Month: September 2023

Being the fifth largest economy impressive, but per capita income must also rise, says Ex RBI Governor C Rangarajan

Manish Kumar

While India becoming the fifth largest economy in the world is an ‘impressive achievement,’ there is a need to grow fast to increase the per capita income of the country from the present levels- former Reserve Bank of India Governor C Rangarajan said.  ‘Employment enhancement without growth is not sustainable. That is why we must aim at least at a sustained growth of 7 per cent’-He said.  In 2020, India’s rank with respect to per capita income was 142 out of 197 countries.  if the country achieves a 7% rate…

Tata Steel, UK Sign 1.25 Billion-Pound Deal; “A big day for UK steel” – Rishi Sunak

Manish Kumar

UK, Tata Steel sign 1.25-million-pound deal; protest over potential job cuts.  Reacting to the development, British Prime Minister Rishi Sunak called it “a big day for UK steel”.  Tata will use the government subsidy to help convert the South Wales plant’s two coal coal-fired blast furnaces to electric arc versions.  Rishi Sunak government’s plan to pump in 500 million pounds into the country’s biggest steel plant in South Wales.  This comes as protests erupted owing to potential job risks to 3,000 workers.  It is being dubbed as one of the…

₹ 800 Crore Tax Evasion Suspected After 3 Days of Raids Against Azam Khan

Manish Kumar

The IT Department suspected tax evasion of more than Rs 800 crore by Azam Khan after it carried out raids on him and his associates.  Income tax sleuths reached Khan’s residence on Jail Road in Rampur, Uttar Pradesh, at 7 a.m. on Wednesday, and the search concluded on Friday evening.  On September 13, the Income Tax department conducted raids at more than 30 premises in Uttar Pradesh and Madhya Pradesh as part of a tax evasion probe against Khan.   The department conducted raids in Rampur, Saharanpur, Lucknow, Ghaziabad and…

Canada indefinitely postpones trade mission to India amid tensions

Manish Kumar

Canada trade minister is postponing a planned trade mission to India.  The trade mission was announced when Commerce and Industry Ministry Piyush Goyal was in Canada for a bilateral visit in May this year.  Canadian Trade Minister is postponing it, reflecting increasingly tense diplomatic relations just days after India’s prime minister scolded his Canadian counterpart at a G20 summit in New Delhi.  Prime Minister Narendra Modi, who held formal bilateral meetings with many world leaders during the G20 summit, snubbed Canadian Prime Minister Justin Trudeau, allowing only a short, informal…

Judges’ appointment process to be more transparent, says Chief Justice

Manish Kumar

Chief Justice of India DY Chandrachud has responded to the criticism over the appointment of judges to Supreme Court and High Court.  Chief Justice said there’s a “Centre for Research and Planning”, headed by an officer from the Haryana judicial services.  “We have prepared a broad platform where we have assessed the top 50 judges of the country who would be considered for appointment to the Supreme Court of India.” He said.  He said the aim is to lay down objective parameters for the selection of judges.  “Now as per…

17 Bollywood celebs on ED radar for attending ₹200 crore Dubai wedding: Here is What one must know

Manish Kumar

Sourabh Chandrakar, promoter of Mahadev Online Book betting app, reportedly spent ₹200 crore for his wedding in which many Bollywood celebs performed.  The ED is investigating ₹5,000 crore money laundering charge against Sourabh Chandrakar and his business partner Ravi Uppal who runs the online gambling app from Dubai.  Mahadev Online Betting application is a game app on which around a million individuals have placed bets in the last year.  The ED seized assets worth ₹417 crore in connection with the case from Bhopal, Mumbai and Kolkata.  Sourabh Chandrakar is believed…

Rahul Navin appointed in-charge director of Enforcement Directorate, Sanjay Kumar Mishra’s tenure ends

Manish Kumar

•     The Centre appointed special director Rahul Navin as in-charge director of the ED till the name of the regular director is announced or until further orders. •     Rahul Navin, a 1993-batch IRS officer, has taken charge as the acting director of the ED replacing Sanjay Kumar Mishra, an IRS officer of the 1984 batch. •     In July, the Supreme Court granted an extension of tenure to ED chief Mishra till September 15 but made it clear there would be no further extension. •     Mishra was first appointed the ED director for two years…

Dam of death: almost a quarter of the Libyan city of Derna has been washed away

Manish Kumar

The sheer numbers of people dead or unaccounted for in the Libyan city of Derna is overwhelming survivors, who say they had minutes to get away before the coastal city was devastated by a tsunami-like torrent. Sky News TV crews have reached the port city where people have been using their bare hands to dig for loved ones. Reports suggest almost a quarter of the city has been washed away and reduced to an apocalyptic wasteland, following a massive flood fed by the breaching of two dams in heavy rains.…

DAC approves proposals worth Rs 45,000 crore, including procurement of 12 Su-30MKIs for IAF

Manish Kumar

The Defence Acquisition Council (DAC), approved a total of nine acquisition proposals totalling Rs 45,000 crore.  Among the proposals, the ministry okayed the procurement of 12 Su-30MKIs for the Indian Air Force, which would be manufactured in India by Hindustan Aeronautics Limited (HAL).  These would be the most modern Su-30 MKI aircraft of the Indian Air Force; they will come mounted with multiple Indian weapons and sensors, Defence officials said.  The Indian Air Force will also be getting avionic upgradation of Dornier aircraft to improve the accuracy and reliability of…

China’s Defence Minister “mysteriously” went “missing”: The US claims ‘He is under house arrest’

Manish Kumar

As China’s Defence Minister, Li Shangfu, “mysteriously” went “missing” from public view, the US ambassador to Japan has now questioned whether the Communist regime has placed him under house arrest.   The US Ambassador claimed that the defence minister had not seen for the past three weeks and added he did not show up for his trip to Vietnam.  A report by a paper claimed that the US government believes that the Chinese minister has been placed under investigation. However, the report did not state the nature of the investigation. …