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Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday morning chaired a <keyword id="20255269" type="General" weightage="20" keywordseo="pre-budget-meeting" source="keywords">pre-budget meeting</keyword> with Finance Ministers of all States and Union Territories. The Pre-Budget Meeting is organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories (with Legislature) to take suggestions for the upcoming <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Ministers of State along with other stakeholders are participating in the meeting and visuals showed Uttar Pradesh finance minister Suresh Kumar Khanna, and finance minister of Rajasthan Diya Kumari at the Bharat Mandapam venue before the meeting commenced this morning. The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies. Sitharaman chaired the first pre-budget consultations with leading economists on June 19. The meeting was attended by Union minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser. Meanwhile, Sitharaman will also chair the 53rd <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (GST) Council Meeting scheduled in the second half of the day. This is the first meeting of the <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="GST Council" meta.hostid="261" meta.entityid="GST Council">GST council</keyword> after the formation of the new government. State finance ministers will also be present at the 53rd meeting of the Goods and Services Tax Council. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges. The Council is a key player in shaping India's indirect tax system, making sure that it facilitates company and citizen tax relief while also being in line with the country's economic objectives. The information on the agenda of Council meeting is not yet in public domain. However, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Meanwhile, preparation has commenced for the Union budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led <keyword id="22141478" type="General" weightage="20" keywordseo="National-Democratic-Alliance-government" source="keywords" meta.keywordsubtype="org" meta.entityname="National Democratic Alliance government" meta.hostid="261" meta.entityid="National Democratic Alliance government">National Democratic Alliance government</keyword>.

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

Kolkata, <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> should be rated at least one or two grades higher than what it is at present by global rating agencies, <keyword id="1241350" type="General" weightage="50" keywordseo="sanjeev-sanyal" source="Orion">Sanjeev Sanyal</keyword>, Member of the <keyword id="109248" type="General" weightage="50" keywordseo="economic-advisory-council" source="Orion">Economic Advisory Council</keyword> to the Prime Minister, said. <keyword id="268371" type="General" weightage="100" keywordseo="sanyal" source="Orion">Sanyal</keyword> said India just about makes it past the investment grade in the ratings of the agencies, which is "utterly absurd". "In terms of sovereign ratings, if India was fairly rated, it should be at least one, if not two grades higher. There is no reason for India to be at the bottom of the investment grade," Sanyal said. He was speaking at the <keyword id="18313943" type="General" weightage="50" keywordseo="careedge-conversations" source="Orion">CareEdge Conversations</keyword> here on Monday on the theme 'India: Reversing the Gaze'. Sanyal said frameworks of the rating agencies should be questioned, and India should realise that those can be replaced with "ease". "Why should we have to abide by rules and norms of the West, which we had no role in framing....just like the several indices where we feature below 100," he added.

India's sovereign ratings by global agencies utterly absurd: Sanjeev Sanyal

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

<ul class="summary-list"><li>Indian billionaire Karan Adani announced plans to challenge Chinese dominance in global seaports.</li><li>Adani Ports has received "in-principle" approval for a $2 billion project in Da Nang, Vietnam.</li></ul>Karan Adani, the <a target="_blank" class="" href="https://www.businessinsider.com/gautam-adani-succession-planning-sons-nephews-take-over-retirement-handover-2024-8">son of one of Asia's richest men</a>, wants to loosen China's grip on seaports and transform India into a major trading hub."We are working on making India the center point of the overall supply chain from east to west," said Karan in an interview with <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-05/adani-ports-aims-to-grow-india-into-global-trading-hub-in-challenge-to-china">Bloomberg</a> for their "Inside Adani" series.Karan, who is the CEO of Adani Ports, said that the company had received an "in-principle" from the Vietnamese government for a potential $2 billion greenfield project in Da Nang.This would be the latest addition to the Adani Ports' portfolio. In 2022, it <a target="_blank" class="" href="https://www.thehindubusinessline.com/economy/logistics/with-haifa-port-acquisition-adani-sets-its-eyes-on-opportunities-in-europe/article65643118.ece">won a joint bid</a> on the Israel government's tender to buy the Haifa Port for $1.2 billion.It also owns port assets in Colombo in Sri Lanka and the Port of Dar es Salaam in Tanzania.<h2 id="b168f51e-af17-4dfd-93ff-9422bbccd00f">Loosening China's grip</h2>India has long feared that China is surrounding its country with ports. The trade infrastructure in the Indian Ocean is often referred to as China's "string of pearls".China's <a target="_blank" class="" href="https://www.businessinsider.com/china-spends-twice-us-but-belt-road-initiative-losing-steam-2021-9">Belt and Road initiative</a> (also referred to as the New Silk Road) involves buying up multiple ports across the world to build a sea route running from the coast of China through the major transit route of the Indian Ocean and the busiest maritime points of the Middle East, and ending in Europe.<a target="_blank" class="" href="https://www.washingtonpost.com/world/interactive/2023/china-ports-trade-military-navy/">According to the Washington Post</a>, the majority of investments in Chinese-owned ports have been made by companies owned by the Chinese government, which would make the Chinese Communist Party the biggest operator of the ports that fuel global supply chains.The <a target="_blank" class="" href="https://www.cfr.org/tracker/china-overseas-ports">Council on Foreign Relations states</a> that China operates or has ownership stakes in at least one port in every continent except Antarctica. 92 out of the 101 ports were active as of 2023.The <a target="_blank" class="" href="https://www.ft.com/content/a7c2b2f6-e106-436d-a599-cfcc69d18b05">Financial Times</a> cited a report by the Qianzhan Industrial Research Institute stating that China invested at least $40bn in coastal port infrastructure between 2016 and 2021.It also showed that China has 76 port terminals able to support large ships carrying more than 14,000 20ft containers, while south and south-east Asian countries have just 31 between them.<a target="_blank" class="" href="https://www.fortuneindia.com/enterprise/adani-kerala-to-fast-track-vizhinjam-port-completion-with-rs-20000-crore-investment/117536">Fortune India reported</a> that so far, 75% of India's transshipped cargo is handled by ports outside the country.The Adani Group wants to change that.<h2 id="f5591fc4-d44e-43a5-90bb-81fe08ef0678">Making India the world's factory</h2>The company has openly aligned its business interests with Indian Prime Minister Narendra Modi's development agenda of making India the world's factory.Earlier this month, it welcomed the first mother ship in the first phase of its port in Vizhinjam harbor, a project undertaken with the state government of Kerala in India.Expected to reach completion in 2028, the seaport aims to handle up to half of India's container transshipment needs.According to the Bloomberg Billionaires Index, Adani Enterprises, the group's main company, reported revenue of $11.6 billion in 2024, and Karan Adani's father, Gautam Adani, owns a 75% stake.The 62-year-old is worth over $80 billion and <a target="_blank" class="" href="https://www.businessinsider.com/gautam-adani-succession-planning-sons-nephews-take-over-retirement-handover-2024-8">announced his succession plan</a> on Monday — naming his sons Karan and Jeet and nephews Pranav and Sagar as heirs to the Adani Group.The Adani family have previously faced scrutiny for their close ties to Modi, and allegations of preferential treatment from the Modi government.The Adanis frame the association as a desire to improve the country, with the Chairman's Message on the Adani Group website promising to "foray into sectors where the country needs to establish a foothold," and affirming that they will "look at these opportunities as part of our national duty."

An Indian billionaire has an audacious plan to take down part of China's economic masterplan

London: Universities and student groups on Tuesday urgently lobbied British Prime Minister <keyword id="19906889" type="General" weightage="20" keywordseo="Rishi-Sunak" source="keywords">Rishi Sunak</keyword> to safeguard the country's <keyword id="21659184" type="General" weightage="100" keywordseo="post-study-visa" source="keywords">post-study visa</keyword> offer, which has been dominated by Indians to gain work experience for around two years at the end of their university degree. Amid reports that Sunak is considering either restricting or ending the <keyword id="20616105" type="General" weightage="20" keywordseo="Graduate-Route" source="keywords">Graduate Route</keyword> to curtail soaring migration statistics ahead of a general election, a group of nearly 30 university vice-chancellors and the <keyword id="21760521" type="General" weightage="20" keywordseo="national-indian-students-and-alumni-association" source="keywords">National Indian Students and Alumni Association</keyword> (NISAU) UK have issued detailed letters of appeal to 10 Downing Street. They list a series of factors in favour of keeping the Graduate visa scheme unchanged, including the benefits that international students bring to the UK economy in a competitive global higher education marketplace. "Modelling by consultancy London Economics shows that a single cohort has a net economic benefit of GBP 37 billion to the UK economy; as well as through the soft power that Britain's international graduates generate for the country over time, including through furthering ties of trade and diplomacy," reads the NISAU UK letter addressed to Sunak. "Indeed, 70 per cent of <keyword id="19971660" type="General" weightage="20" keywordseo="Indian-students" source="keywords">Indian students</keyword> have told us that the ability to gain meaningful work experience is a critical element in their decision to choose between competing international destinations, of which the UK is one... the Graduate Route allows the opportunity to gain this work experience for a temporary period. It is non-extendable and does not count towards permanent settlement. This means that neither students nor Graduate visa holders should be considered 'immigrants' in the context of the long-term picture of migration," it notes. Their appeal comes a week after the influential <keyword id="20609895" type="General" weightage="20" keywordseo="Migration-Advisory-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Migration Advisory Committee" meta.hostid="83" meta.entityid="Migration Advisory Committee">Migration Advisory Committee</keyword> (MAC) advised the government to let the scheme continue as it found no abuse of this post-study work offer. It also confirmed that Indians topped its tally, accounting for 89,200 visas between 2021 and 2023, or 42 per cent of the overall grants, and were likely to be "most affected by any restriction on the Graduate Route". In their letter to Sunak, universities in the north of England — from Sunderland to Sheffield, Leeds to Lancaster, Liverpool to Teesside, Bradford to Huddersfield, and York to Newcastle — said they will all be harmed by the removal or reduction of this visa as it is an "intrinsic part of the educational offer that has made the UK so attractive to brilliant students from all around the world". "The Graduate Visa Route is regarded by students in key markets like India as an integral part of their educational experience. The MAC review made clear that the removal of this route would make the UK less attractive and thus would cause considerable financial detriment to universities around the country," reads their joint letter. "International student tuition fee income has long cross-subsidised underfunded research and has increasingly become critical to cross-subsidise the teaching of UK undergraduate students because of the frozen tuition fee. Universities cannot continue to absorb the costs of teaching UK undergraduates without some form of alternative funding source," they caution. On top of their visa fees, international students who find work and start businesses contribute billions of pounds in income tax, national insurance and VAT annually. The university chiefs point out that they are also usually net contributors to the National Health Service (NHS) through the NHS surcharge. The Russell Group of the UK's leading universities issued its appeal over the weekend, with CEO Tim Bradshaw warning that there has already been a 10 per cent decline in international applications for post-graduate courses starting this September in the wake of the clampdown on students being able to bring dependant family members. "A further restriction on international students would not only be unnecessary — as numbers are already falling — but also damaging, resulting in less spending in local communities, fewer opportunities for domestic students and less UK research," he noted in a letter to Sunak. Members of his own Cabinet are believed to be opposed to any changes to the Graduate scheme, but the British Prime Minister is having to balance pressures from the right of the governing Conservatives who are single-minded in their demands to curb all forms of legal as well as illegal migration levels ahead of an election later this year.

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

<ul class="summary-list"><li>Russian leader Vladimir Putin shook up his national security team on Sunday. </li><li>Putin replaced his longtime defense minister Sergei Shoigu with an economist Andrey Belousov. </li></ul>Russian leader <a target="_blank" href="https://www.businessinsider.com/vladimir-putin-just-did-donald-trump-big-favor-against-biden-2024-2">Vladimir Putin</a> is replacing his longtime defense minister <a target="_blank" href="https://www.businessinsider.com/sergei-shoigu-vladimir-putin-russia-ukraine-war-problems-2022-11">Sergei Shoigu</a>, 68, with an economist.On Sunday, Putin named former deputy prime minister and economic development minister Andrey Belousov, 65, as his new defense chief."Today on the battlefield, the winner is the one who is more open to innovation," Kremlin spokesperson Dmitry Peskov said of Belousov's appointment, per state news agency <a target="_blank" href="https://tass.com/politics/1786849">TASS</a>. "Therefore, it is natural that at the current stage, the president decided that the Russian Ministry of Defense should be headed by a civilian."Shoigu, who served as defense minister since 2012, now runs Russia's Security Council instead, taking over from Putin ally Nikolai Patrushev. Details of Patrushev's new position, Peskov said, will be revealed "in the coming few days."Besides leading the Security Council, Shoigu will represent Putin in the country's Military-Industrial Commission, which oversees the country's military industrial complex."He is deeply immersed in this work, he knows very well the pace of production of military-industrial products at specific enterprises and often visits these enterprises," Peskov said of Shoigu's new appointment, per <a target="_blank" href="https://tass.com/politics/1786839">TASS</a>.The sudden change in leadership on Sunday marks the first time Putin has shaken up his national security team since <a target="_blank" href="https://www.businessinsider.com/why-did-russia-invade-ukraine-putin-politics-motive-2023-6">Russia invaded Ukraine in February 2022</a>.It also comes at a tenuous time for Russia's defense ministry. Last month, deputy defense minister and top Shoigu aide, Timur Ivanov was dismissed from his position after he was <a target="_blank" href="https://www.reuters.com/world/europe/arrest-russian-defence-ministers-deputy-may-be-strike-by-rival-clan-2024-04-26/">accused of bribery</a>.Shoigu himself was blamed by critics for Russia's lacklustre performance in its war on Ukraine.The UK's defense ministry <a target="_blank" href="https://ukdefencejournal.org.uk/britain-estimates-450000-russian-troops-killed-or-wounded/">said</a> in April that an <a target="_blank" href="https://www.businessinsider.com/6-of-russias-deadliest-moments-in-the-ukraine-war-2023-11">estimated 450,000 Russian troops</a> were wounded or killed over the course of the war. Back in February, the head of the UK's armed forces, Admiral Sir Tony Radakin, said that <a target="_blank" href="https://www.businessinsider.com/putin-doesnt-want-nato-war-russia-would-lose-quickly-uk-2024-2">25% of Russia's vessels in the Black Sea</a> had been sunk or damaged.In June 2023, Wagner mercenary army chief <a target="_blank" href="https://www.businessinsider.com/how-yevgeny-prigozhin-spent-months-after-failed-coup-2023-8">Yevgeny Prigozhin</a> led an <a target="_blank" href="https://www.businessinsider.com/wagner-group-uprising-mercenaries-moscow-putin-power-ukraine-war-2023-6">aborted coup</a> where he <a target="_blank" href="https://www.businessinsider.com/wagner-boss-screams-swears-putins-war-chiefs-shoigu-gerasimov-2023-5">slammed Shoigu's leadership</a> and called for his removal. Prigozhin <a target="_blank" href="https://www.businessinsider.com/wagner-group-yevgeny-prigozhin-russian-plane-crash-state-media-2023-8">died in a plane crash</a> later in August.Shoigu's departure, Peskov said on Sunday, "<a target="_blank" href="https://tass.com/politics/1786833">will in no way change the current coordinate system</a>" of Russia's military strategy.The replacement of Shoigu with an economist like Belousov comes as Russia reckons with its own transformation into a <a target="_blank" href="https://www.businessinsider.com/russia-ukraine-war-sanctions-oil-exports-trade-economy-military-spending-2024-3">war economy</a>.On Sunday, Peskov told reporters that Belousov's appointment as defense minister was about "<a target="_blank" href="https://tass.com/politics/1786833">making the economy of the security bloc part of the country's economy.</a>""We are gradually approaching the situation of the mid-80s when the share of expenses for the security bloc in the economy was 7.4%. It's not critical, but it's extremely important," Peskov said, per <a target="_blank" href="https://edition.cnn.com/2024/05/12/europe/sergei-shoigu-putin-replaces-defense-minister-intl-latam/index.html">CNN</a>.Representatives for Russia's defense ministry didn't immediately respond to a request for comment from BI sent outside regular business hours.

Putin axes defense minister, replaces him with an economist

<ul class="summary-list"><li>The pound rose against the US dollar Thursday as Liz Truss resigned as UK prime minister. </li><li>Truss' 45 days in office were marked by turmoil in financial markets over her government's mini-budget. </li></ul><a href="https://markets.businessinsider.com/currencies/gbp-usd">The pound</a> climbed against the dollar Thursday after Liz Truss resigned as the UK's prime minister following weeks of turmoil in the financial markets in reaction to her government's mini-budget. But analysts said to expect further volatility as the country works out its next moves on the leadership front. Pound sterling rose as much as 1.1% to $1.1337 before paring the rise to 0.8%. In the bond market, the yield on the 30-year gilt fell by 10 basis points to 3.82% as prices rose. On the shorter end, the 2-year gilt yield slipped 2 basis points to 3.48%. ['We] set out a vision for a low tax high growth economy that would take advantage of the freedoms of Brexit," Truss said Thursday. "I recognize, though, given the situation I cannot deliver the mandate on which I was elected by the Conservative Party."<a href="https://www.businessinsider.com/liz-truss-resigns-as-uk-prime-minister-2022-10">She resigned as the UK's prime minister</a> after just six weeks in the role. Her 45-day tenure — the shortest term in UK history — was roiled by her government's initial £45 billion ($50.8 billion) economic growth plan that included unfunded tax cuts.The plan sent borrowing costs, including those for mortgages, soaring, prompting emergency bond buying by the Bank of England and eventually a series of policy reversals by Truss. "The pound is trading higher, attempting to climb back up its 2-week highs logged earlier this week, as investors cheer Truss' departure and the potential for a more economically savvy, market-friendly leader," said Victoria Scholar, head of investment at Interactive Investors, in a note. A new leader of the Conservative Party will be named by next week, Truss said. "There will be a relief rally in markets now that Truss has confirmed her departure - it will be short-lived as political upheaval remains," Nigel Green, CEO of independent financial advisory deVere Group, said in a note."Currently, there's 10.1% inflation with a stranglehold over households and business, and there is no functioning government. To investors, the UK looks ungovernable, and its economy resembles that of an emerging market, not a G7 nation," he wrote. The UK large-cap <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> index ended up by 0.3% after turning lower on pound strength. "Although Truss was brought in to usher in an era of growth and 'trickle-down economics', her strong pro-growth policy was poorly timed, sending the UK bond markets into a sharp sell-off as her policies fanned the flames of surging inflation," said Giles Coghlan, chief market analyst at HYCM. He said Truss' departure will likely be "mildly GBP positive" depending on her successor.

The pound jumps against the dollar after Liz Truss resigns as prime minister, but more volatility could be in store for markets as political and economic risks linger

<keyword id="3820" type="General" weightage="100" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, Chairman and Managing Director, Reliance Industries, has been appointed as the member of <keyword id="223206" type="General" weightage="80" keywordseo="advisory-committee" source="Orion">Advisory Committee</keyword> to the President of the 28th Session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC). Mukesh Ambani joined other important global leaders on the COP28 Advisory Council such as Larry Fink, Chairman and CEO of BlackRock, Olafur Grimsson, Chairman of Arctic Circle (Former President of Iceland), Laurent Fabius, President of COP21 / Paris Agreement, Former Prime Minister of France, Francesco La Camera, Director General, International Renewable Energy Agency (IRENA), Bob Dudley, Chair of the Oil &amp; Gas Climate Initiative (OGCI), former CEO of BP. Mukesh Ambani is the only Indian, other than <keyword id="111359" type="General" weightage="50" keywordseo="sunita-narain" source="Orion">Sunita Narain</keyword>, Director General, Centre for Science and Environment, on the Advisory <keyword id="47865" type="General" weightage="80" keywordseo="committee" source="Orion">Committee</keyword> to the President of COP28. The COP28 UAE Advisory Committee brings together the climate expertise of thought leaders from countries across six continents. Representing policy, industry, energy, finance, civil society, youth, and humanitarian action, the 31 members of the Committee, of which 65 per cent are from the Global South, will provide guidance and counsel to the COP Presidency in the run up to COP28 and beyond. The UNFCCC Secretariat announced in January 2023 appointed <keyword id="2021753" type="General" weightage="50" keywordseo="sultan-ahmed-al-jaber" source="Orion">Sultan Ahmed Al Jaber</keyword>, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, as COP 28 President-Designate. UAE has been chosen to host the 28th session of the Conference of Parties (COP 28) to the UNFCCC (United Nations Framework Convention on Climate Change) from November 30, 2023 to December 12, 2023. It will be held at Dubai Expo City. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/lic-shares-surge-over-3-after-it-posts-a-five-fold-jump-in-q4-net-profit/articleshow/100495712.cms">LIC shares surge over 3% after it posts a five-fold jump in Q4 net profit</a> <a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-titan-eicher-motors-tata-motors-reliance-and-other-big-companies-performance-in-nifty-50/articleshow/100474408.cms">Big boys drive Nifty50’s revenue and profit growth in FY23</a> <a href="https://www.businessinsider.in/business/corporates/news/gqg-partners-rajiv-jain-doubles-down-on-his-adani-bet/articleshow/100450041.cms">GQG Partners’ Rajiv Jain doubles down on his Adani bet</a>

Mukesh Ambani joins COP28 Advisory Committee

<ul><li>India’s Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> will host the year’s first <keyword id="245371" type="ORGANIZATION" weightage="20" keywordseo="Council-of-Ministers">Council of Ministers</keyword> today evening in the national capital. </li><li>Allies of the Bhartiya Janata Party (BJP) are hoping that Modi will expand his cabinet to accommodate ‘respectable’ representation. </li><li>The council will also have to address the issues of protests against the Citizenship Amendment Act (CAA) and the <keyword id="36141" type="ORGANIZATION" weightage="20" keywordseo="economic-slowdown">economic slowdown</keyword>. </li></ul>India’s Prime Minister Narendra Modi is set to kick off the new year with his first Council of Ministers today evening. Not only is it the first meeting of the year, but it may also be important with rumours of Modi wanting to reshuffle and expand his cabinet. <a href="https://www.timesnownews.com/india/article/pm-narendra-modi-to-review-ministerial-work-in-years-first-council-of-ministers-meet-today/535060">Times Now</a> reports that Modi will be returning to Delhi to hold the Council of Ministers at 5:30 pm today after returning from the Indian Science Congress (ISC) in Karnataka. Allies of the <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> (BJP) — like <keyword id="6358821" type="ORGANIZATION" weightage="20" keywordseo="shiv-sena">Shiv Sena</keyword> and the <keyword id="123462" type="ORGANIZATION" weightage="20" keywordseo="Janata-Dal">Janata Dal</keyword> — have been asking for ‘respectable’ representation sources told <a href="https://www.business-standard.com/article/economy-policy/cabinet-expansion-reshuffle-on-the-cards-amid-demands-from-bjp-allies-119110400024_1.html">Business Standard</a>. That’s not surprising since there are currently 72 ministers on Modis’ Council of Ministers — not one from BJP’s allies. Slots are still up for grabs since the council can accommodate a total of 81 ministers, excluding Modi — 15% of the total number of members in the lower house of Parliament, the Lok Sabha. Addressing the issues While the political elements may be more interested in getting a seat at the table, there are other pressing issues on the docket as well. Multiple reports of <a href="https://www.businessinsider.in/tech/news/caa-internet-shutdowns-make-india-example-for-china/articleshow/72931761.cms">clashes between protestors and the authorities</a> have been coming in over the <a href="https://www.businessinsider.in/india/news/indian-citizenship-bill-challenged-by-iuml-in-supreme-court-one-day-after-passing-rajya-sabha/articleshow/72487481.cms">Citizenship Amendment Act (CAA)</a>. In addition, the global economic slowdown has the Indian economy on the edge. <a href="https://www.businessinsider.in/business/news/imf-calls-out-indias-growth-rate-which-did-not-translate-into-jobs/articleshow/72947797.cms">India’s ‘growth rate’</a> which did not translate into jobs was recently called out by the International Monetary Fund (IMF). Modi held the last Council of Ministers on the 21 December, four days before Christmas. Today’s council will the first major hurdle of 2020. See also: <a href="https://www.businessinsider.in/tech/news/caa-internet-shutdowns-make-india-example-for-china/articleshow/72931761.cms">Indian government shut off the Internet over a 100 times in 2019 — and China is lovin' it</a> <a href="https://www.businessinsider.in/tech/news/5g-data-privacy-surveillance-ai-digital-tax-and-e-commerce-to-drive-tech-debate-in-india-in-2020/articleshow/73054149.cms">5G, AI, data privacy and mass surveillance — 12 biggest tech policy challenges India will have to face in 2020</a> <a href="https://www.businessinsider.in/india/news/8-charts-that-show-that-corruption-is-still-a-way-of-life-in-india/articleshow/72260521.cms">8 charts that show that corruption is still a way of life in India</a>

Narendra Modi to lead the first Council of Ministers of the year today— cabinet expansion may be on the cards

<ul class="summary-list"><li>A Ukrainian town renamed a street after <keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> in recognition of the UK's efforts during the war.</li><li>Locals told British media the prime minister, who recently travelled to <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, was "the absolute bomb."</li></ul>A small town in southern Ukraine is renaming one of its streets after Boris Johnson, calling the British prime minister a hero in recognition of the UK's efforts to help fight Russian forces, multiple reports said.The street in question — described by <a href="https://www.telegraph.co.uk/world-news/2022/05/03/residents-boris-johnson-street-ukraine-revere-brave-clever-man/">The Daily Telegraph</a> as "unremarkable" — is in the town of Fontanka, which sits on the outskirts of Odesa, where Ukrainian troops are resisting Russian forces. The street is currently named after Vladimir Mayakovsky, a famous Russian poet and playwright.Fontanka's council announced plans to change its name to Boris Johnson Street – or вулиця Бориса Джонсона — according to multiple reports."The prime minister of the United Kingdom is one of the most principled opponents of the <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>n invasion, a leader in sanctions on Russia and defence support for Ukraine," <a href="https://www.thesun.co.uk/news/18309366/ukraine-named-street-boris-johnsons-honour/">The Sun</a> quoted the council as saying.The decision was taken after Johnson visited Kyiv – <a href="https://www.businessinsider.com/biden-trip-ukraine-russia-zelensky-secret-service-putin-white-house-2022-4?r=US&amp;IR=T">something which US President Joe Biden has yet to do</a> – and after the UK sent hundreds of millions of pounds of military and economic aid to Ukraine.While Johnson is still under pressure domestically, both for <a href="https://www.businessinsider.com/tory-mps-call-for-boris-johnson-quit-partygate-list-2022-4?r=US&amp;IR=T">the so-called partygate scandal</a>and cost of living, Fontanka locals were rapturous."He is a very strong and clever and brave man," 62-year-old Alex Lerner told The Telegraph. "It is wonderful that this street has been named after him, as it is important for us Ukrainians to know not just our own heroes but those from overseas who helped our country.""Winston Churchill too was considered a freak in his day, drinking brandy and smoking cigars all day, and so is Boris Johnson," Lerner said, according to The Telegraph.A woman named Raisa Stayanova was also full of praise, saying: "Boris Johnson's hair is very cool, and he is a cool person and he has a good soul," per The Telegraph.The same woman told <a href="https://www.thetimes.co.uk/article/ukrainians-rename-odesa-road-as-boris-johnson-street-f0cmk0fw3">The Times of London that Johnson was "the absolute bomb."</a>"I don't really follow <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword>," she said. "But he is my favourite person in the whole world."I don't know about this birthday party. That seems to be normal human behaviour," she said, apparently referring to the <a href="https://www.businessinsider.com/boris-johnson-rishi-sunak-fined-attending-lockdown-breaching-parties-2022-4">London Metropolitan Police's £50 fine for Johnson</a> for attending a birthday party that breached UK COVID-19 lockdown rules at the time."But he was the first man who stood with us and helped us in our struggle. He is the best, I tell you, the best, the best, the best."On Tuesday, <a href="https://www.businessinsider.com/boris-johnson-says-uk-indifferent-to-fate-of-vladimir-putin-2022-5?r=US&amp;IR=T">Johnson became the first Western leader to address the Ukrainian parliament</a> since Russian forces invaded, telling politicians "this is Ukraine's finest hour" as he invoked the UK's fight to defeat the Nazis in World War II.

'He is the best': Ukrainians praise Boris Johnson as town names street after 'hero' British prime minister

New Delhi, Jan 21 () The government on Tuesday said it has set up a National Startup Advisory Council to advise the Centre on measures needed to build a strong ecosystem for nurturing innovation and start-ups in the country.
 The Council will suggest measures to foster a culture of innovation among students and others, the commerce and industry ministry said in a statement.
 It will also suggest measures to facilitate public organisations to assimilate innovation, promote creation, protection and commercialisation of intellectual property rights, make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs, it said.
 Further, the ministry said the Council will suggest ways to promote ease of access to capital for start-ups, incentivise domestic capital for investments, mobilise global capital for investments, and keep control of start-ups with original promoters.
 The Council, which will be chaired by the commerce minister, will consist of non-official members to be nominated by the Centre, founders of successful start-ups, veterans who have grown and scaled companies in India, persons capable to represent interests of investors into start-ups.
 Besides, it will have persons capable of representing interests of incubators and accelerators and representatives of associations of stakeholders of start-ups and representatives of industry associations.
 The term of the non-official members will be for a period of two years.
 The ministry added that the nominees of the ministries, departments and organisations concerned not below the rank of joint secretary will be ex-officio members.
 "The government has notified the structure of the Council to advise the government on measures needed to build a strong ecosystem for nurturing innovation and start-ups in the country to drive sustainable economic growth and generate large-scale employment opportunities," it said.
 The individual names will be notified later. RR HRS

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Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

ANI

India's sovereign ratings by global agencies utterly absurd: Sanjeev Sanyal

PTI

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

PTI

An Indian billionaire has an audacious plan to take down part of China's economic masterplan

Hannah Abraham

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

PTI

Putin axes defense minister, replaces him with an economist

Kwan Wei Kevin Tan

The pound jumps against the dollar after Liz Truss resigns as prime minister, but more volatility could be in store for markets as political and economic risks linger

Carla Mozée

Mukesh Ambani joins COP28 Advisory Committee

IANS

Narendra Modi to lead the first Council of Ministers of the year today— cabinet expansion may be on the cards

Prabhjote Gill

'He is the best': Ukrainians praise Boris Johnson as town names street after 'hero' British prime minister

Catherine Neilan

Govt sets up National Startup Advisory Council

PTI

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