1. PM Modi, Mauritius PM Pravind Jugnauth inaugurate airstrip, jetty in Agalega Islands
2. India Okays $15 Billion of Milestone Chip Plant Investments- Bloomberg
3. India’s Q3 GDP growth at 8.4%, beats D-Street estimates; economy grows at fastest pace in 6 Qs
4. PM Modi meets Bill Gates, discussion on AI for public good takes center stage
5. Indian Navy to commission new base, INS Jatayu, in Lakshadweep next week

What Else

• MoU signed with Greek bank to facilitate remittances to India using UPI
• India says no new deals at WTO without key US concession- AFP
• “Sovereign decision”: MEA on Nitasha Kaul’s entry denied into India
• India successfully tests indigenous VSHORADS missile system, enhancing air defense capabilities
• Pakistan: Newly elected MNAs sworn in amid protest by PTI-backed lawmakers
• Pakistan: Prime Minister’s election scheduled for Mar 3:
• Pakistan Tehreek-e-Insaf seeks JUI-F’s support for PM, National Assembly Speaker polls
• Indian travelers can now scan and pay in Nepal
• Chinese President Xi Jinping expected to visit Europe on trust-building tour
• CCP orders cells to make Xi Thought a priority, cadres must study the president’s speeches

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PM Modi, Mauritius PM Pravind Jugnauth inaugurate airstrip, jetty in Agalega Islands

• PM Modi and his Mauritius counterpart Pravind Jugnauth inaugurated an airstrip and a jetty in the Agalega Islands on Thu
• PM Modi said that the two countries are working actively towards ensuring security, prosperity, and stability in the IOR
• PM Jugnauth said that both will enhance the island’s capabilities in marine surveillance and security, while also meeting development objectives. It’s entirely financed by India.
• Jugnauth also said that there has never been any agenda to transform Agalega into a military base and condemned the India-bashing campaign.
• PM Modi said that India and Mauritius are natural partners in the maritime domain to deal with traditional and non-traditional challenges in the Indian Ocean region.
• He also announced that Mauritius will be the first country to join India’s Jan Aushadhi scheme, an initiative rolled out to provide quality medicines at affordable prices (here)

India Okays $15 Billion of Milestone Chip Plant Investments- Bloomberg

• Indian govt has approved $15.2 bn worth of investments in semiconductor fabrication plants, including a Tata Gr proposal to build the country’s 1^st major chipmaking facility.
• PM Modi’s cabinet approved Tata’s plan to build an $11 billion site that can fabricate about 50,000 wafers per month, tech min Ashwini Vaishnaw told reporters on Thu.
• The govt also cleared Tata’s separate proposal for a $3 bn+ chip assembly plant, and a packaging venture between Japan’s REC and the Murugappa Gr’s CGPIS Ltd.
•  While still merely blueprints, the approvals advance India’s semiconductor ambitions.
• India offered to shoulder half the cost of any approved projects, up to an initial ceiling of $10 billion.
• The semiconductor fund has already helped US memory maker Micron Technology Inc. establish a $2.75 billion assembly facility in Gujarat. (here)
• Cabinet approves ‘PM-Surya Ghar: Muft Bijli Yojana’ for installing rooftop solar in 1 crore households: The Union Cabinet on Thu approved ‘PM-Surya Ghar: Muft Bijli Yojana’ with a total outlay of Rs 75,021 crore for installing rooftop solar and providing free electricity up to 300 units every month for a crore households.
• PM Modi had launched the scheme on Feb 13 this year.
• The initiative will give thrust to solar manufacturing and supply chain and provide direct employment to 17 lakh people.
• An official release said the scheme provides a CFA of 60% of system cost for 2 kW systems and 40% of additional system cost for systems between 2-3 kW capacity. (here)
• Cabinet approves establishment of IBCA with HQ in India: The Cabinet also approved the establishment of the International Big Cat Alliance with HQ in India with a 1-time budgetary support of Rs 150 crore for a period of 5 years from 2023-24 -2027-28. (here)

India’s Q3 GDP growth at 8.4%, beats D-Street estimates; economy grows at fastest pace in 6 Qs

• Q3-The Indian economy grew 8.4% during the Oct-Dec quarter of the current financial year 2023-24 (Q3FY24), remaining the fastest-growing major economy in the world
• The rise in GDP growth was supported by robust growth in manufacturing and construction sectors, along with high domestic demand.
• Commenting on the GDP data, PM Modi said on Thu that the GDP growth figure for the Q3 of the current fiscal displayed the strength and potential of the Indian economy.
• Q3 GDP growth sharply above Street estimates, RBI projections
• The GDP growth in Q3 rose sharply above D-Street estimates along with growth projections by the RBI.
• The RBI had maintained real GDP growth for FY24 at 7% with Q3 at 6.5% and Q4 at 6%.
• 3.FY24 GDP growth revised to 7.6% from 7.3%
• Govt spending contracts 3.2%, private consumption up 3.5%
• CEA Nageswaran urges rating agencies to revise FY24 projections (here)

PM Modi meets Bill Gates, discussion on AI for public good takes center stage

• PM Modi and philanthropist Bill Gates held a dialogue centered around harnessing the power of AI for the greater good of the public.
• The leaders expressed their shared commitment to sectors that hold the potential to enhance the planet and uplift millions worldwide.
• “A wonderful meeting indeed! Always a delight to discuss sectors, which will make our planet better and empower millions of people across the globe,” said PM on X.
• The two also discussed DPI, women-led development. Microsoft co-founder Gates also emphasized the lessons learned from India and spreading them across the world.
• Earlier, the philanthropist also met EAM S Jaishanakar on Thu.
• Bill Gates, who is on a visit to India, arrived in Bhubaneswar, on Tue. (here)
• [Why this tourism is a big Q. A day back Bill Gates enjoyed street food. While this a common for diplomats but not businessmen]

Indian Navy to commission new base, INS Jatayu, in Lakshadweep next week

• In a move towards strengthening its position in the IOR, the Indian Navy is going to commission a new base, INS Jatayu, in the Minicoy Islands of Lakshadweep.
• The Indian Navy is also going to hold its commanders’ conference on board the twin aircraft carriers, including INS Vikramaditya and INS Vikrant, where they will be undertaking high-tempo operations
• The Indian Navy is also going to formally commission the multirole helicopter MH-60 Romeo at Kochi in the next week, they said.
• The force would also see the buildings of its naval war college in Goa and facilities in Karwar inaugurated around March 4, the officials said. Sharing details of the base being put together at Minicoy Islands, the officials said it is being commissioned with a small component of officers and men but would be expanded in the future.
• The base would be similar to the INS Baaz created in the Andamans and would have similar capabilities in the Arabian Sea. (here)

MoU signed with Greek bank to facilitate remittances to India using UPI

• NPCI International Payments Limited (NIPL), a subsidiary of NPCI, and Greek bank Eurobank signed an MoU towards enhancing cross-border payments using the UPI.
• This announcement comes a week after Greek PM Kyriakos Mitsotakis visited India, where he, among others, had a bilateral meeting with his Indian PM Modi.
• According to a joint release issued on Thu, this understanding is aimed at transforming the process of international money transfers, with a specific focus on streamlining remittances from Greece to India.
• In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI.
• So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions. (here)

India says no new deals at WTO without key US concession- AFP

• India will only finalize new deals at a WTO ministerial meeting if the US stops blocking an agreement on a dispute settlement mechanism, the trade minister said on Wed.
• Delegates are hoping for progress on issues such as fisheries and agriculture at the WTO’s 13^th ministerial meeting, underway in Abu Dhabi.
• But Goyal told AFP on the sidelines of the talks his country would not “finalize” any new agreements without progress on the dispute-settlement system.
• “It’s important that the first issue we should settle is that there should be an appellate body and some countries are not allowing that to happen,” he said.
• Washington brought a WTO dispute settlement to a grinding halt in 2019 after blocking for years the appointment of new judges to the WTO’s appeals court.
• Goyal said that “the entire working of WTO currently has come to a little bit of a standstill”.
• New agreements require full consensus between the WTO’s 164 member states as per the body’s rules. (here)

“Sovereign decision”: MEA on Nitasha Kaul’s entry denied into India

• The Ministry of External Affairs said on Thu that the entry of foreign nationals into the country is a sovereign decision about the denial of entry to Nitasha Kaul, a UK national.
• Notably, UK-based Indian-origin academician, Nitasha Kaul, claimed that she was deported from India immediately after she arrived at the Bengaluru airport.
• Kaul said that she was invited by the Karnataka govt for a 2-day conclave on “constitutional rights”.
• The invite had sparked controversy after the BJP claimed that Kaul had alleged sympathies towards Pakistan.
• BJP Karnataka alleged on X that Congress had disgraced the Indian Constitution by inviting a Pakistani sympathizer. (here)

India successfully tests indigenous VSHORADS missile system, enhancing air defense capabilities

• India conducted 2 successful tests of an indigenous man-portable ADMS, designed to destroy aircraft, drones, and copters at very short ranges, on Wed and Thu.
• DRDO conducted flight tests of the very short-range air defense system (VSHORADS) missiles, which have a range of up to 6 km, from a ground-based portable launcher from the Integrated Test Range, Chandipur, off the Odisha coast.
• VSHORADS has been designed and developed by the Research Centre Imarat in collaboration with other DRDO laboratories and Indian industry partners. (here)

 [Neighborhood]

Pakistan: Newly elected MNAs sworn in amid protest by PTI-backed lawmakers

• The 16^th National Assembly came into effect on Thu with the oath-taking of the lawmakers elected on Feb 8 amid allegations of “rigging” with the highlight being the return of former premier Nawaz Sharif to the Parliament after more than six years.
• Outgoing Speaker Raja Pervaiz Ashraf administered the oath to the 302 members present in the House.
• The session started with a ruckus as soon as the national anthem ended with the PTI-backed lawmakers, who have joined the SIC, surrounding the speaker’s dias.
• The party had already announced it would protest in session against the alleged rigging.
• It was after an appeal by the speaker that the lawmakers settled down and the oath was taken by all the members.
• However, as soon as the oath was administered, the SIC lawmakers asked the speaker that they be allowed to speak on a point of order.
• But their request was turned down, as the speaker informed them that they could raise the point of order after they had signed the role of member register. (here)

Pakistan: Prime Minister’s election scheduled for Mar 3:

• The NA Secretariat has released the timetable for the PM election to be held in Pakistan on Mar 3.
• According to the schedule issued by the NA Secretariat, aspirants for the premiership can submit their nomination papers by 2 pm on March 2.
• The final list of candidates will be issued following scrutiny of the nomination papers.
• Nomination papers can be obtained from the legislation department, with candidates instructed to submit them to the NA Secretariat. (here)

Pakistan Tehreek-e-Insaf seeks JUI-F’s support for PM, National Assembly Speaker polls

• PTI has called on Jamiat Ulema-e-Islam-Fazl’s (JUI-F) to support their party in the elections for Pakistan’s PM and NA speaker slots.
• According to details, the PTI delegation, comprising its nominees for PM Omar Ayub and NA Speaker Amir Dogar, and others visited JUI-F chief Fazalur Rehman’s house
• PTI’s nominee for the PM’s slot, Omar Ayub, said that they called on the JUI-F chief to seek their support in the election process.
• Asked whether PTI founder Imran Khan, who is incarcerated in Adaila Jail, is aware of the development, Ayub responded, “Yes.”
• He said that many political parties have reservations about the results of the polls (here)

Indian travelers can now scan and pay in Nepal

• Indian tourists visiting Nepal were able to pay for the services through their mobile phones on Wed, for the 1^st time since the ban on high-denomination Indian currency 8 years ago.
• This marks a milestone in cross-border digital payment between Nepal and India and is expected to give a much-needed boost to the country’s tourism.
• Khalti reported that on the 1^st day, they recorded more than 100 transactions worth 9k.
• Sources said Nepal’s central bank has recently formed a committee to study the transaction limits through digital wallets for Nepalis traveling to India.
• However, according to NPCI, the UPI transaction limit per day is set at Rs 1 Lac/person
• Nepal welcomed 1 million tourists in 2023 following record arrivals from India.
• For the first time, Nepal received over 315,000 Indian tourists last year, who came to Nepal by air while no account for those who came by road (here)

Chinese President Xi Jinping expected to visit Europe on trust-building tour

• President Xi Jinping’s possible trip to Europe is seen as another step towards rebuilding trust with the continent, as both sides eye pragmatic cooperation despite geopolitical frictions, according to observers.
• Serbian President Aleksandar Vucic’s statement of Xi’s coming visit to his country offered the first confirmation of Xi’s trip to Europe this year
• Beijing has not confirmed the visit to Europe or indicated a potential itinerary.
• France is also expected to be a stop on his trip after Xi accepted Emmanuel Macron’s invitation to visit during the French president’s visit to China last year.
• If the trip to Europe is confirmed, it would mark Xi’s first Europe tour since resuming in-person diplomacy following the Covid-19 pandemic.
• China’s relations with Europe have been largely strained in recent years over the Ukraine conflict and escalating rivalries between Beijing and Washington.
• While many European countries remain suspicious of Beijing’s ties with Moscow, they are also under immense pressure to join US efforts to limit China’s access to critical material and technologies over national security concerns. (here)

CCP orders cells to make Xi Thought a priority, cadres must study the president’s speeches

• CCP is making the study of President Xi Jinping’s political thoughts a top priority for all party cells, ordering them to conduct regular sessions to learn speeches and commands
• The general office of the party’s decision-making Central Committee issued a notice to all party organs across China on Wed, detailing compulsory learning activities to be conducted regularly in the latest bid to embed the Chinese leader’s doctrine into the minds of more than 98 million party members and cadres.
• The document came less than a month after the party convened a top-level meeting to conclude a sweeping and intense ideological campaign – known as the “thematic education” program on Xi’s latest political thought – which lasted 10 months. (here)