Weekly Blog October Week 1

Welcome to the Endeavor Editors’ Weekly Current Affairs Choicest Blog series. Get a weekly roundup – on news from business, economy, markets, policy, and more. A quick capsule format news summary and update to keep you abreast with all the latest current affairs.

Current Affairs October 2021 – Week 1

1. Current Affairs – International News and Global Economy

North Korea says it test-fired new anti-aircraft missile

North Korea said it test-fired a new anti-aircraft missile on September 30, its fourth weapons test in under a month. The latest test comes days after North Korea launched a new hypersonic missile which is believed to have nuclear capabilities. Secretary of State Anthony Blinken said the tests “create greater prospects for instability and insecurity”. Pyongyang says its weapons are needed for self-defence, accusing the US and South Korea of “double standards”. The latest tests are being seen as a clear sign that Pyongyang has no intentions on slowing down its weapons development despite strict sanctions.

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North Korea fires suspected ballistic missile into sea; tells UN it has ‘right to test weapons’

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Fumio Kishida wins race to become Japan’s next prime minister

Fumio Kishida has won a race to lead Japan’s ruling Liberal Democratic Party (LDP), putting him on course to become the next prime minister. Mr Kishida will succeed Yoshihide Suga, who decided to step down after just one year in office. His first mission as prime minister will be to lead the LDP to victory in an upcoming general election. Given the LDP’s majority in parliament, Mr Kishida’s position as prime minister has been all but cemented. The new prime minister faces a range of tough issues including post-pandemic economic recovery and confronting threats from North Korea. He has called for a “health crisis management agency” to be established in order to deal with the pandemic and backs the idea of passing a resolution condemning China’s treatment of the Uyghur minority.

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Who is Japan’s designated Prime Minister Fumio Kishida? | DW News

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Despite delays with $3.5 trillion plan, US President Biden vows to ‘get it done’

President Joe Biden has pledged at the Capitol to “get it done” as Democrats strained to rescue a scaled-back version of his USD 3.5 trillion government-overhaul plan and salvage a related public works bill after days of frantic negotiations. It’s a pivotal time for both president and party, as Biden’s approval ratings have dropped and Democrats are restless, eager to deliver on his signature campaign promise of rebuilding the country. Biden huddled with House Democrats on their home ground in a private meeting that was part instructional, part morale booster for the tattered caucus of lawmakers, telling them he wanted both bills passed regardless of the time it takes. With Republicans solidly opposed to Biden’s sweeping vision, the president and his party are reaching for a giant legislative accomplishment on their own — all to be paid for by rewriting federal balance sheets with tax hikes on corporations and the wealthy, those earning more than USD 400,000 a year.

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President Joe Biden scrambles to unite Democrats on infrastructure bill

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Aukus: Australia-EU trade talks delayed as row deepens

Trade talks between Australia and the European Union have been postponed as a row with France over the Aukus security partnership deepens. Australian Trade Minister Dan Tehan declined to comment on what part, if any, the cancelled submarine deal with France had played in delaying negotiations but confirmed that the next round of talks, which were scheduled to start on 12 October, had been postponed until the following month. In June, after the last round of talks over a free trade deal, the European Commission said negotiations had “progressed in most areas of the future agreement”. The next round of talks was expected to include a number of subjects including trade, investment and intellectual property rights. The EU is Australia’s third-biggest trading partner, with trade in goods and services totalling almost $72bn last year.

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Taliban to ‘temporarily’ adopt 1964 monarchy constitution

The Taliban has said they will temporarily adopt a 1964 constitution that granted women the right to vote but eliminate any elements they disagree with. The constitution was drafted by King Zahir Shah whose reign is described as the golden age in Afghanistan. King Zahir Shah’s constitution is the most ambitious of the four constitutions that the country has had in recent times. However, Taliban announced to strike down any provision or clause in the constitution that contradicts Islamic Shariah. The 1964 constitution, which gave women the right to vote for the first time and opened the doors for their increased participation in politics, would appear an awkward fit with the Taliban’s hard-line views.

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Desperate for international recognition, Taliban plan to adopt 1964 Afghan monarch’s constitution

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Australian border to reopen for first time in pandemic

Australia will reopen its international border from November, giving long-awaited freedoms to vaccinated citizens and their relatives. Since March 2020, Australia has had some of the world’s strictest border rules – even banning its own people from leaving the country. The policy has been praised for helping to suppress Covid, but it has also controversially separated families. At present, people can leave Australia – which has recorded more than 107,000 cases of Covid-19 and just over 1,300 deaths – only for exceptional reasons such as essential work or visiting a dying relative. Entry is permitted for citizens and others with exemptions, but there are tight caps on arrival numbers. This has left tens of thousands stranded overseas.

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EU finds J&J Covid shot possibly linked to another rare clotting condition

The European Union’s drug regulator has identified a possible link between rare cases of blood clotting in deep veins with Johnson & Johnson’s Covid-19 vaccine and recommended the condition be listed as a side-effect of the shot. The European Medicines Agency also recommended that immune thrombocytopenia (ITP), a bleeding disorder caused by the body mistakenly attacking platelets, be added as an adverse reaction with an unknown frequency to the J&J vaccine product information and to AstraZeneca’s vaccine. Both vaccines have previously been associated with a very rare combination of blood clotting and low platelet counts known as thrombosis with thrombocytopenia syndrome (TTS). EMA said the new, possibly life-threatening clotting condition known as venous thromboembolism (VTE) to be included on the J&J product label was separate from TTS. VTE typically begins by a clot forming in a vein of a leg, arm or groin, which then travels to the lungs and blocks the blood supply there.

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Abortion rights march: Thousands attend rallies across US

Tens of thousands of people have been holding rallies across all 50 US states in support of abortion rights. They have been galvanised in opposition to a new Texas law that severely limits access to abortions in the state. Pro-choice supporters across the country fear that constitutional rights may be rolled back. In the coming months, the Supreme Court is set to hear a case that could overturn Roe v Wade – the 1973 decision that legalised abortion nationwide. The so-called Heartbeat Act also gives any individual the right to sue doctors who perform an abortion past the six-week point. Supporters say its aim is to protect the unborn. Politicians in several other Republican-dominated states are considering similar restrictions. Rights groups asked the Supreme Court to block the Texas law, but the justices ruled 5-4 against granting this.

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Women across US protest controversial Texas abortion law

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2) India     

Covid update

India imposes reciprocity: All UK nationals to require Covid tests, mandatory 10-day quarantine

India has decided to impose reciprocity on the United Kingdom nationals arriving in the country from the UK. From October 4, all UK nationals arriving in India from the UK, irrespective of their vaccination status, will have to undergo mandatory home quarantine for 10 days upon arrival. They will also have to undertake pre-departure Covid-19 RT-PCR test within 72 hours before travel, again at the airport on arrival and then on day 8 after the arrival. The move comes as the UK does not include India in its list of countries whose vaccines are recognised, which means people vaccinated with Covishield — the Indian variant of the Oxford-AstraZeneca vaccine manufactured under licence here — would be subject to restrictions applying to the unvaccinated.

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India crosses landmark 90-crore jabs; 100% first dose in 6 States

India surpassed the landmark 90-crore vaccinations with more than 70 lakh shots administered on Saturday, Health Minister Mansukh Mandaviya tweeted. India is aiming to vaccinate its entire adult population by the year-end. According to the Health Ministry, six States, including Goa, Himachal Pradesh and Sikkim, have completed 100 per cent first dose vaccination of the eligible population.

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Other updates

Explainer: Why is India facing a coal shortage?

Indian utilities are scrambling to secure coal supplies as inventories hit critically low levels.

As at Sept. 29, 16 of India’s 135 coal-fired power plants had zero coal stocks, according to the Central Electricity Authority (CEA). Over half of the plants had stocks that would last fewer than three days, while over 80% had less than a week’s stock left. Coal accounts for over 70% of India’s electricity output, and utilities account for about 75% of India’s coal consumption. India’s industrial power demand has surged after the second coronavirus pandemic wave. On top of that, a widening price gap between lower domestic prices and record global coal prices has led buyers to shun imports.

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Farmer’s protest: SC asks how can highways be blocked perpetually

The Supreme Court called for redressal through judicial forum, agitation or parliamentary debates while referring to the nearly year-long blockade of highways by farmers over the three farms laws. “The redressal of problems can be through judicial forum, agitation or through Parliamentary debates. But how can the highways be blocked and this is happening perpetually. Where does this end?” the apex court said. On August 23, the top court had said that the Centre and Delhi’s neighbouring states should find a solution to road blockades on the national capital’s borders due to farmers’ protest.

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Paying more in Tax than for fuel?

Petrol and diesel prices have touched record levels across India after rates were hiked by 25 paise and 30 paise a litre respectively. The prices of CNG and PNG have also been increased sharply. The reality is, more than half of the money paid by the consumer to purchase fuels goes towards some tax or the other.

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3) Economy

GST collection hits 5-Month high at 1.17 lakh crore in September 2021

The gross goods and services tax (GST) revenue collected in September 2021 touched a five-month high at ? 1.17 lakh crore, remaining above the ? 1 lakh crore mark for the third month in a row, said the Ministry of Finance in a statement. The record-high collection has raised expectations that the second half of the year will post higher revenues. The improvement in GST collection bodes well for the government’s finances and is much required at this point in time. This will help keep the government’s borrowing under control, which in turn will reduce pressure on government securities (G-sec) yields,” said Ms Rajani Sinha, Chief Economist & National Director – Research, Knight Frank, India.

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S&P sees indications of strong rebound in Indian economy after Q1

Rating agency Standard & Poor’s (S&P) said high-frequency indicators suggest a strong rebound during the July-September quarter after a steep contraction in activity in the previous three months on the back of a severe Covid-19 wave. However, it warned that domestic macro indicators remained weak, though recovering. In its latest outlook on Asia Pacific, the agency cautioned against the impact of faster-than-expected tapering, saying it could cause capital flow risks as monetary policy in India remains highly accommodative with real interest rates in negative territory. The agency retained India’s economic growth projection at 9.5 per cent for the current fiscal year, but cut it for China by 0.3 percentage points to 8 per cent for 2021 on the Evergrande crisis and regulatory actions by the country to rein in private enterprises. It should be noted that India’s base was quite low last year at a 7.3 per cent fall in GDP, whereas China’s economy expanded by 2.3 per cent in 2020.

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4) Markets, Banking and Finance

Indian Bank picks up 13.2% stake in NARCL

Indian Bank said it has picked up 13.27 per cent stake in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL) for cash consideration of Rs 19.80 crore. Three state-owned lenders — SBI, Union Bank of India and PNB — had picked up over 12 per cent stake each in NARCL before. NARCL, which is yet to become operational, will take over the bad assets of banks in its own account for speedy resolution of sour loans. It will be 51 per cent owned by PSBs and the remaining by private sector lenders. State-owned Canara Bank has expressed its intent to be the lead sponsor of NARCL with a 12 per cent stake.

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Lenders approach RBI after 30,000 crore Srei loans turn NPA

A consortium of lenders led by UCO Bank has sought central bank directions on pursuing recovery of dues from the Srei Group after loans worth about Rs 30,000 crore to the Kolkata-based financier officially qualified to be moved to the list of non-performing assets (NPA) this quarter. Since the group entities involved are non-banking financial companies (NBFC), the lenders concerned compulsorily need the Reserve Bank of India’s (RBI) approval to take the Srei Group to the National Company Law Tribunal (NCLT) for insolvency proceedings. In response to a query from ET, a Srei Group spokesperson said the economic downturn and loan moratoriums provided by the regulator had affected operations. The group is now in discussions with banks to implement a restructuring scheme.

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DHFL lenders set to mark 37,400 crore recovery this week, the biggest among NPAs this fiscal

Lenders led by State Bank of India (SBI) are set to log recoveries of ?37,400 crore this week, as Piramal Capital and Housing Finance’s (PCHF) acquisition of Dewan Housing Finance (DHFL) should be completed this month itself. Banks will get a mix of upfront cash and non-convertible debentures (NCDs) due in seven years to complete what is billed as the biggest recovery of stressed loans this fiscal. The cash component, due to reach the banks concerned this week, will help them write back provisions on these advances, potentially boosting bottom lines in the second quarter.

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5) Business

Finance ministry says no decision on Air India sale after report cites Tata Sons as winner

The finance ministry has termed reports suggesting the government has picked a winning bid for the debt-laden state-run airline Air India as incorrect. A Bloomberg report claimed that a panel of ministers accepted a proposal from officials recommending conglomerate Tata Sons ahead of an offer from Ajay Singh, promoter of India’s airline operator SpiceJet Ltd. The finance ministry said it had received bids for the airline, but did not name the bidders. The winning bidder would win control of Air India’s 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas, including London’s Heathrow Airport.

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Tata Group firms make open offer to acquire 26% stake in Tejas Networks

Tata Group firms have made open offer to acquire up to 26 per cent stake in domestic telecom gear firm Tejas Networks for around Rs 1,038 crore. The offer is part of Tata Group’s bid to acquire a controlling stake in Tejas Networks. Under the open offer, Tata Sons and its subsidiaries Panatone Finvest, Akashastha Technologies have made a cash offer to acquire around crore fully paid-up equity shares of Tejas Networks at a price of Rs 258 apiece. Tejas Networks on July 29 had said that an arm of Tata Sons will acquire controlling stake in it for nearly Rs 1,890 crore in a multi-step deal and the company has executed definitive agreements with Panatone Finvest.

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Reliance Retail eyes Subway India in $250 Mn deal: Report

Mukesh Ambani’s Reliance Retail is reportedly eyeing Subway India’s franchise in an almost finalised deal that is estimated to be around $200-$250 million. If through, the move will mark Reliance Group’s entry into the food and beverages sector, particularly quick service restaurants. The conglomerate’s interest in the sector comes as competitors have either gone public or are in the process of launching IPOs, such as Burger King. Reliance Retail is aggressively expanding its position through acquisitions and investments, their recent expansions include companies ranging from Just Dial to Zivame. As for the Subway deal, if successful, will mark the giant’s entry into an already competitive market. Subway’s future may look different under Reliance.

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Maruti Suzuki India warns of production hit for second month due to chip shortage

India’s top carmaker Maruti Suzuki said it was expecting total vehicle production in October at two of its plants to be around 60% of normal levels due to a global chip shortage. Booming demand for consumer electronics and supply chain disruptions across the globe have led to an acute shortage of chips, forcing a number of car companies to drastically cut production as they try to secure limited semiconductor supplies. Maruti and rival Mahindra and Mahindra had also warned of a hit to their production for September due to the shortage.

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How the Chip shortage is forcing Auto makers to adapt | WSJ

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Zee moves Bombay HC against Invesco’s requisition for EGM

Taking a confrontational stand against its largest shareholder, the Zee Entertainment Enterprises (ZEE) board rejected Invesco Fund’s demand to hold an extraordinary general meeting (EGM) to remove current Managing Director and Chief Executive Officer Punit Goenka and induct its six nominees. Zee Entertainment Enterprises has moved the Bombay High Court asking the court to declare that the shareholders’ meeting requisition notice sent by Invesco is “illegal and invalid”. Zee said its board arrived at decision to not convene the EGM by referring to various non-compliances under multiple laws, including the Securities and Exchange Board of India guidelines, Ministry of Information and Broadcasting Guidelines and key clauses under the Companies Act & Competition Act, and after taking into account the interests of all the shareholders and stakeholders of the company.

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6) Technology

India has highest fintech adoption rate in world, says Piyush Goyal

Union commerce minister Piyush Goyal said India is poised to become one of the largest digital markets in the world as he cited UPI banking interface recorded 3.6 billion transactions last month, which is the highest-ever so far. Addressing the 2nd Global Fintech Fest 2021 through video conferencing earlier in the day, Goyal said that at 87%, India has the highest financial technological (fintech) adoption rate in the world against the global average of 64%.

Fintech today has the potential to bring investments for mobile apps, e-commerce stores and several other digital infrastructures, the commerce minister said, adding, “Investment inflow in the fintech sector which has gone up to $10 billion since it started in 2016 has the huge potential to up the game and it will simultaneously enhance customer experience.

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Cars24 nearly doubles valuation to over $1.8 billion after fund raise

Used-car platform Cars24 said on Monday it has raised $450 million from investors including SoftBank Group Corp’s Vision Fund 2, nearly doubling its valuation to $1.84 billion. Cars24 was founded in 2015 and dominates over 90 per cent of the country’s online used-car marketplace, with operations across more than 130 cities in India. “With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year,” Vikram Chopra, Cars24 co-founder and chief executive officer, said in a statement.

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India having a unicorn flurry year, $20 billion raised so far in 2021

After foodtech major Zomato’s Rs 9,375-crore IPO in August, nearly a dozen digital companies are likely to raise money from the markets in the next 6-8 months. According to recent data by Venture Intelligence, Indian unicorns have received a record $20 billion in investments so far this year. The July-September 2021 quarter saw over $10 billion (across 28 deals) being invested in such companies. Out of the total 66 unicorns the country has, nearly one-third (29) were minted in the first nine months of 2021. The insights from leading industry body Nasscom indicate that the start-up ecosystem may see a total of 76 unicorns by the end of 2021. “2021 has been a watershed year for the start-up ecosystem – not just in India but globally too. Given the increasing adoption of digital, the on-going talent wars, the availability of private risk capital, and the expanding societal acceptance of entrepreneurship – we believe that the unicorn growth story will be an unstoppable juggernaut well into CY2022.” says Atit Danak, Principal & Head of CoNXT practice, Zinnov.

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India’s Start-up ecosystem witnesses a rise in firms turning into Unicorns | Young Turks | CNBC TV18

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7) Politics

BJP’s rebel north Bengal MLA quits party; more to follow, says TMC

Krishna Kalyani, the BJP legislator from Raiganj in the North Dinajpur district of north Bengal announced that he was leaving the party, triggering speculation that he may join the ruling Trinamool Congress (TMC). Kalyani, an industrialist who stepped into politics by joining the BJP in January this year, had been speaking against the leadership for quite some time. He held Debasree Chaudhuri, former Union minister of state and BJP Lok Sabha member from Raiganj, responsible for his decision. Kalyani made the announcement hours before the Bengal BJP felicitated its new state president Sukanta Majumdar, who represents the Balurghat Lok Sabha seat in the adjoining South Dinajpur district.

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Goa elections: Shiv Sena to contest 22-25 seats, will shut down casinos if voted

The Shiv Sena announced that it will contest 22 to 25 seats in Goa without forging any pre-poll alliance. Shiv Sena MP Sanjay Raut during a press conference also promised that if voted to power the party will shut down the casinos in the state. Speaking of his party’s chances, Raut said that the Shiv Sena is connected to Goa, emotionally as well as culturally, and has a strong base in the state. Raut was also confident that Sena will be able to win majority seats due to its base in the state. Regarding any alliances with Congress similar to Maharashtra’s Maha Vikas Aghadi, Raut said that the politics of both states are different. Goa’s elections which are due in February next year will see a multipolar contest with the Trinamool Congress and the Aam Aadmi Party (AAP) gearing to give the BJP a tough fight. Goa’s veteran Congress leader Luizinho Faleiro announced that under the leadership of Mamata Banerjee, the TMC will contest on all 40-assembly seats. AAP chief and Delhi CM Arvind Kejriwal also promised free power up to 300 units per month and 80% jobs for locals if his party is voted to power.

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8) Sports

After Rupinder Pal Singh and Birendra Lakra, Veteran Striker SV Sunil Retires from International Hockey

SV Sunil, the veteran forward and star striker of India men’s field hockey team, announced his retirement from international hockey on Friday. The Arjuna awardee from Somwarpet in Coorg made a memorable international debut in 2007 at the Asia Cup in 2007 which India won after beating Pakistan in the final. The two-time Olympian remained the cynosure of the Indian forward line for over a decade with fine performances. He was part of the Indian team that won gold in the 2011 Asian Champions Trophy, and silver in the same event in 2012. The 32-year-old, who scored 72 goals in 264 appearances for the national team, took to social media to announce his decision. Earlier on Thursday, Rupinder Pal Singh and Birendra Lakra, who were part of India’s bronze medal-winning side in the Tokyo Olympics, also announced their retirement from international hockey.

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Indian men win bronze in Asian table tennis championships, women’s team finishes fifth

The Indian men’s table tennis team signed off with a bronze medal in the Asian Championships after losing to formidable South Korea 0-3 in the semi-finals here on Friday. In the semi-finals, the clinical South Koreans proved too tough for the Indians who failed to win a single tie. With a medal already in their pocket, the Indian paddlers took on the Koreans head-on. But the rampaging Koreans, also the top seeds, were a far better side. The young Indian women’s team showed courage and commitment in positions playoff and beating Thailand 3-1 to finish fifth. The mainstay of India’s win was Olympian Sutirtha Mukherjee.

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9) Opinion

Fumio Kishida’s ascent to Japan’s PM Post may mean a boost to Modi’s ‘Make in India’ initiative

Former Foreign Minister Fumio Kishida’s ascent to the post of Prime Minister of Japan may pave the way for India to become a base of economic growth for the Indo-Pacific region and the world. The conjectures are being made on of basis Kishida’s visit to India in 2015 as Foreign Minister whereby he had promised that Japan will contribute to Prime Minister Narendra Modi’s ‘Make in India’ initiative to support India in becoming a base of economic growth for the Indo-Pacific region and the world. The Japanese foreign minister was in India on a three-day visit for the eighth round of the strategic dialogue and had proposed strengthening three bridges that link the region in order to ensure peace and prosperity, bridge of value and spirit, of a vibrant economy and open and stable seas.

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Unlocking India’s $1 trillion SaaS opportunity: SaaSBOOMi-McKinsey

India could be on the cusp of unlocking a $1 trillion opportunity for Software-as-a-Service (SaaS) companies, creating nearly half a million new jobs by 2030, according to a report titled ‘Shaping India’s SaaS Landscape’ by SaaSBOOMi, in association with McKinsey. “Indian SaaS ecosystem can be worth a trillion dollars by 2030, which will be one of the biggest value creation opportunities that we are going to see in the decade ahead of us. It is touted to grow at a CAGR of 18 precent,” Noshir Kaka, Senior Partner at McKinsey says. This is coupled with the multiplier effect that will give rise to half a million jobs in India, boost forex reserves, economic activity, and so on. Read about what is India’s right to win over the Valley and upcoming markets like Estonia and Vietnam?

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Is India ready to benefit from China’s slowdown? Here’s what Swaminathan Aiyar has to say

Is India ready to benefit from China’s slowdown? Swaminathan Aiyar, Consulting Editor, ET NOW says that while China will undoubtedly continue to grow, the biggest advantage for India is the size of the domestic market. It is not going to become an export-oriented powerhouse the way China and Vietnam is, he believes. The bulk of India’s investment is going to be domestic and FDI will be a small part of it, he concludes.

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The Dark Side of NFT: Art & Identity theft, wash trading and environmental damage

With an increased interest in NFTs, reports have surfaced that the new phenomenon has caught the attention of fraudsters who are posting fake artwork. The only thing that differentiates a real NFT from a fake is a token that comes with it. But anything can be tokenized on the blockchain with a unique record being created. It is easy to create and manipulate an NFT, and even the token that comes attached to it. As the market is decentralised, it is difficult to track fraud in the marketplaces. Thus, it becomes necessary that platforms partner with providing a policing service that allows buyers to be safe while maintaining that a centralised ecosystem is enabled to regulate the digital market.

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10) Weekly special

Dunzo CEO Kabeer Biswas explains the tech behind faster deliveries

Hyperlocal delivery firm Dunzo is turning to store automation and IoT tech applications like smart baskets to offer quick deliveries through its new dark-store model called Dunzo Daily. In simple terms, a dark store is a small neighbourhood warehouse for inventory storage and an order collection point for Dunzo’s riders who enable doorstep deliveries.  Powered by the dark-store model, Dunzo Daily is currently doing business worth INR 260 Cr+ in gross merchandise value (GMV) per quarter. Furthermore, this model may account for the majority of its business in the next year, cofounder and CEO Kabeer Biswas. With the Dunzo Daily category growing at nearly 2x every quarter, the company plans to invest more in automation and robotics to be installed in its dark stores within the next 15 months. “Automation does not mean complete elimination of the human workforce in our warehouses. Instead, it will help with faster processing and result in a higher volume of orders every day compared to what humans can do,” explained Biswas.

For details visit.

11) Did you know?

What is COP26?

COP26 is the next annual UN climate change conference. COP stands for Conference of the Parties, and the summit will be attended by the countries that signed the United Nations Framework Convention on Climate Change (UNFCCC) – a treaty that came into force in 1994. This is the 26th COP summit and will be hosted in partnership between the UK and Italy. The conference will be held in Glasgow from 1-12 November 2021, a year later than planned due to delays caused by the COVID pandemic. The meeting could lead to major changes to our everyday lives. For this conference, 200 countries are being asked for their plans to cut emissions by 2030. They all agreed in 2015 to make changes to keep global warming “well below” 2C above pre-industrial levels – and to try aim for 1.5C – so that we avoid a climate catastrophe. This is what’s known as the Paris Agreement, and it means countries have to keep making bigger emissions cuts until reaching net zero in 2050. China’s commitments at COP26 will be very important. It is now the world’s biggest polluter and has investments in coal stations all over the world. Many observers will be watching how quickly China – and other major fossil fuel producers – will be willing to reduce their reliance on them.

For details visit.

With that, we come to an end for our Weekly Current Affairs October 2021 -Week 1. Hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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