National news
NITI Aayog’s WEP Partners with Urban Company to Empower Women MSMEs in Beauty and Wellness
NITI Aayog’s Women Entrepreneurship Platform (WEP) has partnered with Urban Company to launch a pilot program supporting women-owned MSMEs in the beauty and wellness sector. The initiative aims to help women entrepreneurs who own local salons and parlors by providing training in six key areas: skilling, legal and compliance, access to finance, market development, business services, and mentorship.
Anna Roy, Principal Economic Adviser at NITI Aayog, emphasized that this collaboration is a crucial step towards building a strong ecosystem for women in the sector, helping them create sustainable businesses.
MSME : Micro, Small, and Medium Enterprises
- Head : jitan Ram Manjhi:
- Head quarter: Udyog Bhawan, Rafi Marg, New Delhi
- Established : 2007
NITI National Institution for Transforming India:
- established : January 1, 2015
- Chairperson: PM. Narendra modi
Prime Minister Shri Narendra Modi Addresses Hindustan Times Leadership Summit 2024 in New Delhi
Prime Minister Shri Narendra Modi addressed the Hindustan Times Leadership Summit 2024 in New Delhi, where he congratulated the Hindustan Times (HT) on its historic 100-year journey. He acknowledged the newspaper’s pivotal role in documenting India’s freedom struggle and post-independence journey. During his speech, the Prime Minister highlighted the contributions of prominent figures like Martin Luther King, Netaji Subhas Chandra Bose, and Atal Bihari Vajpayee, who had written for HT.
Shri Modi reflected on key moments in India’s history, such as the merger of Kashmir with India in 1947 and the subsequent challenges. He expressed satisfaction at the record voter turnout in recent Jammu and Kashmir elections. The Prime Minister also shared a special memory of a HT newspaper print from the past, juxtaposing news about Assam being a disturbed area with Atal Bihari Vajpayee laying the foundation for the Bharatiya Janata Party (BJP).
About Hindustan Times (HT)
- established : 1924.
- headquarters : New Delhi, India
- CEO OF HT: Shobhana Bhartia
INTERNATIONAL NEWS
Historic Inauguration of First Trilateral Power Transaction from Nepal to Bangladesh via Indian Grid
The first-ever trilateral power transaction from Nepal to Bangladesh via the Indian grid was inaugurated 16 th november. Power Minister Manohar Lal, Fouzul Kabir Khan (Adviser, Bangladesh Ministry of Power), and Dipak Khadka (Nepal’s Minister of Energy) participated in the virtual inauguration. This landmark event marks the beginning of a new era of sub-regional energy cooperation.
The initiative, which was announced during the visit of Nepal’s former Prime Minister Pushpa Kamal Dahal to India, involves the export of up to 40 MW of power. A tripartite agreement between NTPC Vidyut Vyapar Nigam, Nepal Electricity Authority, and Bangladesh Power Development Board was signed on October 3 to formalize the deal. The new power flow is expected to enhance regional connectivity and promote mutual economic benefits.
About Nepal:
- President: Ram Chandra Paudel
- Capital: Kathmandu
- Currency: Nepalese Rupee (NPR)
About Bangladesh :
- President: Mohammad Shahabuddin
- Capital: Dhaka
- Currency: Bangladeshi Taka (BDT)
BDT Launches Compliance-Cum-Awareness Campaign for AY 2024-25
The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to help taxpayers accurately complete Schedule Foreign Assets (FA) and report foreign income in their Income Tax Returns (ITR). Compliance with Schedule FA and Schedule FSI is mandatory under the Black Money Act, which requires full disclosure of foreign assets and income.
The campaign includes sending informational messages via SMS and email to taxpayers who may have foreign accounts or assets, or income from foreign sources, based on data from bilateral and multilateral agreements. This effort aims to guide taxpayers in completing these schedules, particularly for high-value foreign assets.
The initiative aligns with the government’s vision of Viksit Bharat and focuses on using technology to simplify compliance and reduce human interaction. The CBDT encourages taxpayers to visit the official Income Tax Department website for detailed guidance on completing Schedule FA.
Central Board of Direct Taxes (CBDT):
- Headquarter: New Delhi, India.
- Chairman : Shri Ravi Agrawal
- Established: 1 January 1964
BANKING NEWS
IBBI Collaborates with IBA for Asset Auction via eBKray Platform
The Insolvency and Bankruptcy Board of India (IBBI) has partnered with the Indian Banks’ Association (IBA) to facilitate the auction of assets under the liquidation process through the eBKray platform. The platform is currently managed by PSB Alliance Private Limited, a consortium of 12 Public Sector Banks (PSBs).
Key Points:
- The collaboration aims to enhance the asset auction process under the insolvency and bankruptcy framework.
- A circular issued by IBBI, under Section 196 of the Insolvency and Bankruptcy Code (IBC 2016), makes this initiative official.
- The platform will come into effect from 1st November 2024.
- Initially, the platform will operate in pilot mode, with improvements to be made based on user feedback. A full roll-out will be announced later.
About IBBI:
- Chairman: Ravi Mittal
- Headquarters: New Delhi,
- Established: 2016
ECONOMIC NEWS
SBI Projects India’s GDP Growth at 6.5% for Q2 FY25
According to the State Bank of India (SBI)‘s latest report, India’s Gross Domestic Product (GDP) is expected to grow by around 6.5% in the 2nd Quarter (Q2: July-September) of Financial Year 2024-25 (FY 25). This is 50 basis points (bps) lower than the Reserve Bank of India (RBI)‘s estimate of 7% for Q2FY25.
Key findings from the report:
- Q3 and Q4 Projections: SBI estimates that India’s GDP growth in Q3 and Q4 of FY25 will be closer to 7%.
- Leading Indicators: The report monitored 50 leading indicators across sectors like consumption, demand, agriculture, industry, and services, showing a decline in Q2FY25 compared to previous quarters.
- The percentage of indicators showing acceleration dropped to 69% in Q2FY25, compared to 80% in Q2FY24 and 78% in Q1FY25.
- Rural vs. Urban Demand: The report highlighted the growth in rural demand, with 85% of rural indicators showing acceleration, while urban demand showed a slower pace, with only 73% of urban indicators showing acceleration (as of September 2024)
State Bank of India
- Established: 1st July 1955
- Headquarters: Mumbai, Maharashtra, India
- Tagline: “The Banker to Every Indian”
- Chairman: Dinesh Kumar Khara
APPOINTMENT NEWS
FM Nirmala Sitharaman Congratulates Tulsi Gabbard on Appointment as U.S. Director of National Intelligence
Union Finance Minister Nirmala Sitharaman congratulated Tulsi Gabbard on her appointment as the Director of National Intelligence (DNI) in the United States. In a social media post, Sitharaman praised Gabbard for her 21 years of service in the U.S. Army Reserve, where she rose to the rank of Lt. Colonel. Sitharaman expressed her admiration for Gabbard’s clarity of thought and dedication, wishing her the best in her new role.
Anurag Srivastava Appointed as India’s Next High Commissioner to Mauritius
Anurag Srivastava, a 1999-batch Indian Foreign Service (IFS) officer, has been appointed as India’s next High Commissioner to Mauritius. The announcement was made by the Ministry of External Affairs (MEA) on Saturday.
This appointment underscores the deep historical, cultural, and demographic ties between India and Mauritius. The two nations share a strong and longstanding relationship, marked by high-level political engagement and cooperation across various sectors. Srivastava’s new role highlights India’s commitment to further strengthening this bond with Mauritius, an important partner in the Indian Ocean region.
Minister of External Affairs : Dr. S. Jaishankar.
- headquarters : New Delhi, India.
- established : 1947
About Mauritius:
- President: Prithvirajsing Roopun
- Capital: Port Louis
- Currency: The Mauritian rupee
RANKING AND REPORT
Mukesh Ambani in 1st Fortune 100 Most Powerful People in Business List
Fortune magazine has released its inaugural 100 Most Powerful People in Business list, with Elon Musk, CEO of Tesla and SpaceX, ranked 1st. Indian business magnate Mukesh Ambani is ranked 12th on the list. The list highlights global business leaders from various industries, including six Indian-born Americans such as Satya Nadella (Microsoft CEO, 3rd), Sundar Pichai (Alphabet CEO, 10th), and Shantanu Narayen (Adobe CEO, 52nd).
The highest-ranked woman on the list is Mary Barra, CEO of General Motors, who holds the 9th position. The Fortune 100 includes leaders across 40 industries, representing a wide range of business innovation, from established giants to new disruptors like Elon Musk. The list underscores the growing influence of Indian-origin leaders in the global business landscape.
IMPORTANT NEWS
National Press Day Celebrated to Honor Press Freedom and Responsibility
National Press Day is being observed 16 th November to recognize the vital role of a free and responsible press in Indian society. On this day in 1966, the Press Council of India (PCI) began its operations as a moral watchdog to ensure high standards of journalism and protect the press from undue influence.
The day highlights the achievements of the press while emphasizing its responsibility in fostering a transparent and informed society. Activities include the National Awards for Excellence in Journalism and the release of a Souvenir. Union Minister for Information and Broadcasting, Ashwini Vaishnaw, will address the celebrations in New Delhi. This year’s theme, “Changing Nature of the Press”, focuses on the evolving dynamics of media in India.
The Press Council of India has played a significant role in maintaining press freedom and ethical standards. Established as an autonomous, statutory body on July 4, 1966, the PCI resolves issues related to press violations and advocates for media responsibility, especially during national crises. It has also conducted important studies on election coverage, defense reporting, and journalist safety, contributing to the development of media standards in India.
Press Council of India:
- Chairperson : Justice Ranjana Prakash Desai
- established in 1966
