Tag Archives: World Record India

GLOBAL: ECONOMY: India, China to Account for Half of Global Economic Growth in 2023: International Monetary Fund (IMF)

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth.

The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023.

International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia’s military invasion of Ukraine would continue this year.

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, “our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades,” she said.

“Some momentum comes from emerging economies — Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023. But others face a steeper climb,” she explained.

“After a strong recovery in 2021 came the severe shock of Russia’s war in Ukraine and its wide-ranging consequences — global growth in 2022 dropped by almost half, from 6.1 to 3.4 per cent,” Georgieva said.

Georgieva said slower growth would be a “severe blow,” making it even harder for low-income nations to catch up.

“Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis,” she explained.

Her comments come ahead of next week’s spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy’s most pressing issues.

The annual gathering will take place as central banks around the world continue to raise interest rates to tame galloping inflation rates.

About 90 per cent of advanced economies are projected to see a decline in their growth rates this year, she said.

For low-income countries, higher borrowing costs come at a time of weakening demand for their exports, she said.

Georgieva added that while the global banking system had “come a long way” since the 2008 financial crisis, “concerns remain about vulnerabilities that may be hidden, not just at banks but also non-banks.

“Now is not the time for complacency.”

source/content: hindustantimes.com (headline edited)

INTERNATIONAL: INDIA GLOBAL: AUTOMOBILE:  TVS Motor Company arm to buy 25% stake in Germany’s Killwatt GmbH

The shares are acquired at cash consideration of €235.29/share, translating to a total of nearly €2 mn or ₹18 cr.

TVS Motor Company on Tuesday said its Singapore-based arm will acquire a 25 per cent stake in Germany-based electric mobility products and components start-up Killwatt GmbH.

TVS Motor (Singapore) Pte Ltd, has agreed to acquire a 25 per cent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares, the company said in a regulatory filing. The shares are acquired at cash consideration of €235.29 per share, translating to a total of nearly €2 million (nearly ₹18 crore).

Killwatt’s business comprises development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles, it added.

“Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions,” TVS Motor Company said.

The company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business, it added.

TVS Motor recorded a 1.97 per cent decline in sales in February with 2,76,150 units sold. The company had sold 2,81,714 units during the corresponding month of last year.

source/content: thehindubusinessline.com (headline edited)

WORLD RECORD: TRANSPORTATION INFRASTRUCTURE: World’s Tallest Pier Railway Bridge to be part of Jiribam-Imphal railway project

The world’s tallest pier railway bridge, with a height of 141 metres, is being constructed as part of the Jiribam-Imphal railway project.

The world’s tallest pier railway bridge, with a height of 141 metres, is being constructed as part of the Jiribam-Imphal railway project which has already achieved physical progress of 93.30 per cent, officials said on Sunday.

With the completion of the 111-km-long Jiribam-Imphal railway project by December this year, Manipur capital would come onto the Indian Railways network, making Imphal the fourth capital city in the northeastern region to have a rail link.

Northeast Frontier Railway’s (NFR) Chief Public Relations Officer Sabyasachi De said that the Rs 14,322 crore project is one of the crucial connectivity projects for the northeastern region and it is at an advanced stage of completion.

He said that construction of the railway project involves multiple tunnels and bridges in tough terrain with the total length of tunnels in this project being 61.32 km, out of which 59.11 km of tunneling work has already been completed.

The project would have total 11 major bridges and 137 minor bridges, out of which work for five major bridges and 101 minor bridges have been completed so far.

The section from Jiribam to Khongsang has already been commissioned earlier for train service.

After completion of the entire project, the present road journey time of about 10 hours to reach Imphal from Jiribam would be reduced to 2.5 hours by railways.

The NFR has been putting their full effort by working 24X7 for the completion of this project dealing with all the challenges including heavy rainfall and other logistic hindrances, De said.

The CPRO said that the Jiribam-Imphal rail project would provide enhanced connectivity to the people of Manipur, help grow small scale industries in the area and boost tourism of the state.

It would also help in receiving essential commodities faster by the state and help the state local producers to export their products outside the state faster.

The economy of the state would receive a boost, the official stated.

Assam’s main city of Guwahati (adjoining capital Dispur), Tripura capital Agartala and Arunachal Pradesh’s Naharlagun (adjacent to capital city Itanagar) are already on the railway network.

source/content: maritimegetaway.com (headline edited)

GLOBAL: SATELLITES & SPACE: The Indian Space Research Organisation (ISRO) Successfully Launches 36 Satellites for UK-based OneWeb

This batch of 36 satellites by the UK-based OneWeb will be its 18th launch to date, its third this year and the second with ISRO.

The Indian Space Research Organisation (ISRO) on Sunday successfully launched the second batch of 36 satellites for the UK-based OneWeb.

“We have lift off! Thanks to our colleagues at @isro and @NSIL_India for a successful launch. If you don’t already, make sure to follow us for more updates throughout the rest of the mission,” OneWeb tweeted at 9.04am on Sunday.

This batch of satellites by the UK-based company will be its 18th launch to date, its third this year and the second with ISRO. This will also complete the company’s first-generation LEO (low earth orbit) constellation, enabling the company to initiate global coverage in 2023.

HT on March 6 reported about ISRO’s plan to launch the second batch of OneWeb’s satellites on March 26.

On February 16, these 36 satellites reached India from the US for their launch. On March 15, the satellites were also encapsulated.

The communications satellites were launched by ISRO’s Launch Vehicle Mark-III (LVM3). In October last year, the Indian space agency successfully launched the first set of 36 satellites by OneWeb from the Satish Dhawan Space Centre in Sriharikota, marking the rocket’s entry into the global commercial launch service market.

A week after that, ISRO successfully conducted the flight acceptance hot test of the CE-20 engine in the high-altitude test facility of its propulsion complex at Tamil Nadu’s Mahendragiri for 25 seconds for the second batch of satellites that are expected to be placed on low earth orbit.

After its first launch, OneWeb had said that its partnership with NSIL and ISRO demonstrated its commitment to provide connectivity across the length and breadth of India by 2023.

ISRO’s LVM3 rocket is capable of launching four-tonne class of satellites to geosynchronous transfer orbit. It is a three-stage vehicle with two solid motor strapons, a liquid propellant core stage and a cryogenic stage. The OneWeb satellites will be placed in orbit at an altitude of 1,200km above the earth’s surface.

“This mission marks OneWeb’s second satellite deployment from India, highlighting the collaboration between the UK and Indian space industries. Across India, OneWeb will bring secured solutions not only to enterprises but also to towns, villages, municipalities and schools, including the hardest-to-reach areas across the country,” the company said last week.

source/content: hindustantimes.com (headline edited)

INTERNATIONAL RECORDS: ARTS & CULTURE: President Biden presents National Humanities Medal to Indian-American Actress and Producer Mindy Kaling

President Biden said that Mindy Kaling empowers a new generation to tell their stories with irreverence and sincerity.

U.S. President Joe Biden has presented the prestigious 2021 National Humanities Medals to Indian-American actress and producer Mindly Kaling, with several others, in recognition of her giving voice to a new generation of storytellers, at a White House ceremony.

The National Medal of Arts is the highest award, given to artists, arts patrons, and groups by the U.S. government. It honours exemplary individuals and organisations that have advanced the arts in America and inspired others through their distinguished achievement, support, or patronage.

Presenting the award to the actress on March 21, at the ceremony attended by First Lady Dr. Jill Biden, Vice President Kamala Harris and the Second Gentlemen, Mr. Biden said that Mindy Kaling is the first woman of colour to create, write, and star in a primetime sitcom.

He added that the 43-year-old actress empowers a new generation to tell their stories with irreverence and sincerity.

“The daughter of Indian immigrants — we know about that, right? Our Vice President is a daughter of Indian immigrants — a mother who was a great scientist,” the U.S. President said.

“Above all, she is hardworking and an adoring mom, just like her own mom was. And, Mindy, we know your mom is always with you in your spirit. We know that,” Mr. Biden added.

“Imbued with humour and heart, Mindy Kaling’s work across television, film, and books inspires and delights, capturing and uplifting the experiences of women and girls across our nation,” the citation of Mindy’s award, read by a military aide later, said.

The award honours individuals or groups whose work has deepened the nation’s understanding of the humanities and broadened citizens’ engagement with history, literature, languages, philosophy, and other humanities subjects.

The 11 other distinguished medal recipients were Judith Francisca Baca, Fred Eychaner, Jose Feliciano, Gladys Knight, Julia Louis-Dreyfus, Antonio Martorell-Cardona, Joan Shigekawa, Bruce Springsteen, Vera Wang, The Billie Holiday Theatre, and the International Association of Blacks in Dance.

Richard Blanco, Johnnetta Betsch Cole, Walter Isaacson, Earl Lewis, Henrietta Mann, Ann Patchett, Bryan Stevenson, Amy Tan, Tara Westover, Colson Whitehead and Native America Calling were the recipients of the National Humanities Medal.

thehindu.com (headline edited)

NATIONAL: TRANSPORT / RAILWAYS: The 150-year-old Chennai Central becomes India’s First ‘Silent’ Railway Station

Taking a cue from airports, the station is trading the omnipresent ‘voice’ for more inquiry booths and visual display boards.  

The 150-year-old Dr MGR Ramachandran Central railway station in Chennai went silent on Sunday, making it the first in India to do so, as it bid adieu to the public announcement system that has guided passengers to their trains for decades. Taking a cue from airports, the station is trading the omnipresent ‘voice’ for more inquiry booths and visual display boards.  

In the order announcing the change, issued on Saturday by Southern railway general manager R N Singh, officials were told to ensure all visual display boards are in working condition and to deploy sufficient staff at inquiry booths for a smooth passenger experience.

Large digital screens displaying the arrival and departure of trains in Tamil, Hindi and English have been installed at all three entry points to the station, namely, EVR Periyar Salai (MTC bus stop), suburban terminus, and Wall Tax Road (gate no 5). Concourse areas have also been covered with 40-60 inch digital boards.

source/content: thehindu.com (headline edited)

INTERNATIONAL / NATIONAL: 600 Delegates from 62 Nations at ‘Y20 India Summit -Gujarat’ as part of India’s G20 Presidency

The subject of the Y20 India Summit, being organised by the Union Ministry of Youth Affairs and Sports, is ‘Climate Change and Disaster Risk Reduction: Making Sustainability a Way of Life’.

More than 600 representatives from 62 nations will attend the two-day Y20 India Summit at the Maharaja Sayajirao University Vadodara in Gujarat as part of India’s G20 presidency. The conference will be inaugurated on Saturday by Gujarat CM Bhupendra Patel.

The subject of the Y20 India Summit, being organised by the Union Ministry of Youth Affairs and Sports, is ‘Climate Change and Disaster Risk Reduction: Making Sustainability a Way of Life’.

“In this conference, the 167 delegates from G20 nations, 8 international scholars, 12 national scholars, 25 international delegates, 25 national delegates, 25 representatives of Youth Ministry, 50 start-ups working on environment and 250 students studying different subjects will participate,” a press release said.

source/content: newindianexpress.com (headline edited)

WORLD: LEADER IN BANKING & ECONOMY: President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank

Today, President Biden announced that the United States is nominating Ajay Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, to be President of the World Bank.
 
Statement from President Biden: “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.
 
He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”
 
Ajay Banga, Nominee for President, The World Bank
 
Ajay Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.
 
Over the course of his career, Ajay has become a global leader in technology, data, financial services and innovating for inclusion. He is Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. He previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. Ajay has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
 
He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.
 
Ajay was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

source/content: whitehouse.gov / feb 23, 2023 (headline edited)

INTERNATIONAL: BUSINESS & ECONOMY: The Inaugural ‘I2U2 Business Forum’ was held in Abu Dhabi-UAE to address Energy Crisis, Food Insecurity

India’s Envoy reiterated the nation’s commitment to the I2U2 partnership and made a strong pitch for all stakeholders to work towards achieving tangible progress in all I2U2 initiatives.

The inaugural Business Forum of I2U2 nations – India, Israel, the UAE and the USA – was held in Abu Dhabi on Wednesday, making it the first event of this kind since the launch of the I2U2 group since its leaders’ summit in July 2022.

The Forum brought together senior private and public sector representatives from the member nations with discussions held on investment opportunities to address issues related to the management of the energy crisis and food insecurity.

The I2U2 partnership is a grouping focused on driving tangible economic cooperation between its members across a range of sectors, including food security, water, energy, space, transportation, health, and technology.

It aims to mobilize private sector capital and expertise to, among other objectives, help modernize infrastructure, decarbonize industries, improve public health, and promote the development of green technologies.

Hosted by UAE Minister of State Ahmed bin Ali Al Sayegh, the forum was attended by Director General of Israel’s Ministry of Foreign Affairs Ronen Levi and, India’s Economic Relations Secretary Dammu Ravi, while the US delegation was led by the Under Secretary of State for Economic Growth, Energy, and the Environment Jose W Fernandez.

“The officials reaffirmed their commitment to enhancing economic cooperation under the I2U2 framework, noting the significance of direct engagement between decision makers from I2U2 countries and private sector stakeholders interested in forming a future partnership,” said the MEA.

Ravi reiterated India’s commitment to the I2U2 partnership and made a strong pitch for all stakeholders to work towards achieving tangible progress in all I2U2 initiatives, including setting up an I2U2 Innovation Centre in Gurugram. In line with Prime Minister Narendra Modi’s clarion call for LiFE-Lifestyle for Environment, he urged I2U2 partners to work towards a sustainable and environment-friendly lifestyle for all.

The I2U2 Business Forum aims to become a regular platform for private and public entities from India, Israel, the UAE, and the US to convene and establish tangible joint business ventures in I2U2’s core economic and technological fields.

source/content: newindianexpress.com (headline edited)

INTERNATIONAL / SOUTH ASIA: BUSINESS & ECONOMY / FINTECH: India and Singapore Launch UPI-PayNow Linkage making it the First Country with cross-border Person to Person (P2P) Payment Facilities.

The move will aid the Indian diaspora in Singapore, especially students and migrant workers, by allowing instantaneous and low-cost money transfers between the two countries.

India’s Unified Payments Interface — better known as UPI — and Singapore’s PayNow were officially connected on Tuesday, allow for a “real-time payment linkage”. The virtual launch was led by a phone call between Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong. 

“Today is a special day for India-Singapore friendship and for our efforts to deepen collaboration in FinTech and innovaton. The participation of my friend PM Lee Sien Loong made this morning’s programme even more special,” Mr. Modi said. The linkage is set to ease financial transactions for the Indian diaspora.

Singapore has now became the first country with which cross-border Person to Person (P2P) payment facilities have been launched. “This will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and FINTECH to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa,” said the Ministry of External Affairs. UPI payments through QR codes are already taking place in Singapore, though at a limited number of outlets. 

“Delighted to launch the linkage between PayNow and India’s Unified Payments Interface (UPI) with PM Narendra Modi today. Congratulations to the Monetary Authority of Singapore, the Reserve Bank of India and all the stakeholders in Singapore and India who have helped make the linkage a reality,” Lee Hsien Loong said at the event.

Demonstrating the link, the Reserve Bank of India’s Governor Shaktikanta Das and the Monetary Authority of Singapore’s Managing Director Ravi Menon made live “cross-border transactions” to each other using their mobile handsets. 

source/content: thehindu.com (headline edited)