India's Digital Showcase at G20 Summit

Good Afternoon ☕

Welcome to the Digital India experience zone, the ultimate tech-tastic fiesta that's set to steal the spotlight over the weekend of September 9 and 10! Imagine stepping into a world where code meets curry, where algorithms groove to Bollywood beats, and where bytes and bites blend seamlessly with spicy street food. But wait, there's more! The G20 India app, a digital masterpiece in itself, is your virtual ticket to this technological wonderland.

Important News of the Day

1. India to showcase Digital India apps at G20 Summit

India will showcase its digital stacks and apps at the G20 Summit in New Delhi. The Digital India experience zone will be open to delegates over the weekend of September 9 and 10. The country will display its tech prowess, including the Ask GITA application, DPI initiatives, UPI, ONDC, and Digilocker. The G20 India app has been developed to provide information about the event calendar and give a virtual tour of the summit venue. India's digital initiatives are expected to be a major draw at the summit.

2. World leaders to be served with 'all-veg' menu at G20 Summit 2023 in Delhi

World leaders attending the G20 Summit 2023 in Delhi will be served with an all-vegetarian menu consisting of traditional vegetarian delicacies and millet-based dishes. The menu will showcase a variety of Indian street food and cuisines from both north and south India. Millet-based dishes will be the highlight of the menu, which is aimed at promoting healthy and sustainable food choices. The official dinner for the delegates will consist of innovative dishes made from millets and diverse Indian ingredients.

3. India, Nigeria move closer with $14 billion in investment commitments

Indian companies and the government have pledged to invest $14 billion in Nigeria to boost key sectors like steel, petrochemicals, power generation, and defense. Nigerian President Bola Tinubu secured the investment commitments from various Indian companies and the Indian government. Tinubu aims to spur development in Nigeria through these partnerships. Tinubu commended Indian investors for their commitment to invest in Nigeria and pledged that Nigeria will give the best returns for any new investment. This move is a significant stride towards economic cooperation between India and Nigeria.

4. PM, Biden to discuss economic cooperation, multilateral development bank reform

Prime Minister Narendra Modi and US President Joe Biden are expected to discuss economic cooperation, multilateral investment, and Ukraine's impact during their bilateral meeting at the G20 Summit in Delhi. The White House said that the two leaders are also expected to discuss multilateral development bank reform. The US president is expected to arrive in Delhi on Thursday evening and will hold a bilateral meeting with PM Modi on Friday.

5. Inflation to import bill-the domino effect of high oil prices on Indian economy

The recent surge in crude oil prices has important implications for India, a net importer of crude oil. Saudi Arabia and Russia extended their voluntary oil output cuts to the end of the year, resulting in a sharp surge in crude oil prices, with benchmarks Brent and US West Texas Intermediate (WTI) crude futures scoring 10-month high peak levels. Rising crude oil prices will increase India's import bill and widen the current account deficit (CAD). A 10% increase in crude oil prices will result in a nearly 0.9% increase in India's Wholesale Price Index (WPI), leading to inflation and lower spending, which will slow down GDP growth.

6. Mandatory storage for renewable energy projects likely

The Indian government is likely to mandate renewable energy projects with more than 5 MW capacity to install energy storage systems (ESS).This proposal gains significance as it would bring almost all utility-scale green energy projects under its ambit. The timely development of a long-duration energy-storage market with government support would enable the energy system to function smoothly with a large share of power coming from renewables and would make a substantial contribution to decarbonizing the economy.Battery storage is an essential enabler of renewable-energy generation, helping alternatives make a steady contribution to the world's energy.

7. REC targets green loan portfolio of ₹3 trillion by 2030

State-owned REC Ltd is planning to expand its loan portfolio for green projects to ₹3 trillion by 2030, according to its chairman and managing director Vivek Kumar Dewangan. The company aims to increase its present loan portfolio of green projects to more than ten times its current size. Green energy is expected to hold a third of REC's loan portfolio by 2030. The move comes as India plans to triple renewable projects auctions as it aims to achieve its 2030 green target.

8. Film studios seek to unlock value of old titles on YouTube

Film studios are releasing old movie titles for free on YouTube to tap into the platform's large audience, despite limited monetization opportunities. This strategy offers monetization opportunities for older titles that may not find buyers and also offers viewers a chance to watch classic movies. For instance, T-Series, Reliance Entertainment, and Shemaroo Entertainment are now unlocking a treasure trove on YouTube despite the platform yielding 30% lower monetization. The move is expected to unlock value for the studios and offer viewers a chance to watch classic movies.

9. Imported Scotch whisky to pose ‘very little’ competition to local Indian whisky

The Scotch Whisky Association has said that imported Scotch whisky will pose "very little" direct competition to local Indian whisky due to its small size in India. Talks between India and the UK over a free trade agreement have been ongoing, and the negotiations offer new hope for reducing the longstanding 150% tariff on Scotch Whisky in India. The anticipated reduction of tariffs could increase demand for Scotch whisky in India by making it more affordable for consumers. However, the SWA has said that the domestic demographic structure and strong prospects for India's long-term economic growth present plenty of room for Indian and Scotch whiskies to prosper in the world's biggest whisky market.

10. PM Modi asks Council of Ministers to refrain from India vs Bharat debate

Prime Minister Narendra Modi has asked his Union Council of Ministers to refrain from getting into the debate on the possibilities of a name change for India from Bharat. The Prime Minister held a Union Council of Ministers meeting on Wednesday in preparation for the upcoming G20 Summit scheduled for September 9 and 10 in the national capital and asked the council to avoid getting into a debate on India vs Bharat, which has triggered a political controversy in the political circles.

World News 🌎

• Google CEO Sundar Pichai says AI may become bigger than the internet

• Japan launches ‘Moon Sniper’ weeks after Chandrayaan-3

• WHO warns of troubling Covid-19 trends in coming months

• OpenAI announces dates for first developer conference, CEO Sam Altman says…

• Trump Georgia case: Judge says ‘skeptical’ of trying all defendants together

• Pakistan neutralises large-scale militant attack from Afghanistan

• US to approach The Hague to discuss allegations of war crimes against Putin

• Air Canada warns passengers to be put on ‘no fly list’, later apologizes

• US trade deficit widens slightly on rise in imports

• UK airport in chaos after police launches manhunt for escaped soldier

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