• India's first Biomanufacturing Institute, the BRIC-National Agri-Food Bio-Manufacturing Institute (BRIC-NABI), has been launched in Mohali. This institute is a result of merging the National Agri-Food Biotechnology Institute (NABI) and the Center of Innovative and Applied Bioprocessing (CIAB). BRIC-NABI's goal is to advance India’s agri-food sector through biotechnology, developing high-yield, disease-resistant crops and promoting sustainable farming practices. As part of this endeavour, a BioNest Incubation Center has been established to support agri-food startups, and the BioE3 policy has been implemented to boost biomanufacturing in various sectors. The creation of BRIC-NABI supports efforts towards a science-driven economy and positions India as a leader in sustainable development.
  • The first Asian Buddhist Summit, organised by India’s Ministry of Culture and IBC, took place in New Delhi. The summit aimed to foster dialogue and understanding within the Asian Buddhist community and addressed contemporary challenges. The theme was “Role of Buddha Dhamma in Strengthening Asia”, focusing on collective, spiritual development. Key subjects covered included Buddhist art, Buddha’s travels, the role of Buddhist relics in society, Buddhist philosophy's relevance in the 21st century, integrating Buddhism with scientific research and a special exhibition displaying India's role in spreading Buddhism. The summit was significant for India nurturing its Act East and Neighborhood First Policies.
  • The Indian Olympic Association (IOA) has submitted a formal Letter of Intent to the International Olympic Committee (IOC) to host the 2036 Olympic Games. This bid sits in line with the IOC’s sustainability policy, promoting the use of existing infrastructure and limited new construction. The IOA, registered as a non-profit organisation, governs the Olympic Movement and Commonwealth Games in India. Historically, only three Asian countries - China, South Korea and Japan - have hosted the Olympics previously.
  • The first digital population clock in Bengaluru has been inaugurated at the Institute for Social and Economic Change (ISEC), a project jointly executed by ISEC and the Union Ministry of Health and Family Welfare (MoHFW). Similar clocks are being installed at 18 Population Research Centres across India. The clock, which is precisely maintained via satellite connections, provides real-time population updates of Karnataka every 1 minute and 10 seconds, and of India every 2 seconds. ISEC was founded in 1972 and is an All India Institute for interdisciplinary research and training in social sciences.
  • LignoSat, the world's first wood-panelled satellite, was developed by Kyoto University and Sumitomo Forestry to test timber as a sustainable material for future space missions. The magnolia wood panels, crafted using traditional Japanese techniques without screws or glue, serve as a casing for its traditional aluminium structures and electronic components. The satellite will assess wood's resilience in extreme space conditions and its capability to shield semiconductors from space radiation. Unlike aluminium satellites that can harm the ozone layer during atmospheric re-entry, LignoSat could potentially lower space pollution.
  • The Titan Arum, one of the world's largest flowers, recently bloomed in Australia despite its natural habitat being the limestone hills of the rainforests in western Sumatra, Indonesia. This towering plant, which grows over 3 metres tall and only blooms once every ten years, is fuelled by an underground 'corm' supporting its long bloom cycle and six-month fruiting period. Its unique feature is its scent, which imitates rotting flesh to attract carnivorous pollinators such as flies and bees; a process known as Sapromyophily. The species, with fewer than 1,000 individuals left in the wild, is listed 'endangered' by the IUCN.
  • The 1st Bodoland Mohotsov was held in New Delhi on 15th and 16th November, under the theme "Peace and Harmony for Prosperous Bharat". The event focussed on showcasing the rich culture, language, education, and heritage of the Bodo community from the Bodoland Territorial Region (BTR), celebrating the region's recovery in the wake of the Bodo Peace Accord 2020. The Bodos, the largest community among Assam's notified Scheduled Tribes, make up about 5-6% of the state's population and had initiated a movement demanding a separate state in the late 1980s. BTR is an autonomous region in Assam consisting of four districts: Kokrajhar, Chirang, Baksa, and Udalguri.
  • The Reserve Bank of India (RBI) has announced an increase in transaction limits on UPI123 and UPI Lite to promote wider adoption of the Unified Payments Interface (UPI). The UPI Lite wallet limit has been raised from ₹2,000 to ₹5,000, with the per-transaction limit also increased from ₹500 to ₹1,000. Similarly, the per-transaction limit for UPI123Pay is now ₹10,000, up from ₹5,000. Furthermore, the RBI plans to introduce a beneficiary account name look-up facility for RTGS and NEFT transactions, mirroring UPI and IMPS, to boost security.
  • The Securities and Exchange Board of India (SEBI) has removed the requirement for issuer companies to deposit 1% of the issue size with stock exchanges before launching public issues of equity shares. This decision aligns with SEBI's reforms to streamline market processes and reduce compliance burdens. Prior to this, the 1% deposit acted as a security measure for resolving investor complaints post-issue. Modern mechanisms like ASBA (Application Supported by Blocked Amount), UPI payments and mandatory demat allotments have rendered this deposit obsolete.
  • Canara HSBC Life Insurance has unveiled a generative AI solution called OmniGen AI. The cutting-edge solution optimises risk evaluation in underwriting and provides swift, objective decisions by analysing underwriting guidelines, risk profiles, and model outputs. OmniGen AI, which runs on Amazon Web Services (AWS), reduces underwriting time and enables more consistent and accurate risk evaluations. Furthermore, it offers scalable capacity to handle greater volumes of policies efficiently, promising significant operational cost reductions.
  • Moody's recent report predicts that India will experience 7.2% economic growth in 2024, despite concerns about urban growth and geopolitical risks. This growth is anticipated due to factors like improved rural demand, infrastructure spending, and moderated inflation. However, growth is expected to decrease to 6.6% by 2025, and further to 6.5% by 2026. Despite inflationary pressures breaching the RBI's upper limit at 6.2% in October, Moody's anticipates these will cool down as food prices drop due to increased sowing and sufficient buffer stocks.
  • S&P Global Ratings has upgraded India's economic growth forecast for FY24 to 6.4%, up from 6%, due to resilience of domestic economic factors. However, it revised the GDP growth projection for FY25 down to 6.4% from 6.9%, due to anticipated slow global growth and the impact of interest rate hikes by the Reserve Bank of India. S&P Global projected a 100 basis point reduction in India's interest rates by March 2024. Taking into account international scenarios, it expects US inflation to gradually decline and China to grow in line with its potential in 2024.
  • The National Stock Exchange of India (NSE) has launched a multilingual mobile application, NSEIndia, and expanded its corporate website to support 12 languages, marking its 30th anniversary and the occasion of Diwali. Aimed at creating a more inclusive financial ecosystem, NSE's new initiatives offer millions of investors across India access to financial information in their regional languages. The website now supports eight additional Indian languages, namely Assamese, Bengali, Kannada, Malayalam, Oriya, Punjabi, Tamil, and Telugu. The mobile app offers real-time updates, access to market overviews, and insights into the derivatives market.
  • The 352nd Governing Body meeting of the International Labour Organisation (ILO) is taking place in Geneva from October 28 to November 7. Representatives from member countries are gathering to discuss key labour issues and strategies for global working condition improvement. Sumita Dawra, Labour and Employment Secretary of India, showcased India's initiatives to enhance living standards and employment at the event. She reported that India successfully lifted 248 million people from multidimensional poverty in the past nine years.
  • India's maritime sector, with its 7,500-kilometer coastline, 12 major ports and over 200 minor ports, handles the majority of the nation's trade, significantly contributing to the GDP. The Sagar Manthan Dialogue 2024 has emphasised India's aim of becoming a global maritime leader, discussing sustainability, innovation, and connectivity. India has the third-largest ship recycling industry globally, with 1,530 ships under the Indian flag, and is the sixteenth-largest maritime nation. Cargo-handling capacity at major ports saw an 87.01% growth from 2014-15, reaching 1,629.86 million tonnes in 2023-24.