UK Prioritizes Trade Talks with India

Good Morning ☕

The UK Prime Minister, Rishi Sunak, is serving up a steaming hot plate of optimism regarding a free-trade agreement (FTA) with India this year! But hold your horses, this isn't a race for the British. They're in it for the long haul, aiming for a deal that's as high-quality as a perfectly brewed cuppa. Meanwhile, on the other side of the globe, the Indian delegation is as cautious as a cat in a room full of rocking chairs. They've got their eyes peeled on non-trade related matters, making sure it's all spic and span.

Important News of the Day

1. UK PM Rishi Sunak optimistic about signing FTA with India this year

The UK Prime Minister, Rishi Sunak, has expressed optimism about signing a free-trade agreement (FTA) with India this year. The negotiations have reached Round 12, and discussions on 19 chapters have been substantially concluded as of July 28, 2023. The UK does not seek a quick deal as they want to secure quality of provisions. Meanwhile, the Indian side is also being cautious given the inclusion of several non-trade related subjects in the FTA. Although the UK Prime Minister has sounded a cautious note about the prospects of signing Britain's biggest post-Brexit trade deal, he has said that the negotiations are progressing.

2. Karnataka's transport unions call for strike, govt on alert

Private transportation in Karnataka has called for a one-day strike ‘Bengaluru Bandh’ on September 11, 2023, against the state government's Shakti scheme which offers free travel facilities to women on non-premium government buses. The government is on alert as the strike is expected to affect the transportation system in the city. The strike has been called off after the transport minister accepted most of their demands.

3. Panasonic aims to double its solar business, boost exports

Panasonic Electric Works India, a subsidiary of Japan's Panasonic Corp., aims to double its solar module business within three years and boost its exports. The company plans to invest ₹300 crore over 3-4 years to expand its Sri City manufacturing unit in Andhra Pradesh. Panasonic announced earlier this year that it would end production at its Malaysian and Japanese factories by March 2022, instead shifting its solar panel manufacturing to a subcontracted partner. The company will continue to sell solar modules with its brand, with their manufacture sub-contracted out.

4. No phones, cards needed, your car can pay for its fuel and Fastag directly

Your car can now pay for its fuel and Fastag directly without the need for phones or cards. This service can be availed by linking the Unified Payments Interface (UPI) with the car's infotainment system. The emergence of voice-based digital activity is set to level the playing field, where digital awareness and literacy wouldn’t be the gatekeepers to the burgeoning world of online payments. The Fastag system, which employs Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion, has already been installed on government-managed National Highways.

5. Jio Platforms ties up with NVIDIA to build cloud-based AI infrastructure

Jio Platforms Ltd has partnered with NVIDIA to build a cloud-based AI compute infrastructure in India. The infrastructure will provide access to researchers, developers, startups, scientists, AI practitioners, and others across India. NVIDIA will provide Jio with end-to-end AI supercomputer technologies including CPU, GPU, networking, and AI operating systems and frameworks for building the most advanced AI models. Jio will manage and maintain the AI cloud infrastructure and oversee customer engagement and access.

6. Modi proposes 12-point cooperation plan with ASEAN countries

Indian Prime Minister Narendra Modi announced a 12-point cooperation plan to expand cooperation with ASEAN countries. The plan includes establishing multi-modal connectivity and an economic corridor that links South-East Asia-India-West Asia-Europe. The proposal covers connectivity, digital transformation, trade, and investment, among other areas. Modi underlined India's support for ASEAN centrality and called for ensuring a free, open, and rules-based Indo-Pacific. The plan is seen as a viable alternative to China's Belt and Road Initiative.

7. UK has no plans to change in migration policy for free trade deal with India

The UK has confirmed that it has no plans to change its migration policy in order to secure a free trade agreement with India. A spokesperson for British Prime Minister Rishi Sunak stated that the UK will not alter its strategy for reducing net migration in pursuit of a free trade agreement with India. This announcement comes ahead of Sunak's visit to India to attend the G20 summit. The UK's stance on migration policy remains unchanged despite calls from some quarters to relax visa rules for Indian students and professionals.

8. West Bengal CM Mamata Banerjee announces salary hike for MLAs

West Bengal Chief Minister Mamata Banerjee has announced a salary hike of Rs 40,000 per month for MLAs of West Bengal. Banerjee stated that the salary of MLAs of the West Bengal Assembly is much less than other states, so it has been decided that their salary will be increased. However, she did not give a breakup of the actual salaries of the lawmakers after the hike. The announcement was made on September 7, 2023.

9. Deposit refunds by casinos, online gaming sites taxable

The finance ministry of India has clarified that deposits made to online gaming platforms and casinos will not be eligible for tax relief. Refunds made to the player will also not get any relief on tax. The notification also stated that a 28% GST will be imposed on deposit refunds issued by online gaming portals and casinos. Gambling winnings are fully taxable and must be reported on tax returns as "other income" on Schedule 1 (Form 1040) .

10. Japanese encephalitis vaccine 87% effective: ICMR

The Indian Council of Medical Research (ICMR) has announced that the Japanese encephalitis vaccine is 87% effective. The elimination of Japanese encephalitis is a major priority of the central government. The vaccine has been found to be highly effective in preventing the disease, which is caused by a virus transmitted by mosquitoes. Japanese encephalitis is a serious disease that can cause inflammation of the brain and can be fatal in some cases. The vaccine is recommended for people who live in or travel to areas where the disease is common.

World News 🌎

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• Five drones shot down in Russia, one targeting Moscow, officials confirm

• South Korean cult Grace Road Church members arrested in Fiji

• Outrage over Abbas's antisemitic speech on Jews and Holocaust

• Morocco earthquake: Survivors seek aid as death toll passes 2,100

• Air China jet evacuated after engine fire sends smoke into cabin in Singapore

• Former Spanish football chief Luis Rubiales quits after kiss scandal

• PM flags concerns on anti-India activities in Canada

• Meta is working on new AI model even more powerful than OpenAI's GPT-4, says report

• After G20 Summit, global leaders to fly home; Joe Biden to visit Vietnam today

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