Episode 12 min
0:00 the united nations just announced that reform of its security council can no longer be delayed this comes as a direct endorsement of prime minister narendra modi's diplomatic push at the brics summit in our last briefing we talked about the summit getting underway today the results are in and they signal a clear shift in global power dynamics with0:21 india at the center here are the other key developments for the first time in six years china southern airlines is resuming flights between guangzhou and new delhi this ends a long suspension and comes just as chinese president xi jinping arrives in india for bilateral talks on the sidelines of the brics summit both malaysia and ethiopia have expressed0:45 new interest in stronger defense cooperation with india including joint training and buying military hardware and back home the pension regulator is rolling out a plan to let informal workers open pension accounts directly from their mobile phones using upi finally the markets closed slightly lower with the nifty down about 80 points and the sensex down around 120 okay1:09 let's go deeper into the two biggest stories first the diplomatic shifts coming out of the brics summit in new delhi this wasn't just another meeting the leaders adopted what's being called the new delhi declaration it's an 18 agenda focused on one primary goal strengthening the voice of the global south in world affairs the declaration specifically condemns unilateral1:31 tariffs and coercive economic measures this is a direct challenge to the trade practices of some western nations at the heart of this was prime minister modi's speech he argued for replacing what he called the pyramid of privilege with a platform of partnership the idea is simple but powerful for decades a small number of countries have set the1:51 rules for global governance modi's argument is that the rest of the world particularly the global south should move from being rule takers to rule shapers and it seems the world is listening the united nations backing india's call for security council reform is a major diplomatic victory it lends significant weight to the argument that the council's current structure2:12 a relic of the post world war ii era no longer reflects global realities while actually changing the council is a long and difficult process this public endorsement from the un itself is a critical first step now let's turn to a major change happening within india the pension fund regulatory and development authority or the pfrda just announced a2:33 fundamental shift in how millions of people can save for retirement this is aimed squarely at the informal sector think gig workers small shop owners and daily wagers soon they will be able to open a national pension system account with just a few clicks on a mobile phone contributions can be made instantly using upi finally the markets closed2:53 slightly lower with the nifty down about 80 points and the sensex down around 120 okay let's go deeper into the two biggest stories first the diplomatic shifts coming out of the brics summit in new delhi this wasn't just another meeting the leaders adopted what's being called the new delhi declaration it's an 18 agenda focused on one primary3:13 goal strengthening the voice of the global south in world affairs the declaration specifically condemns unilateral tariffs and coercive economic measures this is a direct challenge to the trade practices of some western nations at the heart of this was prime minister modi's speech he argued for replacing what he called the pyramid of privilege with a platform of partnership3:34 the idea is simple but powerful for decades a small number of countries have set the rules for global governance marty's argument is that the rest of the world particularly the global south should move from being rule takers to rule shapers and it seems the world is listening the united nations backing india's call for security council reform is3:54 a major diplomatic victory it lends significant weight to the argument that the council's current structure a relic of the post world war ii era no longer reflects global realities while actually changing the council is a long and difficult process this public endorsement from the un itself is a critical first step now let's turn to a major change4:14 happening within india the pension fund regulatory and development authority or the pfrda just announced a fundamental shift in how millions of people can save for retirement10:14 here's why that matters it removes the biggest barriers to entry paperwork and physical bank visits the entire service is being designed to work in multiple indian languages making it truly accessible but the pfrda is going further they are also developing a new product called nps swastia this would allow you to use a portion of your pension savings10:40 for hospitalization expenses it would be linked to a top up insurance policy potentially giving you coverage that's eight to 10 times your initial contribution they are also working on a guaranteed return pension product for the non government sector this is a response to a long standing demand for more predictable retirement options the main challenge as the pfrda11:05 chairman noted is figuring out who provides the guarantee but the fact that it's officially on the agenda shows a commitment to building a more robust social safety net for everyone not just those in formal employment this week's events show india pushing for change on two fronts one is outward reshaping its role on the global stage the other11:29 is inward rewriting the rules of financial inclusion for its own citizens
