Finance Minister Nirmala Sitharaman Unveils Budget 2024

India’s finance minister unveils budget, promises reforms to drive growth India’s Finance Minister, Nirmala Sitharaman, unveiled the budget promising comprehensive economic reforms to stimulate growth in her final budget speech in the Lok Sabha ahead of the impending national elections in May.

Some of the key highlights of her speech include the commitment to construct more than two crore houses under a housing scheme targeting deserving middle-class people, the conversion of 40,000 regular rail bogies to Vande Bharat standards, and the determination to propel India towards becoming a developed nation by 2047.

Sitharaman affirmed that export rates, indirect taxes, and direct taxes would remain unchanged. Additionally, she announced an 11% increase in capital expenditure allocation for the next fiscal year, amounting to ₹11.1 lakh crore, while successfully reducing the budgetary deficit to 5.8% of the gross domestic product for the current fiscal year.

Noteworthy allocations for the fiscal year 2024–2025 include a substantial budget of Rs 6,500 crore for the Border Roads Organisation under the Ministry of Defence, marking a 30% increase over the previous year. The Indian Coast Guard’s funding saw a 6.31% boost to Rs 7,651 crore, and the budget for the Defence Research and Development Organisation (DRDO) grew to Rs 23,855 crore.

Bank Of England Keeps Interest Rate On Hold

The Bank of England has maintained its stance on borrowing costs, holding them unchanged for four consecutive months while hinting at potential rate cuts soon. The central bank anticipates that inflation will soon dip below 2%, prompting cautious optimism.

Before considering a reduction in borrowing rates, the Bank emphasized the need for further evidence of sustained inflation aligning with the government-set target. It emphasised the continuous problem and the continued hazards that come with fast-rising costs.

The Monetary Policy Committee (MPC) opted to retain interest rates at 5.25%, the highest since the 2008 financial crisis. According to analysts, inflation, which stood at 4% in December, may reach target levels by April, a year earlier than the Bank of England had predicted.

In October 2022, inflation peaked at 11.1%, which prompted the Bank to take a cautious stance. In response, the Bank of England warned that rates could rise further over an “extended period.”

A key contributor to medium-term inflation trends, three of the nine policymakers at the Bank of England advocated for raising interest rates to 5.5% from 5.25%. Furthermore, they highlighted the delicate balancing act between containing inflation and stimulating economic growth.

Anmol Kharb and S. Bhargav Win All India Senior Ranking Badminton Title

Haryana player Anmol Kharb created history by clinching the title in Jodhpur. The tournament, organised by the Rajasthan Badminton Association, was organised by the Badminton Association of India.

The rising badminton star, Anmol, showcased her exceptional skills throughout the tournament. Despite facing tough opponents, she displayed remarkable resilience and determination. In a thrilling final match against Aalisha Naik from Maharashtra, Anmol staged a remarkable comeback after losing the first game. She eventually secured victory with a scoreline of 13-21, 21-11, and 21-19.

Anmol won impressive matches against well-known competitors like S. Rakshitha Sree, Navya Kanderi, Shruti Mundada, Isharani Bhruah, Shriyanshi Valishetty, and Purva Barve on his way to winning the title.

Sixteen-year-old Anmol has already significantly impacted Indian badminton. Her recent win adds to her growing list of achievements, following her notable victory over Tanvi Sharma at the 85th Senior Nationals in Guwahati.

In the men’s singles category, S. Bhargav emerged as the champion by convincingly defeating Saeeth Dayanand. The final witnessed an all-Karnataka clash, with Bhargav dominating his opponent to clinch the title. With this triumph, Bhargav has cemented his place among the nation’s best badminton players by demonstrating his expertise and dominance on the court.

Italy’s Jannik Sinner’ Creates History By Winning Grand Slam Title After Half a Century

In a dazzling display of skill and determination, Jannik Sinner, the rising star of Italian tennis, earned his name in history by clinching the Australian Open title. He became the first Italian male to win the Grand Slam title since 1976.

Seeded fourth, Sinner’s journey to the final showcased his unparalleled prowess. Against Daniil Medvedev, a gripping spectacle unfolded, with Sinner scoring a remarkable comeback, triumphing 3-6, 3-6, 6-4, 6-4, 6-3.

Sinner only lost one set before the championship match, demonstrating his unwavering dominance throughout the competition. His achievement represents the comeback of Italian tennis and recalls memories of Adriano Panatta’s triumph at the French Open.

Notably, the 22-year-old steered Italy to its first Davis Cup victory in nearly five decades, adding to his growing legacy. Sinner’s achievement has grabbed audiences’ attention globally.

Upon returning to Rome, Sinner received a warm welcome from Prime Minister Giorgia Meloni, underscoring his profound impact on Italian sports. He is set to be honoured by President Sergio Mattarella later on Thursday.

As per the organisers of the Open 13 Provence in Marseille, Sinner has opted out of the forthcoming event scheduled to commence on February 5. However, the rationale behind his decision remains undisclosed.

French President Unveils A Specialized Initiative For Indian Students

French President Emmanuel Macron has announced the launch of an exclusive programme called “Classes Internationales” (international classes) for Indian students. On January 26, President Macron and Prime Minister Narendra Modi announced a joint statement. The programme aims to enhance educational and cultural exchange between the two countries.

Starting in September, this special programme will offer Indian students the opportunity to spend a year in France learning French before pursuing their chosen degrees.

As per a statement from the French Embassy, students who complete a foundational year of immersive language training at an institution will be eligible for admission to undergraduate programmes taught in French at higher education institutions in France. The admission will be irrespective of whether they are native speakers or complete beginners.

Additionally, Indian students will receive instruction in French language, methodology, and academic content at prestigious French universities. The initiative aims to welcome over 30,000 Indian students to France by 2030.

France aims to increase opportunities for Indian students, which is evident in programmes like Classes Internationales, and 5-year short-stay Schengen visas for alumni. As of right now, the nation receiving the most number of French academic scholarships is India.

Sri Lanka Passes Controversial Bill To Regulate Online Content

On Wednesday, Sri Lanka’s lawmakers passed a bill to regulate online content. The move has sparked fears among opposition politicians and activities of free speech crackdowns.

With 108-62 votes in favour, the Online Safety Bill was passed. Its objectives are to “prevent the use of online accounts and inauthentic online accounts for prohibited purposes” and “make provisions to prohibit online communication of certain statements of fact in Sri Lanka.”

The bill also calls for the establishment of an “Online Safety Commission,” a five-person committee that the president will appoint, whose responsibility it will be to “direct all persons who communicate prohibited statements under this Act to stop communicating any such statements.”

The Sri Lankan government asserts that the proposed bill aims to safeguard citizens from online harassment. However, human rights groups have raised doubts about this assertion, contending that the bill is designed to stifle dissent and criticism.

Meenakshi Ganguly, Deputy Asia Director at Human Rights Watch, stated, “Sri Lanka continues to grapple with an economic crisis exacerbated by government actions and a lack of accountability. In 2022, prolonged protests calling for reform led to the removal of the Prime Minister and President. Since assuming power in that year, President Wickremesinghe has taken steps to suppress dissent.”

Vietnam and the Philippines Sign Deals on South China Sea Security

Vietnam and the Philippines have signed an agreement to enhance cooperation in safeguarding the South China Sea to prevent untoward incidents in the region.

The announcement came during President Ferdinand Marcos Jr.’s state visit to Hanoi, underscoring the strategic importance of collaboration amid escalating tensions. With China laying claim to nearly all of the $3 trillion in annual shipborne trade passing through the South China Sea, both Southeast Asian nations find themselves in competition over vital maritime territories.

The bilateral agreement, consisting of two memoranda of understanding on security, addresses crucial areas such as “incident prevention in the South China Sea” and “maritime cooperation” among coastguards. The latest agreement between Vietnam and the Philippines may provoke Beijing, given its extensive deployment of coastguard fleets throughout the South China Sea to enforce its territorial claims. However, details of the agreement reached in Hanoi have not been revealed.

Marcos stressed Vietnam’s role as the Philippines’ sole strategic partner in Southeast Asia ahead of his meeting with Vietnamese President Vo Van Thuong. He highlighted the foundation of their relationship, emphasising maritime cooperation.

Additionally, Vietnam, one of the world’s leading exporters of rice, has solidified agreements on rice trade and agricultural cooperation with the Philippines, a key importer of the crop.

Italy’s PM Giorgia Meloni Pledges New Partnership With Africa

Italy’s Prime Minister Giorgia Meloni has set the stage for a fresh era of collaboration with Africa during a pivotal one-day summit. In an unveiling of long-awaited plans, Meloni outlined a vision aimed at fortifying economic ties, establishing an energy hub for Europe, and mitigating migration pressures.

In a bid to kickstart this ambitious agenda, Meloni committed an initial investment of $5.95 billion, which includes state-backed guarantees. Meloni said, “We are only at the beginning; there is a very long road ahead of us. This day is a restart.” She outlined the need for swift action to start working on projects that would have a practical impact.

However, amidst the optimism, dissenting voices emerged among the attendees. Moussa Faki Mahamat, Chairman of the African Union Commission, highlighted the importance of honouring commitments and expressed disappointment over Africa’s exclusion from priority-setting discussions.

Critics who point to Italy’s staggering debt levels cast doubt on the nation’s ability to compete with global powers like China, Russia, and the Gulf states in Africa. Italy is likely to face great challenges as other nations seek to expand their power due to the continent’s abundant natural resources.

Australia The ‘Security Partner Of Choice’ In South Pacific

On Tuesday, Australia’s Prime Minister Anthony Albanese affirmed that Australia stands as the premier “security ally” for its close neighbour Papua New Guinea (PNG), following revelations that China had initiated discussions for a policing and security arrangement.

PNG Foreign Minister Justin Tkachenko said that China approached PNG in September with proposals to support its police force through training, equipment provision, and surveillance technology. He emphasised that discussions were in preliminary stages and assured that PNG remained committed to its security relationships with Australia and the United States, prioritising their integrity.

In December, PNG sealed a security agreement worth A$200 million with Australia aimed at enhancing police training after a defence agreement with the United States was forged in May, both awaiting implementation.

Early this month, a Chinese ambassador to Australia stressed Beijing’s intentions were mainly focused on policing, not defence, to alleviate Australia’s concerns about Beijing’s growing regional influence.

Tkacheno said China’s offer of policing and internal security assistance was “being carefully assessed, as we do not want to duplicate or compromise agreements already in place with our traditional security partners, Australia and the United States of America.”

Zimbabwe Launches Cholera Vaccination Campaign Targeting Over 2 Million People

In a bid to combat the ongoing cholera crisis, Zimbabwe initiated a door-to-door vaccination campaign on Monday, aiming to immunize more than 2 million individuals. The initiative is particularly crucial in densely populated urban areas with inadequate sanitation facilities.

As of January 24, the waterborne disease has claimed 452 lives and infected a total of 20,446 people in the southern African nation. Zimbabwe has been grappling with the cholera outbreak since February of the preceding year, with reports indicating that half of the cases involve children, according to the health ministry.

The country has secured 2.3 million vaccine doses from UNICEF, with 892,000 doses already dispatched. The vaccination effort relies on the Euvichol-Plus vaccine, manufactured by EuBiologics (206650.KQ). Administered orally, this vaccine provides at least six months of protection against cholera infections.

Furthermore, the World Health Organization (WHO) will deploy teams to 29 severely affected districts to support the vaccination campaign.

In response to the surge in cases, the Zimbabwean government implemented measures in November to restrict public gatherings, regulate food vendors, and manage burials in cholera-affected districts. Health Minister Douglas Mombeshora confirmed that the vaccines procured are the same ones used during the cholera outbreaks in 2018 and 2020.