According to the Asia-Pacific wealth report, Japan’s richest persons have the largest wealth accumulation in the Asia-Pacific region, however, Chinese millionaires are also catching up to them. Meanwhile, Indian millionaires are adding wealth at the fastest in the region, which India can take pride in it. But the reality is that the bottom 60%, the majority of the population, owns less than 5% of the country’s wealth. This growing inequality threatens to destroy the fabric of Indian democracy.
According to the recent report, over a million jobs will be created in the Cloud Computing sector of India by 2022. As cloud computing is becoming more prevalent in both small and large companies, the global demand for professionals is also steadily on the rise. Moreover, firms are currently investing 4.5 times the rate of conventional IT spending in cloud infrastructure and the sector is expected to grow even faster by 2020.
Recently, the new government in the Maldives expressed its indebtedness towards China due to the latter’s construction activities in the Maldives. However, Maldives also has fears over the unsustainable Chinese debts. Notably, the new president, Ibrahim Mohamed Solih, wants to restore ties with India. Hence the situation in Male (Maldives’ capital) provides both opportunities and risks to India.
Recently, the European Union leaders formally agreed to a Brexit agreement at a Brussels summit urging Britain people to support Prime Minister Theresa May’s package, which faces stiff opposition in the British Parliament. Theresa May government is in favour of Britain exiting EU and she triggered the two-year process of leaving the EU on March 29, 2017.
Recently, Maharashtra Cabinet approved the proposal to grant reservation to the Maratha community under a newly created “Independent” category. It will have implications on other communities demanding reservation like Kapus in Andhra Pradesh, Jats in Haryana and Patidars in Gujarat.
The United States has broadly agreed to grant India and 7 other countries a waiver from the sanctions it re-imposed on Iran recently. This decision provides some temporary relief to India and avoids any major oil price shocks.
Recently, India’s first indigenous nuclear-powered ballistic missile submarine (SSBN), INS Arihant (destroyer of enemies), has successfully completed its first deterrence patrol. It means that the submarine is fully operational now and when the signal goes out from New Delhi to INS Arihant, it should be able to launch a nuclear missile. However, experts have questioned its credibility to achieve a true nuclear triad.
The United States President Donald Trump has recently announced that US will unilaterally pull out of 1987 Intermediate-Range Nuclear Forces (INF) Treaty which was signed by the US and Russia during Cold War era for banning all ground-launch nuclear missiles with the range between 500 and 5500 km. However, US accuses Russia to have developed a new medium-range missile and it has also been concerned about China which is not a signatory to the INF treaty, producing medium-range missiles.