Published on: May 30, 2024
Snippets : 30 MAY 2024
Snippets : 30 MAY 2024
- REC wins ‘Sustainability Champion – Editor’s Choice Award’ at Outlook Planet Sustainability Summit & Awards 2024
- Power Finance Corporation Ltd. (PFC) has been honoured with the Corporate Social Responsibility award in the NF (Non-Fossil Fuel) business category at the Outlook Planet Sustainability Summit & Awards 2024, held in Goa
- The Bengaluru Metropolitan Transport Corporation (BMTC) scrapped 550 old buses under the National Vehicle Scrappage Policy, which mandates deregistration and scrapping of government vehicles over 15 years old. These buses, older than 15 years or having traveled more than 900,000 kilometers, were sold through a tender process. The policy, effective from April 1, 2022, includes mandatory fitness tests for vehicles and offers incentives like road tax rebates and registration fee waivers for new vehicle purchases. It aims to reduce pollution, enhance safety, support the auto sector, create jobs, and boost the steel industry.
- S&P has upgraded India’s outlook to ‘Positive’ from ‘Stable’ while reaffirming its long-term sovereign rating at ‘BBB-’. This decision is driven by India’s robust economic growth, sound economic fundamentals, and effective policy reforms. Key strengths include a dynamic economy and strong external balance sheet, while weaknesses involve high debt and low GDP per capita. This is the first outlook improvement for India by S&P in nearly ten years, reflecting a remarkable economic recovery post-Covid-19. S&P’s ratings influence borrowing costs and investor sentiments globally
- The RBI Governor recently launched three initiatives: the Pravaah portal, Retail Direct Mobile App, and FinTech Repository, aiming to boost efficiency in financial services. Pravaah is a web platform for regulatory processes, offering online submission, status tracking, and timely decisions for authorizations and approvals. The Retail Direct App aids retail investors in managing Gilt accounts, facilitating participation in auctions and secondary market trades via smartphones. The FinTech Repository compiles vital data on FinTech firms, aiding policymakers and industry members, while the EmTech Repository focuses on technology adoption by RBI-regulated entities, managed by RBIH.
- India’s successful test-firing of the RudraM-II missile highlights its indigenous technological strength and bolsters national defense capabilities. The missile, designed for air-to-surface anti-radiation purposes, boasts impressive specifications like a 300-kilometer range, speeds up to Mach 5.5, and a 200-kilogram payload. It operates from the Sukhoi Su-30 MK-I and features advanced guidance systems, sensors for target acquisition, and incorporates cutting-edge indigenous technologies. This development not only strengthens India’s air security but also marks a strategic replacement of older missile systems, showcasing the nation’s prowess in defense technology
