English हिन्दी
Connect with us

India News

Russia Ukraine War: Crude oil hits all-time high, markets crash

On Thursday, the Brent crude prices topped the $105 per barrel mark Thursday for the first time since September 2014. On the other hand, the Bombay Stock Exchange’s Sensitive Index, Sensex, crashed over 2,700 points.

Published

on

Russia Ukraine conflict: From sunflower oil to fertilisers, these things that are exported from Ukraine are likely to affect Indian economy, here's why

Amidst the ongoing third world war, crude oil prices have surged past 100 dollars per barrel, that is Rs 7,528 per barrel. This is the all-time high of crude oil and it is its highest in seven years after Russia launched an attack on Ukraine. For the uninitiated, Russia is the largest exporter of crude oil and is also the world’s biggest natural gas exporter.

Apart from this, the stock markets also crashed soon after Russia attacked Ukraine. All of this has come as fear for the Indian economy and people are fearing that it will have a direct impact on their pockets.

As the crude oil price went high and the stock market crashed, Prime Minister Narendra Modi held a meeting with Finance minister Nirmala Sitharaman and other senior officials on Thursday evening.

On Thursday, the Brent crude prices topped the $105 per barrel mark Thursday for the first time since September 2014. On the other hand, the Bombay Stock Exchange’s Sensitive Index, Sensex, crashed over 2,700 points, its biggest single-day fall in about two years. Meanwhile, Nifty nosedived 815.30 points or 4.78 per cent to end at 16,247.95.

Chief economist at ICRA, Aditi Nayar, said that if the Indian crude averages $100 per barrel through FY23, the current account deficit could rise to 2.3-2.5% of GDP from an estimated 1.4% in FY22. She further said that the tax revenue assumptions made in the Budget for FY23 are mildly conservative, and may permit an early reduction in excise duty to absorb a portion of the shock related to higher crude oil prices.

In other news, Anand Subramanian, Former National Stock Exchange group operating officer has been arrested this morning by CBI in connection with the ongoing probe about the alleged irregularities in the stock market manipulation case.

India News

Enforcement Directorate officer caught taking Rs 20 lakh bribe in Tamil Nadu

Ankit Tiwari had been blackmailing many people and was taking bribes worth crores from them. He was also distributing bribes to other ED officials as well.

Published

on

An Enforcement Directorate (ED) officer was arrested by the State Vigilance and Anti corruption department after he was caught taking a bribe of Rs 20 lakh from a government employee in Tamil Nadu’s Dindigul.

The name of the officer is Ankit Tiwari and he has been sent to judicial custody till December 15. After his arrest, the Dindigul district Vigilance and Anti-Corruption (DVAC) at the ED Madurai’s office. The officials also searched Ankit Tiwari’s residence.

According to reports the investigation carried out showed more officers from Chennai and Madurai were involved in the case. Ankit Tiwari had been blackmailing many people and was taking bribes worth crores from them. He was also distributing bribes to other ED officials as well. Some documents have been seized from him and more ED officials at the Madurai and Chennai offices which may be may be searched further in connection with the case.

Ankit Tiwari contacted a government employee from Dindigul in connection with a DVAC case against him on October 29. The case had already been closed by. He told the employee that the Prime ministers’s office (PMO) had asked the ED to conduct an investigation into the matter.

Ankit Tiwari asked the employees to meet at the ED office in Madurai on October 30 for further investigation. On the employee arrived at the office, the ED officer allegedly sought Rs 3 crore as bribe from him to close the investigarion.

He told the employee that he had spoken to senior officials and agreed to lower the bribe to Rs 51 lakh. On November 1, the government employee purportedly gave the first installment of RS 20 lakh to the ED officer. The ED officer later asked him to pay the full amount and said the amount had to be shared among higher officials.

He also threatened the government employee of severe action, if he failed to make the payment. Later the government employee filed a complaint against him with DVAC’s Dindigul unit on November 30.

Continue Reading

India News

5 state elections: Exit poll projections range from a farce to the far-fetched

Pollsters run full time advisories on election management charging hundreds of crores. They can make or break political careers with their advice “based on research” leading to denial or offer of party tickets.

Published

on

By Neeraj Mishra

Every year, some states have elections and every year, a farcical drama is played out on television channels, for days adding up to the actual counting hour. Familiar faces create and discuss highly improbable situations, stereotyped characters indulge in violence of words and extravagant exaggeration.

It is all aimed at creating confusion in the voter’s mind, infusing satta markets with more punters and general joy at the expense of viewers. This year is no different. India Today thinks the BJP can get 162 seats in Madhya Pradesh bettering its previous tally by more than 50. It does not pause to think why and how this is possible. The perceived anti-incumbency of 20 years has been turned on its head and a Gujarat-like result is possible without a similar communal situation or voter mindset.

At the same time, there are three other channels which think it’s a close race giving an average of only 100 seats to the BJP, 16 short of majority. Psephology is now a full time business with at least a dozen big companies that employ innumerable fake scientists.

Some of these companies have taken this to the next level like Prashant Kishor. They run full time advisories on election management charging hundreds of crores. They can make or break political careers with their advise “based on research” leading to denial or offer of party tickets. Clearly, winning is the only thing that matters as stakes are too high and the prize is control over the entire system at the state level.

Back to the exit polls though, the song on Chhattisgarh is quite identical in every channel. Every psephologist worth his salt knows that the BJP was so far behind in 2018 at 15 seats compared to the Congress’ 70 that to recover and beat it would be next to impossible, so every channel has the Congress ahead. But in a house of 90 to say that BJP will get between 36-46 seats and Congress will get 40-50 seats is a joke at the very least.

It would mean both parties are forming the government and the researcher is not sure so he has played safe. Keeping a two per cent margin in predictions is absolutely unacceptable here, since traditionally the difference between the two parties has been less than 2 per cent, except in 2018. Even a 0.75 per cent difference in votes can lead to a BJP-50 and Congress-38 situation in 2013. So to say, the BJP can get between 36 to 46 seats is absurd.

It’s the difference between losing and forming the government. After having covered more than two dozen elections, one has seen that the safest way to predict results is based on the prevailing mood about three months before the elections are announced. Barring something as drastic as Pulwama, people are unlikely to change their mind at the last moment.

So to say all along the campaign period that such and such party is improving its position is mostly low conjecture. Another noticeable thing in this elections has been the freebies on offer by sitting governments in all states. Shivraj Singh Chouhan beat them all by announcing he would give Rs 3000 per month to every married woman if voted back to power.

He even delivered two installments during the campaign period while the Election Commission did nothing about it, it did stop K. Chandrashekhar Rao from dispensing his pro-farmer cash. So have the labharthis (beneficiaries) then appropriated this round of elections? They certainly have caused a major rift among psephologists.

The wide difference in their predictions is perhaps also caused by which set of Labharthi they talked to. Labharthis also tend to aggregate their votes regionally. For instance in famine-ridden Bundelkhand in Madhya Pradesh, Rs 3000 means a lot but not so much in more affluent Malwa-Nimad.

The Congress’ offer of loan waiver may trump the BJP’s offer of Rs 12000 per annum to every woman over 18 in the Chhattisgarh plains but in the hilly tribal areas, it still rings a bell. Exit poll is an effective salve to pacify nervous candidates and supporters. No one really remembers or credits the channels with anything even if they were spot on. It is only a three-day carnival and should be treated as such. Real life happens on counting day.

Continue Reading

India News

PM Modi proposes to host COP33 in India in 2028

The 28th conference of the Parties (COP) to the United Nations framework Convention on climate change (UNFCCC), refered as COP28, is currently taking place in Dubai in the United Arab Emirates, from November 30 to December 12.

Published

on

Prime Minister Modi was addressing the COP28 climate summit in Dubai on Friday, he proposed hosting COP33 in India in 2028. PM Modi said  India is committed to UN framework for climate change process. That is why, from this stage, he proposed to host COP33 Summit in India in 2028.

The 28th conference of the Parties (COP) to the United Nations framework Convention on climate change (UNFCCC), refered as COP28, is currently taking place in Dubai in the United Arab Emirates, from November 30 to December 12.

As a special gesture by the UAE, PM Narendra Modi was given the honour of speaking at the Ceremonial opening of the summit, in which discussion will held on issues regarding climate change in the coming days. He said he announced one more pro planet, pro active and positive initiative- green credit initiative.

PM Modi said India’s goal is to bring down the emissions intensity by 45 % till 2030 and also said the country has decided to increase the share of non fossil fuel to 50%. He said India will keep going ahead towards the goal of net zero by 2070.

PM Modi will also attend three other high level events on the sidelines of the summit. Bilateral meetings with World Leaders like Maldivian President Mohamed Muizzu, UN Secretary-General Antonio Guterres and Israeli President Issac Herzog.

The COP28 conference brings together the heads of the state, climate activists, government ministers, scientists and other stake holders from all over the world so that discussion can take place and action can be taken on climate change. The key themes of the conference include slashing energy emissions before 2030 and fast tracking the energy transition, transforming climate finance, putting nature, lives, people and livelihood at the heart of climate action and mobilizing for more inclusive COP ever.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com