• India may extend RBI governor Shaktikanta Das's term for a second time, making him the longest-serving chief since the 1960s.
• Israel's Foreign Minister Gideon Saar has called on the UNSC and the Iraqi government to halt attacks by Iran-backed militias in Iraq.
• Bollywood actor Kangana Ranaut's controversial biopic film 'Emergency' is set to release on 17 January 2025.
• The National Payments Corporation of India (NPCI) has unveiled a feature called UPI Circle to expand digital payment accessibility.

India is on the brink of making history with the potential extension of Reserve Bank of India (RBI) governor Shaktikanta Das's term for a second time. This unprecedented move would make Das the longest-serving chief since the 1960s. Appointed to lead the RBI in December 2018, Das has been a trusted bureaucrat in Prime Minister Narendra Modi's administration. His term is due to end on December 10, and an extension would make him the longest-serving governor since Benegal Rama Rau, who held the position for 7-1/2 years between 1949 and 1957.

Government sources have indicated that no other candidates are being considered at this point, nor has any selection committee been set up. The decision is expected to be announced after polling in Maharashtra state elections is complete. The country's Election Commission bars the ruling party from making ad-hoc appointments that could affect voter behaviour. The final decision will be taken by the Prime Minister.

This development comes amid uncertainty about the future of India's central bank governor, whose contract ends in less than a month. This uncertainty is adding another layer of complexity to interest rate expectations. Economists are already calibrating their rate-cut expectations following the election of Donald Trump as US president - who threatens to upend global trade with widespread tariffs - and data last week showing a spike in India's inflation to above the 6% upper-end of the RBI's target band.

India's Global Relations and Economic Commitments

In other news, Israel's Foreign Minister Gideon Saar has called on the UN Security Council (UNSC) and the Iraqi government to take immediate action to halt and prevent attacks by Iran-backed militias in Iraq. Saar issued the call in a letter he sent to the president of the UNSC. He said the militias, known as the Islamic Resistance in Iraq, have launched hundreds of drones of the Shahed, Ziad and Arpad types as well as dozens of cruise missiles since October last year.

Meanwhile, at the G20 Summit in Rio, PM Modi reaffirmed India's commitment to food security and poverty elimination for a brighter future. This commitment comes at a time when India is also negotiating a free trade deal with the UK, one of the government's top goals since Brexit. Talks had petered out around the start of the year ahead of elections in both countries, but have been restarted at the G20 summit in Brazil, where Sir Keir Starmer spoke to Indian Prime Minister Narendra Modi.

Cultural and Financial Developments

In the entertainment industry, Bollywood actor Kangana Ranaut's controversial biopic film 'Emergency' has finally received a new release date after several delays. The film is a high-budget portrayal of one of the most controversial events in Indian history. The movie is a biopic on one of the most iconic leaders of all time-India's first woman Prime Minister, Indira Gandhi. The film will officially release on 17 January 2025.

In the world of finance, the National Payments Corporation of India (NPCI) has unveiled a groundbreaking feature called UPI Circle, designed to expand digital payment accessibility. This innovative addition to the Unified Payments Interface (UPI) system allows primary account holders to include family members and friends as secondary users, granting them the ability to conduct transactions within specified limits using the primary user's bank account.