Category: News

In Washington, a top economist working with the International Monetary Fund (IMF) said that the world is very optimistic about India. He highlighted how India’s digital systems and efforts to help everyone grow are being praised by many countries. He noted that India’s economy has been doing well after COVID-19, with a growth rate of about seven percent. Even though there was a small slowdown recently due to less spending on big projects and some drops in exports, he believes this is just a temporary phase.

Subramanian, who used to be India’s Chief Economic Advisor, explained that during the COVID pandemic, India took a unique approach. While many countries only focused on people buying less, India recognized that the pandemic hurt both supply (availability of goods) and demand (people wanting to buy goods). This led to a balanced mixture of strategies that helped those who were most affected.

Because of these smart decisions, when the war in Europe created problems for many other economies, India managed to keep its inflation lower than in many places around the world. In fact, while many countries faced huge price increases, India did not. He pointed out that between 2002 and 2013 productivity grew slowly, but since 2014, it has increased much faster.

He also mentioned that a key sign of a healthy economy is how many new businesses start up. From 2004 to 2014, only 3.2% of new companies were created, but since then, the number has grown much more, making India’s entrepreneurial scene the third largest in the world. In ranking for innovation, India jumped from 85th place in 2015 to 39th this year, showing great improvement.

For India to reach its goal of becoming a $55 trillion economy, Subramanian stressed the need to boost manufacturing jobs. He also said that society should change its views about wealth and the people who create it. In the U.S., being wealthy is often seen as a good thing, while in India, there’s sometimes a negative view of wealth creators.

He emphasized that wealth is essential for job creation because wealth creators invest in businesses that eventually provide jobs. To make progress, India must recognize the importance of wealth creation for its overall growth and well-being.

In northwest Syria, more than 280,000 people have been forced to leave their homes because of a sudden attack by a group called Hayat Tahrir al-Sham (HTS). The UN, which helps people in need, reports that many people are fleeing due to the recent increase in fighting in the area. Conditions are already tough after 13 years of war, and the UN is working to help those who are suffering the most.

In addition, many people in the city of Homs are also leaving their homes in fear as HTS is advancing towards the capital, Damascus. The Syrian Observatory for Human Rights (SOHR) reports that residents are running away to the western coast, where President Bashar al-Assad still has control.

HTS has made big gains in the fighting, capturing two important towns, Rastan and Talbiseh, in the Homs region. The leader of SOHR, Rami Abdel Rahman, noted that HTS is now just five kilometers away from Homs city. After taking control of the city of Hama to the north, the rebels are now aiming for Homs, which, if they capture it, would cut President Assad’s territory in half.

The conflict in Syria started back in 2011 when Assad tried to stop peaceful protests for democracy during the Arab Spring. Since then, over 300,000 civilians have lost their lives, and millions of people have been forced to leave their homes, according to the United Nations.

On Friday, India’s capital markets watchdog, Sebi, introduced a new plan to protect investors and make the stock market more trustworthy. This updated plan promises to keep investor information private and gives people the right to withdraw their money fairly from any stock market product or service.

Sebi also improved the way it handles complaints. With the new version of SCORES (Sebi Complaints Redress System) called SCORES 2.0, complaints go directly to the companies involved first, and if needed, Sebi will step in to help resolve any issues. They also launched a SMART ODR (Online Dispute Resolution) portal, which allows people to solve their market-related problems online, making it easier and quicker.

The goal of this new plan is to help investors understand the risks of their investments while making sure they are treated fairly. Sebi urges everyone to work only with approved market companies and to keep their contact and KYC (Know Your Customer) information updated. Investors should also speak up about their problems within certain time limits.

The updated plan includes helpful tips for investors, like keeping records of transactions, knowing about risks and fees, and understanding how to file complaints. Sebi warns against risky practices like making cash payments above set limits and sharing sensitive account information. This move aims to make investing easier with new digital solutions.

Prime Minister Narendra Modi shared exciting news about the future of Northeast India during the Ashtalakshmi Mahotsav event in Delhi on Friday. He believes cities like Guwahati, Agartala, Imphal, and Itanagar will become important symbols of growth and power in the coming years. Modi stated, “The future belongs to Eastern India, especially the Northeast,” emphasizing that this century is becoming more about the East.

He talked about how the government has worked hard over the last decade to strengthen connections with the Northeast. Union ministers made around 700 visits to this region over the past ten years. Modi explained that they are focusing on three key areas: emotions, the economy, and ecology, to help the Northeast develop.

The Prime Minister also pointed out that the region was often ignored in the past by previous governments. He accused them of making development decisions based on how many votes the Northeast states could provide. Because these states had fewer seats in government, they did not get the attention they deserved. Modi praised the rich culture and strong people of the Northeast, saying, “With its vibrant culture and dynamic people, the Northeast holds immense potential to help India grow.”

He concluded by saying that events like the Ashtalakshmi Mahotsav will help make the Northeast a central hub of progress and brightness for years to come.

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), stayed quiet about whether he will continue in his job after December 10, 2023. When asked about it during a recent press conference, he said, “I am not giving you any headlines.” People are guessing that the government might ask him to stay on for a third time. If this happens, he would become the longest-serving RBI Governor since the 1960s.

Das began his time as RBI Governor in December 2018 and has already worked longer than the usual five-year term most governors have had in the last few years. If his term is extended, he will also have worked longer than Benegal Rama Rau, who served for 7.5 years from 1949-1957.

Before joining the RBI, Das held important roles in Prime Minister Narendra Modi’s government. He helped manage a tricky time when the government and the RBI did not always agree.

Sources told Reuters that right now, no selection committee is looking for a new governor and that Das is likely to get another year in the role. However, the government has not made any official announcement yet.

Mexico’s President, Claudia Sheinbaum, says she wants to make an agreement with U.S. President-elect Donald Trump. This agreement would help Mexico avoid taking in people deported from countries other than Mexico, in case many people are sent back from the U.S. Trump has promised to crack down on illegal immigrants, with his running mate suggesting they might deport a million people each year.

Mexico has been important in helping the U.S. with immigration. The country has been accepting migrants from places like Cuba, Haiti, Nicaragua, and Venezuela, where it’s hard for the U.S. to send people back. The Trump team has talked about possibly sending these migrants to other countries if their home countries won’t take them back. Some options mentioned include Panama, the Bahamas, and Grenada. However, the Bahamas has already said “no” to such requests.

While it’s uncertain if Mexico will outright refuse migrants from other countries, Sheinbaum expressed her hope that an agreement can be reached with the Trump administration. “We want to send people back to their home countries,” she said. She emphasized that, while Mexico supports all people, the focus is on helping Mexicans.

Many Mexicans live in the U.S. without proper documents. Mexican officials are preparing for a large number of Mexicans being sent back to their country after Trump takes office. Sheinbaum believes these deportations are not needed and highlights the positive contributions of Mexican workers to the U.S. economy.

Meanwhile, Mexico’s Foreign Minister, Juan Ramon de la Fuente, is in the U.S. to check on immigration processes and make sure that the rights of returning Mexicans are respected.