From Crisis to Compassion: India's G20 Debt Agenda

Wednesday, 30^th August

Good Morning ☕

Amidst the complex web of global economics, India's G20 presidency's emphasis on debt vulnerabilities sparks a profound query: How can the world find a delicate balance between economic progress and humanitarian responsibility? As discussions turn toward debt relief, it's worth pondering whether collective efforts by G20 nations can truly alleviate the multifaceted impact of crises like the pandemic and conflicts. Moreover, the call to extend the Common Framework prompts us to reflect on the evolving definition of 'vulnerable economies'—an evolution that could reshape the dynamics of international aid and cooperation.

Important News of the Day

1. India’s G20 presidency will act as catalytic agent for new global order says PM Modi

India's G20 presidency is focused on managing global debt vulnerabilities, according to Finance Minister Nirmala Sitharaman. India aims to put debt relief at the forefront of discussions at the finance talks and is drafting a proposal for G20 countries to help debtor nations affected by the pandemic and the Ukraine war. The country also supports the expansion of the Common Framework (CF), a G20 initiative launched in 2020 to help poor countries delay debt repayments, to include middle-income countries.

2. India and New Zealand discuss introducing UPI in the island nation

India and New Zealand have discussed the possibility of introducing the Unified Payments Interface (UPI) in New Zealand. The UPI is a real-time payment system developed by the National Payments Corporation of India that enables inter-bank transactions. The discussion took place during a meeting between the Indian High Commissioner to New Zealand and the country's Minister of Foreign Affairs. The two countries share a commitment to a stable, peaceful, open, and secure Indo-Pacific region, and the introduction of UPI in New Zealand could strengthen their partnership.

3. Softbank offloads 10 crore shares of Zomato via block deal: Report

SoftBank is reportedly planning to sell a 1.17% stake in Zomato for INR 940 crore ($126 million) through a block deal. The sale will be carried out by SoftBank Vision Growth Fund, at a price of INR 94 per share. SoftBank received a 3.35% stake in Zomato as part of the merger deal with Blinkit, and the shares will be unlocked for trading on Monday. SoftBank is also looking to sell more shares of Zomato through block deals as the lock-in period for investors post the Blinkit deal ends.

4. Centre to provide aid of up to ₹50 lakh to startups in technical textiles

The Indian government has announced that it will provide aid of up to Rs 50 lakh ($67,000) to startups in the technical textiles sector. The scheme aims to encourage innovation and entrepreneurship in the sector, which is expected to grow rapidly in the coming years. Technical textiles are used in a wide range of applications, including healthcare, construction, and transportation. The aid will be provided through the Technology Innovation Fund, which was launched earlier this year to support startups in emerging technologies.

5. Gujarat govt announces 27% reservation for OBCs in local self-governing bodies

The Gujarat government has announced a 27% reservation for Other Backward Classes (OBCs) in local self-governing bodies. The move is aimed at providing greater representation to OBCs in local governance and is expected to benefit around 1.5 crore people in the state. The Congress party had earlier demanded the same reservation for OBCs in local bodies and had asked the government to make the report public. The reservation for Scheduled Castes (SC) and Scheduled Tribes (ST) has been kept intact.

6. India strongly protests China's inclusion of Arunachal Pradesh in new map

India has strongly protested against China's inclusion of Arunachal Pradesh in its new map. The 2023 edition of China's standard map continues to show the whole of Arunachal Pradesh as part of China. India has lodged a strong protest through diplomatic channels, rejecting the map that claims Arunachal Pradesh and Aksai Chin as part of China. Both areas have long been subject to territorial disputes between India and China. India's External Affairs Minister, S Jaishankar, emphasized that the mere inclusion of territories in a map does not hold any significance.

7. Gadkari unveils first BS 6 Stage II ‘Electrified Flex Fuel Vehicle’ prototype

Union Minister Nitin Gadkari has unveiled the prototype of the world's first BS-VI (Stage-II) electrified flex-fuel vehicle. The launch took place on August 29, and the vehicle is expected to be a Toyota Innova. Gadkari has been encouraging car manufacturers to develop vehicles that use alternative fuels and are more environmentally friendly. This prototype showcases Toyota's continuous efforts in this direction. The electrified flex-fuel vehicle aims to promote cleaner and more sustainable transportation options.

8. India's solar PV manufacturing and Chinese import concerns

India plans to achieve self-sufficiency in solar module production by 2026 and reduce its reliance on Chinese imports. The country has imposed import taxes on solar panels and cells to promote domestic manufacturing. The renewable energy ministry has proposed cutting the import tax on solar panels and lowering the GST on solar panels. These measures are part of India's plan to scale up renewable energy generation and achieve a target of 365 gigawatts of installed solar capacity by 2031-32.

9. SBI Report defines India-China strategic partnership to bolster global economy through BRICS+6

According to a report by the State Bank of India (SBI), India must continue to work with BRICS nations to bolster the global economy. The report stated that the BRICS+6 nations need greater connectivity and more inter-grouping trade to get ahead. The report also highlighted the need for India and China to increase cooperation on issues like river water data sharing, entry barriers, and cross-border terrorism. The report also mentioned that the establishment of the New Development Bank (NDB) is good for developing countries in need of financing.

World News 🌎

• British transport minister dismisses cyberattack, says ‘UK air travel disruption to last for days’

• 'Cash reward for couples if…': China's latest effort to boost marriages, births

• Islamabad HC suspends Pak ex-PM Imran Khan's conviction and 3-year sentence in Toshakhana case

• ‘Home-away-from-home’: London's India club to shut down next month

• US lawmaker speaks with Chinese minister on concerns about tech giants Intel, Micron

• Britain's foreign secretary will visit China in an attempt to shore up ties and reduce tensions

• World's first: Live parasite worm found in woman's brain

• More than 1,300 schools destroyed in Ukraine since war began-UNICEF

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