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India unequivocally rebuffs the 2023 Global Hunger Index, dismissing its 111th rank as an inadequate portrayal of the nation's genuine hunger status. The government asserts that fundamental methodological flaws and questionable intent mar this index's credibility. Specifically, India challenges the assessment of child hunger, backed by Poshan Tracker data 🥗 indicating steady improvement. Moreover, India refutes claims of stunting and wasting, attributing these conditions to a complex interplay of sanitation, genetics, environment, and dietary practices, emphasizing its unwavering dedication to precise evaluations in the battle against hunger.

Important News of the Day

1. India rejects Global Hunger Index ranking, says doesn't reflect true position

India has rejected the 2023 Global Hunger Index data, which ranked India 111th out of 125 countries, calling it a flawed measure of "hunger" that does not reflect the country's true position. The Indian government has stated that the Global Hunger Index suffers from "serious methodological issues and shows a malafide intent" and that the report is an erroneous measure of hunger. The government has pointed towards the measurement data of children under five years uploaded on the Poshan Tracker, which has consistently increased. The government has also rejected the stunting and wasting claims in GHI 2023, stating that these two indicators are outcomes of complex interactions of various other factors like sanitation, genetics, environment, and utilization of food intake apart from hunger

2. Singapore's RV Capital marks first close of India private credit fund

Singapore-based RV Capital Management's India arm has announced the first close of its maiden performing private credit fund, having raised about a quarter of the target corpus of INR 400 crore. The alternative asset manager launched the India Credit “Plus" fund in June with a green-shoe option for a similar amount. The fund aims to provide credit to small and medium-sized enterprises in India. The first close of the fund comes amid a growing interest in the Asia-Pacific private credit market, with Singapore-based Orion Capital Asia raising $205 million for its latest fund dedicated to direct lending opportunities in the region.

3. Bank of Baroda net banking fraud

Bank of Baroda has been hit by a net banking fraud where strangers managed to withdraw money from the bank accounts of its customers in an alleged act of collusion with the bank staff. A media report suggested that the bank accounts of a number of customers were linked to the mobile numbers of strangers. A whopping 4.2 lakh accounts, belonging to 7000 branches, were suspected to have been wrongfully registered on the bank's mobile banking app. To keep your account safe from such frauds, it is recommended to keep your passwords strong, avoid using public Wi-Fi, and regularly check your account statements for any unauthorized transactions.

4. INDIA bloc writes to Google, Facebook

The INDIA bloc, an opposition alliance in India, has written to Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai, accusing their social media platforms of aiding communal hatred in India and demanding neutrality from them in the 2024 Lok Sabha polls. The letter cites recent articles in The Washington Post that allege the role of WhatsApp and Facebook in aiding the communal hatred campaign of the ruling BJP. The INDIA bloc parties also claim to have data that shows algorithmic moderation and suppression of Opposition leaders' content on the platforms while promoting ruling party content.

5. Telangana to run over 5,200 special buses for Bathukamma and Dasara

The Telangana State Road Transport Corporation (TSRTC) will operate over 5,200 special buses for people going home on Bathukamma and Dasara from October 13 to 24, 2023. The move is aimed at providing convenient and hassle-free travel for people during the festive season.

Stock Market Update 📈

1. Top IT firms shed 25K jobs amid cost cuts

   Leading IT companies have cut 25,000 jobs as part of cost-cutting measures. The move comes amid economic challenges and a shift in business priorities. This downsizing reflects the industry's response to changing demands and cost pressures.

2. Accenture vs TCS: Amid muted quarter, which IT major gave salary hikes

   In a quarter marked by subdued performance, the comparison between Accenture and TCS centers on their decisions regarding salary hikes for employees. Both IT giants are navigating the challenges posed by the global economic landscape while weighing the impact on their workforce. The outcome of this salary hike decision will be closely watched by industry insiders and employees alike.

3. Infosys Attrition narrows to 14.9% even as headcount shrinks by 7,530

   Infosys, a global IT services company, has reported a reduction in its attrition rate to 14.9%, despite a decrease in its workforce by 7,530 employees. This suggests improved employee retention within the company.

4. RBI slaps ₹5.4 crore fine on Paytm Payments Bank over non-compliance of guidelines related to KYC, cybersecurity

   The Reserve Bank of India (RBI) has imposed a ₹5.4 crore fine on Paytm Payments Bank for failing to adhere to Know Your Customer (KYC) and cybersecurity regulations. This action underscores the importance of regulatory compliance in the financial sector and serves as a reminder to financial institutions to prioritize customer data security and KYC procedures.

5. Amit Shah pushes cooperative banks to ensure 100% growth in deposits in 5 years

   Amit Shah, India's Home Minister, is urging cooperative banks to achieve a remarkable 100% growth in deposits within the next five years. This initiative aims to strengthen the financial sector and foster economic growth in the country.

6. Mundra to be largest fully integrated renewable energy manufacturing hub: Adani Group

   The Adani Group has announced plans to develop Mundra into the largest fully integrated renewable energy manufacturing hub. This ambitious project signals a significant commitment to the renewable energy sector, positioning Mundra as a key player in the industry's supply chain. The move underscores India's growing emphasis on renewable energy and sustainable development.

7. HUL fame Nitin Paranjpe joins Infosys board as independent director

   Nitin Paranjpe, renowned for his leadership at Hindustan Unilever Limited (HUL), has been appointed as an independent director on the board of Infosys. His wealth of experience in the consumer goods sector brings valuable insights to the IT giant. This strategic addition is expected to bolster Infosys' growth and corporate governance.

8. India cenbank likely selling dollars to keep rupee off record low

   The Reserve Bank of India is reportedly intervening in the foreign exchange market by selling dollars to prevent the rupee from reaching a historic low. This move aims to stabilize the Indian currency's value amid economic uncertainties and external pressures.

9. Risk of Indian banks' unsecured retail loans turning sour is rising

   The risk of unsecured retail loans in Indian banks is increasing, with concerns about a potential rise in loan defaults. This heightened risk may have implications for the financial stability and health of the banking sector in India.

Breaking News: The Scoop You Can't Miss!

1. Sanjay Singh moves Delhi HC challenging arrest in excise policy case

A Delhi court has extended the custody of Aam Aadmi Party MP Sanjay Singh until October 13 in relation to the excise policy case. The Enforcement Directorate (ED) had requested an extension of Singh’s custody by five days on grounds of the accused’s non-cooperative behavior. The agency alleged that Singh failed to tell them the whereabouts of his old phone. It further alleged that fresh evidence has surfaced against Singh for which he must be further interrogated. Singh was sent to five-day ED custody following 10 hours of searches, which ended in his arrest, after the agency claimed that Rs 2 crore was transferred to his account in connection with the case.

2. Ram Mandir Trust urges these people not to visit Ayodhya on consecration day

The Shri Ram Janmabhoomi Teerth Kshetra Trust has urged dignitaries who enjoy VIP status and protocols, including chief ministers, governors, and ambassadors, to avoid visiting Ayodhya on January 22, 2024, the day of the Ram Temple consecration ceremony. The trust has expressed its inability to attend to them during the ceremony, which is likely to be attended by Prime Minister Narendra Modi. Instead, the dignitaries should plan their visit when people from their state will come to the temple. After the consecration ceremony, people from every state of the country will visit Ayodhya from January 26 to February 22 to pay their obeisance to Ram Lalla.

3. X removes hundreds of Hamas-linked accounts, says, ‘no place for terrorist.’

Elon Musk's social media platform X has removed hundreds of Hamas-linked accounts and taken down or labeled tens of thousands of pieces of content since the militant group's attack on Israel, according to the company's CEO Linda Yaccarin. The move came in response to the European Union industry chief Thierry Breton's 24-hour ultimatum to Elon Musk to tackle the spread of disinformation on X and comply with new EU online content rules. The recently implemented Digital Services Act (DSA) requires large online platforms, including X and Facebook, to remove illegal content and to take measures to tackle the risks to public security and civic discourse.

4. Focus on tax and spending reforms in FY25 budget: Bibek Debroy.

According to Bibek Debroy, the chairperson of Prime Minister Narendra Modi’s Economic Advisory Council, the full-year budget to be presented in Parliament after the national elections will likely focus on expenditure reforms and encourage businesses and individuals to shift to the new simplified and exemption-less tax regime. The budget will also focus on tax and spending reforms in FY25, and the terms of the Sixteenth Finance Commission to decide on the sharing of the Centre’s divisible pool of taxes with states for the five years from 2026-27 will be out by then.

5. India inflation eases, US PPI uptick worries.

India's retail inflation for September eased to 5.02% compared to 6.83% in August, due to softer vegetable prices. The cost of living has increased globally due to the high rate of inflation, which has pushed up the cost of raw materials and commodities since the Russia-Ukraine war broke out. This has increased India's payments outgo for oil, gold, and other commodities. Food and beverage prices softened in September in India, while clothing and footwear prices increased slightly. The housing index remained unchanged, while the cost of fuel has a huge impact on the cost of living as fuel inflation has a cascading effect on prices of fruits, vegetables, and other essential food items.

World News 🌎

• Medical aid for Palestinians website under cyber attack affecting relief efforts

• Operation Ajay: 1st flight carrying 212 Indian nationals lands at Delhi airport

• Five officers shot and wounded in Minnesota, authorities say; suspect not in custody

• Kenya Airways flight makes emergency landing at UK's Stansted airport

• China says it sent fighter jets to warn US Navy aircraft in Taiwan Strait

• NATO will hold major nuclear exercise next week as Russia plans to pull out of test ban treaty

• IDF says 'all residents of Gaza City' should 'evacuate'

• Republicans look favored to flip Louisiana’s governorship

• Colombian serial killer who confessed to murdering more than 190 children dies in hospital

• China sees lowest number of births amid concerns over population decline

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