🌏️ Tackling global challenges

Good morning and Happy Friday. Hope you have a good weekend when it arrives.

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🤝 Ceasefire agreement between Israel and Hamas

• 🌏️ Tackling global challenges

• 🗞️ Bite-sized summaries

  • 💰️ RBI allows foreigners to open Rupee accounts

  • 🇺🇸 Trump’s Second Inauguration

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Stock market closed positively for the third consecutive day. Key sectors like PSU banks and metals saw significant rallies, contributing to the overall market strength amid mixed performances in IT and FMCG sectors.

🌍️ International

• Stocks were mixed by 1pm EST.

CEASEFIRE

🤝 Ceasefire agreement between Israel and Hamas

After 15 months of conflict, Israel and Hamas have reportedly agreed to a ceasefire, with mediation by the United States and Qatar. This represents a major development since the war escalated following Hamas' attack on Israel in October 2023.

Main Aspects of the Agreement The ceasefire will unfold in three stages, contingent on approval from Israel's security cabinet.

Stage One (Six Weeks):

• A comprehensive ceasefire will take effect.

• Hamas will release 33 hostages, including women, children, and the elderly, in exchange for hundreds of Palestinian detainees.

• Israeli forces will withdraw from heavily populated areas in Gaza, allowing displaced residents to return.

• Humanitarian assistance will be significantly expanded, with hundreds of trucks entering Gaza daily.

Stage Two:

• Talks will focus on a permanent end to the conflict.

• Additional hostages will be released in return for more Palestinian prisoners.

• Israeli troops will fully exit Gaza.

Stage Three:

• Reconstruction efforts in Gaza will commence to address the widespread destruction caused by the war.

• The remains of deceased hostages will be returned.

Humanitarian Context
The war has forced nearly all of Gaza's 2.3 million residents to flee their homes. The agreement outlines steps to enable people to return and provides for substantial humanitarian aid to aid recovery efforts.

If ratified, the ceasefire is set to begin this Sunday, offering hope for an end to the prolonged conflict and a move toward peace.

Read more: BBC

STARTUPS

🌏️ Tackling global challenges

At the curtain raiser of the Startup Mahakumbh, scheduled for April 3-5, Union Commerce Minister Piyush Goyal highlighted the readiness of Indian startups to address global challenges and embrace emerging technologies. He emphasized their role in innovation, particularly in tackling climate change, as the world navigates geopolitical shifts and rapid technological advancements.

Goyal lauded domestic investors for stepping up at a time when risk capital funding has slowed. Despite a decline from $36 billion in 2021 to $11 billion in 2024, local investors have shown resilience, aligning with the government’s Startup India initiative, launched in 2016 to foster innovation and entrepreneurial growth.

Sanjay Nayar, former KKR India CEO, pointed to the government’s Rs 10,000 crore fund of funds, managed by SIDBI, as pivotal for boosting the startup ecosystem. He noted the need for more domestic participation through high-net-worth individuals, corporate balance sheets, and local fund managers, reducing reliance on foreign capital.

India’s 1.57 lakh startups and growing investment ecosystem reflect its potential to innovate and lead on a global scale. The Startup Mahakumbh aims to further catalyze this momentum, promoting sustainability, innovation, and self-reliance.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

💰️ RBI allows foreigners to open Rupee accounts - The Reserve Bank of India (RBI) now permits overseas bank branches to open rupee accounts for non-residents, advancing rupee internationalization. These special non-resident rupee accounts (SRVA) enable foreign residents to settle transactions and rupee investments, reducing reliance on convertible currencies. Introduced in 2022, SRVAs require prior RBI approval and complement existing currency systems. The RBI has partnered with central banks in the UAE, Indonesia, and Maldives to facilitate local currency transactions. This initiative also aids Indian exporters by allowing foreign currency accounts overseas for trade settlements, bolstering India's position in global financial systems.

🇺🇸 Trump’s Second Inauguration - Donald Trump will officially become the 47th president of the United States on January 20, following a swearing-in ceremony at the US Capitol. Vice President-elect JD Vance will also take the oath of office. The day features a service at St. John’s Church, musical performances, Trump’s inaugural address, and a celebratory parade to the White House. Attendees include outgoing leaders Joe Biden and Kamala Harris, former presidents Barack Obama and George W. Bush, and business leaders like Elon Musk. Performers include Carrie Underwood, Lee Greenwood, and The Village People. Evening events include three inaugural balls with live music.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• China’s export restrictions part of trade war strategy.

• Elon Musk congratulates Jeff Bezos as Blue Origin’s New Glenn enters orbit.

• BCCI introduces 10-point disciplinary guidelines; makes playing domestic cricket mandatory.

• UK to launch rapid inquiry into Pakistani grooming gangs amid global outrage after Starmer-Musk clash.

• International Labour Organisation pegs global jobs gap at 402 million in 2024, down from 435 million in 2023.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Australian open 2025 is in full swing: Round 2 updates here.

• Saif Ali Khan stabbed as part of a burglary attempt at his home.