THE OKOVERSE

YOUR ONLY STOP FOR HAPPENINGS AROUND THE GLOBE

December - January Edition

Disinvestment Set To Miss FY24 Target, Raises

Over Rs 4 Trillion In A Decade

India Makes First-Ever Rupee Payment for the

Purchase of Crude Oil from UAE

Truck drivers across States protest Centre’s new

law on hit- and - run cases

ISRO’s Aditya-L1 successfully placed in a halo

orbit around L1 point
 THE OKOVERSE
15th December 2023
Global Refugee Forum ends with bold pledges, Solutions for
displaced
While some of the world’s poorest countries are welcoming refugees
“with great hospitality”, the international community must match
that generosity with far greater solidarity, UN chief António
Guterres said on Friday.
Speaking at the closing of the Global Refugee Forum, the
Secretary-General said that protection and help for these most
vulnerable of people, was “an obligation shared by all of humanity”.
States agreed to resettle one million refugees by 2030, supported by
a new global sponsorship fund. This fund aims to assist an
additional three million refugees in accessing third countries
through innovative community sponsorship schemes.
By rallying around the needs of refugees at this Forum, you are all
providing a bright burst of light in what has been a dark and
troubling year,” the UN Secretary-General summed up the Forum’s
work, encouraging its participants to ‘to continue matching the
courage and resilience of every refugee with our own steadfast
commitment to help them rebuild their lives in safety and dignity’.

UN Staffers Face Threat of Being Forced Out of the US - at

Retirement
Going back to the 1970s, thousands of UN staffers were given legal status
opting for permanent residency in the US-- after their retirement.
But that longstanding privilege now seems to be in jeopardy forcing
retirees to return to their home countries uprooting their lives in the US.
The UN’s Department of Management Strategy, Policy and Compliance
(DMSPC) last week sent an “urgent notice” to staffers that the United
States Citizenship and Immigration Services (USCIS) has temporarily
suspended accepting applications to Register Permanent Residence or
Adjust Status (I-485 form) under the “Special Immigrant” category (EB-
4).

This development may affect the ability of staff members who hold G-4
visas to continue to reside in the United States following their separation
from service on retirement.
The suspension may also affect recent retirees; children of current or
retired staff members, as well as a surviving spouse, who have been
planning to apply for Legal Permanent Residency under the “Special
Immigrant” category.
 THE OKOVERSE
19th December 2023
Ten weeks of hell for children in Gaza: UNICEF

A lack of food, water, shelter and sanitation continues to put

children’s lives at risk as they suffer under relentless airstrikes
with no safe place to go, said UNICEF spokesperson James
Elder, who recently returned from the enclave.
According to the Gaza health authorities, over 19,400
Palestinians have been killed in the enclave since the start of
Israel’s retaliation for Hamas’ deadly terror attacks on 7
October, about 70 per cent of them women and children.
The UNICEF spokesperson highlighted the dire lack of adequate
sanitation, pointing out that in Gaza there is one toilet for 700
people on average. Diarrhoea cases in children are above 100,000
and combined with soaring malnutrition can prove increasingly
deadly, he said.
An immediate and long-lasting humanitarian ceasefire is the only
way to end the killing and injuring of children, and child deaths
from disease, and enable the urgent delivery of desperately needed
life-saving aid,” Mr. Elder said.

Volcano erupts in southwestern Iceland, spewing magma in

spectacular show of Earth's power

A volcano that had rumbled for weeks erupted

in southwestern Iceland, spewing semi-molten
rock into the air in a spectacular show of
Earth’s power in the land known for fire and ice.
The eruption that started Monday night
occurred about 4 kilometres from the town of
Grindavik, the Icelandic Meteorological Office
said. The town near Iceland’s main airport was
evacuated in November after thousands of
earthquakes damaged homes and raised fears of
an imminent eruption.
 THE OKOVERSE
23rd December 2023
SEBI Proposes Two-Phase Transition To Instant Settlement In
Indian Stock Market

The Securities and Exchange Board of India (SEBI) is set to

revolutionize the Indian stock market with a proposed two-phase
implementation of same-day settlement (T+0) and instant
settlement.

The first phase envisions an optional T+0 settlement cycle for

trades until 1:30 pm, with the completion of fund and securities
settlement on the same day by 4:30 pm. Initially, this accelerated
settlement will be applicable to the top 500 listed companies,
introduced in three tranches based on market capitalization.

Building on the success of Phase 1, the second phase proposes

instant settlement for all trades conducted until 3:30 pm. This
immediate trade-by-trade settlement aims to further enhance
market efficiency and risk management for clearing corporations.

Foreign Exchange Reserves Soar To 20-Month

High, Reaching $616 Billion

During this week, the reserves experienced a notable

upswing, recording a substantial increase of $9 billion.
This surge stands as the second-highest weekly increment
in the current financial year. The primary contributor to
this surge was the augmentation of foreign currency
assets, witnessing an increase of $8 billion during the
week.
The Indian rupee appreciated by 0.4% in the preceding
week, attributed to the decline in the dollar index
following the outcome of the US Federal Reserve
meeting.
 THE OKOVERSE
26th December 2023

PM Celebrates 1 Crore Ayushman Cards In Viksit Bharat

Sankalp Yatra

Prime Minister Narendra Modi expressed his delight as

the issuance of one crore Ayushman cards marked a
significant achievement during the ongoing Viksit Bharat
Sankalp Yatra (VBSY) across the country.

Under the Ayushman Bharat Pradhan Mantri Jan Arogya

Yojana (#PMJAY), these cards offer free treatment of up
to Rs 5 lakh per annum per family at empanelled hospitals
nationwide.

Health and Family Welfare Minister Mansukh

Mandaviya disclosed that India has achieved a
commendable landmark, with 1,02,23,619 Ayushman
cards created during the Viksit Bharat Sankalp Yatra.
This achievement not only signifies the strength of the
country’s health infrastructure but also propels healthcare
excellence in India.

Disinvestment Set To Miss FY24 Target, Raises Over Rs 4 Trillion In

A Decade

As the specter of impending general elections looms,

the government’s privatization endeavors have
slowed, opting for caution in the face of potential
accusations of selling off national assets.
The ambitious disinvestment target for the current
fiscal year is likely to be missed, with major plans,
including Bharat Petroleum Corporation Ltd
(BPCL), Shipping Corporation of India (SCI), and
CONCOR, pushed to the backburner. Analysts
suggest that substantive privatization may only
resume after the April/May elections.
 THE OKOVERSE
29th December 2023

India Makes First-Ever Rupee Payment for the Purchase of Crude

Oil from UAE

India, the world’s third-largest energy consumer, recently made

a significant move by conducting its first-ever payment in rupees
for crude oil purchased from the United Arab Emirates (UAE).
This move is seen as part of a broader strategy to diversify oil
suppliers, reduce transaction costs, and position the Indian rupee
as a viable trade settlement currency.
The Reserve Bank of India’s decision in July 2022, allowing
importers to pay in rupees and exporters to receive payments in
the local currency, has set the stage for this initiative.
The recent agreement with the UAE for rupee settlements is a
step towards achieving this goal. The Indian Oil Corporation
(IOC) made payments in rupees for one million barrels of crude
oil from Abu Dhabi National Oil Company (Adnoc), marking a
historic milestone

CEBR Forecasts India As Third-Largest Economy By 2032,

Global Economic Leader By Century’s End

The Centre for Economics and Business Research (CEBR) has

recently released a groundbreaking report projecting India’s trajectory
as the preeminent global economic superpower by the close of the
century.

This trajectory positions India to become the world’s third-largest

economy by 2032, outpacing economic stalwarts like Japan and
Germany.

According to the latest World Economic League Table by CEBR,

India’s GDP is poised to exceed that of China by a staggering 90%
and surpass that of the United States by 30%. This monumental shift
is anticipated to materialize post-2080
 THE OKOVERSE
2 January 2024

Haneda Airport Runway Collision

A passenger plane collided with a Japanese coast guard

aircraft and burst into flames on the runway of Tokyo’s
Haneda Airport on January 2, officials said. NHK TV
reported that all occupants of Japan Airlines flight
JAL-516 believed to total 379 people, got out safely
before the plane was entirely engulfed in flames. The
Japanese coast guard said the pilot of its plane had
escaped.

NHK reported that the five other crewmembers had

been found dead. Local TV video showed a large
eruption of fire and smoke from the side of the Japan
Airlines plane as it taxied on a runway. The area
around the wing then caught fire. Footage an hour later
showed the plane fully on fire.

Truck drivers across States protest Centre’s new law on

hit- and - run cases

Drivers of commercial vehicles, including trucks and

tankers, stopped work across several States on
January 1 to protest against the provision in the
new penal law on hit-and-run law road accident
cases. The Bharatiya Nyay Sanhita, which will
replace the Indian Penal Code, has a provision that
attracts punishment of up to 10 years for drivers
who cause a serious road accident by negligent
driving and run away without informing the police
or any official from the administration.
THE OKOVERSE
6 January 2024
Indian Navy trying to hunt down pirates involved in
hijacking attempt

Indian Naval forces are on January 6 investigating

suspected vessels in the North Arabian Sea to track down
the pirates involved in an attempt to hijack a merchant
vessel with 21 crew members including 15 Indians, officials
said. The Indian Navy thwarted the attempted hijacking of
Liberian-flagged vessel MV Lila Norfolk and rescued all
its crew members on January 5. The crew of the bulk
carrier are now engaged in restoring the propulsion
system, power supply and steering gear of the platform,
the Navy said. “Thereafter, MV Lila Norfolk will
recommence her passage to her destination under escort of
the Indian naval warship,” it said.

ISRO’s Aditya-L1 successfully placed in a halo orbit

around L1 point

The Indian Space Research Organisation (ISRO) has placed the

Aditya-L1 spacecraft in a halo orbit around the Lagrangian
point (L1). India’s maiden solar mission Aditya L1 reached the
L1 point on January 6, 127 days after it was launched on
September 2, 2023.
Prime Minister Narendra Modi announced that the Aditya-L1
has reached its destination.
“India creates yet another landmark. India’s first solar
observatory Aditya-L1 reaches its destination. It is a testament
to the relentless dedication of our scientists in realising among
the most complex and intricate space missions. I join the nation
in applauding this extraordinary feat. We will continue to pursue
new frontiers of science for the benefit of humanity,” Mr. Modi
said in a post on X (formerly Twitter).
 THE OKOVERSE
10 January 2024

India-Maldives Row: An Escalating Story

Amid the ongoing row between India and the Maldives,

Opposition leader and the Chairperson of the Maldivian
Democratic Party, Fayyaz Ismail, has called for the
government to take a “tougher stand” , saying that the racist
comments against India and Prime Minister Narendra Modi
were just isolated individual opinions. On being asked if the
ongoing spat between the two countries is going to have an
impact on the India-Maldives ties, as well the revenue that
Indian tourists have generated for the island nation over the
years, the Maldivian leader said that it was much more than
economics or revenue

World looks at India as global growth engine: PM Modi at Vibrant

Gujarat Global Summit

Prime Minister Narendra Modi on January 10 said India has

emerged as a new ray of hope amid many uncertainties being
faced globally, and the world looks at it as an important pillar
of stability, a trusted friend and an engine of growth in the
global economy. He also said that in the rapidly changing
world order, India is moving forward as ‘vishwa mitra’ (friend
of the world). Speaking at the inauguration of the 10th edition
of the Vibrant Gujarat Global Summit, which saw
participation of State heads and CEOs of top private
companies, Mr. Modi said all major rating agencies are of the
opinion that India will be among the three largest economies of
the world in the next few years.
 THE OKOVERSE
10 January 2024

Defence Minister Rajnath Singh concludes U.K. visit after ‘warm

meeting’ with PM Rishi Sunak

Defence Minister Rajnath Singh concluded his visit to the

U.K. on January 11 after a “warm meeting” with British
Prime Minister Rishi Sunak and interacting with members
of the Indian diaspora at a community reception. Mr. Singh
called on Prime Minister Sunak at 10 Downing Street in
London on January 10 evening for discussions on a wide
range of issues across bilateral defence and economic ties.
He also gifted a Ram Darbar statue to Mr. Sunak,
Britain’s first Hindu Prime Minister, during the meeting
also attended by U.K. National Security Adviser Sir Tim
Barrow.

Swachh Survekshan Awards 2023 : Indore, Surat ‘cleanest cities’

in India

Indore and Surat were adjudged the ‘cleanest cities’ in

the country while Navi Mumbai retained the third
position in the Central Government’s annual cleanliness
survey, the results of which were announced on January
11. In the category of ‘best performing States’ in
‘Swachh Survekshan Awards 2023’, Maharashtra
bagged the top rank, followed by Madhya Pradesh and
Chhattisgarh. Indore bagged the cleanest city title for
the seventh time in a row.
 THE OKOVERSE
15 January 2024

Tata Consumer Acquires Capital Foods and Organic India for Rs

7,000 Crore
Tata Consumer Products (TCP) announced in an exchange
filing on Friday that it has signed definitive agreements to
acquire Fabindia-backed Organic India and Capital Foods,
owner of the brands Ching’s Secret and Smith & Jones, to
expand its product portfolio.
The Tata Group Company will acquire a 100% stake in Organic
India in an all-cash deal for Rs 1,900 crore, while the acquisition
of Capital Foods will be in a phased manner for Rs 5,100 crore.
Tata Consumer will acquire 75% of the equity shareholding
upfront, and the balance 25% of the share capital will be
acquired within the next three years.
The Total Addressable Market for the categories in which
Capital Foods operates is estimated at Rs 21,400 crore, while the
overall size of the categories that Organic India is present in is
Rs 7,000 crore in India and Rs 75,000 crore in international
markets.

Yemen Airstrikes
The U.S. military has carried out a new strike in Yemen in the
latest military action against the Iran-backed Houthi rebels over
their targeting of Red Sea shipping.
Two officials, who spoke on the condition of anonymity, told
Reuters that the strike targeted four anti-ship missiles.
This comes as US naval forces have seized the first batch of
Iranian weapons components bound for Houthi rebels since the
militant group began its Red Sea attacks late last year.
US Central Command, which oversees the Middle East, said US
Navy Seals, supported by helicopters and drones, conducted a
night-time seizure of a vessel off the coast of Somalia, south of
Yemen. They said it had been illegally transporting weapons
parts to the Houthis.
“Initial analysis indicates these same weapons have been
employed by the Houthis to threaten and attack innocent
mariners on international merchant ships transiting in the Red
Sea,” the statement read.
KEY ECONOMIC INDICATORS

Repo Rate 6.50% Exchange Rate ($) 82.96

Reverse repo Rate 3.35 Inflation (CPI) 5.03

Bank Rate 5.15 Unemployment Rate 8.7

Manufacturing PMI
Cash Reserve Ratio 4.5 56

Statutory Liquidity 18 Service PMI 59

Ratio

MCLR 9.10/ Brent Crude Price

$77.81
10.25 ($/Barrel)

NIFTY- 50 BSE Index

21470.45 71,158.54
(18-01-24) (18-01-24)