RBI PROPOSES TO ALLOW FINTECH START-UPS TO TEST REGULATORY
SANDBOX
The Reserve Bank of India
Thursday proposed that fintech start-ups could set up regulatory sandbox or
live-testing of innovative products and services in segments such as retail
payments, money transfer, artificial intelligence and data analytics in the
financial sector. A regulatory sandbox (RS) usually refers to live-testing of
new products or services in a controlled and test regulatory environment for
which regulators may or may not permit certain regulatory relaxations for the
limited purpose of the testing. A working group set up by the RBI had
recommended introduction of an appropriate framework for an RS within a
well-defined space and duration where the financial sector regulator will
provide the requisite regulatory guidance to increase efficiency, manage risks
and create new opportunities for consumers. In line with the recommendation,
the central bank has released draft 'Enabling Framework for Regulatory
Sandbox'. The proposed financial service to be launched under the RS should
include new or emerging technology, or use of existing technology in an
innovative way and should address a problem, or bring benefits to consumers,
the draft said. According to the draft, the target applicants for entry to the
RS are financial technology (fintech) firms which meet the eligibility
conditions prescribed for start-ups by the government. The innovative products
and services which could be considered for testing under RS include retail
payments, money transfer services, marketplace lending, digital KYC and
financial advisory services. Innovation in wealth management services, digital
identification services, smart contracts, financial inclusion products and
cybersecurity products could also be tested. Innovative technologies that could
be brought under RS include mobile technology applications (payments, digital
identity), data analytics, application programme interface, applications under
block chain technologies and artificial intelligence and machine learning
applications. The draft said the first and foremost is that it fosters learning
by doing. Also, users of an RS can test the product's viability without the
need for a larger and more expensive roll-out. If the product appears to have
the potential to be successful, the product might then be authorised and
brought to the broader market more quickly. On risks and limitations of RS, the
draft said the RBI or its RS cannot provide any legal waivers. Also,
post-sandbox testing, a successful experimenter may still require regulatory
approvals before the product, services or technology can be permitted for wider
application. The central bank has invited stakeholders' comments on the draft
by May 8.
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WEAKENING DOMESTIC GROWTH IMPULSES PROMPTED RBI GUV TO GO FOR
RATE CUT: MINUTES OF MPC MEET
Weakening of domestic
growth impulses and global slowdown prompted RBI Governor Shaktikanta Das to vote
for a 25 basis points cut in interest rate announced earlier this month,
minutes of the Monetary Policy Committee (MPC) meeting showed Thursday. However,
his deputy Viral Acharya had favoured status quo in the key lending rate
(repo), arguing that the Reserve Bank should wait for some more time for
additional data before taking call on reduction in rate. Another external
expert on the six-member MPC Chetan Ghate too had voted against reduction in
the repo rate. Four of the six MPC members had voted in favour of a 25 basis
points reduction in the policy rate. As per the minutes, Das said there has
been further weakening of domestic growth impulses, with global growth slowdown
posing major headwinds to India's exports since the last policy in February
2019. During the three-day meeting of the MPC, he opined that high frequency
indicators suggest a further loss of pace in growth. Private consumption has
been weakening as reflected in deceleration in the growth of passenger car
sales and domestic air passenger traffic, weak performance of consumer durables
and non-durables, and continuing contraction in non-oil non-gold imports. Das
further said investment demand was losing traction and a deceleration in
exports may further impact investment activity. With the inflation outlook
looking benign and headline inflation expected to remain below target in the
current year, it becomes necessary to address the challenges to sustained
growth of the Indian economy. Hence, I vote for reducing the policy repo rate by
25 basis points, Das had said, according to the minutes. During the meeting,
the Governor also said the RBI will continue to watch the evolving growth and
inflation dynamics and act in time and act decisively while ensuring price
stability on an enduring basis in pursuance of its mandate under the RBI Act. Acharya,
who voted against a rate cut, was of the opinion that signals from the domestic
economy are mixed. Capacity utilisation continues to improve which augurs well
for future investment, and services growth remains robust. However, consumption
demand shows signs of weakness. On balance, therefore, notwithstanding signs of
weakness in growth evinced in high frequency economic indicators, I am inclined
to wait for some more time for incoming data to resolve several important
uncertainties that will shape the Indian economy in the coming one or two
years, he had said. As per the minutes, Ghate had opined that frequent changes
in policy rates and stance runs the risk of introducing uncertainty and volatility
because of our own actions. He had advocated status quo in policy rate. Michael
Debabrata Patra too had advocated a rate cut, along with external members Pami
Dua and Ravindra Dholakia.
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HIGH GROWTH ACHIEVED BY INDIA NOT POSSIBLE WITHOUT JOB
CREATION: AMITABH KANT
Amitabh Kant Wednesday
said India has been growing at more than 7 per cent rate and this could not
have been achieved without adequate job creation Kant said that when non-NDA
ruled states like Karnataka and West Bengal are claiming that jobs are being
created, then it was not possible that at all India level, employment is not
being generated. How is it possible that we are having 7.5 per cent growth and
jobs are not being created? It is not possible. If West Bengal and Karnataka
are saying that jobs have been created in their respective states, then how it
is possible that at the national level there is no employment generation, he
pointed out. Kant said that India needs to accelerate its growth rate from 7
per cent to 10 per cent. He said India in the next three years will be amongst
the top 25 countries in the ease of doing business ranking of the World Bank.
Insolvency and Bankruptcy Code (IBC), Goods and Services Tax (GST) and RERA
were major reforms undertaken by the Modi government, Kant said, adding that
real impact of these reforms will start reflecting in next two years. The Niti
Aayog CEO also pitched for opening up of mining and coal sectors for boost job
creation.
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INDIA DROPS DOWN ON WORLD PRESS FREEDOM INDEX
India has dropped two
places on a global press freedom index to be ranked 140th out of 180 countries
in the annual Reporters Without Borders analysis released on Thursday, with the
lead up to the ongoing Indian general elections flagged as a particularly
dangerous time for journalists. The World Press Freedom Index 2019', topped by
Norway, finds an increased sense of hostility towards journalists across the
world, with violent attacks in India leading to at least six Indian journalists
being killed in the line of their work last year. Violence against journalists
including police violence, attacks by Maoist fighters and reprisals by criminal
groups or corrupt politicians is one of the most striking characteristics of
the current state of press freedom in India. At least six Indian journalists
were killed in connection with their work in 2018. A number of doubts surround
a seventh case, the index noted. These murders highlighted the many dangers
that Indian journalists face, especially those working for non-English-language
media outlets in rural areas, it said. Attacks against journalists by
supporters of ruling BJP increased in the run-up to general elections in the
spring of 2019, the analysis alleged. Paris-based Reporters Sans Frontieres
(RSF), or Reporters Without Borders, is a non-profit organisation that works to
document and combat attacks on journalists around the world. In its 2019 index,
RSF finds that hatred of journalists has degenerated into violence,
contributing to an increase in fear around the world. In reference to India, it
found an alarming rate of coordinated hate campaigns waged on social networks
against journalists who dare to speak or write about subjects that annoy Hindutva.
Foreign reporters are barred from Kashmir and the Internet is often
disconnected there, it added. South Asia in general features poorly on the
index, with Pakistan dropping three places to 142, and Bangladesh dropping four
places to 150. The number of countries regarded as safe, where journalists can
work in complete security, continues to decline, while authoritarian regimes
continue to tighten their grip on the media, RSF concludes. An increase in
cyber-harassment caused Sweden (third) to lose one place. In Africa, the
rankings of Ethiopia (up 40 at 110th) and Gambia (up 30 at 92nd) have
significantly improved from last year's Index. At the bottom of the Index, both
Vietnam (176th) and China (177th) have fallen one place and Turkmenistan (down
two at 180th) is now last, replacing North Korea (up one at 179th).
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CURRENCY NOTES GROWTH HITS DIGITAL TRANSACTIONS
Currency notes in
circulation are 15% less than the level at which they have been growing until
demonetization, a finance ministry official said. A threefold rise in the
digital transactions led to a substantial reduction in currency in circulation,
the official said. The notes in circulation as on November 4, 2016, were at Rs
17.74 lakh crore, which increased to Rs 21.22 lakh crore as on March 22, 2019.
The notes in circulation had grown at an average growth rate of 14.51% year on
year during October 2014 to October 2016. At this rate, the notes in circulation
would have reached at the level of 24.55 lakh crore by March end, a ministry
source said, adding that the notes circulation at present are 15% less than
this level. The amount of cash in the economy has increased by Rs 3.33 lakh
crore more than the currency in circulation. The total volume digital
transactions increased from pre-demonetization level of 71.1 crore transactions
in October 2016 to 210 crore transactions in October 2018. In the same period,
the value of digital transactions increased from Rs 8.76 lakh crore in October
2016 to Rs 13.59 lakh crore in October 2018. In terms of GDP, notes in
circulation declined from 11.55% as on November 8, 2016 to 10.48% on November
8, 2018. The currency in circulation as on April 8 was Rs 21.34 lakh crore.
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BULLET TRAIN PROJECT: 95% CONSTRUCTION COMPLETE, 2 BUILDERS
MOVE BOMBAY HC SEEKING CHANGE IN ALIGNMENT
Two builders have moved
the Bombay High Court against the alignment of the Rs 1.08-crore
Mumbai-Ahmedabad bullet train project as it will require portions of their land
and thus affect an under-construction 13-storey residential tower project at
Vasai. The petitioners informed the court that 95 per cent of construction is
completed and around 50 flats have been sold. Kalash Devcon LLP and Chetna Land
Developer, are independent partnership firms in the residential project and are
seeking to change the alignment of the high-profile bullet train project. The
petitioners are seeking directions to the Collector and the National High-Speed
Rail Corporation Limited (NHSRCL) not to take up further steps for implementing
the bullet train project unless they follow the Provisions of Right to Fair
Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement
Act, 2013. The petition said if they did not give possession to these flat
buyers, the petitioners will be hauled up for violating the provisions of the
Maharashtra Ownership of Flats Act and the Real Estate Regulatory Authority
Act. That most of the buyers belong to middle-class families. They have
obtained personal loans from banks/financial institutions/companies and are
paying interest on the loans. Therefore, not only the petitioners, but even the
buyers will be adversely affected, the petition adds.
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CERC ASKS POWER GENERATING COS TO PAY FINES FOR UNUSED
TRANSMISSION LINES
The power generating
projects which are stranded will now have to bear the cost of abandoning
transmission lines In its latest order, the Central Electricity Regulatory
Commission (CERC) has directed power generating companies (gencos) to pay
transmission and relinquishment charges for stranded transmission capacity
resulting on account of the abandoned projects. This development comes at a
time when the thermal power sector is saddled with 40,000 MW of stressed
assets. Of this, close to 11,000 MW of capacity is without a power purchase
agreement (PPA) with any state. This makes gencos the first contender to pay
relinquishment charges for abandoned lines, as they are not using it to supply
power round the clock. Most of the stressed units have also shifted their
transmission plan as they have changed their consumer, or decided to sell power
in open market. CERC (Grant of Connectivity, Long-term Access and Medium-term
Open Access in inter-State Transmission and related matters) Regulations, 2009,
specify the charges for relinquishing a line. The regulations mandate that any
genco which applies for long-term access (LTA) to a transmission line for 12
years would be liable to pay compensation in case it abandons it. The Central
Transmission Utility (CTU) charges approximately Rs 40 lakh per Mw as
relinquishment charges from any generating company that surrenders a
transmission network due to either lack of power demand, or change of power
supply plan. These charges are levied for a period of 12 years. State-owned
Power Grid Corporation of India owns and manages the national grid as the CTU. CERC
has directed the CTU to create a separate account for relinquishment charges
and said that it should be used to discount transmission charges for the
existing long-term & medium-term consumers on that same transmission line. A
senior official at the CTU said that generation had become so dynamic that the
transmission plan kept changing, hence the generation company was liable for
any change in the transmission plan. He further said that real-time open market
in the power sector was increasingly becoming popular where long term
agreements were no longer preferred. This disturbed the transmission planning
that was done keeping long-term supply in mind from a particular plant.
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305 EVMS, 525 VVPATS CHANGED IN TN AFTER MOCK POLLS AHEAD OF
VOTING
The Election Commission
has brought 305 new Electronic Voting Machines and 525 VVPAT units to polling
stations where faulty functioning of equipment was recorded during tests dubbed
mock polls at 6 a.m. on polling day on Thursday at over 66,167 polling
stations, said state Chief Electoral Officer Sathyabrata Sahoo. Tamil Nadu
recorded 30.62 per cent voting by 11 a.m, with Arani recording 36.51 per cent
and Central Chennai constituency where former Union Minister Dayanidhi Maran is
taking on PMK candidate Sam Paul, had only 22.89 per cent voting. Sahoo said
bypoll constituencies in the state-- polls for 18 seats for the Assembly are
being held along with 38 Parliamentary polls for the Lok Sabha-- have recorded
28-30 per cent voting as at 11 a.m. Sahoo briefed the press around noon on
voting percentages and reports of voters being turned away for not having
voting slips issued by the Election Commission. We have issued voting slips as
many as possible in the state. There is no need for a voter to have a voting
slip. On delays due to faulty EVMs, we have changed the machines as much after
the mock polls. Still, should EVMs need to be changed, we have our engineers to
change the machines within half hour. Sahoo said: We have informed the District
Electoral Officers, who have told the ROs to enable voting even if voters do
not have the slips.
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REGULATOR DIRECTS DRUG MANUFACTURERS TO INCORPORATE NEW
RECORDED ADVERSE EFFECTS IN LEAFLETS
The Drug Controller
General of India (DCGI) has written to all state drug regulators to direct
manufacturers of certain antibiotics and anti-psychiatric drugs to include
their new recorded adverse effects in the leaflets inside the package to
promote patients' safety. The aim is to make the patients and doctors aware of
the new adverse reactions of certain drugs which are prescribed frequently for
certain conditions and also to stop indiscriminate use of such medicines, a
senior health ministry official said. The move comes following a report of by
the Indian Pharmacopoeia Commission (IPC) which collected and analysed reports
of adverse events associated with the use of certain drugs and then based on
scientific findings sent recommendation to the Central Drugs Standard Control
Organization for regulatory intervention. The recommendations were then
deliberated in the subject expert committee's meeting at CDSCO headquarters
which reached a decision that safety warnings mentioning the new side effects
of certain drugs should be included in the packages. According to the letters
sent by DCGI, commonly used antibiotic like Cefotaxime, was found to be causing
angioedema -- rapid edema, or swelling, of the area beneath the skin or mucosa
-- while use of Cefixime leads to rapid development of sterile pustular
lesions, fever and leucocytosis. Ofloxacin, another antibiotic which useful for
the treatment of a number of bacterial infections, was found be developing
Stevens-Johnson Syndrome, a rare and life-threatening skin reaction. Quetiapine,
an antipsychotic drug used for the treatment of schizophrenia, bipolar
disorder, and major depressive disorder was stated to cause urinary
incontinence while Sodium valproate primarily used to treat epilepsy, bipolar
disorder and to prevent migraine headaches was found to be causing gum
hyperplasia -- swelling and bleeding in the gums. The drug packages already
have leaflets mentioning their side effect. But in the letter, the DCGI has
asked the drug regulators in the states and Union Territories to direct the manufacturers
of these drug formulations under their jurisdiction to incorporate the new
recorded adverse drug reactions in the leaflets inside the package, the
officials said.
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WON’T SHARE DATA OF USERS WITH GOVERNMENTS WITHOUT NOD, SAYS
GOOGLE CLOUD CEO
Google is stepping up its user
data protection policies as the Internet giant promises to maintain a strong
ground for privacy. The company’s decision to not divulge such information to
even governments comes at a time when India and other nations are seeking to
impose local rights over crucial user data. Thomas Kurian, the CEO of Google
Cloud, said in an interview at the Google Cloud Next ’19 conference in San
Francisco that the company would never access the data of users on the platform
or allow governments anywhere to have access to it. We never will, even if we
get a request from a government for us to hand the customer data to the
government we will not do that. We will ask the company that owns the data for
permission and tell the government to talk to the company, said Kurian. These
rules apply also for the artificial intelligence models built using Google
Cloud, he added. Google Cloud is expanding its business and adding people in
India and other Asian countries. India’s proposed data privacy law suggests
storing crucial user data locally and giving certain government law enforcement
bodies access to the information when necessary. The country’s Information
Technology Intermediary Guidelines (Amendment) Rules, 2018 also prescribe
appointment of a nodal person of contact to coordinate with law enforcement
agencies and officers to ensure compliance for companies and platforms with
more than 50 lakh users. The company is building multiple AI-based solutions
and something like a Contact Center AI, with virtual chat agents answering
queries by accessing user data. Google — which recently introduced Anthos, a
multi-cloud platform to offer flexibility for switching business operations and
apps across local data centres and hybrid and multi-cloud storage
infrastructures — said the data would be owned only by the users of the
platform. Our model is that Google will not access the data until the customer
explicitly requests us. The same principle that we apply to data, we also apply
to AI models. If you build an AI model in our cloud, you’re in the model. We
don’t even look at the model. It’s your private software, you do whatever you
want, said Kurian.
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PM MODI’S POLL SPEECHES ON PULWAMA, BALAKOT, SABARIMALA UNDER STUDY:
EC
The Election Commission on
Thursday said it is examining transcripts of Prime Minister Narendra Modi’s
remarks in Latur asking first-time voters to dedicate their first vote to
Pulwama martyrs and those who carried out the Balakot strikes, as well as a
separate comment on the Sabarimala row. EC officials, when asked to explain the
delay in the decision on PM’s remarks, said that the district election officer
in Latur had earlier sent only a part of Modi’s speech which was not enough for
the commission to take a view. The officer has now sent the entire transcript
of the PM’s speech on EC’s request, which will be examined and a view taken
soon. An EC officer confirmed that the transcript of PM’s Sabarimala remarks
had also been received and would be considered by the Commission soon. The EC,
in response to another question, said Congress president Rahul Gandhi’s tweet
seeking votes for Congress’s NYAY proposal did not violate the law as no
candidate or constituency going to polls on Thursday was named. However,
finding that minorities minister Mukhtar Abbas Naqvi had violated the model
code of conduct with his Modiji ki Sena comment at a public meeting in Rampur
on April 3, the EC warned him to desist from making references to defence
forces for political propaganda. It said that the commission was going through
the response filed by Samajwadi Party leader Azam Khan, who was served a show
cause notice for his controversial remark violating the MCC during his
campaign.
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EC SEEKS REPORT FROM WB POLL OFFICER ON ALLEGED BIOPIC OF
MAMATA BANERJEE
The Election Commission
has sought a report from the West Bengal chief electoral officer on an alleged
biopic on Chief Minister Mamata Banerjee. The biopic titled ''Baghini'' is
slated to release on May 3. The BJP had approached the poll panel seeking a ban
on the release of the movie till the election process is over. The BJP has also
asked the poll body to review the alleged biopic on the Trinamool Congress
supremo.
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ARCELORMITTAL GETS EC NOD TO SELL EUROPEAN STEEL ASSETS TO
LIBERTY HOUSE
Global steel giant
ArcelorMittal Wednesday said it has received approval from the European Commission
to sell steel-making assets in Europe to Liberty House. ArcelorMittal announces
that it has received European Commission (EC) approval for the sale of several
steel-making assets to Liberty House Group, NRI billionaire L N Mittal-led
ArcelorMittal said in statement Wednesday. It further said, The transaction
closing is anticipated to occur before the end of the first half of this year.
ArcelorMittal is the world's leading steel and mining company, with a presence
in 60 countries and an industrial footprint in 17 countries. The company has
also bid to acquire debt-laden Essar Steel through an insolvency auction.
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NO RAIDS BUT VERIFICATION EXERCISE: EC ON I-T ACTION AGAINST
KANIMOZHI
No raids but a
verification exercise was carried out by a joint team of Income Tax and police
officials at the premises of DMK leader Kanimozhi in Tuticorin on April 16, the
Election Commission said Thursday. The poll panel has sought a report of the
incident by tonight from the special expenditure observer deployed by it in
Tamil Nadu, officials said. The action was taken under Section 131 of the
Income Tax Act (power regarding discovery and production of evidence). It was a
verification exercise and not searches, the EC's Director General
(Expenditure), Dilip Sharma, told. The commission has sought a report from the
special expenditure observer, Madhu Mahajan, and it is expected to be sent by
tonight, he said. The I-T sleuths, accompanied by local police and election
surveillance teams, conducted an inquiry after they were informed by the
Tuticorin collector that there were reports of some cash being stocked at the
location of Kanimozhi, officials had said. Nothing objectionable was found and
the teams returned after conducting the inquiry that was allowed by Kanimozhi
after the officials showed their official IDs, a senior I-T officer said.
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IF CONGRESS VOTED TO POWER, INDEBTED FARMERS WILL NOT BE SENT
TO JAILS: RAHUL GANDHI
Rahul Gandhi Thursday said
if his party is voted to power, indebted farmers will not be sent to jails He
said, Businessmen who took loans amounting to thousands of crores were allowed
to flee the country instead of sending them to jail. While the farmers who took
loans of Rs 20,000 and were unable to pay, were sent to jail. Now, this will
not happen, until and unless the big defaulters are sent to jail, not a single
farmer will be sent to jail. As soon as our government is formed, the farmers
will not be sent to jail for non-payment of loans, Gandhi asserted. He said the
Congress after forming government in Madhya Pradesh and Rajasthan fulfilled its
promise of farm loan waivers. We will not allow two 'Hindustans' to come up in
the country, he said. Attacking the SP and BSP, the Congress leader said, Did
the SP and BSP ever say 'chowkidar chor hai' (watchman is thief)? No, because
their keys are with Modi. Gandhi also hit out at the Modi-led central
government for its poor showing in generating employment in the country. He
claimed that unemployment ratio, under the Modi dispensation, was the highest
in the last 45 years. By demonetisation, Modi took away people's money. Now,
Congress will snatch the same money and deposit it in the accounts of poor
people, he said.
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I STILL CONSIDER MYSELF A CHALLENGER: PRIME MINISTER NARENDRA
MODI
Narendra Modi exuded
confidence about a massive mandate when he amid the ongoing Lok Sabha polls,
saying he still sees himself as a challenger like in 2014, rather than an
incumbent, as he remains committed to combatting corruption, dynasty and
terrorism. PM said, A ‘chalta hai’ attitude held our nation’s progress hostage
for a long time. I am challenging it. Forces of negativity try to obstruct an
aspirational India. I am challenging them. He made light of the SP-BSP alliance
in UP, widely seen as the biggest impediment to BJP’s return to office, saying
it was an unconvincing combination. Instead of vision they are busy with
division. SP has repeatedly accused BSP of loot and corruption. BSP has
repeatedly accused SP of goondaism and bad governance. When there’s so much
history between them, how can there be any chemistry? Asked about the elections
turning into a referendum on him, Modi suggested that it had to do with the
opposition’s obsession with him. Simultaneously, however, he also said BJP’s
projection of his leadership reflected its confidence in the government’s
achievements. It is to BJP’s credit that it has gone to people in the name of
Modi government’s track record, and unlike the previous government, the party
is not afraid to ask for votes in the name of its leader. The PM said, 2014 was
an election which the Bharatiya Janata Party fought, along with its allies in
the NDA. 2019 is an election which is being fought by the Bharatiya Janta
(Indian people). He denied BJP has focused on ‘hyper-nationalism’ after the
Balakot air strike to divert attention from ‘real issues’. You can check any
speech of mine. A large portion is dedicated to issues of development. However,
it never makes headlines. Talking about real issues, can we consider decades of
terrorism and death of our soldiers as not being a ‘real issue’? Deshbhakti is
not a disease. Just as hyper-secularism was invented to strike at the root of
India’s culture and ethos, similarly the terminology of hyper-nationalism has
been invented to portray deshbhakti in poor light. Asked what he would do
differently if re-elected, the PM said, It would be good if I speak on this
after May 23. Taking a swipe at the knee-jerk promises made by the Congress, he
said, My agenda is not built on wishful thinking to get votes It will take
shape on the foundation of a solid economy, entrepreneurial workforce, secured
and healthy citizenry, and futuristic infrastructural development. Modi said he
would be relentless in his anti-corruption drive, adding, The looters have been
brought to the gates of prison. The next five years will ensure they go to
jail. Asked about cow vigilantism, ‘awards wapsi’ and charges of ‘intolerance’,
the PM said, My consistent stand has been that nobody should take the law in
their own hands. Anybody who indulges in violence will be duly punished. As for
democratic values, we belong to that ideology that firmly resisted the
Emergency and protected democracy. It is our firm belief that dissent,
discussion and debate are an integral part of democracy. As far as the
phenomenon of award wapsi and letters of appeal are concerned, there are
various organisations driving these campaigns. Many have their operations here
but funding sources abroad. They and the Congress are working in tandem, trying
to misguide people to spread falsehoods against us and our government.
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SARDAR PATEL STATUE NOT BUILT TO SPITE NEHRU: NARENDRA MODI
Narendra Modi Thursday
said Sardar Vallabhbhai Patel's imposing statue in Gujarat has not been built
to belittle former prime minister Jawaharlal Nehru. Modi said though the
Congress says Patel was their leader, no leader of that party has visited the
statue so far. Don't you feel proud when the Statue of Unity and Gujarat's name
appear when you search for the world's tallest statue on Google? I have not built
Sardar Patel's statue to belittle Pandit Nehru. Patel's stature is so tall that
you don't have to try too hard to make others look small, Modi said. The
'Statue of Unity', dedicated to Sardar Patel, was unveiled by Modi on October
31 last year at Sadhu Bet island on Narmada river. The 182-metre tall statue
was built at a cost of Rs 2,389 crore. Modi also said his government has
managed to contain terrorism to only two and a half districts in Jammu and
Kashmir and that no bomb blast took place elsewhere in the country in the last
five years. He blamed policies of the Congress-led governments for the Kashmir
issue remaining unresolved. In the past, bomb blasts used to happen at regular
intervals, be it Pune, Ahmedabad, Hyderabad, Kashi and Jammu. But, have you
heard (of) a single blast in the last five years? Don't you think it's a
service to the nation? Are you not feeling secure now? he asked the gathering.
Terrorism has been contained to only two and a half districts of Jammu and
Kashmir. There is absolutely no problem in other parts of that state also.
There was about 75 per cent voter turnout during the recent panchayat polls in
Kashmir and not a single incident of violence was reported, he said. Targeting
the Congress, he sought to know what it did after the 2008 Mumbai terror attack
when it was in power. Weren't you all angry at that time? But, do you think the
Congress has improved now? Can we trust the Congress? And what Modi did after
the Uri attack? You must be aware how we taught a lesson to Pakistan through
the surgical strike, he said.
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ELECTION COMMISSION LETS OFF UNION MINISTER MUKHTAR ABBAS
NAQVI WITH WARNING FOR ‘MODIJI KI SENA’ REMARK
The Election Commission
Thursday let off Minority Affairs Minister and BJP leader Mukhtar Abbas Naqvi
with a light rap for his ‘Modiji ki sena’ remark and warned him against using
the armed forces for political propaganda. It also asked him to be careful in
the future with his utterances. State election authorities had issued him a
show cause notice. In his response, the minister had agreed that he had used
the phrase. The Commission hereby warns Mukhtar Abbas Naqvi to desist from
using the references to defence forces for political propaganda and to be
careful in future, the order read.
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ELECTION COMMISSION BANS CONGRESS' 'CHOWKIDAAR CHOR HAI'
ADVERTISEMENT
The Election Commission in
Madhya Pradesh has banned the 'Chowkidar Chor Hai' advertisement of the
Congress party and ordered an end to its broadcast. The Joint Chief Election
Officer on Wednesday issued a notice to all the state district officers saying
that the media certification and inspection committee has cancelled the ad
certification and it should be discontinued. The Bharatiya Janata Party had
earlier complained to the Chief Election Officer saying that the ad was
offensive and defamatory in nature.
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NAMO TV WILL HAVE TO FOLLOW SILENCE PERIOD AS PER ELECTION
LAW: EC
NaMo TV, sponsored by the
BJP, cannot display 'election matter' during the silence period prescribed in
the electoral law in a particular phase of the poll, the Election Commission
has concluded. The EC has now asked the chief electoral officer of Delhi to ensure
that its directions are followed in each of the remaining six phases of the
ongoing Lok Sabha elections. The directions were issued to the Delhi CEO as he
is the nodal officer to pre-certify political content in TV channels and
similar platforms which are beamed nationally. He has also been provided with a
committee specifically for the purpose, a source aware of the development said.
Section 126 of the Representation of the People Act prohibits display of any
election matter by means of cinematograph, television or other similar
apparatus, 48 hours before the hour fixed for conclusion of poll in a
particular constituency. Section 126 is not applicable on the print media.
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MUMBAI: 16,000 LITRES OF ILLEGAL LIQUOR SEIZED IN LAST ONE
MONTH
Amid in the Model Code of
Conduct (MCC) set for the Lok Sabha election, the state department of revenue
has seized 16,000 litres of illegal liquor from the city. The cost of the
liquor is around Rs 18 lakh. There are 142 cases registered from March 11 to
April 15 and 128 persons have been arrested in the same. There were 93 cases
registered from March 11 to March 31. In this period 9,924 litres of illegal
liquor stock was seized which was worth Rs 9.50 lakhs and 84 persons were
arrested in these cases. From April 1 to April 15, the department acted against
44 persons while seizing 6,140 litres of illegal liquor of the cost of Rs 8.53
lakh. It includes 617 of country liquor, 13,200 litres of wash chemical which
is used to make liquor, 524 litres of locally made country liquor, 218 litres
of liquor, 252 litres of beer, 1194 litre of tari. Even five vehicles of the
cost of Rs. 2 lakh 55 thousand seized during the action.
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GOVERNANCE MATTERS FOREMOST, NOT DEFICITS
The Congress party has promised
₹72,000 per year to the bottom 20 per cent of the country’s
households. This was preceded by the interim Budget’s proposal, under the PM
Kisan programme, of paying ₹6,000 per year to every farming family with a holding of less
than two hectares. The mainstream economics view is that such promised
expenditure, if actually incurred, will be seriously inflationary But
fascinatingly, economic thinking itself is changing, both in the Indian context
and globally. In India the realisation is dawning that exemplary macroeconomic
management can give you world-beating 7 per cent plus growth along with price
stability, but still end up being critically lacking. Widespread rural distress
and high unemployment are raising serious questions about the usefulness of
such growth. Neighbouring Bangladesh lags behind India in terms of per capita
incomes but scores better in terms of most human development indicators,
indicating a high level of well being. Hence, the thinking is dawning that it
may be better to pursue foremost better outcomes for indicators like life
expectancy, infant mortality, malnutrition, women’s education and the disease
burden and let growth take care of itself. As if by a stroke of good luck, there
is also a stir in global economic thinking which seeks to address similar
issues. The critical point is, it makes sense to spend when the return on
government investment in areas mentioned above exceeds the rate at which the
government borrows. Schiller agrees with what is implied in Ocasio’s position:
Inflation needs to be monitored and government shouldn’t borrow and spend
excessively. What is critical is that the government spending enhances the
productive capacity of the economy. More buying power in the hands of the poor
can boost demand for food and food prices, benefiting farmers. Higher public
spending on health should reduce the disease burden and spending more on
education should pave the way to greater skill formation. What is important is that
government hospitals and schools are properly run, as in Kerala and not in
Jharkhand. It is more important to worry about governance than government
deficit per se.
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JOINT TEAM OF DELHI POLICE AND IB INTERROGATES MAN WHO FLUNG
SHOES AT BJP LEADERS
A joint team of Delhi
Police and the Intelligence Bureau is interrogating the man who hurled shoes at
BJP leaders addressing a press conference at the party's headquarters Thursday,
police said. The man identified himself as Shakti Bhargava, a doctor by
profession and a resident of Kanpur, they said. His identity is being verified
and a medical examination has been carried out, police said. A joint team of
Intelligence Bureau and Delhi Police's Special Cell and Security Wing is
questioning him to ascertain how he gained entry, the purpose of his visit and
why he threw shoes at the BJP leaders, a senior police officer said. No
complaint has been received from BJP as of now, police said, adding, no case
has been registered yet Police are also scanning CCTV footage to ascertain the
sequence of events.
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SUSHIL MODI FILES DEFAMATION CASE AGAINST RAHUL
Sushil Kumar Modi on
Thursday filed a defamation case against Congress President Rahul Gandhi for
his reported statement that all thieves have Modi in their surnames. The senior
Bharatiya Janata Party (BJP) leader told the media here that his lawyer filed
the case in the Chief Judicial Magistrate's (CJM) court in Patna under Section
500 of the IPC. He added that the court was likely to hear the case on April
22.
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LALU YADAV OFFERED TO TOPPLE NITISH GOVT IF FODDER CASE
WITHDRAWN: SUSHIL KUMAR MODI
Sushil Kumar Modi on
Wednesday claimed that RJD president Lalu Prasad Yadav had approached the
saffron party with an offer of toppling Nitish Kumar-led Grand Alliance
government in the state as quid pro quo for Centre's help with the fodder scam
cases against him. The RJD has trashed his charges as false and demanded Sushil
Modi to furnish proof of whatever he was claiming. According to Sushil Modi,
Lalu's emissary Prem Chand Gupta, a former Union Minister, had approached
Finance Minister Arun Jaitley 3-4 times with the offer of bringing down the
Mahagthbandhan government in Bihar if the fodder scam cases against him were
watered down. He was turned down by the minister, who said the government did
not interfere in the working of the security agencies. Modi said Lalu always
attacked the BJP and RSS, but when it came to serve his own benefit, he did not
hesitate in seeking help from them. Replying to a query on whether Nitish was
aware of Lalu's feelers to the BJP, Modi said, some JD-U leaders were aware of
it. Lalu's younger son and Leader of Opposition Tejashwi Yadav denied all
allegations and said, Claiming my father had anything to do with RSS shows
Sushil Modi's mental bankruptcy.
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MCC VIOLATION: CPI REFUSES TO WITHDRAW PART OF ITS DOORDARSHAN
SPEECH
The CPI has refused to
withdraw parts of a speech of the party for election campaign which Doordarshan
claimed was violative of the Model Code of Conduct, its MP Binoy Viswam said. The
Prasar Bharati, in a statement, said the vetting team of Doordarshan observed a
paragraph of speech of the CPI that was to be broadcast on the channel. Viswam
said that the party would not withdraw it as there is nothing wrong in using
the word RSS in the speech.
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THIS POLL IS BATTLE BETWEEN RAM & RAVAN, GODSE &
GANDHI: NAVJOT SINGH SIDHU
Navjot Singh Sidhu said on
Wednesday that this Lok Sabha election was a battle between Lord Krishna and
Kans, Ram and Ravan, and Godse and Gandhi. China is building a railway line
beneath the sea. US is finding life on Mars. Russia is trying to build an army
of robots. And what is India doing? We are making a chowkidar, Sidhu, said. Sidhu
accused Modi of not doing anything for the common people and working only for
select industrialists. What did you do for the youth and farmers? What happened
to your promise of doubling farmers' income. In fact, you could not even give
them water to drink. On the other hand, you gave lakhs and crores of rupees to
Adanis and Ambanis, Sidhu charged. He also accused the PM of making tall
promises, while have proven to be hollow, and said that in comparison, Congress
president Rahul Gandhi had delivered upon his promise of waiving farmers' loan
within hours of forming governments in MP, Chhattisgarh, and Rajasthan. Punjab
minister said, You always talk about nationalism. Then listen Mr Modi. This is
a battle between Lord Krishna and Kans. This is a battle between Ram and Ravan.
And, this is a battle between Godse and Gandhi. Sidhu also said that instead of
talking about mandir and masjid, the country should talk about unemployment,
hunger, farmers and poor people. But do you discuss these issues? You are just
diverting people's attention from these key issues. I challenge you to have a
debate with me on these issues, he added.
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MAYAWATI TERMS EC ANTI-DALIT; SAYS NAYA JUMLA OF CONGRESS
Mayawati Thursday alleged
that the Election Commission has an anti-dalit mindset and that was why it had
stopped her from campaigning in Agra, considered the 'Dalit capital' of
northern India. She also claimed that BJP leaders are taking the Army's name in
their poll speeches violating the model code of conduct, but the EC is keeping
mum. Mayawati, a dalit leader, also described the proposed 'NAYA' scheme as the
'jumla' of the Congress. The BSP has not come out with any manifesto as it does
not believe in making making mere announcements, she said adding that it wants
to carry out development works.
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MAYAWATI ACCUSES ADITYANATH OF VIOLATING EC BAN ON CAMPAIGNING
Mayawati Thursday accused
UP Chief Minister Yogi Adityanath of blatantly violating the 72-hr EC ban on
canvassing and the poll body with turning a blind eye to the violations. Hitting
out at Adityanath, Mayawati charged that the UP chief minister was deriving
political mileage by visiting temples and having food outside the house of a
Dalit. In a tweet, Mayawati said, By blatantly violating the ban imposed by the
Election Commission, UP Chief Minister Yogi (Adityanath) is visiting temples in
various cities and doing a drama of having food outside the house of a Dalit.
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GIVE US 5 BOEING 777 OF JET AIRWAYS ON LEASE, AIR INDIA TELLS
SBI
In a dramatic move, Air
India (AI) has asked State Bank of India to lease to it Jet Airways' five
Boeing 777s. The Maharaja wants to start five additional flights with these
planes -- Delhi to London, Dubai and Singapore and Mumbai to London and Dubai.
Ashwani Lohani has also asked AI Express to consider inducting the grounded
Boeing 737s that once used to fly for the now shutdown carrier. SpiceJet has
already taken a large number of those B737s to tide over the shortage caused by
grounding of its 12 B737 Max along with uncertainty over future delivery dates
of the remaining Max on order. Due to the temporary shutdown of Jet, there is a
sudden spike in ticket sales on other airlines that has led to a huge fare hike
for coming summer season. People who had booked Jet tickets for advance travel
in past few months, a sizeable number, are also now forced to buy fresh tickets
on other airlines. Travel demand for UK this summer is specially high due to
upcoming cricket world cup being hosted there. Ashwani Lohani spoke to Rajneesh
Kumar on Wednesday and then wrote to him, saying : We, at Air India, are indeed
saddened by the turn of affairs at Jet Airways as the National Carrier, we
would be happy to alleviate inconvenience (to passengers).
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SPICEJET TO INDUCT SIX MORE BOEING 737S, LAUNCH 24 NEW FLIGHTS
Budget carrier SpiceJet
Thursday said it will dry lease six more Boeing 737 planes and roll out of 24
daily new flights connecting Mumbai and Delhi as it seeks to encash void left
by the temporary grounding of Jet Airways. The move comes close on the heels of
the airline announcing expansion the fleet by 21 more planes-16 B737s and five
turboprop Boombardier Q400s, besides connecting the country's financial hub
with a host of international destinations. Mumbai was one of the two main bases
of Jet Airways, before it temporarily halted operations on Wednesday. Subject
to regulatory approvals the aircraft would begin joining SpiceJets fleet in the
next ten days, it added. We will induct as many as 27 planes in a record time
of less than two weeks and are hopeful that these inductions will help
considerably ease the pressure situation, Ajay Singh said in the release. The
airline is taking taking all possible proactive measures to deal with the
sudden reduction of aviation capacity in the Indian market, he said.
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BOEING CONDUCTS FINAL TEST FLIGHT OF 737 MAX AFTER UPDATING
ANTI-STALL SYSTEM SOFTWARE
Boeing has conducted a
final test flight of a 737 MAX model with an updated anti-stall system prior to
its certification by aviation authorities, the aerospace manufacturer has said.
Dennis Muilenberg Wednesday tweeted a video where he said the test flight was
carried out on Tuesday, adding that test pilots have completed 120 flights
totalling more than 203 hours of airtime with the software fix for the
Maneuvering Characteristics Augmentation System (MCAS). Investigators have
zeroed in on the system as a factor behind the Lion Air and Ethiopian Airlines
crashes in October and in March respectively, killing nearly 350 people in
total.
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J&J TRIES TO USE SUPPLIER BANKRUPTCY TO FIGHT 2,400 BABY-POWDER
LAWSUITS
Johnson & Johnson
wants a federal judge to take over more than 2,000 baby-powder lawsuits it
faces instead of allowing the cases to be heard by state-court juries, where
the company has a mixed record. The world’s largest maker of health-care
products seeks to invoke legal protections available to J&J’s bankrupt talc
supplier Imerys Talc America Inc. to collect suits accusing its baby powder of
causing asbestos-related cancers before a single judge in Delaware. Imerys
sought Chapter 11 protection in bankruptcy court there in February after being
swamped by talc suits. Because it hasn’t filed for bankruptcy protection,
J&J would normally not be entitled to demand state-court litigation be
halted or transferred to a federal court. But a special bankruptcy law
provision allows Imerys creditors with significant financial ties to the talc
miner to make the request to promote expeditious resolution of claims,
according to Thursday’s filing. Because the claims raise common questions of
fact, law, and science, the current nationwide round of pre-trial information
exchanges is duplicative, unpredictable, and wasteful, J&J said in court
papers.
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NASA ASTRONAUT CHRISTINA KOCH TO SET RECORD FOR LONGEST SINGLE
SPACEFLIGHT BY A WOMAN
NASA astronaut Christina
Koch is going to have her mission on the International Space Station (ISS)
extended to 328 days, which would set a record for the longest single
spaceflight by a woman, the US space agency said. NASA and its ISS partners
have set a new schedule and new crew assignments that will include the first
flight of NASA astronaut Jessica Meir and an extended stay for NASA astronaut
Andrew Morgan. Koch, who arrived at the space station on March 14, and now is
scheduled to remain in orbit until February 2020, will eclipse the record of
288 days set by former NASA astronaut Peggy Whitson in 2016-17. She will be
part of three expeditions -- 59, 60 and 61 -- during her current first
spaceflight, NASA said in a statement. Christina's extended mission will
provide additional data for NASA's Human Research Program and continue to
support future missions to the Moon and Mars, said Jennifer Fogarty, chief
scientist of the Human Research Program at NASA's Johnson Space Center in
Houston, US. Her mission is planned to be just shy of the longest single
spaceflight by a NASA astronaut -- 340 days, set by former NASA astronaut Scott
Kelly during his one-year mission in 2015-16.
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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