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- The Indian Navy is looking to squeeze some more life out of its decade old kilo class submarines, signing up a contract with Russia to extend the service life of the boats to 35 years.
- While the first of the four submarines will be upgraded at Severodvinsk in Russia, the plan is to upgrade the remaining three in an Indian yard as part of the ‘Make in India’ initiative. Zvezdochka, which is the Russian yard tasked with the modernization process, has already tied up with Reliance Defence to upgrade the submarines .
- The INS Sindhukesari that will be fitted with Klub land attack cruise missile apart from other navigational and communication systems.
RBI Governor Raghuram Rajan says world needs stronger multilateral agencies
- Reserve Bank of India Governor Raghuram Rajan on Monday called for stronger multilateral agencies that can steer global coordination in tackling economic and monetary policy issues, adding emerging markets needed to be part of that debate .
- Rajan also called on the International Monetary Fund to be more inclusive and not just driven by the needs of industrialised countries
- He also asked the Central Bank of developed countries to not adopt adverse monetary policies.
- He urged the IMF to implement global safety nets in the event of an economic meltdown.
Typhoon Koppu leaves 2 dead, Filipino villagers rescued from flood
- Philippines: Army, police and civilian volunteers scrambled Monday to rescue hundreds of villagers trapped in their flooded homes and on rooftops in a northern Philippine province battered by slow-moving Typhoon Koppu.
- The typhoon blew ashore into northeastern Aurora province with fierce wind and heavy rains early Sunday, leaving at least two dead, forcing more than 16,000 villagers from their homes, and leaving nine provinces without electricity
- Koppu’s winds knocked down trees and electric posts, leaving nine provinces without power. Authorities suspended dozens of flights and sea voyages, and many cities canceled classes on Monday.