Global Geopolitical Developments

G20 Summit: Key Outcomes (2024)

New Delhi Declaration: Adopted unanimously, focusing on sustainable development goals (SDGs) acceleration and multilateral institutional reform.
Global Biofuel Alliance (GBA): Launched by [Country A, Country B, and Country C]. Aims to catalyze cooperation and intensify the use of sustainable biofuels.
MEC Economic Corridor: Agreement reached to establish the India-Middle East-Europe Economic Corridor.
- Purpose: Enhance economic connectivity and energy transport between partner nations.
- Participants: Focused on key signatories from India, Gulf nations, and the EU bloc.
Climate Finance Commitment: Reaffirmed commitment to mobilizing $100 billion annually for developing nations' climate action, pending final operationalization details.

The Defense Acquisition Council (DAC) approved several major procurement projects designed to enhance indigenous capability.

Project Name	Procurement Type	Cost Estimate (Approx.)	Strategic Benefit
Project P-75I	Submarine Construction	$5.5 Billion	Enhancing underwater deterrence capability; integrating AIP systems.
Astra Mk-II	Missile System	$1.2 Billion	Improving Beyond Visual Range (BVR) combat capability for air defense.
Light Utility Helicopters (LUH)	Indigenization	$0.8 Billion	Replacing aging fleet; focused on high-altitude operations.

Focus on Indigenization: Over 80% of total procurement funds were earmarked for domestic industries under the "Buy (Indian-IDDM)" category.
Technology Transfer: Essential technologies related to stealth coating and advanced sonar systems are mandated for domestic transfer within the next three years.

Repo Rate: Maintained at [X]% for the fifth consecutive review period.
Inflation Forecast: Projected headline inflation for FY 2024-25 revised slightly downward to [Y]%, citing improved monsoon forecasts and stable global commodity prices.
Liquidity Management: Focus remains on gradual withdrawal of accommodation to ensure inflation aligns with the target band (4 ± 2%).