The LCSS promises to significantly cut transaction costs and settlement times, fostering a more streamlined and efficient trade environment.
Agreements News India & UAE Forge New Path With Local Currency Settlement System India and the UAE have embarked on a groundbreaking initiative with the introduction of the Local Currency Settlement System (LCSS), aimed at transforming their economic relations.
This decline follows a robust 5.6% growth in February 2024 and contrasts sharply with the 1.9% growth seen in March 2023.
Defence News Adani Defence and EDGE Group Forge Global Defence Partnership Adani Defence and Aerospace has announced a strategic cooperation agreement with UAE-based EDGE Group, aimed at integrating their defence and aerospace capabilities.
National Commission for Indian System of Medicine Celebrates Its 4th Foundation Day
National News
National Commission for Indian System of Medicine Celebrates Its 4th Foundation Day
The National Commission for Indian Medical Systems organized a two-day National Conference, ‘PRANA’ Protecting Rights and Novelties in ASUS (Mind to Market for Indian System of Medicines [ISM] Professionals) in Collaboration with All India Council for Technical Education and Ministry of Education’s Innovation Cell to mark its fourth foundation. Universities Will Be Allowed to Offer Admission Twice a Year Indian universities and higher education institutions (HEIs) will now be allowed to offer admissions twice a year on lines of foreign universities. The two admission cycles- followed globally also- will be July-August and January-February from the 2024-25 academic session.
International News
India & UAE Forge New Path With Local Currency Settlement System
India and the UAE have embarked on a groundbreaking initiative with the introduction of the Local Currency Settlement System (LCSS), aimed at transforming their economic relations. This system allows transactions between the two nations to be conducted in their respective domestic currencies—Indian Rupees and UAE Dirhams—thus reducing reliance on intermediary currencies like the US Dollar. The LCSS promises to significantly cut transaction costs and settlement times, fostering a more streamlined and efficient trade environment. Russia and Belarus Conduct Tactical Nuclear Weapons Drills Amid Tensions with West Russia and Belarus have commenced the second stage of joint drills focused on tactical nuclear weapons, aimed at bolstering readiness and deterring Western support for Ukraine. These exercises, initiated by Moscow in response to perceived provocations from Western officials, underline the Kremlin’s strategic stance amid heightened tensions.
Appointments News
Lt Gen Waker-Uz-Zaman Appointed Army Chief of Bangladesh
Jun 11, Lieutenant General Waker-Uz-Zaman was named Bangladesh’s next Army chief for a three-year term and will assume charge on June 23. Lt Gen Zaman, 58, would concurrently be upgraded to the rank of a four-star general on the day he assumed charge. Prem Prabhakar Appointed MD and CEO of SBICAP Ventures Limited SBICAP Ventures Limited (SVL) has named Prem Prabhakar as its new Managing Director and Chief Executive Officer, effective from June 4, 2024. With over 24 years of extensive banking experience, Prabhakar joins SVL from State Bank of India (SBI), where he held various senior roles including General Manager and Chief Dealer. His expertise in treasury operations and strategic leadership will guide SVL in achieving its growth objectives and enhancing investor relations. Agreements News India & UAE Forge New Path With Local Currency Settlement System India and the UAE have embarked on a groundbreaking initiative with the introduction of the Local Currency Settlement System (LCSS), aimed at transforming their economic relations. This system allows transactions between the two nations to be conducted in their respective domestic currencies—Indian Rupees and UAE Dirhams—thus reducing reliance on intermediary currencies like the US Dollar. The LCSS promises to significantly cut transaction costs and settlement times, fostering a more streamlined and efficient trade environment.
Business News
India’s Industrial Output Slows to 4.9% in March 2024 Amid Declining Mining Sector
India’s Index of Industrial Production (IIP) recorded a growth rate of 4.9% in March 2024, showing a slight slowdown primarily attributed to a faltering mining sector. This decline follows a robust 5.6% growth in February 2024 and contrasts sharply with the 1.9% growth seen in March 2023. Summits and Conferences News G7 Summit: PM Modi leaves for Italy On June13,1st Foreign Trip This Term Prime Minister Narendra Modi leaves for Italy to attend the 50th G7 leaders’ summit. It will be his first trip abroad after assuming charge as the Prime Minister for the third term. Modi, accompanied by a high-level delegation, will attend an outreach session on the summit on June 14. The session will be focused on issues relating to artificial intelligence, energy, Africa and the Mediterranean.
Ranks and Reports News
Infosys Ranks Among Top 100 Most Valuable Global Brands
Infosys, a leading information technology company, has secured its position among the 100 most valuable brands in the world for the third consecutive year. This recognition comes from Kantar, a prominent marketing data and analytics business, further solidifying Infosys’ reputation as a global brand powerhouse.
India Slips to 129th Rank on Global Gender Gap Index 2024
India has slipped two places to rank 129th on the World Economic Forum’s (WEF) Global Gender Gap index, while Iceland retained its top position in the rankings published on June 12. Within South Asia, India was ranked fifth after Bangladesh, Nepal, Sri Lanka, and Bhutan, while Pakistan was ranked last. Iceland was followed by Finland, Norway, New Zealand, and Sweden in the top five, while the U.K. was ranked 14th, and the USA was at 43rd place.
Visakhapatnam Port Achieves Top 20 Ranking in World Bank’s CPPI
The Visakhapatnam Port Authority (VPA) has secured the 18th position in the World Bank’s Container Port Performance Index (CPPI), marking a significant milestone for India’s maritime industry. This achievement underscores the exemplary efforts of Terminal Operator M/s. Visakha Container Terminal Pvt. Ltd. (VCTPL) in enhancing operational efficiency and service delivery. Defence News Adani Defence and EDGE Group Forge Global Defence Partnership Adani Defence and Aerospace has announced a strategic cooperation agreement with UAE-based EDGE Group, aimed at integrating their defence and aerospace capabilities. This partnership will leverage their combined product portfolios to cater to global and regional defence needs, emphasizing advancements in technology and bilateral cooperation between India and the UAE. Launch of LSAM 13 (Yard 81) Fifth Barge of 08 X Missile Cum Ammunition (MCA) Barge Project The launch of ‘Missile Cum Ammunition Barge, LSAM 13 (Yard 81)’, the fifth Barge of 08 x Missile Cum Ammunition Barge project, built by MSME Shipyard. M/s SECON Engineering Projects Pvt Ltd (SEPPL), Visakhapatnam for Indian Navy, was undertaken on 10 Jun 24 at M/s Vinayaga Marine Petro Ltd, Mira Bhayandar, Maharashtra (launch site of M/s SECON Engineering Projects Pvt Ltd). The launching Ceremony was presided over by Cmde Manish Vig, General Manager (QA), ND(Mbi).
Economy News
India’s Retail Inflation Eases to 12-Month Low of 4.75% in May
India’s consumer price index (CPI) inflation dropped to a 12-month low of 4.75% in May 2024, down from 4.83% in April, marking a continued trend within the Reserve Bank of India’s target range of 2-6% since September 2023. The inflation rates for rural and urban areas stood at 5.28% and 4.15%, respectively. Despite this decrease, inflation in the food basket remained elevated at 8.69% in May, slightly lower than 8.70% in April. The Reserve Bank of India aims to maintain CPI inflation at 4%, with a margin of 2% on either side, and recent projections suggest a stable outlook for the coming quarters. Science and Technology News Scientists Discover Smallest Great Ape That Only Grew to Size of Toddler Scientists have discovered a new species of great ape which lived 11 million years ago and only ever grew to the size of a human toddler, making it the smallest known to science. The now-extinct ape species, which has been named Buronius manfredschmidi, was uncovered at the Hammerschmiede fossil site in Bavaria.
Important Days
International Albinism Awareness Day 2024- Theme and History
June 13th marks the annual observance of International Albinism Awareness Day, a day dedicated to raising awareness about albinism – a rare, genetically inherited condition that causes a lack of pigmentation in the skin, hair, and eyes. This year’s theme, “10 years of IAAD: A decade of collective progress,” highlights the collective efforts made over the past decade to promote understanding, acceptance, and support for individuals living with albinism.
United Nations Declares 2025 as the Year to Focus on Quantum Advancements
The United Nations General Assembly has officially declared 2025 as the International Year of Quantum Science and Technology. On June 7, 2024, the 193-member Assembly passed a resolution co-sponsored by Ghana and six other countries, acknowledging the significance of this groundbreaking field of study.
National Commission for Indian System of Medicine Celebrates Its 4th Foundation Day
