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As the year draws to a close, caution is key for the government.

India’s economy is expected to grow at around 6.5% in fiscal year 2024-25, closer to the lower end of its 6.5% to 7% projection, as global uncertainties pose a dampening threat, according to the finance ministry’s monthly economic report. 

With a widened trade deficit and the rupee clocking at a new all-time low, the RBI has its work cut out to maintain its envisioned economic trajectory for next year.

As India weathers yet another slew of volatile headwinds, political and industry leaders alike came together to reminisce and pay homage to the late Manmohan Singh, who steered the economy out of the 2008 recession and freed it from restrictive licence raj-era policies to pave the way for what is now Asia’s third largest economy. 

Dignitaries from the Dalai Lama to the former Prime Minister’s contemporaries and foreign counterparts offered condolences and shared memories of the man often dubbed the “reluctant PM”, after his surprise ascension to the seat in 2004. 

But then again, as he once put it, history is often kinder than the contemporary lens.

ICYMI: A look back at some of the policies that shaped the future of a billion Indians. 

In other news, NASA pulled an Icarus move this week, but unlike the tragic figure from Greek mythology, its probe lived to tell the tale after flying too close to the sun.

The agency confirmed on Friday that its Parker Solar Probe was safe and operating normally after passing just 3.8 million miles from the solar surface and enduring temperatures of up to 1,800 degrees Fahrenheit, in the closest-ever approach to the Sun by any human-made object.

All in a day’s work of unravelling the mysteries of the cosmos!

In today’s newsletter, we will talk about 

• A year of social impact movements
• AI, blockchain shape 2024’s tech policies
• Highlighting Bihar’s investor appeal

Here’s your trivia for today: Military leader Napoleon also dabbled in writing what genre of book?

Social Impact

A year of social impact movements

As 2024 draws to a close, the social sector has been a testament to the power of resilience, innovation, and community-driven change. 

From groundbreaking initiatives addressing gender inequality, grassroots movements for climate action, people who have created a defining social impact to social enterprises that have embraced tech for good, this year has showcased how individuals and organisations have believed in action for impact. SocialStory looks at a few stories that sparked conversations and inspired action this year. 

Call to action:

• As a trans model, Rudrani Chettri saw the lack of opportunities for other trans and non-binary models and decided to start Bold, a transgender modelling agency, which has now also expanded to include casting opportunities for the trans community as well. Today, Bold has over 50 models on its roster. 
• Some stories revolve around preserving traditions and livelihoods, like Asha Patil and Seema Kishore’s Banjara Kasuti, which aims to give Lambani women a platform for their traditional craft. The Lambanis are a traditional nomadic community from the Mewar region, now a part of modern-day Rajasthan. 
• Occasionally, the smallest of changes can bring about a big impact. Indian Administrative Service officer Sushant Gaurav has empowered more than 30,000 farmers in the district to grow ragi (finger millet), which can withstand dry spells and has high nutritional value, instead of paddy, as part of a sustainable agricultural movement. 

Policy

AI, blockchain shape 2024’s tech policies

India took bold strides in 2024 with a series of transformative tech policies aimed at accelerating innovation and economic growth. By prioritising key sectors and enhancing digital infrastructure, the policies set the stage for a more connected, efficient, and technologically advanced future.

From broad-based regulations around AI to policies centred on digital privacy and data protection, 2024 was marked by bills and strategies aiming to drive innovation in a range of sectors from spacetech to cryptocurrency.

Vision for the future:

• In March, the Union Cabinet approved an allocation of over Rs 10,300 crore under the IndiaAI Mission for five years with Rs 551.75 crore budgeted for 2024-25, to drive key initiatives like the IndiaAI Compute Capacity, IndiaAI Innovation Centre, IndiaAI FutureSkills, and IndiaAI Startup Financing, among others.
• Meanwhile, the Karnataka government aims to position itself as a global innovation hub for spacetech through policies like the Draft Karnataka Space Technology Policy 2024-2029, which will focus on all segments of the space value chain for commercial, defence space and electronics and space research. 
• A number of policies crucial for ]tech and startup ecosystem as a whole were introduced during the Union Budget, including the abolition of the angel tax, the setting of Integrated Technology Platform to improve outcomes under the Insolvency and Bankruptcy Code, and financing for R&D by the private sector. 

Investor

Highlighting Bihar’s investor appeal

In a renewed push to make the state of Bihar an attractive investor destination, the second edition of Bihar Business Connect 2024 registered commitments of Rs 1.8 lakh crore from various industry segments. 

The two-day event concluded on December 20 with 423 Memoranda of Understanding (MoU) between various industries across sectors and the state government. It also focused on encouraging MSMEs and startups in the state to set up a base for employment generation and encouraging entrepreneurship.

Fresh capital:

• At the conclusion of the event, the state saw commitments of nearly Rs 90,734 crore from the renewable energy sector, the highest among all investments. Sun Petro Chemicals committed to an investment of Rs 36,700 crore. The renewable sector also saw commitments from Adani Group and NHPC.
• Other sectors contributing significantly included general manufacturing, with commitments to the tune of Rs 55,888 crore, and the food processing industry, with commitments of Rs 13,663 crore. In this, Coca Cola bottler and distributor SLMG Beverages alone committed to an investment of Rs 3,000 crore in the state.
• The event also unveiled upcoming policies as part of a presentation by Bandana Preyashi, Secretary, Department of Industries at Government of Bihar, including the Bihar Food Processing Policy 2024, Bihar Pharmaceuticals Promotion Policy 2024 and Bihar Plastic Manufacturing Promotion Policy 2024, among others.

News & updates

• Pivot: OpenAI, founded a decade ago as a research organization, is considering a change to the AI company’s structure that would create a more conventional money-making corporation alongside a nonprofit arm.
• Royalties: BioNTech has entered into two separate settlement agreements with the U.S. National Institutes of Health and the University of Pennsylvania over the payment of royalties related to its COVID-19 vaccine, the company said in filings.
• Deal worries: Shares in the Japanese carmaker Nissan have had their biggest fall since August’s stock market sell-off, as investors turned their attention to the company’s planned tie-up with domestic rivals Honda and Mitsubishi.

Military leader Napoleon also dabbled in writing what genre of book?

Answer: Romance. 

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