G20 spurs socioeconomic development in Kashmir: An affluent South Asia beckons

G20 spurs socioeconomic development in Kashmir

The G20 is a global platform comprised of 20 of the largest economies that prioritizes policy discussions and financial stability. Collectively, the G20 accounts for a significant portion of the world economy, with a combined GDP of approximately USD 82.8 trillion, representing 74% of the world’s total GDP for 2020 according to data from the World Bank.

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G20 spurs socioeconomic development in Kashmir: Key Points

The upcoming G20 summit in Jammu and Kashmir has the potential to bring about long-term benefits that can transform the region’s socioeconomic landscape.
With its rich cultural heritage, strategic location, and natural beauty, the summit provides a unique opportunity for the world to witness the region’s magnificence and potential.
However, to achieve this vision, the region must prioritize investments in infrastructure, healthcare, education, and skill development.
The summit presents an unprecedented chance to form strategic alliances, attract foreign investment, and pave the way for self-sustaining economic growth for the local population.
This exciting opportunity must be seized to unlock fresh opportunities and further advance the region’s economic development.
By hosting the G20 summit, Jammu and Kashmir will be placed in a central diplomatic position, promoting cooperation and fostering understanding among participating nations.
The event will provide valuable insight into the challenges and potential for growth in the region, while showcasing its resources and establishing connections that will bolster sustainable development.

As a region that has faced political and security concerns in recent years, the summit presents an opportunity for promoting stability and peace through policy dialogues among international leaders. This paradigm-shifting moment could usher in an era of lasting peace, empowering the local population through investments in healthcare, education, and skill development for economic growth and social progress.

Jammu and Kashmir: Excellent Tourist Destination

Jammu and Kashmir’s natural beauty and rich cultural heritage make it an excellent tourist destination and a valuable investment opportunity. The summit’s global reach will raise the region’s profile and attract investment, contributing to the estimated USD 460 billion for India’s tourism industry by 2029.

The democratic nature of the G20 summit, with a focus on free discussion and diverse viewpoints, can result in well-informed decisions and solutions to economic problems that will benefit the region and lead to a better future for all. As a fiery symbol of historical significance, Jammu and Kashmir looks forward to exploring its potential on the world stage.

Economic Expansion in Jammu and Kashmir

The upcoming G20 summit presents an exceptional platform for world leaders to discuss effective investment strategies that can bolster economic expansion in Jammu and Kashmir.
In addition to fostering job creation and facilitating access to healthcare and education, such investments can strengthen social stability, which is crucial to the region’s prosperity.
The summit will undoubtedly foster a positive climate of cooperation, paving the way to a brighter future for the region.
With the potential to trigger a transformative wave of outcomes, the G20 summit in Jammu and Kashmir can set the region on a new path towards stability, economic growth, and social development.
As aptly stated by Brazilian author Paulo Coelho, “When you want something, all the universe conspires in helping you to achieve it.”

It is imperative that the region seizes this moment with determination and a clear strategy. This summit can be a landmark turning point that could initiate a sustainable and long-lasting transformation in the region. Key investments in infrastructure, healthcare, education, and skill development are necessary to unlock the full potential of Jammu and Kashmir. This will enable the region to achieve self-sustaining economic growth, while also advancing global harmony and stability. Indeed, Jammu and Kashmir can set an inspiring precedent that others can follow.

Also Read: Y20 Meet: Kashmir University To Host Delegates From 10 Nations

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Fakhar Zaman, Naruemol Chaiwai crowned ICC players of the month for April

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The International Cricket Council (ICC) announced the winners of the ICC Player of the Month awards for April 2023. Fakhar Zaman of Pakistan wins the ICC Men’s Player of the Month award, and Thailand skipper Naruemol Chaiwai secures the ICC Women’s Player of the Month after both produced dominant match-winning performances for their countries in the One-Day International (ODI) format.

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Why Fakhar Zaman?

Following a quiet T20I series, Fakhar was at the forefront of his side’s success in the subsequent ODI showdowns. Chasing 289 in the first match in Rawalpindi, the batter enjoyed a 124-run opening stand with Imam-ul-Haq in a supreme display of control and counter-attacking play, eventually securing a five-wicket win thanks to 117 runs in 114 balls. Fakhar overcame fellow nominees Mark Chapman (New Zealand) and Prabath Jayasuriya (Sri Lanka) in the global vote, and commenting on his success in April.

Why Naruemol Chaiwai?

Naruemol Chaiwai celebrates winning the ICC Women’s Player of the Month for April following a consistent spell of high scoring across Thailand’s historic ODI series victory against Zimbabwe, which the hosts won 3-0. Chaiwai emerged victorious from Kavisha Egodage of UAE, and Kelis Ndhlovu of Zimbabwe in the voting process, and becomes the first Thai player to be named ICC Player of the Month.

Important takeaways for all competitive exams:

ICC Founded: 15 June 1909;
ICC Chairman: Greg Barclay;
ICC CEO: Geoff Allardice;
ICC Headquarters: Dubai, United Arab Emirates.

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India Extends $1 Billion Credit Line to Sri Lanka Amid Economic Crisis

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India Extends $1 Billion Credit Line to Sri Lanka Amid Economic Crisis:

In the midst of an economic crisis, India has decided to extend a $1 billion credit line to Sri Lanka for another year, providing the much-needed funds to pay for essential imports. The credit line is part of the $4 billion emergency assistance extended by India to Sri Lanka during its peak crisis time last year.

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Record Low Reserves Trigger Sri Lanka’s Worst Financial Crisis:

In April last year, Sri Lanka’s reserves dropped to record lows, triggering its worst financial crisis since its independence from Britain in 1948. The country struggled to pay for essential imports such as fuel, cooking gas, and medicine, and defaulted on its foreign debt.

$3 Billion IMF Bailout Package and Debt Restructuring Talks:

Sri Lanka has since secured a $3 billion bailout package from the International Monetary Fund in March and has kicked off debt restructuring talks with key bilateral creditors India, Japan, and China. Meanwhile, the central bank has kept interest rates steady in April.

Extension of Credit Line and Increase in Foreign Exchange Availability:

Following detailed negotiations between the two nations, India has decided to extend the $1 billion credit line for another year, allowing Sri Lanka the much-needed back-up funds to pay for essential imports. Sri Lanka’s Deputy Treasury Secretary has confirmed that the credit line is extended till March 2024, and there is about $350 million left that can now be used as needed. The official also noted that since foreign exchange availability has increased in the market, the need has subsided since last year.

Inflation Rates Ease, Projected to Hit Single Digits by December:

In April, Sri Lanka’s key inflation rate eased to 35.3% from 50.3% in March, showing signs of relief in the country. The Colombo Consumer Price Index reflected a reduction in food inflation to 30.6% in April from 47.6% in March, while non-food inflation reached 37.6%. The Central bank Governor has projected that Sri Lanka’s inflation will hit single digits by the end of December.

About Sri-lanka, key points:

Sri Lanka is a country located in South Asia, an island nation in the Indian Ocean, southeast of India.
Its capital is Sri Jayawardenepura Kotte, while the largest city is Colombo.
The President of Sri Lanka is Ranil Wickremesinghe, who assumed office in May 2022.
The Prime Minister of Sri Lanka is Dinesh Gunawardena, who took office on July 22, 2022.
The official languages of Sri Lanka are Sinhala and Tamil, while English is also widely spoken.
Sri Lanka’s economy is mainly based on agriculture, with tea, rubber, and coconuts being some of its major exports. It also has a growing tourism industry and a developing manufacturing sector.
Sri Lanka has several important ports, including the Port of Colombo, which is one of the busiest ports in South Asia and a major transshipment hub.
Sri Lanka has a long history and culture, with several UNESCO World Heritage sites, such as the ancient city of Anuradhapura and the Sigiriya rock fortress.
Sri Lanka has a diverse population, with Sinhalese being the largest ethnic group followed by Tamils and Muslims.
Sri Lanka has had a turbulent political history, including a long civil war that ended in 2009 after more than 25 years of conflict.

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Cashfree Payments partners with YES Bank to offer Global Collections service for exporters

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Cashfree Payments partners with YES Bank to offer Global Collections service for exporters:

Cashfree Payments and YES Bank have joined hands to launch ‘Global Collections‘, an international collection service for exporters who hold an account with YES Bank. This partnership enables the bank’s account holders to collect payments in over 30 foreign currencies using the Global Collections service. Additionally, the funds collected can be converted into INR and settled into their local bank account within one business day.

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Key Benefits of using Global Collections for Exporters:

The Global Collections service comes with several benefits for exporters, including:

Fast On-boarding: The on-boarding process for the Global Collections service is quick and easy, allowing exporters to start collecting payments in a short period.
Auto-generation of e-FIRA: Exporters will be able to receive foreign inward remittances advice (e-FIRA) within 24 hours.
Seamless Reconciliation: The service provides seamless reconciliation of incoming payments and settlements, making it easy for exporters to keep track of their finances.
Ability to accept payments from over 180 countries: With the Global Collections service, exporters can accept payments from over 180 countries in more than 30 currencies.
Save more on FX: The service enables exporters to save more on foreign exchange compared to traditional SWIFT for small value transactions.
Multiple Payment Options: Exporters can provide their overseas clients with multiple payment options, including local bank transfers like ACH or SEPA.

Cashfree Payments’ Leading Position in the Market:

Cashfree Payments currently holds over 50% market share among payment processors in India, and it is a leading player in bulk disbursals in the country. The company works closely with all leading banks to build the core payments and banking infrastructure that powers its products. Furthermore, Cashfree Payments is integrated with major platforms like Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay. The company’s products are not limited to India, as they are also used in eight other countries, including the USA, Canada, and UAE.

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Argentina’s Lionel Messi wins Laureus sportsman of the year 2023

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Laureus World Sports Awards 2023

Lionel Messi, who led Argentina to victory in the 2022 World Cup as their captain, was honored with the Laureus Sportsman of the Year award at a ceremony held in Paris. In addition to that, Messi accepted the World Team of the Year award on behalf of the Argentina men’s football team, who won the championship in Qatar. Messi also became the first athlete to scoop both the World Sportsman of the Year Award and the World Team of the Year Award in the same year.

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Laureus World Sports Awards: Full awards list

Award	Winner
World Sportsman of the Year Award	Lionel Messi
World Sportswoman of the Year Award	Shelly-Ann Fraser-Pryce
World Team of the Year Award	Argentina Men’s Football Team
World Breakthrough of the Year Award	Carlos Alcaraz
World Comeback of the Year Award	Christian Eriksen
World Sportsperson of the Year with a Disability Award	Catherine Debrunner
World Action Sportsperson of the Year Award	Eileen Gu
Laureus Sport for Good Award	TeamUp

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BharatPe rebrands PAYBACK India as ‘Zillion’

BharatPe Rebrands PAYBACK India as ‘Zillion’:

BharatPe, a leading fintech company in India, has announced the rebranding of PAYBACK India, the country’s largest multi-brand loyalty program, as ‘Zillion.’ This move aligns with the company’s vision to make Zillion a ubiquitous loyalty and rewards program across the nation.

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New Brand Identity for Zillion:

Zillion aims to target customers of all age groups and add a new dimension to their shopping experience across various categories and brands. With the new brand identity, the loyalty program will offer customers a wide range of options to earn and redeem rewards at a network of offline and online partners, including groceries, fuel, entertainment, travel, apparel, and more.

CEO of Zillion, Rijish Raghavan, commented on the rebranding, calling it a “landmark day” for the company. He added, “The new brand identity marks a transformational shift in our strategy from being a niche loyalty program to one with an extensive range of partners across categories.”

Targeting Gen Z and Millennials:

Zillion’s new name and identity will help the loyalty program connect better with a wider range of customers, including Gen Z and Millennials. The objective is to make Zillion a de facto customer delight tool for retailers across the country. Parth Joshi, Chief Marketing Officer of BharatPe, has announced that the company will be launching marketing campaigns in the coming months to build awareness about Zillion and drive consumer engagement.

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Reserve Bank’s gold reserves rose 4.5% to 794.64 tonnes in 2022-23

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Reserve Bank’s gold reserves rose 4.5% to 794.64 tonnes in 2022-23:

The Reserve Bank of India (RBI) has increased its gold reserves by 4.5% to 794.64 metric tonnes in the fiscal year that ended on March 31, 2023. The bank added 34.22 metric tonnes of gold during this period, which brought its total gold reserves up from 760.42 metric tonnes at the end of the previous fiscal year. The RBI has been building up its gold reserves for the last five to six years.

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Gold Reserves Comprise 7.81% of Total Foreign Exchange Reserves:

As of March 31, 2023, the RBI’s gold reserves were valued at $45.2 billion, representing 7.81% of the country’s total foreign exchange reserves, up from 7% at the end of the previous fiscal year. The country’s foreign exchange reserves were valued at $578.449 billion as of March 31, 2023.

Gold Held Overseas and Domestically:

Of the RBI’s total gold reserves, 437.22 metric tonnes are held overseas in safe custody with the Bank of England and the Bank of International Settlements, while 301.10 metric tonnes are held domestically, according to the RBI’s half-yearly report on Management of Foreign Exchange Reserves-October 2022-March 2023. Gold deposits of 56.32 metric tonnes are also included in the total gold reserves.

Central Banks Buying Gold:

The RBI is not alone in its efforts to increase its gold reserves. Other central banks, including the Monetary Authority of Singapore (MAS), the People’s Bank of China (PBoC), and the Central Bank of the Republic of Turkey, have also been buying gold as part of the diversification of their foreign exchange reserves. According to a recent report by the World Gold Council (WGC), MAS was the largest single buyer of gold, adding 69 metric tonnes during January-March 2023. The report stated that central bank buying remains robust and that there is little to indicate that this will change in the short term.

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International Day of Argania 2023 observed on 10 May

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Every year on May 10, the International Day of Argania or International Day of the Argan Tree is observed to promote awareness and understanding of the argan tree’s environmental importance worldwide. This holiday was established by UNESCO in 2021.

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International Day of Argania 2023: History

In 1988, UNESCO declared the Arganeraie Biosphere Reserve, which is the endemic production area of the argan tree, as a designated area. Additionally, in 2014, UNESCO inscribed all the knowledge and know-how regarding the argan tree on the Representative List of the Intangible Cultural Heritage of Humanity.

Furthermore, in December 2018, the Food and Agriculture Organization (FAO) acknowledged the Argan-based agro-sylvo-pastoral system within the Ait Souab-Ait Mansour area in Morocco as a Globally Important Agricultural Heritage System.

Lastly, in 2021, the United Nations General Assembly unanimously adopted a resolution submitted by Morocco, co-sponsored by 113 member states of the United Nations, to proclaim May 10th as the International Day of Argania, recognizing the importance of the argan tree and raising awareness of its global environmental significance.

About the Argan Tree

The argan tree, which is native to the sub-Saharan region of Morocco, specifically the southwest, grows in arid and semiarid areas and is known for its resilience to a harsh environment marked by water scarcity, erosion risk, and poor soils. It is the defining species of the Arganeraie woodland ecosystem, which is rich in endemic flora and is of significant importance not just in terms of conservation, but also for research and socio-economic development.

The argan tree woodlands offer forest products, fruits, and fodder, all of which are vital to the economy and livelihoods of the people in the region. The leaves and fruits are edible and highly valued, and serve as a vital fodder reserve for livestock during periods of drought. The trees are also used as fuelwood for heating and cooking.

Argan oil, which is extracted from the seeds of the tree, is world-renowned and has various applications, particularly in traditional and complementary medicine, as well as in the culinary and cosmetic industries.

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Sri Lanka Supreme Court clears way to decriminalise homosexuality

The Supreme Court of Sri Lanka has approved a bill seeking to decriminalize homosexuality, according to the Speaker of Parliament, in a move welcomed by LGBTQ+ rights campaigners. Under current laws, homosexuality is punishable by imprisonment and fines, but activists have long campaigned for change. After hearing submissions from both sides, the Supreme Court ruled that the proposed legislation was not unconstitutional.

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Sri Lanka Supreme Court clears way to decriminalise homosexuality: Key Points

While campaigners view the decision as a positive step, the bill must still win support from parliamentarians before it can become law.
The current law punishes homosexuality with a prison sentence and a fine. The Supreme Court heard petitions from both sides of the argument and ruled that the bill was not unconstitutional.

The decision has been praised as a “historic development“, but supporters of the bill will still need to garner support from parliamentarians. The government and opposition have not yet commented.

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Pakistan’s economic crisis: Hajj quota given up to Saudi Arabia

Pakistan’s Economic Crisis: Hajj quota given up to Saudi Arabia

For the first time in 75 years, Pakistan has made the decision to surrender its Hajj quota to Saudi Arabia. This move was prompted by the rising inflation in the country, which has caused thousands of Pakistanis to forgo the pilgrimage this year. In total, Pakistan has returned 8,000 unused seats, which will save the government a considerable amount of money totalling $24 million.

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Hajj quota given up to Saudi Arabia: Key Points

The Ministry of Religious Affairs has confirmed that the government scheme quota has been returned.
This decision was aimed at saving millions of dollars, which would have been required to accommodate the pilgrims, as Pakistan is currently facing a significant inflation crisis.
The federal government had previously stated that there would be no balloting for hajj applicants, as they anticipated a shortage in applications.
As a result, Pakistan was given the full share for the pilgrimage this year, following the government’s long-standing demand to increase the quota.

Pakistan Working with IMF

Pakistan is currently working with the International Monetary Fund (IMF) to conclude a ninth review of a bailout programme. Since February, Pakistan and the IMF have been in discussions regarding fiscal policy measures, which will ensure the stalled funding of $1.1 billion due in November from a $6.5 billion programme, which was agreed in 2019.

The current inflation rate in Pakistan is at an all-time high of 36.4%, making IMF funding crucial to prevent default on external payment obligations. The current IMF programme aims to distribute an additional $1.4 billion for Pakistan before concluding in June.

Also Read: India leads as top source market for Sri Lanka’s tourism for April 2023

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G20 spurs socioeconomic development in Kashmir

G20 spurs socioeconomic development in Kashmir: Key Points

Jammu and Kashmir: Excellent Tourist Destination

Economic Expansion in Jammu and Kashmir

Why Fakhar Zaman?

Why Naruemol Chaiwai?

India Extends $1 Billion Credit Line to Sri Lanka Amid Economic Crisis:

Record Low Reserves Trigger Sri Lanka’s Worst Financial Crisis:

$3 Billion IMF Bailout Package and Debt Restructuring Talks:

Extension of Credit Line and Increase in Foreign Exchange Availability:

Inflation Rates Ease, Projected to Hit Single Digits by December:

About Sri-lanka, key points:

Cashfree Payments partners with YES Bank to offer Global Collections service for exporters:

Key Benefits of using Global Collections for Exporters:

Cashfree Payments’ Leading Position in the Market:

Laureus World Sports Awards 2023

Laureus World Sports Awards: Full awards list

BharatPe Rebrands PAYBACK India as ‘Zillion’:

New Brand Identity for Zillion:

Targeting Gen Z and Millennials:

Reserve Bank’s gold reserves rose 4.5% to 794.64 tonnes in 2022-23:

Gold Reserves Comprise 7.81% of Total Foreign Exchange Reserves:

Gold Held Overseas and Domestically:

Central Banks Buying Gold:

International Day of Argania 2023: History

About the Argan Tree

Sri Lanka Supreme Court clears way to decriminalise homosexuality

Sri Lanka Supreme Court clears way to decriminalise homosexuality: Key Points

Pakistan’s Economic Crisis: Hajj quota given up to Saudi Arabia

Hajj quota given up to Saudi Arabia: Key Points

Pakistan Working with IMF

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