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September 09, 2023

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Heres whats going on in 🇮🇳

  • G20 Summit begins in New Delhi; US, UK, Japan leaders present.

  • Immediate start of third phase of mandatory hallmarking.

  • India's Space program on par with global agencies: Dr. Jitendra Singh.

India's G-20 Presidency: Championing Development and Digital Innovation

Australia's Prime Minister Anthony Albanese, Egypt’s President Abdel Fattah al-Sisi, Sultan of Oman Haitham Bin Tarik, South African President Cyril Ramaphosa, Russian Foreign Affairs Minister Sergey Lavrov, and UN Secretary-General António Guterres were welcomed at the G-20 Summit in India. The summit will focus on various issues, including food and energy security, clean energy transition, and climate change. India aims to establish itself as a global powerhouse and advocate for developing nations' hopes and aspirations. The revolutionization of Digital Payment Infrastructure is a key takeaway from India's G20 Presidency.

Why it's important: India's G-20 Presidency allows the country to showcase its influence on the global stage and advocate for the needs of developing nations. The summit's focus on digital payment infrastructure revolutionization highlights India's commitment to financial inclusion and sustainable development goals. It also provides an opportunity for India to strengthen its economic and people-to-people linkages with other countries, fostering global cooperation and inclusive development.

India's Space Program Achieves Global Recognition

India's Space program, currently valued at $8 billion and representing 2% of the global market share, has reached parity with leading Space agencies worldwide. Union Minister Dr. Jitendra Singh highlights India's remarkable achievements, including its lunar mission's success and contributions to Covid vaccines, in an interview on the eve of the G20 Summit. The country's Space economy is predicted to soar to $100 billion by 2040, while Space Applications revolutionize sectors from Smart Cities to healthcare through innovations like 'Svamitva' GPS land-mapping.

Why it's important: India's ascent in Space technology, its growing Space economy, and pioneering applications are positioning the nation as a global leader, enhancing its international reputation, and fueling economic growth.

Strengthening Gold Standards: India's Third Phase of Mandatory Hallmarking

India's Central Government has introduced the third phase of mandatory hallmarking for gold jewelry and artifacts, effective in 55 new districts. Since its inception, the program has seen substantial growth, with registered jewelers increasing from 34,647 to 181,590, and Assaying and Hallmarking Centers (AHCs) rising from 945 to 1,471. Over 26 crore articles of gold jewelry now bear the HUID hallmark. This expansion enhances consumer protection and reinforces the quality of gold products in the market.

Why it's important: The third phase of mandatory hallmarking marks a significant step in ensuring the quality and authenticity of gold jewelry, expanding its coverage to 343 districts. This initiative promotes trust in the market, protects consumers, and boosts the credibility of the Indian jewelry industry.

Global Chronicles: Unveiling the World's Stories 🌐 

  • Maldives is set for Presidential Elections tomorrow with eight candidates, including incumbent President Ibrahim Mohamed Solih, in the fray.

  • Australia and the Philippines upgrade bilateral ties to a strategic partnership, including annual defence ministers' meetings, amidst regional security challenges.

Market Movers: Unraveling the Latest Business Buzz 🤑 

  • RBI discontinues Incremental Cash Reserve Ratio in a phased manner to absorb surplus liquidity following withdrawal of 2,000 rupees currency notes.

  • In Sep 2023, at Multi Commodity Exchange, October contracts were trading at 59,100 rupees per 10 grams, while December Contracts for silver were down by 385 rupees to trade at 72,087 rupees per kilogram.

Sports Spectacle 🏅 

  • Rohan Bopanna and Matthew Ebden advance to the Men's Doubles Final in the US Open Tennis, while Coco Gauff and Aryna Sabalenka will compete in the Women's Singles Final.

  • Former Zimbabwe cricket captain Heath Streak, 49, passed away after a long battle with liver cancer, leaving behind a legacy as Zimbabwe's top wicket-taker in Tests and ODIs.

Meme of the day

Thank you for being awesome readers and staying informed with our news updates! We look forward to having you join us again on the next one for more exciting stories.

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