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UK Doctors Agree to 22.3% Pay Rise, Ending Strikes

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Junior doctors in England have accepted a 22.3% pay increase proposed by the government, officially ending a series of strikes that disrupted patient care over the past 18 months. The strikes were sparked by dissatisfaction with below-inflation wage increases since 2010 and the rising cost of living. The British Medical Association’s (BMA) Junior Doctors’ Committee confirmed that 66% of its members voted in favor of the pay offer. The deal was presented by the new Labour government soon after it took power in July, aiming to end the industrial action that saw junior doctors stage 11 walk-outs. Committee co-chairs Robert Laurenson and Vivek Trivedi acknowledged the deal as a positive step, stating it marked “the end of 15 years of pay erosion” and “the beginning of two years of modest above-inflation pay rises.” However, they also highlighted that doctors remain 20.8% behind in real terms compared to 2008. Health Secretary Wes Streeting welcomed the agreement, emphasizing that the government is addressing the issues left by the previous Conservative administration. He expressed relief that future strikes were averted ahead of winter, a period when the NHS typically faces heightened pressure due to seasonal illnesses. The junior doctors’ strikes were part of a wider wave of public and private sector walk-outs over pay and working conditions as inflation rates surged. Some junior doctors, despite having years of experience, complained that they were paid less per hour than coffee shop workers. The Labour government, while rejecting the BMA’s initial demand for a 35% “pay restoration,” moved quickly to resolve the dispute. In addition to the pay increase, Health Secretary Streeting also agreed to rename “junior doctors” as “resident doctors” to better reflect their expertise. Source: Health. Economic Times

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Arunachal Pradesh Cabinet Approves Major Reforms for Holistic Development and Governance

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The Arunachal Pradesh Cabinet, led by Chief Minister Pema Khandu, approved several landmark decisions during a meeting held on Monday. The meeting focused on the “Reforms 3.0” initiative, which aligns with Prime Minister Narendra Modi’s vision for a developed India and a developed Arunachal Pradesh. The Cabinet reviewed and reaffirmed 24 action points, initially laid out in its first meeting on June 13, 2024. These points form the foundation of the state’s ambitious governance reforms, aimed at improving the quality of life for citizens, addressing youth aspirations, and fostering development through increased investments. The government emphasized a “whole-of-government” approach to ensure the successful implementation of these action points, stressing the need for department collaboration and technological interventions. Key decisions were made to streamline various sectors, including health, governance, and recruitment processes: Health Sector Boost: The state government highlighted its commitment to improving health infrastructure. Over the past eight years, initiatives have been launched to ensure affordable, accessible, and quality healthcare for all. The Cabinet approved amendments to the Arunachal Pradesh Health Service Rules, 2000, and framed recruitment rules for newly created posts like Director of Medical Education and Director of Family Welfare. Additionally, 10 new Nursing Superintendent posts were created, and the ‘Arunachal Pradesh Allied and Health Care Council Rules, 2024’ were approved. Governance and Recruitment Reforms: To enhance transparency and efficiency, the Cabinet approved amendments to various recruitment rules, including those for Group-A, B, and C posts. Changes were made to the minimum qualifying marks for ex-servicemen in Group-C posts to address the issue of vacant posts reserved for this category. The Arunachal Pradesh Staff Selection Board Rules, 2018, were also amended to include the APSSB in the selection process for Meritorious Sportspersons, ensuring compliance with central policy guidelines. Legal and Fire Services: The Cabinet approved amendments to recruitment rules for public prosecutors to align with new criminal laws, including the Bharatiya Nagrik Suraksha Sanhita 2023 and Bharatiya Nyaya Sanhita 2023. The recruitment rules for Sub Fire Officers in the Department of Fire and Emergency Services were also updated to meet current requirements. These comprehensive reforms are expected to bring transformative changes to Arunachal Pradesh’s governance, health, and administrative sectors, driving progress and development across the state. Source: India Today

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Boston Scientific and Silk Road Medical to Finalize $1.26 Billion Merger

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Boston Scientific and Silk Road Medical are set to finalize their $1.26 billion merger in the “coming days,” following the expiration of the antitrust waiting period. Silk Road Medical, known for its stroke prevention devices, confirmed the update in a federal securities filing, stating that the Federal Trade Commission (FTC) had completed its review. The merger, initially announced in June, values Silk Road at $27.50 per share. Silk Road’s transcarotid artery revascularization devices, used to treat plaque buildup in carotid arteries, will complement Boston Scientific’s vascular product portfolio. The combined entity is expected to bring in a revenue range of $194 to $198 million in 2024. Boston Scientific had resubmitted its merger filing in August, triggering a new waiting period under the Hart-Scott-Rodino Antitrust Improvements Act to allow for FTC review. With the expiration of this period, the companies are now moving toward completing the deal. This acquisition follows Boston Scientific’s active mergers and acquisitions strategy, with several billion-dollar deals announced this year. The company’s proposed $3.7 billion acquisition of Axonics, however, remains under FTC scrutiny due to concerns about market dominance in urinary incontinence devices. Boston Scientific is cooperating with the FTC to address regulatory concerns and has delayed the Axonics deal closure to the second half of 2024. Source: Med Tech Dive

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Tamil Nadu’s Opposition to the Centre’s New Education Policy (NEP) 2020 Explained

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The conflict between Tamil Nadu and the Centre over the National Education Policy (NEP) 2020 has escalated, with state Chief Minister MK Stalin and Union Education Minister Dharmendra Pradhan engaging in a series of public exchanges. The immediate flashpoint is the Centre’s delay in releasing funds for the Samagra Shiksha Abhiyan (SSA), a school education program that provides essential services to students in government schools. Tamil Nadu Chief Minister MK Stalin has written to Prime Minister Narendra Modi, requesting the release of overdue SSA funds. He pointed out that Rs 573 crore due for FY 2024-25, along with Rs 249 crore from the previous year, are still pending. Union Minister Dharmendra Pradhan responded that all installments for the previous year have been disbursed. However, the root issue lies in the state’s opposition to certain elements of the NEP. At the core of the disagreement is the NEP’s three-language formula, which Tamil Nadu has resisted. The state follows a two-language policy—Tamil and English—and has consistently opposed the inclusion of Hindi or Sanskrit, viewing it as an imposition on its linguistic identity. Both the previous AIADMK and the current DMK governments have opposed the NEP on these grounds, with Tamil Nadu’s Education Minister, Anbil Mahesh Poyyamozhi, affirming the state’s commitment to preserving its linguistic heritage. Adding to the tension is the Centre’s linkage of SSA funds with the PM-SHRI scheme, which promotes NEP-compliant schools. While Tamil Nadu signed an MoU for the scheme, it omitted a paragraph regarding full NEP implementation, citing concerns over state autonomy in education. The DMK government argues that a uniform national policy does not account for regional differences and infringes on the state’s constitutional authority in education, which falls under the concurrent list. The controversy underscores long-standing tensions between Tamil Nadu and the Centre over language and education policy, with the state advocating for greater autonomy in implementing education programs that align with its socio-cultural and linguistic context. Source: Business Standard

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Supreme Court Seeks Centre’s Response on Plea for Rape Law Awareness in School Curriculum

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The Supreme Court on Friday issued a notice to the Centre, seeking its response to a petition calling for increased awareness of rape laws and women’s rights through school curriculums. The petition aims to address the growing incidents of rape in the country by integrating education about sexual equality, women’s rights, and the freedom of girls to live with dignity into school syllabi. A bench led by Chief Justice of India (CJI) Dhananjaya Y Chandrachud heard the petition filed by senior advocate Aabad Harshad Ponda. The petition was motivated by the recent rape and murder of a junior doctor at RG Kar Medical College in Kolkata. Ponda, a criminal lawyer practicing in the Bombay High Court, argued that while states have introduced stricter punishments for rape, including the death penalty and life imprisonment, these measures alone would not solve the problem unless tackled at the grassroots level. Ponda emphasized the need to raise awareness about rape laws, particularly among the uneducated and economically disadvantaged populations. He argued that repeated cases of rape in the country reflect gaps in governance and the effective implementation of existing laws. According to Ponda, there is a pressing need to bridge the communication gap between the creation of laws by the legislature and their proper dissemination to all sections of society. The petition calls for including topics like moral training, sexual equality, and women’s rights as part of the school syllabus to ensure that the youth are aware of rape laws and the consequences of such crimes.Top of Form Source: Hindustan Times  

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Zee Entertainment Shareholders Approve Plan to Raise ₹2,000 Crore

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Zee Entertainment Enterprises Ltd. (ZEEL) shareholders have approved a plan to raise ₹2,000 crore through various financial routes, including equity shares and qualified institutions placements (QIPs). The special resolution, which allows the company to issue securities for an amount not exceeding ₹2,000 crore, was passed with 78.83% of the total votes, according to a scrutinizer’s report filed by Zee. The remote e-voting process for the special resolution began on Sunday and concluded on Monday, July 15, 2024, at 5 pm. ZEEL plans to raise the funds in one or more tranches through methods such as private placements, qualified institutional placements, preferential issues, or a combination of these options. While the company has not yet disclosed specific plans for the raised amount, industry experts expect it will be partially allocated toward business expansion. This fundraising comes after the termination of a merger agreement between Sony Corporation and ZEEL to combine their entertainment businesses in India. Following the deal’s termination, ZEEL announced a strategic realignment of its revenue verticals under the direct guidance of its MD and CEO. Karan Taurani, SVP at Elara Capital, commented on the development, stating, “This move could improve investor confidence, depending on the quality of the investors involved.” He added, however, that further clarity is needed on the fund’s potential utilization and the exact method through which it will be raised. Source: Business Standard

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Developed India Needs Civil Governance Reforms for Inclusive Growth by 2047

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Achieving a developed India by 2047 requires significant reforms in civil governance to foster inclusivity, ensuring that every citizen can realize their full potential. A focus on double-digit growth to boost per capita income and enhancing human capital is essential, especially as half of the population is projected to live in urban areas over the next decade. Institutional flexibility and autonomy must be introduced in areas such as education, health, and nutrition. Civil governance reforms need to prioritize the bottom quintile of income earners, skilling, green growth, and urban living standards. To ensure effectiveness, decentralizing community action under the leadership of gram panchayats and urban local bodies is vital, with a strong role for women’s collectives in monitoring progress. The need for institutional flexibility, transparency in standard setting, city-wide planning, and capacity development is critical. A right to public services with guaranteed compliance, along with community-led action, will complement these changes. Furthermore, convergence across sectors such as education, health, nutrition, and employment is vital, as improvements in one sector often lead to benefits in others. To ensure accountability, data on public service performance, validated by local governments, should be made publicly available. The Sustainable Development Goals (SDGs) framework can serve as a measure for governance success, with processes like the Mission Antyodaya Survey providing data on progress at the local level. Innovations in human resource engagement, performance-based assessments, and longer tenures for development functionaries are essential for sustained improvements in human development. Ultimately, evidence-based governance driven by community-led planning, transparent beneficiary selection, and conviction-based leadership is the key to realizing an inclusive and developed India by 2047.

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CCI to Review M&A Deals Over ₹2,000 Crore with Substantial India Operations

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The Competition Commission of India (CCI) has introduced a new deal value threshold (DVT) criterion for mergers and acquisitions (M&A) exceeding ₹2,000 crore, provided the target company has substantial business operations in India. This move is aimed at bringing more deals, especially in the digital and start-up sectors, under regulatory scrutiny. Previously, regulatory approval was based on asset or turnover values, such as ₹2,500 crore in assets or ₹7,500 crore in turnover. Under the new rules, deals involving target companies with substantial business operations in India, based on metrics like the number of users, gross merchandise value, or turnover, will now require CCI review if these exceed 10% of global figures in the preceding 12 months. Experts believe the DVT will significantly impact the M&A landscape, with more transactions now subject to CCI scrutiny. “The new threshold broadens the range of transactions subject to CCI oversight, potentially increasing compliance costs and extending deal timelines,” said Prithiviraj Senthil Nathan, partner at King Stubb & Kasiva. Legal professionals view the DVT as a necessary step to address high-value deals in technology sectors that often escape traditional thresholds. “The DVT is a valuable tool for capturing deals that might otherwise have gone unnoticed,” noted Avaantika Kakkar, Partner at Cyril Amarchand Mangaldas. However, the introduction of DVT may also increase the CCI’s workload, with experts calling for a capacity enhancement at the commission to handle the expected rise in notified transactions.    

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Business Blasters’ Programme Kicks Off in Delhi Schools for 2024-25

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Delhi Education Minister Atishi announced the launch of the Business Blasters programme for the 2024-25 academic session, aimed at fostering entrepreneurial skills among students of classes 11 and 12 in government schools across the capital. The initiative will see the Arvind Kejriwal-led government providing Rs 40 crore in seed money to support students’ business ideas, with 2.45 lakh students participating this year and over 40,000 business ideas already submitted. Private schools have also been invited to join the programme voluntarily, with students proposing startup ideas involving perfumes, soaps, chocolates, eco-friendly products, and tech-based innovations. Originally launched in 2021, the Business Blasters programme is a key part of the government’s ‘entrepreneurship mindset curriculum,’ which started as a pilot in 2019. It provides seed funding to the top 150 student-formed startups, encouraging students to turn their ideas into viable businesses. Minister Atishi took the opportunity to criticize the BJP-led central government for failing to address unemployment, contrasting this with the Delhi government’s efforts to turn students into job providers rather than job seekers. She highlighted successful startups from last year’s programme, including A K Logistics, a registered private limited company formed by students that now employs 50 people. Other student-led startups include ‘Dark Chocobitz,’ which makes customized chocolates and employs 40 women, and ‘Disposal Walaa,’ an eco-friendly startup employing 20 people. The minister emphasized that the programme holds the potential to generate thousands of jobs, turning students into entrepreneurs and significantly impacting Delhi’s economy. Source: Times of India

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 SEBI Levels Playing Field for FVCIs with New Governance Norms

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The Securities and Exchange Board of India (SEBI) has issued new norms that bring foreign venture capital investors (FVCIs) under the same regulatory framework as foreign portfolio investors (FPIs). This move marks a significant overhaul of the registration and governance framework for FVCIs, aiming to establish greater parity between the two investor categories. Under the updated norms, effective from January 1, 2025, FVCIs will be required to delegate their registration and governance processes to designated depository participants (DDPs), aligning with the current requirements for FPIs. The amendments also mandate FVCIs to disclose details of beneficial ownership under the Prevention of Money Laundering Act, enhancing transparency and compliance. Key changes include revisions to registration and eligibility criteria, application requirements, the rationalization of registration costs, and the introduction of a renewal fee. Previously, SEBI managed the registration and due diligence processes directly, but these responsibilities will now be handed over to DDPs. This change reflects SEBI’s broader strategy to reduce its direct involvement in the day-to-day operations of intermediaries, allowing the regulator to concentrate more on policy-making and regulatory oversight. Gazal Rawal, Partner at Cyril Amarchand Mangaldas, noted that while the changes may increase compliance burdens for DDPs amid ongoing regulatory adjustments, they will ultimately enhance governance and transparency. She added that the application process for FVCIs is expected to be streamlined in the future, similar to FPIs, with registration, PAN allotment, and KYC for bank and dematerialized accounts to be managed through a common form. Legal experts see these reforms as an effort to replicate SEBI’s success in delegating responsibilities to DDPs for FPIs. “New concepts like notifying the DDP of material changes, renewal of registration, and the imposition of late fees for renewal have been introduced for FVCIs. This move aligns SEBI’s approach to reduce its direct operational involvement with intermediaries,” said Ritul Sarraf of Nishith Desai Associates. Interestingly, restrictions under Press Note 3 on foreign direct investment from land-bordering countries and additional disclosure requirements for FPIs do not appear to apply to FVCIs, signaling nuanced regulatory considerations. The updated norms come after a year-long consultative process, providing stakeholders ample time to adapt. In 2023-24, 28 new FVCIs were registered, bringing the total to 279 as of March 2024, with investments increasing by 12% year-on-year to Rs 53,922 crore, predominantly in the information technology sector. SEBI’s revamped framework is expected to streamline processes, enhance transparency, and bring FVCIs and FPIs onto an equal regulatory footing, reinforcing India’s commitment to a robust and transparent investment ecosystem. Source: Business Standard  

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