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News Highlights provides you with the best compilation of the Daily News Highlights taking place across the globe: National, International, Sports, Science and Technology, Banking, Economy, Agreement, Appointments, Ranks, and Report and General Studies
1.
DAYS AFTER completing the process of troop disengagement at two friction points along the Line of Actual Control in eastern Ladakh, India and China held the first official-level talks in New Delhi Thursday, "reflected on the lessons" learnt from the military standoff and agreed on the need for "effective border management" and "maintenance of peace and tranquillity" as part of bilateral pacts. At the meeting of the Working Mechanism for Consultation and Coordination (WMCC) on India-China Border Affairs, the two sides also pre- pared for the next meeting of the Special Representatives on the boundary question - National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi are the two SRs.
2.
A COMMITTEE formed by the Ministry of Agriculture and Farmers' Welfare has recommended the constitution of a panel of state agriculture ministers, on the lines of the Empowered Committee of State Finance Ministers on Goods and Services Tax, to push agriculture marketing reforms. The committee, headed by Faiz Ahmed Kidwai, Additional Secretary (Marketing), Department of Agriculture and Farmers' Welfare (DA&FW), made this suggestion in its draft of the National Policy Framework on Agricultural Marketing. The ministry constituted this committee to prepare the draft on June 25. The committee notes that the DA&FW has been working with the states for more than two decades to reform agricultural marketing to make the agricultural marketing competitive, bar- rier-free and transparent with ad- equate post-harvest management and marketing infrastructure.
3.
THE RAJYA Sabha on Thursday passed a Bill to replace the 90- year-old Aircraft Act to further improve the ease of doing business in the fast-growing aviation sector. The Bhartiya Vayuyan Vidheyak, 2024 was passed in the Rajya Sabha by voice vote. It was cleared by the Lok Sabha on August 9. The Bill seeks to re- move redundancies and replace the Aircraft Act, 1934, which has been amended 21 times. Replying to the debate on the Bill in the Upper House, Civil Aviation Minister K Rammohan Naidu said the change in title of the Bill from English to Hindi, to which many members raised objections, was done to show- case India's heritage and culture, and there was no violation of constitutional rule. "It will be difficult to pronounce the name of the Bill in Hindi initially but one will get used to it," he said. The Bill focuses on enhancing safety, regulatory oversight and consumer protection while aligning with international standards. The Bill also promotes self-reliance in aircraft manufacturing, encourages investment and establishes robust governance structures for civil aviation authorities
4.
THE INDIAN Space Research Organisation successfully launched European Space Agency's Proba-3 mission from the country's only spaceport in Andhra Pradesh's Sriharikota just after 4pm on Thursday evening a day after it was postponed due to some anomaly. "Yesterday we had to call-off but everyone worked swiftly to save the vehicle and get it to the countdown at the earliest," said mission director Dr M Jayakumar after the launch. This was a completely commercial mission coordinated by ISRO's arm New Space India Limited. After the launch, NSIL CMD D Radhakrishnan said that this was the first time India's workhorse rocket attempted a launch at such a highly elliptical orbit with the highest point over 60,000 km away from the sur- face of the earth. The launch will see the two satellites stacked on top of each other separate and go into parallel orbits for formation flying, demonstrating formation flying for the very first time in the world.
5.
PRIME MINISTER Narendra Modi on Thursday conveyed India's commitment to strengthening exemplary partnership with Bhutan during his meeting with Bhutanese King Jigme Khesar Namgyel Wangchuck in Delhi. King Wangchuk, who was received at the airport by External Affairs Minister S Jaishankar, met PM Modi in the afternoon and dis- cussed bilateral cooperation in di- verse areas, including clean energy, trade and investment, space and technology. The two leaders exchanged ideas on the 'Gelephu Mindfulness City' initiative, a visionary project spearheaded by Wangchuk to catalyse Bhutan's development and strengthen linkages with adjoining border areas in India.
6.
No country is entitled to a 6 or a 7 per cent growth rate. India's growth challenge is partly driven by the large divergence between its per- capita income levels and the aggregate size of its economy. The expectation is that institutions and policy making will lead the world's soon-to-be-fourth-largest economy on the road to becoming Viksit Bharat, yet we have to contend with policies and standards of an economy with a sub $3,000 per-capita income. We aspire to be a developed economy; we should begin to act on our ambition.
7.
DEREGULATION, OR the process of letting go of regulations in some spheres, would be a big theme for the upcoming Economic Survey for 2024-25, which would be presented alongside the Budget for FY26 in February, Chief Economic Advisor V Anantha Nageswaran said. The CEA also underlined that the growth fore- cast of 6.5-7 per cent for FY25 still looks "feasible", stressing that a correction in wage structure for employees by the corporates is required to push consumption and savings growth. Stating that there has been a "creeping informalisation" of the workforce after the COVID-19 pandemic, Nageswaran said more contractual employees have been hired than regular ones, and the wage growth of such corporate employees has not kept up pace with the rate of inflation, and that has exerted a "downward pressure" on consumption."...if you want to have consumption being the driver of growth, then it is very clear that some of the shift in the hiring practices of the corporate sector does have to be looked up as a possible source.
8.
RUSSIAN PRESIDENT Vladimir Putin has hailed 'Make in India' initiative and the Prime Minister Narendra Modi-led government's stable policies, saying this would encourage Russian companies to set up manufacturing bases here. The 'Make in India' initiative, aimed at boosting manufacturing and attracting foreign investment, has played a key role in strengthening India's position in the global economy, Putin has said at a Russia's investment forum in Moscow.
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