Indian Govt Approves Rs 7,800 Cr for Military Upgrades 🦾

Good Morning ☕

In a strategic twist that would make even a Bollywood screenplay envious, the Indian government has given a nod worth a staggering Rs 7,800 crore for an equipment shopping spree aimed at turbocharging the capabilities of its armed forces. Leading this high-stakes shopping extravaganza is none other than the Defence Acquisition Council (DAC), playing the role of the ultimate shopping squad

Unveiling a shopping list that could make any military strategist's heart race, the DAC even threw in an 'Acceptance of Necessity' card, because after all, who doesn't need a little retail therapy?

Important News of the Day

1. Defence Acquisition Council approves proposals worth ₹7,800 crore

The Indian government has approved capital acquisition proposals worth Rs 7,800 crore to enhance the operational capabilities of the armed forces. The proposals were cleared by the Defence Acquisition Council (DAC), chaired by Union Defence Minister Rajnath Singh. The procurements include Electronic Warfare (EW) systems, machine guns, tanks, and other military equipment to enhance the efficiency of the armed forces. The DAC accorded Acceptance of Necessity (AoN) for the procurement of the equipment.

2. BRICS: 6 more countries to become members

Six countries, including Iran, Saudi Arabia, and Egypt, have been invited to join the BRICS economic bloc, which currently consists of Brazil, Russia, India, China, and South Africa. This marks the first expansion of the bloc since its creation in 2009. The BRICS group of nations is a developing economies bloc that aims to promote economic cooperation and growth among its members. The inclusion of these six countries is expected to increase the bloc's economic and political influence in the world.

3. Income tax refund: Govt plans to reduce refund processing time

The Indian government is planning to reduce the processing time for income tax refunds. Currently, the average processing time for refunds is three weeks for electronically filed returns that do not get held up for additional processing. However, the government is aiming to reduce this time frame to one week. The move is expected to benefit taxpayers and improve the efficiency of the tax refund process.

4. ISRO to launch solar mission Aditya next month as Chandrayaan-3 explores moon

ISRO, the Indian Space Research Organization, is set to launch its solar mission called Aditya next month. This comes as their Chandrayaan-3 mission explores the moon. The Aditya-L1 mission will be launched using the ISRO PSLV rocket from the Satish Dhawan Space Centre SHAR (SDSC SHAR) in Sriharikota.

5. Mandatory green hydrogen plan may go to cabinet soon

The Indian Cabinet has given its approval to the National Green Hydrogen Mission, which aims to produce 5 million tonnes of renewable hydrogen by 2030. The mission will focus on using green hydrogen for energy, feedstock, mobility, and even export. The initial outlay for the implementation of the mission is ₹19,744 crore. Green hydrogen is seen as an important step towards decarbonization, as it can significantly reduce CO2 emissions compared to hydrogen produced from fossil fuels. However, there are concerns about the high production cost of green hydrogen.

6. NMC stays its order on prescribing only generic medicines

The National Medical Commission (NMC) in India has put on hold its order that directed doctors to prescribe only generic medicines. The order, which was issued on August 2, faced criticism from the Indian Medical Association, stating that it violated fundamental rights. The NMC's decision to mandate generic drugs was seen as a concern due to the availability of these medicines. The government has asked the NMC to modify the rule in response to the controversy. As of now, doctors are not required to prescribe only generic medicines, and the NMC's order is on hold.

7. India's 10-yr growth at 7%, says Ray Dalio after Chandrayaan 3 lands on moon

Ray Dalio, a legendary investor, has projected India's 10-year growth rate at 7%, stating that India should have the highest growth rate of any country over the next decade. Dalio cited India's high growth rate of 7.2% for the financial year that ended on March 31 as evidence of the country's potential. He has been bullish on India's economy for some time, stating that India will have the fastest growth rate and will do great. This comes a day after India's Chandrayaan-3 successfully landed on the moon.

8. PM Modi, Xi ask officials to intensify efforts at expeditious disengagement

Indian Prime Minister Narendra Modi and Chinese President Xi Jinping agreed to direct relevant officials to intensify efforts towards expeditious disengagement and de-escalation of the border issue alongside the Line of Actual Control (LAC).

9. Reliance Industries and Oberoi to jointly manage luxury hotels in India and UK

Reliance Industries has partnered with Oberoi Hotels and Resorts to jointly manage three luxury properties in India and the UK. This collaboration between the two companies will involve co-managing these iconic hospitality projects, combining their expertise in the respective industries. The agreement aims to leverage the strengths of both Reliance Industries and Oberoi Hotels to enhance the guest experience and provide world-class services in these properties. The specific details of the properties and the terms of the partnership have not been mentioned in the available search results.

World News 🌎

• Anchor's 'don't come for foreign aid' jibe gets 'give Kohinoor back' retort

• Putin expresses 'condolences' over Prigozhin plane crash

• ‘Time for a new cartoon’: Indians mock NYT sketch as Chandrayaan-3 reaches Moon

• Harry to return to UK amid rumours of ‘peace talks’ with King Charles

• Elon Musk shows off production version of Tesla Cybertruck in Texas

• UAE president says he appreciates inclusion of his country in BRICS

• Wagner boss Yevgeny Prigozhin was on crashed plane, Russia confirms

• Biden slams Ramaswamy over ‘climate change hoax’ remark

• Florida Governor in hot seat at first Republican presidential debate in US

If you found this newsletter informative and thought-provoking, why not share it with someone you think would appreciate it? Forward this email to them and help spread the knowledge.

Thank you for being a part of our community, and we look forward to bringing you more exciting content tomorrow.