National News

Amul Makes Its Mark in the US with Fresh Milk

• Amul, the iconic Indian dairy brand under the Gujarat Cooperative Milk Marketing Federation (GCMMF), is gearing up for a significant venture into the United States market.
• This move signifies a remarkable milestone for the brand as it prepares to introduce its fresh milk products to American consumers.
• With a focus on catering to the Indian diaspora and the Asian community in the US, Amul aims to establish a strong presence in the international market.

International News.

AUKUS Partnership: Strengthening Security with Submarine Construction

• The formation of the AUKUS partnership between the United States, the United Kingdom, and Australia marks a pivotal moment in defense collaboration.
• This trilateral agreement aims to enhance security measures by constructing nuclear-powered submarines for the Royal Australian Navy.
• The partnership underscores a collective commitment to bolstering defense capabilities and fostering strategic alliances among the involved nations.

Simon Harris: Ireland's Youngest Prime Minister Hopeful

• In the realm of Irish politics, Simon Harris has emerged as a prominent figure and the sole candidate in the race for Ireland's next prime minister.
• Following the unexpected departure of Leo Varadkar, Harris, at the age of 37, stands on the brink of making history as the youngest prime minister in Ireland.
• His candidacy comes at a crucial time for the Fine Gael party, amidst challenges posed by the looming threat of defeat in the upcoming general elections.

Banking News

Federal Bank Introduces 'Flash Pay' for Contactless Transactions

• The Federal Bank, in collaboration with the National Payments Corporation of India (NPCI), has launched 'Flash Pay,' a cutting-edge RuPay smart key chain designed for contactless NCMC (National Common Mobility Card)
• This innovative solution enables users to experience seamless transactions by simply tapping and paying at metro stations and Point of Sale (PoS)
• With a focus on enhanced security and convenience, Flash Pay is set to revolutionize the payment landscape.

Modi Government's Initiative to Strengthen Regional Rural Banks

• Underlining its commitment to rural development, the Modi government has allocated Rs 6212.03 crore towards the recapitalization of Regional Rural Banks (RRBs).
• Established in 1975 and owned by the Indian government, RRBs play a pivotal role in providing essential banking and financial services to rural communities across various states.
• Targeting small and marginal farmers, agricultural laborers, artisans, and small entrepreneurs, this initiative aims to bolster the financial infrastructure in rural areas.

Economy News

PepsiCo's Investment in Vietnam

• PepsiCo, a prominent S. food and beverage company, has announced plans to invest an additional $400 million in Vietnam, signaling its commitment to the country's market.
• This decision comes following a visit by delegations from over 60 U.S. enterprises, including Suntory PepsiCo Vietnam Beverage, underscoring Vietnam's attractiveness for foreign investments in the food and beverage sector.

India's GDP Growth Projection

• S&P Global's Economic Outlook Asia-Pacific Q2 2024 report sheds light on India's economic trajectory, particularly regarding GDP growth forecasts for the fiscal year 2025.
• With a revised projection of 6.8%, S&P Global's forecast reflects a 40 basis points increase compared to previous estimates. This deviation from the government and central bank's projection of 7% highlights differing perspectives on India's economic prospects.

Schemes and Committees News

Supreme Court Initiative for Great Indian Bustard Preservation

• Recognizing the urgent need to protect the endangered Great Indian Bustard (GIB) population, particularly from collisions with high-powered power cables in Gujarat and Rajasthan, the Supreme Court of India has taken proactive steps.
• Under the leadership of Chief Justice DY Chandrachud, the court has appointed an expert committee to address this critical issue.
• This initiative demonstrates a concerted effort to balance conservation goals with the imperative of sustainable energy development.

Ranks and Reports News

Mumbai's Rise as Asia's Billionaire Capital

• Mumbai's ascendancy as Asia's billionaire capital, surpassing Beijing, marks a significant milestone in the region's economic landscape.
• As per the Hurun Research Institute report, Mumbai boasts 92 billionaires, solidifying its position as Asia's third billionaire capital, trailing behind New York and London.
• This achievement underscores India's growing influence in global wealth distribution and Mumbai's emergence as a key financial hub.

Global Trade Overview and Projections

• The United Nations Conference on Trade and Development (UNCTAD) has provided insights into the state of global trade through its Global Trade Update report.
• Despite a 3% decline in global trade to $31 trillion in 2023, the report anticipates a rebound in 2024 amid geopolitical uncertainties and logistical challenges.
• This overview offers valuable insights for policymakers and stakeholders navigating the complexities of the global trade landscape.