Top news stories from India as of February 8, 2025:
1.RBI Commits to Addressing Banking Liquidity Needs: Reserve Bank of India Governor Sanjay Malhotra announced that the central bank will be agile in responding to the liquidity requirements of the banking system, emphasizing the importance of providing both transient and durable liquidity to ensure stability.
2.Global Climate Commitments Lagging Ahead of COP30: As the COP30 summit approaches, most countries, including major emitters like India, are expected to miss crucial deadlines for submitting updated plans to reduce greenhouse gas emissions, posing challenges to global climate change mitigation efforts.
3.State Bank of India to Raise Funds via Perpetual Bonds: The State Bank of India plans to raise approximately 50 billion rupees through Basel III-compliant additional Tier-I perpetual bonds by the end of February, marking the first such issuance by any lender in over three months.
4.Focus Shifts to RBI for Potential Rate Cuts Post-Budget: Following the recent annual budget, investors are looking to the Reserve Bank of India for potential rate cuts to stimulate growth, as the budget lacked comprehensive economic reforms.
5.Delhi Assembly Elections Held on February 5: Delhi conducted its assembly elections on February 5, with results scheduled to be announced on February 8. The main contenders include the Aam Aadmi Party, BJP, and Congress.
6.India Faces Warmer February, Threatening Winter Crops: The India Meteorological Department forecasts above-average temperatures in February, posing risks to winter-sown crops like wheat, rapeseed, and chickpeas, which depend on cooler weather for optimal growth.
7.India to Play Champions Trophy Matches in Dubai: Due to political tensions preventing the team from playing in Pakistan, the International Cricket Council announced that India's matches in the 2025 Champions Trophy will be held in Dubai.
8.India Drops Plans for Third Aircraft Carrier: The Indian Navy has decided to halt plans for a third aircraft carrier. Instead, a second Indigenous Aircraft Carrier (IAC-2) will be developed to replace INS Vikramaditya, which has about a decade of operational life remaining.
9.Tragic Crowd Crush at Prayag Maha Kumbh Mela: A devastating crowd crush occurred during the Prayag Maha Kumbh Mela, resulting in numerous fatalities. The incident took place during the Amrit Snan on Mauni Amavasya, a significant day of the festival.
10.India Braces for Warmer February, Wheat Crop at Risk: Anticipated higher-than-average temperatures in February could jeopardize wheat and rapeseed crops, potentially leading to reduced yields and increased import needs.
11.BJP Secures Victory in Delhi Assembly Elections: The Bharatiya Janata Party (BJP) has won the Delhi Legislative Assembly elections held on February 5, 2025, marking their first victory in the capital since 1993. The incumbent Aam Aadmi Party (AAP) was defeated, with its leader Arvind Kejriwal and several prominent ministers losing their constituencies.
12.India's GDP Growth Slows Amid Global Economic Uncertainty: India's Gross Domestic Product (GDP) growth rate has decelerated to 5.8% in the third quarter of the fiscal year 2024-2025, attributed to global economic uncertainties and a decline in domestic consumption. Economists suggest that proactive fiscal policies and structural reforms are necessary to rejuvenate growth.
13.Supreme Court Upholds Data Privacy Law: The Supreme Court of India has upheld the constitutionality of the Personal Data Protection Act, emphasizing the importance of safeguarding citizens' privacy rights while allowing for reasonable restrictions in matters of national security and public order.
14.India and Japan Strengthen Defense Ties: India and Japan have signed a bilateral defense agreement to enhance military cooperation, including joint exercises, technology sharing, and intelligence collaboration, aiming to bolster security in the Indo-Pacific region.
15.Significant Decline in Air Pollution Levels in Major Cities: Recent reports indicate a substantial decrease in air pollution levels across major Indian cities, attributed to stricter emission regulations, increased green cover, and the adoption of cleaner technologies in industries and transportation.
16.Government Launches National AI Initiative: The Indian government has unveiled a National Artificial Intelligence Initiative to promote research, development, and deployment of AI technologies across various sectors, aiming to position India as a global leader in artificial intelligence.
17.Record High Foreign Direct Investment Inflows: India has recorded its highest-ever Foreign Direct Investment (FDI) inflows, totaling $85 billion in the fiscal year 2024-2025, with significant investments in technology, manufacturing, and renewable energy sectors.
18.Monsoon Forecast Predicts Above-Average Rainfall: The India Meteorological Department forecasts an above-average monsoon season this year, which is expected to benefit agricultural output and replenish water reservoirs across the country.
19.New Education Policy Implementation Begins: The government has commenced the implementation of the New Education Policy 2025, focusing on holistic and multidisciplinary education, increased use of technology in classrooms, and reforms in assessment and evaluation methods.
20.India's Space Mission Achieves Milestone: The Indian Space Research Organisation (ISRO) has successfully launched the Gaganyaan-2 mission, sending astronauts to space for a week-long mission, marking a significant achievement in India's space exploration endeavors.
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