Today in History (July 18th, 1925)
On this day, in 1925, the first volume of Mein Kampf, an autobiography of the former German Dictator, Adolf Hitler was published. The book served as the political manifesto for Nazi Party during the Third Reich.
Summary of Today’s News
National Multidimensional Poverty Index
According to the “National Multidimensional Poverty Index: A Progress Review, 2023,” released by NITI Aayog, India has seen a significant decline from 24.85% in 2015-16 to 14.96% in 2019-2021, with 13.5 crore people lifted out of poverty. Rural areas saw the fastest decline (32.59% to 19.28%), particularly in states like Bihar, Uttar Pradesh, Madhya Pradesh, Odisha, and Rajasthan, while urban areas improved from 8.65% to 5.27%.
Foxconn Plant
Foxconn Industrial Internet (Fii), a subsidiary of iPhone manufacturer Foxconn, plans to establish a plant in Tumakuru, Karnataka, with an investment of ₹8,800 crore. The plant aims to manufacture screens, outer coverings, and mechanical components for phones.
Right to Information (RTI) Act
The Right to Information (RTI) Act, 2005, enacted by the Parliament of India, grants citizens access to information held by public authorities. Derived from Article 19 of the Constitution, it applies nationwide and allows citizens to request information without giving reasons. Responses should be provided within 30 days (48 hours if related to life or liberty). However, the recently approved Digital Personal Data Protection Bill contains provisions that may weaken citizens’ right to information, potentially hindering transparency and democratic principles by allowing information denial based on personal data grounds.
Rupee and Dirham Trade
The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates agreed to establish a framework for using their local currencies (rupee and dirham) in cross-border transactions to reduce dependence on third-country currencies like the U.S. dollar, promoting bilateral use of their currencies. The settlement system will facilitate current account payments and certain permitted capital transactions, benefiting businesses in both countries and boosting trade. This agreement could serve as a first step towards the internationalization of the rupee.
Just Energy Transition Partnership (JETP)
U.S. Treasury Secretary Janet Yellen announced a collaboration with India to lower the cost of capital and increase private investment for India’s energy transition. India seeks a customized Just Energy Transition Partnership (JETP) for clean energy expansion without a coal phase-out. The partnership aims to achieve climate goals, and India reaffirms its commitment to close engagement with the U.S. on development cooperation and renewable energy investment.
