NAMASKAR! A warm welcome to 'World News: an Indian perspective on All India Radio. This is ADITI LOOMBA bringing glimpses of the major developments of the day from across the globe. Over the next half an hour, we shall bring to you the latest from the world of politics, economy, sports, entertainment and more.

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THE HEADLINES:

• Second Meeting of G20 Sustainable Finance Working Group under G20 India Presidency concludes in Rajasthan.

• India and UK hold bilateral maritime exercise Konkan in the Arabian Sea.

• US Federal Reserve hikes interest rate by 25 basis point to curb inflation.

• Nationwide protests continue in France over pension reforms.

• World Water Report by UNESCO warns of an imminent water crisis.

• In Sports, India clinch both men's and women's titles of Asian Kho Kho Championship in Assam.

• And, India win a silver and a bronze medal in International Shooting Sport Federation World Cup championship in Madhya Pradesh.

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G20-SFWG CONCLUDES

The Second Meeting of the G20 Sustainable Finance Working Group (SFWG) under G20 India Presidency concluded in Udaipur, Rajasthan on Thursday. The meeting discussed in greater detail the SFWG work plan for 2023. The plan comprises three identified priority areas, Mechanisms for mobilisation of timely and adequate resources for climate finance, Enabling finance for the Sustainable Development Goals; and Capacity building of the ecosystem for financing toward sustainable development.

[WN-HOTSPOT-SECOND G-20 SUSTAINABLE FINANCE WORKING GROUP MEETING - ]

 The 2nd Sustainable Financial Working Group (SFWG) meeting that began on 21st March 2023 concluded in Udaipur, Rajasthan on 23rd March. The meeting had three sessions focusing on existing approaches to finance Sustainable Development in Goals as well as identifying new methods to mobilize greater finance for Sustainable Development in Goals. The first Session was on “Developing an Analytical Framework for Enabling Finance of Select Sustainable Development Goals”. The Second Session was on “Social impact financial instruments” and the Third Session was on “Reporting and data on nature-related financial information”.

Senior officials from International organizations, founders and CEOs of companies, academicians, as well as policymakers and banking professionals were some of the panellists. The workshop presented the views and experiences of a wide range of stakeholders, including the public sector, private sector, and academia, on the use of social impact investing as a tool for channelling finance towards social Sustainable Development in Goals and measures to improve nature-related financial information in the future. Many delegates joined the workshop virtually.

Two workshops were organized on the sidelines of the meeting. These workshops are expected to facilitate technical level exchange of ideas, experiences, and know-how from experts for detailed discussions and insights on relevant topics. The G20 Workshop on Non-Pricing Policy Levers to support Sustainable Investment was held on 21st March, 2023. This workshop focused on better understanding the effectiveness of non-pricing policy levers in enabling low carbon development with due consideration for national circumstances and nationally defined development priorities. On the other hand, the G20 Workshop on Enabling finance for the Sustainable Development Goals was held on 22nd March, 2023 to build a better understanding among G20 members and to strengthen policy and other recommendations towards enhanced financing for Sustainable Development in Goals. This is the first time the SFWG is going beyond climate related issues and is engaging in dialogue for enabling enhanced financing for select Sustainable Development in Goals primarily through nature-related data and reporting and social impact investing.

The essence of India’s G20 Presidency is embodied in the theme of “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”. The theme underlines the message of interconnectedness and green transformation to promote a pro-life planet with a people-centric approach. Mission LiFE, a vision pioneered by Prime Minister Shri Narendra Modi, places individuals at the centre of driving the change in the pursuit of climate action and the achievement of UN Sustainable Development Goals.

As a prelude to the Second G20 SFWG, various ‘Jan Bhagidari’ events to create awareness around India’s G20 Presidency were organised in Udaipur from 18th to 23rd March, 2023. A domestic side event was organized ahead of the 2nd SFWG meeting on “Sharing experiences on Climate Budget Tagging (CBT)” on 20th March 2023. The workshop discussed the initiatives taken at the international and the domestic level in tagging climate related expenditures with a view to better monitor these activities. The event was chaired by the Finance Secretary, Government of India with participation from international experts and state and central government officials. Climate Budget Tagging (CBT) is a tool for monitoring and tracking climate-related expenditures in the national budget system. It provides comprehensive data on climate change relevant spending, enabling the government to make informed decisions and prioritize climate investments. CBT also encourages planning officers and policy managers to incorporate climate considerations in project design. CBT enables public scrutiny on governments and donors spending on tackling climate change issues and strengthening accountability and transparency.

The delegates experienced Udaipur’s rich culture and heritage through specially curated excursion visits, cultural events, and a taste of the local cuisine. The First G 20 Sustainable Finance Working Group (SFWG) was held in Guwahati, Assam on 2nd and 3rd February 2023.

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RS-G20

India's Minister of State for External Affairs V Muraleedharan has said that the G20 Presidency is a unique occasion to demonstrate India’s achievements, capabilities and diversity. In a written reply in the Upper House on Thursday, the Minister said, during the ongoing G20 Presidency, India will be hosting around 200 meetings across the country in more than 50 cities, in 30 different work-streams comprising of Sherpa Track Working Groups, Finance Track workstreams, Ministerial meetings and Engagement Groups. He said, substantive deliberations during India’s ongoing G20 Presidency include broad priority areas of interest to India, such as matters relating to inclusive and resilient growth, progress on SDGs, green development and Lifestyle for the Environment, technological transformation and public digital infrastructure, reforming multilateral institutions, women-led development and international peace and harmony. Mr Muraleedharan said, India is also amplifying the voice and concerns of the Global South and developing countries. He said, G20 meetings are being organized in consultation with State and UT governments in over 50 cities.

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IIT-M-G20

India's Chief Economic Advisor V. Anantha Nageswarean has underlined the need to counter global challenges through global cooperation. Delivering the keynote address at an event of G20 at IIT Madras on Thursday, he highlighted some of the issues like strengthening Multilateral Development Banks to enable them to address both new trans-boundary challenges and existing development challenges. The other issues included managing global debt vulnerabilities; enhancing financing for climate action; addressing macroeconomic and regulatory aspects related to global crypto ecosystems; and leveraging digital public infrastructure for financial inclusion.

He emphasised India's G20 Presidency and said that the priorities under the theme of ‘One Earth, One Family, One Future’ can help foster global cooperation to help address some of the key global challenges.

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G20 RIIG

The two-day G20 Research and Innovation Initiative Gathering (RIIG) Conference began in Dibrugarh, Assam on Thursday. It will deliberate on ways towards building a sustainable and circular bio-economy. About 100 delegates from G20 members,guest countries and International organizations, along with invited participants from the scientific community are participating. The event will bring together key actors, including national authorities and experts from the G20 members responsible for planning, setting up new, and managing existing programmes on the subject. The area of focus will include challenges and opportunities in agriculture, de-carbonization of the industry as well as bio-energy and bioresource management.

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PM-VNS ROPEWAY

India's Prime Minister Narendra Modi will visit his parliamentary constituency Varanasi in Uttar Pradesh on Friday. Apart from addressing the One World TB Summit, Prime Minister will also dedicate and lay the foundation stone of various projects on the occasion.

Mr. Modi will lay the foundation stone of the Passenger Ropeway from Varanasi Cantt station to Godowlia. This will be a unique facility for the pilgrims. India will be the third country in the world and Varanasi the first city after Bolivia and Mexico where the ropeway is used for public transport. The ropeway system will be 3.75 km in length. This will facilitate ease of movement for the tourists, pilgrims and residents of Varanasi. The total distance will be covered in 16 minutes. About 150 trolley cars will run from a height of about 50 metres. A trolley, that can carry 10 passengers, will be available to the passengers at an interval of every two minutes. About 3,000 people will be able to travel in one direction in an hour.

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JOINT MARITIME EXERCISE

Konkan 2023, a joint maritime exercise, was conducted between the Royal Navy of Britain and the Indian Navy from the 20th of March to the 22nd, off the Konkan coast in the Arabian Sea. The joint drill by the two navies demonstrated operational readiness, enhancing interoperability and improving the ability to conduct joint operations. The exercise will go a long way in bolstering the combined efforts of the Indian Navy and Royal Navy to strengthen maritime security and uphold a rules-based order in the region.

INS Trishul, a guided missile frigate, and HMS Lancaster, a Type 23 guided missile frigate, participated in this edition and undertook multiple maritime drills to enhance interoperability and imbibe best practices. The exercises covered all domains of maritime operations, air, surface, and subsurface.

India and UK agreed to significant new cooperation on Maritime Domain Awareness, which includes new agreements on maritime information sharing, an invitation to the UK to join India's Information Fusion Centre in Gurugram. India considers the defence sector as one of the major areas where the bilateral partnership could be expanded around the Make in India campaign.

In maritime cooperation, the engagements between both countries are increasing. The UK will be deploying a Carrier Strike Group in the Indian Ocean region this year in line with its strategic tilt to Indo-Pacific.

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HCI LONDON

High Commission of India in London on Thursday said the mission staff did not throw anything at the protestors gathered outside it. In a series of tweets, the High Commission said, a small minority of protesters threw water bottles, ink balloons, eggs and flares at the High Commission in London, and some of these hit other protestors and the Police. It asked people to not believe disinformation aimed to disrupt harmony and added that Indians will always respect religious beliefs of all.

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US INTEREST RATES

The US central bank has raised interest rates again, despite fears that the move could add to financial turmoil after a string of recent bank failures. The Federal Reserve increased its key rate by 0.25 percentage points and said more action could be appropriate as consumer prices continue to climb. The Fed has been raising borrowing costs to try to slow the economy and ease pressures pushing up prices. But sharp rate rises have led to strains in the banking system. Two US banks - Silicon Valley Bank and Signature Bank collapsed this month, buckling in part due to problems caused by higher interest rates. But authorities around the world have said they do not think the failures threaten widespread financial stability and need not distract from efforts to bring inflation under control.

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FRANCE-PROTEST

French workers angry with a rise in the pension age to 64 years blocked access to airports on Thursday as part of a nationwide day of protests. Train services were disrupted and some schools were shut while garbage piled up on the streets, and electricity output was cut as unions raised pressure on the government to withdraw the law which delays retirement by two years.

President Emmanuel Macron on Wednesday said the legislation - which his government pushed through parliament without a vote last week - would come into force by year-end despite escalating anger across the country.

Plumes of smoke were seen rising from burning piles of debris blocking traffic on highways.

The past seven days have seen spontaneous demonstrations in Paris and other cities with garbage bins set ablaze and scuffles with police.

Polls show a wide majority of people opposed the pension legislation as well as the government's decision to push it through parliament without a vote.

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unesco-on water

26 per cent of the world's population does not have safe drinking water and 46 per cent lack access to safely managed sanitation, according to a report published by UNESCO at the UN 2023 Water Conference in New York. As per the report, between two and three billion people experience water shortages for at least one month per year, posing severe risks to livelihoods, notably through food security and access to electricity.

The global urban population facing water scarcity is projected to double from 930 million in 2016 to 1.7 to 2.4 billion people in 2050. The growing incidence of extreme and prolonged droughts is also stressing ecosystems, with dire consequences for both plant and animal species, the report said.

In a tweet, Audrey Azoulay, UNESCO Director-General said that there is an urgent need to establish strong international mechanisms to prevent the global water crisis from spiralling out of control. He further said Water is our common future and it is essential to act together to share it equitably and manage it sustainably.

The report further said that the United Nations calls for boosting international cooperation over how water is used and managed. It said this is the only way to prevent a global water crisis in the coming decades.

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APEDA-INTERNATIONAL FOOD & DRINK EXHIBITION

Agricultural and Processed Food Products Export Development Authority, APEDA participated in the International Food & Drink Exhibition held in London. The three-day Exhibition that concluded on Wednesday was aimed at promoting the export of agricultural products in the international market of London.

APEDA facilitated the participation of Indian exporters, who showcased their varied range of food products in all categories at the event. A large number of visitors showed keen interest in around 50 millet-based products displayed at the APEDA pavilion. At the event, APEDA displayed and distributed the millet-based value-added products.

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DEFENCE-BEL

India's defence Ministry on Thursday signed two separate contracts with Bharat Electronics Limited at a total cost of over 3,700 crore rupees to enhance the operational capabilities of the Indian Air Force. The first contract, worth over 2,800 crore rupees, pertains to the supply of Medium Power Radars ‘Arudhra’ for the Indian Air Force. The second contract, at an overall cost of around 950 crores, relates to 129 DR-118 Radar Warning Receivers. These essentially embody the spirit of ‘Aatmanirbhar Bharat’ and will help facilitate the realisation of the country’s journey to achieve self-reliance in defence manufacturing.

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CENTRE TOYS

The Center's intervention against substandard items has led to a 67 percent decline in imports of Toys. India's Consumer Affairs, Food and Public Distribution Ministry on Thursday said that the volume of import of toys into the Indian market has shown a consistently decreasing trend. The import of Toys to India has decreased from 332.55 million dollars in 2014-15 to 109.72 million dollars in 2021-22.

Our correspondent reports that the government has taken proactive steps to restrict the import of sub-standard and unsafe toys and to promote the domestic toy industry. A Quality Control Order for Toys was issued in February 2020 through which toys have been brought under compulsory certification from Bureau of Indian Standards (BIS) with effect from 1st January 2021. As per the Order, every toy in the market must conform to the requirements of relevant Indian standards and bear the Standard Mark under a license from BIS. This order is applicable to domestic manufacturers as well as foreign manufacturers.

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FOREST COVER - INCREASED

The forest cover in India has increased by over five thousand five hundred square kilometre between 2017 and 2021. Minister of State for Environment, Forest and Climate Change Ashwini Kumar Choubey said this in a written reply to a question in the Rajya Sabha on Thursday. He said, as per the India State of Forest Report, some States have shown an increase in forest cover while few others have shown a decline in forest cover. Mr Choubey said, the increase in forest cover is attributed to conservation measures, afforestation activities, enhanced protection measures in plantation and expansion of trees outside the forest. He said, forests provide a number of products and services and contribute to the national economy. The Minister said, to restore ecosystems and increase the forest cover in the country, afforestation and tree plantation activities are undertaken by States and Union Territories.

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MAHA-NIA

India's National Investigation Agency on Thursday carried out searches and raids at the residences of eight suspects in the ‘Ghazwa-e-Hind’ case of July 2022. The search operation, spread across three states, including four locations in Maharashtra’s Nagpur. According to an official press release, NIA has found incriminating materials, including digital devices like mobile phones and memory cards and documents, that have been seized.

Last year, the NIA had arrested a Pakistani national, Marghoob Ahmad Danish, who had created ‘Ghazwa-e-Hind’ groups on different social media platforms. Marghoob had added many persons from India as well as from Pakistan, Bangladesh and Yemen, to these groups. The module aimed to radicalize impressionable Indian youth with the ultimate objective of the conquest of India -‘Ghazwa-e-Hind’. The members of this group were being radicalized with the aim to convert them into ‘Sleeper Cells’ for carrying out terrorist activities.

A chargesheet has already been filed in this case even as further investigations continue.

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URBAN FILM CLIMATE FESTIVAL

The National Institute of Urban Affairs is organising the first Urban Climate Film Festival under U20 engagement events from Friday. A curated selection of 11 films from nine countries will be showcased to create wider awareness of the impact of climate change on life in cities. The selected films will be screened at the festival in New Delhi, Mumbai, Bengaluru, Kolkata, and Ahmedabad. The festival is being organised with support from the Ministry of Housing and Urban Affairs, the French Development Agency and the European Union.

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SRI LANKA-POLLS

Sri Lanka’s National Election Commission has announced that postal voting for the Local Government polls will not be held as scheduled earlier. Issuing a statement, the Commission added that it will not be able to conduct the Local Government polls as announced that were scheduled for 25th April 2023.

Postal voting was earlier scheduled to be held from 28th March to 1st of April. The Commission further stated that a new date for the election will be decided in the near future.

Local Government elections which were scheduled to be held last year were deferred by a year due to the economic crisis in the island.

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BANGLADESH-AWAMI LEAGUE LEADERS

US Ambassador to Bangladesh Peter Haas discussed the next general elections with leaders of the ruling Awami League in Dhaka on Wednesday. Awami League General Secretary and Road Transport and Bridges Minister Obaidul Quader along with other senior leaders of the party met the US Ambassador to discuss the forthcoming election issues along with other issues of importance to the two countries. In a tweet, the US Embassy in Dhaka said that Ambassador Haas discussed free and fair elections in Bangladesh. They also discussed important work the United States and Bangladesh share, from trade, to people-to-people ties, to security cooperation. Later in the day, speaking at a programme at Dhaka University, Obaidul Quader said that the Awami League has told the US Ambassador that it was not possible to bring back the caretaker government in the country to hold the next general elections. The opposition Bangladesh Nationalist Party (BNP) has announced that it will not take part in the next general elections under the current government. The BNP is demanding a neutral, caretaker government to conduct elections scheduled to be held by the end of this year or early in January next year. Bangladesh repealed the system of caretaker government to conduct general elections through the 15th amendment in June 2011. General elections in 2014 and 2018 were held under the new system which had no provision of a poll-time caretaker government. The opposition BNP had boycotted the 2014 elections and got 7 seats in the 2018 elections. Its MPs later resigned in December last year protesting against government's refusal to allow for a caretaker government to conduct the next elections in the country.

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WORLD NEWS CAPSULE

Key domestic benchmark indices snapped a two-day rally to close with losses of around half a percent amid volatility. The rupee jumped 40 paise against the US dollar. A report from the business desk-  

BUSINESS CAP

The Sensex declined 289 points, or 0.50 per cent, to end at 57,925. The Nifty fell 75 points, or 0.44 per cent, to settle at 17,077.

Asian stocks ended mixed. Hong Kong's Hang Seng surged 2.3 percent, China's Shanghai Composite gained 0.6 percent and South Korea's Kospi appreciated 0.3 per cent. However, Japan's Nikkei-225 declined 0.2 percent and Singapore's Straits Times fell 0.1 per cent.

European shares were down in intra-day trade as investors weighed the latest interest rate hike by the Federal Reserve.

Oil prices dipped more than half a percent, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy. In intra-day trade, Brent crude was trading at around 76 dollars and 53 cents per barrel.

Back home, Gold price at Multi Commodity Exchange for April contracts was trading at around 59,265 rupees per 10 gram. Silver was trading at around 69,740 rupees per kilogram for May Contracts when reports last came in

In the forex market, the rupee jumped 40 paise to closed at 82 rupees and 26 paise against the US dollar. Rajesh Leikh for World News, All India Radio.

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Asian Kho Kho Championship

The host India clinched both men and women titles of the Asian Kho Kho Championship held at Tamulpur in Assam. In the women category, Indian Eves defeated Nepal by an inning and 33 points. On the other hand, the men's team too continued its brilliant form and defeated Nepal by an inning and six points. India remained unbeaten in both the categories throughout the tournament. A total of nine countries participated in the event.

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EVE.ISSF SHOOTING WORLD CUP

India won a silver and a bronze while China retained its top spot by winning two gold medals on the second day of the International Shooting Sport Federation World Cup shooting championship in Bhopal, Madhya Pradesh.

India's world champion Rudraksh Patil and R. Narmada Nitin won bronze in the 10m air rifle mixed team event, while Varun Tomar and Rhythm Sangwan won silver in the second event of the day to take India's medal tally to three including one gold, one silver and one bronze.

China topped the medal tally with three gold and two bronze medals.

On Friday, the third day of the competition, the finals of 10 meter air rifle men's and women's categories will be held.

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BOXING

In Boxing, Star pugilist Nikhat Zareen, Lovlina Borgohain, Saweety Boora and Nitu Ghanghas have entered the finals in the Women's World Boxing Championships in New Delhi, assuring India of four Silver medals at least.

Nikhat overpowered Colombia's Ingrid Valencia to reach the final of the 50kg category, Lovlina Borgohain, in the 75kg category, defeated China's Li Qian in the Semi-Final, Nitu Ghanghas also advanced to the final after beating Kazakhstan's Alua Balkibekova and Saweety Boora defeated Sue Greentree of Australia in the 81 kg event.

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FPR

Now let us take a look at the major developments around the world, as reported in the Foreign Press.

The Guardian reports Spanish Prime Minister, Pedro Sánchezto discuss Ukraine with Xi Jinping on visit to China.

The Washington Post writes deadly Marburg virus outbreaks reported in East and West Africa.

The Globe and Mail reports Israel passes law protecting Netanyahu as protests continue.

The Financial Times writes Switzerland presses ahead with interest rate rise despite banking crisis.

South China Morning Post says UK Prime Minister Rishi Sunak Brexit deal clears Commons vote despite Tory revolt.

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REPEAT HEADLINES

• Second Meeting of G20 Sustainable Finance Working Group under G20 India Presidency concludes in Rajasthan.

• India and UK hold bilateral maritime exercise Konkan in the Arabian Sea.

• US Federal Reserve hikes interest rate by 25 basis point to curb inflation.

• Nationwide protests continue in France over pension reforms.

• World Water Report by UNESCO warns of an imminent water crisis.

• In Sports, India clinch both men's and women's titles of Asian Kho Kho Championship in Assam.

• And, India win a silver and a bronze medal in International Shooting Sport Federation World Cup championship in Madhya Pradesh.

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And now, before we end, let us listen to Mahatma Gandhi's favourite bhajanVaishnav Jan, by artists from POLAND.

AND WITH THAT, WE END THIS BULLETIN. WE'LL BE BACK AT THE SAME TIME RROW WITH THE NEXT EDITION OF WORLD NEWS.

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