Guardians of the G20 Galaxy: 130,000 Security Personnel at New Delhi Summit

Good Morning ☕

Ladies and gentlemen, get ready to witness the world's most extraordinary security dance as India rolls out the red carpet for the G20 Summit in the heart of New Delhi on September 9 and 10. We're talking about a spectacle so massive that even Godzilla might think twice before crashing the party. With a whopping 130,000 security personnel standing guard, you might wonder if this is a summit or the latest Marvel movie premiere.

Important News of the Day

1. G20 Summit: Anti-drone systems, 130,000 security officers to guard Delhi

India is set to host the G20 Summit in New Delhi on September 9 and 10, and about 130,000 security personnel will be deployed to guard the event. Anti-drone systems will also be used to ensure the safety of the world's most powerful leaders attending the summit. The arrangements will be a showcase for Prime Minister Narendra Modi and India's growing presence on the world stage.

2. My fiduciary role in the transition is over: Uday Kotak

Billionaire Uday Kotak, who stepped down as the chief executive of Kotak Mahindra Bank Ltd on September 1, believes he has fulfilled his fiduciary duty in ensuring leadership transition in the bank he founded. In an interview, he said Indian institutions must prioritize value creation for local investors, emphasizing the importance of having banks that are majority-owned by domestic investors.

3. N Valarmathi, the voice behind ISRO mission launches, dies

N Valarmathi, an ISRO scientist who was known for her distinctive voice behind the Indian Space Research Organisation's (ISRO) launch countdowns, passed away on September 2 due to a heart attack. She had been unwell for a while. Valarmathi voiced the launch of India's first successful mission, Chandrayaan-3, which ultimately became her final one. She was 64 years old. Dr PV Venkitakrishnan, a former director at ISRO, expressed his condolences for her untimely demise and noted that Chandrayaan-3 marked her last countdown announcement.

4. Walmart pays $3.5 billion to hike stake in Flipkart

Walmart has paid $3.5 billion to increase its stake in Flipkart, an Indian e-commerce company. The US retailer acquired the stake from Tiger Global and Accel Partners, and the residual stake of Flipkart co-founder Binny Bansal. Walmart has been investing in Flipkart since 2018, and this latest move brings its total stake to 85%. The investment is part of Walmart's strategy to expand its presence in India's growing e-commerce market. Flipkart has over 350 million registered users and offers products across various categories, including electronics, fashion, and groceries.

5. Steel ministry sets sights on unused ₹4,000 cr for PLI 2.0

The Steel Ministry is seeking the release of around ₹4,000 crore of unused funds from the existing production linked incentive (PLI) for the launch of PLI 2.0 for specialty steel. The government is planning to introduce the second edition of the PLI scheme for specialty steel to boost production of value-added steel in the country. The first edition of PLI for specialty steel was launched in 2021 with an outlay of Rs 6,322 crore. The minister further asked the industry stakeholders to share their suggestions and feedback so the next PLI Scheme for specialty steel can be prepared at the earliest.

6. Power ministry may recommend GST cut on hydro project components

The Union Ministry of Power in India is likely to recommend a cut in the goods and services tax (GST) on components used in hydropower projects. The ministry may seek a cut in components like turbines, steel, and cement which are in the higher slabs. Additionally, the ministry is considering reimbursing the GST compensation cess on coal used in gasification projects for ten years. The move is expected to reduce the cost of hydropower projects and make them more affordable. The ministry's recommendation is expected to be a welcome move for the hydropower sector in India.

7. Businesses can claim input tax credit on goods given as incentives to dealers, says GST AAR

The Authority for Advance Ruling (AAR) has allowed businesses to claim input tax credit (ITC) on goods distributed as incentives to dealers upon completion of pre-approved sales targets. The AAR has determined that ITC can be claimed for the taxes paid on the procurement of white goods and gold coins when used as incentives. The Karnataka-bench of the AAR has ruled that ITC can be availed on taxes paid for procurement of white goods or gold coins.

8. 93% of Rs 2,000 notes back with banks: RBI

The Reserve Bank of India (RBI) has announced that Rs 2,000 notes will only stay on as legal tender and will be discontinued from circulation. The move comes amid concerns of the highest denomination notes being used to hoard black money. However, the RBI has “encouraged” the public to deposit and/or exchange these banknotes on or before September 30, 2023. While banks have been advised not to issue Rs 2000 banknotes with immediate effect, people and entities holding such currency need not worry. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation.

9. GDP share of six new members being added to BRICS to be just 11 per cent: Report

The GDP share of the six new members being added to the BRICS grouping of emerging economies from January will be just 11%, according to a report by the Centre for Monitoring Indian Economy. The six new members are Saudi Arabia, Iran, Nigeria, Egypt, Indonesia, and Turkey. The current members of the BRICS group are Brazil, Russia, India, China, and South Africa. By 2022, the five BRICS countries accounted for 32% of global GDP, while the G7 constituted 30%. The inclusion of the new members will push some BRICS nations to the periphery, according to experts.

10. Govt to stagger ₹57,613 cr e-bus scheme investment over 7 years

The Indian government will release funds for the PM-eBus Sewa scheme based on the distance traveled by the 10,000 e-buses on a per-kilometer basis over seven years. The scheme, which aims to bolster city bus operations, was approved by the Indian Cabinet in August 2023. While states are responsible for running the bus services and making payments to the bus operators, the central government will support these bus operations by providing subsidies. The scheme will prioritize cities that do not have organized bus services. The total investment in the scheme is INR 57,613 crore.

World News 🌎

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• China's largest banks extend billions to Russia as Western lenders exit

• Vivek Ramaswamy claims he will pardon Donald Trump

• G20: US President Joe Biden 'disappointed' Xi Jinping not attending Summit

• Mexican senator Xochitl Galvez announced opposition's presidential candidate

• Ukraine President will replace wartime defense minister this week

• Toothpaste, chocolates under lockdown as US stores flag ‘flash rob’ attacks

• Curfew imposed in Iraq's Kirkuk city after rival protests turn violent

• Mass evacuations and flight cancellations as Taiwan braces for Typhoon Haikui

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