Thursday, August 31, 2023

Taiwan, Malaysia, Philippines Join India In Rejection Of China's "New Map"

Governments of the Philippines, Malaysia, Vietnam, and Taiwan on Thursday joined India in rejecting China's new national map, issuing strongly worded statements accusing Beijing of claiming their territory.

China published a new version of its national map on Monday to correct what Beijing has in the past referred to as "problematic maps" that it claims misrepresent its territorial borders.

India on Tuesday lodged a strong protest with China over its so-called "standard map" laying claim over Arunachal Pradesh and the Aksai Chin, and asserted that such steps only complicate the resolution of the boundary question.

The External Affairs Ministry also rejected China's claims as having "no basis".

"Just making absurd claims does not make other people's territories yours," External Affairs Minister S Jaishankar said while reacting to the Chinese move.

The Philippine government on Thursday slammed China's 2023 edition of its so-called "standard map" that still shows swaths of Philippine features in the West Philippine Sea.

The Chinese Ministry of Natural Resources issued on August 28 a controversial map that includes the nine-dash line, now a 10-dash line, that supposedly shows China's boundaries in the South China Sea.

"This latest attempt to legitimise China's purported sovereignty and jurisdiction over Philippine features and maritime zones has no basis under international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS)," Foreign Affairs Spokesperson Ma. Teresita Daza said in a statement.

Daza said the 2016 Arbitral Award has already invalidated the nine-dashed line and called on China to abide by its obligations under UNCLOS.

"(The award) categorically stated that 'maritime areas of the South China Sea encompassed by the relevant part of the 'nine-dash line' are contrary to the Convention and without lawful effect to the extent that they exceed the geographic and substantive limits of China's maritime entitlements under the Convention," Daza was quoted as saying by the official Philippine News Agency.

"The Philippines, therefore, calls on China to act responsibly and abide by its obligations under UNCLOS and the final and binding 2016 Arbitral Award," she added.

Manila had already protested the publication of a Chinese national map in 2013, which also placed parts of the Kalayaan Island Group or Spratlys within Beijing's "national boundaries".

The Malaysian government said on Thursday that it will send a protest note to China over the latter's claims on the South China Sea as outlined in the 'China Standard Map Edition 2023', which also covers Malaysia's maritime areas.

Foreign Minister Dr Zambry Abdul Kadir said the move was a follow-up step taken by the government over the matter.

"This has been our practice (when dealing with issues like this)... and based on the statement issued by Wisma Putra yesterday, the next step includes sending a protest note," he was quoted as saying by the official Bernama news agency.

The Malaysian Foreign Ministry said on Wednesday that Malaysia does not recognise China's claims in the South China Sea, as outlined in the "China Standard Map Edition 2023," which also encompasses Malaysia's maritime areas.

The map holds no binding authority over Malaysia, it said in a statement.

The Vietnamese government also criticised China's latest provocation.

Vietnam strongly reiterates its consistent stance on the sovereignty over Hoang Sa (Paracel) and Truong Sa (Spratly), and resolutely rejects any maritime claims of China that are based on the "nine-dash line" in the East Sea, spokeswoman of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang said on Thursday.

Hang made the statement while answering reporters' questions regarding Vietnam's response to China's release of the so-called "standard map 2023" which covers Vietnam's Hoang Sa and Truong Sa, the official Vietnam News Agency reported.

The issuance of the map as well as China's "nine-dash line" claim show a violation of Vietnam's sovereignty over Hoang Sa and Truong Sa, as well as Vietnam's sovereignty, sovereign rights and jurisdiction over its waters as stipulated in the 1982 United Nations Convention on the Law of the Sea (1982 UNCLOS), she stressed.

Therefore, the sovereignty and maritime claims based on the "nine-dash line" as reflected in the map are void and violate international law, particularly the 1982 UNCLOS, the spokeswoman said.

Taiwan's Ministry of Foreign Affairs on Wednesday rebuked China's new "standard map" by saying Taiwan has never been ruled by the People's Republic of China (PRC).

Foreign ministry spokesperson Jeff Liu told Taiwan News that "Taiwan, the Republic of China, is a sovereign and independent country that is not subordinate to the People's Republic of China. The People's Republic of China has never ruled Taiwan. These are universally recognised facts and the status quo in the international community." Meanwhile, China's foreign ministry indicated it was not budging on the map issue.

"China's position on the South China Sea is consistent and clear. The competent authorities of China routinely publish standard maps of various types every year, which aims to make standard maps available to all sectors of society and raise public awareness of the standardised use of maps.

"We hope parties concerned can view it in an objective and rational light," Foreign Ministry Spokesperson Wang Wenbin said in response to a question on Thursday when sought his comment on the protests from countries like India, Malaysia as well as the Philippines against this new Chinese map. 



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Students Told To Give 'No Torn Jeans' Undertaking By Kolkata College

Kolkata-based AJC Bose College students described their principal's instruction to sign an affidavit with the declaration that they will not wear torn or artificially torn jeans to college as a diktat interfering with their freedom of expression.

Students said they were "upset" with the college authorities and that such a move was unwarranted.

"We are upset with the principal's order. This is a diktat and interferes with our freedom to dress," Ajay Sinhotra, a student of the college, said.

Another student Rimmi Jamal said, "People should be allowed to wear ripped jeans. I protest against such an order." Acharya Jagadish Chandra Bose College principal Purna Chandra Maity said students "must wear normal civil dresses" and he would allow any indecent outfit.

The affidavit that students were asked to sign said, "Having been admitted to Acharya Jagadish Chandra Bose College, I will never enter inside college premises wearing torn/artificially torn jeans or any kind of indecent dress. I do hereby affirm that I shall wear normal civil dresses during my study period inside the entire college premises." Incidentally, last year a similar advisory was issued for students and staff of the same college asking them not to wear torn or distressed jeans.

The principal said the move to sign the affidavit was "to enforce strict discipline in the institute".

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Wednesday, August 30, 2023

Mamata Banerjee's "Khela Hoga" Call Ahead Of INDIA Bloc's Mumbai Meet

West Bengal Chief Minister Mamata Banerjee said "Khela Hoga" meaning the "game is on" as the opposition parties huddle up in Mumbai ahead of the 2024 Lok Sabha elections. The Trinamool Congress (TMC) supremo is on a visit to Mumbai for the third meeting of the INDIA bloc.

Speaking to reporters after tying 'rakhi' to former Maharashtra Chief Minister Uddhav Thackeray at his residence on the occasion of Raksha Bandhan, Mamata Banerjee said, "Hoga hoga, khela hoga."

On the number of seats, the TMC seeks to win in the upcoming 2024 Lok Sabha elections, the TMC chief said, "Many". 

Earlier in the day, the West Bengal Chief Minister met Bollywood actors Amitabh Bachchan and Jaya Bachchan at their residence in Mumbai. 

"I am happy today. I met 'Bharat Ratan' of India Amitabh Bachchan (Mamata Banerjee called Amitabh Bachchan Bharat Ratan) and also tied him rakhi. I love this family. They are the number one family in India and they have a lot of contributions also...I also invited him to attend Durga Puja and International Film Festival," she said after the meeting.

The meeting will discuss the alliance strategies for the Lok Sabha election and the seat sharing in the states. A new logo of the INDIA alliance is also likely to be launched.

As the race for the 2024 Lok Sabha polls hots up, top Opposition leaders from at least 26 INDIA parties will meet in Mumbai for its third meeting and on the same day. INDIA or 'Indian National Developmental Inclusive Alliance' is a group of 26 opposition parties, including the Congress.

The parties have come together to take on the National Democratic Alliance (NDA), which is led by PM Modi's Bharatiya Janata Party (BJP), and prevent it from winning a third straight term at the Centre in the 2024 Lok Sabha elections. The first meeting of the joint opposition convened in Patna on June 23 and the second meeting was held in Bengaluru on July 17-18. The third meeting is slated to be in Mumbai on August 31-September 1.



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Win Against Nepal, But Eyes On India Clash - Babar Azam's Big Statement

Pakistan skipper Babar Azam on Wednesday said the massive 238-run win over Nepal in the Asia Cup opener will give his side confidence ahead of their blockbuster clash against arch-rivals India on Saturday. Pakistan crushed minnows Nepal by a huge margin of 238 runs here in a Group A match to make a winning start to the Asia Cup. Pakistan will now travel to Sri Lanka for the much-anticipated match against India to be played in Pallekele.

"This game was good preparation for the India game because it gave us confidence. We want to give 100 per cent every match, hope to do that there as well," Babar said after the end of the match. Babar smashed 151, his 19th ODI century while Iftikhar Ahmed (109 not out) hit his maiden ODI ton to power Pakistan to an imposing 342 for six after opting to bat.

Babar was involved in two crucial partnerships after a sedate start -- first stitching 86 runs with Mohammad Rizwan (44 off 50) and then sharing an whirlwind 214 runs for the fifth wicket with Iftikhar. In reply, Nepal were bowled out for just 104 in 23.4 overs with Shadab Khan taking four wickets and Shaheen Shah Afridi and Haris Rauf claiming two each.

"When I went in, I played a couple of balls. The ball wasn't coming on, pitch was two-paced. (Mohammad) Rizwan and I built the partnership and see what happened. Sometimes, Rizwan gave me confidence and vice-versa," he said.

"When Iftikhar came, the tempo changed. He played well too. After two-three fours, he was comfortable, he smacked it after 40 overs.

"I'm satisfied. A couple of overs we were not up to the mark. Pacers did well, spinners struck too," Babar added. 



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Tuesday, August 29, 2023

All About Geetika Srivastava, First Woman To Lead Indian Mission In Pak

The Indian High Commission in Islamabad will soon be headed by a woman diplomat, a first since Independence. Geetika Srivastava, a 2005 batch Indian Foreign Service (IFS) officer, will be India's new charge d'affaires in Islamabad. 

Ms Srivastava is likely to take up her assignment in Islamabad soon, news agency PTI reported quoting a person familiar with the matter. She will take over the office of charge d'affaires from Dr M Suresh Kumar.

5 points on Geetika Srivastava

– Ms Srivastava is presently serving as joint secretary at the Ministry of External Affairs (MEA) headquarters. 

– In charge of MEA's Indo-Pacific division, she takes care of India's multilateral diplomacy with ASEAN, IORA and others.

– Earlier, she served a two-year tenure at the Indian Embassy in China where she also learnt Mandarin.

– She has also served as Director in the IOR Division of the MEA as well as a Regional Passport Officer in Kolkata.

– Ms Srivastava is the latest addition to the “Female Diplomatic Club.” Her appointment comes soon after the United Kingdom (UK) posted its first woman envoy in Pakistan.

Both Indian and Pakistani High Commissions in Islamabad and New Delhi are headed by their charge d'affaires. This came after Pakistan downgraded diplomatic ties following India's decision in August 2019 to withdraw the special status of Jammu and Kashmir (J&K). Since then, there has been no full-time high commissioner in Islamabad and New Delhi. Only the middle-level diplomats have been posted as charge d'affaires.

Meanwhile, Pakistan has named Saad Warraich as the new charge d'affaires for India. Saad Warriach will replace Aizaz Khan, the current charge d'affaires at the Pakistan High Commission in New Delhi. It is also reported that the two countries have already exchanged diplomatic visas for the new positions by both parties.

In the last 76 years, India has always been represented by male diplomats in Pakistan. Since 1947, when New Delhi sent Sri Prakasa as the first Indian High Commissioner to Islamabad, there have been 22 heads of mission. Ajay Bisaria, the last Indian High Commissioner to Islamabad, was withdrawn following Pakistan's decision to downgrade the diplomatic ties with India. This came after the abrogation of Article 370 in 2019.



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iPhone 15 Series to Launch on September 12 at Apple 'Wonderlust' Event

iPhone 15 series has now got an official launch date as the California-based tech giant has announced its upcoming Apple 'Wonderlust' Event. The event is all set to be take place on September 12, and will be live streamed online. The company is expected to release a number of products at the fall launch event, including the iPhone 15 series, Apple Watch Series 9, Apple Watch Ultra 2, along with the announcement for iOS 17 and watchOS 10 launch date. However, the company has not revealed the products that will launch on the Apple Event. 

Apple has officially sent out invites for the fall launch event, named 'Wonderlust'. The event will take place at Apple Park on September 12, starting at 10 AM PT (10.30 PM IST). The launch will be live streamed online on apple.com and the Apple TV app. 

The upcoming launch event will witness the launch of the iPhone 15 series, which will include iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max. There have already been several rumours regarding the specifications, design as well as colour options for these variants. The most awaited update for the this iPhone series lineup would be the inclusion of USB Type-C charging port instead of Lightning port. 

The company is also expected to release two new smartphones at the event — the Apple Watch Series 9 and the Apple Watch Ultra 2. The successor to Apple Watch Series 8, the Watch Series 9 is expected to five colour options for the aluminium body, and three colourways for the stainless steel model. The smartwatch is expected to be similar to its predictor in terms of design. 

The second-generation Apple Watch Ultra model was previously reported to be manufactured using the 3D printing technology. The smartwatch is also said to bear a close resemblance to its predecessor. 

The company is yet to confirm the products that will be launched or unveiled at the upcoming events. However, Apple analyst Mark Gurman has confirmed about the launch of iPhone 15 series at the Wonderlust event. 


Apple unveiled its first mixed reality headset, the Apple Vision Pro, at its annual developer conference, along with new Mac models and upcoming software updates. We discuss all the most important announcements made by the company at WWDC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


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"I Felt Attacked": Mahira On Battling Depression After Backlash Over Raees

Pakistani actress Mahira Khan, in a recent interview, opened up about her mental health struggle and being diagnosed with manic depression. Talking to FWhy Podcast, the Raees actor said that her mental health aggravated after stepping into Bollywood with the Shah Rukh Khan-starrer Raees, and the 2017 incident, where pictures of her smoking with actor Ranbir Kapoor went viral. Mahira Khan made her Bollywood debut with Raees alongside Shah Rukh Khan in 2017, the same year the smoking pictures with Ranbir Kapoor went viral. Reflecting on the backlash she faced, Mahira said, "That (backlash) brought out the anxiety and depression hidden inside me. That was a hard time for me. I felt attacked. The constant backlash… You are getting mean tweets, and comments on their channels (Indian channels). That was a time my faith broke and I developed severe anxiety to the point that one day I had a panic attack and fainted. That was the first time I went to therapy. But that didn't work out, as I went to several therapists... that year was rough... I couldn't sleep, my hands used to shake."

Mahira also discussed about the 2016 Uri attack, after which Pakistani actors were banned from working in Bollywood.

Mahira said, "I had finished the film (Raees) and everything was going fine and then suddenly this attack (Uri attack) happens. Politically everything gets messed up. With India, it is always political. But the fact that it could get this messy! I was not scared, but I was threatened. Constant tweets I would get calls, and very scary ones. The only thing I wanted was that 'Okay fine I can't go to India to promote it (Raees), but I hope it releases in my country because I knew people would rush to watch it as he (Shah Rukh Khan) is loved here (in Pakistan)."

On the work front, Pakistani heartthrobs Fawad Khan, Mahira Khan, Sanam Saeed are set to headline Netflix's first Pakistan-themed original. The series is an official adaptation of Farhat Ishtiaq's bestselling 2013 Urdu-language novel of the same name. The story revolves around Sikandar, a Harvard law student, who keeps himself aloof after an incident takes a toll on his life. Sikandar meets Liza, an artist with a troubled past, in Italy.

On the work front, Mahira Khan has a lot on her plate including Madiha Imam.



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Monday, August 28, 2023

Scrapped Article 35A Took Away Fundamental Rights: Chief Justice Of India

The Supreme Court on Monday prima facie agreed with the Centre's submission on pleas challenging the abrogation of Article 370 that the Constitution of Jammu and Kashmir is "subordinate" to the Indian Constitution, which is on a higher pedestal.

A five-judge bench headed by Chief Justice DY Chandrachud, however, did not seem to be in agreement with the plea that the Constituent Assembly of the erstwhile state, which was disbanded in 1957, was in reality a legislative assembly.

Without naming the two mainstream political parties of the erstwhile state, the Centre said citizens have been misguided that the special provisions for Jammu and Kashmir were "not discrimination but a privilege".

"Even today two political parties are before this court defending Article 370 and 35A," the solicitor general told the top court on the 11th day of hearing the litany of pleas challenging the abrogation of the constitutional provision which bestowed special status to the erstwhile state of J-K.

Solicitor General Tushar Mehta, appearing for the Centre, said there is enough material to show that the Constitution of Jammu and Kashmir is subordinate to the Constitution of India and the constituent assembly of J-K was in reality a legislative assembly making laws.

"At one level, you may be right subject to rejoinder arguments from the other side (petitioners' side) that the Constitution of India is really a document which lies on a higher platform than that of the Constitution of J-K," the bench also comprising justices Sanjay Kishan Kaul, Sanjiv Khanna, BR Gavai and Surya Kant said.

It told Mehta that it would be difficult to accept the second limb of the argument that the Constituent Assembly (CA) of J-K was, in reality, a legislative assembly as proviso to Article 370 specifically mentioned that it (CA) brought certain subjects into the fold of the state upon its approval.

Mehta, said, "The Constituent Assembly of J-K was for all purposes functioning as the state legislature apart from framing a subordinate document called 'the Constitution of Jammu and Kashmir' also made legislations by passing several laws." He said the Constituent Assembly of Jammu and Kashmir, in the exercise of its limited powers, approved and adopted the Constitution of Jammu and Kashmir which was nothing but a "legislative piece" for internal governance with the overarching application of the Indian Constitution.

The solicitor general further submitted that the effect of Article 370 was such that by the administrative act of the President and the state government, any part of the Constitution of India with respect to J-K can be amended, altered or even "destroyed" and new provisions can be created.

He said that after the 42nd amendment, the words "Socialist" and "Secular" were not made applicable to Jammu and Kashmir.

"Even the word "Integrity" is not there. Fundamental duties were not there, which exists in the Indian Constitution.

"The Jammu and Kashmir Constitution provided for a separate provision for permanent residents of J-K in Article 7. It removed references to Scheduled Tribes from Article 15(4). Other Articles 19, 22, 31, 31A and 32 were applied with some modifications…," Mehta said.

He referred to another contentious provision, Article 35A, of the Indian Constitution that gave special rights to only permanent residents of the erstwhile state and said it was discriminatory, to say the least.

"Under the provision (A-35A), people like sanitation workers working in the erstwhile state for decades were not given equal rights like that of permanent residents of J-K.

"This discrimination continued till the provision was abrogated in 2019. Non-permanent residents of J-K were not able to purchase lands, could not avail scholarship, employment in the state government," he said, urging the court to look into issues from the "eyes of people".

CJI Chandrachud deciphering Mehta's submissions said that by enacting Article 35A, they took away fundamental rights of equality, liberty to practice profession in any part of the country and even granted immunity from legal challenges and the power of judicial review.

"People were misguided by those - who were supposed to guide them - that this was not a discrimination but a privilege. Even today two political parties are before this court defending Article 370 and 35A," the Solicitor General said.

Mehta submitted that the Constitution of Jammu and Kashmir needed to be repealed because it could not co-exist with the Indian constitution.

"On November 21, 2018, the legislative assembly of the state was dissolved but there was no contemporaneous challenge by any political party or any citizen or leader.

"Till, today there is no challenge to the dissolution of the assembly," he said, adding that despite there being no challenge, arguments were made by the petitioners' side that the action was "arbitrary".

Mehta added that on June 20, 2018, under Section 92 of the J-K Constitution, the Governor's rule was imposed in the state due to the failure of constitutional machinery in the state and only one petition challenged it after 14 months.

"No political party challenged the governor's rule or dissolution of the assembly. We are being called at midnight in this court for a hearing on forming governments, but here there are no challenges.

"Yet, arguments have been made that how can the governor dissolve the House. I am unable to understand the hollowness of the arguments," he submitted, adding that in J-K, Governor's rule has been imposed eight times and President's rule three times.

The hearing remained inconclusive and would continue on Tuesday.

On August 24, commencing their arguments in support of the abrogation of Article 370, the Centre had asserted there was no "constitutional fraud" in annulling the provision that accorded special status to the erstwhile state of Jammu and Kashmir.

Several petitions challenging the abrogation of the provisions of Article 370 and the Jammu and Kashmir Reorganisation Act, 2019, which split the erstwhile state into two union territories - Jammu and Kashmir, and Ladakh - were referred to a Constitution bench in 2019.



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Article 35A Robbed J&K Non-Residents Of Fundamental Rights: Supreme Court

Article 35A of the Constitution has deprived people not residing in Jammu and Kashmir of some key constitutional rights, Chief Justice of India DY Chandrachud said today. Equality of opportunity, employment in the state government and right to buy land -- "all this this article snatches away from citizens... Because the residents (of Jammu and Kashmir) had special rights, the non-residents were excluded," he said. He also agreed with the Centre that the Indian constitution is a document that is "on a higher platform than the J&K Constitution".

His observations came during the 11th day of hearing of the petitions challenging the scrapping of Article 370, which granted Jammu and Kashmir its special status.

Article 35A, which was also scrapped in August 2019 along with Article 370, allowed the legislature of the erstwhile state to define "permanent residents" and provide them with special rights and privileges in terms of public employment, immovable property and settlement.

"There is a direct right under Article 16(1) which was taken away was employment under the state government. Employment under the State Government is specifically provided under Article 16(1). So while on the one hand Article 16(1) was preserved, on the other hand, Article 35A directly took away that fundamental right and was protected from any challenge on this ground," the Chief Justice said.

Similarly, Article 19 recognizes the right to live and settle in any part of the country. "Hence all the three fundamental rights were essentially taken away by 35A... Power of judicial review was taken away," he added.

Providing a level playing field has been one of Centre's key arguments in scrapping the special status of Jammu and Kashmir.  
Arguing on behalf of the Centre, Solicitor General Tushar Mehta said the move has put the people of Jammu and Kashmir on par with the rest of the country. It implements all those welfare laws which were not implemented earlier in Jammu and Kashmir.

As example, he cited the constitutional amendment that added Right to Education.

"Any amendment made to the Indian Constitution would not apply to Jammu and Kashmir until it was invoked through Article 370… So Right to Education was never implemented in Jammu and Kashmir till 2019, because this route was not followed at all," he said.

Justice Chadrachud cited Mr Mehta's earlier example of the amendment of the Preamble. "That's why secularism and socialism amendment was never adopted in Jammu and Kashmir," he said.



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Court Cases Over In 2 Years After New Penal Code Comes, Says Amit Shah

After India adopts its new penal Code and disowns "colonial legacies", no case would continue in courts for more than two years, Union Home Minister Amit Shah said while chairing the 26th western zonal council meet in Gandhinagar today.

"After the passage of the three new Bills -- Bhartiya Nyaya Sanhita Bill, 2023, BharatiyaNagarik Suraksha Sanhita Bill, 2023 and BharatiyaSakshya Bill, 2023 -- recently introduced in parliament, no case can continue for more than two years. This will result in elimination of 70 per cent negative energy," Mr Shah said at the meet, which was attended by Chief Ministers of Gujarat, Maharashtra, Goa and the Administrators of Dadra & Nagar Haveli and Daman & Diu.

"All states should work towards creating the necessary basic infrastructure and capacity for the implementation of these laws," he added.

The meeting was also attended by Deputy Chief Minister of Maharashtra Devendra Fadnavis and other ministers and government officials.

"Once new laws are implemented, not only we would be able to disown colonial legacies but also ensure that a uniform system of law and order management is implemented across the country," a senior official who was part of the meeting explained.

Drawing comparison between the functioning of NDA and UPA, Mr Shah said between 2014 and 2023, a total of 23 meetings of the Zonal Councils and 29 meetings of its Standing Committees were held. From 2004 to 2014, there were 11 meetings of the Zonal Council and 14 meetings of the Standing Committees.

The Centre, he said, gives lot of importance to working of Zonal Councils. "The role of Zonal Council may have been of giving advice earlier. But over the years, they have proved to be a significant factor in promoting healthy bond of mutual understanding and cooperation in various spheres," Mr Shah said.

The minister added that the Zonal Council is an important platform for cooperative federalism for resolving the issues between the Centre and the States.



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Opinion: Are China's Economic Crises Cyclical Or Structural?

While China is and continues to be the manufacturing platform of the world, concerns around its decelerating growth in 2023 have triggered panic waves across the globe. Given the deep interconnection between the global economy and the Chinese economy, there is fear among nations that global growth will further decelerate due to the troubled Chinese economy. One of the most important questions in this context becomes how to tackle the fallout. To answer this question, it is first pertinent to understand whether the problem is cyclical or structural in nature. That clarity can help avoid the fallout.

In the past, China has emerged relatively unscathed from the Asian financial crisis and the global financial crisis. It even managed to somehow stay afloat until 2023, despite the US-China trade war since 2017. This gives the impression that such crises are cyclical in nature and are inherently in the DNA of the Chinese economy. Yet a closer examination would reveal that the crisis in 2023 is very different from the ones that the Chinese economy has tackled in the past and is actually structural in nature.

At a Politburo meeting in July, China's leaders referred to the economic recovery this year as "torturous". What they were referring to was China's current economic problems, which range from slowing GDP growth rates to massive unemployment, to deeply entrenched inequality, to dangerously low levels of consumption among others. The interesting point to note is that such candour is difficult to imagine from a communist party institution, let alone from such an elevated body.

Consumer prices in July were lower than a year ago, suggesting that it might be on the cusp of deflation, which reflects a chronic shortage of demand in the economy. Foreign trade in the same month showed a sharp fall in exports, owing to weak global demand, with a sharper decline in imports signifying weaknesses in demand at home. Private firms and entrepreneurs are also not spending much on investment or on hiring people. Youth unemployment has topped 21% or thrice the rate in the US. Clearly, most things currently weighing on the Chinese economy have been building up for years, even while China was wowing the world with its magical double-digit growth rates and claiming to be making strides in lifting millions out of poverty while simultaneously moving up the technology ladder.

The two prongs of Chinese economic development since Deng Xiaoping's reforms and opening up since 1978 have been an export-led growth strategy along with investment. The reforms led to an improvement in the living standards of consumers in China, with greater buying capacity and greater demand for goods and services; investment in infrastructure, particularly in export-driven enterprises in the coastal belts of China also brought in revenues driving Chinese growth. Nevertheless, as compared to consumption levels in other countries, China's consumption rates have been generally low. Currently, consumption - a big driver of growth indices - is even further subdued in China, especially in big-ticket items such as cars, houses, and private investment. In fact, all three segments, the backbone of the Chinese economy, fell in the first half of this year.

To drive consumption, the National Development and Reform Commission (NDRC) even came out with 12 wide-ranging measures to boost domestic consumption, which include encouraging market entities to apply domestic AI technologies to enhance the levels of electronic products, improving the innovation capability of electronic products, cultivating new growth points for consumption and so on. Clearly, something is amiss, otherwise a wide-ranging agenda for driving consumption from the NDRC would not have come up.

Consumption is tied to income. As stated previously, youth unemployment alone has topped 21%, and the government has now stated it will stop publishing data on youth unemployment. Without employment, there is no income. Without income, it is impossible to consume. But beyond consumption's ties to income, there also are other structural reasons why consumption has been generally low while savings rates have always been extraordinarily high in China. In fact, China has an extraordinarily high savings rate at about 50% of its GDP. The reason is its desire to save for a rainy day, which in turn is driven by bad policies historically. The disastrous Great Leap Forward and Cultural Revolution driving the Chinese economy to the pits under Mao Zedong taught Chinese consumers to save and invest in land, which they can liquidate in the face of disasters like the ones Mao made the Chinese people go through.

Similarly, under Xi Jinping, the arduous three-year lockdown, during which the Chinese consumer went through drastic lows including lack of adequate food and medical care, yet again spelled out the lesson that it is better to save for a rainy day rather than to consume. Because of the hedonistic policies carried out under repressive regimes, China now has a huge local government debt problem, a real estate bubble, and huge creation of urban infrastructures accompanied by under-urbanisation - all of which indicate the desire to save rather than to spend and consume. Increasing authoritarianism under Xi has only led to a further failure of the development model which once shined bright, blinding the audience to its underlying, structural flaws.

What does this mean for neighbour India? India is an integral part of the global economy and reduced trade with China will lead to India needing a rethink of its strategies. But, beyond the fears, reduced imports into China could also be a push to actively build alternative supply chains. The top three items of import from China are broadcasting equipment, integrated circuits, and office machine parts. Collaboration between India and Taiwan has begun in related arenas and this could be a push for expanding greater economic cooperation. The top three exports from India to China are refined copper, cotton yarn, and petroleum oils. Reduced demand from China does not mean absolute doom for India, as alternate markets for these products exist, and India only needs to strengthen its strategies to develop these markets better.

In any case, Indian products that have comparative advantages in other parts of the world, like generic drugs or IT or even basmati rice, face non-tariff barriers in China. Further reduced demand from China for these segments will only spur India to explore other markets. There are also fears that falling prices of Chinese goods will increase competition and hurt foreign companies. Indian companies in China in any case are a handful, so this fear can also be ruled out. Slower economic growth in China could also benefit India, as it will reduce competition in the global energy and especially, natural gas markets. Lower prices can help to ease energy price pressures, which will be to India's advantage.



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US Woman Found Dead Days After Abusive Boyfriend Released From Jail

In a horrifying incident, US police found a Minnesota Army veteran, Danicka Bergeson, 33, dead in her Hopkins home last month, just 11 days after her abusive boyfriend was released from jail on parole.

According to a complaint filed on Wednesday, the building manager reported "groaning, yelling, and banging" sounds coming from her apartment. The police have named Ms. Bergeson's boyfriend Matthew Scott Brenneman as a suspect in connection with her death, according to Fox 10.

Police allegedly found Ms Bergeson's body wrapped in layers of blanket. The cops also found her 39-year-old boyfriend inside the bathroom "grunting, and growling" and smelling of bleach.

After her death, Ms Bergeson's father, David Bergeson told KARE11 that Danicka Bergeson had a clear moral compass. "Everything with her was always black or white. She knew exactly what was right and wrong."

"Danicka's smile was infectious. Her compassion for animals and passion for learning were admirable," friend Nancy Andrews shared in her obituary page in July.

Brenneman pleaded guilty to two separate domestic abuse cases in June as part of a parole agreement in which he would not contact Bergeson after his release from jail pending a sentencing hearing scheduled for August, Fox 10 reported.

He pleaded guilty to striking and biting Ms Bergeson in April while intoxicated.

According to documents by Hennepin County court, Brenneman was released a day after that incident and again attacked Ms Bergeson in May.

"Defendant responded by striking her with his fists several times and biting her. Defendant then proceeded to choke victim by placing his hands around her neck and reported difficulty breathing," the statement reads. "Victim reported being choked for approximately one minute and thirty seconds. While Defendant was choking Victim, Defendant stated he was going to kill her. The victim was in fear that he would act on this threat."

He is now facing one charge of second-degree murder and one charge of second-degree murder while under a restraining order.

The police are investigating Ms Bergeson's death as a homicide.



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World Athletics Gold Done, 90m Mark Eludes Neeraj. Star Opens Up On Target

The hunt for the 90-meter throw goes on as Neeraj fell a little short of the mark in the World Athletics Championships 2023 despite clinching the elusive Gold medal. After starting off the final with a foul throw, Neeraj made amends in the following throws, but could only manage the maximum distance of 88.17 meters in his second attempt. Though the effort was good enough to keep his lead intact till the very end to clinch the gold, Neeraj remains unsatisfied with the throw, although elated with the fact that he was able to add another medal to his trophy cabinet.

Arshad Nadeem, the Commonwealth Games champion with 87.82 m bagged a silver medal while Czech Republic's Jakub Vadlejch secured the bronze with a best throw of 86.67 m. 

Neeraj who looked a bit disappointed told reporters in the post-match conference, "I wanted to throw more than 90m tonight. But it needs all parts of the puzzle to be there. I couldn't put it all together this evening. Maybe next time." 

Although the 25-year-old took the lead in the second round which remained untouched throughout the final, he still yearned to break his own mark and take it further in his final throw. 

"After the second round, I was thinking of pushing myself because I knew that I could get a better throw. But there is a lot of pressure on technique and speed. We have to push a lot in the qualifying round. There was only a single day for recovery so it was also a big factor. I go forward with the motivation of pushing myself till the last throw," Neeraj said. 

The Tokyo Olympic gold medallist wasn't the only Indian competing in the final, Kishore Jena (best of 84.77 m) and DP Manu (best of 84.14 m) were also in the mix and finished fifth and sixth respectively.

This was Neeraj's second medal at the World Championships after he secured a silver in 2022. Previously, Anju Bobby George had bagged the bronze for the country in the 2003 World Championships for the women's long jump. He has also bagged gold at the Commonwealth Games in 2018 and the Asian Games 2018.

Neeraj will be back on the field in the Asian Games, Hangzhou which is scheduled from September 23 to October 8. This competition will mark the final major competition of this year for the 25-year-old javelin thrower.

With ANI inputs



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"You Are Not Neeraj's Javelin": Delhi Police's Witty Advisory For Drivers

Delhi Police is known for using entertaining and witty ways to educate the masses on various topics. The city's police department often uses quick wit to send out a clear message. Taking to Twitter on Monday, the police department shared a uniquely drafted special traffic advisory using a Neeraj Chopra analogy.

It posted a photo along with a caption, "Be like #NeerajChopra. Win hearts, not Challans."

The picture also came with a message for drivers and riders. "To drivers & riders, You are not Neeraj's javelin, and crossing the white lines will not get you points or medals," the post read.

See the post here:

Since being posted, the tweet has amassed 4,700 views with several comments.

A user wrote, "Good one." Another user commented on Twitter, "If the white line is not properly visible, a person should get the benefit of the doubt, till it's repainted."

"Pls drive a campaign to stop high beam lights. At night almost every car driver uses a high beam only the same trend is followed by auto rickshaws and buses," the third user requested.

Meanwhile, India's Olympic champion Neeraj Chopra scripted history yet again. The star javelin thrower became the first player from the nation to clinch a gold medal in the World Athletics Championships on Sunday. It was a throw of 88.17m in his second attempt in the final in Budapest, Hungary that helped Neeraj bag the honour.

On winning a gold medal at the prestigious event, Neeraj received a cash prize of $70000, which is close to 58 lakh rupees.
 



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Sunday, August 27, 2023

Fed Up of "Alcoholic" Husband, Nagpur Woman Asks Lover To Kill Him: Cops

A Nagpur resident was killed allegedly by a man who was in a relationship with his wife, the police said on Sunday.

Umesh Khandar (35) was bludgeoned to death by Bunty Gharpure after the latter invited him to drink liquor on Saturday, a police station official said.

"Umesh Khandar used to drink and pick up fights, which his wife disliked. She befriended the accused and asked him to eliminate her husband," he said.

Mr Ghanpure has been arrested and charged with murder, he added. 



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Dalit Man Beaten To Death Over Suspicion Of 2-Wheeler Theft: Maharashtra Cops

A 25-year-old Dalit man was allegedly beaten to death on suspicion of stealing a two-wheeler in Badnapur tehsil of Jalna district in Maharashtra, following which four persons were arrested on Sunday, police said.

The incident occurred on Saturday night in Jawaskheda village, an official said.

"Four persons caught hold of Siddharth Mandale on suspicion that he was stealing a two-wheeler. He was mercilessly beaten and was thrown into a quarry to die," the official said.

The four accused have been identified as Akash Jadhav, Kailash Jadhav, Kundlik Tirkhe, and Tulsiram Gaikwad, all residents of Daregaon in Jalna tehsil.

A case has been registered under various sections of the Indian Penal Code (IPC) including 302 (Punishment for murder) and the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act, the official said.

Further investigation is underway.



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Case Against Senior Assam Cop For "Assaulting", "Torturing" Domestic Help

A criminal case has been registered against an Assam police officer for the alleged physical assault of a domestic help, a top official said on Sunday. The allegation was levelled against the additional superintendent of police, Charaideo, by her maid on Saturday.

She filed a complaint at Nazira Police Station in neighbouring Sivasagar district, claiming that she was physically assaulted and tortured by her employer, for whom she had been working for around five months.

"Reference reported incident of assault of house maid at Nazira by a serving police officer - 1. A criminal case has been registered at Nazira and being investigated. 2. Assam Police Hq has ordered an enquiry into the allegation levelled," Director General of Police G P Singh wrote on X (formerly Twitter).

The Assam Tea Tribe Students' Association, which helped her in approaching the police, has demanded a proper investigation and strict action against the police officer. 



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Watch: Wild Elephant Finds Bag Of Drugs In Forest In China

A wild Asian elephant found a 2.8-kilogram consignment of opium in Mengman township, South China's Yunnan Province during a walk in the region, Strait Times reported. A video of it is circulating on the internet, it shows four wild elephants being moved away from a village when one elephant sniffed out a backpack that police later seized.

The video shows the mammal breaking away from the pack and sweeping the ground with its trunk before tossing up a bag of black bag. The police were already on the scene.

The police waited till the wild elephants had made their exit before inspecting the bag, the media outlet reported. The footage shows police opening the bag to find a tightly bound brick of opium, buried under layers of clothes.

The police investigation is underway.

See the video here:

The video of the wild elephant making a drug bust has amassed several reactions across social media platforms. Commenting on the video, a user wrote, "From the studio that brought you Cocaine Bear, here comes Cocaine Elephant."

"New sequel to Cocaine Bear, Opium Elephant," joked another user.

"Elephants have got to be the brightest animals on the planet," the third user wrote.

"That's one badass elephant," the fourth user wrote.

"A bad day at the office for them druggies," the fifth user commented.



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Jammu Teacher Thrashed Student For Religious Slogan In Class, Arrested

A teacher of a government school has been arrested for thrashing a class 10 student for writing a religious slogan on a classroom board in Kathua district of Jammu and Kashmir, an official said on Saturday.

According to police, the principal of the Government Higher Secondary School (Bani) is also accused of physically assaulting the teenager and is absconding. They said the victim student is undergoing treatment at a hospital.

Deputy Commissioner, Kathua, Rakesh Minhas has constituted a three-member committee to probe the incident which sparked protests by students and parents on Saturday.

On August 25, police said a complaint was made by Kuldeep Singh alleging that his son was beaten up by teacher Farooq Ahmad and school principal Mohd Hafiz.

A case was registered at Police Station Bani under relevant sections of the Juvenile Justice Act and a team headed by the local SHO visited the school premises and arrested the teacher, they said.

"The principal is absconding and a search is going on to arrest him, while further investigation is underway," a senior police officer said.

The committee constituted by the deputy commissioner will have Sub Divisional Magistrate Bani, Deputy Chief Education Officer Kathua and Principal Government Higher Secondary School Kharote, as its members.

“…the committee members are directed to inquire into the matter and submit the fact finding report along with specific comments and recommendations to this office within two days positively in order to proceed further in the matter. Moreover, the committee is also directed to fix the responsibility against the culprit regarding the incident,” Minhas said in an order.

The protesters alleged that the student was thrashed by the teacher and the principal for writing a religious slogan on the classroom board.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Saturday, August 26, 2023

7 Injured In Mass Shooting At Caribbean Festival In Boston: Police

At least seven people were hospitalized after a mass shooting at a Caribbean festival in Boston early Saturday, the police said.

None of the seven had life-threatening injuries, they added.

"Firearms have been recovered and arrests made," the police from the northeastern city said in a brief statement.

An earlier advisory from Boston police warned that traffic would be impacted by a pair of parades Saturday linked to an annual Caribbean carnival, with one beginning at 6:30 am (1030 GMT) and a second hours later.

Police said they received a first call about shots being fired at 7:44 am.

Unverified social media posts appeared to show people running from a chaotic street scene, with some falling to the ground.

One person died during last year's Caribbean festival, local media reported.

Mass shootings have become disturbingly common across the United States, with easy access to firearms in most states.

On Friday night, two women were wounded by gunfire in Chicago while at a major league baseball game between the White Sox and the visiting Oakland Athletics.



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Driver Stuck Between Truck Tyres, Dragged For 500 Metres In Punjab, Dies

A tractor driver was killed on Saturday allegedly after his vehicle was rammed by a truck, which dragged him along for 500 metres after he got stuck between the tyres of the tractor, the police said. 

Hoshiarpur Superintendent of Police Major Singh said the accident happened near Shahpur village this morning following which infuriated relatives and locals blocked a road for nearly six hours, demanding the arrest of the truck driver.

A truck loaded with a stone crusher rammed a sand-laden tractor-trailer, being driven by victim Sukhdev Singh (21), from behind, the police said.

Mr Singh, from Bhanglan Khera village in Rupnagar district, somehow got trapped between the tyres of his vehicle and the speeding truck dragged the tractor for approximately 500 metres, they said.

"The incident was so tragic that the victim's body parts were scattered in different directions. Subsequently, the truck driver fled the scene with his vehicle," a police official said.

Angry locals, led by Sukhdev's father Jaswinder Singh staged a protest with the victim's body, which disrupted traffic for six hours.

The protestors demanded the arrest of the accused. Later, they lifted their dharna after SP Manoj Singh pacified them.

The accused driver will be arrested soon, the SP said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Video: 100 Firefighters, 15 Engines Tackle Huge Fire In London

Fifteen fire engines and around 100 firefighters were battling a huge fire in east London on Friday with clouds of black smoke visible across the city's skyline.

The fire broke out at a business centre in Bow, Tower Hamlets, according to London Fire Brigade.

"The cause of the fire is not known at this stage," London Fire Brigade said in a statement.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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PM Modi To Address B20 Summit India Tomorrow

Prime Minister Narendra Modi will address the B20 Summit India 2023 here on Sunday. His office said the Summit has brought policy makers, business leaders and experts from across the world to deliberate and discuss the B20 India Communique. The B20 India Communique includes 54 recommendations and 172 policy actions for submission to G20, it said.

The Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent engagement groups in G20 with companies and business organisations as participants.

The B20 works to deliver concrete actionable policy recommendations to spur economic growth and development, the Prime Minister's Office (PMO) said.

The three-day summit started on August 25 and its theme is R.A.I.S.E - Responsible, Accelerated, Innovative, Sustainable and Equitable businesses. It is being attended by over 1,500 delegates from about 55 countries.



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7 Injured In Mass Shooting At Caribbean Festival In Boston: Police

At least seven people were hospitalized after a mass shooting at a Caribbean festival in Boston early Saturday, the police said.

None of the seven had life-threatening injuries, they added.

"Firearms have been recovered and arrests made," the police from the northeastern city said in a brief statement.

An earlier advisory from Boston police warned that traffic would be impacted by a pair of parades Saturday linked to an annual Caribbean carnival, with one beginning at 6:30 am (1030 GMT) and a second hours later.

Police said they received a first call about shots being fired at 7:44 am.

Unverified social media posts appeared to show people running from a chaotic street scene, with some falling to the ground.

One person died during last year's Caribbean festival, local media reported.

Mass shootings have become disturbingly common across the United States, with easy access to firearms in most states.

On Friday night, two women were wounded by gunfire in Chicago while at a major league baseball game between the White Sox and the visiting Oakland Athletics.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Friday, August 25, 2023

Attack On India Mission In London A "Disgrace": UK Trade Secretary

UK Business and Trade Secretary Kemi Badenoch on Friday said the attack on the Indian High Commission in London by pro-Khalistani elements in March was a "disgrace, and the British government will do everything to ensure people feel safe and secure.

She said this in response to a remark by Commerce Minister Piyush Goyal that the UK has a very large Indian population, and still the Indian High Commission was not feeling very safe.

"In any country no matter how much of a global superpower there will always be problems and in the UK one of the most interesting things, and I say this as one of the immigrants to the country, is that quite a lot of the times people don't integrate the way we want them to and they bring problems and the same negative attitudes and the same issues from wherever they come from and bring it to the UK," she said.

In March, the tricolour flying atop the Indian High Commission in London was pulled down by a group of protesters waving separatist Khalistani flags and chanting pro-Khalistani slogans.

"I personally thought that what happened and I speak on behalf of the UK government not just personally, what happened at the Indian High Commission was a disgrace," Badenoch said.

Mr Goyal was moderating a 'trade ministers session' at B20 Summit India 2023, in which Badenoch and several other trade ministers participated. 



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India Or Pakistan? Sourav Ganguly Picks Favourite To Win Asia Cup Clash

Former Indian captain and the Board of Control for Cricket in India (BCCI) president Sourav Ganguly said that he has no favourites for winning the India versus Pakistan Asia Cup 2023 match because both teams are really good.  The Asia Cup to be held in Pakistan and Sri Lanka will kickstart from August 30 onwards, with the match between arch-rivals India and Pakistan on September 2 at the Pallekele International Cricket Stadium in Kandy set to serve as the Men in Blue's campaign opener.  Ganguly also said that the fitness of Indian pace spearhead Jasprit Bumrah, who made his return from injury and led India to a 2-0 series win against Ireland, will get better with time and India did the right thing by picking Axar Patel in the squad for the continental tournament, as he can also bat well. 

"Both India and Pakistan are good cricket teams. The team that plays well will win. I have no favourites....With time his (Jasprit Bumrah) fitness will get better....You can only have three spinners and I think they have done the right thing by picking Axar (Patel), he can bat," said Ganguly while talking to reporters in Kolkata on Thursday. 

The squad also marks the return of Jasprit Bumrah to ODI cricket after a gap of more than one year. After proving his fitness in the ongoing T20I series against Ireland, Bumrah is set to test himself in the 50-over format heading into the World Cup. India's pace attack will be boosted by the return of Mohammed Siraj, who was not in the team for some time due to a sore ankle. 

Tilak Varma made it to India's Asia Cup squad on the back of his strong performance against West Indies during the tour that ended this month. 

Bowling all-rounders Kuldeep Yadav and Axar Patel are also in the squad to give the captain more diversity in choices. Apart from Pandya, Ravindra Jadeja is also in the team as an all-rounder.

Pakistan, India and Nepal are in Group A while Bangladesh, Afghanistan and Sri Lanka are in Group B. The tournament will follow a hybrid model with Pakistan hosting four matches across two venues and Sri Lanka hosting the remaining games.

The six group-stage matches will be followed by the Super Fours, beginning September 6. 

The final will be played by the top two teams at the end of the Super Fours on September 17 in Colombo.  

Squad: Rohit Sharma (captain), Shubman Gill, Virat Kohli, Shreyas Iyer, KL Rahul, Suryakumar Yadav, Tilak Varma, Ishan Kishan, Hardik Pandya (vice-captain), Ravindra Jadeja, Axar Patel, Shardul Thakur, Jasprit Bumrah, Mohammad Shami, Mohammed Siraj, Kuldeep Yadav, Prasidh Krishna.



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Watch: Python Hides Behind Photo Frame Hanging In Australia Home

Snakes are one of the scariest reptiles that exist on the planet. However, their unique and amazing abilities often make them fascinating creatures. They are also masters of disguise and possess a special ability to confuse predators with their tactics. Recently, the residents of an Australian home were shocked after a snake was found hiding behind a photo frame in their living room.

In the hair-raising video shared by snake-catching and reptile relocation group Sunshine Coast Snake Catchers 24/7, a carpet python can be seen slithering behind the photo frame. According to the snake rescuer Dan Rumsey, the reptile was the cause of the artwork being tilted away from the wall.

The residents of the house gasped as they watched the removal of the snake. "Alright so, behind (the artwork) - oh there it is. It's decided to come out that way," Mr Rumsey says. The snake's head can be seen behind the frame as Mr Rumsey tilts the frame. "Maybe if I just give it a bit of a tickle, I just don't want the painting to drop," the rescuer adds. He then keeps the frame on the back of the couch and later moves it down to the floor. Meanwhile, the reptile wraps itself around the picture. In a few seconds, the snake catcher grabs the snake and says, "There we go. that makes my life a bit easier."

This non-venomous snake breed called a carpet python can be found in Australia, Indonesia, and New Guinea. They don't have fangs, but rather "have numerous sharp recurved teeth designed for holding onto prey," according to the Snake Catchers website.

Since being shared, the video has amassed several reactions on social media.

"I'm starting to think Florida and Australia in competition with these snakes popping up everywhere," said a user.

"How strong is that picture hook!!" remarked a person.

A third user added, "My daughter would've kept it as her pet."

"It just wanted to be in the picture of things," added another person.

"I'm not okay with all these snakes showing up in peoples attics, toilets and photos on my feed now that I commented on freakin Tarzans feed! My anxiety is through the roof!" commented a person.
 



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Thursday, August 24, 2023

Adani's Strategic Initiatives Enhance Credit Profile, Rs 2.36 Lakh Crore Worth Equity Deployed

In a significant milestone, the Adani Group through a series of strategic initiatives has increased its liquidity position at the portfolio level to finish with a cash balance of Rs 42,115 crore at the end of the June quarter, the company said in a statement today.

The portfolio companies diligently focused on bolstering their financial standing, ensuring a robust foundation for their ambitious projects, it said.

For the first time, the equity deployed increased to more than half the total assets - at 55.77 per cent; equity for FY23 was Rs 2.36 lakh crore against net debt of Rs 1.87 lakh crore.

The group had the highest-ever cash balance at portfolio level of Rs 42,115 crore - Rs 1,764 crore higher than at the end of the preceding March quarter.

For the first time, the portfolio's net debt to EBITDA (run-rate) fell below 3x - at 2.81x in the last 10 years.

The contribution from core infra and utility platform to Q1 FY24 portfolio EBITDA at more than 80 per cent lends high degree of stability and multidecadal earnings predictability.

Some of the key measures that contributed to this positive transformation include significant deployment of equity resulted in total equity increasing to 55.77 per cent of the total assets, as compared to 40.16 per cent at the end of FY19.

The equity deployed by the end of FY23 was Rs 2,35,812 crore, much higher than net debt of Rs 1,87,087 crore.

EBITDA and gross assets have grown at a much faster rate in the last four years (FY19 to FY23) at a CAGR of 18.13 per cent and 21.7 per cent, respectively. EBITDA in the June FY24 quarter increased by 42 per cent year-on-year and was more than 40 per cent of the entire FY23. As against these, net debt has grown at only 14.56 per cent CAGR, resulting in consistently improving leverages ratios.



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Billionaire George Soros-Backed Group Plans Expose On Indian Firms: Report

Months after a US short seller shook markets with a damning report on the Adani group, the Organised Crime and Corruption Reporting Project (OCCRP) - an organisation funded by likes of George Soros and Rockefeller Brothers Fund - is said to be planning another 'expose' on certain corporate houses in India, sources said.

OCCRP, which calls itself "an investigative reporting platform formed by 24 nonprofit investigative centres... spread across Europe, Africa, Asia and Latin America, may publish a report or a series of articles, three sources with knowledge of the matter said.

An email sent to OCCRP seeking comments remained unanswered.

Founded in 2006, OCCRP claims to specialize in reporting on organized crime and largely publishes these news articles through partnerships with media houses.

On its website, it identifies the Open Society Foundations of George Soros, a financier with a penchant for funding radical causes around the world, as one of the institutional donors. Others include Ford Foundation, Rockefeller Brothers Fund and Oak Foundation.

Sources said the 'expose' may involve overseas funds investing in the stocks of the corporate house.

The identity of the corporate house wasn't immediately known but agencies are said to be keeping a tight vigil on the capital market.

Hindenburg Research in a January 24 report alleged fraud, triggering a stock market rout.

Adani Group has denied all allegations.



(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)



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"Talented Man Who Made Mistakes": Vladimir Putin On Wagner Chief

Russian President Vladimir Putin on Thursday expressed his "condolences" over a plane crash that killed Wagner chief Yevgeny Prigozhin, describing him as a man who made mistakes but "achieved results".

An investigation is currently underway into what caused Wednesday's crash, which came exactly two months after Wagner's short-lived rebellion against Moscow's military leadership.

"First of all I want to express words of sincere condolences to the families of all the victims," Putin said in a televised meeting, calling the incident a "tragedy".

"I knew Prigozhin for a very long time, since the early 90s. He was a man of complicated fate, and he made serious mistakes in his life, but he achieved the right results," Putin added.

He said that an investigation had been launched into the crash, and that "it will take some time".

"It will be conducted in full and brought to a conclusion. There is no doubt about that," Putin said, in footage showing a meeting with the Russian-installed head of the Donetsk region Denis Pushilin.

The circumstances of the crash, which claimed the lives of some of Prigozhin's close entourage, have prompted furious speculation about a possible assassination.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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National Awards: In Best Actress Alia's Post, The Gangu Pose. PS - Kriti

It's a big, big moment for Alia Bhatt. She was named Best Actress for her performance in and as Gangubai Kathiawadi at the 69th National Awards and it's obviously time tot celebrate. Alia Bhatt shared a joyful post after her big win with two pictures of herself; in the first, she strikes the backwards namaste Gangubai pose that has become something of a trademark. Alia's post also includes a postscript to Kriti Sanon with whom she shares the Best Actress prize. Kriti has been awarded for her role in Mimi.

Alia Bhatt name-checked Gangubai Kathiawadi director Sanjay Leela Bhansali in her post but he wasn't the only one. She wrote, “To Sanjay Sir, To the entire crew, To my family, To my team and last but most definitely not the least… To my audience” and added a heart emoji, “This national award is yours, because without you ALL none of this would be possible.. seriously!!! I am SO grateful. I do not take moments like these lightly. I hope to continue to entertain for as long as I can.” Alia signed off as: “Love and light. Gangu (also known as alia)” Alia's postscript addressed to Kriti Sanon read: “P.S – Kriti, I remember messaging you the day I saw Mimi. It was such an honest and powerful performance. I cried and cried. So so well deserved. Shine on you star, the world is your oyster.”

A lesson in grace, if you will. See Alia Bhatt's post here:

Gangubai Kathiwadi, based on a real life sex worker-turned-activist, won five National Awards including Alia Bhatt's Best Actress prize and Best Screenplay for director Sanjay Leela Bhansali.

Rocketry: The Nambi Effect won Best Film and Allu Arjun was named Best Actor for Pushpa: The Rise.



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National Awards: Kriti On Big Best Actress Win - "Can't Believe..."

Kriti Sanon cannot contain her happiness as she has just won the highly coveted Best Actress Award for her spectacular performance in the Netflix original Mimi at the 69th National Film Awards. The actress, who also took home the Filmfare Award last year,  said in a statement "I am too excited, almost emotional. I cannot believe this has happened. It is a big moment for me and my entire family. Mimi has been a very very special film and to get the most prestigious award, the National Award for it, I just cannot thank the Jury enough for actually believing that my performance deserved this award."

Mimi actor Kriti Sanon also took this opportunity to thank her producer Dinesh Vijan and Mimi director Laxman Utekar for almost having faith in her And her work. She said "I am too too overwhelmed. I just want to thank Dinesh Vijan, who has always believed in me and my potential and for giving me a film as special as Mimi, which I will treasure all my life. Also, my director Lamxam Utekar Sir, who I remember while shooting the film, used to tell me, dekhna aapko is film ke liye National Award milega (you will get a National Award for your performance in Mimi) and I used to not believe it because I thought it was too big a dream but he did. He has held my hand throughout this film."

The Adipurush actress concluded with these words, "Everyone in my family is very excited, very emotional. There is a lot of gratitude in my heart at this moment."

On being asked about her plans to celebrate the massive feat, Kriti simply said, she wants to be surrounded by people she loves and who love her. "I am not sure how I am going to celebrate it. I just wanna be surrounded by people who love me and who I love a lot. Just be in my pyjamas at home and just have a good time and just sink in this moment and actually really really treasure it," Kriti said. 

Kriti Sanon also treated her social media family to a heartfelt post after the big win. In her post, she dedicated her win to her parents and sister Nupur. Kriti Sanon, who shared her Best Actress Award with Alia Bhatt, ended her post by congratulating the Gangubai Kathiawadi actress while expressing her excitement at sharing her award with someone whose work she has "always admired."

In an extensive post, Kriti Sanon wrote, "Elated, overwhelmed, grateful. Still sinking in...pinching myself...this has actually happened! The National Award for Best Actress for Mimi! Thank you to the Jury who considered my performance worthy of the most prestigious award! It means the world to me! Dinoo, I can't thank you enough for believing in me and my potential, for standing by me always and for giving me a film I'll treasure all my life. Laxman Sir... You always told me "Mimi, dekhna aapko is film ke liye National Award milega"... Mil Gaya sir! And I couldn't have done this without you. Mom, Dad, Nups...You guys are my lifeline! Thank you for always being my constant cheerleaders..! Congratulations Aliaaaa! So so well deserved! I've always admired your work and I'm very excited that I get to share this huge moment with you! yayyyyieee. Big Hug. Let's celebrate."

Take a look at Kriti's wholesome post below: 

While Kriti and Alia bagged the Best Actress Award, Allu Arjun was named Best Actor for the blockbuster Pushpa: The Rise. It is the first National Award for all three actors. 

The National Awards will be handed out by President Droupadi Murmu in a ceremony later in the year. Last year's winners included Suriya and Ajay Devgn who shared the Best Actor prize for their roles in Soorarai Pottru and Tanhaji: The Unsung Warrior



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