I-Day: Google Doodle with kites symbolizes great heights achieved by India

 

Google on Monday, showed a doodle on its hunt page to observe India's 76th Independence Day. The Doodle, outlined by Kerala-based visitor craftsman Neethi, shows India celebrating 75 years of its Independence on August 15 with taking off kites representing the nation has accomplished incredible levels.

Freedom Day 2022 Doodle "portrays the way of life around kites - from the art of making brilliant wonderful kites to the merry experience of a local area meeting up. The huge field of sky brilliantly dotted with taking off kites is a bright image of the incredible levels we have accomplished. The GIF liveliness adds dynamism and brings the doodle alive."

This day remembers India's autonomy from provincial rule following two centuries of mistreatment and concealment because of the British. The festival of Independence Day praises the penances and enthusiastic endeavors of our bold chiefs and political dissidents who gave as long as they can remember for the country and the kinsmen.

Sharing his thinking about the Doodle, craftsman Neethi said that perhaps of our fondest memory, the well established custom of kite-flying has been essential to the Indian Independence Day merriments.

Political dissidents utilized kites to compose hostile to frontier mottos and flew them overhead as a characteristic of dissent.

Neethi said "A Kites are likewise a source for imaginative articulation large numbers of them convey popular themes or even friendly messages. I have drawn kites portraying our public tones, a message of adoration and remembering the 75 years of Indian freedom. They fly as high as high rises, birds and I might want to trust the sun!"....Read More

'Agnipath' scheme: Govt unveils radical changes in recruitment of soldiers

 

India on Tuesday revealed a "extraordinary" conspire called "Agnipath" for the enrollment of warriors into the Army, the Navy and the Air Force generally on a momentary legally binding premise with a mean to cut the swelling compensation and benefits charges and empower an energetic profile of the military.

Protection Minister Rajnath Singh gave subtleties of the new drive at a media preparation soon after the Prime Minister-drove Cabinet Committee on Security supported the plan which the public authority said would permit "energetic and roused" youth to serve in the military for a time of four years.

"Under the 'Agnipath' plot, Indian youth will be given a chance to serve in the military as 'Agniveer'. This plan has been brought to fortify the security of the country. It is an extraordinary plan," Singh said in presence of the three help bosses.

He said the implantation of trained, propelled and gifted 'Agniveers' back into society after military help, would be an extraordinary resource for the country as it will be a "shared benefit recommendation".

Depicting it a significant guard strategy change to introduce "another time" in the human asset strategy of the three administrations, the safeguard service said the plan comes into prompt impact and will oversee the enrolment for the three administrations, suggesting that current structure of work for fighters will fail to exist....CONTINUE READING

Aim to make India a hub for semiconductors for the world: PM Narendra Modi

 

State head Narendra Modi on Friday said he was anticipating down to earth ideas from the tech business and different partners about how one can move towards an India that is a center for semiconductors for the world before very long. At the SemiconIndia Conference 2022, in Bengaluru, Modi said there is an aggregate plan to lay out India as one of the vital accomplices in worldwide semiconductor supply chains.

"We need to work toward this path in light of the guideline of Hi-tech, great and high dependability," expressed Modi at semicon India Conference 2022 in Bengaluru. "Semiconductors are assuming a basic part on the planet in additional ways than we can envision."

He said another world request is framing and the nation should quickly take advantage of this chance. He said India has a craving for tech and hazard taking. "We have placed the chances in support of yourself quite far through a steady strategy climate," expressed Modi while tending to the chamber of clergymen, heads of the gadgets and semiconductor industry, financial backers, scholastics and individuals from the conciliatory corps.

Modi said 6 purposes behind India are being an appealing speculation objective for semiconductor advances. The nation is building a computerized framework to associate over 1.3 billion Indians. This incorporates India's monetary consideration, banking and computerized installment upset. He said that the Unified Payments Interface (UPI) is the world's most proficient installment foundation today....Know More

India's yearly gold demand in 2020 can be the lowest since 1995: WGC

 

The schedule year 2020 (CY20) may well end up being the most exceedingly awful year for gold interest in India since 1995 if the current patterns are extrapolated to entire year conjectures. As per the World Gold Council (WGC), gold interest in India hitherto in CY20 remains at 252 tons, when contrasted with 496 tons in a similar period a year ago. Regardless of whether October – December 2019 (Q4CY19) request of 194 tons is added to the CY20 request till now, the complete interest for CY20 will be lower contrasted with CY19 all out interest of 696 tons.

"CY19 was as it is a frail year for gold interest. All things considered, there are various functions arranged throughout the following quarter (Q2CY20). The economy is opening up and we don't have a clue how the interest will take care of business in the background of wedding season matching with work misfortunes and pay cuts. Be that as it may, gold will discover a few takers in the event that the costs plunge beneath Rs 50,000 for each 10 gram," said Somasundaram PR, overseeing chief, India, World Gold Council.

According to WGC information, the schedule year 1995 was the most noticeably terrible with the yearly gold interest in India at 462 tons, which improved barely to 511 tons in 1996, 547 tons in 2002 and 642 tons in 2009.

At 2,972.1 tons year-to-date (YTD) interest for gold at the worldwide level is 10% underneath the comparing time frame in 2019, recommends WGC's Gold Demand Trends report delivered Thursday. Request at 892.3 tons in Q3CY20 dropped 19 percent YoY and is the most reduced quarterly complete since Q3-2009 as purchasers and financial specialists kept on doing combating the impacts of the Covid-19 pandemic.

As respects India, the interest for gold inQ3CY20 remained at 86.6 tons, down 30% when contrasted with similar period in 2019 at 123.9 tons. Gold interest esteem remained at Rs 39,510 crore during the period under audit, down 4 percent as looked at Rs 41,300 crore in Q3-2019, WGC information show.

"A feeling of wary positive thinking has returned among the exchange coming from the way that society is continuously figuring out how to live with Covid-19. Notwithstanding, as we are as yet reeling under the effect of the pandemic and dread of a second influx of contaminations without away from of numerous factors on buyer conduct, unstable costs, or length of the interruptions, we won't have the option to measure the effect on the entire year gold interest in India other than to state that request could be multi-year low," Somasundaram said.

Meghalaya sanctions Rs 400 cr compensation to land losers of road project

 

The Meghalaya government has

authorized Rs 400 crore as pay to individuals losing their territories to the Shillong-Tamabil street extension venture, Deputy Chief Minister Prestone Tynsong has said.

The Rs 1187.5-crore street venture between the state capital and Tamabil at the India-Bangladesh outskirt is being supported by the Japanese International Cooperation Agency (JICA).

"The state government has stored Rs 400 crore for installment of pay to various landowners in East Khasi Hills and West Jaintia Hills areas," Tynsong, the responsible for PWD (Roads), told columnists on Wednesday night.

He said the region gatherers are attempting to deliver the sums at the soonest.

Tynsong said the National Highways and Infrastructure Development Corporation Ltd (NHIDCL) has coasted tenders for four bundles under the venture.

"The delicate cycle will be finished before the current month's over, after which the NHIDCL will open specialized and money related offers," he said.

The vice president serve communicated trust that the task will begin inside this year.

The four bundles of Rs 120 crore each will incorporate the four-laning of a 71-km stretch between Umshyrpi Bridge in Shillong and Baniun at seventh Mile, Upper Shillong and development of another extension over Umngot waterway in Dawki.

The Defense Ministry has consented to leave behind 12.45 sections of land of land for the undertaking.

The staying stretch till Dawki-Tamabil will be a two-path street.

States should stop blaming each other on stubble burning: Kejriwal

 

Boss Minister Arvind Kejriwal on Tuesday said state governments should quit accusing one another and cooperate to discover an answer for the issue of stubble copying, one of the significant purposes behind the yearly issue of helpless air in Delhi-NCR during winters.

Kejriwal said while ranchers of neighboring states and individuals of Delhi are enduring the worst part of stubble consuming, governments have closed their eyes.

State governments should quit accusing one another. We need to cooperate to discover an answer for the issue All organizations and governments need to pay attention to it now, he told journalists in Hiranki town in Narela where the showering of Pusa bio-decomposer arrangement began on Tuesday.

The arrangement, specialists state, can transform the stubble into compost in 15 to 20 days and in this manner, can forestall stubble consuming.

I am stressed over homestead fires in neighboring states. The smoke has begun influencing Delhi's air qualityAir contamination was leveled out throughout the previous 10 months, yet it has begun expanding once more, the central priest said.

Envision the effect of stubble consuming on the groups of ranchers who have no choice except for to consume the yield buildup. Ranchers don't consume it obstinately, he said.

Hackers break into 570 e-commerce stores including in India: Gemini report

A programmer bunch has broken into in any event 570 internet business stores in 55 nations, remembering for India, over the most recent three years, spilling data on more than 184,000 taken Visas and created over $7 million (over Rs 52 crore) from selling bargained installment cards.
Known as "Guardian", the gathering has been taking data from these online stores which incorporates Mumbai-based online adornments store ejohri.com that was supposedly undermined in February this year, as per the danger knowledge firm Gemini Advisory.
"More than 85 percent of the casualty locales worked on the Magento CMS, which is known to be the top objective for Magecart assaults and brags more than 250,000 clients around the world," said the Gemini report.
The nation facilitating the biggest choice of these casualty online business locales was the US, trailed by the United Kingdom and the Netherlands.
The sites hacked incorporate online bike dealer milkywayshop.it, Pakistan-based attire store alkaramstudio.com, Indonesia-based Apple item affiliate ibox.co.id and US-based head wine and spirits vender cwspirits.com, among others.
The Keeper 'Magecart' bunch has undeniably undermined several areas and likely extricated installment card data from a lot more that still can't seem to be revealed.

"With income likely surpassing $7 million and expanded cybercriminal enthusiasm for CNP (Card Not Present) information during the COVID-19 isolate measures over the world, this present gathering's business sector specialty has all the earmarks of being secure and beneficial," said the report.

After violent face-off at LAC, China says Indian Army violated consensus

China on Tuesday affirmed that the Indian soldiers twice crossed the fringe on June 15 for criminal operations and incited and assaulted Chinese work force which prompted genuine physical clash between the different sides, challenging the Indian Army's position that the fierce go head to head occurred between the soldiers during the "de-heightening procedure" in the Galwan Valley.
As indicated by the Indian Army, an official and two fighters were killed in Galwan Valley in eastern Ladakh on Monday during the savage go head to head with the Chinese soldiers.
"I am not mindful of the data you gave," Chinese Foreign Ministry representative Zhao Lijian said in Beijing when gotten some information about the reports of the Indian setbacks at the challenged fringes.
"Our outskirt troops had an elevated level gathering and arrived at significant agreement on facilitating the fringe circumstance however incredibly on June 15 the Indian soldiers truly damaged our accord and twice crossed the fringe for criminal operations and incited and assaulted Chinese staff which prompted genuine physical clash between the different sides and China has stopped solid dissent and portrayal with the Indian side," Zhao said.
"We indeed gravely request that the Indian side follow our agreement, carefully manage its bleeding edge troops and don't go too far, don't work up inconveniences or make one-sided moves that may entangle matters," the representative said.
Zhao likewise added that the two sides consent to determine this issue through exchange and conference and put forth attempts for facilitating the circumstance and maintaining the harmony and security along the outskirt zone.
The episode comes days after Indian Army Chief Gen MM Naravane said the two sides have started withdrawing from the Galwan Valley.

The Indian and Chinese armed forces are occupied with a stalemate in Pangong Tso, Galwan Valley, Demchok and Daulat Beg Oldie in eastern Ladakh.

Global refurbished phone market declines 1% in 2019, India sees 9% growth

The worldwide market for renovated cell phones declined 1 percent (year-on-year) in 2019, arriving at a little more than 137 million units, as indicated by another report. A similar market in India, be that as it may, grew a solid 9 percent a year ago.
The worldwide market developed to some degree in the final quarter as Apple redesigns stayed solid however a 1 percent expansion during the second 50% of the year couldn't balance the decrease in the main half, said most recent exploration from Counterpoint's 'Restored Smartphone Tracker'.
"This is the first run through over the most recent four years that the repaired advertise has declined for the entire year. The pattern is for the most part connected with the downturn in new cell phone deals in key locales like the US, China and Europe," said Jeff Fieldhack, Research Director at Counterpoint Research.
Regardless of a decrease in the general market, there were a few development markets like India, Latin America and Africa.
Varun Mishra, Research Analyst at Counterpoint Research said that the refurb environment in these economies is still at an incipient stage.
"As far as cell phones, these business sectors remain underpenetrated. Numerous clients are searching for moderate gadgets to come on the web. The change from include telephones to cell phones and the desire of premium gadgets at a moderate value guide proceed toward fuel development in these business sectors," Mishra said in an announcement.
There is additionally the progressing change of the refurb portion from the chaotic segment to composed in nations like India which is opening chances.

Apple and Samsung kept on commanding the optional market in 2019.

India to offer unemployment benefits to workers affected by coronavirus

Currrent Affairs
The Union government is intending to give joblessness advantages to an area of sorted out laborers who may lose their positions due to the coronavirus pandemic. This will be along the lines of measures taken by certain nations, for example, the United States to battle the effect of the pandemic, otherwise called COVID-19, on the working populace.
The administration's 'Atal Beema Vyakti Kalyan Yojana', which gives joblessness protection to laborers who have bought in to the Employees' State Insurance (ESI) conspire, will cover such specialists during the pandemic. The ESI is a self-financing medical coverage plot for formal division laborers in India oversaw by the Employees State Insurance Corporation (ESIC).
Under the plan, which has been operational since July 2018, laborers who become jobless get remuneration as money as long as a quarter of a year of joblessness. Be that as it may, this can be profited just once in a blue moon.
"The work and business service is hoping to broaden the plan and permit laborers to benefit of joblessness protection on the off chance that they are affected by coronavirus," a senior government official said.

Laborers get money to the tune of 25 percent of the normal compensation that they were getting over the most recent two years of their activity under this plan. In any case, a significant condition for laborers to get the joblessness advantage is that they ought to have been a supporter of the ESIC for at any rate two years….Read More

From India to Brazil, emerging markets can shore up global economy

International News
Emerging-economy central banks from India to Brazil still enjoy the firepower to shore up the global economy as their peers from developed markets take to the sidelines.
While policy makers at the Federal Reserve and European Central Bank are seemingly set to keep interest rates on hold, many of their developing nation counterparts have room to cut further. That should help support the world economy amid its weakest expansion in a decade.
“In most cases, emerging markets are now in the comfortable position to be able to cushion an economic downturn with monetary easing,” Ulrich Leuchtmann, head of currency strategy at Commerzbank AG in Frankfurt, said in a report this month. “This easing of monetary policy is likely to give a lift to EM economies, and this would also be positive for developed countries.”
Faster Growth
That outlook was underscored this week by Morgan Stanley economists, who predicted emerging markets will grow 4.4% next year, more than three times the 1.3% rate anticipated in the Group of 10 economies.
After 20 of the 32 central banks monitored by the bank eased policy in 2019, its economists forecast 13 will do so in 2020 with the cuts concentrated in emerging markets helping to reduce the global weighted average policy rate to a seven-year low by March. India, Brazil, Indonesia and Turkey can all strike if they need to.

With some hints of growth stabilization on signs that the U.S. and China are warming ties on the trade-war front, fund managers see more reasons to park their cash back in emerging markets. The International Monetary Fund also sees them as the primary drivers of the global economy while advanced economies linger in sub-3% territory.....READ MORE

World leaders come up short at UN summit as millions demand climate action

International News

Millions of people in 170 countries took to the streets to protest. World leaders lined up at the United Nations to pledge action. A 16-year-old girl, close to tears, shamed them for robbing her of a future.
The pressure to act on climate change is mounting. Titans of global business and politics gathered in New York this week for a series of events, including the Bloomberg Global Business Forum in New York, to acknowledge that more must be done -- but fell short of saying exactly what will be done.
“Time is running out in the court of public opinion, because time is running out to address climate change,” New Zealand Prime Minister Jacinda Ardern told heads of state and business chiefs at the Global Business Forum on Wednesday. “It’s right for them to hold our feet to the fire.”
The stakes have indeed never been higher. Temperatures have already risen 1 degree Celsius (2 degrees Fahrenheit) since the 1880s. The world must limit that warming to no more than 2 degrees above Industrial Revolution levels, the UN has warned, to avoid the most catastrophic of droughts, floods, mass migrations and conflicts. “You can just feel the groundswell of popular sentiment, that the urgency of this is elevated,” Goldman Sachs Group Inc. Chief Executive David Solomon said during the forum.
When asked whether there’s enough information out there to determine his own bank’s exposure to climate change, Solomon said, “We’re working on it. The answer is we’re working on it.” It was a response that underscored both the heightened awareness among leaders that they will be held responsible for global warming and the work that still lays ahead of them.

 The meetings were still “far too much a chance for people to beat their chests and say they’re making change,” said Brad Cornell, a business professor at the University of California at Los Angeles. “But who is making real change?”....Read More

Kashmir should be settled bilaterally; no place for third party: Macron

Current Affairs

India and Pakistan should resolve the Kashmir issue bilaterally and no third party should "interfere or incite" violence in the region, French President Emmanuel Macron said on Thursday after his marathon one-on-one talks with Prime Minister Narendra Modi.
The two leaders reviewed the entire gamut of the dynamic and multi-faceted bilateral relationship during their more than 90-minute long one-on-one meeting at Chateau de Chantilly, one of the finest jewels of French cultural heritage, located about 50 kms north of Paris.
The one-on-one interaction was followed by the delegation-level talks.
In a joint press statement after the talks, President Macron said that Prime Minister Modi briefed him about the recent decision taken by India on Jammu and Kashmir and that it is in their sovereignty.
"I told him that India and Pakistan will have to find a solution to the issue and no third party should interfere or incite violence in the region," Macron said.He said that peace should be maintained in the region and peoples' rights should be protected.
"I will also speak to Pakistan Prime Minister after a few days and tell him that the talks should be held bilaterally," the French president said.He also said that France will deliver 1st of the 36 Rafale fighter jets to India next month.

Speaking after Macron, Prime Minister Modi said the relationship between India and France is not based on any selfishness, but on solid ideals of 'Liberty, Equality and Fraternity'.He said India and France will expand cooperation in counter terrorism and security....Read More

Railways can't be privatised, govt will corporatise some arms: Piyush Goyal

International News

Railway Minister Piyush Goyal on Friday said there was "no question" of privatisation of the railways, but said the ministry will invite investments for new lines and projects in national interest.
Addressing the Lok Sabha on the issue of Demands for Grants of the railways, Goyal said track kilometre grew from 77,609 km to 89,919 km from 1950-2014 and rose to 1,23,236 km in the past five years.
"There is no question of privatisation of railways. Railways cannot be privatised. However, if we have to increase the facilities in railways then obviously we need investments for it. We have taken a decision to encourage public private partnerships and we will also corporatise some units," the minister said.
"There is no question of privatisation of the railways, but we should invite investment in national interest if there are new projects and lines," the minister told the House.
He also said railway budgets which were earlier presented in Parliament were designed to mislead the public and show them dreams about new trains for political gains.
"A tea vendor selling tea in front of trains during his childhood saw this country and understood the significance of the railways," said Goyal.
During Congress rule, not one coach was manufactured in Rae Bareli's Modern Coach Factory, one of the production units of which will be corporatised, he said. But the first coach was made in August 2014 shortly after the BJP came to power, he added.

 "There is only one difference between winners and losers, losers see difficulties while winners look at goals," Goyal said...Read More

Connaught Place 9th most expensive office location; Hong Kong tops chart

International News

New Delhi's Connaught Place (CP) is the ninth most expensive office location in the world with an annual rent of nearly $144 per sq ft, according to property consultant CBRE.
CP, located in the heart of the national capital, was at the ninth position even last year.
In its annual Global Prime Office Occupancy Costs survey, CBRE tracks the cost of leasing prime office space globally.
For the second year, Hong Kong's Central district retained the top spot as the world's most expensive market for prime office rents, with the prime occupancy costs valued at $322 per sq.ft.
"New Delhi's Connaught Place - central business district (CBD) retains its ninth position in the list as last year and the office occupancy cost is valued at $143.97 per sq ft," the report said.
Mumbai's Bandra Kurla Complex and Nariman Point CBD slipped to 27th and 40th positions, respectively.
Bandra Kurla Complex (BKC) was ranked 26th and Nariman Point at 37th in 2018 ranking.
The current annual prime rent of BKC is valued at $90.67 per sq. ft and the Nariman Point CBD is valued at $68.38 per sq ft.

 Indian markets continued to have greater investment grade space in the CBDs of the different cities as prominent domestic and global corporates continued to favour investment grade space for setting up front their front offices in these cities," said Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE...Read More

Govt sources refute Trump's claim, says India's tariffs are not that high

Company News

India's taxes are not unreasonably high contrasted with other creating nations, government sources told Reuters on Thursday, responding to United States President Donald Trump's call to pull back what he said were high levies.
Prior Trump tweeted that he anticipated gathering Indian Prime Minister Narendra Modi at the G20 summit in Japan, however said that for a considerable length of time India had put "high duties against the United States". Including: "This is unsatisfactory and the duties must be pulled back!" This month, India slapped higher duties on 28 US items in counter for Washington's withdrawal this long stretch of tax unhindered commerce for certain Indian merchandise.
India's duties are in accordance with the World Trade Organization administers, the administration sources stated, including that US levies a few things were a lot higher than India's.
"I look forward to speaking with Prime Minister Modi about the fact that India, for years having put very high tariffs against the United States, just recently increased the tariffs even further," Trump said on Twitter. "This is unacceptable and the tariffs must be withdrawn!" said Trump, who will meet Modi at this week's G20 summit in Japan.
Trump's remarks could further worsen a trade row that has led to tit-for-tat tariffs from India and the United States and created an unease over the depth of their security alliance.

 US Secretary of State Mike Pompeo, who was in New Delhi on Wednesday, sought to reduce heightened trade tension with India, promising a renewed focus on negotiating better ties, but giving few specifics of how they would overcome disputes over trade and investment.Trade between the United States and India stood at about $142.1 billion in 2018.

Walmart to pay $282 mn for violating anti-corruption rules in 4 countries

Company News

International retail giant Walmart Thursday agreed to pay over $282 to various US bodies to settle charges of violating anti-corruption regulations while conducting its business in India, China, Brazil and Mexico.

According to the US Security and Exchange Commission (SEC), these violations were conducted by Walmart's third-party intermediaries who made payments to foreign government officials without reasonable assurances that they complied with the Foreign Corrupt Practices Act or FCPA.
SEC has charged Walmart with violating FCPA by failing to operate a sufficient anti-corruption compliance programme for more than a decade as the retailer experienced rapid international growth.Walmart agreed to pay more than $144 million to settle the SEC's charges and approximately $138 million to resolve parallel criminal charges by the Department of Justice for a combined total of more than $282 million, SEC said.

"Walmart valued international growth and cost-cutting over compliance," said Charles Cain, Chief of the SEC Enforcement Division's FCPA Unit."The company could have avoided many of these problems, but instead Walmart repeatedly failed to take red flags seriously and delayed the implementation of appropriate internal accounting controls," he said.

Walmart consented to the SEC's order finding that it violated the books and records and internal accounting controls provisions of the Securities Exchange Act of 1934.


 According to the SEC's order, Walmart failed to sufficiently investigate or mitigate certain anti-corruption risks and allowed subsidiaries in Brazil, China, India, and Mexico to employ third-party intermediaries who made payments to foreign government officials without reasonable assurances that they complied with the FCPA.

Former ICICI Bank CEO Chanda Kochhar skips ED date; to be summoned again

Company News

Former ICICI Bank CEO Chanda Kochhar Monday skipped her scheduled appearance before the ED in a money laundering case probe, citing bad health, officials said.
The probe involves the bank and the Videocon group.Chanda Kochhar will now be asked to depose later this week. She had not appeared before the agency even last week citing health reasons.
Official sources had told PTI earlier this week that the central probe agency is now mulling to call some more bank officials to confront them with the statements made by Chanda Kochhar and obtain further leads.The Enforcement Directorate (ED) had last month questioned and recorded the statements of Chanda Kochhar and her husband Deepak Kochhar over multiple sessions.
The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act (PMLA).Chanda Kochhar's brother-in-law and Deepak's brother, Rajiv Kochhar, has also been grilled by the ED multiple times in the case.
The Kochhar couple have been questioned in the past too at the ED's zonal office in Mumbai after the central agency conducted raids on March 1.The searches were conducted at the premises of Chanda Kochhar, her family and Venugopal Dhoot of Videocon Group in Maharashtra's Mumbai and Aurangabad.

 The ED registered a criminal case under the PMLA earlier this year against Chanda Kochhar, Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning Rs 1,875-crore of loans by ICICI Bank to the corporate group.This action of the agency was based on an FIR registered by the CBI.

World Bank retains projections for India's economic growth at 7.5%

Current Affairs

After the weak gross domestic product (GDP) data, India has something to cheer about. The World Bank has retained projections for India’s economic growth at 7.5 per cent for the current fiscal year even as it cut global economic expansion by 0.3 percentage points.
In its Global Economic Prospects report, the World Bank, however, pegged the growth at the same pace of 7.5 per cent for the next two fiscal years.
For the current fiscal year, the growth is quite high, given the fact that India’s economy grew just 6.8 per cent in 2018-19, a five-year low. Also, the growth plunged to 5.8 per cent in the fourth quarter of the fiscal year, also a five-year bottom. Also, the International Monetary Fund (IMF) had earlier cut economic growth of India to 7.3 per cent from earlier projection of 7.5 per cent. The Asian Development Bank (ADB) pegged the growth at 7.2 per cent.
World Bank retains projections for India's economic growth at 7.5%
Without naming Pulwama terror attack and Balakot strike, the Bank made a reference to these incidents between India and Pakistan. “Skirmishes between India and Pakistan in February are a reminder that latent geopolitical tensions can flare up at any time," the Bank said. The Bank said investment rate in India was expected to grow at a slower pace in 2019 than in 2018. It, however, said investment growth was expected to remain robust as benefits of recent policy reforms further materialised.

 “Private consumption and investment will benefit from strengthening credit growth amid more accommodative monetary policy, with inflation having fallen below the Reserve Bank of India’s target," it said.

Trade mis-invoicing cost India $13 bn in tax revenues in 2016, says report

Current Affairs

India is estimated to have lost $13 billion potential tax revenue in 2016, equivalent to a staggering 5.5 per cent of total government revenue collections back then, due to simple trade invoicing.
The findings, part of a report by Washington, DC-based think tank Global Financial Integrity (GFI), are set to worry policymakers who have increasingly tried to crack down on fraudulent tax practices.
Trade misinvoicing involves both exporters and importers deliberately misreporting the value, quantity, or nature of goods or services in a commercial transaction and is treated as one of the most common forms of tax fraud by the government.Of the lost revenue, approximately $4 billion was due to deliberate misinvoicing of exports, while $9 billion was due to the same being done for imports.
The lost revenue on the import side can be further broken down by uncollected value-added tax worth $3.4 billion, uncollected Customs duties costing $2 billion, and uncollected corporate income-tax worth $3.6 billion, GFI said.
Released on Monday, the report also pointed out this trade gap for misinvoiced goods may be as high as $74 billion, equalling 12 per cent of the country’s total trade of $617 billion in the same year.
A report by the UN had earlier warned New Delhi that valuable earnings, mostly in commodity imports, were regularly vanishing and had suggested updating trade policy to counter the issue.

India should also encourage other countries to adopt a beneficial ownership registry, to fully implement financial action task force’s anti-money laundering recommendations, country-by-country reporting, tax information exchange initiatives and the Addis Tax Initiative, GFI said.Back in 2017, a similar report by GFI pegged the total illicit inflows into India between 2005 and 2014 at $770 billion.