Massive Investment at Maritime Summit

Good Morning ☕

Set sail for the future of India's maritime sector! With an ambitious vision, the Indian government anticipates a whopping investment of Rs 3.39 lakh crore (approximately $46 billion) during the upcoming Maritime India Summit. The Ministry of Ports, Shipping, and Waterways is crafting a national blueprint that promises to revolutionize the maritime landscape, a blueprint that will be unveiled at the summit itself. This event is poised to spotlight groundbreaking initiatives, propelling India's maritime prowess to unprecedented heights while drawing in investments from global stakeholders.

Important News of the Day

1. India expects $50 billion pacts at maritime meet: Sonowal

The Indian government expects investment worth Rs 3.39 lakh crore (approximately $46 billion) during the Maritime India Summit.The Ministry of Ports, Shipping, and Waterways is in the process of developing a national blueprint for the maritime sector, which will be unveiled during the summit.The summit aims to showcase the transformative initiatives that will drive India's maritime sector to new heights and attract investment from global players.The government has set a fiscal deficit target of 3.4% for 2019/20, the same as the previous year.

2. EV boom triggers battle for talent in automotive sector

The shift to electric vehicles (EVs) has triggered a battle for talent in the automotive sector, as companies seek out experienced professionals to develop capabilities in green mobility. Industry executives said that companies are trying to attract and retain professionals skilled in battery management systems, fuel cells, and core engineering with pay hikes, retention bonuses, and counter-offers. The race to dominate the EV market has led to a surge in spending on EVs, with the global auto industry planning to spend a collective $526 billion through 2026.

3. Govt issues ‘high severity’ warning to Apple users

The Indian government has issued a high-severity warning to Apple users about a new security vulnerability that could allow attackers to take control of their devices. The government agency has suggested that if the vulnerabilities are not mitigated, hackers may get full control of the user's devices. Apple users are advised to safeguard their devices immediately by updating their software to the latest version. Apple threat notifications are designed to inform and assist users who may have been targeted by state-sponsored attackers.

4. EAM S Jaishankar highlights ‘double standards’ in global affairs

External Affairs Minister S Jaishankar has accused economically dominant countries of weaponizing their production capabilities and creating double standards in global affairs. He cited the example of Covid-19 and stressed that it is still a world of double standards. According to Harvard Business Review, a nation's competitiveness depends on the capacity of its industry to innovate and upgrade. Companies gain advantage against the world’s best competitors because of pressure and challenge.

5. Canada yet to produce any evidence: Top govt sources on Nijjar’s murder

Canada has not yet provided any evidence that links India to the killing of Khalistani terrorist Hardeep Singh Nijjar, according to high-ranking Indian security officials who prefer to remain anonymous. Canada had accused India of being involved in the killing of a Sikh separatist in British Columbia, but India has denied the allegations. The US has reportedly provided Canada with intelligence on the killing, but no concrete evidence has been passed to India via diplomatic or intelligence channels.

6. Chinese envoy calls for strengthening bilateral relations amid visa controversy

Amid China's refusal to grant visas to three players from Arunachal Pradesh for the 19th Asian Games, Consul General of China in Kolkata, Zha Liyou, called for strengthening bilateral relations on a healthy and stable track. China is willing to strengthen bilateral relations with India, he said. The controversy over China's decision to deny visas to three Indian wushu players from Arunachal Pradesh for the Asian Games has caused tension between the two countries. The Indian government has called the decision "discriminatory" and against the Olympic Charter.

7. Poultry prices rise as demand returns

According to industry body Assocham, chicken prices in many parts of India have started rising and are expected to soar by 25-30% amid the controversy over beef consumption in the country. This is due to strong consumer demand this year along with increased production costs. The rise in chicken prices is also attributed to the bird flu, which has prompted producers to cull millions of birds this year. As a result, consumers are swapping beef for cheaper chicken, leading to rising demand for poultry products.

8. There’s opportunity for strong earnings growth for many years: Nirav Sheth

According to an interview with Nirav Sheth, CEO of institutional equities at Emkay Global Financial Services, there is an opportunity for strong earnings growth for several years in most sectors, including banks, but with varying levels of confidence. Sheth believes that domestic markets are not far ahead of fundamentals, and barring consumer staples and commodities, he is positive about most sectors. Growth stocks are a type of stock that aims to profit from firms that grow at above-average rates compared to their industry or the market. These companies tend to be small, young companies with excellent potential.

9. India, Australia to discuss connectivity boost with undersea cables

India and Australia are set to discuss collaboration on laying down undersea cables to improve connectivity in less developed nations in South Asia and the wider Indo-Pacific region. The collaboration will provide an alternative to China, which has worked with a number of nations globally to improve telecommunications and digital connectivity. The project will enable faster and more reliable internet connectivity for over 100,000 people residing in the Pacific island nations. India's interest in submarine cables has increased over the last few years with the shift of global geopolitics, and it currently has 17 submarine cables landing across five cities.

10. Govt lens on misuse of anti-microbials

The Indian government is taking steps to prevent the misuse of antimicrobial drugs sold without a doctor's prescription. Antimicrobial resistance is recognized by the World Health Organization as one of the top 10 global public health threats. The union health ministry is identifying additional regulatory interventions to stop the misuse of these drugs. Antimicrobial resistance is a multifaceted complex problem with momentous consequences for individuals as well as health-care systems. The FDA's objective is to slow the development of antimicrobial resistance and preserve the effectiveness of antimicrobials for fighting disease in animals and humans.

World News 🌎

• 2024 US Presidential Elections: Donald Trump leads Joe Biden in new poll

• Canada says relations with India ‘important’

• Singapore Chinese cab driver abuses woman passenger after assuming she is Indian

• Canada: Trudeau’s party MP Chandra Arya holds his own govt responsible for rising Khalistani extremism

• Kim Jong Un vows to promote cooperative relations with China

• ‘Pakistan’s economic model…’: World Bank warns as 95 mn fall below poverty line

• From stashing gold to Halal meet monopoly, US senator indicted for corruption

• UK set to clear $69 billion Microsoft-Activision deal after revamp

• Zelenskiy calls for Russia to lose its veto power at UN Security Council

• Disney CEO Bob Iger promises to ‘quiet the noise’ in culture wars

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