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India’s Foreign Exchange Reserves Fall Sharply, Reach At It’s Lowest Of 23 Months!

Aditi priya singhSeptember 10, 20220

India's foreign exchange reserves fell to $553 billion. In August, India's foreign exchange reserves fell sharply. The decline comes as the Reserve Bank of India struggles to overcome the rupee's position against the strength of the dollar. This is the lowest level of India's foreign exchange reserves in the last 23 months. The data show that all components of foreign exchange reserves declined over this period. According to data released by the RBI, weekly foreign exchange reserves through September 2 stood at $553.1 billion, which is $7.94 billion less from the previous week, the lowest level since October 9, 2020. As of August 26, 2022, India's foreign exchange reserves stood at US $561.04 billion. Earlier this week, RBI Governor Shaktikanta Das said the central bank's int...

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Mamata Hints At Unified Resistance In 2024: With Whom Will She Unite?

Sayani ChakrabortySeptember 9, 20220

The chief minister of Bengal has spoken out against the BJP and a segment of the media for what she claims is a vicious campaign against her and other party leaders. Mamata Banerjee, chief minister of West Bengal, announced on Thursday that she and the chief ministers of neighbouring Bihar and Jharkhand would work together with several other opposition parties to defeat the BJP in the 2024 Lok Sabha elections. Mamata, also the supreme leader of the Trinamul Congress, predicted the BJP would be swept from power here at a party event. "There will be a gathering in 2024 with myself, Nitish Kumar, Hemant Soren, and many more. The BJP will be defeated with the combined efforts of all opposition parties. We're going to form one camp and the BJP will make up the other. Its confidence in wi...

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There Seems To Be A Modi Cult Everywhere, But How Long Will This Last?

Sayani ChakrabortySeptember 7, 20220

Millions of Indians have two COVID-19 immunisation certificates. Each document has Narendra Modi's signature. We must all hear that he has protected us with his compassion and plenty. Due to Ganesh Chaturthi, images of the rotund Hindu god Ganesh are proliferating. Several photographs show Modi. He's been in the media. He's on sarees and book covers. He opens bridges and warships. He inaugurated projects in Bhuj, Kerala, and Mangaluru in a week. He makes all the announcements while those ministers keep quiet. They brag about his excellence when they speak. Always highlight the uniqueness. Kim Jong Un can learn from him. Nirmala Sitharaman, India's finance minister, chastised a district collector for not displaying a Narendra Modi flag at a ration shop. She said the federal govern...

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Can Religious Clothing Be Worn In Secular Public Schools?: Supreme Court On Hijab Row

Sayani ChakrabortySeptember 6, 20220

Multiple petitions were being heard by the Supreme Court, all of which aimed to overturn the Karnataka high court's decision to sustain the ban on the hijab. The Supreme Court, while hearing several petitions Monday challenging the Karnataka high court's decision to uphold a ban on hijab, noted that a person has a right to practise religion, but the question is whether it can be taken to a school which has a set uniform. The highest court in the land wanted to know if a hijab-wearing student could attend a school that required students to wear uniforms. It's possible that you have the freedom to practise whichever religion you choose. But can you put that into practise in a school that requires a uniform? A panel consisting of Justices Hemant Gupta and Sudhanshu Dhulia said that thi...

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Godrej Chairman Asks Centre To “Stop Dividing Country” and “Do More”

Sayani ChakrabortySeptember 5, 20220

Godrej Industries' chairman Nadir Godrej has called on the government to "do more" to heal divisions in the country. Top businesspeople, like Godrej, seldom weigh in on social or political issues like these. In 2019, the late businessman Rahul Bajaj claimed that fear of reprisals keeps business leaders silent. Godrej, who is also the managing director of Godrej Industries, stated that while the country was "doing extremely well" economically and pursuing social measures like financial inclusion and education, more could be done to "unify the country." I believe it is time for us to stop separating the country and work instead toward bringing people together. Godrej told PTI on the eve of a book launch, "I think that's important and I'm sure the government also recognises that the ec...

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Challenge To Raise Percentage Of Rich Amid India’s Growing GDP

Sayani ChakrabortySeptember 5, 20220

India's economic growth has surpassed that of the United Kingdom, making it the world's fifth biggest economy. India's growth is inevitable in the following years, thanks to its large pool of young people poised to enter the middle class and its thriving digital environment. Evidence from SBI Research suggests that India may overtake Japan and become the third biggest economy by the end of this decade. Inflation has not skyrocketed in India despite the Covid epidemic and the Ukraine conflict, and the country has avoided the energy crises that have plagued nations like the United Kingdom. GoI's resolution to not build up a huge budget deficit was correct despite the temptation to replicate the West's excessive stimulus programmes. More creative problem-solving is required for the de...

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‘Modern India’ Continues To Cripple With Burden Of Casteism And Blind Orthodoxy

Sayani ChakrabortySeptember 5, 20220

It is widely believed that the caste system is on the decline in today's globalised and contemporary world. At the same time, people of lower castes have been subjected to extreme kinds of discrimination, violence, and humiliation in a variety of settings during the past few years, including public spaces, workplaces, public transportation, and schools. People of lower social classes are being lynched and killed, as well as subjected to physical and verbal abuse, for seemingly trivial reasons, such as using the communal water supply, taking up prime seating in the classroom, owning a horse, or sporting a hip moustache. In recent years, members of the dominant castes have been seen showing solidarity with the accused and viewing the conviction or legal action against them as an affro...

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Kavita Krishnan Steps Down From CPI(ML) Liberation Party Positions Due To “Troubling Questions”

Sayani ChakrabortySeptember 3, 20220

Kavita asked about the similarities between the Soviet Union under Joseph Stalin and the Chinese government now, as well as the similarities between those two governments and the one in India under Narendra Modi. A person in a position of authority, she argued, must refrain from asking such inquiries. After more than two decades of service, Kavita Krishnan, a member of the politburo of the Communist Party of India (Marxist-Leninist) Liberation [CPI (ML) Liberation], resigned from all of her positions within the party over what is being seen as ideological disputes. Despite her assurances to The Hindu that she would remain the party's core member, the CPI(ML) Liberation leadership ultimately opted to expel Krishnan as well. On Thursday, September 1, she published a message on her ...

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India Experiences Market Uncertainty Amid Bizarre Economic Turn

Sayani ChakrabortySeptember 1, 20220

India is experiencing some strange times. RBI expects inflation to average 6.7% in 2022-23, marking the second time in three years that inflation would exceed 6%. However, overall demand has remained low. The rise of inflation is not the main issue. The repo rate has been lifted by the RBI's monetary policy committee by 1.4 percentage points, to 5.4%, since May in an effort to curb inflation's virtuous cycle. While inflation has moderated in recent months, a reversal of trend is yet possible. On August 26th, a barrel of crude oil in India cost $99.6 per unit. Food grain prices may also be affected by changes in the rainfall pattern. The area planted with paddy and pulses fell by 6% and 5% on August 26. After a poor first half, August saw a dramatic increase in net inflows of about $7 bi...

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Vigillance Commission Guidelines That Apply On Acquisition Of Military Supplies; Read Here!

Sayani ChakrabortyAugust 30, 20220

The people in the MoD and Services are responsible for procuring items and services only if the manuals cover every scenario. General Financial Rules (GFR) regulations are supplemented by the Department for the Promotion of Industry and Internal Trade (DPIIT) and the Central Vigilance Commission's (CVC) tender guidelines. Many acquisition training programmes stress the importance of following both departmental and CVC regulations. It would be a huge task to read the CVC's 72 circulars on public procurement through June 2022 and ensure compliance. This misperception must be addressed. The General Financial Regulations (GFRs) were first released in 1947 and updated by the Department of Expenditure of the Ministry of Finance in 2017. They control ministries' spending on products and se...

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China waives off debt
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Debt-Trap Diplomacy: China Waives Off Debts Owed by 17 African Countries

Dr. Kankana DebnathAugust 29, 20220

China has officially announced that it will forgive 23 loans for 17 African nations. China waives off debts of the African nations, which are interest-free and had matured by the end of 2021. Chinese FM Wang Yi announced this at the Forum on China-Africa Cooperation. He has further pledged that China would continue to actively support and finance major infrastructure projects in Africa in agricultural and manufacturing sectors. China will aid towards expanding co-operation in emerging industries such as the digital economy, health, green and low-carbon sectors. Facts and figures of the debts China waives off debts in Botswana, Burundi, Rwanda, Cameroon, the Democratic Republic of Congo, Mozambique among the 23 countries. The total amount of waived off debt stands at least at US$113.8...

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Modi’s Next Weapon To Turn India Into A Dictatorship Is Economic Crimes

Sayani ChakrabortyAugust 29, 20220

Narendra Modi, like Adolf Hitler, wants his party, the Bharatiya Janata Party, to have ultimate power in Indian politics (BJP). To destroy the opposition, his government will use carrot-and-stick techniques. Eight years into Narendra Modi's reign, India's multi-ethnic, multi-religious democracy is under peril. After Modi's BJP won a second term in 2019, the judiciary disintegrated. Justice A. M. Khanwilkar's final two rulings disregarded constitutional rights and the presumption of innocence. Khanwilkar began eroding these safeguards on June 25 when he disdained Zakia Jafri's appeal for justice and pushed the Modi government to prosecute those who assisted her. On July 27, two days before he retired, he dismissed 242 petitions challenging the executive branch's excessive powers to h...

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