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Cabinet Approves revival plan for Rashtriya Ispat Nigam Ltd (RINL) at a total cost of Rs 11,440 crores.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Hon. Prime Minister Shri Narendra Modi, has approved the revival plan for RINL for a total of Rs 11,440 crores. The infusion includes ₹10,300 crore as equity capital into Rashtriya Ispat Nigam Ltd. (RINL) and Conversion of ₹1140 crore working capital loan as 7% Non-cumulative Preference Share Capital redeemable.

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Cabinet Approves revival plan for Rashtriya Ispat Nigam Ltd (RINL) at a total cost of Rs 11,440 crores.

RINL has exhausted the sanctioned borrowing limits from banks for working capital and was not in a position to get further loans from Banks. RINL also defaulted on the Capex Loan repayments and Interest payments in June 2024.

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Cabinet Approves revival plan for Rashtriya Ispat Nigam Ltd (RINL) at a total cost of Rs 11,440 crores.

The equity infusion of ₹10,300 crore into RINL will help it overcome the operational problems related to raising working capital and start Blast furnace operations in the most productive way. The revival plan envisages that RINL will start full production with two blast furnaces in January 2025 and with three blast furnaces August 2025.

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Science and Technology Minister Dr. Jitendra Singh dedicates India's 1st of its kind CSIR Innovation complex in Mumbai

Science and Technology Minister Dr. Jitendra Singh dedicated India’s 1st of its kind CSIR Innovation complex through virtual mode in Mumbai. In order to boost innovation, industry collaboration and employment generation the 6 memorandum of association signed between CSIR and 6 prestigious institutes such as IIT Bombay, icreate, NRDC.

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Science and Technology Minister Dr. Jitendra Singh dedicates India's 1st of its kind CSIR Innovation complex in Mumbai

The IC Mumbai, spread over nine floors, is equipped with 24 “ready-to-move” incubation labs and furnished office/ networking spaces for innovative start-ups, MSMEs and industry and CSIR labs.

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IMF retains India’s economic growth outlook at 6.5 % over next 2 Financial Years

The International Monetary Fund (IMF) has maintained India’s growth to be solid at 6.5 percent for the next two fiscal years 2025-26 or FY26 and 2026-27 or FY27, as projected in October in an update to its World Economic Outlook released yesterday. India maintain the fastest growth rate among the world’s largest economies.

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IMF retains India’s economic growth outlook at 6.5 % over next 2 Financial Years

Meanwhile, Global growth is projected at 3.3 percent both in 2025 and 2026 as per IMF, below the historical average of 3.7 percent. The 2025 forecast remains largely unchanged from the October 2024 World Economic Outlook, with an upward revision for the United States balancing declines in other major economies.

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HSBC India gets RBI approval to open 20 new branches in 20 cities

HSBC India, the Indian arm of London-headquartered HSBC, said it had received approval from the Reserve Bank of India (RBI) to open 20 branches across 20 cities. With the addition of 20 branches, HSBC India’s branches in the country will reach 46. In 2016 HSBC had 50 branches in the country before it decided to shut down 26. Opening branches is a clear shift in strategy.

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HSBC India gets RBI approval to open 20 new branches in 20 cities

The cities in which HSBC India will open branches are Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara, and Vishakhapatnam.

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RBI revises FEMA guidelines to boost cross-border transactions in rupee and local currencies

The Reserve Bank of India, in consultation with the Government, has made changes certain changes in the extant Foreign Exchange Management Act (FEMA) regulations to promote cross border transactions in Indian rupee (INR) and local / national currencies. This move comes in the backdrop of the rupee coming under pressure amid a strengthening dollar, weakening Chinese currency

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RBI revises FEMA guidelines to boost cross-border transactions in rupee and local currencies

As per the changes in FEMA, overseas branches of banks, which are authorised to deal in foreign exchange (Authorised Dealer), will be able to open INR accounts for a resident outside India for settlement of all permissible current account and capital account transactions with a resident in India.

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RBI revises FEMA guidelines to boost cross-border transactions in rupee and local currencies

Persons resident outside India will be able to use their balances held in repatriable INR accounts for foreign investment, including FDI, in non-debt instruments, per the FEMA changes.

Indian exporters will be able to open accounts in foreign currency overseas for settlement of trade transactions,including receiving export proceeds and using these proceeds to pay for import

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INDIAN NAVAL SHIP MUMBAI TO PARTICIPATE IN MULTI-NATIONAL EXERCISE LA PEROUSE

The indigenously designed and built guided missile destroyer INS Mumbai is participating in the fourth edition of the Multinational Exercise LA PEROUSE. This visit is in consonance with India's vision of SAGAR (Security and Growth for All in the Region) to enhance maritime cooperation and collaboration for safer and secure Indo-Pacific Region.

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INDIAN NAVAL SHIP MUMBAI TO PARTICIPATE IN MULTI-NATIONAL EXERCISE LA PEROUSE

This edition will witness participation of personnel/ surface and sub-surface assets from various maritime partners including Royal Australian Navy, French Navy, Royal Navy, United States Navy, Indonesian Navy, Royal Malaysian Navy, Republic of Singapore Navy and Royal Canadian Navy.

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SBI MF floats Nifty Bank Index Fund; Union MF launches short-duration fund

SBI Mutual Fund (MF) announced the launch of Nifty Bank Index Fund, an equity scheme which will track the Nifty Bank index. According to the fund house, the fund is aimed at providing investors with the opportunity to invest in the largest and most influential banks in India, which continue to lead and transform the nation’s banking sector.

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SBI MF floats Nifty Bank Index Fund; Union MF launches short-duration fund

Union Mutual Fund (MF) announced the launch of a short duration fund, a debt MF offering which will invest in short-term debt instruments such that the Macaulay duration of the portfolio is between 1 year to 3 years. Debt funds including short duration funds, in addition to, accrual returns offer the potential for mark-to-market gains when interest rates decline.

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National Broadband Mission 2.0, Sanchar Sathi app launched by DoT

The government on Friday unveiled the vision document for the National Broadband Mission (NBM) 2.0, which will provide broadband internet connectivity to the remaining 170,000 villages across the country. NBM 2.0 aims to connect the remaining 170,000 villages across the country.

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National Broadband Mission 2.0, Sanchar Sathi app launched by DoT

Launched in 2019, the NBM had targeted broadband access to all villages by 2022 through the laying of an incremental 30 lakh km of optical fibre cable and increase in tower density from 0.42 to 1.0 tower per thousand of population by 2024.

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National Broadband Mission 2.0, Sanchar Sathi app launched by DoT

The minister also launched a mobile app for its Sanchar Sathi portal, the government's primary tool for protecting mobile phone users from various frauds such as identity theft, forged KYC, and theft of mobile phones. Launched in May 2023, the portal detects fraudulent connections and triggers re-verification.

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Uttar Pradesh govt approves solar power projects worth Rs 10,000 crore

Uttar Pradesh has approved solar power projects worth around Rs 10,000 crore to achieve the state’s renewable energy capacity of 22,000 megawatt (Mw). Under the roadmap, three solar power projects of 2,000 Mw would be set up in Jhansi, Lalitpur, and Chitrakoot districts, which fall under the Bundelkhand region.

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Uttar Pradesh govt approves solar power projects worth Rs 10,000 crore

While NTPC Green Energy will develop 800 Mw and 600 Mw solar power plants in Chitrakoot and Lalitpur, respectively, Hinduja Group has been chosen to develop a 600 Mw unit in Jhansi. The UP New and Renewable Energy Development Agency (UPNEDA) has picked the two companies to develop three solar power projects, which are expected to become operational by December 2025.

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Uttar Pradesh govt approves solar power projects worth Rs 10,000 crore

The state has integrated solar energy into the Jal Jeevan Mission that currently has a portfolio of 41,000 projects. It is expected to save the exchequer Rs 1 trillion by cutting down on energy bills. The government has set a production target of 1 mt per year of green hydrogen/green ammonia by 2029.

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NIXI announces Internet Governance Internship & Capacity Building Scheme

The National Internet Exchange of India (NIXI) announced the launch of its Internet Governance Internship and Capacity Building Scheme. This programme aims to build awareness and develop expertise in internet governance (IG) among Indian citizens. The programme offers a bi-annual internship with two parallel tracks: a six-month programme and a three-month programme.

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NIXI announces Internet Governance Internship & Capacity Building Scheme

Each intern will be mentored by SME from international organisations like ICANN APNIC or APTLD, members from Special Interest Group, high ranked retired government officials and faculty advisors from recognized institutions/universities. A fixed stipend of Rs. 20,000/- per month will be provided to interns along with support to conduct mandatory outreach programmes.

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NIXI announces Internet Governance Internship & Capacity Building Scheme

Set up on 19th June 2003, the National Internet Exchange of India is a not-for- profit company under the aegis of the Ministry of Electronics and Information Technology, GoI It is tasked with increasing internet penetration and adoption in India by facilitating various infrastructure aspects to enable the internet ecosystem to be managed and used by the masses.

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NIXI announces Internet Governance Internship & Capacity Building Scheme

The four services under NIXI include: Internet Exchange Points (IXPs) for building Internet Exchange Points, .IN Registry for building the .in domain digital identity, IRINN for IPv4 and IPv6 addresses adoption.

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WB says India to dominate global economic landscape by becoming fastest-growing large economy

The World Bank has projected 6.7 per cent growth for India, surpassing global growth of 2.7 per cent. The January 2025 edition of the World Bank’s Global Economic Prospects (GEP) report stated that India is set to dominate the global economic landscape, maintaining its status as the fastest-growing large economy for the next two fiscal years.

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WB says India to dominate global economic landscape by becoming fastest-growing large economy

The report also forecasts that China’s economic growth will decelerate to 4 per cent next year. Complementing the World Bank report, the latest update from the International Monetary Fund’s World Economic Outlook (WEO) also reinforces India’s strong economic trajectory. The IMF forecasts India’s growth to remain robust at 6.5 per cent for the financial year 2025 and 2026.

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Outward remittances under LRS increase 3.6% in November: RBI data

Outward remittances under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) rose 3.6 per cent in November 2024 to $1.95 billion from $1.87 billion in the year-ago period as growth in overseas investment balanced the degrowth in remittances under international travel, as per RBI’s latest data.

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Outward remittances under LRS increase 3.6% in November: RBI data

During September-November 2024, Indians remitted $7.1 billion overseas, as compared to $7.5 billion in the same period of 2023. As per the LRS introduced in 2004, all resident individuals, including minors, are allowed to remit up to $250,000 per financial year for any permissible current or capital account transaction, or a combination of both.

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Outward remittances under LRS increase 3.6% in November: RBI data

According to the RBI Bulletin for November, international travel, which accounted for over 60 per cent of the entire outward remittance by Indians under the scheme, dropped by 5.6 per cent to $1.13 billion as compared to $1.18 billion in the same month of 2023. Remittances for the purchase of immovable property surged nearly 128 per cent to $23.5 million from $10.3 million.

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Outward remittances under LRS increase 3.6% in November: RBI data

Remittances for the purchase of immovable property surged nearly 128 per cent to $23.5 million from $10.3 million in the year-ago period. At the same time, investments in equity and debt markets saw a 107.7 per cent Y-o-Y rise to $85.79 million from $41.3 million. Remittances for deposits rose to $40.21 million from $25.19 million in the year-ago period.

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Nigeria admitted as partner country of BRICS bloc

Nigeria has been admitted as a "partner country" of the BRICS bloc of developing economies, according to Brazil, the group's chair. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven (G-7) leading industrialised nations.

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Nigeria admitted as partner country of BRICS bloc

In 2023, the bloc added Iran, Egypt, Ethiopia and the UAE, while Saudi Arabia has been invited to join. Turkey, Azerbaijan and Malaysia have formally applied to become BRICS members, while a few others have also expressed interest. Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

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