In a promising projection, S&P Global, the renowned US-based credit ratings agency, foresees India’s economy expanding at an impressive annual growth rate of 6.7% from fiscal year 2024 to 2031. This upward trajectory is expected to propel the country’s Gross Domestic Product (GDP) from $3.4 trillion in fiscal year 2023 to a staggering $6.7 trillion. Alongside this growth, per capita GDP is estimated to rise to approximately $4,500. The report, titled ‘Look Forward: India’s Money,’ emphasizes that capital accumulation will play a pivotal role in driving India’s growth. The government’s substantial support for infrastructure projects and incentivizing manufacturing has contributed to investment as a proportion of GDP reaching a ten-year high of 34% in fiscal year 2023. The private sector is also expected to boost investments, thanks to healthy corporate balance sheets. According to the joint findings authored by S&P Global’s experts, including Global Chief Economist Paul Gruenwald, Crisil Chief Economist Dharmakirti Joshi, and S&P Global Market Intelligence Chief Economist Asia Pacific Rajiv Biswas, capital is projected to be the dominant contributor, accounting for 53% of India’s average GDP growth of 6.7% throughout the next decade. Labor’s contribution is expected to be 17%, while increases in productivity are predicted to drive 30% of the country’s GDP growth. While the report paints an optimistic outlook for India, it also acknowledges potential challenges. A global economic slowdown and the delayed impact of a policy rate hike by the Reserve Bank of India (RBI) could temporarily dampen growth to 6% in the current fiscal year. Addressing macro challenges, the report suggests that the key to sustained growth lies in transforming traditionally uneven economic expansion into a robust and stable trend. India is poised to benefit from crucial reforms, such as the Goods and Services Tax (GST) and the implementation of the Insolvency and Bankruptcy Code, which are expected to foster a healthy credit culture. Despite a shift towards manufacturing, the services sector will continue to play a vital role in the economy. Looking ahead, the report highlights the importance of focusing on structural reforms in three key areas: increasing labor participation, particularly among women, enhancing skills, fostering private investment in manufacturing, and bolstering external competitiveness through foreign direct investment (FDI). Dharmakirti Joshi, Chief Economist at Crisil, predicts that growth may peak around fiscal year 2025-26, indicating that the coming years hold significant potential for India’s economic rise. With a favorable outlook and the right reforms in place, India is poised to secure its position as a formidable global economic player, setting its sights on a remarkable $6.7 trillion economy by 2031. Source: khalsavox.com

Pakistan is to pay four percent annual profit to Saudi Arabia on deposits of $ 2 billion with the State Bank of Pakistan (SBP) for a period of one year, well informed sources told Business Recorder. Saudi Arabia, sources said, had agreed to deposit $ 2 billion to meet one of the preconditions of International Monetary Fund (IMF) in which Pakistan had been asked to arrange external funding reportedly up to $ 6 billion. United Arab Emirates (UAE) has also confirmed to the IMF that it would deposit $ 1 billion with the State Bank of Pakistan. On May 10, 2023, Finance Division, through an additional agenda item apprised the Federal Cabinet that the Kingdom of Saudi Arabia through its Ministry of Finance had agreed to deposit $ 2 billion with State Bank of Pakistan for a period of 1-year. The annual profit rate proposed was 4 percent. The sources said draft Deposit Agreement shared by the Saudi side was forwarded to Ministry of Law and Justice and Office of the Attorney General for Pakistan for vetting and clearance in light of the Cabinet decision of May 14, 2019. According to sources, on approval by the Federal Cabinet, the State Bank of Pakistan would be authorized by the Finance Division, Government of Pakistan to enter into the Deposit Agreement. The Ministry of Law and Justice had cleared the draft Agreement subject to fulfillment of all codal formalities whereas FBR had given concurrence for tax exemption. Finance Division sought Cabinet’s approval for the Deposit Agreement and the Authorization Letter in terms of Rule 16(1Xd) of the Rules of Business, L973 read with the observations of the Office of Attorney General for Pakistan. After brief discussion, the Cabinet gave its nod to the summary titled ‘Deposit Agreement between the Kingdom of Saudi Arabia (through the Ministry of Finance) and the Islamic Republic of Pakistan (through State Bank of Pakistan (SBP) of May 10, 2023,’ submitted by the Finance Division. The Cabinet authorized the Cabinet Division to issue the decision in the instant case without waiting for the formal approval of the minutes. Source: Business Recorder

The attack was claimed by an Anglophone separatist group that wants to break away from the majority French-speaking country. At least 19 people were injured in an explosion Saturday during an annual race contest in Cameroon. The governor of the Buea region in the country's southwest, where the race was taking place, said nine athletes and 10 civilians were injured, including a baby. The explosion sent athletes and spectators fleeing for cover less than thirty minutes after the "Race of Hope" began. The injured have been taken to Buea regional hospital for treatment. What to know about Cameroon's crisis Cameroon has faced an increasingly violent uprising in recent years, with separatist groups and security forces clashing in Cameroon's English-speaking regions. The Central African nation has been plagued by fighting since Anglophone separatists launched a rebellion in 2017 to break away from the country and form their own English-speaking state. The largely Francophone central government has accused separatists of committing atrocities against English-speaking civilians. The conflict has killed more than 3,300 civilians, according to the United Nations. More than 750,000 people have been displaced. Cameroon is made up of areas that were once French and British colonies. English speakers constitute only 20% of the population and have complained about neglect by the French-speaking majority for decades.  Cameroon's constitution recognizes both English and French as official languages. Separatist group claims attack The Ambazonia Defense Forces separatist group claimed responsibility for the attack on Saturday, saying their intention was to target the Cameroon military. "Our primary targets were the Cameroon military who were providing security for the athletes. We regret that civilians were injured," said Capo Daniel, deputy defense chief and spokesman for the group. "We will continue fighting the military wherever they are until they liberate our territory," he added. The Mount Cameroon Race of Hope was celebrating its 50th anniversary with more than 550 athletes from 13 countries taking part.

India and Pakistan on Tuesday finalized and signed the annual report of the Permanent Indus Commission for the year which ended on March 31, 2022. The report was finalized at the two-day 118th Permanent Indus Commission meeting here between the two countries which concluded on Tuesday. A Ministry of External Affairs release said that the meeting was held in a cordial manner and the Commission appreciated the commitment of the two sides to interact frequently and resolve issues through bilateral discussions under the Indus Water Treaty. It was agreed to hold the next meeting of the PIC in Pakistan on mutually convenient dates. The Indian delegation was led by AK Pal, the Commissioner for Indus Waters and the visiting Pakistan delegation was led by Syed Muhammad Mehar Ali Shah, the Pakistan Commissioner for Indus Waters.   The 117th meeting of the Permanent Indus Commission (PIC) was held from March 1-3,2022 in Islamabad. As per the provisions of the Indus Water Treaty (IWT) 1960, which deals with sharing of the waters of the six rivers of the Indus basin -- both the countries are to have Indus Commissioners, and the Permanent Indus Commission is to meet at least once every year, alternatively in India and Pakistan. Of the six rivers in the Indus Basin, India has complete rights over three eastern rivers -- Sutlej, Beas and Ravi, while Pakistan has rights over the western rivers -- Chenab, Jhelum and Indus. The Indus Water Treaty has survived the wars between the two countries and the freeze in bilateral relations. The relations between India and Pakistan have been strained due to Uri, Pathankot and Pulwama terror attacks in Jammu and Kashmir with New Delhi making it clear that talks and terror cannot go together. According to recent media reports, Pakistan and India have been engaged in "back channel" talks in order to break the stalemate in the relationship. The Pakistan media reports said that there has been a renewed push by the two sides to find some way out of the impasse since the new government came to power in Islamabad last month.   Source: ANI  

Russian President Vladimir Putin is expected to visit New Delhi in December for the next edition of the India-Russia bilateral summit and slew of deals are expected to be signed during the trip including a document on Military-Technical cooperation for the next decade — 2021-2031 besides mutual logistics pact. There is a strong possibility that India and Russia will hold their annual summit here next month and Putin is expected to visit on the occasion, ET has learnt. The last edition of the Summit in 2020 had to be postponed due to the pandemic. “…there will be a bilateral summit between India-Russia. Both sides are actively working on it. There is a high possibility that the Summit is taking place in December,” DB Venkatesh Varma who retired as India’s envoy to Moscow on Sunday told state run news agency TASS before his departure. Varma informed, “We expect a number of agreements in the defense, economic, trade, science and technology spheres. We expect the Joint Commission on Technology and Science to be announced. Military-Technical cooperation for the next decade 2021-2031 will be announced. We also have an agreement on reciprocal logistic support for each other's armed forces so that the armed forces that come for each other’s exercises will have good logistic support both in Russia and in India. And this year, in the last five months, India has participated in each and every major Russian exercise. INDRA Navy, INDRA Army, Zapad, and Peace Mission.” He further pointed out, “We have major defense contracts already under implementation. The S-400 is one of them. We also have a contract relating to the manufacture and production of 1135.6 frigates…The production of more than 700,000 AK-203 rifles, will be done in India. It’s a Make in India program. We are going to buy an additional Su 30-MKI as well as additional MiG 29s and 400 more T-90 tanks. So there has been a fundamental change in how our defense relationship has moved on in the last 3 years. Russia has moved back again as the top defense partner of India.” It may be noted that since August India-Russia have received additional impetus with a series of engagements. While Putin was the only head of state among UN Security Council members to attend India convened session on maritime security during New Delhi’s rotating presidency for the UNSC, PM Narendra Modi sent a special message on the 2021 edition of Eastern Economic Forum (EEF). Oil Minister Hardeep Puri represented India at the EEF with both sides deciding to expand burgeoning energy ties. Modi and Putin also held an extensive conversation in August including evolving situation on Afghanistan. With Afghanistan emerging as an area of cooperation following the Taliban takeover and over common concerns over terrorism, Russian NSA Gen Nikolay Patrushev visited India in September to meet his Indian counterpart AK Doval for the maiden high level mechanism meet on Afghanistan. The two decided to expand security cooperation with regard to the Afghan theatre. Earlier Deputy NSA Pankaj Saran was in Moscow to discuss several issues of cooperation including Afghanistan. Both sides have ruled out formally recognising Taliban. Last month India took part in Moscow Format meet on Afghanistan and held maiden meeting with Taliban for first time since the group formed the interim cabinet. “…at the NSA's level, General Patrushev visited India in September. This would most possibly be followed by India hosting a meeting of the senior security officials on November 10 on Afghanistan of regional countries. General Patrushev has been invited and there’s a very strong possibility that he may actually visit. We are still awaiting confirmation, but he will be a very welcome participant in the dialogue,” Varma said in his interview. Meanwhile, India has permitted allow of export of Sputnik vaccines. “…I think in the next couple of weeks production will rise to a sufficient level where the external demands of Sputnik will be exported out of India for use, including Russia.” Source: Economic Times BM

Hungarian government will provide full scholarship to 130 Bangladeshi students annually at undergraduate, graduate and post-graduate levels for next three years. Bangladesh and Hungary signed a MoU on Wednesday in Budapest which secured Hungarian Governments’ full scholarships under the Stipendium Hungaricum Programme, a press release said Friday. Bangladesh Ambassador to Austria, Hungary, and Slovenia Muhammad Abdul Muhith and Hungarian State Secretary Dr Orsolya Pacsay-Tomassich inked the MoU at the Ministry of Foreign Affairs and Trade of Hungary. There are 30 dedicated scholarships for the students and professionals of nuclear energetics in the new MoU, which is a new initiative in comparison to the previous 100-scholarship per year programme for Bangladeshi students which ran for three years. During a meeting before the signing ceremony, the two sides discussed future roadmap for the growing bilateral relations between Bangladesh and Hungary including economy, health, water management and agriculture, joint-celebration of the Birth Centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in Budapest this year. Source: BSS AH

The government has decided not to hold any annual examinations for secondary school students this year, said Education Minister Dipu Moni. “The students will be given assignment every week and a design has been prepared for it. The students will submit their assignments and the syllabus will be sent to all educational institutions soon,” she said at a virtual press conference on Wednesday. Besides, the Junior School Certificate (JSC) and Junior Dakhil Certificate (JDC) examinations will not be held in this year, she said.  “No examination will be held this year and the students will be promoted to the next class without facing any examination. A decision about certificates will be taken later," she said. Talking about the evaluation process, the minister said: “The evaluation of their mark will be done with their previous results as the teachers have the idea about their students.” Decision about enrolling class VIII students in Science, Humanities and Commerce sections will be taken later, she added. The National Curriculum Board will prepare a syllabus for completing it within 30 working days for upgrading them in the next class, she said. Referring to the increase of academic year, the Minister said, “We will keep it in mind and whether it is needed or not will be decided later.” Talking about the admission process next year, Dipu said no decision has taken yet in this regard. Deputy Minister for Education Mohibul Hasan Chowdhury Nowfel was also present at the event. Earlier, the government decided to not to take any Higher Secondary Certificate (HSC) and equivalent examinations due to coronavirus pandemic. The Minister also announced that a technical committee will be formed comprised of officials from relevant sectors to decide the marking parameters from SSC and JSC examination results.   Educational institutions closure All educational institutions were closed on March 16 to prevent the spread of coronavirus. The closure was extended until Oct 31 as there has been no marked improvement in the situation. Besides, there will be no Primary Education Completion (PEC) and its equivalent Ebtedayee examination for 2020 and the students will be promoted to the next class through class assessment instead. Dipu Moni on Sept 30 said they are making plans considering various alternatives since experts have warned about the possible second wave of coronavirus during winter. Source: UNB AH

Primary and Mass Education Secretary Md. Akram Al Hossain said that there will be no annual or final examination up to class three and that will be effective from the year 2021. He delivered the information at a press conference organized on the occasion of International Literacy Day 2019 at primary and mass education ministry conference room at the secretariat on Thursday. The Secretary said, we held meeting with NCTB several times for not keeping examinations up to class three. By this time we have formulated programs in this regard. We will begin our activities under new curriculum in 2021. He said, we will not keep examinations up to class three. The evaluation will be made on the basis of student’s attendance in the school and the report of the diary given to them from the school. We will enact the method under experimental basis in 100 schools in next year. At present we are working with the new curriculum of the year 2021. AH