National News

Central Silk Board Celebrates 75 Years of Advancing India’s Silk Industry

• On September 20, 2024, the Central Silk Board (CSB) celebrated its Platinum Jubilee in Mysuru.
• The event marked 75 years of dedicated service to India’s silk industry.
• Numerous dignitaries attended the celebration.
• Several important launches and releases were witnessed during the event.

International News

IMF Approves $7 Billion Loan for Pakistan

• The International Monetary Fund (IMF) has approved a new $7 billion loan for Pakistan.
• This decision was announced on Wednesday.
• The approval comes more than two months after initial negotiations reached a staff-level agreement.
• The loan aims to support Pakistan’s struggling economy.

Rank and Reports News

ADB Retains India’s Economic Growth Forecast at 7% for FY24, 7.2% for FY25

• The Asian Development Bank (ADB) projects India’s GDP growth at 7% for FY2024 and 7.2% for FY2025.
• The report attributes this growth to the government’s fiscal consolidation efforts and resilience amidst global geopolitical challenges.
• Key growth drivers for FY2024 include agricultural improvements, robust performance in the industrial and services sectors, and rural spending.
• For FY2025, private investments, urban consumption, and job creation through employment-linked incentives are expected to further boost economic growth.

Banking and Finance News

Moody’s Upgrades India’s Economic Growth Forecast to 7.1% for CY 2024

• Moody’s has revised its forecast for India’s GDP growth in calendar year (CY) 2024 to 7.1%, up from 6.8% in June.
• This upgrade highlights India’s key role in driving growth in the Asia-Pacific region.
• The Asia-Pacific region is expected to outperform global economies in the coming years.
• Other global institutions like the World Bank and the IMF have also adjusted their projections, reflecting increasing confidence in India’s economic momentum.

Defence News

Dassault Aviation Expands Footprint in India with New Military MRO Subsidiary

• Dassault Aviation has announced the establishment of a new subsidiary in India.
• The subsidiary will be dedicated exclusively to military Maintenance, Repair, and Overhaul (MRO) operations.
• This move is part of Dassault Aviation’s strategy to expand its presence in the Indian market.
• The company is renowned for its Rafale fighter planes.

Important Days News

World Maritime Day 2024: Navigating the Future with Safety First

• World Maritime Day 2024 is celebrated on 26 September 2024.
• The theme for this year is “Navigating the Future: Safety First!”
• The theme underscores the International Maritime Organization’s (IMO) commitment to enhancing maritime safety and security.
• It also focuses on protecting the marine environment and ensuring regulatory developments keep pace with technological advancements.

Important Days News

International Day for the Total Elimination of Nuclear Weapons, September 26

• The United Nations General Assembly (UNGA) declared September 26 as the International Day for the Total Elimination of Nuclear Weapons in 2013.
• This day is also known as Nuclear Abolition Day.
• The declaration was formalized through UNGA Resolution 68/32.
• The day marks a significant step towards global nuclear disarmament.