Endeavor Careers Choicest Blogs: Weekly Current Affairs: September 2021, Week 01

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 September 2021 – Week 1

1. Current Affairs – International News and Global Economy

European Union agree to re-establish joint presence in Kabul

Foreign Ministers of the European Union (EU) have agreed to re-establish a joint presence in Kabul to ensure the safe departure of the bloc’s nationals and Afghans who are considered at risk and who could be received by member states, a top diplomat said. Foreign policy chief Josep Borrell told a press conference after an informal meeting of the Foreign Ministers that this task was conditional on whether security conditions are met for talks with the new government in Afghanistan.

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SAUDI ARABIA INTERCEPTS BALLISTIC MISSILE ATTACK FROM YEMEN: REPORT

A ballistic missile attack aimed at Saudi Arabia’s oil-rich eastern region was intercepted on 4^th September, the Saudi-led coalition fighting the Houthi group in Yemen said in a statement carried by Saudi state media. The missile was intercepted over the city of Dammam, according to social media reports. The coalition blamed the attack on the Iran-aligned Houthi forces. There was no immediate claim of responsibility in Houthi-run media. The coalition earlier also reported the interception of three explosive-laden drones headed towards the Kingdom.

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SAUDI-YEMEN CRISIS EXPLAINED

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CHINA’S TECH GIANTS POUR BILLIONS INTO XI’S VISION OF ‘COMMON PROSPERITY’

Alibaba will invest 100 billion yuan ($15.5 billion) over the next few years into “common prosperity” initiatives, joining a chorus of technology giants pouring money into President Xi Jinping’s goal to spread the wealth. The Chinese e-commerce giant will put the money into 10 initiatives including technology innovation, economic development, high-quality job creation, and supporting vulnerable groups. The call for common prosperity — the government’s push toward moderate wealth for all — has been answered by technology giants which are currently under intense regulatory scrutiny from Beijing. China has introduced a slew of regulations around anti-monopoly and data security and protection.

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CHINA’S PRESIDENT: RICH INDIVIDUALS, COMPANIES SHOULD ‘GIVE BACK TO SOCIETY MORE’

Delivering “common prosperity” has emerged in recent months as an underlying theme of Chinese political discussion. The term is generally understood as moderate wealth for all, rather than just a few. But it remains a vague, frequently used slogan.

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EXPLAINED: WHAT IS CHINA’S ‘COMMON PROSPERITY’ DRIVE AND WHY DOES IT MATTER?

President Xi Jinping has called for China to achieve “common prosperity”, seeking to narrow a yawning wealth gap that threatens the country’s economic ascent and the legitimacy of Communist Party rule. “Common prosperity” as an idea is not new in China, but a sharp escalation in official rhetoric and a crackdown on excesses in industries including technology and private tuition has rattled investors in the world’s second-largest economy. Xi, poised to begin a third term in 2022, is turning towards inequality after concluding a campaign to eliminate absolute poverty, pledging to make “solid progress” towards common prosperity by 2035 and “basically achieve” the goal by 2050.

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TALIBAN SOURCES SAY THEIR FORCES TAKE PANJSHIR, IN FULL CONTROL OF AFGHANISTAN

Taliban forces have taken full control of Afghanistan including the Panjshir valley where opposition forces had been holding out, three Taliban sources said as heavy celebratory gunfire was heard in the Afghan capital Kabul. It was not immediately possible to confirm the reports. Former Vice President Amrullah Saleh, one of the leaders of the opposition forces told Tolo News television station that reports he had fled the country were lies.

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BATTLE FOR PANJSHIR INTENSIFIES, RESISTANCE FRONT DENIES PANJSHIR FALLEN CLAIM

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INDIA WATCHES KEENLY AS TALIBAN-PAKISTAN TIES REMAIN IN FOCUS

India is closely watching the Taliban’s stance towards Pakistan as it appears imminent that the outfit will form the next government based in Kabul or Kandahar in the next few days. The concern in this regard is shaped by the fact that Sher Mohammed Stanekzai, head of the Taliban’s Political Office in Doha, met India’s envoy to Qatar, giving the first sign that channels of communication between the two sides are now open. Since the fall of Kabul on August 15, Taliban spokesperson Zabihullah Mujahid has spoken on four occasions about issues that matter to Pakistan. At an initial press conference, Mr. Mujahid refused to extend the general amnesty to former Pakistani military ruler General Pervez Musharraf. General Musharraf had ended Pakistan’s open support for the Taliban just before a military coalition led by the United States overthrew the Taliban regime in 2001. The Taliban responded by launching multiple attacks on General Musharraf that failed to succeed. Mr. Mujahid refused to follow the Pakistani position on the contested Durand Line, which is a sensitive issue for the Pashtun community that resides in both Afghanistan and Pakistan.

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DURAND LINE – WHY TALIBAN-IMRAN COSINESS WON’T END AFGHANISTAN & PAKISTAN’S ENDURING BORDER CONFLICT

When the Taliban took over Afghanistan, Pakistan was among the first few nations that came out in support of the group. Pakistan PM, Imran Khan went on to say that the Taliban has “broken the chains of slavery”. But just days after the takeover, the Taliban raised a decades-old issue of the Durand Line. The Durand Line is the international land border between Afghanistan and Pakistan.

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EXPLAINED: WHAT’S THE MU VARIANT? AND WILL WE KEEP SEEING MORE CONCERNING VARIANTS?

This week the WHO named a new ‘variant of interest’ of the coronavirus, called the Mu variant. It was first found in Colombia in January 2021, and has been found in about 39 countries so far. Mu has changes, called mutations, which mean it might be able to evade some of the protection we get from COVID vaccines. But one reassuring element is that, despite being around since January 2021, it doesn’t seem to be outcompeting Delta, the dominant variant across most of the world. If there’s good evidence Mu is more serious and beginning to overtake other variants such as Delta, it might be upgraded to a ‘variant of concern’. The four variants of concern are Alpha, Beta, Gamma and Delta.

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‘MU COVID VARIANT’ MAY BE MORE RESISTANT TO VACCINE AND MORE SERIOUS THAN DELTA VARIANT

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2. Current Affairs – India

COVID update

INDIA’S AUGUST VACCINATION TALLY HIGHER THAN G7 NATIONS COMBINED: CENTRE

India has administered more COVID-19 vaccine doses in August than all the G7 nations combined, the government said. In a tweet, the centre’s official handle MyGovIndia, said the country administered over 180 million vaccine doses in August – more than all the Group of 7 nations combined that includes Canada, the UK, the US, Italy, Germany, France and Japan.

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Other updates

APPLE HIT WITH ANTITRUST CASE IN INDIA OVER IN-APP PAYMENTS ISSUES

Apple Inc (AAPL.O) is facing an antitrust challenge in India for allegedly abusing its dominant position in the apps market by forcing developers to use its proprietary in-app purchase system, according to a source and documents seen by Reuters. The allegations are similar to a case Apple faces in the European Union, where regulators last year started an investigation into Apple’s imposition of an in-app fee of 30% for distribution of paid digital content and other restrictions. The Indian case was filed by a little-known, non-profit group which argues Apple’s fee of up to 30% hurts competition by raising costs for app developers and customers, while also acting as a barrier to market entry.

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APPLE HIT WITH ANTITRUST CASE IN INDIA

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SUPREME COURT HAS NOW 4 WOMEN JUDGES SITTING, HIGHEST EVER IN ITS HISTORY

With three women judges sworn-in recently, the Supreme Court has four sitting women judges, the highest ever in its history. The previous high was three sitting women judges, during the period from August 2018 to May 2020 when Justices R Banumathi, Indira Banerjee and Indu Malhotra were serving. Newly appointed Justices Hima Kohli, BV Nagarathna and Bela M Trivedi and Justice Indira Banerjee (appointed in 2018) are the women judges in the Supreme court now. Although the Supreme Court has now the highest ever women representation, the question still remains: is 4 out of 33 an adequate representation?

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INDIA TO GET FIRST WOMAN CHIEF JUSTICE. CENTRE CLEARS NAMES OF ALL 9 JUDGES SENT BY SC COLLEGIUM

The Centre has approved all nine names recommended by the Supreme Court Collegium for appointment to the top court. Among the approved names is Justice Nagarathna, who can go on to become the country’s first woman CJI in 2027.

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BHARAT BANDH ON SEPT 27: KISAN MAHAPANCHAYAT DECIDES TO GO AGGRESSIVE ON FARM LAWS

The Kisan Mahapanchayat in Muzaffarnagar on Sunday turned out to be a massive show of strength of farmer unity as over 300 farmer unions from 15 states participated under the aegis of the Sanyukt Kisan Morcha (SKM) and reiterated their resolve to continue with the protest. The farmers unanimously gave a call for complete Bharat Bandh on September 27 in protest against the three contentious farm laws. Farmer leaders made it amply clear that they would campaign against the ruling BJP in Uttar Pradesh and Uttarakhand Assembly elections in 2022 if the governments did not accept their demands. They even threatened to continue their agitation till 2024 when Lok Sabha elections are due.

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3) Economy

Q1 GDP: India’s economy grew 20.1 percent in April-June quarter; manufacturing sector the bright spot

India’s real gross domestic product (GDP) grew by 20.1 percent in the April-June quarter of the fiscal year 2021-22, a record quarterly print on the back of a low base last year, data released on August 31 showed. GDP contracted by 24.4 percent in the April-June quarter in FY2021 as the country went into a lockdown to curb the spread of the coronavirus. It was the steepest quarterly contraction in the economy in independent India’s history. The biggest year-on-year rise was in the construction sector at 68.3 percent. This sector saw the steepest fall in the same period last year at 49.5 percent as construction activity across the country had come to a halt.

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3) Economy

SERVICE SECTOR GREW FASTEST IN AUGUST, AFTER 18 MONTHS

Crucial services sectors in India are making a comeback in August as activities have sped up the fastest they have in last 18 months. This comes after the pandemic seems to subside, vaccination is gaining pace and restrictions being relived throughout the land, reports a survey. The India Services Business Activity Index stood above 50 in August for the first time in four months, at 56.7 from a 45.4 in July where 50 is considered as the neutral threshold. What really kicked the sales up was reopening of establishments and rising footfall. The two factors helped the first output growth in four months clubbed with regaining business confidence.

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4) Markets, Banking and Finance

SEBI’S NEW PEAK MARGIN NORMS: HOW IT WILL IMPACT TRADERS FROM SEPTEMBER 1

Under the peak margin rule, which has received criticism from many market participants, traders are required to give 100 per cent margin upfront for their trades. Experts say this will impact intraday trade. Under the new peak margin norms, stockbrokers are required to collect minimum margins on leverage-based trade upfront, compared to the earlier practice of collecting it at the end of the day. Sebi had decided to introduce the peak margin norms last year in order to curb speculative trading and restrict leverages offered by stockbrokers to their clients. The new margin rules were pushed forward by Sebi in a phased manner. The final phase of the peak margin norms has been implemented from September 1.

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BQ CONVERSATIONS: HDFC LIFE’S RATIONALE FOR EXIDE LIFE ACQUISITION

HDFC Life acquires Exide Life for Rs 6,687 crore. MD & CEO Vibha Padalkar shares rationale for investment.

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5) Business

MARUTI SUZUKI TO RECALL 1.8 LAKH CARS TO INSPECT MOTOR GENERATORS

Maruti Suzuki has announced a recall of 1,81,754 units of petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross, and XL6 to inspect/replace motor-generators free of cost. This is the second vehicle recall by Maruti Suzuki in less than 10 months. In November last year, the Delhi-based company had recalled 40,453 units of the Eeco to fix an issue with the vehicle’s headlamp. The recalled units were manufactured between November 4, 2019, and February 25, 2020.

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MARUTI RECALLS 1.8 LAKHS CARS, LARGEST RECALL IN INDIA BY MARUTI SUZUKI

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INDIA REVAMPS INCENTIVES FOR AUTOS TO BOOST EVS, HYDROGEN FUEL CELLS

India has revised its proposed $8 billion scheme for the auto sector which will now focus on incentivizing companies to build electric and hydrogen fuel-powered vehicles, as reported by Reuters. This is a significant shift from the government’s original plan to incentivize auto and auto part makers to build mainly gasoline vehicles and their components for domestic sale and export, with some added benefit for electric vehicles (EVs). Under the new proposal, India will give incentives to automakers for building EVs and hydrogen fuel cell cars only, the sources said.

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DECIPHERING THE RODTEP SCHEME FOR EXPORTERS

The Merchandise Exports from India Scheme (MEIS) for specified goods and Service Exports from India Scheme (SEIS) for exports of notified services were introduced under Foreign Trade Policy (FTP) 2015-20. MEIS incentivizes exporters at the rate 2, 3 and 5 % of realized FOB value of exports while SEIS offers at 3% or 5% of net foreign exchange earned by a service exporter. RoDTEP Scheme is primarily a replacement of MEIS Scheme which was challenged by the US at WTO wherein a dispute panel in the WTO ruled against India. It stated that the export subsidy programmes that were provided by the Government of India distorted trade by providing direct subsidies. Ministry of Commerce & Industry has on August 17, 2021 notified RoDTEP Scheme w.e.f. 1st January, 2021. Under the RoDTEP, various Central and State duties, taxes, and levies imposed on input products like taxes such as duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation, among others, would be refunded to exporters, as a percentage of F.O.B. value of exports.

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$2 BILLION CRYPTO FRAUD BITCONNECT AND FOUNDER CHARGED — DIRECTOR PLEADS GUILTY TO CRIMINAL CHARGES

The $2 billion crypto fraud scheme Bitconnect and its founder have been charged in the U.S. In a parallel enforcement action, a Bitconnect director and top promoter has pleaded guilty to criminal charges in the U.S. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” said the U.S. Department of Justice (DOJ). The U.S. Securities and Exchange Commission (SEC) announced that it has filed an action against Bitconnect, its founder Satish Kumbhani, its top U.S. promoter Glenn Arcaro, and his affiliated company Future Money Ltd. The SEC noted that Kumbhani, age 35, is an Indian citizen who resided in Surat, India, but whose current whereabouts are unknown. The complaint alleges that the “defendants falsely represented, among other things, that Bitconnect would deploy its purportedly proprietary ‘volatility software trading bot’ that, using investors’ deposits, would generate exorbitantly high returns.”

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SEC SUES BITCONNECT FOUNDER ON FRAUD CHARGES

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BURGEONING WORLD OF CRYPTO CREATES 10K JOBS IN INDIA

The blooming segment of cryptocurrency has created more than 10,000 active jobs in India, specialist staffing firm Xpheno reported. Gurgaon, Mumbai and Bengaluru are the hottest hubs for the jobs together making up 60% of the total openings. Several crypto exchanges are faring well India with millions investing in cryptocurrencies via them. Along with cryptocurrency job market, investment in digital assets has caught the eye of big names like Apple and Amazon. India’s first crypto unicorn, CoinDCX wishes to hire people who can potentially strengthen the product, security and build platforms.

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INDIA DIGITAL CURRENCY BILL 2021

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$2B VALUATION, $200M ARR, AND 12,000 CUSTOMERS: HOW APPSFLYER BECAME ONE OF THE WORLD’S FASTEST-GROWING SAAS START-UPS

Tel Aviv-born martech start-up AppsFlyer became a unicorn in 2020, after raising a giant Series D round from General Atlantic. Founder Orel Kaniel believes the company’s “revenue is secondary” mindset is what led to its rapid growth across geographies. Riding on the pandemic-led surge in app installs, AppsFlyer crossed an ARR of $200 million. This, despite its “revenue is secondary” mindset. It’s a framework that maximises long-term value for customers and shareholders over short-term gains for the company.

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GOVT SIGNS PEACE ACCORD WITH 5 INSURGENT GROUPS OF ASSAM

A tripartite agreement among five insurgent groups of Assam, the Centre and the state government was signed on 4^th September to end years of violence in the Karbi Anglong region. The insurgent groups which signed the peace accord include Karbi Longri North Cachar Hills Liberation Front, People’s Democratic Council of Karbi Longri, United People’s Liberation Army and Karbi People’s Liberation Tigers factions. About 1,000 militants belonging to these groups have surrendered along with their arms and have joined the mainstream.

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SYED ALI SHAH GEELANI, THE PATRIARCH OF SEPARATIST POLITICS IN KASHMIR VALLEY PASSES AWAY

Syed Ali Shah Geelani, the face of separatist movement in Kashmir valley, died at his residence in Srinagar on the night of September 1. He was 91. A former member of the legislative assembly, Geelani, ailing for years, had been under house arrest for the last 12 years after leading several anti-India protests. His death has brought to an end a chapter of anti-India and separatist politics in Kashmir, according to a PTI report, more so after the recent crackdown on separatist leaders by the investigation agencies post abrogation of Article 370 of Jammu and Kashmir.

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SYED ALI SHAH GEELANI – HURRIYAT FOUNDER, FACE OF KASHMIR SEPARATISM & PRO-PAKISTAN HAWK, IS NO MORE

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8) Sports

INDIA REGISTERS ITS BEST SHOWING AT PARALYMPICS WITH A TOTAL OF 19 MEDALS IN TOKYO

India registered its largest ever medal haul at the Paralympic Games finishing with five gold, eight silver and six bronze medals in Tokyo. With a total of 19 medals, India went past its previous best tally of four medals at the 2016 Games in Rio de Janeiro. In fact, India had a total medal count of 12 before the Tokyo Paralympics, but the tally now stands at 31. India had gone into the Games with an unprecedented contingent of 54 athletes.

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TOKYO PARALYMPICS: PRAMOD BHAGAT WINS FIRST EVER BADMINTON GOLD FOR INDIA

India’s Pramod Bhagat won the Men’s Singles SL3 event badminton gold medal match against Great Britain’s Daniell Bethell at the Tokyo Paralympics. This is India’s first medal in badminton at the Paralympics Games. Manoj Sarkar beat Daisuke Fujihara of Japan and clinched the bronze medal in the same category. So far, India has won 17 medals at the Paralympics – four gold, seven silver and six bronze medals.

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TOKYO PARALYMPICS: ARCHER HARVINDER SINGH WINS BRONZE IN MEN’S INDIVIDUAL RECURVE

Indian archer Harvinder Singh emerged victorious in a thrilling shoot-off to win the bronze medal in men’s individual recurve event. Harvinder Singh became the first Indian to win a medal in archery at the Paralympics with a bronze in the men’s individual recurve event in Tokyo on Friday. The Indian won a thrilling bronze medal contest against South Korea’s Kim Min Su via a shoot-off to script history for India at the Tokyo Paralympics. Harvinder Singh shot a 10 in the shoot-off in response to the South Korean’s 8 to clinch the bronze medal match 6-5. The Indian had suffered a heartbreak in the semis, losing a tightly-contested semi-final 4-6 to USA’s Kevin Mather.

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WHO IS MULLAH ABDUL GHANI BARADAR, TALIBAN LEADER LIKELY TO BECOME AFGHANISTAN PRESIDENT?

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THE TALIBAN: THE MILITANT GROUP’S HISTORY AND IDEOLOGY| EXPLAINED

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WHY CRYPTO SHOULD BE CONSIDERED AS ASSET CLASS AND NOT CURRENCY WHILE REGULATING.

In conversation with Rameesh Kailasam, CEO Indiatech.org, Sidhartha Shukla tries to explore the Crypto challenge for Indian government and Reserve Bank of India.

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MUKESH AMBANI’S CLEAN ENERGY PITCH

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HOW INDIA’S MUCH-AWAITED NATIONAL LOGISTICS POLICY CAN PROVIDE A MAJOR BOOST TO THE SECTOR

The National Logistics Policy (NLP) is aimed at streamlining and strengthening India’s logistics sector, promoting the seamless movement of goods across the country, and increase the ease of doing business for players in the sector. The policy, which is in its final stages, along with other measures taken by the government for the sector will essentially enable “closer collaboration with the logistics division” according to a report by the Ministry of Commerce and Industry. While there continues to be some conjecture around when the policy will be rolled out, it is confirmed that the policy will be outlined on the premises of formalisation, standardisation, and digitisation. Moreover, it is expected to bring greater transparency and visibility within the logistics sector of India. The National Logistics Policy has the potential to become a great disrupting force for this sector, which has been largely neglected for a very long time.

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SATIRE OF THE WEEK

HOW TO ‘RULE’ OVER DIGITAL MEDIA

Did you know the Indian government can make certain laws without parliamentary approval? They can, and they do it all the time, in the form of subordinate legislation, or rules. Most recently, the Narendra Modi government introduced such rules supposedly to “regulate” digital media platforms. What are these new IT rules 2021 and how will they affect digital news in the country?

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With that, we come to an end for our Weekly Current Affairs September 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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