Development Watch – Week #2 Oct’25

Development News

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RBI strengthens rural ombudsman system for grievance resolution

The Reserve Bank of India is significantly enhancing its consumer grievance redressal system by revising its ombudsman scheme and extending coverage to Rural Co-operative banks. The internal ombudsman systems of regulated entities are also being strengthened for more effective complaint resolution. RBI Governor Sanjay Malhotra announced these consumer-centric measures on October 1, 2025. The Reserve Bank has institutionalized the Internal Ombudsman (IO) mechanism in select Regulated Entities (REs) which enables an independent apex level review of complaints that are being rejected by the RE. The Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) (the Scheme), 2021 launched on November 12, 2021, provides customers of Regulated Entities (REs) a speedy, cost-effective and expeditious alternate grievance redress mechanism. The REs currently covered under the Scheme include Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks, Non-Scheduled Primary (Urban) Co-operative Banks with deposits size of Rs 50 crore and above, select Non-Banking Financial Companies and Credit Information Companies.

India 3rd largest solar energy producer

India’s solar power generation capacity has touched the 125 GW mark, making the nation the third-largest solar energy producer. Addressing at the curtain raiser of 8th session of the International Solar Alliance Assembly, the minister said, “As per CoP28 outcome, we must triple the world’s renewable energy to 11,000 GW by 2030. And solar power is the single greatest key to achieving both of these ambitions. The Eighth Assembly of the International Solar Alliance is scheduled from October 27 to 30 at Bharat Mandapam in New Delhi. Worldwide solar and wind power generation has outpaced electricity demand this year, and for the first time on record, renewable energies combined generated more power than coal. Global solar generation grew by a record 31% in the first half of the year, while wind generation grew by 7.7%, according to the report by the energy think tank Ember.

Sound-alert system for all electric vehicles

The Ministry of Road Transport and Highways has proposed mandatory Acoustic Vehicle Alerting Systems (AVAS) for all electric cars, buses, and trucks. New EV models must incorporate AVAS by October 2026, and existing models by October 2027. This safety feature, emitting artificial sound to alert pedestrians, aligns with international mandates.

Indian Railways exporting equipment to 16 countries

Indian Railways is rapidly emerging as a global exporter of critical railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the ‘Make in India, Make for the World’ vision. This growing export footprint in more than 16 countries is a reflection of India’s commitment to design, develop, and deliver to the world. Metro coaches have been exported to Australia and Canada; bogies to the UK, Saudi Arabia, France, and Australia; propulsion systems to France, Mexico, Romania, Spain, Germany, and Italy; passenger coaches to Mozambique, Bangladesh, and Sri Lanka; and locomotives to Mozambique, Senegal, Sri Lanka, Myanmar, Bangladesh, and the Republic of Guinea.

4 Railway Projects for central India worth Rs. 24,634 Cr

The Union Cabinet on Tuesday approved four major railway projects worth ₹24,634 crore to boost capacity and connectivity across central India. The projects include third and fourth lines along the Wardha–Bhusawal (314 km), Gondia–Dongargarh (84 km), Vadodara–Ratlam (259 km), and Itarsi–Bhopal–Bina (237 km) routes, spanning 18 districts across Maharashtra, Madhya Pradesh, Gujarat, and Chhattisgarh.

RBI measures for exports

The Reserve Bank of India announced steps to support exporters. This action addresses challenges from US tariffs. The RBI extended the repatriation period for foreign currency accounts. It also increased the forex outlay period for trade transactions. Compliance for small exporters and importers saw simplification. These measures aim to improve business operations.

Tourism to support 9 Crore new jobs

The World Travel & Tourism Council projects 9.1 crore new jobs in the travel and tourism sector over the next decade, accounting for one-third of global job creation. However, a significant workforce shortfall of over 4.3 crore people due to demographic shifts is anticipated by 2035, particularly in China, India, and the EU. In 2024, demand for travel and tourism was stronger than it has ever been. The sector’s GDP contribution grew 8.5 per cent to reach USD 10.9 trillion, surpassing 2019 levels by 6 per cent. Travel providers created 20.7 million new jobs, bringing the total to 357 million worldwide.