Thursday, March 21, 2024

India's 21st Century Pushpak 'Viman' Set For Launch, D-Day Today, 7 AM

 India's 21st Century Pushpak 'Viman' Set For Launch, D-Day Today, 7 AM

"The Pushpak launch vehicle is India's bold attempt to make access to space most affordable," said S Somanath, Chairman, Indian Space Research Organisation (ISRO).



Thiruvananthapuram: A sleek, SUV-sized winged rocket is ready for its experimental flight at a defence airfield in Karnataka. The rocket will be launched at 7 am today from the Chalakere Runway. Named "Pushpak", the Re-usable Launch Vehicle (RLV) sometimes dubbed the "swadeshi space shuttle" is India's bold attempt to enter the reusable rocket segment. The current experiment is the third flight of Pushpak -- all part of a test of its robotic landing ability in more complicated circumstances.

"The Pushpak launch vehicle is India's bold attempt to make access to space most affordable," asserted S Somanath, Chairman, Indian Space Research Organisation (ISRO). "It is India's futuristic Reusable Launch Vehicle, where the most expensive part, the upper stage, which houses all the expensive electronics, is made reusable by bringing it back safely back to Earth. Later, it could even do refuelling of in-orbit satellites or retrieving satellites from orbit for refurbishment. India seeks to minimise space debris and Pushpak is one step towards that as well," he said.


In making for a decade, the RLV flew from Sriharikota first in 2016 and successfully landed on a virtual runway in the Bay of Bengal. The RLV was never recovered. As planned, it sank into the sea.


A second test was successfully conducted on April 2, 2023, at the Chitradurga Aeronautical Test Range of the defence establishment. Called the RLV-LEX, the winged rocket was hoisted into the air by an Indian Air Force (IAF) Chinook Helicopter, slung on its under-carriage and then dropped to land in an autonomous landing, which went off without a hitch.


Regarding the name, Mr Somanath said the "Pushpak Viman" is India's legendary spaceship named in the Ramayan, known to be the vehicle of the Lord of Wealth, God Kuber. So it is appropriate to name India's most audacious 21st Century rocket as Pushpak. "It is expected that in times to come, it could be a money spinner for India when it becomes a commercially available launcher.'


"Pushpak is the future," said Mr Sunil P, Program Director, Advanced Technology & Systems Group, Vikram Sarabhai Space Center. "ISRO has an objective to fly a vehicle that is more cost-effective and provides very low-cost access to space," he added.

India thought of building its own version of the space shuttle over 15 years ago. Ten years ago, a dedicated team of engineers and scientists plunged into making RLV a reality.


The 6.5-meter aeroplane-like space craft weighs 1.75 tons and will be hoisted aboard an IAF helicopter. During the descent, a phase which is essentially a glider-like event, small thrusters will help the vehicle navigate to the exact spot where it is supposed to land.

The government has invested over Rs 100 crore in the project, which is a milestone as the country moves towards making its own space station -- the Bhartiya Antariksha Station -- by 2035.



Wednesday, March 20, 2024

Lok Sabha Elections 2024: Congress set to name additional candidates; Charanjit Channi, Jignesh Mevani not on list

 

Lok Sabha Elections 2024: Congress set to name additional candidates; Charanjit Channi, Jignesh Mevani not on list


Congress has decided its candidates for Lok Sabha polls 2024, and the number of seats the party will be contesting from, said Sachin Pilot.

Lok Sabha elections 2024: Sachin Pilot also added that “good candidates” with “good image” have been selected

Lok Sabha Elections 2024: After the Congress Central Election Committee meeting, senior leader on Wednesday said that former Punjab Chief Minister Charanjit Singh Channi and the Dalit activist Jignesh Mevani will not be on the party's list of candidates.

After the meeting, Sukhjinder Singh Randhawa said that the candidate list will be announced soon.

"There is no name of Charanjit Singh Channi and Jignesh Mevani (in the list of Rajasthan candidates)," he added.

Congress has decided its candidates for Lok Sabha polls 2024, and the number of seats the party will be contesting from, said Sachin Pilot.

“The discussion happened on all the seats and decisions have been taken on many seats. The final announcement (of candidates) will be made by CEC," he said.

Pilot also added that “good candidates" with “good image" have been selected. "Candidates working at the grassroots level have been selected.....This time our effort will be to improve our performance in Rajasthan..." he added.


The Congress is likely to release its list of candidates today.

So far, the party has announced candidates for 82 of the total 543 Lok Sabha seats.

In its first two list, the party announced the candidature of Rahul Gandhi, DK Suresh, Shashi Tharoor, Gaurav Gogoi, Nakul Nath and Vaibhav Gehlot among others.

The Lok Sabha Elections 2024 will start on April 19. It will be held in seven phases. The counting for the Lok Sabha polls will be held on June 4.

Today, Jan Adhikar Party chief Pappu Yadav, suspended BSP leader and Amroha MP Danish Ali and Jharkhand BJP leader Jai Prakash Bhai Patel joined the Congress.

Pappu Yadav also merged his party Jan Adhikar Party with the Congress.
On electoral bonds, Congress party leader Salman Khurshid said taht there is a big difference between what the opposition gets and what the government gets.

"Who has ED and CBI, and who can put pressure? People willingly give (money) to the opposition, so we accept it..."
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Facing backlash over ‘pure veg’ fleet, Zomato CEO Deepinder Goyal promises to roll it back if…

 Facing backlash over ‘pure veg’ fleet, Zomato CEO Deepinder Goyal promises to roll it back if…


Zomato CEO clarified that the participation in the ‘pure veg’ delivery fleet will not discriminate on the basis of the delivery person's dietary choices.

Zomato founder and CEO Deepinder Goyal on Tuesday issued a clarification amid backlash on social media over the food delivery company's new ‘pure veg fleet’, saying the feature strictly serves a dietary preference.

Zomato launched a "Pure Veg Mode" service to cater to customers who have pure vegetarian dietary preferences

In a post on X, Goyal said that the food sometimes spills into the delivery boxes and its smell travels to the next order.


Hindustan Times - your fastest source for breaking news! Read now.

“For this reason, we had to separate the fleet for veg orders,” the Zomato CEO said.


Goyal set off a storm on social media on Tuesday with his announcement of a dedicated fleet for the food delivery giant, sparking a contentious debate on X. The fleet is intended to exclusively serve orders from ‘pure veg’ restaurants, with deliveries made in distinctive green boxes.


The announcement garnered mixed reactions from users, with many expressing concerns about the implications of such a decision, including potential harassment of delivery partners in the usual ‘Red’ fleet.


Some users also flagged concerns that certain resident welfare associations (RWAs) may ban the regular fleet from entering apartment complexes.


"It wasn't enough that our food is considered a sin to eat, us filthy for eating it, and to be discriminated for cooking or ordering it at home. Now we watch as RWAs with their history of great decisions make houses 'pure veg fleet only'," a user lamented.


Another user raised practical concerns about the use of different-coloured boxes for veg deliveries, suggesting that it could lead to further discrimination. "If Zomato uses different colored boxes to deliver veg food, bigoted landlords can harass tenants if they see non-green colors. Whatever assurance of veg fleet if needed must be kept inside the app only," the user cautioned.


Questions were raised about the potential extension of the veg-only policy to delivery personnel. "So how long before they decide the driver of veg food must also be vegetarian?" pondered a user.


The Zomato CEO asserted that participation in the ‘pure veg’ delivery fleet will not discriminate on the basis of the delivery partner’s dietary preferences.


“There’s an opinion that some societies and RWAs will now not let our regular fleet in. We will stay alert for any such cases and work with these RWAs to not let this happen. We understand our social responsibility due to this change, and we will not back down from solving it when the need arises,” Goyal said.


“And I promise, that if we see any significant negative social repercussions of this change, we will roll it back in a heartbeat,” he added.

Goyal also said he has received an “overwhelmingly positive response” on the launch of ‘pure veg’ fleet.


“A lot of comments from young people who eat non-veg food saying “now my parents can also use zomato”,” he wrote.

Subduction zone discovered beneath Gibraltar Strait: Concerns raised over future of Atlantic ocean

 Subduction zone discovered beneath Gibraltar Strait: Concerns raised over future of Atlantic ocean


zone beneath the Gibraltar Strait may lead to the Atlantic Ocean's closure in 20 million years, reshaping the planet's geological landscape.

NEW DELHI: A recent study from scientists in Portugal has raised concerns about the future of the Atlantic Ocean. They have identified a subduction zone, known as the 'Ring of Fire', that could potentially swallow the Atlantic Ocean.

Currently located beneath the Gibraltar Strait, between Spain and Morocco, this subduction zone is predicted to expand westwards over the next 20 million years.


This process could lead to the shrinking of the ocean basin, ultimately closing off the Atlantic.

Subduction zones occur where tectonic plates interact, with one plate diving below another. These zones are associated with significant seismic activity and can have profound geological implications.


Professor João Duarte, leading the study at the University of Lisbon, warns that the Atlantic may be in the early stages of closure due to subduction activity.

The Gibraltar Strait, a 10-mile gap separating Europe and Africa, marks the meeting point of the Eurasian Plate and the African Plate. The African Plate is currently subducting beneath the Eurasian Plate in this region, leading to seismic events and earthquake risks.


Despite the slow movement of the subduction zone beneath the strait, experts believe it could grow and extend into other parts of the ocean, a phenomenon known as 'subduction invasion'.

Although the current subduction zone below the Gibraltar Strait is relatively small, measuring about 125 miles in length, projections suggest it could expand to around 500 miles in the next 20 million years. Using computer simulations, researchers traced the evolution of this subduction zone from its formation millions of years ago to its potential future development.


The model indicates that the subduction zone will progress westwards through the Gibraltar Strait, forming a new Atlantic subduction system referred to as the 'Ring of Fire'. This process, similar to the Pacific Ocean's Ring of Fire, involves the gradual pulling of the ocean floor beneath the continents, leading to the closure of the ocean basin.

The study, published in the journal Geology, highlights the possibility of the Atlantic Ocean 'closing up' in the distant future.


The researchers suggest that the extended subduction zone will propagate further into the Atlantic, eventually reshaping the ocean's geography. While the timeline for these changes spans millions of years, the implications could be significant for the planet's geological landscape.

In conclusion, the findings of the study shed light on the dynamic nature of Earth's tectonic processes and the long-term evolution of ocean basins. The concept of the Atlantic Ocean shrinking and potentially ceasing to exist over a vast timeframe offers a glimpse into the geological forces shaping our planet.


Tuesday, March 19, 2024

India Had World’s 3rd Worst Air In ’23, Delhi Foulest Capital

 

India Had World’s 3rd Worst Air In ’23, Delhi Foulest Capital


India faces severe pollution issues, ranking third most polluted in 2023 after Bangladesh and Pakistan. Delhi's PM2.5


NEW DELHI: India was ranked the third most polluted country and New Delhi the most polluted capital by the 2023 World Air Quality report by Swiss technology company, IQAir. The latest report by the company that provides live information on major air pollutants globally, also found Begusarai in Bihar as the most polluted city globally last year.

The report, released Tuesday, showed Bangladesh and Pakistan were the top two most polluted countries in 2023. India showed a relative decline as the country was ranked 8th in 2022, an improvement from 2021 when it had the 5th rank.
IQAir said 13 of the 15 most polluted cities in the world in 2023 were in India with Begusarai, Guwahati and Delhi being the top three.

At the same time, some Indian cities made the list for the right reasons. Silchar in Assam (7th), Aizawl in Mizoram (8th) and Damoh in Madhya Pradesh (15th) figured in the list of the least polluted cities in the central and south Asia region, home to many polluted cities in the world.

In 2023, only 10 out of the reporting 134 countries succeeded in achieving the WHO annual particulate matter PM2.5 standards of 5 micrograms per cubic metre (µg/m3). Exposure to PM2.5, one of the key pollutants, leads to and exacerbates numerous health conditions, including asthma, cancer, stroke and lung disease.
The report, factoring in hazardous PM2.5 concentrations, found that Delhi’s PM2.5 concentration in 2023 had risen by 10% from 2022 with levels peaking in November, which saw a monthly average of 255 µg/m3.

The report analysed data from all air pollution monitoring stations in India and underlined that 1.36 billion people in India experience PM2.5 concentrations exceeding the WHO recommended annual guideline level of 5 µg/m3. Overall, India with PM2.5 concentrations of 54.5 µg/m3 reported 10 times higher pollution levels than the WHO PM2.5 annual standard.
“Furthermore, 1.33 billion, or 96% of the population, experience PM2.5 levels more than seven times the WHO annual PM2.5 guideline. This trend is reflected in city-level data with more than 66% of the country’s cities reporting annual averages greater than 35 µg/m3,” said the report.

It noted that India has an extensive air quality monitoring network, hosting more air quality monitoring stations than all other countries in the central and south Asian region combined. The vast monitoring network has contributed data from 256 cities in 2023, representing 74% of cities in the central and south Asia region



For the 2023 report, data from more than 30,000 air quality monitoring stations across 7,812 locations in 134 countries, territories and regions were analysed by IQAir’s air quality scientists.


“In many parts of the world the lack of air quality data delays decisive action and perpetuates unnecessary human suffering. Air quality data saves lives. Where air quality is reported, action is taken, and air quality improves,” said Frank Hammes, global CEO, IQAir.

UN weather agency issues ‘red alert’ on climate change after record heat

 UN weather agency issues ‘red alert’ on climate change after record heat

The World Meteorological Organization warns there is a ‘high probability’ that 2024 will be another record-hot year.

A fire rages in bushland near the West Australian city of Wannaroo, north of Perth during a heatwave [DFES/AP]

The United Nations’ weather agency is sounding a “red alert” about global warming, citing record-breaking increases last year in greenhouse gases, land and water temperatures and the melting of glaciers and sea ice.


The World Meteorological Organization (WMO) said in a report released on Tuesday that there is a “high probability” that 2024 will be another record-hot year and warned that the world’s efforts to reverse the trend have been inadequate.


The Geneva-based agency voiced concerns in its State of the Global Climate report that a crucial climate goal is increasingly in jeopardy: limiting planetary warming to no more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) from pre-industrial levels.


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“Never have we been so close – albeit on a temporary basis at the moment – to the 1.5C lower limit of the Paris Agreement on climate change,” said Celeste Saulo, the agency’s secretary-general. “The WMO community is sounding the red alert to the world.”


The 12-month period from March 2023 to February 2024 pushed beyond that 1.5-degree limit, averaging 1.56C (2.81F) higher, according to the European Union’s Copernicus Climate Change Service.


It said the calendar year 2023 was just below 1.5C at 1.48C (2.66 F), but a record-breaking start to this year pushed the 12-month average beyond that level.



“Earth’s issuing a distress call,” UN Secretary-General Antonio Guterres said. “The latest State of the Global Climate report shows a planet on the brink. Fossil fuel pollution is sending climate chaos off the charts.”


Omar Baddour, WMO’s chief of climate monitoring, said the year after an El Nino event – the cyclical warming of the Pacific Ocean that affects global weather patterns – normally tends to be warmer.


“So we cannot say definitively that 2024 is going to be the warmest year. But what I would say: There is a high probability that 2024 will again break the record of 2023, but let’s wait and see,” he said. “January was the warmest January on record. So the records are still being broken.”


A child stands in the yard of his house as a wildfire burns in the village of Agios Charalampos, near Athens, Greece on July 18, 2023 [Aris Messenis/AFP]


The latest WMO findings are especially striking when compiled in a single report.

In 2023, over 90 percent of ocean waters experienced heatwave conditions at least once.


Glaciers monitored since 1950 lost the most ice on record. Antarctic sea ice retreated to its lowest level ever.


WMO said the impact of heatwaves, floods, droughts, wildfires and tropical cyclones, exacerbated by climate change, was felt in lives and livelihoods on every continent in 2023.


But the agency also acknowledged “a glimmer of hope” in trying to keep the Earth from running too high a fever.


It said renewable energy generation capacity from wind, solar, and water power rose nearly 50 percent from 2022 to 510 gigawatts.


The report comes as climate experts and government ministers are to gather in the Danish capital, Copenhagen, on Thursday and Friday to press for greater climate action, including increased national commitments to fight global warming.

US elections 2024: Joe Biden and Donald Trump each secure primary wins in Illinois

 

US elections 2024: Joe Biden and Donald Trump each secure primary wins in Illinois


Democratic party rep Joe Biden and Republican party candidate Donald Trump secured victories in Illinois primaries, boosting their delegate counts for the November election rematch.

Joe Biden and Donald Trump secured victories in Illinois primaries, boosting their delegate counts for the November election rematch.


Joe Biden and Donald Trump each won their party's primaries in Illinois on March 19, notching more delegates as they continue their march to a rematch in the United States Presidential Elections 2024 this November.

In a day marked by minimal suspense, 81-year-old Biden, a Democrat, and 77-year-old Trump, a Republican, each also easily won their primaries in Kansas and Florida; while Trump also breezed through the Ohio Republican primary on March 19.

For Biden, Ohio Democrats had canceled their primary and opted to award him with all their 224 delegates, AP reported. Projections suggest Biden will show up strong in the Arizona's primaries as well.

National Political Mood Reflected in Primary Turnout
With widespread ambivalence among Americans towards the forthcoming presidential election, both Biden and Trump's campaigns are intensifying efforts to rally their bases by engaging in aggressive rhetoric against each other and highlighting the dangers posed by their opponent.

Voters like Pat Shackleford, an 84-year-old caregiver from Mesa, Arizona, told AP they support Trump, and conveyed encouragement for the former president amidst perceived media bias.

Similarly, sisters Jamie and Cassandra Neal, residents of Phoenix, expressed enthusiasm for Biden following his State of the Union speech, which they felt demonstrated his readiness for the electoral battle ahead, the report added.


Trump-Backed Candidate Prevails in Ohio Senate Primary
In Ohio's Republican Senate primary, Trump-endorsed businessman Bernie Moreno emerged victorious over his rivals, Ohio Secretary of State Frank LaRose and Matt Dolan, owner of the Cleveland Guardians baseball team. Despite controversies surrounding Moreno's past, including recent allegations regarding an adult website profile created under his name, his triumph underscores Trump's continued influence within the Republican Party.

Focus Shifts to General Election
Trump and Biden have redirected their attention towards the general election, targeting battleground states and highlighting their respective records while framing the other as a threat to the nation. Themes of age and mental acuity have featured prominently in their campaigns, with Trump portraying Biden as unfit for office, while Biden accuses Trump of undermining democracy.

Issues such as immigration resonate strongly with voters across party lines, albeit with differing perspectives. While some, like Linda Bennet of Palm Beach Gardens, Florida, express concerns about border security and government motives, others, like Brenda Woodfolk of Columbus, Ohio, worry about the implications of divisive rhetoric and policies on immigrant communities.

In addition to the electoral campaign, Trump continues to face legal battles, including criminal charges and civil cases, with potential fines exceeding $500 million.

(With inputs from AP)

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Monday, March 18, 2024

Supreme Court pulls up SBI: Don’t do selective disclosure, give poll bond numbers, full details

 

Supreme Court pulls up SBI: Don’t do selective disclosure, give poll bond numbers, full details

The unique alphanumeric codes would enable matching the poll bond donors with the recipients.
There is no manner of doubt that SBI shall make disclosure of all information with it and it shall include the details of electoral bond numbers, the SC said



THE SUPREME Court on Monday told the State Bank of India (SBI) to “disclose all details” on electoral bonds purchased or redeemed after its April 12, 2019 interim order, including their unique alphanumeric codes, to the Election Commission of India (ECI), and to file an affidavit on compliance by March 21, 5 pm.

Expressing its displeasure over “selective disclosure” of details by the bank, the five-judge Constitution Bench, presided by Chief Justice of India D Y Chandrachud, said: “There is no manner of doubt that SBI is required to make a complete disclosure of all details in its possession… This, we clarify, would comprehend the alphanumeric number and the serial number, if any, of the bonds which were purchased and redeemed.”

The unique alphanumeric codes would enable matching the poll bond donors with the recipients.

The Bench, which included Justices Sanjiv Khanna, B R Gavai, J B Pardiwala and Manoj Misra, however, rejected a request to direct SBI to disclose the unique codes of bonds purchased or redeemed prior to its interim order on April 12, 2019.
“To fully effectuate (its) order and to obviate any controversy in the future”, the Bench also asked the SBI Chairman and Managing Director to file an affidavit, on or before March 21, 5 pm, “indicating that SBI has disclosed all details of the electoral bonds which were in its possession and custody and that no details have been withheld…”

Referring to its earlier orders, the court said the operative directions required the SBI to submit details of electoral bonds purchased since the interim order. The Bench recalled that it had said that “such details…shall include the date of purchase of each electoral bond, the name of the purchaser of the bond and the denomimation of the electoral bond purchased”.

“SBI was required to disclose details of each electoral bond encashed by political parties, inclusive of the date of encashment and the denomination of the electoral bond,” the court said. Read with its February 15, 2024 decision to strike down the electoral bond scheme, this “indicates that SBI was required to submit all details, both in terms of the purchase and in terms of receipt of contributions.” it said.


EXPLAINED

Matching donors with parties

The unique alphanumeric code printed on each electoral bond will enable matching the donors with the recipients. While the electoral bond scheme does not mandate parties to keep records of donor details, some smaller parties, in compliance with the Supreme Court’s order, either disclosed what they already knew or conducted a special exercise to ascertain contributor details and share them with the EC.

“The expression ‘include’… clearly demonstrates that the inclusive part was treated as illustrative and not exhaustive of the nature of disclosure which was to be made by SBI… In other words, there is no manner of doubt that SBI is required to make a complete disclosure of all details in its possession,” the court said, adding, “This, we clarify, would comprehend the alphanumeric number and the serial number, if any, of the bonds which were purchased and redeemed”.

The court also asked the EC to “forthwith” upload the details furnished by the SBI.


On March 15, the court had issued notice to the SBI, saying the bank was “duty-bound” to furnish the unique alphanumeric codes.

Hearing the bank’s response on Monday, the CJI said: “We had expressly asked SBI to disclose all details. The language of the judgment was that all details have to be disclosed. Therefore, that includes the bond numbers as well”.

“Let SBI not be selective in the disclosure of details … it shall disclose all details, including the bond numbers and every part of the information which is in its possession and custody. Don’t wait for an order of the court. We banked on the fact that the State Bank of India would be candid and fair to the court,” he said.


Asking why the bank had not disclosed the details, the CJI said: “SBI’s attitude appears to be — you tell us to disclose a particular detail and we will disclose it. That’s not a fair process.”

The SBI chairman should have said this being the order of the SC, I am duty bound to comply with it and will disclose every part of the information which is in my custody as directed, he said.

“Because when we said all details of the purchases, that meant every conceivable detail which was available with SBI, and we clarified it by saying ‘include’. SBI has the best legal advice open to it,” the CJI said.

The CJI then remarked: “We take it that you are not arguing a case for a political party.”

Saying that he was not appearing for any political party, Salve said paragraph 16 of the interim order “only required political parties to give all these details, and these details have been given. If they have not been given, that’s between the ECI and political parties… Para 17 was the mechanism for disclosure”.

The senior counsel said that in its February 15 judgment, “the court dealt with diverse aspects, including the need to preserve some degree of anonymity, and discussed electoral trust as an alternative to this system…”


Salve said that at the time of the interim order, “we were functioning under the edict of anonymity, which had not been stayed. So, at that time, we were directed to preserve the anonymity…”

He added that if the court feels that all the information should be given now, the bank was willing to do so.

“We will clarify to put it beyond any doubt… we will say that now SBI will not only disclose the bond numbers, but it shall also file an affidavit again before our court saying that you have not suppressed any (details)… You have to disclose all details, let that be clear. Because the burden should not lie upon the court or the petitioners to say that this has not been disclosed, that has not been disclosed… We must have finality to it,” the CJI told him.



In NDA’s Bihar seat-sharing, BJP gives ‘fair deal’ to JD(U), Chirag; leaves Paras, Kushwaha in cold

 

In NDA’s Bihar seat-sharing, BJP gives ‘fair deal’ to JD(U), Chirag; leaves Paras, Kushwaha in cold

Manjhi's HAM(S) and Kushwaha's RLM get one seat each; Kushwaha and Paras in touch with INDIA bloc

PM Narendra Modi with Bihar CM Nitish Kumar. (Photo: Nitish Kumar/ X)


The ruling NDA finalised its seat-sharing in Bihar for the upcoming Lok Sabha polls Monday, allotting 17 seats to the BJP, 16 to the JD(U), five to the Chirag Paswan-led Lok Janshakti Party (Ram Vilas) and one each to Jitan Ram Manjhi’s Hindustani Awam Morcha (Secular) and Upendra Kushwaha’s Rashtriya Lok Morcha (RLM).

There were some signs of strains within the NDA over the agreement, with Kushwaha skipping the joint press conference held in Delhi for its announcement.

Sources said Kushwaha, who had expected at least two seats, has been in talks with the Opposition INDIA bloc and might join the latter’s camp.

The BJP cornered one more seat than Chief Minister Nitish Kumar-led JD(U), as both the major allies had contested an equal number of seats, 17, in the 2019 Lok Sabha polls.

Also read in Political Pulse | Long-time BJP leader, author of memoir around Modi, Tamilisai Soundararajan seems set for move from Raj Bhavan to TN poll ring
However, the BJP sought to downplay it, saying that

The NDA virtually abided by the 2019 seat-sharing formula.

A BJP leader said, “Last time, we were three allies. This time,
NDA has five parties. JD(U) had 16 sitting seats and the party is contesting as many seats. Similarly, we had 17 sitting seats and we are also contesting as many seats.”

The BJP needed to accommodate the HAM(S) and the RLM as well.

Kushwaha seems to have suffered a loss due to the return of Nitish – who had shifted to the Mahagathbandhan camp in August 2022 – back to the NDA fold in January this year.

In the 2014 polls, Kushwaha’s then party RLSP had won three seats it contested as part of the NDA. But he had then got more weightage in the NDA because Nitish had parted ways with it.

Kushwaha’s space in the NDA has shrunk further following the rise of state BJP chief Samrat Choudhary, the deputy CM, who also belongs to the Kushwaha community.

Another highlight of the NDA’s seat-sharing deal this time was Jamui MP Chirag Paswan getting the better of his uncle and Union minister Pashupati Kumar Paras, who had split their party in 2022.

Paras, who is currently Hajipur MP, failed to get any seat for his National LJP faction from the BJP, which preferred Chirag over him in view of its assessment that the latter was the “real claimant” to his father late Ram Vilas Paswan’s legacy and would hold on to the Paswan vote.

Chirag, however, had to concede one of the LJP’s sitting seats, Nawada, to the BJP.

If Paras, who is said to be in touch with the INDIA camp, switches sides, there could be a contest between Chirag and Paras in Hajipur, the seat that Ram Vilas represented nine times.
 
Declaring the seat-sharing pact, BJP national general secretary in charge of Bihar Vinod Tawde claimed that the NDA allies have clinched it in “48 hours”. The NDA, which had swept the state in the 2019 polls by winning 39 out of the state’s 40 seats, has now set a target of winning all the seats.

“Although the NDA parties will fight on their respective symbols, we are fighting together – and all allies will fight with all their might,” Tawde told the press conference, flanked by the JD(U)’s Sanjay Kumar Jha and other allies.

In 2019, the BJP, JD(U) and LJP together garnered 53% votes polled in the state.

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Although the return of Nitish has boosted the NDA’s prospects, the ruling coalition is likely to face a more formidable RJD-led Opposition in this Lok Sabha election.

With Prime Minister Narendra Modi setting a target of 400 seats for the NDA, the poll outcome in Bihar would be crucial for the BJP.

The JD(U) conceded its Karakat seat to Kushwaha’s party, although it managed to get Sheohar from the BJP. Former RJD MP Lovely Anand, wife of ex-MP Anand Mohan, is likely to contest from Sheohar. Lovely and her son Chetan Anand – who was among three RJD MLAs to defect during Nitish’s trust vote – joined the JD(U) Monday.

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HAM(S) chief and ex-CM Jitan Ram Manjhi would contest from the Gaya seat, which is currently represented by the JD (U)’s Vijay Kumar.

The BJP is likely to contest the West Champaran, East Champaran, Aurangabad, Madhubani, Araria, Darbhanga, Saran, Ujiyarpur, Begusarai, Nawada, Patna Saheb, Pataliputra, Ara, Buxar and Sasaram seats.



'Gold and Bitcoin are both useless asset classes': Why average investors must avoid gold, cryptocurrencies

 

'Gold and Bitcoin are both useless asset classes': Why average investors must avoid gold, cryptocurrencies

In physical sense, Bitcoin does not exist; it is entirely a technological construct


Synopsis

Gold and Bitcoin investments: This is a dangerous illusion. The volatility of these assets makes them unsuitable for the average investor seeking stability and growth over the long term. Though some have built fortunes on the rapid ascent of Bitcoin and gold, many more have suffered losses when their values plummeted without warning.

Bitcoin and gold are zooming, which is not new, because the things people trade in go up and down. These two asset classes don’t interest me, and from time to time, I marvel why people invest in these. Is the current bull run in the two more or less the same? The answer is, mostly, yes. However, I’ll point out something that is different

Gold and Bitcoin are both useless asset classes that produce nothing. In origin and nature, these couldn’t be more different. Gold is the simplest form of wealth to understand; if it’s physical gold, it’s worth something. It has been used as a store of wealth and currency for millennia. Bitcoin is quite the opposite. In physical sense, it does not exist; it is entirely a technological construct. Fifteen years after its invention, relatively few people understand what it is and why it’s worth anything. I don’t know how many people genuinely understand what a blockchain, token, or NFT is, or what a crypto transaction actually does.

Yet, in global finance, both are functionally the same. They are both functioning as currencies that are being used as havens from the rain of US dollars, which has now become a flood. Despite their fundamental differences, convergence in their function as safe havens reveals a broader narrative about diversifying assets in times of economic uncertainty. The deluge of US dollars can potentially safeguard their wealth against inflation and devaluation. At least, that’s the theory.

The US government is now adding nearly trillion dollars of debt every 100 days or so. What we see as price of gold or Bitcoin is better thought of as exchange rate between currencies. You can say that gold and Bitcoin are having a bull run vis-a-vis the dollar, or that the dollar is bearish vis-a-vis the other two. The supply of dollars is expanding so rapidly that plenty of people would rather hold gold and Bitcoin than the US currency. Moreover, it seems as if this will go on for a while. Since the economic growth in the US is fine and tax base is expanding normally, this appears to be the new normal.

Let’s leave aside the global economy and consider what concerns us. The sudden revival of Bitcoin and rise in gold is turning too many heads in the domestic saver and investor class. These asset classes are and, should be, the domain of punters. Sensible investors should not base their financial futures on these. However, the allure of quick gains has never been stronger. Compared to these, traditional investment returns look modest, even if they are not. The buzz around Bitcoin and gold taps into the collective desire for a financial safe haven that occasionally delivers gains similar to that from a lottery. It’s a place to park wealth that is theoretically less vulnerable to the whims of governments, with the added bonanza of good returns.

Yet, this is a dangerous illusion. The volatility of these assets makes them unsuitable for the average investor seeking stability and growth over the long term. Though some have built fortunes on the rapid ascent of Bitcoin and gold, many more have suffered losses when their values plummeted without warning. This is a casino, and the odds are rarely in your favour. So, while it’s tempting to join the fray, driven by tales of overnight riches, the prudent course is to approach with caution. Diversification, research, and focusing on assets with intrinsic value that generate income over time, remain the cornerstones of a sound investment strategy.

Our primary attention must be directed towards domestic investments, with an eye on the broader international context. Living in isolation is seldom an option, particularly in the current climate. The Indian economy and markets are doing great, and that’s where the investors must focus.

Sunday, March 17, 2024

Russia’s Putin hails victory in election criticised as illegitimate

 

Russia’s Putin hails victory in election criticised as illegitimate

Early results show Putin winning some 87 percent of the vote, the highest-ever result in Russia’s post-Soviet history.
Russian President Vladimir Putin has hailed his election victory as a vindication of his decision to invade Ukraine [File: Alexander Zemlianichenko/AP]



Russian President Vladimir Putin has cemented his grip on power in a landslide election victory that has been widely criticised as lacking democratic legitimacy.

In a post-election news conference, Putin cast the outcome as a vindication of his decision to defy the West and invade Ukraine.

“No matter who or how much they want to intimidate us, no matter who or how much they want to suppress us, our will, our consciousness – no one has ever succeeded in anything like this in history,” Putin said in an address from his campaign headquarters early on Monday morning.



“It has not worked now and will not work in the future. Never.”


Shortly after the last polls closed on Sunday, early returns pointed to the conclusion everyone expected: that Putin would extend his nearly quarter-century rule for six more years.


According to Russia’s Central Election Commission, he had some 87 percent of the vote with about 60 percent of precincts counted. The result means Putin, 71, will overtake Joseph Stalin and become Russia’s longest-serving leader in more than 200 years.


Communist candidate Nikolay Kharitonov came second with just under 4 percent, newcomer Vladislav Davankov third and ultra-nationalist Leonid Slutsky fourth, early results suggested.


Nationwide turnout was 74.22 percent when polls closed, election officials said, surpassing 2018 levels of 67.5 percent


Putin’s victory was never in doubt as his critics are mostly in jail, in exile or dead, while public criticism of his leadership has been stifled.

The Russian leader’s most prominent rival, Alexey Navalny, died in an Arctic prison last month.


For Putin, a former KGB lieutenant colonel who first rose to power in 1999, the result is intended to underscore to the West that its leaders will have to reckon with an emboldened Russia, whether in war or in peace, for many more years to come.


The United States said the vote was neither free nor fair.


“The elections are obviously not free nor fair given how Mr. Putin has imprisoned political opponents and prevented others from running against him,” said the White House’s National Security Council spokesperson.


United Kingdom Foreign Secretary David Cameron said in a post on X that the vote was “not what free and fair elections look like”.


In Ukraine, President Volodymyr Zelenskyy said, “This election fraud has no legitimacy and cannot have any”.


The election came more than two years after Putin’s February 2022 full-scale invasion of Ukraine, Europe’s deadliest conflict since World War II.


On Sunday, thousands of Putin’s opponents staged a protest against him, although there was no independent tally of how many of Russia’s 114 million voters took part in the demonstrations.


Supporters of Navalny had called on Russians to come out to a “Noon against Putin” protest.


At his press conference, Putin referred to Navalny by name for the first time since his death, saying he had supported a proposal to release him in exchange for prisoners held in Western countries.


“The person who was talking to me hadn’t finished his sentence and I said ‘I agree’,” Putin said.


Putin was first nominated as acting president when former Russian President Boris Yeltsin resigned. He then won his first presidential election in March 2000 and a second term in 2004.


After two stints as president, Putin switched back to being prime minister in 2008 to circumvent a constitutional ban on holding more than two consecutive terms as head of state.


But he returned to the presidency in 2012 and won a fourth term in 2018.


Flipkart valuation declines over ₹41,000 crore in two years: Major reasons why

 

Flipkart valuation declines over 41,000 crore in two years: Major reasons why

Flipkart's valuation declined to USD 35 billion as of January 31, 2024 from USD 40 billion in the financial year ended on January 31, 2022.

Flipkart's valuation has declined by $5 billion or around ₹41,000 crore as of January 2024 compared to January 2022, as per equity transactions carried out by its US-based parent firm Walmart. The valuation declined to USD 35 billion as of January 31, 2024 from USD 40 billion in the financial year ended on January 31, 2022. Walmart attributed the decline to the demerger of fintech firm PhonePe into a separate company and said, “During fiscal 2024, the company paid USD 3.5 billion to acquire shares from certain Flipkart noncontrolling interest holders and settle the liability to former noncontrolling interest holders of PhonePe. The company's ownership of Flipkart increased from approximately 75 per cent as of January 31, 2023, to approximately 85 per cent as of January 31, 2024.”

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Flipkart valuation: A mobile phone showing an image of Indian online retailer Flipkart is seen in front of a Walmart Inc logo displayed. Flipkart's valuation has declined in the past two years. (Reuters)


This means that Flipkart's current valuation could be in the range of USD 38-40 billion. Additionally, Walmart diluted 8 per cent equity in Flipkart for USD 3.2 billion in fiscal year (FY) 2022 and increased its shareholding by 10 per cent to approximately 85 per cent by paying USD 3.5 billion.

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Flipkart countered the decrease in valuation shown as per Walmart's report and termed it an "appropriate adjustment", saying as per news agency PTI, “This interpretation is incorrect. The PhonePe separation was completed in 2023, which saw an appropriate adjustment in Flipkart's valuation.”

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"Last valuation exercise was in 2021 when Flipkart raised funds. Since then PhonePe was hived off from Flipkart at a certain valuation (reflecting 2021 value). PhonePe's valuation has increased subsequently because they raised funds (valuation exercise is part of the fund raise). Flipkart's valuation remains at what it was in 2021 adjusting for PhonePe hive-off," a company source told PTI.

"In reality, if the valuation was to be done now for Flipkart, it would have gone by to the vicinity of USD 38-40 billion considering the growth in GMV (Gross merchandise value) and near profitability. But no such valuation exercise has happened for Flipkart since 2021," the source added.


"Flags Different, Not Agenda": Chandrababu Naidu Over Alliance With BJP

 "Flags Different, Not Agenda": Chandrababu Naidu Over Alliance With BJP


Chandrababu Naidu slammed the state government led by Chief Minister Jagan Mohan Reddy and alleged that the latter had looted natural resources.
There are a total of 175 Assembly seats and 25 Lok Sabha seats in Andhra Pradesh.

Palnadu, Andhra Pradesh: TDP Chief Chandrababu Naidu on Saturday exuded confidence that the National Democratic Alliance (NDA) will form the government in the upcoming Lok Sabha polls and said that only the flags of the BJP-TDP-JSP alliance are different, not the agenda.

While addressing the people at Boppudi village, in Andhra Pradesh's Palnadu district, the TDP chief said, "I'm happy to see the public gathered before the stage. The NDA will form the government in the upcoming 2024 polls. For the last five years, anarchy has ruled the state. We will take care of the growth and development of the state, and we appeal to the public to vote for the TDP, BJP, Janasena alliance. PM Modi is the 'Viswaguru' of Bharat. Our flags are different, but our agenda is not."

Applauding Prime Minister Narendra Modi, Chandrababu Naidu said, "Sab ka Saath, Sab ka Vikas was introduced by PM Modi. Even in the pandemic situation, our country supported other countries under the leadership of PM Modi. Economic growth of India has increased under the leadership of him."

Chandrababu Naidu slammed the state government led by Chief Minister Jagan Mohan Reddy and alleged that the latter had looted natural resources.

"Irrigation projects were left to the winds. Chief Minister Jagan has looted natural resources. No development has been seen in the state in the last five years. No companies have been brought to the state. Jagan's sisters themselves appeal not to cast votes for Jagan. Nobody is safe in the state. Andhra Pradesh is in a financial crisis," he said.

"PM Modi will secure more than 400 seats in the upcoming polls and will become a hat-trick Prime Minister. I appeal to the people of the state to elect the 25 MPs from the alliance," the TDP chief added.

The election rally, named "Prajagalam," marked the first NDA election public rally in Andhra Pradesh in the run-up to the simultaneous Legislative Assembly and Lok Sabha polls scheduled for May 13.

Along with announcing Lok Sabha elections that will be held in seven phases beginning on April 19, Chief Election Commissioner Rajiv Kumar on Saturday announced the schedule of Assembly polls in four states - Andhra Pradesh, Arunachal Pradesh, Sikkim, and Odisha.

A total of 96.8 crore voters will be eligible to cast their vote in the 2024 Lok Sabha elections, Chief Election Commissioner (CEC) Rajiv Kumar said.

The assembly elections in Andhra Pradesh will be held on May 13. The election for Lok Sabha seats in the state will be held on the same day.

There are a total of 175 Assembly seats and 25 Lok Sabha seats in the state.

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