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The Reserve Bank of India (RBI) is launching a new way to track interest rates called the Secured Overnight Rupee Rate (SORR). This new rate will help us understand how money moves in the financial market better.

The SORR will focus on secured transactions, which means it will look at loans where the lender has some sort of guarantee or security, like repos (which are short-term loans backed by collateral) and tri-party repos. These types of transactions make up almost all of the overnight money market activities and involve both banks and other financial companies.

According to RBI deputy governor Michael Debabrata Patra, this new rate will give us a clearer picture of how money is borrowed overnight compared to the older method, which was the call money market.

The decision to create this new rate came after a review by a special committee that looked into India’s interest rate benchmarks. This committee, led by RBI executive director Ramanathan Subramanian, found that secured transactions are more stable and reliable.

Eventually, the SORR will replace the old benchmark called MIBOR, which has been around since 1998.

Palantir Technologies, a company that analyzes data, has teamed up with Anduril Industries, a defense technology company. They announced their partnership on Friday and will work together to use defense data for training artificial intelligence (AI) systems.

Palantir will use its special AI platform to organize and label the defense data. This data will help train AI models, which can then be used in systems that protect national security. Meanwhile, Anduril will help store and share this important government defense data.

Many companies are now focusing on AI to make their work easier and faster. But using AI in defense is still new and tricky because the data can be sensitive. Even though U.S. companies are creating top-notch AI models, they often find it hard to work with the government to use them in defense.

This partnership comes shortly after Anduril said it would work with OpenAI, the company behind ChatGPT. That project aims to create advanced AI tools for national security tasks.

Anduril, which started in 2017, makes smart machines for various defense operations and has experience in automating robots for challenging situations. Palantir has also been thriving recently due to the rising interest in AI, especially from government agencies and businesses wanting to adopt this new technology

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.