Updates

According to report, India experienced significant growth in intellectual property filings, with patents filings doubling between 2018 and 2023. The World Intellectual Property Organization (WIPO) has published the World Intellectual Property Indicators (WIPI) 2024, underscoring global trends in intellectual property (IP) filings. The report reveals significant growth in patent, trademark, and industrial design applications across top economies. India has secured a spot in the global top 10 for all three major intellectual property (IP) rights—patents, trademarks, and industrial designs.India continues to solidify its place as a global leader in the intellectual property (IP) landscape by showing substantial progress and marking new milestones in IP activity. India recorded the fastest growth in patent (+15.7%) applications in 2023 among the top 20 origins, marking the fifth consecutive year of double-digit growth. India ranks sixth globally for patents with 64,480 applications, with resident filings accounting for over half of all submissions (55.2%)—a first for the country. The patent office also granted 149.4% more patents in 2023 compared to the previous year, underlining the country’s fast-evolving IP ecosystem. The report indicates a steady rise (36.4%) in India’s industrial design applications, which aligns with increasing emphasis on product design, manufacturing, and creative industries within India. The top three sectors—Textiles and Accessories, Tools and Machines, and Health and Cosmetics—made up almost half of all design filings, Between 2018 and 2023, patent and industrial design applications more than doubled, while trademark filings increased by 60%, reflecting the country’s growing emphasis on IP and innovation. India’s patent-to-GDP ratio also saw significant growth, rising from 144 to 381 in the past decade, indicating that IP activity is scaling alongside economic expansion. India ranked fourth globally in trademark filings, with a 6.1% increase in 2023. Nearly 90% of these filings were by residents, with key sectors including Health (21.9%), Agriculture (15.3%), and Clothing (12.8%) leading the way. India’s trademark office holds the second-largest number of active registrations worldwide, with over 3.2 million trademarks in force, reflecting the country’s strong position in global brand protection. The report highlights continued growth in global intellectual property (IP) filings, reflecting innovation resilience despite economic challenges. Key findings show a record of 3.55 million patent applications filed worldwide in 2023, up 2.7% from 2022 with notable contributions from leading economies in Asia. This increase was largely driven by residents in China, the United States, Japan, South Korea, and India. This growth trend, especially in resident filings, emphasises a shift towards local innovation, with many countries aiming to strengthen their domestic IP landscapes. The findings from WIPO’s World Intellectual Property Indicators 2024 showcase India’s advancements in innovation and IP. The steady increase in resident filings demonstrates the impact of government initiatives, which aim to make India a global innovation leader.

The two World Bank economists who authored the study, published in the Lancet Planetary Health journal, said it was the first to assess the impact of lead exposure on heart disease deaths and child IQ loss in wealthy and developing nations.Lead author Bjorn Larsen told AFP that when the pair first saw the figure their model calculated, “we didn’t even dare to whisper the number” because it was so “enormous”.  Exposure to a potent toxin lead likely causes 5.5 million cardiovascular diseases linked-premature adult deaths and 765 million lost IQ points among children annually, according to estimates from an article published in Lancet Public Health. countries to phase lead out of the global economy, which is estimated to generate more than $100 billion in economic value. “Why are we allowing an industry worth less than $100 billion cause enormous destruction to the biosphere, the food web, public health, social justice and future generations?” the researchers wrote in the paper. This gain is smaller than the economic losses from premature death from cardiovascular disease and cognitive dysfunction due to lead exposure alone, which cause economic losses of $6 trillion, the study highlighted. Lead is a heavy metal known to mimic calcium, which is stored in bone. It interrupts metabolic processes in humans, impacting intelligence, and increasing the risk of heart disease, kidney failure and premature death. “Lead is a remarkably harmful toxin. Even within the context of limited resources, we have to find ways to focus on reducing exposure to it,” Stephen Luby, Professor of Medicine at Stanford University and one of the study’s authors, said in a statement. Children having blood lead level of 10 microgram per litre (µg/L) suffer a loss of 1 IQ point. Globally, 815 million children are estimated to have blood lead levels greater than 50 µg/L and 413 million children have blood lead levels over 100 µg/L. While there is no known safe blood lead concentration, even blood lead concentrations as low as 3.5 µg/dL may be associated with decreased intelligence in children, behavioural difficulties and learning problems, according to the World Health Organization. By 2000, lead was phased out from most gasoline, paint, plumbing and other consumer products. Still, the lead market has seen increasing demand due to low priced lead-acid batteries. The researchers estimated that 4.5 million metric tons of lead were mined in 2020. If the price of the heavy metal per tonne is $1625, the gross annual revenue from lead mining was approximately $7.3 billion. More than 85 per cent of the lead that is mined or generated through recycling is used to manufacture lead-acid batteries, the paper highlighted. The heavy metal is toxic to insects, birds and animals as well. They also affect soil microbes. Considering that the global lead-acid battery business in 2020 was valued at $50 billion, the researchers conservatively estimate that lead-based products contributed less than $100 billion in value to the global economy in 2020. The researchers, however, added that the full economic costs of lead exposure are far higher, due to the premature death and lost productivity from many other ailments caused by lead exposure and elevated healthcare costs. While the researchers see value for the world to enter a treaty to eliminate lead mining and sale of lead containing products, they argue that such treaties take years to negotiate. Instead, they said, political authorities can reduce lead use in their own jurisdictions. Other strategies involve adding progressive tax on lead-based products and subsidies for less toxic alternatives and proposing phase-out date by 2035. This, the paper added, could fuel the development of substitutes. Even if the world manages to eliminate lead mining and new lead products by 2035, legacy sources of lead will continue to circulate in the economy. Still, population exposure would progressively decline. In the United States, blood lead levels among children under aged five years declined by 94 per cent 40 years after the Environmental Protection Agency, agency of the US government that sets and enforces national pollution-control standards, began phasing lead out of gasoline. 

The Union Cabinet on Wednesday approved the PM-Vidyalaxmi scheme to provide monetary support to meritorious students so that financial constraints do not prevent them from pursuing quality higher education, Union Minister Ashwini Vaishnaw said. The Union Cabinet has approved the PM-Vidyalaxmi scheme for financial assistance to students applying for higher education. The scheme will get Rs 3,600 crore for 2024-25 to 2030-31. What is PM-Vidyalaxmi scheme The scheme will provide students a 75 per cent credit guarantee by the central government for loans up to Rs 7.5 lakh. Students with an annual family income of up to Rs 8 lakh and who are ineligible for benefits under any other government scholarship or interest subvention schemes will be provided 3 per cent interest subvention for loans up to Rs 10 lakh during the moratorium period. The loans will cover the full tuition fees and other expenses related to the course. The scheme will apply to leading Qualified Higher Education Institutions (QHEIs) as identified by the National Institutional Ranking Framework (NIRF). This includes all government and private higher education institutes (HEIs) ranked within the top 100 in overall, category-specific, and domain-specific rankings by the NIRF, as well as state government HEIs ranked within 101-200. Additionally, all central government-run institutions will be eligible. The scheme aims to support 2.2 million students, prioritising those enrolled in government institutions and pursuing professional or technical courses. Banks and financial institutions will be reimbursed through E-vouchers and Central Bank Digital Currency (CBDC) wallets.Under the PM-USP CSIS, students with an annual family income of up to Rs 4.5 lakh who are pursuing technical or professional courses at approved institutions receive full interest subvention on education loans up to Rs 10 lakhs during the moratorium period. Together, PM Vidyalaxmi and PM-USP will provide comprehensive support, enabling all deserving students to pursue higher education in quality higher education institutions (HEIs) and technical or professional education at approved HEIs. Benefits of PM-Vidyalaxmi scheme Collateral-free loans: Students can obtain loans that fully cover tuition and associated expenses without the need for collateral or guarantors. Credit guarantee: For loans up to Rs 7.5 lakh, the government provides a 75 per cent credit guarantee, making it easier for banks to lend to a larger number of students.   Interest subsidy:Students from families with an annual income of up to Rs 8 lakh are eligible for a 3 per cent interest subsidy on loans up to Rs 10 lakh during the moratorium period, with priority given to those pursuing technical or professional courses in government institutions. Applications The Department of Higher Education will have a unified portal, ‘PM-Vidyalaxmi,’ where students can apply for education loans and interest subsidies through a simplified process accessible across all banks.

Article 39(b): All Private Properties Cannot Form Part of the ‘Material Resources of the Community’, Supreme Court On November 05, 2024 (Yesterday), the Supreme Court (SC) of India delivered a long-awaited decision on the question ‘whether private resources fall within the definition of material resource of the community under Article 39(b) of the Constitution of India (one of the Directive Principles of the State Policy)’. By an 8:1 majority, the SC held that all private properties cannot form part of the ‘material resources of the community,’ which the State should distribute as best to serve the common good as mentioned under Article 39(b) of the Indian Constitution. The nine-judge bench of Chief Justice of India (CJI) DY Chandrachud, Justice B.V. Nagarathna, Justice J.B. Pardiwala, Justice Rajesh Bindal, Justice Augustine George Masih, Justice Hrishikesh Roy, Justice Sudhanshu Dhulia, Justice Manoj Misra, and Justice Satish Chandra Sharma delivered the judgment. CJI Chandrachud authored the majority opinion including his and six other judge’s views, while Justice Nagarathna partially concurred and Justice Dhulia delivered a dissenting opinion. The CJI in his judgment said, “Not every resource owned by an individual can be considered a ‘material resource of the community’ merely because it meets the qualifier of material needs.”  While hearing the matter, the view of Justice Krishna Iyer, in the 1978 judgment ‘State of Karnataka vs. Ranganatha Reddy’, that private properties can be regarded as community resources was addressed. The same decision was further endorsed in the 1983 judgment ‘Sanjeev Coke Manufacturing Company vs. Bharat Coking Coal Ltd.’ of the top court. The majority opinion opined, “The direct question referred to this bench is whether the phrase ‘material resources of the community’ used in Article 39(b) includes privately owned resources. Theoretically, the answer is yes, the phrase may include privately owned resources. However, this Court is unable to subscribe to the expansive view adopted in the minority judgment authored by Justice Krishna Iyer in Ranganatha Reddy and subsequently relied on by this Court in Sanjeev Coke. Not every resource owned by an individual can be considered a ‘material resource of the community’ merely because it meets the qualifier of material needs.” The CJI also said, “The inquiry about whether the resource in question falls within the ambit of Article 39(b) must be context-specific and subject to a non-exhaustive list of factors such as the nature of the resource and its characteristics; the impact of the resource on the well-being of the community; the scarcity of the resource; and the consequences of such a resource being concentrated in the hands of private players. The Public Trust Doctrine evolved by this Court may also help identify resources which fall within the ambit of the phrase material resource of the community.”  Moreover, the majority opinion authored by the CJI also said that the interpretation of Article 39(b) adopted in the Ranganatha Reddy and Sanjeev Coke judgments is rooted in a particular economic ideology and the belief that an economic structure that prioritizes the acquisition of private property by the state is beneficial for the nation. The judgment further reads, “Justice Krishna Iyer (in Ranganatha Reddy and Bhimsinghji) and Justice Chinappa Reddy (in Sanjeev Coke) consistently referred to the vision of the framers as the basis to advance this economic ideology as the guiding principle of the provision.” The majority opinion also concluded, “The term ‘distribution’ has a wide connotation. The various forms of distribution which can be adopted by the state cannot be exhaustively detailed. However, it may include the vesting of the concerned resources in the state or nationalization. In the specific case, the Court must determine whether the distribution subserves the common good.” Justice Dhulia, in his dissenting opinion, observed, “what and when do the “privately owned resources” come within the definition of “material resources” is not for this Court to declare. This is not required. The key factor is whether such resources would subserve common good. Clearly the acquisition, ownership or even control of every privately owned resource will not subserve common good. Yet at this stage we cannot come out with a catalogue of do’s and don’ts. We must leave this exercise to the wisdom of the legislatures.” On the other hand, Justice Nagarathna illustrated her concurring views regarding the matter. She said, “In my view, the judgments of this Court in Ranganatha Reddy, Sanjeev Coke, Abu Kavur Bai, and Basantibai correctly decided the issues that fell for consideration and do not call for any interference on the merits of the matters and as explained above. The observations of the Judges in those decisions would not call for any critique in the present times. Neither is it justified nor warranted.” Earlier in May this year, the SC bench reserved the judgment in the matter after hearing the matter for 5 days.

The proposed merger reduces the number of RRBs from 43 to 28 to make them more efficient. Consolidation is also derived from vision of One State-One RRB.   Consolidation of RRBsRRBs have been consolidated in a phased manner based on recommendations of Dr. Vyas Committee (2001).Consolidation began in 2004-05 which resulted in reduction of such institutions from 196 to 43 till 2020-21 through 3phases of amalgamation.Significance of consolidation: Minimised overhead expenses, technology adoption, enhanced capital base and area ofoperation, and increased exposure. In a bid to achieve operational efficiency and cost rationalisation, the Finance Ministry has initiated the fourth round of consolidation for Regional Rural Banks (RRBs) and the number of such banks is likely to come down to 28 from 43 at present. As per the roadmap prepared by the Finance Ministry, 15 RRBs operating in various states would be merged. Among states that will see consolidation of RRBs include Andhra Pradesh, which has the maximum number of RRBs (4), Uttar Pradesh and West Bengal (3 each), and Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan (2 each) In the case of Telangana, the amalgamation of RRBs will be subject to bifurcation of assets and liabilities of Andhra Pradesh Grameena Vikas Bank (APGVB) between APGVB and Telangana Grameena Bank. “Given the rural expansion of RRBs and agro-climatic or geographical ethos and in order to retain the USP of RRBs viz the closeness to communities, it is the felt need to embark on further consolidation of RRBs towards the goal of ‘One State-One RRB’ so as to derive the benefit of scale efficiency and cost rationalisation,” Department of Financial Services said in a communication to head of state-owned banks. Consolidation of RRBs started in 2004-05 and after three phases of amalgamation, the number has come down to 43 from 196. This has helped RRBs “minimise their overhead expenses, optimise the use of technology, enhance the capital base and area of operation, and increase their exposure”. “Given the rural expansion of RRBs and agro-climatic/geographical ethos and in order to retain the USP of RRBs viz. closeness to communities, it is the felt need to embark on further consolidation of RRBs  .

The United States, Japan, and South Korea announced on 26 October 2024 that they will launch a new framework to collaborate with the Indian private sector to support digital infrastructure in India. The new framework is called the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework). The United States, Japan, and South Korea announced a new framework aimed at enhancing collaboration with the Indian private sector. This initiative focuses on supporting India’s digital infrastructure. The announcement was made by key financial institutions, including the U.S. International Development Finance Corporation (DFC), the Japan Bank for International Cooperation (JBIC), and Korea Eximbank. The Digital Infrastructure Growth Initiative for India Framework The newly launched framework is called the Digital Infrastructure Growth Initiative for India (DiGi Framework). It was signed by leaders from DFC, JBIC, and Korea Eximbank. This framework aims to facilitate projects in the information and communications technology sector. Key areas of focus include 5G technology, Open RAN (Radio Access Network), Submarine cables, Optical fiber networks, Telecom towers, Data centers, Smart City initiatives, E-commerce, Artificial Intelligence (AI), and Quantum technology Aim of the DiGi Framework The DiGi Framework, in partnership with the Indian private sector, will promote investments in digital infrastructure in India. It will provide support to meet the needs of strategic digital infrastructure deals in India. It will support projects in the information and communications technologies (ICT) sectors like Open RAN (radio access network),5G in the telecom sector,  submarine cables, optical fibre networks, telecom towers, data centres, smart cities, e-commerce, artificial intelligence(AI), and quantum technology. The framework will also encourage and support dialogues with the Indian government and private sector so as to promote private sector funding for digital infrastructure projects in India. Streamlined Process for Collaboration The DiGi Framework establishes a streamlined process for collaboration among the three financial institutions and the Indian private sector. This process is designed to support strategic digital infrastructure projects in India. It will also enable policy dialogues between the Indian Government and the private sector. The goal is to promote private-sector funding for these digital infrastructure projects. About the Institutions The U.S. International Development Finance Corporation (DFC) was set up by the United States government in 2019. Its headquarters is in Washington, D.C. It is an American government development financial institution that partners with the private sector to finance solutions to the most critical challenges facing the developing world, such as energy, healthcare, critical infrastructure, and technology. Japan Bank for International Cooperation (JBIC)  The Japan Bank for International Cooperation (JBIC) was established by the Japanese government in 2012. Its headquarters is in Tokyo. It is owned by the government of Japan, and it provides loans to foreign countries or foreign private companies so that they can get goods and services from Japanese companies. The Export-Import Bank of Korea (Korea Eximbank) The Export-Import Bank of Korea (Korea Eximbank) is owned by the South Korean government. It was established in 1976 and has its headquarters in Seoul. It provides loans to foreign governments/companies so that they can buy South Korean goods and services.

The Department of Legal Affairs in the law ministry has invited comments on the draft Arbitration and Conciliation (Amendment) Bill, 2024, saying “the aim and purpose is to provide further boost to institutional arbitration, reduce court intervention in arbitrations and ensuring timely conclusion of arbitration proceedings”. The draft bill comes months after an expert committee headed by former law secretary and former Lok Sabha secretary general T K Vishwanathan submitted its report on proposed reforms in the arbitration sector to the law ministry. The draft bill proposes the concept of ’emergency arbitration’. The proposed amendment says arbitral institutions may, for the purpose of grant of interim measures, provide for appointment of “emergency arbitrator” prior to the constitution of an arbitral tribunal. The emergency arbitrator appointed will conduct proceedings in the manner as may be specified by the (arbitration) council. The Government of India is seeking public input on the Draft Arbitration and Conciliation (Amendment) Bill, 2024, as part of ongoing efforts to enhance the dispute resolution framework in the country. This initiative aims to promote ease of doing business and improve contract enforcement through legislative amendments to the Arbitration and Conciliation Act of 1996. The proposed amendments focus on bolstering institutional arbitration, minimizing court involvement in arbitration processes, and ensuring timely resolutions. The Department of Legal Affairs has prepared a tabular statement outlining existing provisions and proposed changes. Stakeholders and the general public are encouraged to submit their comments and feedback via email by November 3, 2024, to foster comprehensive public consultation on the draft bill. INVITING COMMENTS ON THE DRAFT ARBITRATION AND CONCILIATION (AMENDMENT) BILL, 2024 1.The Government of India has taken several steps to strengthen the dispute resolution environment in the country and to promote Ease of Doing Business and enforcement of contracts inter-alia through legislative interventions from time to time. The Department of Legal Affairs is presently in the process of considering further amendments in the Arbitration and Conciliation Act 1996. 2. The aim and purpose is to provide further boost to institutional arbitration, reduce court intervention in arbitrations and ensuring timely conclusion of arbitration proceedings. 3. In view thereof, the Arbitration and Conciliation (Amendment) Bill, 2024 and a tabular statement depicting existing provision and proposed amendment have been prepared. 4. The Department, now invites comments/feedback from the public as part of the public consultation exercise on the draft amendments. Comments on the draft Bill may be sent by email on [email protected] and [email protected] latest by 03.11.2024.

Union Finance Minister Nirmala Sitharaman highlighted the contributions of the Global South to the foundations of multilateral development banks at the 1944 Bretton Woods conference and emphasized on embedding diverse voices in decision-making to ensure a truly inclusive and global development framework. Finance Minister noted the pivotal contributions of the Global South to the foundations of Multilateral Development Banks (MDBs) at the 1944 Bretton Woods Conference. 1944 Conference led to establishment of World Bank and International Monetary Fund.  Union Finance Minister Nirmala Sitharaman underscored the contributions of the Global South to the foundations of multilateral development banks at the 1944 Bretton Woods conference, stressing the importance of diverse voices in decision-making for a more inclusive global development framework. Sitharaman made these remarks during the Development Committee Plenary session on “A Future-Ready World Bank Group” at the 2024 World Bank Annual Meetings in Washington, DC. In her intervention at the session, Sitharaman urged the World Bank to promote a two-way exchange of innovations, drawing from the transformative experiences of the Global South in areas like digital inclusion and sustainable energy. The Finance Minister also praised the World Bank’s initiatives over the past year to optimize balance sheet measures to increase its financial capacity, considering the growing global economic challenges and the pressing need of emerging economies to finance their developmental needs. She further reiterated India’s stance that the World Bank should adopt a strictly evidence-based and data-driven approach when preparing global indices and country comparators such as the Worldwide Governance Indicators and the new B-Ready index.She affirmed hope that the World Bank would chart the future path with a renewed commitment by addressing key priorities, empowering regions, and fostering partnerships, to create a future-ready institution capable of accelerating progress toward the 2030 SDGs and beyond. In addition to her participation at the World Bank session, Sitharaman attended the IMFC Plenary session on “MD’s Global Policy Agenda” at the International Monetary Fund (IMF) Annual Meetings. She acknowledged the resilience of the global economy in 2024, highlighting that while output is nearing potential in some economies and headline inflation is stabilizing around central bank targets, challenges remain. Sitharaman noted downside risks such as geopolitical tensions and the weakening medium-term growth prospects. The Ministry of Finance posted on X, “Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman today participated in the IMFC Plenary session on ‘MD’s Global Policy Agenda’ at the International Monetary Fund (IMF) during the Annual Meetings 2024 in Washington, DC. The Union Finance Minister said that in 2024 the global economy has shown remarkable resilience; while output is nearing its potential in some major economies, headline inflation has generally moderated and moved closer to the central banks’ targets.” Addressing the IMF’s approach, Sitharaman underscored the importance of a balanced and impartial stance in the Fund’s policy advice, especially for countries with debt vulnerabilities. She expressed optimism about the ongoing Review of the Transparency Policy and Open Archives Policy, noting that these initiatives could strengthen the IMF’s role as a trusted advisor and promote greater transparency in its multilateral surveillance. On the sidelines of the meetings, Sitharaman held a bilateral discussion with Standard Chartered CEO Bill Winters. Winters expressed appreciation for her support of the India-UK Financial Partnership, and Sitharaman encouraged the bank to explore further engagement opportunities in India’s GIFT City, an emerging international financial hub. She also welcomed input from Standard Chartered in developing India’s Climate Finance Taxonomy Framework, a component of the Union Budget’s climate-related announcements. Contribution of Global South to MDBs Establishment of New Institutions such as New Development Bank, Asian Infrastructure Investment Bank etc. With economic growth, Global South Countries like India and China have increased their financial commitments to MDBs.  Advocacy for Inclusivity and MDB reforms by emphasizing on embedding diverse voices in decision-making processes at MDBs.  India’s Recommendations for MDBs Promote a two-way exchange of innovations, drawing from experiences of Global South in areas like Digital Inclusion and Sustainable Energy while meeting the need of development financing to Global South. Adopt a more competitive pricing model to foster broader participation, incentivise middle-income countries to borrow more and deepen development impact. Adopt a strictly evidence-based and data-driven approach when preparing global indices such as the Worldwide Governance Indicators and the new B-Ready index.

The growing use of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks, the Governor of the Reserve Bank of India said on Monday (October 14, 2024). The RBI Governor said that the use of artificial intelligence and machine learning in financial services globally can lead to financial stability risks and warrants adequate risk mitigation practices by banks Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday warned that while artificial intelligence (AI) and machine learning (ML) have opened new avenues for business and profit expansion in the financial sector, over-reliance on these technologies could pose risks to financial stability. As a result, banks and financial institutions must implement adequate risk mitigation measures, he said.“The heavy reliance on AI can lead to concentration risks, especially when a small number of tech players dominate the market. This could amplify systemic risks, as failures or disruptions in these systems may cascade across the entire sector,” Das said at an event in New Delhi. The growing use of AI introduces new vulnerabilities, such as increased susceptibility to cyberattacks and data breaches, Das said. “Also, AI’s opacity makes it difficult to audit or interpret the algorithms that drive decisions, potentially leading to unpredictable market consequences,” he said.“In the ultimate analysis, banks have to ride on the advantages of AI and BigTech, and not allow the latter (these technologies) to ride on them,” Das said.The governor suggested that, given India’s 24×7 real-time gross settlement system (RTGS), the feasibility of expanding RTGS to settle transactions in major trade currencies, such as the US dollar, euro, and British pound, can be explored through bilateral or multilateral arrangements.RTGS is a continuous, real-time settlement system developed by the RBI, enabling immediate, final, and irrevocable transfers between banks and financial institutions, both for customer and inter-bank transactions.Das also highlighted efforts by India and other economies to link cross-border fast payment systems through both bilateral and multilateral modes. He noted that remittances are a key starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer payments. “There is immense scope to significantly reduce the cost and time for such remittances,” he said.The governor mentioned central bank digital currencies (CBDCs) as an area with potential to facilitate efficient cross-border payments. India is among the few countries that have launched both wholesale and retail CBDCs.In the modern world, with widespread social media usage and rapid online banking, where money transfers occur within seconds, Das stressed the importance of banks remaining vigilant in such space and strengthening their liquidity buffers to combat potential misinformation that could cause liquidity stress.On emerging financial stability risks, the governor warned that the divergence in global monetary policies could lead to volatility in capital flows and exchange rates, potentially disrupting financial stability. He referenced the sharp appreciation of the Japanese yen in early August, which triggered disruptive reversals in the yen carry trade and unsettled global financial markets.Das also raised concerns about the rapid growth of private credit markets, which have expanded with limited regulation and have not been stress-tested in a downturn, posing significant risks to financial stability. Additionally, higher interest rates aimed at controlling inflation have increased debt servicing costs, financial market volatility, and risks to asset quality.

Samarth Scheme is the flagship skill development scheme of the Ministry of Textiles, which is a continuation of the integrated Skill Development Scheme under the 12th Five Year Plan. Also known as the Scheme for Capital Building in the Textile Sector (SCBTS) was introduced in 2017. It is to train an untrained labor force of 10 lakh and place them in various industries in the textile sector, including Handloom, jute, and many more. Samarth targets the skill development of unemployed youth in the value chain of the textile sector in India. What is Samarth Scheme? The Ministry of Textiles has implemented the Samarth Scheme, an initiative to build capacity in India’s textile sector. Launched in 2017, the scheme is known as the Scheme for Capacity Building in the Textile Sector (SCBTS). The primary objective of the Samarth scheme is to ensure a continuous supply of skilled workforce in the labor-intensive textile sector of India. The scheme’s target is to develop the skills of 10 lakh youth in the organized sector of the entire textile value chain, excluding spinning and weaving. With a budget outlay of 13000 crores, the Samarth scheme incorporates advanced features such as Training of Trainers (ToT), Aadhar-enabled biometric attendance, CCTV recording of training programs, dedicated call centers with helpline numbers, online monitoring of the training process, and a management information system (MIS) based on a mobile app. Objectives of the Samarth Scheme o provide a demand-driven placement-oriented skill program in compliance with the National Skill Qualification Framework (NSQF). To assist in enhancing the job creation initiative of the textile sector. To enhance the training of youth using Training of Trainers. To induce the self-employment capability of youth and reduce the dependence and unemployment rate. In addition to the skill development of new people, skill upgradation exercises are also being promoted in traditional sectors, such as Handloom. To enable the provision of sustainable livelihood to all. To incentivize and support the efforts of the textile industry in employment generation. Government extends “Samarth” (Scheme for Capacity Building in Textiles Sector) till March 2026 Samarth is a demand-driven and placement-oriented umbrella skilling program of the Ministry of Textiles. Samarth Scheme has been extended for two years (FY 2024-25 and 2025-26) with a budget of Rs. 495 Crore to train 3 lakh persons in textile-related skills. Scheme aims to encourage and support the industry in creating jobs in the organized textile and related sectors, covering the entire value chain of textiles, excluding Spinning and Weaving. The training program and curriculum have been rationalized to meet the evolving technological and market needs. In addition to entry-level skilling, the scheme also provides upskilling/reskilling programs to improve the productivity of existing workers in Apparel & Garmenting segments. Samarth also caters to the upskilling/reskilling needs of traditional textile sectors such as handloom, handicraft, silk, and jute. The scheme is implemented through Implementing Partners (IPs) comprising Textile Industry/Industry Associations, Central/State government agencies, and Sectoral Organizations of the Ministry of Textiles like DC/Handloom, DC/Handicrafts, Central Wool Development Board, and Central Silk Board. Under Samarth Scheme, the Ministry, through implementing partners, has trained 3.27 lakh candidates, of which 2.6 lakh (79.5%) have been employed. There is a strong emphasis on women’s employment, and 2.89 lakh (88.3%) women have been trained so far. FAQs What is the main aim of the Samarth Scheme? The main aim of the Samarth Scheme is to provide skill development training to the youth in the textile sector value chain (excluding spinning and weaving). What are the implementing agencies of the Samarth Scheme? Textile industry; Institutions or organizations of the Ministry of Textiles; State governments with placement tie-ups and training infrastructure with the textile sector.