NATIONAL DATA GOVERNANCE POLICY
France shifts to the left, but risk of policy paralysis looms
France's parliamentary elections resulted in a hung parliament, with the leftist New Popular Front (NFP) blocking Marine Le Pen's far-right surge. President Macron's centrist alliance faces a weakened position, complicating government formation and policy-making. With no clear majority, France's political future remains uncertain, just weeks before hosting the Olympic Games
Take nation into confidence on border situation at LAC: Mallikarjun Kharge to government
Congress president Mallikarjun Kharge reiterated his party's demand for the government to update the nation on the border situation with China. He citied reports of China's military buildup near Pangong Lake in Ladakh. Kharge criticised the government for alleged inaction, claiming losses of Indian territory and a lack of response to Chinese aggression. The standoff between Indian and Chinese forces in Ladakh since May 2020 remains unresolved despite multiple talks.
'Jobless growth': Congress slams govt over 'accentuated unemployment crisis'
The Congress criticized the Modi government for exacerbating India's unemployment crisis due to failed policies like demonetization and GST. Citing a Citigroup report, they highlighted the urgent need for job creation and reforms to address the high unemployment rates in the country.
Transforming governance through AI
Artificial intelligence (AI) could streamline college admissions by collating student data, suggesting colleges, filling out common applications, and applying for scholarships. Universities would benefit from faster, more efficient seat allocation and scholarship awarding, simplifying the entire process. AI-enabled chatbots can provide very specific and contextualized responses in multiple languages to queries from citizens and even deliver a wide range of citizen-centric services.
On A(I) Mission, Centre may go with Indian intel
GPUs are currently a precious resource for the AI industry and are manufactured only by a handful of American companies like Nvidia, Intel, and AMD. Sources said Indian data firms can procure GPU units and then provide them to local firms, startups, academics and researchers at a subsidised rate, for all use cases.
Government to soon come out with a new shipbuilding, repair policy
The Ministry of Ports, Shipping, and Waterways is set to introduce a new Shipbuilding and Repair Policy under the 100-day action plan. Ambitious goals have outlined in Maritime India Vision 2030 and Amrit Kaal Vision 2047 to elevate India's shipbuilding industry globally. The initiative aims to revitalise the industry, increase the share of Indian-owned vessels in cargo transport, and seize a significant market opportunity by 2047.
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Dollar on the defensive after soft data, little relief for yen
Currency markets react to global economic trends, with sterling potentially shifting leadership from Rishi Sunak to Keir Starmer in the UK.
Why Budget 2024 must have more than Sensex on its radar
Budget 2024: The Union budget is set to dominate headlines in India, with the question of whether realpolitik or coalition compulsions will dictate the budget's economic policy. The interplay between economics and politics is not new to India, as it is part of elected democracies. The BJP's performance fell short of expectations due to inflation and unemployment, both factors within the domain of economic policy.
Who are the main players in the UK's upcoming national election?
Prime Minister Rishi Sunak's Conservatives are widely expected to lose to the main opposition party, the left-of-center Labour, after 14 years in power under five different prime ministers. The Conservatives and Labour traditionally dominate British politics under the U.K.'s "first past the post" electoral system, which makes it difficult for smaller parties to win representation in Parliament.
NITI Aayog calls for policy and legal reforms to regulate use of facial recognition technology (FRT) in India
In a report, prepared by the Vidhi Centre for Legal Policy on behalf of the Aayog, it had proposed imposing liability and the extent of liability arising from any harms or damages caused by the use of facial recognition technology (FRT) system. Besides, the Aayog has suggested a need for an ethical committee to address issues pertaining to transparency, accountability, and biases emanating from the use of such systems in India.
Jobs, inflation data may break the US Treasury market out of narrow range
Bond market trends are closely tied to Powell's testimony, economic indicators, and Treasury yield movements. Factors like the recent Australia inflation rebound, central bank actions, and insights from Macquarie Group are key considerations for investors navigating market uncertainties.
US PMI data triggers sharp decline in gold prices
Gold prices surged to a two-week high of $2,366 following a second rate cut by the Swiss National Bank and weaker US data. Traders anticipate a move by the US Federal Reserve, especially after the European Central Bank's rate cut.
City dwellers rely more on Ayush than rural folk, says govt data
The results of the first nationwide study done on Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa Rigpa and Homoeopathy found that 52.9% of the people in urban areas used Ayush system of medicine for the prevention or treatment of ailments during the last 365 days, compared with 46.3% in rural areas.
Just a few clicks away: Pan-India school data
What if with a few clicks on computer, one could pinpoint why students in a particular school in Bihar are doing poorly in Mathematics or why the attendance of girl students is consistently low in schools in a particular block in Maharashtra, or whether a mid-day meal was served to all children in a district in Assam or not?
IT ministry appoints new group coordinator of cyber laws division
Deepak Goel, Scientist G of NIC, appointed as Group Coordinator of Cyber Laws and Data Governance division of MeitY, replacing Sandip Chatterjee.
Nirmala Sitharaman: Feisty defender of Modi govt to filling big shoes
As a staunch defender of the Modi government's economic policies and executor, Nirmala Sitharaman created a record when she was appointed as the first female Raksha Mantri, or Defence Minister, in 2017. Prior to that, she was industry and commerce minister.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
RBI MPC meeting: India’s FY25 GDP forecast raised to 7.2% from 7%
The Reserve Bank of India (RBI) raised the FY25 real GDP growth forecast to 7.2% from 7% due to improved rural and urban demand, bolstered by monsoon predictions. The Monetary Policy Committee kept the benchmark rate at 6.25%, noting domestic economic resilience. India's FY24 GDP growth accelerated to 8.2%, driven by a sharp decline in the GDP deflator.
Lok Sabha results won't force India's budget to make significant policy shifts: Fitch
Fitch Ratings anticipates minimal policy shifts in India post-election losses. The upcoming July budget will detail economic reform plans and fiscal goals for the next five years, crucial for addressing fiscal metrics, reducing debt, potential deviations from capital expenditure commitments, the risk of heightened social spending, progress in judicial reforms at the state level, and reforms in the manufacturing sector.
Japan introduces dating app to boost marriage and birth rates
Tokyo City Hall is introducing "Tokyo Futari Story" to combat loneliness and declining marriage rates in Japan. This initiative includes a dating app expected to launch by late 2024. Amidst Japan's lowest-ever marriage and birth rates, Prime Minister Fumio Kishida has termed the demographic trend as Japan's gravest crisis. The national government is also providing financial incentives and expanding childcare to encourage family growth and address labor shortages. Elon Musk expressed support, emphasizing the need for radical action.
India VIX cools off 30% to sub-20 levels as market gets back lost ground
India VIX fell below 20 on Wednesday amidst election outcome favoring NDA with a comfortable majority. Modi 2.0 government held its last cabinet meeting amid positive market sentiments.
BJP-led NDA's narrow majority shifts focus to rural spending and increased private investments
The recent election results in India saw the ruling BJP-led NDA secure a majority, though narrower than expected. A Bernstein report predicts increased focus on direct social schemes, especially in rural areas. Private sector investments are expected to drive the capex cycle, with implications for economic growth and market dynamics. Market volatility is anticipated due to policy uncertainty, while financials remain a key sector.
Modi retaining power under changed circumstances to make reforms challenging: Economists
Economists warn that PM Narendra Modi's retention in power after the general elections under 'changed circumstances' will pose challenges for implementing critical reforms.
New govt to inherit strong economy, focus on making India developed nation by 2047
India's record-breaking economic growth rate and strong tax revenues provide a foundation for future reforms aimed at transforming the country into a developed nation by 2047. The new government must address challenges such as unemployment and rural distress, while also focusing on controlling inflation. Despite potential obstacles, experts expect continued infrastructure-led growth, investor-friendly policies, and reforms to maintain India's economic momentum and attract investment.
India 10-year bond yield sees biggest spike in 8 months on poll results uncertainty
Indian government bond yields surged as early voting trends showed Prime Minister Narendra Modi's NDA leading, causing the benchmark 10-year yield to jump to 7.0130%.
Emirates boss says India’s protectionist stance will be detrimental to economy
Emirates president Tim Clark opposes India's protectionist stance to favor its carriers. The UAE requests more seats, Air India supports the move post-Tata takeover, and IndiGo ventures into long-haul travel with Airbus aircraft.
Indian bond yields seen lower as exit polls predict government continuity
Indian government bond yields are expected to open lower on Monday after positive exit polls hint at PM Modi's re-election. The 10-year yield may range between 6.94%-7.00%. Expectations of policy continuity and fiscal consolidation are driving investor sentiment.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
FY25 capital expenditure outlay may be hiked by 10%
India may increase FY25 capital expenditure by 8-10% from the ₹11.11 lakh crore vote on account allocation, boosted by better tax revenue and a record RBI surplus transfer. The full budget, awaited post-election results on June 4, could see a surge in spending, as per a senior official.
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