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In a significant diplomatic move, Prime Minister Narendra Modi met with Maldives President Mohamed Muizzu at <keyword id="20751669" type="General" weightage="20" keywordseo="Hyderabad-House" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad House" meta.hostid="261" meta.entityid="Hyderabad House">Hyderabad House</keyword> in Delhi on Monday. This visit is widely seen as an effort to reset ties between the two nations after a year of tense relations. <keyword id="20101322" type="General" weightage="20" keywordseo="President-Muizzu" source="keywords">President Muizzu</keyword>, who arrived in India on Sunday for a five-day visit, received a red carpet welcome. During a joint press briefing, President Muizzu expressed heartfelt gratitude to India, thanking President Droupadi Murmu, <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> and the people of India for their warm reception. He emphasised the Maldives' deep-rooted ties with India, noting that tourism — especially Indian visitors—remains a crucial pillar of the Maldivian economy. “India is our largest source market for tourists, and we hope to welcome even more Indian visitors in the future,” Muizzu remarked. Key areas of cooperation discussed included economic ties and maritime security, critical given the Maldives' position in the Indian Ocean. Following their talks, India granted the financially struggling Maldives a rollover of USD 100 million in Treasury bills, in addition to formalising a <keyword id="23458604" type="General" weightage="20" keywordseo="currency-swap-agreement" source="keywords">currency swap agreement</keyword> and a ₹3,000 crore currency swap. Prime Minister Modi characterised the "development partnership" as a key component of India-Maldives relations, asserting that India has consistently prioritised the needs of the Maldivian people. "Our development partnership is vital to our relationship with the Maldives, and we have always placed importance on the priorities of its people. This year, SBI rolled over USD 100 million in Treasury Bills, and a USD 400 million currency swap agreement was signed based on the Maldives' requirements," he explained. <div type="Article" hostid="261" msid="106837748" title="Withdraw troops by mid-March, Maldives tells India" mstype="2" mssubtype="0"></div>In September, India announced that the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> would purchase Maldivian government bonds worth USD 50 million, following a similar USD 50 million transaction in May 2024. Additionally, Prime Minister Modi and President Muizzu witnessed the first <keyword id="20563654" type="General" weightage="20" keywordseo="RuPay-card" source="keywords">RuPay card</keyword> payment transaction launched in the Maldives and virtually inaugurated the runway at Hanimaadhoo International Airport. Modi stated that India and the Maldives would soon be connected through UPI. "Recently, we launched the RuPay card in the Maldives, and in the future, we will link both countries via UPI," he said during a joint press briefing. Muizzu also expressed his desire to conclude a <keyword id="19945642" type="General" weightage="20" keywordseo="Free-Trade-Agreement" source="keywords">Free Trade Agreement</keyword> with India, a step he believes will open the door to greater Indian investment in the Maldives. Modi emphasised India's commitment to supporting the Maldives through various initiatives, including supplying essential commodities and Covid vaccines, inaugurating airports, and constructing social housing. He noted that a new drinking water project is now operational on 28 islands, providing clean water to over 30,000 residents. The leaders also discussed the opening of consulates in Addu and Bengaluru. Tensions between India and the Maldives escalated following Muizzu's election last year, which saw a shift towards a pro-China stance and the promise to withdraw Indian troops stationed in the archipelago. His visit to China before India in January had raised eyebrows in New Delhi, as it was perceived as a slight. However, since attending Modi's swearing-in ceremony for a third term in June, Muizzu has moderated his anti-Indian rhetoric, signalling a thaw in relations. External Affairs Minister S Jaishankar has stated that the discussions provided "a new impetus" to the relationship. This meeting likely marks a positive turn in Indo-Maldivian relations, setting the stage for further cooperation between the two South Asian neighbours. (With inputs from agencies) <div type="Article" hostid="261" msid="112094153" title="Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA" mstype="2" mssubtype="0"></div>

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

<ul class="summary-list"><li>Trump's victory over Harris raises questions about Republican control of the House.</li><li>Wall Street strategists are closely monitoring financial markets and potential policy impacts.</li></ul>It's fair to say that much of <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-post-election-results-bullish-trump-trade-peter-tuchman-2024-11">Wall Street didn't get enough sleep</a> on election night after being caught off guard by the speed at which results began coming in.Dominic Pappalardo, the chief multi-asset strategist at Morningstar Wealth, was home watching <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/polymarket-prediction-betting-markets-vindicated-by-trumps-strong-showing-1033958821">prediction markets</a> and how percentages were skewing state by state. He was also keeping an eye on financial markets to see if they were making directional moves.Over in London, Richard Kelly, the head of global strategy at TD Securities, was on his firm's trading floor, busy answering endless client questions on 'What about this' and 'What about that'-type scenarios."As much as we all tried to think ahead of what the different policies would be, there are always a lot more questions that come up on the day, and they all have to be much more concrete," Kelly said. "So it's just been a whirlwind."Former President <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Donald Trump's victory</a> over Vice President Kamala Harris has been called for Tuesday's election, but Wall Street is still waiting on one more key answer: <a target="_blank" class="" href="https://www.businessinsider.com/congress-balance-of-power-results-competitive-republicans-democrats-2024-11">Will Republicans take the House</a>, too? It seems increasingly likely. Yet, the result would be based on a handful of seats."Technically, we don't need to know until the first half of December legally, and these things are so close in terms of the margin of error," Kelly said. "There's some of these races where literally hundreds of ballots is the differential of Republican versus Democrat. So it's not going to be today."The small tilt in the House makes a big difference because a handful of seats are enough to create some friction on Trump policies, Kelly noted.<h2 id="e4827f7a-5ee5-4a62-aa3b-da6a8ce8b3ef">Stocks</h2>Sector rotations among stocks are slightly muddy because the overall <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/us-election-trump-stock-rally-rise-sp500-outlook-regulation-mergers-2024-11">market is up so much that everything rallied</a> with the broad market, Pappalardo said. But one noteworthy sector is financials, which performed better than the overall market into Wednesday's early trading hours. It's unsurprising since the Republicans campaigned on policies favorable to banks and financial stocks, including decreased regulation. The steepening yield curve is also positive for banks as it boosts their profit margins since they borrow on the front-end yield and lend at the back-end yield, he added.Technology is another sector the market is viewing favorably: Tech companies have been creating a lot of profit, so Trump's promised corporate tax cuts will be quite beneficial, Pappalardo said.Meanwhile, the utilities sector lagged the broader market the most as we moved into Wednesday's early trading hours. Investors moving away from defensives toward cyclicals is likely a sign that investors believe the economy is positioned for growth, Pappalardo noted.While the rallies are positive for stocks, looking ahead, Pappalardo expects things to return to normality. In other words, investors will focus on traditional fundamentals like corporate earnings and interest rate policy.<h2 id="5e50dfbb-c80b-4dee-8272-69eff4f2145f">Bonds</h2>Wednesday was a long day for Gennadiy Goldberg, the head of US rates strategy at TD Securities. He stayed up past midnight watching the yield move before passing the baton off to his colleagues in London."Once the polls started to close, the market already started to move," Goldberg said. "It took the market very little time to start penciling in higher odds of the Trump victory."The swift and strong Republican win pushed the 10-year yield up from around 4.3% to around 4.45%.The <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-a-bond#:~:text=Bonds%20are%20loans%20that%20investors,the%20principal%20investment%20at%20maturity.">bond market</a> was expressing signs of nervousness. This sector of the market is worried about who's going to pay the bill for potentially higher budget deficits. The result is a pricing-in of higher debt premiums, Goldberg said.Additionally, aggressive immigration and tariff policies could be inflationary. And if it looks like inflation pressures are either reaccelerating or just stubbornly high, it could leave the Fed nervous about cutting rates further, Goldberg said.Kelly added that the 10-year could still move higher to 4.75%, and that's where he thinks the market could get more comfortable buying.<h2 id="b628f761-842f-464c-a039-7d296873c4e9">Currencies</h2>Jayati Bharadwaj, a global FX strategist at TD Securities, was at home in front of multiple screens until about 1 a.m. as she watched <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-forex">currencies move</a> amid the strong Trump lead. Initially, she expected the results to take a few days to become clear, but she was surprised by how quickly the outcome became evident. Currency markets also reacted swiftly against the backdrop of a strengthening dollar."The Chinese renminbi, the Mexican peso, and the euro were hit particularly hard because once markets saw the election results being called, they had to start pricing in the threat of tariffs," Bharadwaj said.She expects the euro to trade even weaker relative to the dollar once Trump takes office. Right now, it's trading at $1.07; expect it to move to $1.05, she said. If the Republicans take the House, then the euro could drop below $1.05, she added.Kelly added that China has been under the microscope since Trump talked about 60% tariffs on its imports. Other countries could face 10% tariffs across the board. So, if you're highly leveraged to trade, like Europe or the UK, it could be very negative for the euro and pound. He noted that it could also be negative on the currencies of Canada and Mexico, depending on how USMCA members will be impacted.On the flip side, the yen could weaken less than other currencies relative to the US dollar. The Bank of Japan may return to rate hikes over the next few months after it had paused, Kelly said. This means watch out for further unwinding in the yen carry trade. Therefore, the next question investors have to ask is: how many long equity positions have been funded at very low Japanese rates, Kelly said.For this reason, Bharadwaj cautions traders about jumping back into any carry trades because there will be a lot of currency volatility.<h2 id="2b454727-3f51-473d-b815-35fcf1e90886">Gold</h2>One surprise is that <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">gold hasn't weakened</a> as much as expected, Kelly said. As the dollar strengthened, he anticipated a more significant pullback. Given the uncertainty and volatility that took place the day after the elections, it might be too soon as investors digest results. However, he anticipates further weakening in gold, which is down 2% from Election Day.

Chief strategists project their outlooks on stocks, bonds, currencies, and gold amid a Trump victory 

<ul class="summary-list"><li>Amazon wants to expand its use of nuclear power to meet rising AI energy needs.</li><li>The company's energy strategy team recently pitched CEO Andy Jassy on the benefits of nuclear power.</li></ul>In June, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-big-tech-cash-king-wall-street-wants-a-piece-2024-10">Amazon's</a> Global Energy Strategy team pitched CEO Andy Jassy the idea of doubling down on <a target="_blank" class="" href="https://www.businessinsider.com/amazon-google-microsoft-openai-big-tech-investment-nuclear-ai-race-2024-10">nuclear power</a> to support its growing network of <a target="_blank" class="" href="https://www.businessinsider.com/ai-data-energy-centers-water-energy-land-2023-10">data centers</a>.The group argued that nuclear can be more reliable and cost-efficient than other clean energy sources, such as wind and solar. Jassy agreed, according to an internal Amazon document from the third quarter that was obtained by Business Insider."We have strong conviction that nuclear power is the most economical and credible path to scale carbon free energy to meet the next decade's rapid capacity growth," the company's energy strategy team wrote. "We took this conviction to <a target="_blank" class="" href="https://www.businessinsider.com/amazon-andy-jassy-wooed-wall-street-overhauled-bloated-tech-giant-2024-7">Andy Jassy</a> in June 2024, and received approval to execute against our proposed expansion to the carbon free energy strategy through new nuclear generation."<div type="image" title="Andy Jassy onstage at an event." height="1293" width="1940" msid="114563910" hostid="261" sizebytes="57026"></div>Fast forward a few months and Amazon's nuclear ambitions are becoming clearer. Last week, Amazon <a target="_blank" href="https://www.businessinsider.com/amazon-invests-in-nuclear-for-aws-following-google-and-microsoft-2024-10">led</a> a $500 million investment in X-energy to develop small modular reactors, following <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">an earlier deal</a> to buy power from a nuclear plant in Pennsylvania.<a target="_blank" class="" href="https://www.businessinsider.com/servicenow-ceo-bill-mcdermott-ai-software-2024-10">Generative AI</a> is the main reason for this sudden interest in nuclear energy. Running these new AI workloads in data centers requires <a target="_blank" class="" href="https://www.businessinsider.com/ai-data-centers-energy-cloud-microsoft-chatpgt-amazon-google-2023-7">way more electricity</a> than traditional computing tasks. Burning <a target="_blank" class="" href="https://www.businessinsider.com/data-centers-energy-demand-utilities-green-renewable-2023-10">more coal</a> and other fossil fuels is bad for the environment, so nuclear is an attractive alternative, despite its checkered safety record.Amazon sees nuclear as a key part of dealing with this AI-driven <a target="_blank" class="" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">surge in energy demand</a>. The company considered tapping into at least four additional existing nuclear power plants and sought even more small modular reactor deals. It also looked at other energy sources, such as geothermal, to meet long-term renewable energy goals, according to the internal document."Machine Learning, GenAl and commercial capacity demand continues to significantly outpace available power capacity globally and requires new solutions that are reliable, cost-effective and carbon free," the document explained, while noting that success in this space would help Amazon Web Services meet customer needs for sustainable data center capacity.<h2 id="9f054fc5-4a26-481d-81e9-4ebeece00b52">Amazon considers all solutions</h2>An Amazon spokesperson said the final details of the company's plans could be "very different from the preliminary ideas," and cautioned against drawing conclusions from an "outdated" document.The cloud giant supports more than 500 solar and wind projects, and has been the largest corporate purchaser of renewable energy for four years in a row. It's also investing in emerging technologies through a Climate Pledge Fund, the spokesperson added."There isn't a one-size-fits-all solution for transitioning to carbon-free energy and we believe all viable and scalable options should be considered, so we frequently consider a wide range of projects before deciding which ones we move forward with," the spokesperson wrote in a statement.<h2 id="e4e8b6a9-955c-4738-a29e-1533eb23b75f">Big Tech's embrace</h2><div type="image" title="three mile island" height="1343" width="2000" msid="114563911" hostid="261" sizebytes="136424"></div>Amazon isn't the only big tech company embracing nuclear to meet AI's insatiable hunger for power.Google recently <a target="_blank" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">unveiled</a> a partnership with Kairos Power to build small modular nuclear reactors. OpenAI CEO Sam Altman loves talking about nuclear and has backed projects. Microsoft <a target="_blank" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">struck a deal</a> to get power from the Three Mile Island nuclear plant.That last deal highlights the nuclear industry's troubled past. In 1979, Three Mile Island <a target="_blank" class="" href="https://www.businessinsider.com/what-happened-three-mile-island-worst-us-nuclear-disaster-2019-8">experienced</a> a major disaster that stalled the US nuclear sector for decades. There have been even worse events in <a target="_blank" class="" href="https://www.businessinsider.com/category/chernobyl">Chernobyl</a> and <a target="_blank" class="" href="https://www.businessinsider.com/haunting-photos-of-the-fukushima-disaster-zone-2017-3">Fukushima</a>.<h2 id="991ea7a5-102b-4e4a-bbbd-ca9c560c342b">"Piano Man"</h2>Prior to the June meeting with Amazon's Global Energy Strategy team, Jassy approved another nuclear plan in December 2023, according to the internal document obtained by BI.Under that plan, codenamed "Piano Man," Amazon targeted existing nuclear plants that had spare capacity. The company wanted to sign agreements that gave it access to "dedicated, reliable power" in the future. The first project within this strategy was announced in March, when Amazon <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">agreed</a> to pay $650 million to purchase energy from a nuclear power plant in Pennsylvania, the internal document showed.Amazon considered at least 4 other similar nuclear projects, the document stated. One was in Maryland for an option to use up to 0.88 gigawatt of energy. Another was in Texas for 1.2 gigawatts. There were two other arrangements in Pennsylvania for 0.96 gigawatt and 0.9 gigawatt of power each. In general, a one gigawatt plant is estimated to have enough capacity to power roughly 876,000 households for a year.It is unclear whether Amazon is still looking into these types of "Piano Man" deals."There are limited pipeline opportunities after these projects, but we will continue to develop all feasible options," the document explained.<h2 id="8dc1cc69-aec8-4677-aef7-89452bc1e7b2">Learning curve</h2><div type="image" title="The cooling towers of a nuclear power plant against a blue sky." height="1414" width="2121" msid="114563912" hostid="261" sizebytes="98642"></div>Amazon has also been "actively conducting due diligence" on more than a dozen opportunities in the small modular reactor space. As part of this, the company has developed relationships with utilities, nuclear construction companies, and the US Department of Energy, according to the document.Nuclear power can be safer, more reliable, and more cost-efficient in the long term compared to other power sources, according to Jacopo Buongiorno, a nuclear engineering professor at MIT. However, he said some of the new advanced small modular reactors are still being tested and often use different designs and systems, making them a relatively riskier option."There will be a learning curve because some of these technologies are not mature yet," Buongiorno told BI.<h2 id="1b22c795-2c48-4282-8e9c-8728dc854c1e">Prioritize 'earlier access to power'</h2>The internal Amazon document described the company's nuclear initiatives as part of a broader "non-standard" energy plan. The company also looked into power arrangements for natural gas plants and geothermal energy."As we drive development of first of a kind, non-standard energy sources within the industry, our scope is primarily medium to long term, supplying power in large amounts beyond 2030," the document stated.In 2024, Amazon's goal is to deliver 8 gigawatts of incremental renewable energy, the document said. Amazon reached 4.1 gigawatts of renewable energy in 2023 and 10.2 gigawatts in 2022, it noted.The internal document listed the main "tenets" that the Global Energy Strategy team follows. It emphasized delivering "highly reliable, cost-effective" power on time, and making bets on technologies that are "on the cusp of scaling and mass adoption."It also stressed the need to find the earliest available power options."While we target obtaining large amounts of power over time, we will prioritize opportunities with the earlier access to power," it said.Do you work at Amazon? Got a tip?Contact the reporter, Eugene Kim, via the encrypted-messaging apps Signal or Telegram (<a target="_blank" rel="noopener noreferrer nofollow" class="c-link">+1-650-942-3061</a>) or email (<a target="_blank" href="mailto:ekim@businessinsider.com">ekim@businessinsider.com</a>). Reach out using a nonwork device. Check out Business Insider's <a target="_blank" rel="" href="https://www.businessinsider.com/insider-guide-to-securely-sharing-whistleblower-information-about-powerful-institutions-2021-10">source guide</a> for other tips on sharing information securely.

Inside Amazon's nuclear ambitions, its 'Piano Man' project, and CEO Andy Jassy's support

<keyword id="22215344" type="General" weightage="20" keywordseo="German-businesses" source="keywords">German businesses</keyword> see <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> as a very "stable place" to <keyword id="19954634" type="General" weightage="20" keywordseo="invest" source="keywords">invest</keyword>, said the country's Ambassador <keyword id="20424857" type="General" weightage="20" keywordseo="philipp-ackermann" source="keywords">Philipp Ackermann</keyword> on Friday, while anticipating increased German <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in India after the India-EU Free <keyword id="19900989" type="General" weightage="20" keywordseo="trade" source="keywords">Trade</keyword> Agreement resolves tax and tariff "impediments". In an interview with ANI, Ackermann also informed about the possible visit of German Chancellor Olaf Scholz in October this year, during which <keyword id="20766370" type="General" weightage="20" keywordseo="business-relations" source="keywords">business relations</keyword> and trade relations would be on the agenda. Ackerman noted that migration will also be a key item for discussion. Speaking on the sidelines of the release of the German India Business Outlook 2024 survey, Ackerman said, "The survey has given us an impression that <keyword id="22215345" type="General" weightage="100" keywordseo="german-business-in-india" source="Orion">German business in India</keyword> is extremely bullish on India. The surveys found that almost 80% of German businesses want to expand their businesses, want to reinvest, build up more factories, and invest more in India." "The German businesses see enormous potential in the Indian market. It sees the very impressive growth rates of India. That makes them very happy. After elections again, they find it a very stable place to invest," the ambassador expressed. Philipp Ackermann termed the long-pending India-EU Free Trade Agreement a "game changer". He mentioned that no specific deadline has been set for signing the Free Trade Agreement, stating that "it will take some time." "There is no deadline because the <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> relationship is very complicated and it has to take time. We have now seen the ninth round, if I'm not mistaken, which just finished a day or two ago. We are in the process of negotiating the German government is very much behind this," he said "We feel that the FTA is very important for our business; it will be even more so if it is a game changer. So I'm very hopeful that at some stage we come to a conclusion, but don't ask me about the timeline. I think it will take some time," he added. When asked what impact the FTA will have on the Indo-German trade relationship, the envoy said that tariffs and taxes are one of the reasons German companies say might impede investment, and with an FTA, the tariff side will be solved. "For many German companies, an FTA will bring a clear solution and regulation on tariffs and trade and it would be a great gift for their business," he added. The proposed trade deal with the EU is one of the most complex FTAs being negotiated by India. There has been no breakthrough despite several rounds of talks. On June 17, 2022, the European Union relaunched negotiations with India for a Free Trade Agreement, and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs). The mandator also gave details about the possible visit of German chancellor Olaf Scholz, saying the chancellor will travel to Delhi and parts of his cabinet, including the German ministers, will accompany him and sit down with their Indian counterparts to develop coming programmes and projects and the roadmap. "So we expect that to happen in the second half of October sometime. The dates have not been finalised yet. But it is a very, very good moment to sit down, compare notes, and say, Where is this apprenticeship going?" he added. "We will try to develop the future of this partnership during these consultations. Other items on the agenda are certainly business relations and trade relations, but also migration, which is a very interesting issue within and certainly does politics as usual," he said.

German businesses see India as a stable place to invest, says German ambassador Philipp Ackermann

Mumbai (Maharashtra) [India], August 8 (ANI): <keyword id="64190" type="General" weightage="100" keywordseo="RBI-Governor" source="Orion">RBI Governor</keyword> <keyword id="6359111" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="Orion">Shaktikanta Das</keyword> says <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> will moderate from July onwards as the monsoon has improved and <keyword id="489239" type="General" weightage="20" keywordseo="Global-food-prices" source="Orion">global food prices</keyword> have shown signs of easing in July. Das said, "Global food prices showed signs of easing in the month of July after registering an increase since March 2024." A degree of relief in food inflation is expected from the pickup in southwest monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals continue to be above the norms, according to RBI Governor Shaktikanta Das. Das added, "Assuming a normal monsoon and taking into account the 4.9 per cent inflation print, Q1 CPI inflation for the current financial year (2024-25) is projected at 4.5 per cent, with q2 at 4.4 per cent, Q3 at 4.7 per cent and Q4 at 4.3 per cent. CPI inflation for the first quarter of next financial year (Q1 2025-26) is projected at 4.4 per cent." The inflation landscape reflects mixed signals, to which Das said, "<keyword id="21258540" type="General" weightage="20" keywordseo="headline-inflation" source="keywords">Headline inflation</keyword> eased up to 5.1 per cent in June 2024 due to higher than expected food inflation. Fuel remained in deflation for the 10th consecutive month. Core inflation moderated to a historic low in the months of May and June." RBI Governor Shaktikanta Das, outlined the <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> with real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of 7.2 per cent for the fiscal year 2024-25 and headline inflation eased to 5.1 per cent in June, on Thursday. Das said, "Real GDP growth for 2024-25 is projected at 7.2 per cent with Q1 at 7.1 per cent, Q2 at 7.2 per cent, Q3 at 7.3 per cent and Q4 at 7.2 per cent. Real GDP growth for Q1 2025-26, this is something which we are giving for the first time, is projected at 7.2 per cent. The risks are evenly balanced." He added, "We have slightly moderated the <keyword id="387719" type="General" weightage="20" keywordseo="growth-projection" source="Orion">growth projection</keyword> for the first quarter of the current financial year in relation to the projection we gave in the previous MPC in June. This is primarily due to updated information on certain high-frequency indicators which show lower than anticipated corporate profitability, general government expenditure and core industries output." This forecast marks a slight moderation from previous estimates provided in the Monetary Policy Committee (MPC) meeting in June, attributed to recent updates on high-frequency indicators such as corporate profitability, general government expenditure, and core industries output. The inflation landscape reflects mixed signals, to which Das said, "Headline inflation eased up to 5.1 per cent in June 2024 due to higher than expected food inflation. Fuel remained in deflation for the 10th consecutive month. Core inflation moderated to a historic low in the months of May and June." Balancing robust growth projections with a nuanced understanding of inflation dynamics Governor Das stated, "Food inflation which has a weight of around 46 per cent in the CPI basket, contributed to more than 75 per cent of headline inflation in May and June. Vegetable prices increased sharply and contributed about 35 per cent to inflation in June. High inflation pressures persisted across other major food items also." Governor Das mentioned softening in core inflation continues to be broad-based with core services inflation touching a new low in the current CPI series during the month of May and June 2024. Das stated, "The high food price momentum likely to have continued in the month of July also. Large favourable base effects may however push headline inflation downwards in July. The Impact of the revision in milk prices mobile tariffs also needs to be carefully monitored." A degree of relief in food inflation is expected from the pickup in south west monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals continue to be above the norms, according to RBI Governor Shaktikanta das. Das anticipates some relief in food inflation due to the expected pickup in the southwest monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals remain above the normative levels, contributing to a more stable food price environment. Global food prices, which have been on an upward trajectory since March 2024, showed signs of easing in July.

RBI Governor Shaktikanta Das projects 7.2% GDP growth for 2024-25, reports eased inflation to 5.1% in June

<ul class="summary-list"><li>Russia's Navy Day saw participation from India and China, bolstering Putin's anti-Western ties.</li><li>There was a notable absence of Russia's Black Sea Fleet at the parade, after losses to Ukraine.</li></ul>Russia's Navy Day saw warships from India and China join the celebrations as President Vladimir Putin sought to project the strength of his anti-Western alliance.China sent the Jiaozuo, a Type 052D destroyer, and India sent the Tabar, a stealth frigate, to the naval parade in St Petersburg on Sunday, <a target="_blank" class="" href="https://t.me/MID_Russia/43624">according to Russia's foreign ministry</a>.Algeria also sent La Soummam, a training ship, the ministry said.<div type="image" title="Chinese navy destroyer Jiaozuo in St Petersburg, Russia to participate in the Navy parade in July 2024." height="667" width="1000" msid="112115940" hostid="261" sizebytes="68584"></div>According to <a target="_blank" class="" href="https://understandingwar.org/backgrounder/russian-offensive-campaign-assessment-july-28-2024">the Washington DC-based Institute for the Study of War</a>, the gathering was meant "to showcase Russia's relations with a number of non-Western states as part of efforts to create a supposed Russian-led group of states to rally against the West."In total, representatives of 31 countries — including Cuba, Vietnam, Egypt, and Brazil — attended, <a target="_blank" class="" href="https://aif.ru/politics/russia/ne-odna-na-prostorah-okeana-v-parade-vmf-prinyali-uchastie-druzya-rossii">according to Russian state-owned outlet Argumenty i Fakty</a>.The parade came amid ongoing efforts by the Kremlin to deepen ties with countries like India and China, which have sent warships to the Navy Day celebrations in previous years.<div type="image" title="Four children wave flags saying 'welcome back' in front of India's Tabar stealth frigate in Bombay, on 31 July 2004" height="500" width="1000" msid="112115942" hostid="261" sizebytes="51970"></div>Despite claiming not to support Russia's war in Ukraine, China has emerged as a major supplier of <a target="_blank" class="" href="https://www.forbes.com/sites/brianbushard/2024/04/12/china-sending-russia-missile-and-drone-parts-for-ukraine-war-us-reportedly-warns/">dual-use parts</a> crucial to its war effort — the sort of support that the US government has <a target="_blank" class="" href="https://www.businessinsider.com/us-says-china-giving-russia-support-behind-scenes-ukraine-war-2024-5">repeatedly called it out for</a>.The two countries have also long participated in joint military exercises and <a target="_blank" class="" href="https://media.defense.gov/2024/Jul/22/2003507411/-1/-1/0/DOD-ARCTIC-STRATEGY-2024.PDF">the Pentagon recently said</a> they are showing increasing willingness to collaborate in the Arctic.Even so, China and Russia's ties appear to be <a target="_blank" class="" href="https://www.businessinsider.com/china-and-russia-are-in-a-bad-marriage-that-the-west-shouldnt-try-to-break-up-2024-6">uneasy</a> and <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">opportunistic</a>, built more on a common desire to tamp down Western influence.Meanwhile, India's Prime Minister Narendra Modi's <a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">recent trip</a> to Russia to meet with Putin also appeared to signal an indifference to US disapproval from India.President Joe Biden has attempted to persuade Modi to take a harder line on Russia, but this has <a target="_blank" href="https://apnews.com/article/russia-ukraine-united-nations-general-assembly-biden-narendra-modi-india-82c9273cf3143cf16e9da23c3dd48170">largely failed</a>.<h3 id="ce577fa9-a485-44dd-a9e2-a3d031d664c7">A conspicuous absence</h3>While Russia's Navy Day celebrations typically involve all its main military port cities, this year's didn't include Sevastopol, the naval base in occupied Crimea that hosts Russia's Black Sea Fleet.Prior to the 2022 invasion of Ukraine, Sevastopol regularly featured in the parade despite <a target="_blank" class="" href="https://www.rbc.ru/rbcfreenews/5f1fce329a79479d6ddfc9ad">the objections</a> of Ukraine's government.But now it is an active hot-war zone under continual pressure from Ukrainian forces, and Russia has largely relocated the remains of the fleet to the safer port of Novorossiysk, on its own shores.Commentators were quick to point out Sevastopol's absence, with European Council on Foreign Relations chief Carl Bildt posting the following graphic to X, making plain the extent of the fleet's losses: Meanwhile, Putin devoted part of his speech on the day to warning the US that Russia would retaliate if it pressed ahead with recently announced plans to locate long-range missile systems in Germany by 2026.Putin said his forces will take "mirror measures" in response.

India and China joined Russia's Navy Day celebrations as Putin tries to project anti-Western group

<ul class="summary-list"><li>Trump allies are reportedly drafting plans for an executive order on AI.</li><li>The order could lead to "Manhattan Projects" for AI military tech, according to The Washington Post.</li></ul>Donald Trump's allies are believed to be drafting plans to create "Manhattan Projects" that will develop AI military technology and review regulations put in place by President Joe Biden.According to <a target="_blank" class="" href="https://www.washingtonpost.com/technology/2024/07/16/trump-ai-executive-order-regulations-military/">The Washington Post</a>, several people close to the former president are writing up an AI executive order to advance US interests in the technology.It will include the creation of industry-led agencies that will study AI models and protect them from foreign powers, the report said.The Post noted that the framework also contains a section called "Make America First in AI," which aligns with the <a target="_blank" class="" href="https://trumpwhitehouse.archives.gov/ai/executive-order-ai/">2016 Trump Administration's</a> commitment to "strengthening American leadership" in the field.Trump's former chief economic advisor, Larry Kudlow, who now heads the America First Policy Institute, is believed to be involved in the plans.If such plans go ahead, they will likely benefit the former president's tech donors, including Tesla billionaire <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign#elon-musk-1">Elon Musk.</a><a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-endorses-trump-after-pennsylvania-rally-incident-2024-7">Musk endorsed Trump in July</a> following the assassination attempt on the former president. Soon after, it was reported he would <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-donate-45-million-pro-trump-pac-report-2024-7">donate $45 million to a new super PAC</a> called America PAC, which has garnered support from others in Silicon Valley.Republicans have previously pledged to repeal <a target="_blank" class="" href="https://www.businessinsider.com/joe-bidens-ai-concerns-grew-mission-impossible-villain-executive-order-2023-11">Biden's executive order on artificial intelligence.</a>The order demands that major tech companies communicate the risks of their AI models with the federal government. It also limits the government's use of AI systems in high-risk situations and includes programs to study potentially harmful AI healthcare practices."We will repeal Joe Biden's dangerous Executive Order that hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology," the <a target="_blank" class="" href="https://edition.cnn.com/interactive/2024/07/politics/republican-gop-platform-annotated-dg/index.html">GOP platform</a> says. "In its place, Republicans support AI Development rooted in Free Speech and Human Flourishing."Hilton Beckham, spokeswoman for the America First Policy Institute said in a statement to the Post that the document does not represent the organization's "official position", and must not be taken as representing the views of the Republican Party either.In 2019, the Trump Administration established the American AI Initiative via <a target="_blank" class="" href="https://www.federalregister.gov/documents/2019/02/14/2019-02544/maintaining-american-leadership-in-artificial-intelligence">Executive Order 13859</a>, which aimed to "develop and implement an action plan, to protect the advantage of the United States in AI and technology critical to United States economic and national security interests against strategic competitors and foreign adversaries."The order also directed officials, including the Secretary of Defense, to "prioritize the allocation of high-performance computing resources for AI-related applications."Representatives for Larry Kudlow and Donald Trump did not immediately reply to a request by Business Insider for comment.

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