The Supreme Court moved swiftly on Friday to dispel what it termed “misinformation and rumours” swirling around an alleged discovery of a large cash stash at the official residence of Delhi High Court judge Justice Yashwant Varma following a fire.

In a statement, the apex court clarified that the proposed transfer of Justice Varma to the Allahabad High Court was unrelated to an ongoing in-house enquiry, seeking to quash speculation that had gripped legal and political circles.

The court revealed that Delhi High Court Chief Justice D.K. Upadhyaya had initiated an internal probe prior to the Supreme Court Collegium’s meeting on 20 March. This enquiry, aimed at gathering evidence and facts, was triggered after reports of the incident surfaced.

“The Chief Justice has been diligently collecting information, and a report will be submitted to Chief Justice of India Sanjiv Khanna today,” the statement noted. Once reviewed, the Supreme Court vowed to take “further and necessary” steps, hinting at a meticulous follow-up process.

The controversy erupted after a fire broke out at Justice Varma’s Lutyens Delhi residence late on 14 March. Delhi Fire Services Chief Atul Garg, speaking to PTI, provided a detailed account that contradicted the cash haul narrative.

“We received a call at 11.35 p.m. about a blaze, and two fire tenders were dispatched immediately,” Garg said. Arriving at 11.43 p.m., firefighters found flames confined to a storeroom filled with stationery and household items. “It took 15 minutes to extinguish the fire—no injuries were reported,” he added.

Garg was unequivocal about the absence of cash. “Our team found no money during the operation. After putting out the fire, we alerted the police and left the scene,” he stated, debunking claims that firefighters had stumbled upon a fortune.

The Karnataka Legislative Assembly was thrown into disarray on Friday as at least 18 BJP MLAs faced suspension for allegedly causing a ruckus. The opposition lawmakers demanded a judicial inquiry by a sitting High Court judge into claims of a “honey-trap” scheme targeting a minister and other politicians. The uproar saw marshals escorting the suspended BJP members out of the chamber, as tensions flared over the explosive allegations.

The drama erupted shortly after the session began, with BJP and Janata Dal (Secular) MLAs storming the well of the House, brandishing CDs and chanting slogans. Their protest persisted despite assurances from Chief Minister Siddaramaiah of a high-level investigation.

The opposition’s ire stemmed from Cooperation Minister KH Rajanna’s revelation on Thursday that he had been targeted in a honey-trap attempt, claiming 48 politicians across party lines had faced similar ploys. BJP leaders, unimpressed by the government’s response, insisted on a judicial probe, arguing the case’s gravity warranted impartial oversight.

Siddaramaiah sought to quell the unrest, telling the Assembly, “Home Minister G Parameshwara has promised a thorough probe. Let Rajanna file a formal complaint, and we’ll ensure protection for all members—Congress, BJP, or JD(S). No lawbreaker will be spared, regardless of status.”

He stressed the government’s duty to safeguard citizens, adding, “We’ll discuss the probe’s scope and act decisively.” Parameshwara echoed this, noting Rajanna’s intent to lodge a complaint, though it was yet to materialise. “I’ve committed to a high-level investigation and will consult the CM on its nature,” he said.

But the opposition, led by R Ashok, remained unconvinced. “What’s the intelligence wing doing under the CM’s watch? If ministers aren’t safe, who is? This demands a sitting judge’s inquiry,” Ashok thundered, pointing to Rajanna’s claims of widespread political targeting. BJP MLA Sunil Kumar had earlier set the tone, questioning the cabinet’s integrity. “A minister alleging a honey-trap in the House—what does that say about governance? Where’s the morality?” he demanded, urging clarity on the probe and protection for legislators.

Congress leaders, meanwhile, defended the suspensions, accusing the opposition of disrespecting the House by tearing papers and disrupting proceedings. Minister Priyank Kharge fired back, alleging similar scandals under the previous BJP regime went unaddressed. “They secured court stays then—why the outrage now?” he retorted, sparking a fiery clash between the benches.

India is projected to emerge as the consumption capital of the world, driven by strong economic trends, rising per capita income, and a booming Gen Z population, according to a recent report by a media citing analysis from Angel One and Iconic Asset.

Household growth outpaces population rise

The report highlights that household formation in India is accelerating due to the increasing trend of nuclear families. This surge is outpacing overall population growth, emerging as a pivotal factor fueling higher consumption across sectors.

Currently, consumption constitutes 56% of India’s GDP, making it the most rapidly growing segment of the economy. Projections indicate that India’s consumption is expected to double by 2034, placing the country ahead of major global economies.

Future savings to unlock consumption potential

India’s economic landscape is set for a dramatic transformation with its total savings over the next 25 years projected at USD 103 trillion—a tenfold increase from USD 12 trillion between FY1997 and 2023. These savings are anticipated to unleash massive potential for incremental consumption.

Moreover, recent tax reductions in the Union Budget are expected to unlock ₹1 lakh crore, leading to an additional consumption boost of ₹3.3 lakh crore. This move alone could potentially add 1% to the national GDP, the report states.

A trajectory similar to the US and China

The report draws parallels with historical patterns seen in the US and China, where periods of rising per capita income triggered significant increases in discretionary spending. India is expected to follow a similar trajectory, with notable growth in categories such as consumer electronics, apparel, jewellery, and the experience economy.

Gen Z and modern retail: the next frontier

With 92% of retail trade still dominated by Kirana stores, the report underlines the untapped potential for modern retail to expand and gain market share. Furthermore, India’s Gen Z population already surpasses the total population of the US, and by 2035, every second rupee spent will come from a Gen Zer, adding a demographic edge to India’s consumption story.