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IMF raises India’s growth forecast to 6.3 %; PM Modi says India is global bright spot powered by strength & skills of people

News: According to Prime Minister Narendra Modi, India is a worldwide bright spot and a powerhouse of growth and innovation because of the strength and skills of its people. 

• In response to the International Monetary Fund’s (IMF) report projecting that India’s GDP will expand by 6.3% this fiscal year as opposed to 6.1% last year, Mr. Modi stated on social media that the government will keep bolstering the path towards a prosperous India and accelerating the pace of reforms.
• Yesterday, the IMF revised up its estimate for India’s GDP to 6.3% while lowering its prediction for world growth to 3%. According to the IMF’s World Economic Outlook, growth in India is predicted to stay robust at 6.3% in 2023 and 2024. The forecast for 2023 has been revised upward by 0.2 percentage points, reflecting higher-than-expected consumption from April to June. 

8th BRICS International Competition Conference to begin in New Delhi 

News: Starting today, October 11, the 8th BRICS International Competition Conference will take place in New Delhi. The Competition Commission of India (CCI) Chairperson, Ravneet Kaur, briefed the media in New Delhi yesterday. 

• She stated that the conference’s theme is “New issues in competition law and policy: dimensions, perspectives, and challenges.” The conference, she remarked, is a landmark occasion to be held in India after ten years. 
• More than 600 representatives from BRICS and non-BRICS competition authorities, as well as specialists in competition law, non-governmental advisers, and domestic invitees, are anticipated to attend the conference, according to Ms. Kaur. 

Presiding Officers of G20 Nations begin arriving in India for 9th P20 Summit 

News: In preparation for the ninth Parliamentary Speakers’ Summit (P20 Summit), which is set to begin on Friday, presiding officers of parliaments from a number of G20 member nations have begun to arrive in New Delhi. 

• Speaker of the House of Representatives of Australia Milton Dick and President of the Australian Senate Sue Lines have already arrived. Ten more nations and international organizations will take part in the two-day meeting in addition to the G-20.
• For the first time, presiding officers of pan-African parliaments will attend the P-20 Summit in India.
• Four high-level sessions on the subjects of women-led development, public digital platforms for transformation in people’s lives, women-led development, and advancing the Sustainable Development Goals will be held at the global event.
• According to an AIR correspondent, in the spirit of Vasudhaiva Kutumbakam—One Earth, One Family, One Future—India seeks to offer consensus-based solutions to complicated global issues in the direction of a more inclusive, peaceful, and equitable world during the P20 Summit.

India’s oldest think tank to hold country’s first military heritage festival

News: India’s oldest think tank, the Institute for Strategic Studies (ISS), is set to make history by hosting the country’s inaugural Military Heritage Festival.

• Founded in 1965, the ISS has played a pivotal role in shaping India’s strategic policies for decades.
• The Military Heritage Festival, slated to be a remarkable event, celebrates India’s rich military history and the valor of its armed forces.
• This festival aims to bring to life the nation’s glorious past through a series of exhibitions, interactive displays, and reenactments, showcasing the evolution of India’s military from ancient times to the present day.
• Visitors will have the opportunity to witness artifacts, weaponry, and uniforms, as well as engage with veterans and experts who will share their insights and stories.
• The event not only promises to be a treat for history enthusiasts but also a platform to instill a sense of national pride and respect for the armed forces.
• The ISS’s commitment to preserving and promoting India’s military heritage is truly commendable, making the festival a significant milestone in the country’s cultural landscape.

Ambani reclaims top spot on Hurun India Rich List 2023

News: In 2023, Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, has reclaimed the coveted top spot on the prestigious Hurun India Rich List.

• This remarkable achievement reaffirms his status as India’s wealthiest individual. Mukesh Ambani’s wealth has surged due to the continued success and expansion of his conglomerate, which has interests in telecommunications, petrochemicals, retail, and more.
• Ambani’s visionary leadership, coupled with strategic investments, has propelled him back to the pinnacle of India’s wealth rankings. Under his stewardship, Reliance has consistently diversified its portfolio, with the digital arm, Jio, emerging as a major disruptor in the telecommunications industry, and Reliance Retail making significant inroads in the retail sector.
• Ambani’s philanthropic efforts and contribution to India’s economic growth have made him an influential figure in both business and social circles.
• His resurgence as the wealthiest Indian on the Hurun list serves as a testament to his entrepreneurial acumen and the continued growth of his business empire in a dynamic and evolving economic landscape.