Program of India-Russia cooperation in trade, economic, and investment spheres in the Russian Far East for the period from 2024 to 2029 as well as of cooperation principles in the Arctic zone of the Russian Federation. To facilitate further increase in trade and joint investment projects between the Far East Region of Russia and India.
MoU between the Ministry of Environment, Forest and Climate Change of the Republic of India and the Ministry of Economic Development of the Russian Federation on the issues of Climate change and low-carbon development, Establishment of Joint Working Group on the issues of Climate change and low-carbon development and co-hosting research to develop low-cost technologies.
MoU between Survey of India and the Federal Service for State Registration, Cadastre and Cartography, Russian Federation, to Exchange of knowledge and experience in geodesy, cartography and spatial data infrastructure; professional training and capacity building; cooperation between scientific and educational institutes.
MoU between National Centre for Polar and Ocean Research, Ministry of Earth Sciences, Government of India and the Arctic and Antarctic Research Institute on Cooperation in Research and Logistics in polar regions, to Cooperation in the study of polar environments ; logistics in polar regions; joint research; exchanges of personnel; and participation in international program.
MoU on Cooperation and Collaboration on broadcasting between Prasar Bharati, India, and ANO "TV-Novosti” (Russia Today TV Channel), Russia to cooperate in the field of broadcasting, including exchange of programmes, personnel, and training.
MoU between Indian Pharmacopoeia
Commission, Ministry of Health and Family Welfare, Government of the Republic of India, and Federal State Budgetary Institution "Scientific Centre for Expert Evaluation of Medicinal Products” of the Ministry of Health of the Russian Federation to ensure the availability of high-quality medicines for human use.
Cooperation Agreement between the Indian International Arbitration Centre and International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation to facilitate of settlement of civil law disputes of a commercial nature.
Joint Investment Promotion Framework Agreement between Invest India and JSC "Management Company of Russian Direct Investment Fund” to Facilitate investment by Russian companies in the Indian market by promoting and fostering investment cooperation.
MoU between Trade Promotion Council of India and All Russia Public Organization "Business Russia” to Promotion of bilateral trade and investment, organizing B2B meetings, business promotion events; and exchange of business delegations.
In a special ceremony in St. Andrew Hall in the Kremlin, President of the Russian Federation, H.E. Mr. Vladimir Putin conferred Russia’s highest national award "The Order of St. Andrew the Apostle” on Prime Minister Shri Narendra Modi for his contribution to fostering India-Russia ties. PM Shri Narendra Modi is the first Indian leader to be conferred with this award.
The award was announced in 2019.
The Department of Empowerment of Persons with Disabilities (DEPwD) took a significant step towards empowering persons with disabilities by signing two important Memorandum of Understanding (MoUs) Under the guidance of Secretary Shri Rajesh Aggarwal.
The first MoU was signed between "DEPwD" and "Enable Me" Access Association (EMA), and the second MoU was signed between the Indian Sign Language Research and Training Center (ISLRTC) and YUNIKEE. The primary objective of the MoU between ISLRTC and YUNIKEE is to provide free and accessible skills to the deaf community and their youth.
The Export-Import Bank of India (EXIM Bank) has entered into an agreement with the government of Guyana to provide a line of credit worth $2.5 million for the installation of a solar photo voltaic power plant, the Reserve Bank of India said. he solar photo voltaic power plant will be set up at the Cheddi Jagan International Airport in Guyana.
Under the Line of Credit, the last date for disbursements will be 48 months after the completion of the project.Of the total credit provided by EXIM Bank, goods, works and services worth at least 75% of the contract price will be supplied by the seller from India and the remaining 25% may be procured by the seller from outside India for the eligible contract, the RBI said.
Tata Asset Management Company launched the nation’s first tourism index fund Comprising a collection of companies forming part of the Nifty 500. The Tata Nifty India Tourism Index Fund will track the Nifty India Tourism Index. The NFO will close on July 19,2024. This open-ended index fund will give exposure to India’s fastest-growing companies from travel, tourism business.
The minimum investment amount during the NFO period is Rs 5,000 and can be increased in multiples of Rs 1. There’s no entry load for investing in this NFO. An exit load of 0.25% of the applicable net asset value (NAV) will be applied if you redeem units on or before 15 days of allotment. The fund has given 32% weightage to the hotels and resorts sector.
It is followed by airlines (19%), restaurants (19%), tour, travel related services (16%), airports and airport services (10%) and luggage (3%). Kapil Menon is responsible for managing the fund's investments. The index currently consists of 17 companies (as of June 21st, 2024) but can hold up to 30 companies chosen from the broader Nifty 500 index.
Roshni Nadar Malhotra, Chairperson of HCL Tech, has been awarded the “Chevalier de la Légion d’Honneur” (Knight of the Legion of Honour) by France. The award was presented by H.E. Thierry Mathou, Ambassador of France to India, at a ceremony in Delhi, on behalf of the French President.
The highest Civilian award, it recognizes her contributions to the business world, constant endeavour to promote economic ties between France and India, as well as her unwavering commitment to social and environmental causes.
The Mutual Recognition Agreement (MRA) for organic products between India and Taiwan has been implemented during the 9th Working Group on Trade Meeting with Taiwan at New Delhi. The implementation of the MRA between India and Taiwan is a landmark achievement as it is the first bilateral agreement for organic products.
The implementing Agencies for the MRA are Agricultural and Processed Food Products Export Development Authority (APEDA), Ministry of Commerce and Industry, India and Agriculture and Food Agency, Ministry of Agriculture (AFA), Taiwan.
The MRA will pave the way for the export of major Indian organic products such as Rice, Processed Food, Green/Black and Herbal Tea, Medicinal plant products etc to Taiwan. The mutual recognition will ease the export of organic products by avoiding dual certifications; thus, reducing compliance costs, and enhancing trade opportunities in the organic sector.
Former opener Gautam Gambhir has been appointed as Team India's head coach, confirmed BCCI secretary Jay Shah. He succeeds Rahul Dravid in this role and faces the challenge of maintaining the team's momentum following their recent victory in the T20 World Cup.
The Production Linked Incentive (PLI) Scheme for Telecom and Networking Products and for Large Scale Electronic Manufacturing of Electronics have led to a significant increase in production, employment generation, economic growth, and exports in the country.
Within three years of the Telecom PLI scheme, the scheme has attracted an investment of Rs 3,400 crore, the telecom equipment production has exceeded the milestone of Rs 50,000 crore with exports totalling approximately Rs 10,500 crore, creating more than 17,800 direct jobs and many more indirect jobs.
Rajasthan will shortly become the first State in the country to adopt an action plan for road safety for the next 10 years. The action plan, to be accompanied by a government policy, will be aimed at reducing road accidents in the State by 50% till 2030. its first phase focuses on safety audits of 500km of state highways and major district roads.
The policy draft also mentions that a pilot speed management programme will be conducted for high-risk corridors in the state, along with piloting improvement works for 25 high-priority black spots. “A pilot project for the development of dedicated two-wheeler lanes/cycle lanes on state highways is also planned,” said an official.
Phase 1 will be implemented between 2025 till 2027 and will focus on institutional strengthening and completion of action plan interim targets. In phase 2, which will be from 2028 till 2030, the focus on reduction of 50% of road accident fatalities in line with the UN Second Decade of Action for Road Safety.
In Phase 3, from 2031 till 2033, reduction of 75%of road accident.
The 12th meeting of the India-UAE Joint Defence Cooperation Committee (JDCC) concluded in Abu Dhabi, marking a significant step in bolstering defense relations between the two nations. Led by Joint Secretary Amitabh Prasad, the Indian delegation met with their UAE counterparts, headed by Brigadier General Staff Jamal Ebrahim Mohamed Almazrooqi.
The meeting focused on various aspects of collaboration, including training cooperation, joint military exercises, defense industrial partnerships, and research and development initiatives. On the sidelines of the JDCC, separate staff talks were held between the navies and armies of both countries, delving into service-specific cooperation.
Regional security concerns, particularly maritime security, were addressed during the talks. The delegates emphasized the importance of strengthening defense ties to effectively tackle shared security challenges in the region. These discussions aimed to enhance operational synergies between the armed forces of India and the UAE.
The Sixteenth Finance Commission constituted an advisory council with five members to advise the Commission on any of the Terms of Reference (ToR) or related subjects, a press statement said. Poonam Gupta, Director General of the National Council of Applied Economic Research, has been appointed as the convenor of the Advisory Council.
The other members include economists D.K. Srivastava, Neelkanth Mishra, Pranjul Bhandari, and Rahul Bajoria. Mishra holds the position of chief economist of Axis Bank currently, while Bhandari is the Chief India Economist at HSBC Securities & Capital Markets. Srivastava is the chief policy advisor at EY, and Bajoria is MD & Head of EM Asia (ex-China) Economics at Barclays.
The role and functions of the advisory council would include assisting the Commission in the preparation of papers or research studies and monitoring or assessing studies commissioned by the FC, thereby enhancing the Commission's understanding of the issues in its ToR.
Non-life insurers reported a 13.7 percent year-on-year (Y-o-Y) growth in gross direct premium, underwritten in April-June quarter of FY25 (Q1FY25).This was driven by strong performance in health and motor segments, data released by the General Insurance Council showed. Premiums earned by non-life insurers in Q1 stood at Rs 72,267.41 crore compared to Rs63,540.55 crore in Q1
Non-life insurers include general insurance companies, standalone health insurance companies, and specialised PSU insurers. In Q1, general insurers, who operate in multiple business segments, including motor, health and marine, reported a 12.42 per cent Y-o-Y growth to Rs 63,948.72 crore.
The manufacturing Purchasing Managers' Index (PMI) soared in June 2024, driven by robust demand and the highest hiring activity in 19 years, according to an SBI report. Concurrently the Eight Core Industries Index expanded by 6.5 percent year-on-year in the first two months of FY25 buoyed primarily by increased activity in essential sectors such as coal, natural gas ,etc.
However, segments like fertilizers and cement witnessed growth due to base effects. Steel demand continued to surge, registering double-digit growth year-on-year, supported by robust demand from sectors like real estate, which saw a significant uptick with home construction across major cities hitting an 11-year high in the first half of the calendar year 2024.
This domestic demand surge has bolstered steel production and contributed to overall industrial expansion. On the other hand, auto sales faced challenges, slowing down due to adverse weather conditions and base effects despite attractive discounts offered by Original Equipment Manufacturers (OEMs).
French banking major BNP Paribas has launched operations at the Gujarat International Finance Tec-City - International Financial Services Center (GIFT-IFSC) by opening a new branch. The BNP Paribas GIFT City branch’s product offerings aim to tap new business opportunities for its onshore and offshore clients.
The GIFT City branch marks a significant milestone and reinforces our continued commitment to the growing BNP Paribas India franchise. It will enable us to better serve our well-diversified global clientele with an expanded range of products and strategic solutions as cross-border momentum continues to increase,”said Sanjay Singh, Head of Territory & CEO, BNP Paribas India.
Mashreq, a leading financial institution in the MENA region, has announced the appointment of Tushar Vikram as its new Country Head and CEO of India, effective June 2024. Before joining Mashreq, Tushar served as the Group Head of Investment Banking for HDFC Bank, where he led key divisions including Project Finance, Equity, Debt Capital Markets, and Mergers & Acquisitions.
This partnership will enable Federal Bank’s customers to seamlessly access Bajaj Allianz Life Insurance’s products, across the Bank’s extensive network in India.
This strategic partnership aims to leverage the combined strengths of Bajaj Allianz Life and Federal Bank. It aligns with both the companies’ strategic goals and growth plans.
India Ratings has downgraded the rating assigned to state-owned Rashtriya Ispat Nigam Ltd’s (RINL) Bank Facilities from ‘BB+’ to ‘D’ on delay in the servicing of principal and interest repayment of term loans to June 30, 2024. The instruments with ‘D’ rating are in default or are expected to be in default soon.
Rating action reflects public sector company RINL’s delay in debt servicing of its term loans of Rs 410.5 crore that was due up to 30 June 2024. This was consistent with Ind-Ra’s Default Recognition and Post-Default Curing Period Policy. The regularisation was yet to be done as on July 5, 2024, India Ratings said in a statement.
