Daily News - Tuesday, 24 September 2024
At FATF, India Pushes to Bring Online Gaming Cos Under Strict Framework (The Economic Times)
India is pushing for online gaming companies to be included under the anti-money laundering (AML) and countering the financing of terrorism (CFT) framework within the Financial Action Task Force (FATF). The government is working on implementing strict Know Your Customer (KYC) norms and reporting of suspicious transactions to protect the sector from money laundering threats. Concerns have grown due to platforms like Mahadev Online Book being implicated in illegal betting, match-fixing, and money laundering, particularly involving cryptocurrency, with cross-border implications and Indian clientele using foreign-based gaming apps.
Biz Activity at 9-mth Low in Sept as Demand Eases (The Economic Times)
India’s private sector economy slowed to a nine-month low in September, with the composite Purchasing Managers' Index (PMI) dropping to 59.3 from 60.7 in August, driven by weaker growth in both manufacturing and services. Despite the slowdown in activity, employment levels rose significantly, especially in the services sector, marking the highest job creation rate since August 2022, as businesses responded to increased orders and improving business confidence. Input costs grew slightly, but manufacturers experienced slower output price increases, suggesting tighter margins, while overall business confidence remained strong, with firms expecting new business growth over the next year.
In Australia, Goyal woos pension funds (Financial Express)
India has invited Australian pension funds to increase investments in sectors like renewable energy, manufacturing, fintech, education, and agri-tech, as Commerce Minister Piyush Goyal highlighted India's strong reform agenda during meetings with Australian superannuation funds, which hold assets worth AUD 3.9 trillion. Currently, Australian funds invest only 1.5% of their global market exposure in India, and Goyal encouraged deeper collaboration, especially in critical minerals like lithium and cobalt, where both countries already have partnerships. Goyal also participated in discussions with Australian business leaders to explore further economic cooperation, with negotiations on a comprehensive economic agreement expected to conclude by December.
Investments worth ₹9.15L cr in power transmission by '32 (Financial Express)
The Indian government is expecting investments of ₹9.15 lakh crore in central and state transmission systems by 2032 under the revised National Electricity Plan, aiming to meet a peak power demand of 458 GW, up from 240 GW in 2023. The plan includes expanding the transmission network to 6.48 lakh circuit kilometres and increasing transformation capacity to 2,342 GVA by 2032, while integrating renewable energy and green hydrogen into the grid. Despite expanding renewable energy efforts, coal-based power will remain necessary until 2035, with additional thermal capacities planned to meet growing electricity demands.
Modi calls upon top tech CEOs to be part of India’s growth story (Business Standard)
Prime Minister Narendra Modi encouraged U.S. tech giants to collaborate with India, emphasizing co-development and innovation during his meeting with 15 major tech CEOs in New York as part of his U.S. tour. Highlighting India’s role as a growing global technology hub, he urged investment in startups and discussed the importance of initiatives like the India-US Comprehensive Global Strategic Partnership, which focuses on critical technologies. Modi also reaffirmed India’s commitment to becoming a global semiconductor manufacturing hub and developing its biotechnology sector through policies like the BIO E3 initiative.
