# Global South summit

• Looking to amplify the Voice of Global South, which has borne the brunt of the Ukraine war in the form of rising food and energy prices, PM Modi on Thursday exhorted developing countries to work towards redesigning global political and financial governance.
• He said these steps would remove inequalities, enlarge opportunities, Support growth and spread progress and prosperity.
• PM Modi was addressing the opening session of voice of global South summit, for which he was joined by leaders of 10 countries.
• Modi sought a new world order to ensure welfare of citizens of developing countries, as he emphasized the next phase of global growth will come from countries in the South.

# Retail inflation

• Retail inflation moderated to a one year low in December led by food prices.
• Meanwhile, Industrial output growth rebounded to a five months high in November due to a base effect and robust expansion across sectors including manufacturing.
• Data released by National statistical office on Thursday showed inflation, as measured by the Consumer price index, rose an annual 5.7% in December, slower than 5.9% in November.
• The data showed food inflation in December was 4.2%, lower than 4.7% in November.
• Rural inflation was higher at 6.1% while urban was 5.4%.

# Paytm

• Paytm India’s leading digital payments brand, saw a partial exit by one of its early backers with a unit of Alibaba group Holding limited selling a 3% stake in the fintech firm, according to people aware of the matter.
• One 97 communications limited which operates paytm, closed 6.2% lower in Mumbai after 19.2 million shares were sold in a block trade early Thursday, according to data compiled by Bloomberg.
• Soft bank group corporation, another early investor, had lowered its stake in the firm in November after a lock up of its share ended.

# Hockey world cup

• It is the fourth time that India is hosting the event after 1982, 2010 and 2018.
• It is the first time that the Men’s event is being hosted in two cities – Rourkela and Bhubaneswar.
• It is the seventh edition of the competition being held in Asia.