Summary of "India This Week" - August 18, 2023

PM Modi Hoists National Flag at Red Fort on 77th Independence Day

Prime Minister Narendra Modi hoisted the national flag on the 77th Independence Day at the Red Fort in New Delhi. The event marked his 10th Independence Day speech, where he emphasized the importance of democracy, demography, and diversity in shaping the nation's future for the next 1000 years. The ceremony included a Guard of Honour by the Army, Navy, Air Force, and Delhi Police, followed by the hoisting of the National Flag and a 21 Gun Salute. PM Modi also announced the launch of the Vishwakarma Yojana to empower artisans and craftspeople with traditional skills.

(Source: India This Week, Page 6)

First Ever Crude Oil Transaction in Local Currency between India and UAE

India and the UAE conducted the first-ever crude oil transaction using the Local Currency Settlement system, symbolizing a strong relationship in the oil and gas sector. This transaction is part of a historic Memorandum of Understanding signed between the two countries to facilitate cross-border transactions in local currencies, reducing transaction costs and time. The initiative is expected to enhance bilateral economic relations and provide opportunities for investment in local currency assets.

(Source: India This Week, Page 2)

US India SME Council Celebrates 20th Anniversary and Incredible Inc 50 Awards

The US India SME Council commemorated its 20th anniversary with the second annual Incredible Inc 50 awards ceremony, recognizing small, medium, and women-owned businesses. The event, attended by prominent personalities including US Senator Chris Van Hollen and Maryland Lt. Governor Aruna Miller, highlighted the role of SMEs in the economy and the importance of fostering collaboration between the US and India. The council aims to support and empower companies through advocacy and networking opportunities.

(Source: India This Week, Page 4)

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