The President of India, Droupadi Murmu, has approved three bills during the Monsoon Session of Parliament in August 2023. These include the Indian Institutes of Management (Amendment) Act, 2023, which designates the National Institute of Industrial Engineering (NITIE) in Mumbai as the 21st Indian Institute of Management (IIM). The National Dental Commission Act, 2023, has also been approved, aiming to regulate the profession of dentistry in India and enhance the employability of Indian dental professionals globally. Lastly, the Offshore Areas Mineral (Development and Regulation) Amendment Act, 2023, introduces crucial reforms in the country’s offshore mining sector.
India’s first 3D-printed post office building has been inaugurated in Bengaluru by Union Minister Ashwini Vaishnaw. The post office was created using 3D Concrete Printing Technology by Larsen and Toubro Construction. This technology allows for the precise layer-by-layer deposition of concrete, enabling the fabrication of complex and custom shapes. This is not the first instance of 3D printing in India, as the country has previously built a 3D-printed house and a 3D-printed dwelling unit for soldiers.
The United Nations Development Programme (UNDP) has developed the National Carbon Registry, an open-source software that helps countries effectively manage national data and processes for trading carbon credits. The software has been accredited as a digital public good and can be customized to meet the requirements of different countries. The registry follows national and international best practices and aims to address climate challenges by facilitating the collection of digital public infrastructure.
The Advertising Standards Council of India (ASCI) has made it mandatory for finfluencers in the banking, financial services, and insurance sector to be registered with the Securities and Exchange Board of India (SEBI) if they offer investment advice. The new guidelines also require finfluencers to disclose their certifications and qualifications and to label their advertisements as such. ASCI has also updated its guidelines for influencers endorsing products with health and nutrition claims, now requiring appropriate qualifications.
YES Bank has launched a state-of-the-art mobile banking application called “iris by YES BANK.” The app offers more than 100 features and services, including opening a savings account, applying for a Credit Card, and availing loans. It incorporates security features such as Biometric Authentication and 2-factor Verification. HDFC Group has also launched life insurance and asset management services at Gujarat’s GIFT City, aiming to cater to the financial needs of NRIs and the global Indian diaspora. HDFC Life has introduced specialized insurance solutions, and HDFC AMC offers fund management and advisory solutions.
In conclusion, these recent developments in India include the approval of bills, the inauguration of a 3D-printed post office, the development of a carbon registry software, guidelines for finfluencers and influencers, and the launch of a mobile banking app and life insurance and asset management services.