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India Remembers Mahatma

As India remembered the father of the nation on his 151st birth anniversary commemorative functions were held throughout the nation.

Prime Minister Narendra Modi on Friday paid homage to Mahatma Gandhi on his birth anniversary and wished that the ideals of the Father of the Nation remain a guiding force helping in building a compassionate India.

The Prime Minister took to Twitter and wrote, “We bow to beloved Bapu on Gandhi Jayanti. There is much to learn from his life and noble thoughts. May Bapu’s ideals keep guiding us in creating a prosperous and compassionate India.”

Modi also shared a two-minute video hailing the principles of Gandhi. In the clip, he can be heard saying “Gandhiji never tried to create his influence through his life, however, his life became an inspiration in itself.” Modi also paid tribute to Mahatma Gandhi at the Raj Ghat.

Meanwhile, President Ram Nath Kovind also took to the microblogging website to pay his homage to Mahatma Gandhi and said that people should take lessons from his life, particularly when we are facing a pandemic.

“Gandhiji himself never claimed to be a great soul, indeed, he went out of his way to tell the world about his vulnerabilities. Yet, he is the best example of realising the maximum human potential,” the President said.

The states also joined the centre in paying tribute to the great soul. Maharashtra politicians on Friday paid rich tributes to Mahatma Gandhi and former Prime Minister Lal Bahadur Shastri on his 116th birth anniversary, as commemoration functions were held all over the state.

Governor Bhagat Singh Koshyari offered tributes to the Father of the Nation, Mohandas Karamchand Gandhi, and Shastri and recalled their contributions to the country.

Koshyari garlanded a bust of Mahatma Gandhi and offered flowers at the portrait of Shastri at a function in Raj Bhavan here, attended by several officials and staff, among others.

Chief Minister Uddhav Thackeray also paid tributes before the portraits of the two leaders at his private residence ‘Matoshri’.

One of the country’s premier educational institutions, Aligarh Muslim University (AMU) paid tributes to the Father of the Nation with a virtual event organised by the Maulana Azad (MA) library.

 “Gandhiji protested against oppression and tyranny on all sections of society and communities and promoted the idea of bringing self-reliance in rural areas,” said Tariq Mansoor, the Vice-Chancellor of the university said during the event.

“Mahatma Gandhi always believed that nations can only progress if there is equality and tolerance among populations,” he added.

Mansoor later administered an online pledge to work with dedication for preserving and strengthening the freedom and integrity of the nation.

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Business India News

India’s merchandise exports grow over 5% in Sep

Amid a push for a self-reliant India and growth of domestic industries, the country’s merchandise exports registered a 5.27 per cent growth in September on a year-on-year basis, Union Commerce Minister Piyush Goyal said on Thursday.

Total merchandise exports from India stood at $27.40 billion last month, compared to $26.02 billion in September 2019.

In a tweet, the minister cited the growth in exports as another indicator of the recovery of Indian economy amid the pandemic.

“Make in India, Make for the World: Indian merchandise exports grow 5.27 per cent in Sep 20 as compared to last year. Another indicator of the rapid recovery of Indian economy as it surpasses pre-COVID levels across parameters,” he tweeted.

Also Read: India’s Steel Exports To China Hit New Highs

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Business India News

Manufacturing Up, Payrolls Down In September

Higher demand accelerated India’s manufacturing sector growth in September.

Additionally, the IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) report released on Thursday cited a renewed expansion in export sales and input stocks as well as an improvement in business confidence during September. Even with an increase in manufacturing, the producers continue to cut down the payrolls, according to the report.

Consequently, reading of the headline seasonally adjusted IHS Markit India Manufacturing PMI showed a rise from 52 in August to 56.8 in September. The latest reading was the highest in over eight-and-a-half years.

“Amid reports of loosened coronavirus disease 2019 (Covid- 19) restrictions and higher demand, Indian manufacturers lifted output for the second straight month in September,” the report said.

“The increase was sharp and the third-quickest in the history of the survey. Similarly, there were back-to-back increases in new business inflows.” As per the report, the upturn in total sales was supported by a renewed expansion in new export orders, the first since prior to the escalation of the Covid-19 outbreak.

However, despite strong growth of order book volumes, the report pointed out those Indian goods producers signalled another reduction in payroll numbers. “In many cases, this was attributed to efforts to observe social distancing guidelines. Employment has now decreased for six consecutive months,” it said.

Also Read: September becomes India’s worst pandemic month

Also Read: India extends Int’l flight ban till Oct 31

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-Top News India News

“Vaishnav Jan to” in Kashmiri language

The idea behind making this video is to introduce Gandhi and Gandhian thoughts into Kashmir valley … writes Kusum Kaull Vyass

Gandhiji’s favorite Bhajan, usually called Gandhi’s song ‘Vaishnav Jan To’, is in the Gujarati language. Most people don’t understand what this song means and why Gandhiji chose this song written by Narsinh Mehta in 15th century Gujarat. The song is about humanity and how people should live and for each other. I felt a great need to translate this song into Kashmiri language and put it into the folk music of the valley, so that  Kashmiris  can relate with it easily through their own language,  music and singer.

Gandhi’s life and ideologies have had a significant influence on my life since childhood, and I’m blessed that I have been living in the land of Gandhi after the forceful migration from Kashmir. The way Narsinh Mehta’s written Bhajan is still influencing us after 600 years, I foresee the impact of this translation in the valley for generations to come.

About five years back, a famous journalist and writer, Mr. Mayank Chhaya from Chicago, USA, had made a film ‘Gandhi’s Song’. The film was about Narsinh Mehta and why Gandhiji adapted this as his favorite Bhajan. At that time, I helped him in the production work. Now I feel that the seed of Vaishnav Jan To was firmly planted in my mind at the of making that film.

During the long months of lockdown in the country, I had ample time to read, write, and think about various subjects in life. I often struggle with myself as to how I can contribute to bringing peace back to the Kashmir valley.

Gandhiji has been an apostle of peace and humanity. What better way to put a peaceful vibration into the valley, through local language and folk music. With a missionary zeal, I called up the most famous folk singer Shri Gulzar Ahmed Ganai, from Kashmir. Hesitatingly, I explained my thought to him, feeling that this idea may not appeal to him, but to my surprise, he understood and liked the idea with equal enthusiasm. I felt we were on the same wavelength, and we had blessings of Gandhiji to go ahead. Shri. Shahbaaz Hakbari, a famous poet of the valley, translated this beautiful song into the Kashmiri language. My father, Raees Brij Krishan Kaul, wrote the Urdu song first, then it got translated in Kashmiri. This dream came true when the song was shot at different famous places in the valley.       

It was a spiritual journey for me while making,” Vaishnav Jan To” in Kashmiri language.

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-Top News India News

September becomes India’s worst pandemic month

India on Thursday reported 86,821 new coronaviruses cases and another 1,181 fatalities, making September its worst month of the pandemic.

The Health Ministry’s update for the past 24 hours raised India’s total to more than 6.3 million people infected and 98,678 dead from COVID-19. India added 41 percent of its confirmed cases and 34 percent of fatalities in September alone.

India is expected to become the pandemic’s worst-hit country within weeks, surpassing the United States, where more than 7.2 million people have been infected.

The government announced further easing of restrictions to start October 15. Cinemas, theaters and multiplexes can open with up to 50 percent of seating capacity, and swimming pools can also be used by athletes in training.

The government also said India’s 28 states can decide on reopening of schools and coaching institutions gradually after October 15. However, the students will have the option of attending online classes.

International commercial flights will remain suspended until October 31. However, evacuation flights will continue to and from the United States, Britain, Australia, Canada, France, Japan and several other countries.

India’s Prime Minister Narendra Modi imposed the world’s stringent lockdown across the country late March, but started easing restrictions after two months to revive the severely-hit economy that contracted an unprecedented 24% in the April-June quarter. The lockdown cost more than 10 million impoverished migrant workers their jobs in the cities.

Also Read: India extends Int’l flight ban till Oct 31

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-Top News India News

India Welcomes Libyan Peace Efforts

India has welcomed international efforts for a peaceful settlement of the conflict in Libya through an intra-Libyan dialogue.

“We have been closely monitoring the developments in Libya and have noted the progress in intra-Libyan dialogue facilitated by the Kingdom of Morocco,” Anurag Srivastava, Spokesperson of the Ministry of External Affairs said in a statement.

India also noted the talks in Montreux, Switzerland, under the auspices of the UN Support Mission in Libya, UNSMIL, following Berlin International Conference on 19th January 2020 and Cairo Declaration of 6th June 2020.

“We welcome these international efforts aimed at a peaceful settlement of the conflict through an intra-Libyan dialogue, taking into account the legitimate aspirations of the Libyan people, while preserving Libya’s sovereignty, unity and territorial integrity,” the statement added.

This is the second time recently that India has expressed its views on the situation in Libya.

“The continuing conflict and instability in Libya is a matter of international concern. We support efforts towards immediate cessation of all hostilities in Libya,” an earlier statement said.

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Business India News

SEBI Amends delisting, Debenture Trustee Rules

The Securities and Exchange Board of India (SEBI) has decided to amend regulations for delisting of equity shares, stipulating that the shares of the parent listed company and the listed subsidiary entity should be listed for at least three years and should not be suspended at the time of the delisting process.

Further, the subsidiary should have been a listed subsidiary of the listed holding entity for at least three preceding years.

The SEBI Board, in its meeting also decided to grant exemption from the Reverse Book Building process (RBB) for delisting of listed subsidiaries, where it becomes the wholly-owned subsidiary of the listed parent pursuant to a scheme of arrangement.

“To be eligible to take this route, the listed holding company and the listed subsidiary should be in the same line of business. Both the companies should be compliant with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically, the regulations (no. 11, 37 and 94) pertaining to processing of the schemes of arrangement,” a SEBI statement said.

Further, to protect the interests of investors in the listed subsidiary, it has been stipulated that the votes cast by public shareholders of the listed subsidiary in favour of the proposal will be at least two times the number of votes cast against it in terms of the present delisting regulations.

The Board also decided to bring amendments to the SEBI (Debenture Trustee) Regulations, 1993, the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and the SEBI (Listing Obligations and Disclosure Requirements), 2015.

Also Read: Investor Alert: SEBI’s new margin rule kicks in

It approved the proposal of strengthening the role of debenture trustees so as to protect the interest of debenture holders. The debenture trustees shall exercise independent due diligence of the assets on which charge is being created.

“The DT(s) shall take required action by convening the meeting of debenture holders for enforcement of security, joining the inter-creditor agreement (under the framework specified by the RBI), etc,” the statement said.

Debenture trustees shall also carry out continuous monitoring of the asset cover, including obtaining mandatory certificate from the statutory auditor on half-yearly basis.

Further, the issuer company shall create a recovery expense fund at the time of issuance of debt securities that may be utilised by debenture trustees in the event of default, for taking appropriate legal action to enforce the security.

The board of the securities market regulator also approved the amendment of MF Regulations to introduce a Code of Conduct for Fund Managers including Chief Investment Officers and Dealers of AMCs.

Further, the Chief Executive Officer will be responsible to ensure that the Code of Conduct is followed by all such officers.

The Board also approved an amendment to MF Regulations to enable Asset Management Companies to become a self-clearing member of the recognised Clearing Corporations to clear and settle trades in the debt segment of recognised stock exchanges, on behalf of its mutual fund schemes.

It has also approved the proposal to facilitate setting up of a Limited Purpose Repo Clearing Corporation.

Also Read: B’desh opens doors for Chinese investments

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India News Lite Blogs Travel & Tourism

Getaway To Indian Leisure Destinations

World Tourism Day: Jaipur, Goa, Kochi to be most popular leisure destinations.

Air travel taking a backseat, combined with the opening up of many state borders to welcome tourists once again has led to the rise in demand for domestic leisure destinations, as a getaway from city life…reports Asian Lite News.

According to a data-backed predictive analysis, OYO predicts ‘India’s Next Destinations’ that brings to light the country’s upcoming leisure destinations for travellers. Here are the top destinations set to power the country’s tourism industry back on track.

Jaipur, followed by Goa and Kochi are set to become India’s top leisure destinations in October, November and December 2020

World Tourism Day: Jaipur, Goa, Kochi to be most popular leisure destinations.

What’s hot for the coming long weekend: With October 2 long weekend on the horizon, the report reveals that travellers are opting for staycations across India’s beach destinations – with Goa topping the list, followed by the seaside resort town of Digha in West Bengal. Travellers are also opting for Jaipur, Pondicherry, Agra, Tirupati, among others.

Rise in pilgrimages: Interestingly, the report reveals that Indians will turn to faith during these tough times. The trend forecasts an upswing in demand for the alluring, holy cities of India, including Varanasi, Shirdi and Haridwar.

Road trips are here to stay: The data predicts that most leisure destinations to rule the roost in the latter half of the year are within a driving distance from mainstream cities, such as Jaipur and Udaipur for Delhiites, Goa and Shirdi for Mumbaikars, Mysore for Bangaloreans, among others.

Given the reality around Covid-19, leisure travel took a backseat to business or essential travel in the past couple of months, leaving little room for recovery of predominantly tourist destinations. However, on the brighter side, with each unlocking phase and the reopening of states, there’s a positive upswing for consumers aspiring to travel in the next three months. As per OYO’s consumer use cases, 56percent of consumers will be travelling for leisure while 43 percent would travel for business.

World Tourism Day: Jaipur, Goa, Kochi to be most popular leisure destinations.

When asked about their next travel destination, most respondents opted for Kerala, Goa, Himachal Pradesh, Uttarakhand, and Rajasthan. Amongst these, 45 percent of leisure travelers would prefer hill stations like Shimla, Mussoorie while the remaining 55 percent of leisure travelers would prefer non-hill station destinations like Goa, Agra, and Jaipur.

The data further highlights that 56 per cent of consumers would travel via private vehicles to nearby locations, with family or friends, preferably between the duration of 1-3 days.

Also Read-BREAKING: CBI Court Acquits All Accused in Babri Demolition Case

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India News UAE News

Fortune found a right owner in Joshy

Winning the Emirates Lotto has not changed the lifestyle of this 45-year-old UAE resident and electrical engineer from India. Not only that, he is also involved in a search to find people who need help in this difficult times.

Joshy Isaac from India was lucky enough to claim AED 500,000 when he and another winner shared AED 1,000,000 in an Emirates Loto draw on 13 June 2020, and since that time he has mostly helped others in need.

“To be honest since winning the Emirates Loto draw, my lifestyle hasn’t changed that much but I have helped people who need the money more than I do”, said Joshy. “My family in India have benefited from my good fortune too, but I also helped a friend by paying for some urgent medical expenses as he could not afford it.”

During his search for good causes to help, Joshy found a family in need and paid for the construction of their home: “Rather than donating to local charities I thought I would help a family in need to build a house. Security and financial stability should never be taken for granted, especially during times like these.”

Having lived in the UAE for 15 years and a father of three, Joshy has decided to keep doing the same job he did prior to winning Emirates Loto. “The UAE has been very good to me, and I have so much appreciation for Emirates Loto and what it stands for. I am so thankful to be able to have helped others with my winnings; I don’t feel hard times are over just yet.”

Joshy recently postponed a planned vacation due to the continued rise of COVID-19 cases in his home country, and like many others, has not seen anyone there for more than one year. He continued: “International travel has now become quite a complicated luxury, but I have faith that one day, we will look back on these times having emerged stronger as a global community. One has to crawl through the shadows, then stand in the sun.”

Emirates Loto is set to re-launch soon and continues to work behind the scenes ahead of its first draw. Emirates Loto will also continue to support communities across the UAE and beyond through philanthropic and CSR initiatives that are aligned with its corporate mission and values.

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Economy India News

India’s Q1 trade surplus at $19.8 billion

After the COVID-19 pandemic triggered crisis cut down the internal demand and energy consumption, India has been recording a respite from its current account deficit story. As of Q1FY21, India posted a current account surplus in on the back of lower trade deficit, official data showed on Wednesday.

According to Reserve Bank of India’s data on India’s Balance of Payments (BoP), a year-on-year basis the Q1FY21 surplus stood at $19.8 billion from a deficit of $15 billion reported for the corresponding period of the previous fiscal.

“India’s current account balance (CAB) recorded a surplus of $19.8 billion (3.9 per cent of GDP) in Q1 of 2020-21 on top of a surplus of $0.6 billion (0.1 per cent of GDP) in the preceding quarter, i.e., Q4 of 2019-20; a deficit of $15 billion (2.1 per cent of GDP) was recorded a year ago,” the Reserve Bank said in its statement on developments in India’s Q1FY21 BoP.

“The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to $10 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis.”

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