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International
 G-20 and India’s Presidency

India will host over 200 meetings in over 50 cities across 32 different work streams. G20 delegates and
guests to get a glimpse of India's rich cultural heritage and a year-long India experience

The theme of India’s G20 Presidency “Vasudhaiva Kutumbakam” or “One Earth · One Family · One
Future”
What is G-20 ?
The Group of Twenty (G20) is an intergovernmental forum comprising 19 countries - Argentina, Australia,
Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mex

G20 and India’s role as President

The Group of Twenty (G20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France,
Germany, India, Indonesia, Italy, Japan, Republic of South Korea, Mexico, Russia, Saudi Arabia, South Africa,
Türkiye, United Kingdom and United States) and the European Union. The G20 members represent around
85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.

India holds the presidency of G-20 from 1 December, 2022 to 30 November, 2023.

The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central
Bank Governors to discuss global economic and financial issues. The G-20 Summit is held annually, under
the leadership of a rotating Presidency.

India’s G-20 agenda

Transition to clean energy using Climate Finance
India’s focus is on development in a sustainable manner in line with the Sustainable Development Goals (SDGs)
to achieve the 2030 target.

In order to achieve this, the concept of climate finance is being advocated by the Government to ensuring smooth
and clean energy transition while ensuring partnerships with the industry.

Resilient Growth and Sustainable Development

Sustainable development requires resilient growth. India intends to concentrate its efforts during the G20
Presidency on sectors like infrastructure development that have the potential to leverage and double growth.

Ensuring progress towards achievement of SDGs

The goals outlined in the 2030 Agenda for Sustainable Development are India's primary concern and it plans to
take necessary steps to advocate for the same.

Multilateral fora and institutions reflecting the multipolar world

India's priority is to bat for reforms in the current international institutional frameworks like the United Nations,
World Bank, and IMF which are primarily West-led. India argues that the new emerging multipolar world calls for
a change in representation of previously under-represented nations in international fora.
Refer to: https://bit.ly/435c8Ug
India’s crude import from OPEC countries reaches all-time low
As purchases of less expensive Russian oil reached their pinnacle in April, India's oil imports from the cartel of oil
exporters OPEC fell to an all-time low of 46%, according to recently disclosed industry data.
OPEC supplied close to 90% of the crude oil that India purchased, however since the EU ban on Russian sea-borne
oil has come into effect, Russia is selling its oil at a deep discount to countries like India which heavily rely on oil
imports.
Earlier, Russian oil was too expensive to import due to high transport costs, however the drop in prices have made
it lucrative for the Indian government to purchase the same.
Background of Russian invasion of Ukraine
Russia invaded and captured areas of Ukraine on February 24, 2022, escalating the Russo-Ukrainian War that had
started in 2014. Thousands have died as a result of the invasion, which also started the biggest refugee crisis in
Europe since World War II.
As part of the sanctions led by the United States and European Union (EU), a ban on Russian oil was put into effect
in 2022 to cut off Russian access to European markets, in an attempt to cut off Russia’s ‘war chest’, namely
revenues from oil exports.
Refer to: https://bit.ly/3nwxQ4H

King Charles III officially becomes King of the United Kingdom

Charles III of Britain was installed as king in Westminster Abbey in London. The real coronation took place lately,
even though Charles took the throne after his mother, Queen Elizabeth II, passed away in September 2022.
In addition to being the ruler of the United Kingdom and 14 other countries, King Charles also acts as the Supreme
Governor of the Church of England.
The St. Edward's Crown, which has been worn by Charles for 360 years, was ceremonially put on his head by
Canterbury Archbishop Justin Welby.
Refer to: https://bit.ly/41bHDur
Netherlands and Japan join U.S led semiconductor restrictions against
China
The Netherlands and Japan, two nations that produce some of the most cutting-edge machinery in the world
semiconductors, decided to join the U.S in banning some shipments of their most sophisticated equipment to China.
The semiconductor related pact, resulting from high-level talks in Washington with American national security
officials, will broaden the scope of strict restrictions imposed unilaterally by the United States in October 2022 on
the types of semiconductor technology that can be shared with China over IP infringement concerns.
Due to the sensitive nature of the agreement and the lack of clarity in its terms, the governments did not publicly
declare it.
The agreement is an attempt by American businesses to level the playing field for the nations' technology sectors
by preventing businesses from Japan and the Netherlands from getting an unfair advantage over American
competitors.
Refer to: https://nyti.ms/42g3G4p

Mexico develops its own COVID-19 Vaccine

More than two years after the introduction of vaccinations from the United States, Europe, and China, Mexican
officials announced on May 3, 2023 that Mexico had finally created its own COVID-19 vaccine.
The vaccine, known as ‘Patria’ or ‘Motherland’, was created in collaboration between the Mexican
government and a Mexican corporation, Avimex, which had previously worked on animal vaccinations.
Mara Elena lvarez-Buylla, the president of Mexico's national commission for science and technology has
announced that the newly developed vaccine will be authorized for use as a booster shot.
Refer to: https://bit.ly/3NFrsmb
United Kingdom undertakes Operation Interflex to provide military aid
and support to Ukraine
Operation Interflex is a part of the United Kingdom’s (UK) financial commitment exceeding £2 billion for military
aid to Ukraine.
Under it, the United Kingdom (UK) and other countries including Canada, New Zealand, Australia, Norway, to
name a few are training Ukraine’s military.
Through Operation Orbital, the United Kingdom prepared and assisted the Ukrainian armed forces before the start
of Operation Interflex. In 2015, this operation was started as a reaction to Russia's annexation of Crimea. To protect
Ukraine's territorial integrity, British military instructors, principally from the British Army, were stationed there
and gave medical, logistical, intelligence, and infantry training.
Refer to: https://bit.ly/3Nzz5up

CEPA signed between UAE and India

The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates
(UAE) represents a close trade relationship between the two nations that goes beyond simple economic
cooperation. The agreement's success in promoting economic growth and creating investment opportunities
has opened up new avenues for cross-sector cooperation and collaborations.

The CEPA agreement came into force on May 1, 2022. The agreement builds on the decades of mutual
enterprise between the two countries, with the UAE emerging as India’s third-largest trading partner.

How India- UAE CEPA benefits both the countries?

The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates
intends to improve trade relations between the two nations and benefit both the countries in the following ways:
Access to new markets: This will allow cross-border investments and allow India to bring in much more foreign
direct investment from the Gulf nation. Several startups can also take advantage of the startup ecosystem that the
UAE offers.
Impetus to entrepreneurship: The India-UAE Startup Bridge will provide a boost to investment from VCs and
High Net Worth Investors.
Addressing development: The CEPA provides an opportunity for a developing country like India to adopt best
practices from the Gulf nation and address challenges such as water scarcity etc.
Refer to: https://bit.ly/3HLOe8j

US and South Korea sign the ‘Washington Declaration’

The US and South Korea have entered into the ‘Washington Declaration’, a treaty with an objective of
ensuring nuclear peace in the volatile Korean peninsula.
Deployment of an American nuclear ballistic submarine: The proclamation announced the deployment
of an American nuclear ballistic submarine on the Korean peninsula.
Intelligence sharing mechanism: The US would establish a dialogue group and South Korea would get
intelligence about nuclear developments by adversarial neighbours, notably North Korea.
Combined training: Through combined military initiatives, the US hopes to improve South Korea's nuclear
deterrence capabilities.
The deal was based on South Korea's security concerns, but its implementation demonstrates big power
dynamics, in which the interests of the more powerful US are given precedence.
Implications of the treaty

Big power politics: Although South Korea's security concerns formed the basis for the agreement, the
strategy exemplifies big power politics, where the US's interests—the greater power—take primacy.

US ownership of the nuclear weapons: In the event of a nuclear confrontation, the US has the "sole
authority" to use its nuclear arsenal.

Upholding stability: The guarantee that the US would safeguard its allies with its nuclear arsenal by
upholding regional stability is consistent with the greater objective of non-proliferation.
Implications of the treaty on India

India is a part of the QUAD Alliance comprising Australia, India, United States, and Japan. This
alliance is largely aimed at containing China’s influence in the Pacific region. While the Washington
Declaration does not directly impact India, it is a major step towards ensuring peace in the Pacific.
Refer to: https://bit.ly/42xfeAk
India and Japan launch Joint Air Defence Exercise “Veer Guardian 2023”

"Veer Guardian 2023" is the second Joint Air Defence Exercise that Japan and India have conducted together. The
exercise's goal is to undertake multi-domain air combat operations in a complex environment while developing
stronger defence cooperation.
The Veer Guardian exercise was conducted at Hyakuri Air Base in Japan in January 2023.
The exercise's main goals were to promote interoperability between the two air forces, share best practices and
operational insights, and foster better comprehension of one another's tactical and procedural approaches.
Refer to: https://bit.ly/3HKisbu
National
India to join international climate action in civil aviation from 2027
India has announced that it will participate in the International Civil Aviation Organisation’s (ICAO)
Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and the Long-Term
Aspirational Goals (LTAG) from 2027. The decision was made at a meeting of the Parliament’s
Consultative Committee of the Ministry of Civil Aviation held in New Delhi and chaired by the Minister
of Civil Aviation Jyotiraditya Scindia
ICAO has been tasked with reducing carbon emissions from international civil aviation. To achieve this
goal, the global body has adopted several key aspirational goals, including a two per cent annual fuel
efficiency improvement through 2050, carbon neutral growth, and net zero by 2050. These goals are
clubbed under CORSIA and LTAG.
ICAO is dedicated to developing safe and efficient international air transport for peaceful purposes and
ensuring a reasonable opportunity for every state to operate international airlines. It sets standards and
regulations necessary for aviation safety, security and facilitation, efficiency, and economic development
of air transport, as well as to improve the environmental performance of aviation. It also serves as a
clearinghouse for cooperation and discussion on civil aviation issues among its 193 member states. ICAO
promotes regional and international agreements aimed at liberalising aviation markets. It helps to establish
legal standards to ensure that the growth of aviation does not compromise safety, and encourages the
development of other aspects of international aviation law.
Refer to: https://bit.ly/3HN02qD

India’s first Water Metro in Kochi

Prime Minister Narendra Modi on 25th April 2023 inaugurated India’s first-ever water metro that connects
10 islands surrounding Kochi using battery-operated electric hybrid boats. This innovative mode of
transportation will provide seamless connectivity between the islands and the city, offering a similar level
of convenience and travel experience as traditional metro systems.
This transportation system is particularly beneficial in urban areas like Kochi. The metro project in Kochi
will begin with eight electric hybrid boats developed by Cochin Shipyard Limited. The project is being
funded by the Kerala government and the German company KfW.
The water metro system will include 38 terminals and 78 electric boats. The first phase of the KWM service
will launch from High Court-Vypin and Vyttila-Kakkanad terminals. The tickets for the boat trip will start
at Rs 20 and weekly and monthly passes will be available for frequent travellers.
The Kochi One Card can be used for both Kochi Metro Rail and Kochi Water Metro. The Kochi One App
allows users to digitally purchase tickets.

Refer to: https://bit.ly/42cV2E6

India elected as member of UN Statistical Commission Narcotic Drugs
and the Programme Coordinating Board of the Joint UN Program
India has recently been elected as a member of the United Nations (UN) Statistical Commission Narcotic
Drugs and the Programme Coordinating Board of the Joint UN Program, signalling the country’s
increasing presence in the international arena. The decision was made during a vote held at the United
Nations Economic and Social Council (ECOSOC) on April 6, 2023.
The UN Statistical Commission Narcotic Drugs is responsible for addressing issues related to drug control
and ensuring compliance with international drug control treaties. India’s election to this commission is a
significant achievement, as it will provide the country with a platform to contribute to global efforts to
combat drug abuse and trafficking. It will also provide India with the opportunity to share its expertise and
best practices in drug control with other member states. India’s election to the Programme Coordinating
Board of the Joint UN Program is also an important development as it is responsible for coordinating
efforts to combat HIV/AIDS, tuberculosis, and malaria, among other diseases. India’s membership on the
board will provide it with a greater voice in global health policy-making and enable it to contribute to
efforts to achieve the Sustainable Development Goals related to health.

Refer to: https://bit.ly/3BnIHB2

‘Catch the Rain 2023’ campaign launched by President Murmu

The ‘Catch the Rain 2023’ campaign was introduced by President Droupadi Murmu in New Delhi. The
campaign’s central idea is the sustainability of drinking water sources. The President stated that since India
only has 4% of the world’s water resources, water management and conservation are India’s most pressing
challenges. The campaign focuses on implementing several initiatives to promote water conservation and
management. These initiatives include the construction of check dams, water harvesting pits, and rooftop
rainwater harvesting systems. Additionally, the campaign aims to increase the storage capacity of tanks
by removing encroachments and desilting them. Efforts will also be made to clear obstructions in the
channels that bring water from catchment areas to the tanks. Furthermore, repairs to step-wells and the
utilisation of defunct bore-wells and unused wells to recharge aquifers are part of the campaign's strategy.
The active involvement of the local community is crucial for the successful implementation of these
initiatives. Under the “Catch The Rain” initiative, all water bodies in the districts are to be enumerated,
(checked with revenue records) and encroachments are to be removed

Refer to: https://bit.ly/3peKUMy

 First nuclear plant of North India to be built in Haryana

The first nuclear power plant in North India would be built in Gorakhpur, Haryana, according to Union
Minister Jitendra Singh. He claimed that one of the major accomplishments under Prime Minister Narendra
Modi’s leadership would be the installation of nuclear and atomic energy plants across the nation, which
had previously been largely restricted to states in the south like Tamil Nadu and Andhra Pradesh as well
as western Maharashtra. It will have two units of 700 MWe capacity each of Pressurised Heavy Water
Reactor (PHWR) indigenous design. It is a nuclear power reactor, commonly using unenriched natural
uranium as its fuel, that uses heavy water as its coolant and moderator. The heavy water coolant is kept
under pressure, allowing it to be heated to higher temperatures without boiling, like a typical pressurised
water reactor. While heavy water is significantly more expensive than ordinary light water, it yields greatly
enhanced neutron economy, allowing the reactor to operate without fuel enrichment facilities and generally
enhancing the ability of the reactor to efficiently make use of alternate fuel cycles.

Refer to: https://bit.ly/3B2ADWo

Chennai hosts first G20 Education Working Group meet

Chennai hosted the first G20 Education Working Group meeting on February 1 and 2 of 2023. As a
precursor, a seminar on the ‘Role of Digital Technology in Education’ - a unique initiative under India’s
Presidency, was held at the IIT Madras Research Park. The seminar set the agenda for further discussions
and deliberations during the meeting. A total of 75 delegates from G20 members and invited countries, as
well as three international organizations, attended the seminar. The seminar generated significant interest
among G20 member countries, with 15 of them providing inputs highlighting their best practices in the
field of digital technology for school, higher education, and skill development. In addition to discussions,
the seminar featured various activities, including an audio walkthrough showcasing the history, vision, and
mission of IIT Madras, as well as visits to the three Centers of Excellence - the Heritage Center, the Center
for Innovation, and the Brain Center. An exhibition was also organized on the side-lines of the seminar,
displaying key initiatives of the G20 countries, international organizations, and various Indian
organizations related to digital education initiatives and enabling digital technologies.

Refer to: https://bit.ly/42dvlD9

Govt nearly doubles allocation under FAME-2 subsidy scheme

The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was launched in April
2015 under the National Electric Mobility Mission, to encourage electric and hybrid vehicle purchases
by providing financial support.
Reinforcing its push towards green mobility, the government has nearly doubled its budgetary allocation
for the FAME scheme to subsidise the purchase of electric vehicles. As per the budget document, the
subsidy under the FAME scheme for fiscal 2024 is projected at Rs 5,172 crore, compared with the
revised estimate of Rs 2,897 crore in the current fiscal year.
This is the highest allocation under the scheme since its launch in 2020. The FAME-2 subsidy accounted
for 85% of the total budget allocation for the ministry of heavy industries.

Refer to: https://bit.ly/3LZfphe

RBI hikes repo rate to 6.5% & projects GDP growth at 6.4% for 2023-
24

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) hiked the repo rate by 25
basis points (bps) to 6.5% for FY 2022-23, and 5.3% for the next fiscal.
Similarly, the standing deposit facility (SDF) rate was adjusted to 6.25% from 6%, and the marginal
standing facility (MSF) rate and the Bank Rate to 6.75%. For the next fiscal, the RBI projected a growth
rate of 6.4%.
The MPC, comprising 3 members from the central bank and 3 external members, raised the key lending
rate or the repo rate to 6.50% in a split decision.
Shashanka Bhide, Rajiv Ranjan, Michael Debabrata Patra and Shaktikanta Das (4 of the 6 members) voted
to increase the policy repo rate by 25 basis points & Ashima Goyal and Jayanth R.Varma voted against
the repo rate hike.

This is the 6th time the interest rate has been hiked by the Reserve Bank of India (RBI) since May 2022,
taking the total quantum of a hike to 250 basis points. In the latest Economic Survey of the finance
ministry, the growth projection was 6-6.8% for 2023- 24. FY23 gross domestic product (GDP) growth
estimate increased to 7% from 6.8% The GDP projections for Q1, Q2, Q3, and Q4 2023-24 are estimated
at 7.8%, 6.2%, 6.0%, and 5.8%, respectively.

Refer to: https://bit.ly/41doIj7

Centre working on implementing new Foreign Trade Policy from April 1
Commerce Minister Piyush Goyal announced the new Foreign Trade Policy 2023, which was expected to
boost exports amidst slowing global trade. The policy highlighted the vision of taking India's goods and
services exports to $2 trillion by 2030. The Foreign Trade Policy came into effect from April 1, 2023.

According to Goyal, the new policy aimed to focus on the internationalization of trade in rupees. The
ministry emphasized a shift from incentives to remission in the new foreign trade policy. It aimed to
promote export through collaboration with exporters, states, districts, and Indian Missions. The policy also
emphasized ease of doing business and focused on emerging areas like e-commerce and export hubs.

The government reiterated sector-specific targets to achieve the goal of $1 trillion merchandise exports
and $1 trillion services exports by 2030. Under the new policy, Faridabad, Moradabad, Mirzapur, and
Varanasi were declared as towns of export excellence for apparels, handicrafts, handmade carpets & dari,
and handloom & handicraft categories, respectively. These additions were made to the existing 39 towns
under this category.

The Foreign Trade Policy 2023 introduced changes for trade settlement in Rupee, which were introduced
for the grant of export benefits, as stated by DGFT. Provisions for merchanting trade were also introduced
under the policy. Additionally, the FTP 2023 encouraged e-commerce export, which was expected to grow
to $200-300 billion by 2023.

The Foreign Trade Policy 2023-28 introduced an amnesty scheme for the one-time settlement of default
in export obligations, as mentioned by Sarangi. Furthermore, the dairy sector was exempted from
maintaining an average export obligation under the new policy. The special advance authorization scheme
was extended to the apparel and clothing sector.

Several amendments were made under the new policy. The value limit for exports through courier services
was increased to Rs 10 lakh from Rs 5 lakh per consignment. The ministry also rationalized the export
performance threshold for the recognition of exporters through status holders, enabling more beneficiaries
to achieve higher recognition and reducing transaction costs for exports.

Under the FTP 2023, e-commerce exports were encouraged, and designated zones with warehousing
facilities were to be created. These zones were designed to assist ecommerce aggregators with easy
stocking, customs clearance, and returns processing. Additionally, processing facilities would be allowed
for last-mile activities such as labelling, testing, and repackaging etc.

Refer to: https://bit.ly/3HHX5b6

Government launches Grievance Appellate Committee for social media
firms
The Ministry of Electronics and Information Technology on February 28, 2023 launched the Grievance
Appellate Committee (GAC) portal under the IT Rules, 2021, allowing people who are dissatisfied with
complaints to social media companies on content takedown requests, to be heard by one of three Committees
constituted by the government.

This marks a shift in how social media content is moderated in India. The Information Technology
(Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 were amended in 2022 to require
social media companies to “respect all the rights accorded to the citizens under the Constitution, including
in the articles 14, 19 and 21,” signalling that social media platforms may now have to allow speech that is
not allowed on their platforms, but are otherwise legal to express in public.

Refer to: https://bit.ly/3HKeL5C

Government approves nano liquid DAP fertiliser for farmers

The Indian government has given the green light for the launch of nano liquid DAP (Di-ammonium
Phosphate) fertilizer, according to Union Chemicals and Fertilizers Minister Mansukh Mandaviya. The
fertilizer is designed to benefit farmers and promote self-reliance in the country.

IFFCO will manufacture the product, which is a game-changer for Indian agriculture and the economy,
according to its Managing Director U S Awasthi. He announced that nano DAP will be sold at Rs 600 per
bottle of 500 ml. One bottle will be equivalent to one bag of DAP, which currently costs Rs 1,350.
The company is also planning to launch nano-potash, nano-zinc, and nano-copper fertilisers. The
government has set no subsidy for nano urea, which IFFCO launched last year as an alternative to
conventional urea, and the company is selling it at Rs 240 per bottle.

Refer to: https://bit.ly/42Wz5ZX

Money laundering laws will now cover cryptocurrency trade

Prevention of Money-laundering Act, 2002 has been expanded to cover a range of activities (Exchange,
transfer, safekeeping or administration) associated with virtual digital assets (VDAs). This step aims to
address the potential risks of money laundering and illicit activities in the realm of cryptocurrencies and
digital tokens. Under the revised provisions, exchanges and intermediaries dealing with VDAs will be
required to adhere to Know Your Customer (KYC) norms for their customers and platform users. This
means conducting thorough identification and verification processes to ensure transparency and
accountability. Additionally, these entities will now have an obligation to report any suspicious activities
to the Financial Intelligence Unit of India, thus bolstering the country's efforts in combating financial
crimes. The updated definition of virtual digital assets encompasses any code, number, or token that is
generated using cryptographic methods and holds intrinsic value or the promise thereof. This definition
broadens the scope of assets that fall within the regulatory framework and ensures that various forms of
cryptocurrencies and digital tokens are included. Virtual digital assets were defined as any code or number
or token generated through cryptographic means with the promise or representation of having inherent
value.

Refer to: https://bit.ly/44w8Qv3

UIDAI Launched New AI Chatbot Aadhaar Mitra in India

The Unique Identification Authority of India (UIDAI) has recently launched a chatbot to help people get
an answer to their queries related to the Aadhaar card. It is called “Aadhaar Mitra”. The Artificial
Intelligence/Machine Learning (AI/ML) based chatbot can answer queries related to Aadhaar enrolment
number, PVC Card order status, and complaint status, among other things. It is available in both English
and Hindi languages.
After every answer given by Aadhaar Chatbot, there is a Thumbs Up/Thumbs down icon below every chat
response. Also, after the end of the session, on closing the window resident can provide a star rating (on a
scale of 1 to 5).
Aadhaar Chatbot is well-trained to answer queries on Aadhaar-related topics, provide information about
Locate Aadhaar Center, Check Aadhaar Enrolment/ Update status, Check PVC Card Order status, file a
Complaint, Check Complaint status, Locate Enrolment Center, and Book an Appointment.
The user does not need to go to an Aadhaar enrolment center to update the card anymore. It can be done
through the chatbot. They can also apply for a duplicate Aadhaar if the original is lost.

Refer to: https://bit.ly/42dMooD

Pharma
 Indian vaccine market to reach valuation of Rs 252 bn by 2025: Jitendra
Singh
Highlighting the country's strides in the pharma and biotechnology sector, Union Minister Jitendra Singh
on Sunday said the Indian vaccine market is expected to reach a valuation of Rs 252 billion by 2025.

Singh is leading a high-level official Indian delegation of the Ministry of Science and Technology. Singh
said that the world is now increasingly realising India's superlative capacities in preventive healthcare and
we are now in the process of developing several other vaccines in the series.
Recently after the first DNA vaccine, the first nasal vaccine has also been successfully manufactured and
another vaccine related to Human Papillomavirus (HPV) which has helped in the prevention of cervical
cancer has also been developed.
The Minister underlined that the Indian vaccine market, which has carved out a place for itself at the global
level, is expected to reach a valuation of Rs 252 billion by 2025.
He also called for extended collaboration in biotech startups and vaccine development between India and
the United Kingdom, amidst his visit to the London Science Museum.

Refer to: https://bit.ly/44Ebij7

Lupin to acquire French firm Medisol for around Rs 160 cr

Pharmaceuticals firm Lupin Ltd said it will fully acquire French pharmaceutical company Medisol for 18
million euros (over Rs 160 crore). The company has entered into a definitive agreement to acquire the entire
share capital of Medisol, subject to approval from the French Ministry of Economy and Finance, Lupin said in
a regulatory filing.

The cost of acquisition is EUR 18 million with upfront EUR 14.5 million plus earn-outs up to EUR 3.5 million,
it added.

Founded in 2011, Medisol specialises in generic injectable products and is engaged in developing and
commercialising its products in France, in pharmacies, and in hospitals.

Medisol said with Lupin's extensive capabilities and expertise in the injectables space, its products will
continue to be available to more patients in France after the deal. It had an estimated revenue of EUR 7.3
million in 2022.The transaction is expected to be completed by July 2023, Lupin said.

Refer to: https://bit.ly/3HWPg14

 Serum Institute to double investment in Biocon Biologics to $300 million

Serum Institute of Life Sciences (SILS) has increased its investment in Biocon Biologics by converting
$150 million loan into equity.
The latest investment is in addition to the $150 million that SILS had invested in Biocon Biologics in
November 2022, resulting in SILS’s aggregate equity investment in BBL amounting to $300 million
"BBL and Serum Institute of Life Sciences (SILS) have reached an agreement to withdraw from the
original equity structure contemplated under their Strategic Alliance announced in Sep, 2021," Biocon said
in a statement to stock exchanges.

"The new terms will serve the objectives of both the companies, as it provides SILS an aggregated equity
investment in BBL," the statement added.

The equity conversion of $150 million debt will help Biocon to reduce the $1.2 billion debt that it has
raised to fund the $3.3 billion acquisition of Viatris' biosimilar business.

Refer to: https://bit.ly/3pokHuT

Mankind setting up Rs 300-crore unit to manufacture fertility hormone

Mankind Pharma is gearing up to take on one of Abbott India's top selling synthetic hormone brand
Duphaston (dydrogesterone) by setting up a dedicated factory in Udaipur, Rajasthan, capable of end-to-end
manufacturing of the drug that is widely used for preventing miscarriage and treating infertility.

Mankind is investing about ₹250-₹300 crore on the Udaipur unit that is expected to begin operations by
September-October this year

Refer to: https://bit.ly/3Barcn

BFSI
Utkarsh 2.0: Minimum Government Maximum Governance

Utkarsh 2.0 is an initiative launched by the Reserve Bank of India (RBI) in 2022, with the aim of enabling
technology-led regulatory compliance for regulated entities. The initiative is based on the principle of
"Minimum Government, Maximum Governance" and is intended to simplify and streamline regulatory
compliance for entities such as banks, non-banking financial companies (NBFCs), and payment system
operators.
Under the Utkarsh 2.0 initiative, the RBI plans to introduce a digital compliance platform that will provide a
single-window interface for regulated entities to submit regulatory reports and disclosures. This platform will
be based on advanced technology such as artificial intelligence (AI) and machine learning (ML), which will
enable it to automatically process and analyze large amounts of data, reducing the compliance burden on
entities.
In addition to the digital compliance platform, the RBI also plans to introduce other measures under the Utkarsh
2.0 initiative, such as rationalizing regulatory returns, adopting a risk-based approach to regulation, and
introducing a supervisory innovation hub to foster innovation in the financial sector. The overall objective of
Utkarsh 2.0 is to promote ease of doing business in the financial sector while ensuring effective regulatory
oversight.

Refer to: https://bit.ly/3VgzweS

HDFC Bank partners with Microsoft as part of its digital transformation

journey
HDFC Bank has collaborated with Microsoft as part of its digital transformation efforts. The collaboration
aims to enhance customer experience, launch new products and services, and improve operational efficiency
by leveraging Microsoft's cloud, AI, and machine learning capabilities.
As part of the collaboration, HDFC Bank has adopted Microsoft Azure as its preferred cloud platform to
enable a more secure and scalable technology infrastructure. The bank is also leveraging Microsoft Dynamics
365 to enhance its sales, service, and marketing functions, and is using Microsoft Power BI for data analytics
and visualization.
In addition to these technological advancements, HDFC Bank is also exploring the use of AI and machine
learning for various use cases such as fraud detection, customer service, and risk management. The bank has
set up an AI-based virtual assistant called EVA (Electronic Virtual Assistant) to assist customers with their
banking queries.

Refer to: https://bit.ly/3VhWcve

Bandhan Bank launched ‘Jahaan Bandhan, Wahaan Trust’ campaign

As part of the campaign, Jahaan Bandhan Wahaan Trust, Bandhan Bank is highlighting its focus on
providing banking services to underserved and unbanked segments of the population, such as women, rural
communities, and micro, small and medium enterprises (MSMEs). The bank is also showcasing its various
financial inclusion initiatives, such as its doorstep banking services and digital banking solutions.
Through the "Jahaan Bandhan, Wahaan Trust" campaign, Bandhan Bank is seeking to build trust with its
customers by emphasizing its customer-centric approach, transparent practices, and commitment to
financial literacy and education.

Refer to: https://bit.ly/3ADnGCf

Sebi issues debt broker license to Zerodha-backed GoldenPi Technologies

GoldenPi Technologies is a fintech company backed by Zerodha, one of India's largest retail stockbrokers.
The debt broker license allows GoldenPi Technologies to act as an intermediary between buyers and sellers
of debt securities, such as corporate bonds, government securities, and other debt instruments. As a debt
broker, GoldenPi Technologies will be able to offer a wide range of debt securities to its clients and help
them make informed investment decisions based on their risk appetite and investment objectives.
GoldenPi Technologies is expected to leverage its technology platform and expertise in financial markets
to provide efficient and transparent services to its clients. The company plans to focus on the retail segment
of the market and offer customized investment solutions based on individual customer needs.

Refer to: https://bit.ly/3Hq8lsa

 SBI Mutual gets RBI nod to buy 9.99 per cent in Equitas SFB for various
schemes

SBI Mutual Fund has received approval from the Reserve Bank of India (RBI) to acquire a 9.99% stake in
Equitas Small Finance Bank (SFB) for various schemes. The acquisition is part of SBI Mutual Fund's efforts
to expand its investment portfolio and provide its investors with exposure to a wider range of financial
instruments.
Equitas SFB is a small finance bank that offers a range of banking and financial services to customers in
India, including savings and current accounts, loans, and investment products. The bank has a strong
presence in the southern and western regions of India and serves both retail and corporate customers.
With the acquisition of a 9.99% stake in Equitas SFB, SBI Mutual Fund will be able to participate in
the growth of the small finance bank and benefit from its expertise in serving the underserved and
unbanked segments of the population. The investment is expected to generate long-term returns for SBI
Mutual Fund's investors and strengthen its position in the Indian financial market.

Refer to: https://bit.ly/3LhiR6w

SBI raises Rs 9,718 cr via infra bonds

State Bank of India (SBI) in January 2023 has raised Rs 9,718 crore through the second tranche of
infrastructure bonds. The funds were raised through the issuance of Tier-II bonds and were part of SBI's
efforts to support infrastructure development in India.
The bonds were issued with a tenure of 15 years and carried a coupon rate of 7.70% per annum. The issue
received a strong response from investors, with the demand exceeding the issue size by over 5 times.
The funds raised through the issuance of these bonds are expected to be used to finance infrastructure projects in
various sectors, such as roads, railways, ports, and power. The issuance of infrastructure bonds is an important
source of long-term financing for infrastructure projects in India and helps to promote sustainable economic
growth.

Refer to: https://bit.ly/3ne8FU6

Canara Bank transfers entire 40% shareholding in Russian JV to SBI

Canara Bank said it plans to sell its stake in Russian Joint Venture (JV) Commercial Indo Bank LLC (CIBL) to
the other venture partner State Bank of India (SBI) for about Rs 114 crore. CIBL, incorporated in 2003, is a joint
venture in Russia between SBI (60 %) and Canara Bank (40 %).
Based on the share sale agreement and with the consent of the Central Bank of Russia, the entire shares held
by Canara Bank was transferred to SBI on November 30, 2022, said the Bengaluru- headquartered public
sector in a regulatory filing. However, consideration ($14.67 million equivalent) in USD as agreed by the
parties is not yet received.

Refer to: https://bit.ly/3ACneUK

India govt switches bonds maturing in 2024 with RBI in cash-neutral deal

The Indian government bought back bonds maturing in 2024 from the Reserve Bank of India, while also
issuing bonds maturing in 2032 worth a similar quantum, the central bank said. The transaction involved
buying back a security maturing in FY2024/25 from the Reserve Bank and issuing fresh security for equivalent
market value, to make the transaction cash neutral. The transaction was carried out using Financial
Benchmarks India Pvt Ltd. (FBIL) prices.
The government bought back 6.18% bonds maturing in 2024 worth 226.10 billion rupees ($2.78 billion) at a
price of 98.62 rupees while it issued 8.28% 2032 bonds worth 210.26 billion rupees to the RBI at 106.05
rupees. Before this switch, New Delhi had switched bonds worth over 820 billion rupees this financial year,
below its target of 1 trillion rupees.
India is likely to undertake bond switch auctions with the RBI to meet its target for fiscal. Government of
India has been undertaking conversion with the objective of smoothening its liability profile as well as for
market development.

Refer to: https://bit.ly/40Ugzjg

 Axis Bank Enters into Revised Pact with Max Financial Services for
Acquiring Additional 7% Stake in Max Life

Private lender Axis Bank has informed the exchanges that it has entered into a revised agreement with Max
Financial to acquire the remaining 7 percent stake in the latter. The parties agreed that the valuation for the right
to acquire the remaining 7 percent stake of Max Life will be through fair market value using discounted cash
flow instead of valuation as per Rule 11UA of the Income Tax rules, 1962. Axis Entities have earlier acquired
a 12.99 percent stake in Max Life at Rs 35 per share with the right to acquire an additional 7 percent stake in the
company.
In October 2020, the Insurance Regulatory and Development Authority (IRDAI) had imposed a penalty of Rs
3 crore on Max Life and Rs 2 crore on Axis Bank due to violations of rules in the proposed deal. The deal was
first announced in 2020, under which, Axis Bank proposed to acquire a 29 percent stake in Max Life Insurance.

Refer to: https://bit.ly/41R359e

Axis Bank completes deal to buy Citibank’s India consumer business

Axis Bank completed the acquisition of Citibank’s consumer business. The deal, which was announced in
March 2022, will see India’s third-largest private sector bank absorbing Citibank’s consumer businesses,
covering loans, credit cards, wealth management and retail banking operations in India.
The deal happened after Citigroup in 2021 announced its decision to shut down its retail banking operations in 13
countries, including India, as part of a global business strategy. Axis Bank put out a video advertisement to
welcome Citibank’s 30 lakh plus customers on March 1.
Axis Bank announced that it would pay a consideration of up to Rs 12,325 crore to Citibank for the acquisition.
It was part of a global strategy. In 2021, Citigroup, the parent company of Citibank, had announced a decision
to close its retail banking operations in 13 countries, including India, to re-align its global business strategy.

Refer to: https://bit.ly/44fnuGz

 HDFC Bank Signs $300 Million Credit Agreement with Export-Import
Bank of Korea

HDFC Bank, the leading private sector bank in India, has signed a Master Inter Bank Credit Agreement with
the Export-Import Bank of Korea, with a total value of US $300 million. The signing ceremony took place in
GIFT City, Gujarat, and aims to help HDFC Bank raise foreign currency funds, which will be used to support
Korea-related businesses. Credit line to be used for funding Korea-related businesses
The credit line will be utilized by HDFC Bank for the funding requirements of companies with equity
participation by Korean firms, companies having business relationships with Korean companies, and consumers
who wish to purchase cars manufactured by Korea-related companies. HDFC Bank’s agreement is expected to
increase the bank’s business with Korean entities and products.

Refer to: https://bit.ly/3AYjeOF

Reliance General becomes first insurer to accept CBDC in tie-up with YES
Bank

Reliance General Insurance has made history by becoming the first general insurance company to accept the
Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) e-Rupee (e₹) for premium payments.
The insurer has partnered with YES Bank to facilitate the collection of premiums in digital mode using the
bank’s e-rupee platform.
Customers who have an active e-rupee wallet with any bank can scan Reliance General Insurance’s CBDC
QR code to make easy, safe, instant, and green payments. This move has eliminated the need to handle
physical cash, which can be risky during the ongoing COVID-19 pandemic.

Refer to: https://bit.ly/3nd0VSt

City Union Bank launches voice biometrics for logging into mobile banking
app

City Union Bank Limited (CUB) has introduced a new feature that allows customers to use voice biometric
authentication when logging into the bank’s mobile banking app, aimed at improving security. The bank plans
to extend this feature to net banking users as well, and the development process is currently underway.
The voice biometric login option will join other existing authentication methods such as User ID/PIN, face ID,
and fingerprint authentication, giving customers multiple choices. CUB has stated that customers can select the
authentication method that best suits their needs and preferences.
M/s Kaizen Secure Voiz Private Limited, a start-up based in Chennai, has collaborated with the 5G Use Case
Lab of the Institute for Development and Research in Banking Technology (IDRBT), with support from the
Department of Telecommunications and the Department of Financial Services, to develop this technology.
The launch of the voice biometric authentication feature by the bank came a day after it reported its
provisional business figures via an exchange filing, showing an increase in total business from Rs 88,846
crore to Rs 96,347 crore.

Refer to: https://bit.ly/3Hqctsa

Government imposes surcharge for Google Pay and other payment apps

Starting from April 1 2023, the National Payments Corporation of India (NPCI) has implemented interchange
fees of up to 1.1 percent for prepaid payment instruments used in merchant UPI transactions. The fee, ranging
from 0.5 percent and based on the merchant category code, will be charged for UPI payments exceeding ₹2,000
made to online merchants, large merchants, and small offline merchants.
The purpose of imposing an interchange fee is to compensate for the expenses incurred by payment service
providers in handling, verifying, and approving transactions.
Consequently, this fee increase is anticipated to result in higher transaction costs.
Wallet issuers such as banks receive payment from payment service providers in the form of interchange
fees.

Refer to: https://bit.ly/3nga6S8

First Citizens Bank Acquires Silicon Valley Bank

First-Citizens Bank and Trust Company, based in Raleigh, North Carolina, has entered a purchase and
assumption agreement with the Federal Deposit Insurance Corporation (FDIC) to acquire all loans and
deposits of the recently failed Silicon Valley Bridge Bank in the United States.
The FDIC established Silicon Valley Bridge Bank, National Association after the California Department of
Financial Protection and Innovation closed down Silicon Valley Bank. The bridge bank received all assets,
including substantially all Qualified Financial Contracts, and both insured and uninsured deposits from Silicon
Valley Bank.
The 17 former branches of Silicon Valley Bank will operate under the name First-Citizens Bank and Trust
Company. Customers of Silicon Valley Bridge Bank, National Association, are advised to continue using their
existing branch until they are notified by First-Citizens Bank & Trust Company that system conversions have
been finalized, allowing for full-service banking at all branch locations

Refer to: https://bit.ly/3ADVtuP

For latest BFSI articles refer: https://bit.ly/3LHYsZq

E-Commerce
& Startups
 BharatPe CEO Suahil Samir Quits

BharatPe, a fintech unicorn, has named Nalin Negi, the organisation's current chief financial officer, as the
organisation's interim chief executive officer (CEO) while its board searches for Suhail Sameer's replacement,
who resigned from the role.
After ousting co-founder Ashneer Grover, Sameer, who was running the New Delhi-based company, resigned
as CEO. Effective January 7, 2023, he assumed the position of strategic advisor.
The BharatPe news comes with a number of high-profile employees leaving the Sequoia-backed business,
which has been embroiled in controversy since January 2022 over claims of financial irregularities.
Vijay Aggarwal, the chief technology officer, Nehul Malhotra, the president of PostPe, and Rajat Jain, the chief
product officer for lending and consumer products, all left the company in November 2022.

Refer to: https://bit.ly/3HPb6DM

Phonepe becomes India’s most valuable payment firm

Walmart-backed PhonePe announced that it had raised $350 million (approximately Rs. 2800 crore) from private
equity firm General Atlantic at an estimated valuation of $12 billion (about Rs. 97,700). This made PhonePe the
most valuable payments company in India and provided it with the capital it needed to enter the lucrative lending
market.
According to a statement from founder and CEO Sameer Nigam, PhonePe will utilise the capital for infrastructure
and new companies, such as insurance, wealth management, and financing.
The Indian government has pushed the nation's cash-loving merchants and consumers to adopt digital payments,
but it also wants to limit the influence of payments companies. By the end of 2024, it hopes to cap any one
firm's market share at 30%.
PhonePe, in which American retail giant Walmart acquired a majority stake in 2018, concluded its independence
from Indian e-commerce titan Flipkart last year(2022) and moved its registered offices from Singapore to India.

Refer to: https://bit.ly/42llawB

Blinkit Launches an app for brands to set up custom stores

Blinkit, a fast-grocery delivery service owned by Zomato, has introduced a new programme called Brand
Stores that enables businesses to build up their own personalised stores on the app.
With over 13,000 distinct items available to its consumers, Blinkit is currently functioning in over 500 locations.
Now that brands may design their own pages or flows on the page, they can emphasise on various products. If
they wish to communicate with customers about the brand, they can also interact with them.
After setup, brands can also monitor real-time metrics related to the performance of their page. The platform will
also give brands a near real-time view of their success on the app and across multiple locations by providing data
regarding sell-throughs and supply chain tools.
Swiggy, a rival of Zomato, has also introduced Minis, a platform similar to Shopify that enables small company
owners to set up their businesses on the app. Owners of businesses can access Minis on a zero-commission
basis. The debut of Amazon's Smart Commerce e-commerce enablement platform, which would aid in the
digitization of neighbourhood retailers, was also announced last year.

Refer to: https://bit.ly/3HXenB8

Govt, e-commerce platform joins hands for marketing of SHGs' products

The Rural Development Ministry has joined hands with the online retailer Meesho to promote the goods
created by Self Help Groups. (SHGs)
According to the rural development minister, the NRLM has been making various attempts to help rural SHG
women-run companies that are engaged in making food products, handicrafts, and other items using a
handloom, etc.
The NRLM and SRLMs have taken initiatives to promote curated items from SHGs and SHG member
entrepreneurs through a variety of channels, including Saras Gallery, state-specific retail stores, and e-commerce
platforms like GeM, Flipkart, and Amazon, as part of the efforts to connect producers to markets.
There were 2.35 crore SHG members in May 2014, the month that PM Modi assumed office. However, in
the nine years afterwards, thanks to a deliberate strategy to empower rural poor women, the number of SHG
members has increased to over 9 crore and is expected to reach 10 crore by 2024.

Refer to: https://bit.ly/42j1VDK

Target bets on e-commerce by investing $100 million in hubs to speed up
delivery

Target will spend $100 million to build a larger network of supply chain hubs to speed up and lower the cost of
delivering online orders. The retailer plans to have at least 15 of the facilities, dubbed sortation centres, by the
end of January 2026. It already has opened nine, after testing the concept in its hometown of Minneapolis. The
expansion will also grow Target’s workforce.
Target revised its forecast for the Christmas quarter and disclosed plans to make up to $3 billion in cost
reductions over the following three years.
The company's e-commerce sales growth has also slowed, in part because of the early pandemic's fast spike that
made for difficult comparisons.

Refer to: https://cnb.cx/3O1UPPH

The E-commerce industry braces for impact after Silicon Valley Bank’s
demise

A financial pillar of the startup industry, Silicon Valley Bank was shut down by California regulators. The e-
commerce sector is also anticipating any potential damage.
Before it failed, Silicon Valley Bank, which was established in 1983, was the 16th-largest bank in the United
States. How many e-commerce businesses used Silicon Valley Bank is unknown. However, over the span of
four decades, Silicon Valley Bank developed as the preferred organization where many entrepreneurs stored
their funds following a significant fundraising effort. As a result, the bank began to play a bigger role in many
facets of the startup industry, from supplying venture debt to even acting as the firm owners' go-to lender for
personal mortgages.
However, the failure of Silicon Valley Bank would have a seismic impact on all the other businesses that e-
commerce entrepreneurs depend on, including banks, alternative lenders, and technology providers.

Refer to: https://bit.ly/3nPE7bG

Alibaba to split into 6 units and explore IPOs; shares up 14% in the U.S.

The most important organisational change in the history of the Chinese e-commerce giant is the
announcement by Alibaba that it will divide its business into six units, each of which will have the capacity
to raise outside money and list on a stock exchange.
The CEO and board of directors of each company group will be in charge of running it.
The decision was made after a difficult couple of years for Alibaba, which saw its share price plummet by
billions due to Beijing's stricter regulations and the slowing of domestic economic growth. The past few quarters
have seen growth challenges for Alibaba.
Alibaba is currently attempting to revive growth. The corporation has developed into a massive enterprise that
operates in industries like shipping, cloud computing, streaming, and e-commerce. The establishment of the
six firms is seen by the organisation as a method to be more adaptable. The restructuring occurs at a time when
Beijing is showing signs of opening up to digital companies again as the administration works to boost
economic growth in the second-largest economy in the world.

Refer to: https://cnb.cx/3VRV5CV

Zepto ropes in CoinSwitch Kuber’s Ramesh Bafna as CFO

Quick commerce company Zepto announced the appointment of crypto-currency platform CoinSwitch
Kuber’s Ramesh Bafna as its new chief financial officer as it readies a finance team to scale business.
The firm is now concentrating on developing an industry-leading finance team for its next phase of
development, which marks significant milestones in its growth and profitability measures.
Bafna has over twenty years of experience working with IT services and consumer technology companies. Bafna
was the CFO at CoinSwitch Kuber, a wealth technology firm, before joining them. Before joining CoinSwitch
Kuber, Bafna had a brief stint as CFO at Singapore-based Zilingo.
With almost 20 years of experience, Bafna is regarded as one of the leading CFOs in the consumer internet
and IT services sectors of e-commerce companies. Having been an early member of the Flipkart team and
former CFO of Myntra, Bafna has also spent a decade at Wipro, a major IT services company.

Refer to: https://bit.ly/3MmqCcW

Coca-Cola acquires 15% stake in food-tech platform Thrive

Coca-Cola India, a major player in the beverage industry, has acquired a 15% stake in Hashtag Loyalty, the
company behind Thrive, a food-tech platform that offers online ordering systems for restaurants. The capital
raised by Hashtag was valued at ₹104.68 crore before the acquisition. It is worth noting that Jubilant
FoodWorks Ltd, the operator of the Domino's pizza chain in India, had acquired a 35% stake in Hashtag
Loyalty in 2021.
Thrive offers a modern ordering solution for restaurants that works as an alternative to large aggregators like
Zomato and Swiggy. The platform creates microsites for individual restaurants, multi-outlets, and larger F&B
corporations, allowing customers to place orders directly with the restaurants. Thrive only charges restaurants
a commission of as low as 3% per order, compared to the 25-30% charged by large food delivery aggregators.

Refer to: https://bit.ly/41sXdlC

Bengaluru startup opens India’s first commercial Li-ion cell manufacturing

line

Log9 Materials, a Bengaluru-based startup specialising in advanced battery and deep technology, launched
India's first commercial lithium-ion (Li-ion) cell manufacturing facility on its Jakkur campus. This facility
will produce batteries specifically designed for electric vehicles.
Log9's commercial Li-ion cell manufacturing line has an initial capacity of 50 MWh and will focus on the
production of lithium-titanate oxide and lithium iron phosphate cells.
In addition, the startup unveiled its indigenous battery management system called Charvik, which features
cutting-edge power control mechanisms. The system was launched alongside Log9 Rise, an academic
engagement program aimed at fostering the creation of a talent pool in battery technologies within the country.
Log9 offers a wide range of products, including the RapidX line of EV batteries that caters to various modes of
transportation. These batteries, made of lithium-titanate oxide, are specifically designed to perform optimally
under tropical climatic conditions.

Refer to: https://bit.ly/42PEemA

Indian taxi startup BluSmart picks EV fight with Uber

BluSmart, an Indian ride-hailing startup, is aiming to compete with Uber and Ola for market share in the country
by focusing on an all-electric taxi fleet and aggressively wooing disgruntled passengers and drivers from the
incumbents.
The Indian government, led by Prime Minister Narendra Modi, is promoting a clean energy drive that is expected
to revolutionise the country's transportation industry in the years to come. This shift towards electric vehicles
(EVs) will have significant implications for ride-hailing companies.
For established players such as Uber and SoftBank-backed Ola, a complete transition to EVs would be a
daunting task, especially given their current struggles with retaining drivers and satisfying customers.
BluSmart, being a new player, intends to capitalise on the opportunity by outperforming its combustion engine-
powered rivals in terms of electrification, cleanliness, and reliability by directly managing its fleet and drivers.
To begin with, the company has implemented a policy where drivers are prohibited from cancelling bookings
they receive on their BluSmart app.

Refer to: https://bit.ly/41Ddm8o

Myntra launches fashion portal FWD to tap GenZ shoppers

Myntra, a fashion e-commerce company owned by Walmart, announced the launch of a fashion discovery
platform for Gen-Z consumers called FWD, which is now available on the Myntra mobile app. The platform has
been under development for several quarters and the company aims to attract 10 million Gen-Z users in the next
two years through FWD.
Myntra FWD will be easily accessible through the bottom navigation bar and offer several features such as
simplified trend spotting-to-shopping, photo search, and daily drops, among others.
Additionally, Myntra intends to include more social media-inspired functionalities, such as short video
formats similar to Instagram Reels and a community of over 500 fashion influencers.
Just a few weeks after one of India's largest Gen-Z fast fashion brands, Urbanic, withdrew from Myntra, the
launch of the fashion discovery portal FWD was announced.

Refer to: https://bit.ly/3MklV3b

Wearables brand Boat joins ONDC

Boat, a direct-to-consumer brand for consumer electronics, joined the Open Network for Digital Commerce
(ONDC), a government-led initiative aimed at democratising e-commerce in India.
Boat, the consumer electronics D2C brand, has joined the Open Network for Digital Commerce (ONDC)
initiative by the government to democratise e-commerce, with the aim of reaching a more diverse customer base
and using ONDC's wider presence to showcase its products and achieve the next phase of growth. T. Koshy,
the MD & CEO of ONDC, commented that by continuously adding new sellers, ONDC is expanding its product
categories, enabling customers to benefit from a wider range of products and services, and that with the addition
of Boat, the platform now offers a stronger portfolio of electronic products. Company is aligned with ONDC's
core purpose of improving adoption and democratising e-commerce in India.

Refer to: https://bit.ly/3LXgK8e

Government working to bring in e-commerce policy, rules under consumer

protection

Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT),
announced that the government is developing a proposal to align the policy for online retail and e-commerce
rules under the consumer protection act to safeguard consumers. Once the e-commerce policy is finalised, it will
be made available for public feedback.
There are ongoing discussions to align the e-commerce policy and rules under the consumer protection act.
The aim is to harmonise the regulations and ensure that the interests of consumers are protected. He further
added that the government will strive to establish a regulatory mechanism that prioritises the needs of
customers. Once the policy is finalised, it will be made public for feedback.

Refer to: https://bit.ly/44Sh0Oe

Information
Technology
Microsoft embarks on the next phase of Bing’s expansion

Microsoft has announced that Bing Chat, their AI-driven chatbot powered by OpenAI's GPT-4 and DALL-E 2
models has more than 100 million daily active users. Bing Chat has already participated in over half a billion chats
with users of the software and produced more than 200 million photos.
Due to better predictive capabilities and more answers in Bing Chat that focus on images and graphics, Microsoft
intends to make Bing more visually appealing in the future.
Additionally, Microsoft plans to make it more customised, allowing users to import material from third-party
plugins and export their Bing Chat history.
Refer to: https://bit.ly/42wFKd3

Spotify-owned Findaway Voices eliminates distribution fee for audiobooks

Findaway Voices, an audiobook distributor for independent writers, and Spotify jointly announced that Findaway
Voices will no longer charge a 20% distribution fee for audiobooks that customers buy from Spotify in November
2021.
As per Findaway, the modification will enable Spotify users with an opportunity to make greater profits and bring
in more original content to the platform.
Findaway announced that a 20% fee for audiobook royalties will no longer be levied for content hosted on Spotify
starting May 2023. It has allowed 80% of creator earnings to be retained through the simple 80/20 share price
scheme for audiobook distribution.
Refer to: https://bit.ly/41dQw6Z
Hong Kong welcomes crypto with open arms as US tightens regulations
Hong Kong has created new cryptocurrency framework guidelines in February 2023 which are a drastic change
from the earlier set of regulations.
A 2018 framework in Hong Kong that limited trading to only accredited investors will be replaced by a new
legislative framework that will permit regular investors to trade specific digital assets on authorized exchanges.
The city is also laying the groundwork for stablecoin legalization. TCNH, an offshore Chinese yuan (CNH)-pegged
stablecoin, the first of its type in Greater China, has been unveiled. This has been done with backing from well-
known crypto exchanges KuCoin and USDC issuer Circle.
The city is promoting communication between banks and crypto companies, many of which are frantically looking
for alternatives in the wake of Silvergate Bank's collapse, in order to foster a climate that is favourable for web3
firms.
Refer to: https://bit.ly/3nFYacz

Twitter confirms Circle tweets temporarily were not private

With multiple concerns being raised over the importance of privacy by various governments and interest groups
across the world, Twitter has suddenly come into the limelight due to the controversy surrounding the ‘Twitter
Circle’ feature.
The ‘Twitter Circle’ feature was launched by Twitter on its platform in September 2022. This feature allowed users
to share posts/tweets only to a select few users added to their circles.
However, the microblogging platform announced in April 2023 that a security incident had allowed users outside
of these ‘Twitter Circles’ to see tweets that were not meant for them.
Twitter Circle has come under major scrutiny after multiple reports by Twitter users regarding the same.
Refer to: https://bit.ly/3B0HVtC
DataBricks acquires AI-centric data governance platform Okera
Okera, a data governance platform with an emphasis on AI, was purchased by Databricks. Data governance has
been a much-debated topic for some time. Using a no-code interface, Okera's AI-powered system automatically
finds and categorizes personally identifiable information, tags it, and applies rules to the data.
Okera was acquired for an undisclosed transaction price.
Background
Okera is a data governance platform that ensures usability, integrity and security of data. This start-up had earlier
raised around $30 million from investors of the likes of Felicis, Bessemer Venture Partners, Cyber Mentor Fund,
ClearSky, and Emergent Ventures are a few of the investors.
Refer to: https://bit.ly/3pkbMdM

Apple and Google partner on Bluetooth tracker safety

In May 2023, Apple and Google announced that they would spearhead an industry-wide effort to create a protocol
that would warn customers if Bluetooth devices were being used for unauthorized tracking.
This announcement was made after multiple reports of Bluetooth trackers, like Apple's AirTag, being utilized by
nefarious applications have surfaced on social media.
The companies emphasized that Pebblebee, Samsung, Tile, Chipolo, and other tracker makers have also expressed
interest in the initiative. They have invited inputs of various industry players and advocacy groups.
Google and Apple have also submitted a suggested specification as an Internet-Draft through the Internet
Engineering Task Force (IETF), an organization that creates standards.
Refer to: https://bit.ly/417Tius
ONDC, India’s new E-commerce UPI moment

India is attempting to start a new digital revolution in the field of e-commerce, following the success of the Unified
Payments Interface (UPI). An effort of the Indian government called ONDC, or the Open Network for Digital
Commerce, aims to connect buyers and sellers of a variety of products and services on one open network.
The goal of ONDC is to standardize processes and encourage the use of local suppliers, which intends to be a game-
changing experience for both consumers and companies.
ONDC intends to create a network that can manage vacation needs on one platform or app including booking
flights, lodging, bags, and even a cab to the airport on one platform or app.
The network is envisioned as a one-stop platform to access well-known e-commerce sites like Amazon and Flipkart,
as well as ride-hailing services like Ola and Uber and food delivery services like Zomato and Swiggy.
ONDC is significantly less expensive than well-known meal delivery services like Swiggy and Zomato. The
Ministry of Commerce states that ONDC wants to increase the ‘inclusivity and accessibility’ of e-commerce for
customers.
Refer to: https://bit.ly/3NKoDAa

Google comes out with PassKey feature to replace passwords

Google has announced that passkeys are now available to all users of Google Accounts worldwide.
The announcement follows a cooperation between Google, Apple, Microsoft, and the FIDO Alliance that was
announced in 2022 with the goal of enabling frictionless and passwordless logins across devices, operating systems,
and browsers.
Although password managers and multi-factor authentication techniques provide reasonable security enhancements
over conventional username/password procedures, they are not without their drawbacks.
For instance, an SMS-based authentication code can be intercepted, and for some people, using additional third-
party password management software is cumbersome.
Passkeys allow users to sign in to websites and apps using the same biometric or screen-lock PIN, effectively
synchronizing their authentication across all of their devices through the cloud.
This makes it harder for unscrupulous elements to access user information remotely, since physical access is a
mandate.
Refer to: https://bit.ly/44Exl96
FMCG
Ambani to take on ITC, Patanjali, Adani with FMCG brand
‘Independence’

Billionaire Mukesh Ambani-led Reliance will rival FMCG food businesses of ITC, Tata Consumer
Products Ltd, and Adani Wilmar by launching the brand 'Independence' for staples, processed foods,
beverages, and beverages other daily essentials, analysts said.
Reliance Consumer Products Ltd (RCPL), the newly set up FMCG arm of Reliance Retail Ventures
Ltd (RRVL) last week made a foray into staples with the launch of brand Independence in line with
an announcement Ambani had made at the company's annual shareholder meeting earlier this year.
RRVL is a wholly-owned subsidiary of Reliance Industries Ltd (RIL).
The launch is only in Gujarat, possibly on a pilot testing basis, and has indicated that products would
be affordably priced. Post-development of the brand, it will be rolled out nationally.
It will be "competing with Adani Wilmar in edible oil, grains, and pulses; Patanjali Foods in biscuits,
edible oil, packaged atta; Parle and Britannia in biscuits; Tata Consumer in pulses, packaged water;
and ITC in packaged atta, biscuits," brokerage Nomura said.
Independence products will be available on the Jio Mart app and Reliance retail stores. In the coming months,
the distribution will be extended to FMCG retailers (kirana stores).
RRVL's existing key private label brands are: Good Life for pulses, flour, rice, oils; Snac Tac for
noodles, biscuits, namkeen; Enzo for detergents; Puric/Get Real for soap, hand wash, hair oil, shower
gel; and Scrubz/Expelz/Mopz for dish wash, toilet, surface cleaner.

Refer to: https://bit.ly/42PflaH

HUL to sell Annapurna and Captain Cook brands for Rs 60 cr to
Singapore co

Hindustan Unilever Limited (HUL) has signed an agreement for the sale of its atta and salt business,
which it markets under the brands ‘Annapurna’ and ‘Captain Cook', respectively, to Uma Global Foods
and Uma Consumer Products for Rs 60.4 crore, the company said in a stock exchange filing and press
release on Friday.
Uma Global Foods and Uma Consumer Products are subsidiaries of Reactivate Brands International, a
Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore).
CSAW is focused on buying and scaling up food brands to promote affordable wellness, HUL said
in its release. In FY22, both brands had a turnover of Rs 127 crore, which is less than one percent of
HUL's top line.
HUL’s decision to divest is in line with the intent of exiting non-core categories while continuing to
drive its growth agenda in the packaged foods business of dressings, scratch cooking and soups.

Refer to: https://bit.ly/42rf2SU

Udaan product shipment jumps six-fold to 1.7 bn in 2022

B2B e-commerce firm Udaan recorded over a six-fold jump in product shipments to 1.7 billion
in 2022, catering to over 22 million orders, driven by demand for FMCG products, according to
data shared by the company on Wednesday.
The Lightspeed Venture and Microsoft-backed unicorn had shipped 260 million products, catering to
around 50 million orders in 2021 -- which was hugely impacted by the COVID-19 pandemic.
category, 9 lakh tonnes of essentials, and 1.5 lakh tonnes of FMCG products during the year. In 2022,
Udaan witnessed a huge surge across the essentials category with a repeat purchase rate of over 89 per
cent. The highest demand came from Uttar Pradesh, Delhi, Karnataka, Maharashtra and Telangana.
Udaan said that 586 sellers achieved the landmark of selling products worth Rs 1 crore through its
platform in 2022.

Refer to: https://bit.ly/3AZ22bI

Demand for daily groceries, essentials surges to highest in two years,
finds report

Demand for daily groceries and essentials rose 3.9% in the quarter to March, the highest in two years,
largely driven by urban markets even as sales in villages improved.
The quantity of FMCG goods bought, or volumes, in rural markets, went up 2.1% and 5.9% in cities
from a year earlier, according to data from Kantar Worldpanel, a global consumer research firm owned
by communications and advertising giant WPP. A year ago, the overall market had fallen 1.3% during
the quarter, entirely dragged by urban demand that declined 3.7%.
Kantar tracks household consumption and also has items from the unorganized end of the business
especially in large and voluminous categories such as staples. Food and beverages led the growth
during the quarter due to the strong performance of wheat flour in March.
In the past few months, companies have been reversing grammage cuts to bolster volume growth
amid easing inflationary pressures. Most companies also expect a steady increase in volume-led
growth and recovery in rural areas as they look to slash product price tags.

Refer to: https://bit.ly/3B3iKqm

CCI approves demerger of FMCG biz of Haldiram Snacks and

Haldiram Foods

The Competition Commission of India (CCI) has approved the demerger of the Fast-Moving
Consumer Goods (FMCG) business of Haldiram Snacks and Haldiram Foods into Haldiram Snacks
Food. According to a report by the Press Information Bureau, the existing shareholders of Haldiram
Snacks and Haldiram Foods have acquired a 56 per cent and a 44 per cent stake, respectively, in
Haldiram Snacks Food. In November 2022, CNBCTV18 reported that HFIPL and HSPL decided to
merge their operations to create a snacking behemoth. Haldiram Snacks Private Limited
(HSPL/Haldiram Snacks) is engaged in the manufacture and distribution of packaged food products in
India such as snacks, namkeen, sweets, ready-to-eat / pre-mix food, frozen food, biscuits, non-
carbonated ready-to-drink beverages, pasta, etc. Headquartered in Delhi, HSPL’s operations are
primarily run by Mr. Manohar Agarwal and Mr. Madhu Sudan Agarwal (Delhi Family). Meanwhile,
Haldiram Foods International Private Limited (HFIPL/ Haldiram Foods) is also engaged in similar
operations as that of HSPL. Headquartered in Nagpur, HFIPL’s operations are primarily run by Mr.
Kamalkumar Shivkisan Agrawal (Nagpur Family). Haldiram Snacks Food Private Limited (HSFPL/
Haldiram Snacks Food) is a newly incorporated entity that currently does not have any business
operations.

Refer to: https://bit.ly/41b7EdC

Perfetti Van Melle India not impacted by slowdown in FMCG demand,

says MD

Consumer companies have been struggling with sales especially in rural areas, but Perfetti Van Melle
India has not been impacted and has seen a sharp rise in demand after the lockdown as it sees bulk of its
revenue comes from the one-rupee price point.
“The bounce back has also been very fast, because we look at ourselves as affordable treats. No mother
is going to deny the child one rupee to buy a candy, (just) because there is an economic slowdown,”
Rajesh Ramakrishnan, managing director, Perfetti Van Melle, told Business Standard.
He added, “Demand is there across regions across urban and rural, we don't see any major difference in
sales. If I were to look at the total sales growth, it's the same urban versus rural.”

Refer to: https://bit.ly/3nFLtOX

Sports
2023 SAFF Championship announced

The All-India Football Federation (AIFF) made an important announcement regarding the 2023 edition of
the SAFF Championship, South Asia's most prestigious International Football Tournament. The
tournament will be held in Bengaluru, marking India's fourth time hosting the event. The dates for the
championship are set from June 21 to July 3.
The SAFF Championship brings together all member associations of the South Asian Football Federation
(SAFF), which includes countries such as India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives,
Bhutan, and Afghanistan. The 13th edition of the competition will be divided into two groups, and teams
will compete in round-robin league matches during the group stage. India's national football team, often
referred to as the Blue Tigers, has an impressive track record in the SAFF Championship. As hosts, the
Indian team will have the added advantage of playing on home turf and enjoying the support of their
passionate fans.

Refer to: https://bit.ly/3B32o0U

IBA Women’s World Boxing Championship 2023

At the IBA Women's World Boxing Championship 2023, held between March 15 to March 26, India's
boxing contingent made history with a remarkable performance. Four Indian women, namely Nikhat
Zareen, Lovlina Borgohain, Saweety Boora, and Nitu Ghanghas shone brightly as they clinched gold
medals in their respective bouts, showcasing their exceptional boxing skills and determination.
Nikhat Zareen, a talented boxer known for her fierce fighting style, emerged victorious in her category,
bringing home a gold medal. Lovlina Borgohain, who has gained international recognition with her
impressive performances, showcased her boxing prowess once again as she secured a gold medal. Saweety
Boora, an experienced boxer known for her power-packed punches, displayed her dominance in the ring,
earning herself a gold medal. Nitu Ghanghas, a rising star in Indian boxing, exhibited her skill and
determination, winning a gold medal in her weight category.
This outstanding achievement by the Indian boxers marks a historic moment for the nation in the field of
boxing. It is worth noting that this is the second time such a ground-breaking record has been achieved,
with the first being during the 2006 Women's World Boxing Championship.

Refer to: https://bit.ly/3HLEBGw

An Olympic medallist suffers financially

Banned runner Nijel Amos is looking to sell the Olympic silver medal he won in 2012, saying he plans to
use the money to support his family. He finished second in the 800m in London, making him the first
Botswana to win an Olympic medal in any event. The 29-year-old was handed a three-year ban for doping.
The ban was reduced from four years after he signed an admission, but Amos is still protesting his
innocence. "It has been a financially draining process," he said at a news conference in Botswana where
he also spoke of “the effort to clear my name and that of my beloved nation Botswana in the past daunting
11 months”. He added: “At this time, my only investment or pension is the famous 2012 Olympic silver
medal. I am in touch with different stakeholders, including financial advisors, on how that can sustain me
and my family.”

Refer to: https://bit.ly/3BtqKRT

Indian wrestlers protesting on the streets

Top Indian wrestlers have been protesting on the streets of New Delhi since May, over the lack of action
against the head of the country’s wrestling federation, Brijbhushan Sharan Singh, whom they accuse of
sexual harassment. Singh, who is also a parliamentarian from Bharatiya Janata Party (BJP), has been
accused of harassing several female athletes but has denied all the allegations. The protesting athletes have
demanded an “immediate arrest” and sought the intervention of the Supreme Court, which directed the
police to register a case against 66-year-old Singh. In a significant development on May 8th, a group of
wrestlers, joined by farmers, intensified their protest against Brij Bhushan Singh, the chief of the Wrestling
Federation of India (WFI), at Jantar Mantar in Delhi. The wrestlers, expressing their dissatisfaction with
Singh's leadership and alleged misconduct within the federation, made their voices heard by breaking
through police barricades to gather at the protest site.
Amidst this unrest, Union Sports Minister Anurag Thakur addressed the concerns of the public, assuring
them that the Delhi Police were actively engaged in a fair and impartial investigation into the allegations
against Brij Bhushan Singh. Recognizing the significance of the issue, Thakur urged the protesting
wrestlers and farmers to exercise patience and allow the investigation to take its course.

Refer to: https://bit.ly/3Mb03qV

National Tribal Sports Festival

Goa is most likely to host a National Tribal Sports Festival in 2024. The Sports Authority of Goa (SAG)
has been hosting the tribal sports festival since 2008. First organized at Amone in Canacona, with just three
sports- Kho-Kho, Kabaddi and Tug of War - the festival has grown in popularity and numbers since then.
Seven editions have been organized so far, and the eighth one kicks off with seven sports disciplines getting
the nod.

Refer to: https://bit.ly/3MaNGeF

The debate against playing at the others’ home ground continues between
India and Pakistan

Pakistan Cricket Board (PCB) chairman Najam Sethi will seek a "written guarantee" from the Board of
Control for Cricket in India (BCCI) supremo Jay Shah about the Indian team's participation in the 2025
ICC Champions Trophy in Pakistan before committing to their national team playing its ICC World Cup
games in India, later in 2024. The 2023 CWC will be played from October 5, and BCCI has zeroed in on
Ahmedabad (for the India game), Chennai, Bengaluru and Kolkata as possible venues for Babar Azam's
side. However, with the Asian Cricket Council (ACC), under the chairmanship of Jay Shah, not confirming
the proposed 'Hybrid Model' for the upcoming Asia Cup, where India played its matches in the United
Arab Emirates (UAE), and Pakistan plays its games in its home country.
Following some violent events in Pakistan, only a handful of teams have travelled to Pakistan in the last
15 years.

Refer to: https://bit.ly/3preyhB

Four teams sign “PlayR” as merchandising partner for IPL 2023

Sports goods manufacturing company iCOREts Private Limited which runs the brand playR, has been
signed by four Indian Premier League teams as their merchandise partner for the season.
The teams include Mumbai Indians, Chennai Super Kings, Punjab Kings, and Rajasthan Royals. This
partnership includes merchandise like apparel, accessories, and other lifestyle products. The company
claims it has sold about 35,000 jerseys and 15,000 fan merchandise in the last month since the IPL season
began. Furthermore, playR has expanded its product offerings beyond jerseys and fan merchandise by
introducing cricket equipment specific to IPL franchises. This development provides the fans with
multiple avenues to connect with their beloved teams, solidifying their bond with the sport.

Refer to: https://bit.ly/3nI4v7n

Chithravel sets national record in triple jump

Indian athletes made their presence felt in the international events with triple jumper Praveen Chithravel
shattering the national record and breached the 2023 World Athletics Championships qualifying standard in
Cuba.
Avinash Sable and Parul Chaudhary also produced record-breaking performances as they set men's and
women's 5000m national marks in a track event in the USA. Chithravel jumped 17.37m to finish on top of
the podium at the V Prueba de Confrontacion 2023 competition on Saturday in Havana, Cuba, a World
Athletics Category F event.

Refer to: https://bit.ly/3BbNu8G