The fund has garnered visibility and substantial support from influential successful business leaders across diverse sectors…reports Asian Lite News
Fashion Entrepreneur Fund (FEF), a one-of-a-kind venture studio committed to nurturing creativity in the fashion industry, is offering a game-changing opportunity to fashion entrepreneurs to build self-sustaining businesses. With an initial investment of Rs 20 crores, FEF seeks to empower emerging talents through mentorship, networking, and financial backing.
Highlighting the role of FEF in the journey of aspiring fashion entrepreneurs, Sanjay Nigam, Founder of Fashion Entrepreneur Fund, stated, “FEF fosters a dynamic ecosystem for talent, mentorship, and networking in the fashion entrepreneurship universe. We are committed to shaping the future of fashion innovation and empowering individuals to showcase their creativity on a global scale.”
Nigam additionally emphasised the belief in the potency of groundbreaking concepts and enthusiasm to invest in the next generation of fashion startups and businesses, both in the existing as well as upcoming generations.
The fund has garnered visibility and substantial support from influential successful business leaders across diverse sectors.
Investors who recognise and support the vision of FEF include :
Karan Johar (Renowned Indian film director and producer)
Vinod Dugar (Honorary Consul of Malawi and Co-Promoter of RDB Group)
Naveen Jindal (Chairman of Jindal Steel & Power Limited)
Sandeep Jain (Director of Vega Industries Pvt. Ltd.)
Gaurav Dalmia (Chairman of Dalmia Group Holdings.)
Sukhraj Nahar (Founder, Chairman, and Managing Director of Nahar Group.)
Prithviraj Kothari (Managing Director of RiddhiSiddhi Bullion Ltd – RSBL.)
For fashion entrepreneurs seeking backing, guidance and support to navigate their aspirations, FEF serves as a dedicated partner in acknowledging the competitive landscape of the fashion industry.
The pre-registration is live on FEF’s official website, https://www.thefef.net/ encouraging fashion innovators with promising concepts to pitch and secure the investment that can transform their visions into successful thriving businesses. Pre-registration allows you to take your fashion startups to the next level.
Talangana CM alleged that there is a conspiracy to impose RSS thinking on the country, and the RSS has set the target of doing away with the reservation in its 100th year, ie. 2025…reports Asian Lite News
Telangana Chief Minister A. Revanth Reddy on Thursday alleged that the BJP plans to do away with the reservation for various weaker sections in the country as per the RSS’s ideology and the party’s policy.
In his remarks at an event to release a ‘charge sheet’ against the BJP government at the Centre, brought out by the state Congress unit, he alleged that there is a conspiracy to impose RSS thinking on the country, and the RSS has set the target of doing away with the reservation in its 100th year which will be marked in 2025.
The Chief Minister said Prime Minister Narendra Modi thinks that if the BJP gets a majority, it will be easy for him to end the reservation.
Stating that there is a need for an “X-ray” of the country, he said the Congress will increase the reservation for various sections in proportion to their population. He alleged that the BJP is afraid that 27 per cent reservation for OBCs may be increased to 50 per cent.
Revanth Reddy cautioned that every vote for the BJP will help to end reservations.
Some parties, which, for the sake of politics, want the reservation to go, are backing the BJP, he said and termed the ongoing election a referendum on whether the reservation should continue or not.
He alleged that during the last 10 years, the Modi government betrayed all sections of people.
Revanth Reddy alleged that PM Narendra Modi failed to implement his promises made in the 2014 and 2019 elections to provide two crore jobs every year to unemployed youth.
“The government should have provided 20 crore jobs in these 10 years but in reply to a question I asked in Lok Sabha in 2022, the government stated that only 7.21 lakh jobs were provided,” he said.
The Chief Minister also mentioned the Prime Minister’s promise to double the income of farmers and alleged that the government brought three “black” laws to make farmers slaves to the corporates in their own fields.
Lakhs of farmers came out in protest, forcing the government to withdraw the legislation and the Prime Minister to apologise, he added.
He also recalled that PM Modi had promised to bring black money stashed in Swiss banks and transfer Rs 15 lakh to every Jan Dhan account.
“He has not given even 10 paise to 40 crore Jan Dhan account holders.”
He recalled that when Modi became the Prime Minister, the price of a cooking gas cylinder was Rs. 410 but it has now gone up to Rs 1,200. A litre of petrol was priced at Rs 65 and now stands at Rs 110. Diesel, which was Rs 50 per litre, is today at Rs 100 per litre.
He also alleged that there was loot in the name of GST, and the BJP imposed GST on ‘agarbatti’ and pencils and erasers used by children.
Revanth Reddy claimed that the debts raised by Prime Minister Modi were double the cumulative debts raised by 14 Prime Ministers before him. The debts raised by 14 Prime Ministers was Rs 54 lakh crore but PM Modi alone borrowed to the tune of Rs 113 lakh crore.
He alleged that ports, airports and highways were all sold to corporations.
The Chief Minister, Deputy Chief Minister Mallu Bhatti Vikramarka, AICC in-charge Deepa Dasmunshi released the chargesheet, highlighting the “failures” of the Modi government during the last 10 years.
Dasmunshi said the INDIA alliance was formed to save democracy and the Constitution. She alleged that during the last 10 years, PM Modi failed to fulfil promises, including the promises made to Telangana. She remarked that a vote for Modi would be for “sarvanash” (disaster) and not “vikas” (development).
UP: Congress releases list of 40 star campaigners
Congress president Mallikarjun Khrage, former party chief Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra are on the list of 40 star campaigners released by the party for the upcoming Lok Sabha elections in Uttar Pradesh.
The other prominent names on the list are senior Congress leader Salman Khurshid, former Rajasthan Chief Minister Ashok Gehlot, Pramod Tiwari, Sachin Pilot, Congress spokesperson Supriya Shrinate.
The second phase of voting in the state will be held on April 26.
Lashing out at the INDIA bloc, Prime Minister Narendra Modi said that the people of Uttar Pradesh and the OBC community need to be aware of the “dangerous game” played by the Opposition parties of trying to ‘snatch” their reservation rights and give it to their “vote banks”.
His remarks come in the wake of the row that erupted after the National Commission for Backward Castes pointed out that the Karnataka government has categorised the entire Muslim community in the state under the OBC category causing ‘injustice’ to the people of the OBC community.
Taking a jibe at the Congress-Samajwadi Party alliance, PM Modi said that the foundation of friendship between the two boys in UP (Rahul Gandhi and Akhilesh Yadav) is “appeasement politics.
“Addressing a public meeting in Agra on Thursday, PM Modi said, “Remember in 2012, right before the UP Assembly polls, Congress had tried something similar. They had tried to give a part of the OBC reservation to minorities on the basis of religion. But they couldn’t succeed in their intentions.”
As per the seat agreement between the Samajwadi Party and Congress in Uttar Pradesh, Congress is contesting on 17 seats and the Samajwadi Party has the remaining 63 seats in the electorally crucial state.
In Uttar Pradesh in the 2019 general elections, the BJP emerged triumphant, securing 62 out of 80 seats in Uttar Pradesh, supplemented by two seats clinched by its ally Apna Dal (S). Mayawati’s BSP managed to secure 10 seats, while Akhilesh Yadav’s SP garnered five. The Congress Party secured only one seat.
Uttar Pradesh sends the maximum number of MPs, 80 in total, to Parliament. The first phase of voting in the state has already taken place on April 19.
The remaining Lok Sabha constituencies in Uttar Pradesh will cast their votes in the subsequent phases of the election, namely, Phase 2 on April 26, Phase 3 on May 7, Phase 4 on May 13, Phase 5 on May 20, Phase 6 on May 25, and Phase 7 on June 1. The counting of votes will occur on June 4. (ANI)
This phase will encompass 89 Lok Sabha constituencies spread across Assam, Bihar, Chhattisgarh, Karnataka, Kerala, MP, Maharashtra, Manipur, Rajasthan, Tripura, UP, West Bengal, and J&K…reports Asian Lite News
The second round of voting for the 18th Lok Sabha elections is slated for April 26, subsequent to the initial phase held on April 19, which witnessed a participation rate of roughly 64 per cent.
This phase will encompass 89 Lok Sabha constituencies spread across 13 states, comprising Assam, Bihar, Chhattisgarh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Rajasthan, Tripura, Uttar Pradesh, West Bengal, and Jammu & Kashmir.
Bihar
Campaigning ended on Wednesday for five Lok Sabha seats in Bihar where electors will decide the fate of 50 candidate in the second phase of polling on April 26.
Leading the NDA charge, Prime Minister Narendra Modi addressed a rally in Purnea, a seat which is being contested by Chief Minister Nitish Kumar’s JD(U).
Congress leader Rahul Gandhi addressed his first election meeting in Bihar at Bhagalpur, a seat the party is contesting after more than two decades.
The party has fielded MLA Ajeet Sharma against JD(U) MP Ajay Mandal from the seat.
Congress president Mallikarjun Kharge addressed rallies in Kishanganj, the lone seat the party secured in Bihar in 2019, and at Katihar, where former Union minister Tariq Anwar is trying to wrest back his pocket borough from JD(U) MP Dulal Chandra Goswami.
The Congress is contesting nine of the state’s 40 Lok Sabha seats, and three of these are going to polls in the second phase.
Polls are also due, on April 26, in Banka, where JD(U) MP Giridhari Yadav’s bid to retain the seat faces a challenge from his predecessor Jai Prakash Yadav of RJD.
Assam
A high-pitched campaign for five parliamentary constituencies in Assam for the second phase of polls scheduled on April 26 ended on Wednesday.
A total of 61 candidates are in the fray.
Polling will be held for the two constituencies in Barak Valley – Silchar (SC) and Karimganj, one in the hill district – Diphu (ST) and two in the Brahmaputra Valley – Nagaon and Darrang-Udalguri.
Among the national leaders, Union Home Minister Amit Shah campaigned during the second phase by holding a roadshow in Silchar (SC) for the BJP candidate and Assam Minister Parimal Suklabaidya, while Trinamool Congress leader and West Bengal Chief Minister Mamata Banerjee also campaigned in the second phase for the party’s Silchar (SC) candidate Radheshyam Biswas.
Chhattisgarh
The high-decibel campaign for the second phase of Lok Sabha polls covering three seats in Chhattisgarh, where voting will take place on Friday, ended on Wednesday evening, marked by acrimonious exchanges between the main rivals BJP and the Congress over issues like corruption, the Constitution and pre-poll promises.
The saffron party’s electioneering for the second phase saw rallies by prominent leaders like Prime Minister Narendra Modi, Union Home Minister Amit Shah and Uttar Pradesh CM Yogi Adityanath, while for the Congress, its general secretary Priyanka Gandhi Vadra led the campaigning. Three Lok Sabha seats — Rajanandgaon, where former CM Bhupesh Baghel of the Congress is in the fray, Kanker (ST) and Mahasamund — will go to polls on April 26 (Friday) in the second phase.
Kerala
The over month-long, high-octane public campaign for the April 26 Lok Sabha polls drew to a close in Kerala on Wednesday, with various political parties holding massive rallies and road shows across the state, marking its culmination. Candidates wrapped up their final outdoor campaigning by touring major centres of the constituency, reaching out to voters, and reassuring their votes.
Even the final day of election campaign was marked by the presence of various national leaders in the state, including Home Minister Amit Shah, AICC Chief Mallikarjun Kharge, and Congress leader Priyanka Gandhi, who addressed public meetings in various constituencies.
Madhya Pradesh
Union minister Virendra Kumar and Madhya Pradesh BJP chief VD Sharma are among 80 candidates in the fray from six constituencies in the second phase of Lok Sabha elections in the state, campaigning for which ended on Wednesday evening.
The upcoming contest is a straight fight between the ruling BJP and the opposition Congress, which had won just one of the 29 seats in MP in the 2019 general elections.
Uttar Pradesh
Campaigning for the second phase of polling slated for April 26 in eight Lok Sabha constituencies of Uttar Pradesh came to an end on Wednesday evening.
The eight constituencies where voting will be held on Friday are Amroha, Meerut, Baghpat, Ghaziabad, Gautam Buddha Nagar, Bulandshahr, Aligarh and Mathura.
The Congress’ Danish Ali from Amroha and the BJP’s Atul Garg from Ghaziabad and Mahesh Sharma from Gautam Buddha Nagar toured their constituencies seeking the people’s support.
Rajasthan
Electioneering ended Wednesday evening in Rajasthan for the 13 remaining seats, including two constituencies where former chief ministers campaigned for their sons.
Among the 152 candidates in the fray in this phase are two Union ministers, the BJP state president and a former Assembly Speaker.
Maharashtra
As many as 204 candidates will battle it out for eight Lok Sabha seats on Friday in Maharashtra where the high-voltage campaigning for the second phase of polling ended on Wednesday evening.
A total of 1,49,25,912 voters — 77, 21, 374 males, 72,04,106 females and 432 of the third gender — are eligible to exercise their franchise and decide the electoral fate of 204 candidates.
President Biden he surveyed the wreckage from last week’s bridge collapse in Baltimore in an effort to reaffirm his commitment to the people there.
President Joe Biden visited the Francis Scott Key Bridge in Baltimore on Friday (local time) and vowed to “move heaven and Earth” to rebuild the structure, The Hill reported.
“Folks, we’re going to move heaven and Earth to rebuild this bridge as rapidly as humanly possible,” he said.
“We’re going to do so with union labor and American steel,” the US President affirmed, describing the damage as “devastating.”
Biden delivered the remarks as he surveyed the wreckage from last week’s bridge collapse in Baltimore, reaffirming his commitment to the people there.
“I’m here to say, your nation has your back. And I mean it. Your nation has your back,” Biden said, speaking with the wreckage of the collapsed bridge in the backdrop, according to The Hill.
“The damage is devastating and our hearts are still breaking,” Biden said in a reference to six people who died when the bridge collapsed late last month.
The cargo ship Dali struck the Francis Scott Key Bridge on Interstate 695 last Tuesday, causing it to collapse into the ocean. The cargo ship was bound for Sri Lanka.
Reopening the Baltimore Port, which is usually one of the busiest in the US and essential to trade along the East Coast, was stated by the president as the top priority of his administration. According to him, authorities anticipate that the entire shipping channel will reopen by the end of May.
Biden, during his visit to the bridge collapse site, took an aerial tour of the wreckage. He also talked about his family ties to Baltimore, and the amount of time he spent driving over the bridge.
He also met the families of the victims who lost their lives.
The White House said Thursday that top administration officials have called major employers in the Baltimore area, including retail chains and distributors, urging them to retain workers in the aftermath of the bridge collapse.
Biden also called on Congress to do its part to address the fallout of the bridge collapse as Baltimore residents face questions about accessing schools, hospitals and offices.
The collapse of Baltimore’s Francis Scott Key Bridge, following a collision with a container ship early on March 26, has brought trade through the Maryland port to a grinding halt, causing significant disruptions to the flow of commodities, particularly coal and cobalt.
Furthermore, the closure is expected to impede US coal exports to key destinations such as India, China, Canada, and the Netherlands, with Baltimore handling a significant portion of these shipments.
Moreover, Baltimore’s ports were the third-largest destination for US imports of unwrought primary aluminium in 2023, further exacerbating the impact on the metals trade.
Furthermore, the closure is likely to necessitate the shifting of container traffic to other area ports, including those in New York, New Jersey, and Norfolk, Virginia, adding complexities to shipping operations. (ANI)
Spot gold hit $2,304.09 per ounce, remaining steady at $2,299.28 per ounce as of 0343 GMT. Meanwhile, spot silver fell to $27.08 per ounce, platinum edged down to $935.39, and palladium rose to $1,017.83…. reports Asian Lite News
Gold prices surged to an all-time high on Thursday following Federal Reserve officials’ reaffirmation of anticipated interest rate reductions in 2024, as reported by Reuters.
Spot gold was steady at $2,299.28 per ounce as of 0343 GMT and hit a record high of $2,304.09 earlier in the session. Bullion has hit record highs in each session since last week’s Thursday.
Spot silver fell 0.5% to $27.08 per ounce, platinum edged down 0.1% to $935.39 and palladium was up 0.4% at $1.017.83.
Tejashwi Yadav pointed out that the PM was supporting a dynastic candidate from his alliance, highlighting a significant difference between the PM’s words and actions…reports Asian Lite News
Former Bihar Deputy Chief Minister and Rashtriya Janata Dal (RJD) leader Tejashwi Yadav took a dig at Prime Minister Narendra Modi regarding his first rally in Bihar. He questioned whether the PM would speak against nepotism in his election campaign in the state.
Yadav pointed out that the PM was supporting a dynastic candidate from his alliance, highlighting a significant difference between the PM’s words and actions.
“PM Modi in his election campaigns always talks about dynastic politics. But, in his very first campaign in Bihar, he rallied for the candidate, who himself is a dynastic politician. This shows the difference between what he says and how he acts,” he said.
Tejashwi Yadav, while speaking about the misuse of government agencies, alleged that when leaders join the BJP, cases against them by agencies like the ED and CBI are closed, and they are made ministers.
“It has been observed that as soon as leaders join the BJP, cases against them by agencies like the ED and CBI are closed. It’s evident to everyone that cases against those who join the BJP are dismissed. Whether someone has been involved in a scam of Rs 70,000 crore or any other case, they are made ministers, and their cases are closed,” he said.
While speaking about Congress leader Pappu Yadav’s decision to file a nomination from Purnea, Tejashwi Yadav said, “We have our own party and our own alliance. I am going to Purnea for my own candidate, and I believe that Bima Bharti will win by a big margin.
It is worth noting that the former MP Rajesh Ranjan, alias Pappu Yadav, who merged his Jan Adhikar Party (JAP) with the Congress, is adamant about contesting the Lok Sabha elections from the Purnia constituency, the seat given to the RJD as per the agreement reached by the alliance. His stand has put pressure on the Grand Alliance in Bihar.
The Mahagathbandhan (Grand Alliance), the opposition coalition in Bihar, including Rashtriya Janata Dal (RJD), Congress, and Left parties, recently announced that the RJD, its largest constituent, will contest 26 out of the state’s 40 Lok Sabha seats, including Purnia, in the upcoming elections.
Pappu Yadav has even urged RJD supremo Lalu Yadav to reconsider his decision regarding Purnia and give it to the Congress since the RJD announced that it would field former minister and Rupauli MLA Bima Bharati from the seat.
Bihar will see polling in seven phases. The first phase of polling will be held on April 19, the second phase on April 26, the third phase on May 7, the fourth phase on May 13, the fifth phase on May 20, the sixth phase on May 25, and the seventh phase on June 1.
In the 2019 Lok Sabha elections, the NDA, which included the BJP, JDU (Janata Dal-United), and LJP (Lok Janshakti Party), won 39 out of 40 seats. In contrast, the Mahagathbandhan, led by the RJD (Rashtriya Janata Dal), INC (Indian National Congress), and RLSP (Rashtriya Lok Samta Party), only managed to secure one seat.
The Lok Sabha Elections 2024 will be held in seven phases from April 19. Counting of votes on June 4. (ANI)
Pawar says people’s mood is against PM
Sharad Pawar, the president of the Nationalist Congress Party (NCP), remarked during a press conference in Nagpur that there has been a noticeable shift in public sentiment leading up to the Lok Sabha elections, with growing opposition towards Prime Minister Narendra Modi’s bid for a third term.
Pawar criticized Modi’s silence on China’s encroachment on Indian territory, contrasting it with his previous criticism of the Indira Gandhi government’s actions regarding Katchatheevu island. Pawar expressed confidence in his daughter Supriya Sule’s chances of winning the Baramati Lok Sabha seat and noted the changing political landscape where various ideologies are aligning to defeat the BJP.
He emphasized the need for anti-BJP leaders to unite against what he sees as attacks on democracy and the Constitution. Pawar also addressed Modi’s criticism of the opposition alliance, suggesting that the PM’s rhetoric is difficult to counter effectively. He dismissed the notion that his friendly relations with Union Minister Nitin Gadkari influenced the NCP’s decision not to field a candidate against him in Nagpur.
Pawar welcomed the Supreme Court’s decision to grant bail to AAP leader Sanjay Singh and expressed support for him in the opposition alliance. He acknowledged Modi’s strategic planning for the first 100 days of his government’s potential third term and commended his political acumen. Additionally, Pawar attended the filing of nomination by NCP candidate Amar Kale in Wardha prior to the press conference.
Chancellor of the Exchequer also announced another 2 percentage-point cut to the national insurance payroll tax, following a similar move in Nov…reports Asian Lite News
Jeremy Hunt cut personal taxes as the Conservative Party tries to win back voters ahead of a nationwide election expected later this year.
Delivering his budget, the Chancellor of the Exchequer announced another 2 percentage-point cut to the national insurance payroll tax, following a similar move in November. Taken together, he said, 27 million employees will get an average tax cut of £900 (€1,052) a year. He also said the UK’s budget watchdog had upgraded the country’s growth prospects for this year and next.
“We know that lower-taxed economies have more energy, more dynamism, and more innovation,” Hunt said in the House of Commons on Wednesday. “We have today put this country back on the path to lower taxes.”
The tax cut is a central part of the Tories’ strategy to close a 20-point gap to the opposition Labour Party in national polls, prior to an election that Prime Minister Rishi Sunak must call by January 25 at the latest. But Hunt was constrained by fragile public finances with the UK entering a recession last year, and the chancellor went into his budget with just £12.2bn (€14.26bn) of breathing space against his key fiscal rule, a margin near historic lows.
Hunt barely kept his budget within the self-imposed rule to have the ratio of borrowing to GDP falling in the final year of his five-year forecast period. He did so by raising taxes by extending a windfall tax on the profits of oil and gas companies and overhauling a tax break for foreigners moving to the UK.
After the change, foreigners arriving in the UK will have a four-year hiatus on tax on their overseas assets, before paying the same rate as Britons. The current non-dom regime lasts for 15 years but with an annual fee.
In a move that appeared designed to get more houses onto the market, Hunt announced a reduction in property capital gains tax and the end of a tax break for people renting out second homes as short-term lets for tourists. Hunt also said the threshold at which families start to lose child benefits will rise by £10,000 in April.
Other budget measures included a freeze on fuel and alcohol duty, a new tax on vaping, and a hike in air passenger duty on business travel.
The Conservatives were given a boost by the rosier growth forecasts from the OBR: Hunt said growth is now due to be 0.8% in 2024, up from the previous estimate of 0.7%. The watchdog is now predicting 1.9% growth for 2025, compared to a previous reading of 1.4%, Hunt said.
Hunt also said he wouldn’t be reducing future public spending plans, an option he’d been considering to help finance his tax cuts. Still, critics have said the 1% increase in spending Hunt is baking in — which involves real terms cuts for unprotected departments — would be politically unsustainable. Hunt didn’t detail his plans, but said boosting public sector productivity would be a key priority.
The budget measures will increase the UK tax burden by 1.1 percentage points, the OBR said.
“The hidden sting in the tail is the continued frozen tax thresholds which will eat into any savings” from the national insurance cut, Christine Cairns, tax partner at PwC, said in an emailed statement.
The chancellor is navigating the constraints of fragile public finances and a stagnant economy that entered a shallow technical recession at the end of 2023.
Inflation has fallen faster than anticipated and market expectations for interest rates are well below where they were prior to Hunt’s Autumn Statement in November, but many British households are still feeling the cost of living squeeze, while public services remain extremely stretched.
Former British finance minister Philip Hammond said it would be a mistake not to have a system in place that encourages so-called “non-doms” to reside in the U.K.
Non-domiciled tax status allows people who are based, but not settled, in the country to only pay U.K. tax on money made in the country. As part of the Spring Budget statement, U.K. Finance Minister Jeremy Hunt said on Wednesday that this would be scrapped and replaced with a new system.
“It would be a massive own goal to remove non-dom taxation and then see a big outflow of investment from the U.K.,” Hammond told CNBC’s Silvia Amaro on Wednesday.
“It would be a mistake to have no regime in place that encouraged people in those circumstances to base themselves in the U.K.,” he said. “If we said for example to people that they have to pay tax on their worldwide assets if they come and spend time in the U.K. I think that would probably be detrimental to the U.K. economy in the long term.”
Hammond said the integrity of the policy would now depend on the details of Hunt’s new plan.
Hammond was broadly positive about the statement, saying it was “a careful and thoughtful budget from a careful and thoughtful Chancellor.”
He also said that he would like to see lower taxes eventually, but that public services needed to be taken into account. “In the future we need higher productivity, higher economic growth, so we can reconcile this tension between the desire for good public services and the desire to keep taxes at a bearable level.”
Appreciating Ritesh Pandey for his decision, Uttar Pradesh Deputy Chief Minister Brajesh Pathak said that Ritesh Pandey decided to move with developed India…reports Asian Lite News
In a big blow for the Mayawati-led BSP ahead of the Lok Sabha elections, BSP MP from Ambedkar Nagar, Ritesh Pandey, joined the BJP on Sunday.
Pandey joined the BJP in the presence of Uttar Pradesh Deputy CM Brajesh Pathak and other BJP leaders.
He resigned from the primary membership of the BSP earlier today.
On joining BJP, Ritesh Pandey said, “…I had been working for BSP for the last 15 years, I don’t want to comment on thinking and activities of her (Mayawati). I have written in detail about this in my resignation letter. Whatever is happening in my constituency has happened in the last five years.”
Hailing the state government for the latest development work in Uttar Pradesh, he said, “I have taken this decision after evaluating all those things that are happening on the ground, be it two industrial areas in the constituency, the Purvanchal expressway, Gorakhpur link expressway, schools, the four-lane road that connects Ambedkar Nagar to Ayodhya’s Ram temple.”
He further stated that the economic condition of people, farmers, women, and Dalits has changed, and their living standards have been uplifted.
Appreciating Ritesh Pandey for his decision, Uttar Pradesh Deputy Chief Minister Brajesh Pathak said that Ritesh Pandey decided to move with developed India.
“Ritesh ji has taken a bold step and will work to connect the youth across the country,” said Pathak.
Welcoming the leader to the BJP, the Deputy Chief Minister said that Ritesh Pandey is a popular leader and MP from Ambedkar Nagar. “I am happy to welcome him with all my heart,” he expressed.
“Seeing the way Prime Minister Narendra Modi worked, Ritesh Pandey ji took this decision,” Pathak applauded.
BSP MPs begin looking for greener pastures
The sitting MPs of the Bahujan Samaj Party have started looking for greener pastures for the upcoming Lok Sabha elections after party president Mayawati’s repeated assertions that the party would contest the polls on its own.
BSP MPs feel that with BJP-led NDA and Congress led-INDIA bloc, there would be a polarisation of votes between the two formations, leaving little scope for parties that contest independently.
BSP MP Afzal Ansari has already been declared a candidate by the Samajwadi Party from Ghazipur parliamentary seat. Another MP, Danish Ali, who has been suspended by Mayawati for anti-party activities, is on his way to the Congress and sources said that he was all set to contest Amroha seat on a Congress ticket.
One of the BSP MPs said that the Lok Sabha elections would be contested on a highly polarised note and in such a situation, the idea of contesting alone is not wise. “Why would someone vote for us if they know that we are neither going to sit in treasury benches and nor in the opposition? The BSP usually benefits in a multi-cornered contest but as things stand now, there will be a straight fight between NDA and INDIA bloc,” he said.
In 2019, the BSP had contested the general elections in alliance with the SP and had won 10 seats. However, immediately after the polls, Mayawati snapped ties with the SP. In the 2022 assembly polls, the BSP could manage to win only one seat, making it almost irrelevant in state politics.
Our working style is different, says Mayawati
Mayawati on Sunday called her party different from “the capitalist parties of the country.” She said her party is not just a political one but a movement inspired by the ideals of Baba Saheb Bhimrao Ambedkar. The party is dedicated to the mission of ensuring self-respect for the marginalised.
“The policy and working style of the party are different from those of the capitalist parties in the country. The party also fields candidates, keeping this in mind in the elections,” she added further.
Meanwhile, amid the widening rift over the INDIA bloc, and the speculation that many Congress leaders would jump ship to the BJP, Mayawati reiterated that there is no alliance with any party ahead of the Lok Sabha election and said that her party will contest the election alone.
The BSP chief said that her party may consider an alliance only after the elections are over.
On December 21, 2023, Bahujan Samaj Party (BSP) chief Mayawati lashed out at member parties of the INDIA bloc, especially the Samajwadi Party (SP), who make comments on opposition parties that are not a part of the alliance.
Notably, the Samajwadi Party reportedly opposed the move to induct the BSP into the INDIA bloc at the fourth meeting of the INDIA parties. BSP was a major political force in Uttar Pradesh in the 1990s and 2000s but witnessed a gradual decline over the past decade.
In the 2022 assembly elections, the party polled only 12.8 per cent of the votes, its lowest in almost three decades. On Wednesday, as the farmers’ protests continued, BSP supremo Mayawati urged the government to take the demands of the farmers seriously and to consider them with empathy. (ANI)
The White House has revealed that the North provided Russia with military equipment, munitions and ballistic missiles, some of which were fired at Ukrainian targets on December 30, January 2 and January 6.
South Korean Foreign Minister Cho Tae-yul has expressed concerns over growing military cooperation between North Korea and Russia, saying it could potentially help Pyongyang’s ability to “threaten security on the Korean Peninsula and beyond”.
Cho made the remarks on Friday during a UN Security Council (UNSC) briefing on the Ukraine issue at UN headquarters in New York on the eve of the second anniversary of Russia’s invasion of Ukraine, Yonhap news agency reported.
North Korean leader Kim Jong-un (L) holds talks with Russian President Vladimir Putin at the Vostochny Cosmodrome space launch center in the Russian Far East on Sept. 13, 2023, in this photo released by the North’s official Korean Central News Agency the next day. (Photo:IANS/Yonhap)
“If and when it turns out to be the case that North Korea receives in return, whether advanced military technology or oil shipments exceeding limits under Security Council resolutions, this would redound to North Korea’s ability to threaten security on the Korean Peninsula and beyond,” he said.
“Both dimensions of this nexus constitute unequivocal violations of multiple UNSC resolutions and undermine the global non-proliferation regime,” he added.
The White House has revealed that the North provided Russia with military equipment, munitions and ballistic missiles, some of which were fired at Ukrainian targets on December 30, January 2 and January 6.
In return for the arms provision, Pyongyang has been seeking military assistance from Russia, “including fighter aircraft, surface-to-air missiles, armoured vehicles, ballistic missile production equipment or materials, and other advanced technologies”, according to US officials.
“My government is deeply troubled by the emerging military cooperation between Russia and North Korea,” Cho said. “North Korean munitions and missiles have been sighted in Ukraine, which not only aggravates the human suffering but also risks further escalating and prolonging the war in Ukraine.”
Noting the UNSC’s “inherent shortcomings and current constraints”, Cho said it is imperative for the council to devise “effective strategies to navigate these complexities to fulfil its fundamental duty of maintaining international peace and security”.
“I wish to reaffirm Korea’s commitment as a member of the Security Council to actively contribute to realizing this goal,” he said.
Cho also highlighted that as a country that also experienced war in the 1950s, Korea knows “all too well what it means to suffer from military aggression”.
“Korea firmly believes that aggression must not go unanswered,” he said. “As a nation — all too familiar with the agonizing consequences of armed conflict, Korea has a profound sense of empathy with the plight of the Ukrainian people.”
BEIJING, Oct. 1, 2019 (Xinhua) -- Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, delivers a speech at a grand rally to celebrate the 70th anniversary of the founding of the People's Republic of China at the Tian'anmen Square in Beijing, capital of China, Oct. 1, 2019. (Xinhua/Ju Peng/IANS)
Amidst China’s economic downturn, major brands are feeling the squeeze. For instance, Adidas recently shuttered its flagship store in Shenzhen’s Futian district, spanning three floors and over 3,200 square meters. This mirrors the broader economic challenges across China, as businesses and stores shut down nationwide
The economic downturn has severely impacted Shenzhen, often referred to as China’s Silicon Valley. Numerous businesses in the city have shuttered, leaving empty streets and unemployed workers. For instance, the Fang Industrial Park, once bustling with face-to-face stores, now stands deserted due to a lack of customers. Similarly, stores near the passenger Transportation Center at Shenzhen station have closed before the traditional New Year. Even established companies like the Electronics Factory of Elco Electronics have succumbed to the crisis.
This factory, founded 36 years ago and employing thousands, has gone bankrupt, along with 49 other companies owned by a woman who was once worth over 100 million Yuan (approximately 15 million USD). The harsh reality faced by Shenzhen residents contrasts with the city’s global reputation.
Amidst China’s economic downturn, major brands are feeling the squeeze. For instance, Adidas recently shuttered its flagship store in Shenzhen’s Futian district, spanning three floors and over 3,200 square meters. This mirrors the broader economic challenges across China, as businesses and stores shut down nationwide. Workers bear the brunt, grappling with unemployment and financial strain. In Shenzhen’s streets, job seekers compete fiercely for manual labor positions.
Xi Jinping delivers an important speech at a ceremony marking the 100th anniversary of the founding of the CPC in Beijing, July 1, 2021. (Xinhua/Ju Peng/IANS)
Meanwhile, in Wuhan, cold and destitute migrant workers huddle together in a parking garage at Wu Chong station, unable to afford the journey home. The numbers are staggering: 460,000 businesses and 320,000 stores have vanished, surpassing the pandemic’s impact from 2020 to 2022. Even successful business owners now face bankruptcy, and over 780 million people are in debt. Wall Street banks predict China’s economic growth will slow from 5.3% in 2023 to 4.6% in 2024. The economic slowdown in China results from a confluence of internal and external factors. As the world’s second-largest economy, China grapples with several domestic challenges:
COVID-19 Pandemic: The ongoing pandemic disrupted production, trade, and consumer behavior.
Unstable Governance Policy: The Communist Party of China (CPC) faces governance uncertainties, impacting economic stability.
Consumer Confidence: A lack of confidence among consumers affects spending and investment.
Real Estate Crisis: Property market fluctuations contribute to economic uncertainty.
Ageing Population: Demographic shifts strain social services and labor markets. Externally, China’s reliance on exports and imports faces challenges due to severed supply chains with Japan, South Korea, and Western countries. Notably, the Ding Ye Fang Scandal shook the Chinese financial market. Ding Yi Feng International Asset Management Group, listed in Hong Kong, intends to list its Shenzhen subsidiary on a foreign digital exchange while halting asset trading. With debts exceeding 1,030 billion yuan (about 18.2 billion USD), founder Sui Guangyi’s alleged embezzlement of 3 billion yuan ($420 million) jeopardizes investors. This crisis exemplifies China’s economic woes and reverberates globally.
Amidst the economic downturn, a significant group of investors confronted Ding Ye Feng’s office building in Shenzhen multiple times this week. Their demand: answers regarding the repayment of their financial products. The revelation was shocking: Mashao Q, one of the founders, had been arrested for transferring funds overseas. Meanwhile, the person in charge remained under border control, unable to leave the country. The company’s predicament was dire: debt exceeding 130 billion yuan (about 18.2 billion USD), impacting up to 500,000 investors. Xie Tian, a professor at the Icons School of Business in the University of South Carolina, asserted that the company’s intent was asset seizure, not legitimate financial investment, predicting its inevitable collapse. As China grapples with economic woes and a worsening epidemic, similar cases may emerge. Experts caution that this crisis could trigger a domino effect, exacerbating China’s economic decline and potentially leading to social unrest. Investors, unable to recover their funds, harbor resentment toward the CCP and local governments, heightening the risk of unrest.
On January 22nd, the Chinese stock market experienced a significant crash, impacting all sectors. It marked the worst day for Chinese shares since April 25th, 2022, during the second wave of the COVID-19 pandemic. Key indices reflected the turmoil. Shanghai Composite Index: Fell below the critical 2800-point level, reaching a new four-year low.Hong Kong’s Hang Seng Index: Plunged by 2.3%, dropping below 15,000 points for the first time since 2009.Shenzhen Component Index: Representing smaller, innovative firms, it dropped by 4.06%, hitting a low of 8,430 points. Investors across sectors faced losses as fears of a slowing economy and regulatory tightening led to widespread stock dumping. The media and entertainment sector suffered the most, losing over 6% of its value. Other sectors, including steel, chemicals, petroleum, basic metals, real estate, and cement, also saw significant declines. Financial stocks, typically stable, dropped by more than 1%. Analysts attribute the crash to a combination of factors, including the pandemic’s impact, Evergrande’s debt crisis, insufficient government stimulus, and increased scrutiny of tech and education sectors.
Investors across sectors faced losses as fears of a slowing economy and regulatory tightening led to widespread stock dumping. The media and entertainment sector suffered the most, losing over 6% of its value. Other sectors, including steel, chemicals, petroleum, basic metals, real estate, and cement, also saw significant declines. Financial stocks, typically stable, dropped by more than 1%. Analysts attribute the crash to a combination of factors, including the pandemic’s impact, Evergrande’s debt crisis, insufficient government stimulus, and increased scrutiny of tech and education sectors.
Electric vehicles (EVs) are often hailed as greener and safer alternatives to traditional cars. However, some EVs have proven dangerous, even deadly. Concerns arise from incidents where Chinese electric vehicles exploded while charging or driving, as documented in social media videos and local news. Recently, a red EV exploded at a charging station in southern China, resembling the popular Bake X360 model. Despite firefighters’ efforts, the car detonated violently, sending debris in all directions, even piercing a nearby toll booth’s roof. Experts recommend using water to extinguish EV fires, as it’s more effective than foam or dry chemicals. To prevent such incidents, cautious selection of EVs, especially those made in China, is crucial. Researching safety standards can safeguard both property and lives.
