scraping feeds or
search results," — all things ChatGPT does.
ChatGPT will change the way we work, but it won't displace us
Businesses will "absolutely" use ChatGPT to help automate certain processes, but is unlikely to
displace humans, Jacobson said.
Humans are needed to do "higher value stuff" and not just "mundane repetitive things" that can be
automated.
"What makes businesses highly profitable is using humans to do these higher order things, these
creative strategic thinking things that still are a long way from anything I've seen the computers able
to really do. "
When Insider decided ask ChatGPT if it will replace people's jobs, it said that roles requiring
"creativity, critical thinking, and emotional intelligence" are less likely to be replaced by AI.
When specifically asked about content writing roles, it said: "While AI language models can generate
basic content quickly and efficiently, they still lack the creativity, emotional intelligence, and human
understanding that is required to produce high-quality content that truly resonates with people.
"Additionally, AI models require human supervision and oversight to ensure that the content
generated is accurate and appropriate.
"For now, the role of ChatGPT and other AI models in content creation is to augment and assist
human content creators, rather than to replace them."

Turkey earthquake: Scientists explain why country suffered extensive
damage
Turkey-Syria earthquake: The strongest earthquake in decades in Turkey has caused massive
damage, flattening thousands of buildings in the country and neghbouring Syria. So far, the death toll
has surpassed 17,000 in both countries, and these numbers are likely to go up as many are still
feared trapped under the rubble of collapsed buildings. Earlier this week, Turkish President Tayyip
Erdogan called it a 'historic disaster' and the worst earthquake to hit Turkey since 1939.
Two scientists from the United States Geological Survey (USGS) recently explained why the damage
was so extensive in Turkey. In a note, USGS scientist David Wald said that it was difficult to watch
this tragedy unfold, especially since the buildings in the region "were not designed to withstand
earthquakes".
"An earthquake this size (7.8 magnitude) has the potential to be damaging anywhere in the world, but
many structures in this region are particularly vulnerable," Wald added.
The earthquake of 7.8 magnitude struck south-central Turkey near the Syrian border in the early
hours of Monday, February 6. Just 11 minutes later, an aftershock of 6.7 aftershocks hit the country.
Not only this, but within hours, the country was struck by two more equally strong earthquakes, which
brought down more buildings.
According to reports, the earthquake brought down at least 6,000 buildings across the 10 provinces of
Turkey, including hospitals and other public premises.
Kishor Jaiswal, another scientist at USGS, said the earthquake produced intense shaking in the
epicentral region. He then explained why buildings were down like packs of cards. "While newer
buildings in other parts of Turkey (like Istanbul) are designed with modern earthquake standards in
mind, the area affected by this earthquake included more vulnerable buildings, like older types of
concrete frames that were not designed from seismic considerations to absorb this much ground
motion," the scientist said.
In a detailed note following the disaster, the American geological department said the quake occurred
within the East Anatolian fault system and that aftershocks were expected to continue in the vicinity,
which is a triple junction, a tectonically active area where three tectonic plates - Anatolia, Arabia, and
Africa plates - touch and interact with each other.
By Monday evening, around 30 aftershocks magnitude 4.5 and larger had been recorded between the
Mediterranean Sea, 60 miles to the southwest, and the city of Malatya, 200 km to the northeast. Since
1970, only three earthquakes of magnitude 6 or larger had been registered in this region, the
geological department said, adding that the largest was of 6.7 magnitude that occurred on January
24, 2020.

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