The 12th Meeting of the India-UAE High-Level Joint Task Force on Investments (HLJTFI) occurred in Mumbai. It was co-chaired by Shri Piyush Goyal, Minister of Commerce & Industry, Government of India, and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA).
The HLJTFI was established in 2013 to promote trade, investment, and economic ties between India and the UAE. Since its formation, it has provided an effective mechanism to discuss opportunities and prospects for further investments in India and the UAE, while acting as a forum to resolve issues faced by investors of the two countries.
The Co-Chairs also acknowledged the rapid rise in bilateral trade under the Comprehensive Economic Partnership Agreement (CEPA), which came into force in May 2022. The Joint Task Force reviewed the workings of the India-UAE CEPA, which was one of the fastest-ever negotiated Free Trade Agreements.
This landmark agreement was designed to stimulate increased trade and boost the trading relationship between the two countries. During the last two years, the CEPA has helped reduce tariffs on the majority of product lines, sought to address other trade barriers, and created new avenues for cooperation.
As a result of the deal, bilateral trade has risen consistently, with non-oil trade rising to US$28.2 billion in the first half of 2024, a 9.8% year-on-year increase. The agreement has also spurred FDI - as of 2023, the UAE is India’s fourth largest foreign investor with US$3.35 billion committed across a wide range of sectors, representing a threefold increase in 2022.
During the HLJTFI meeting, the two sides reviewed progress on several key initiatives, including some that were previously announced by Indian Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, and expressed satisfaction at the rapid pace of implementation.
These initiatives include bilateral trade in local currencies, the integration of payment systems of India and the UAE, cooperation on Central Bank Digital Currencies, the launch of work relating to a Virtual Trade Corridor and the development of a food park in Ahmedabad.
Food parks are among areas for greater collaboration and investments between India and UAE.
It will lead to higher income for farmers, jobs creation in the food processing sector, and enhanced food security for the UAE. Small working groups between the Central Government, State Governments, and UAE Government will take forward food corridors between the two countries on a mission-mode basis.
The two sides welcomed the announcement of the Abu Dhabi Investment Authority (ADIA) establishing a subsidiary at GIFT City. This underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy, and GIFT City’s reputation as world-class financial services centre, operating under a strong regulator and a robust legal framework.
To augment the relationship, National Payments Corporation of India (NPCI), via its international subsidiary NPCI International Payments Limited (NIPL) is collaborating with Al Etihad Payments (AEP), to enable creation of the domestic card scheme JAYWAN in UAE. The JAYWAN card scheme is an outcome of deep collaboration between NIPL and AEP.
It is based on the RuPay card stack (developed and deployed at a great scale by NPCI in India), which is shared with the AEP to enable UAE be sovereign in the area of digital payments. The two governments are now working on interlinking the two national payment platforms – UPI (India) and AANI (UAE), which will facilitate seamless cross-border transactions between,
the two countries. This will benefit over 3 million Indians residing in UAE enabling them use power of UPI and AANI, for real-time cross-border remittance, which is aligned with the vision of bringing speed, transparency, accessibility and cost efficiency in cross-border remittances.
The Government of India has also decided to open an office of Invest India in Dubai, UAE to serve as a dedicated point of contact for potential UAE investors seeking to invest in India. The issue was discussed during the India-UAE HLJTFI meeting today. This will be the first such overseas office of Invest India in the Middle East region and,
its second overseas office overall after Singapore.
The MoU between IIFT and Dubai EXPO City builds on a range of bilateral agreements between India and the UAE, including a mechanism to settle trade in local currencies, the Comprehensive Economic Partnership Agreement (CEPA), Bilateral Investment Treaty and others.
Retired IPS officer Sharad Kumar, who headed anti-terror organisation NIA for four years, has been appointed as the new chief of the BCCI's Anti-Corruption Unit, bringing extensive experience to the role. Hailing from Bareilly in Uttar Pradesh, the appointment of 68-year-old Kumar was done on October 1 by the cricketing body.
BCCI's ACU head has been appointed for a three-year term.
His name was finalised at the BCCI's Annual General Meeting on September 29, a Board source told PTI. He is a 1979 batch IPS officer from the Haryana cadre and has had a distinguished career especially as the chief of the National Investigation Agency from 2013 to 2017.
He will take over from KK Mishra, also a former Haryana cadre IPS officer, who was appointed last year but did not complete his term due to unspecified reasons.
After serving in the NIA, Kumar was appointed as the Vigilance Commissioner in the Central Vigilance Commission from June 2018 to April 2020, where he also held the interim position of Central Vigilance Commissioner
The Reserve Bank of India (RBI) on Monday entered into a currency swap agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework for 2024-2027, the central bank said in a release. The agreement, signed in New Delhi, will provide financing support to the Maldives, enabling access to up to $400 million under the US Dollar/Euro Swap Window,
and Rs 30 billion under the Indian Rupee (INR) Swap Window. This arrangement will remain in effect until June 18, 2027.
The SAARC Currency Swap Framework, established on November 15, 2012, was designed to offer short-term foreign exchange liquidity to SAARC member countries experiencing balance of payments stress or foreign exchange shortages.
It serves as a temporary solution until more permanent financing arrangements can be made.
The World Health Organisation kicked off its 77th session of the Regional Committee for Southeast Asia in New Delhi from October 7 to 9.
India's Minister of Health, JP Nadda, has been elected as the Chairperson of the 77th Session.
RC77 Seventy-seventh Regional Committee Session of WHO South-East Asia is the annual governing body meeting of WHO in the Region.
The member nations include Bangladesh, Bhutan, the Democratic People's Republic of Korea, India, Indonesia, the Maldives, Myanmar, Nepal, Sri Lanka, Thailand, and Timor-Leste.
Ministers of Health and delegates from the region's member states have flown to Delhi to deliberate upon key priorities and actions towards accessible public health.
One of the six WHO Regions, WHO South-East Asia is home to over a quarter of the world's population.
Committed to building a better, healthier future for the nearly two billion people in the Region, WHO is working with the 11 Member States to address persisting and emerging epidemiological and demographic challenges.
Razia Pendse, Chef de Cabinet of the WHO, outlined the challenges faced by the region. These include the growing burden of non-communicable diseases and mental health, reducing neonatal and under-5 mortality, the growing threat of antimicrobial resistance, and the continuing burden of tuberculosis.
The Union finance ministry invited public input and suggestions for a review of the Income-Tax Act, which was announced in this year’s Budget.
Comments were sought in four categories: Simplifying the language, litigation reduction, compliance lessening, and redundant/obsolete provisions.
The Central Board of Direct Taxes (CBDT), under the ministry, has set up an internal committee to oversee the review.
Union Finance Minister Nirmala Sitharaman in her Budget speech this year announced a review of the Act.
Indian gymnast Dipa Karmakar, who missed the bronze medal at the 2016 Rio Olympics by just 0.15 points, called curtains on her 13-year-long career. She announces retirement.
Dipa's breakthrough moment came at the 2014 Commonwealth Games in Glasgow, where she secured a bronze medal in the vault event. This victory was a historic milestone for India,
marking the country's first-ever medal in women’s gymnastics at the Commonwealth Games. Her outstanding performance garnered international recognition, establishing her as a rising talent in the sport.
In 2016, Dipa made history again by qualifying for the Rio Olympics, becoming the first Indian female gymnast to compete at the Summer Olympics in nearly five decades.
At the Games, she showcased her exceptional skills, finishing fourth in the vault final and narrowly missing a bronze medal, a moment that remains significant in India's Olympic history.
Beyond these achievements, Dipa has won gold and bronze medals at various World Cups and Asian Championships.
Her extraordinary contributions to Indian sports were recognised in 2016 when she was honoured with the Padma Shri and the Major Dhyan Chand Khel Ratna awards.
In 2016 honoured with Arjuna Award.
In alignment with its commitment to accelerate the achievement of Sustainable Development Goals (SDGs) related to TB elimination, Union Minister of Health and Family Welfare, Shri J P Nadda, announced several key initiatives aimed at enhancing nutrition support for TB patients and their household contacts.
Shri Nadda announced that Nutrition support under Ni-Kshay Poshan Yojana (NPY) has been increased from existing Rs. 500 per month/patient to Rs. 1,000/month/patient for entire duration of the treatment. “The government has also decided to introduce energy dense nutrition supplementation for all patients with BMI<18.5 and to permit expansion of scope & coverage of,
Ni-Kshay Mitra initiative under Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA) to the family members (household contacts) of TB patients”, he said.
All TB patients will now receive a nutritional support of ₹ 3,000 to ₹ 6,000 under Ni-Kshay Poshan Yojana (NPY). While enhancement of NPY support will benefit all 25 lakh TB patients in a year,
introduction of Energy Dense Nutritional Supplementation (EDNS) would cover approximately 12 lakh underweight patients (BMI less than 18.5 kg/m2 at the time of diagnosis). EDNS would be provided to all eligible patients for the first two months of their treatment. The Union Health Minister stated that till date, ₹3,202 crores have been disbursed to 1.13 crore beneficiaries,
through Direct Benefit Transfer under Ni-kshay Poshan Yojana.
n addition to TB patients, Ni-kshay Mitras will adopt the household contacts of TB patients for distribution of food baskets to improve the immunity of the family members of TB patients. This would lead to a significant reduction in out-of-pocket expenses (OOPE) incurred by TB patients and their families.
The initiative of World Cotton Day was born in 2019, when four cotton producers in sub-Saharan Africa– Benin, Burkina Faso, Chad, and Mali, known as the Cotton Four -proposed to the World Trade Organization a World Cotton Day celebration on October 7.
During 2 consecutive years, the date offered an opportunity to share knowledge and showcase cotton-related activities.
Cotton is one of the most common fabrics in our wardrobes. It is comfortable, hypoallergenic, breathable, and durable.
But cotton represents so much more than just a commodity. This natural fabric is a life-changing product worldwide that sustains 32 million growers (almost half of them women) and benefits over 100 million families across 80 countries in 5 continents.
India is set to celebrate Indian Airforce Day on October 8, 2024. This day has a deep history that goes back to 1932 when the Indian Air Force (IAF) was established.
It is a day to honour India's brave men who serve the nation unconditionally and operate in critical operations and humanitarian missions.
It is a day to honour India's brave men who serve the nation unconditionally and operate in critical operations and humanitarian missions. There are multiple events organised such as parades, air shows, and exhibitions showing the power of the Indian Air Force.
India is commemorating the 92nd anniversary of the Indian Air Force and the theme for the day is ‘Bhartiya Vayu Sena - Saksham, Sashakt, Atmanirbhar” (Potent, Powerful, and Self-Reliant).’
Several ministers joined the Indian Air Force on, including Union Minister Rajnath Singh and Tamil Nadu Chief Minister MK Stalin as the chief guests at the airshow held in Chennai.
The Global Observance of World Habitat Day, marked on 7 October 2024, is under the theme “Engaging youth to create a better urban future.” This event aims to address the challenges and opportunities of rapid urbanization by focusing on the active involvement of young people in shaping sustainable cities and communities.
In 1985 the United Nations designated the first Monday of October every year as World Habitat Day. The idea is to reflect on the state of our towns and cities and the basic right of all to adequate shelter. It is also intended to remind the world of its collective responsibility for the future of the human habitat.
India's largest private sector lender HDFC Bank said that its board has approved 100% stake sale of subsidiary HDFC Education to Vama Sundari Investments in an all-cash deal amounting to Rs 192 crore. The sale price is Rs. 9.60 per share.
In an exchange notification, the lender said it would divest a 91% stake in HDFC Edu on or before October 31, 2024,
and the remaining 9% stake will be divested before June 30, 2025. With this sale HDFC Edu would cease to be a subsidiary of the bank.
Vama Sundari Investments is a related party of HDFC Asset Management Company hence the sale of shares to Vama Sundari would be a related party transaction for the Bank.
HDFC Edu is in the business of providing services related to schools,
higher education, vocational education and training, and supplemental education. It was incorporated in 2011 and has a total income of Rs 18.18 crore at the end of March 2024 and total assets of Rs 197.05 crore.
The Central Government has extended the tenure of Mr M. Rajeshwar Rao as Deputy Governor, Reserve Bank of India with effect from the 9th of October. 2024. According to an official statement from the RBI, the extension is for one year or until further orders, whichever is earlier.
This is the second one-year extension for Mr Rao, who was initially appointed as Deputy Governor in October 2020 for three years. Mr. Rao will continue to look after the Department of Regulation, Department of Communication, Enforcement Department, Legal Department and Risk Monitoring Department.
Scientists Victor Ambros and Gary Ruvkun have won the 2024 Nobel Prize in Physiology or Medicine for their discovery of microRNA and its role in gene regulation.
The Nobel Assembly said in a statement that the United States-based laureates discovered a new class of tiny RNA molecules, which play a crucial role in regulating gene activity.
Ambros conducted the research that led to his prize at Harvard University. He is currently a professor of natural science at the University of Massachusetts Chan Medical School.
Ruvkun’s research was performed at Massachusetts General Hospital and the Harvard Medical School, where he is a professor of genetics, said Thomas Perlmann, secretary of the Nobel Committee.
The winners for medicine are selected by the Nobel Assembly of Sweden’s Karolinska Institute Medical University and receive a prize sum of 11 million Swedish crowns ($1.1m).
Created in the will of Swedish dynamite inventor and businessman Alfred Nobel, the prizes have been awarded for breakthroughs in science, literature and peace since 1901, while economics is a later add.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Koyana Sahakari Bank Ltd., Karad, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters- UCBs’.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.00 lakh (Rupees Three Lakh only) on the Muslim Co-operative Bank Limited, Pune, Maharashtra for non-compliance with certain directions issued by RBI on ‘Maintenance of Deposit Accounts –Primary (Urban) Co-operative Banks’.
The Reserve Bank of India (RBI) has, by an order dated September 30, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Kolhapur Urban Co-operative Bank Limited, Kolhapur, Maharashtra for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested.’
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Sindhudurg District Central Co-operative Bank Limited, Maharashtra for violation of Section 20 of Banking Regulation Act, 1949 (BR Act) read with Section 56 of the Act.
The Reserve Bank of India (RBl) has, by an order dated October 03, 2024, imposed a monetary penalty of ₹1.10 lakh (Rupees One Lakh Ten Thousand only) on Nabapalli Co-operative Bank Limited (the bank), for non-compliance with specific directions issued by RBI on contributing to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL.
Postmaster General of North Gujarat Region, Shri Krishna Kumar Yadav inaugurated the 'National Postal Week' and addressed the 'Customer Meet' held on 'Mails and Parcel Day' at the Regional PMG office in Shahibaug, Ahmedabad.
India Post offers a range of services designed to meet the specific needs of various business sectors, such as Speed Post, Business Parcel,
Dakghar Niryat Kendra, Business Post, Media Post, Bill Mail Service, Retail Post, Logistics Post, Direct Post, e-Post, e-Payment, Aadhaar services, and Passport services. Dakghar Niryat Kendras (DNK) are being established as a one-stop solution for exporters to promote commercial exports through the postal channel.
