FDI Inflows Rise To Record $83.5 Billion In 2021-22

Foreign Direct Investment (FDI) inflows to India rose to a record high of $83.57 billion in the Financial Year 2021-22 despite the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, the government data showed on Friday.

FDI inflow to India has almost doubled in the last seven years. In 2014-2015, FDI inflow in India stood at a mere $45.15 billion. It rose to $83.57 billion in 2021-22.

There has been a consistent increase in FDI inflows to India in recent years. FDI inflow in 2021-22 was higher by $1.60 billion when compared with the previous year’s $81.97 billion.

India’s FDI inflows have increased 20-fold since 2003-04 when the inflows were $4.3 billion only, the Ministry of Commerce & Industry said in a statement.

India is rapidly emerging as a preferred country for foreign investments in the manufacturing sector. FDI Equity inflow in manufacturing sectors has increased by 76 per cent in FY 2021-22 ($21.34 billion) compared to $12.09 billion in the previous year.

In terms of top investor countries of FDI equity inflow, Singapore is at the top with 27 per cent, followed by USA (18 per cent) and Mauritius (16 per cent) for the FY 2021-22.

Computer Software & Hardware has emerged as the top recipient sector of FDI equity inflow during FY 2021-22 with around 25 per cent share followed by the services sector (12 per cent) and the automobile industry (12 per cent).

Under the sector ‘computer software & hardware’, the major recipient states of FDI equity inflow are Karnataka (53 per cent), Delhi (17 per cent) and Maharashtra (17 per cent) during FY 2021-22.

Karnataka is the top recipient state with 38 per cent share of the total FDI equity inflow reported during the FY 2021-22 followed by Maharashtra (26 per cent) and Delhi (14 per cent).

The majority of the equity inflow of Karnataka has been reported in the sectors ‘Computer Software & Hardware’ (35 per cent), automobile industry (20 per cent) and education (12 per cent) during the FY 2021-22.

“The steps taken by the Government during the last eight years have borne fruit as is evident from the ever-increasing volumes of FDI inflow being received into the country, setting new records,” the ministry said.

The Government reviews the FDI policy on an ongoing basis and makes significant changes from time to time, to ensure that India remains an attractive and investor-friendly destination.

The government has put in place a liberal and transparent policy for FDI, wherein most of the sectors are open to FDI under the automatic route. To further liberalise and simplify FDI policy for providing Ease of doing business and attract investments, reforms have been undertaken recently across sectors such as Coal Mining, Contract Manufacturing, Digital Media, Single Brand Retail Trading, Civil Aviation, Defence, and Insurance and Telecom, it added. (ANI)

India’s Forex Reserves Dip By $2.6 Billion; 10th Weekly Fall

India’s foreign exchange (forex) reserves declined by $2.676 billion to $593.279 billion for the week ended May 13, the Reserve Bank of India (RBI) data showed on Friday.

This is the 10th weekly drop in the country’s foreign exchange reserves. During the week ended on May 6, the forex reserves had dipped by $1.77 billion.

This is the lowest level of India’s forex reserves in a year. India’s forex reserves have fallen sharply after touching an all-time high of $642.453 billion on September 3, 2021.

According to the Reserve Bank of India’s weekly statistical supplement, all the components of the forex reserves declined during the week ended May 13 led by a sharp drop in the foreign currency assets.

India’s foreign currency assets, which are the biggest component of the forex reserves, fell by $1.302 billion to $529.554 billion during the week under review, the RBI data showed.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held in the foreign exchange reserves.

The value of gold reserves slumped by $1.169 billion to $40.57 billion during the week under review.

India’s reserve position in the International Monetary Fund (IMF) dropped by $39 million to $4.951 billion, and the value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund dipped by $165 million to $18.204 billion during the week ended May 13, the RBI data showed. (ANI)

Russia-Ukraine War Hits Surat Diamond Inc, Small Units Shut Down

India’s diamond polishing hub Surat has lost its glamour in the wake of the ongoing Russia-Ukraine War which has affected the supply chain of rough diamonds.

Speaking to ANI, Dinesh Navadia, Regional Chairman, Gems and Jewellery Export Promotion Council said, “Surat’s diamond industry witnesses an impact amid the Russia-Ukraine conflict. Every month raw material of around 1.75 lakh carat was imported into Surat via Russia. No raw material availability now. Over 30 to 35 per cent of rough diamonds imported from Alrosa directly come to the Indian market at Surat and Mumbai for cutting and polishing.”

Major diamond factories in Surat have reduced the working week from three to four days. Several small factories in Surat have been closed for the time being.

“Russian rough diamonds are generally smaller, making up 40 per cent of India’s diamond trade by volume and about 30 per cent in value. The war with Ukraine has now affected this 18 billion dollar trade. The stock of Russian raw materials sent to India before the US sanctions are also about to run out,” added Navadia.

The Diamond Workers Union Gujarat’s Surat unit on May 4 sent a memorandum addressed to Gujarat Chief Minister Bhupendra Patel seeking financial aid to be given to the diamond workers.

The Russian invasion of Ukraine started on February 24, 2022, and the US imposed sanctions on several items exported from Russia around mid-April. (ANI)

Sensex Makes Strong Recovery, Soars 1,534 Points

The Indian stock markets posted a strong recovery on Friday with benchmark indices, Sensex and Nifty, surging around three per cent led by around six per cent rally in the index heavyweight Reliance Industries.

The 30 stock S&P BSE Sensex surged 1534.16 points or 2.91 per cent to close at 54,326.39 points against its previous day’s close at 52,792.23 points.

Recovering the previous day’s losses, the Sensex started the day with significant gains at 53,513.97 points and surged to a high of 54,396.43 points in the intra-day.

The Sensex had lost 1,416.30 points or 2.61 per cent on Thursday amid the global meltdown.

The broader Nifty 50 of the National Stock Exchange surged 456.75 points or 2.89 per cent to 16,266.15 points against its previous day’s close at 15,809.40 points.

The Nifty had lost 430.90 points or 2.65 per cent on Thursday.

Dr Reddy’s Laboratories surged 8.10 per cent to Rs 4246.30.

The index heavyweight Reliance Industries Limited soared 5.77 per cent to Rs 2622.15. Nestle India soared 4.74 per cent to Rs 16863.85. Tata Steel jumped 4.22 per cent to Rs 1170.20.

Gains were across the board. All the 30 scrips that are part of the Sensex closed in the positive. Out of the 50 scrips that are part of the Nifty, 48 closed in the positive.

One-third of the Sensex scrips gained more than three per cent. Out of the 30 scrips, 19 gained more than 2 per cent.

L&T, Axis Bank, Sun Pharma, IndusInd Bank, State Bank of India, HDFC, ICICI Bank, Hindustan Unilever and Kotak Bank were among the major Sensex gainers. (ANI)

Azam Khan Plea

Azam Khan Walks Out Of Sitapur Jail After SC Grants Bail

Samajwadi Party leader Azam Khan was released from Sitapur district jail on Friday, a day after the Supreme Court granted him interim bail in an alleged case of cheating.

The SP leader was granted bail in a cheating case lodged at the police station in Rampur.

The Supreme Court also ordered that Azam Khan be released until the regular bail is decided by the competent court.

“The Supreme Court gave justice,” said Azam Khan’s son Abdullah Azam Khan.

Azam Khan’s son, Adeeb Azam Khan, welcomed the Supreme Court’s decision and noted that they will directly go to Rampur after the release.

“I am very happy (with Supreme Court’s order). We will go to Rampur directly (after the release),” said Adeeb Azam Khan, son of SP leader Azam Khan.

Earlier on Thursday, the Supreme Court granted interim bail to Samajwadi Party leader Azam Khan in another case of cheating.

A bench of justices L Nageswara Rao, BR Gavai, AS Bopanna granted interim bail to Khan and also allowed him to apply for regular bail before the concerned court within two weeks.

Earlier on Tuesday, the apex court had reserved the order on Khan’s interim bail plea in the aforesaid case, as opposed by the Additional Solicitor General SV Raju, appearing for Uttar Pradesh state.

The Supreme Court had earlier expressed displeasure with the prolonged delay in the announcement of judgment by Allahabad HC on his (Khan’s) bail plea and called it a ‘travesty of justice’.

Last week, the Allahabad HC had granted Khan interim bail in the case related to wrongful possession of land.

Khan was lodged in Sitapur jail since February 2020 as many cases are registered against him. (ANI)

Thinking Of Him – Tagore’s Platonic Tryst

She heard of his death, at 80, on radio. She was driving one of those slow, lethargic, vintage cars across the sea-landscape, somewhere in Europe, perhaps. She stopped the car and lighted a cigarette, the tobacco smoke drifting into the solitary stasis of saline soliloquy. No, she did not cry. Her lips sealed, there were no tears in her eyes.

Victoria Ocampo cried but once, merely for a slipping, unspoken-sentence, and they were not even tears. They were like words and silences which hide their own language in the poetry of the great man, which she was reading, in her home at Beunos Aires in Argentina. She was not crying. She was holding something back.

So what is it that she is forever holding back and why?

My friend, social scientist, and old friend from JNU, Avijit Pathak says that Rabindranath Tagore was an “ocean of tears”. Despite the fact that he celebrated a luminescent rainbow of pulsating songs, poetry,T dance drama, paintings, stories and novels, which experienced, absorbed and transcended the kaleidoscope of all felt emotions, from the innocence of Kalboishaki childhood, to the pulsating ecstasies and romance of the teenage years and youth of Bengal, until the weary wisdom of middle and old age, when life is rapidly passing by never ever to return, one full moon-tide at a time, across the meadows of memories and insomnia which remain etched.

So, why does it seem to be only an ocean of tears, held-back?

It’s not that creative genius would always be solitary and sad. It’s not that the world almost always compels her and him to be one. It’s just that life is like this only.

Personal tragedies ravage the inner self, like the death of loved ones. It’s like the end of love — which is death itself. Tagore went through all that and more.

There are other tragedies too, like the Jalianwallah Bagh Massacre in Amritsar during the protracted freedom movement in British Punjab, against which he decisively protested. And, yet, undoubtedly, these tragedies did not bog him down into eternal despair – he chased the realism and illusion of the heady and spontaneous beauty and passion of daily aesthetics like an everyday addiction. This is what he left for us, and not only in the lanes and bylanes, river shores and village squares of Shonar Bangla in East and West Bengal, but in the essential landscape of the shared, collective public space, where angst, longing and thirst must finally and always win the battle against despair and fatedness, and joy should deliberately defy the permanence of pain.

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After his death, in her telegram to her son at the famous Jorashonko Thakurbari, the Tagore residence in Old Kolkata, Victoria Ocampo wrote: “Thinking of him, and all of you.”

She might have simply written: Thinking of him.

Thinking of him. The new film made by Argentine director Pablo Cesar was released in May in theatres across India, and at the Rabindranath Tagore Cultural Centre at Ho Chi Minh Sarani in Kolkata, named after the Vietnam guerilla war legend, ironically, bang opposite the United States Consulate. The release marked the 161st birth anniversary of Tagore. The Indo-Argentine film has been co-produced by Indian filmmaker Suraj Kumar, a former student in JNU, Delhi. The film explores the sublime relationship of the poet with Victoria Ocampo, who had idealized Tagore since she had read the French translation of Gitanjali.

It stars brilliant Victor Banerjee as Tagore, Argentine actor Eleonara Wexler as a deeply sensitive Victoria, Raima Sen as an intelligent resident of the Viswabharati University campus set up by Tagore in Shantiniketan, Bolpur, Bengal, and Hector Bordoni, a troubled Argentine school teacher who discovers Tagore and wants to learn how teaching is de-schooled in non-conformist Shantiniketan so that he can take the pedagogy onwards to school students in his own country.

Separated from his father and tormented by a disturbed childhood, the knowledge, humanism, and landscape, the songs and the football, along with the subtle, understated friendship of Raima, helps him resurrect into a new man. Thereby, rehabilitated from the terrible memories of his childhood, finally, he says goodbye to this beautiful journey, taking a rickshaw to the railway station, leaving an undisclosed letter in a brown envelope pinned on the door for Raima.

Speaking about the film, Victor Banerjee said, “The film is about what Victoria Ocampo thought of Tagore and it not about what you and I think of Tagore… She was half his age when they met, but there was something beyond mere admiration in their relationship…”

One of the last journeys Tagore made in his life was to Iran. Earlier, he had travelled to London and Europe where he was hosted with great love and passion by some of the finest minds of his time. He travelled all the way to distant Princeton and met Einstein. He also travelled to China along with great painter Nandalal Bose, where his poetry was translated into Chinese.

On his long ship journey to Peru to participate in the centenary celebrations of the country’s independence, he had to stop at Buenos Aires in 1924, due to illness. He needed a place to stay. This is where Victoria Ocampo, 34, a total stranger, welcomes and rediscovers him, gives him shelter, music and love, as Tagore recuperates, old, lonely and undefeated.

The director has picked up the original threads of this special and sublime encounter, across huge spatial distances, as Tagore, then 63, found in this home away from home, the beauty of the river Plata from his balcony, itself like a sea, and the garden which sheltered him in his 58-day stay. This is at once spiritual and platonic, but it is tangible and loaded with hidden substances and meanings, like human touch; this relationship between him and Victoria.

He touches her face in a moment of sudden affection, but never really touches her face. It is always a communication which is hidden, like with trees, the wind, the river. Always at a distance, and distance itself melts into a strange togetherness.

Finally, when they hug, it is a fleeting embrace. Not the embrace of death, but that of life, love; love and life’s eternal zone of possibilities.

Of all the great cinema that I have seen, including from Europe and Latin America, this meeting of the mind and heart in a physical embrace, with Tagore and Victoria, is stunningly moving in this film. The moment heals. So sacred and enduring, that it stays.

Later, Tagore visits Paris. She organizes a successful exhibition of his paintings in 1930. In a lovely moment of shared friendship, she jokes that all the people who have come to the art gallery, including the women, want to meet him so ardently. So he must be quite a favourite of the ladies when young! Tagore waits, and then laughs wickedly and whole-heartedly: Yes, he says. Yes.

In the last moments of this sensitive film, Tagore is leaving on a train. He sits at the window, his hand on the glass of the window which is shut, his face “an ocean of tears”. He knows he will never see her again. She puts her hand on the glass. She touches his hand.

The train moves. As the Tagore song says: ‘Tomaar holo shuru.. amaar holo shara…

For you, it is the beginning… for me, it is the end.

Prashant Kishor Says Cong Shivir Failed To Achieve Anything

Poll analyst Prashant Kishor, giving his views on the recently concluded Congress Nav Sankalp Chintan Shivir, said that the meet ‘failed to achieve anything meaningful’.

Kishor, at the same time, also predicted an “impending electoral rout” for the Congress in Gujarat and Himachal Pradesh, scheduled to go for election later this year.

Taking to Twitter on Friday, Kishor wrote, “I’ve been repeatedly asked to comment on the outcome of #UdaipurChintanShivir In my view, it failed to achieve anything meaningful other than prolonging the status-quo and giving some time to the #Congress leadership, at least till the impending electoral rout in Gujarat and HP!”

A three-day brainstorming session, Nav Sankalp Chintan Shivir, was held by the Congress and attended by the Gandhis and senior party leaders, to discuss the strategy for the 2024 assembly polls and the electoral challenges.

After the recent poll debacle in five states, Congress was holding negotiations with Kishor. The results of five Assembly polls came as a shock to Congress which was hoping to do well to revive its fortunes in the 2024 Lok Sabha elections and to fend off the emerging challenge from the Aam Aadmi Party (AAP) and Trinamool Congress to replace it as the fulcrum of anti-BJP politics in the country.

Prashant Kishor, last month, declined to join the Congress party.

After declining the offer to join the Congress, poll strategist Prashant Kishor on Tuesday said that the party needs “leadership and collective will” to fix deep-rooted structural problems through transformational reforms.

Taking to Twitter, Kishor said, “I declined the generous offer of Congress to join the party as part of the Empowered Action Group (EAG) and take responsibility for the elections. In my humble opinion, more than me the party needs leadership and collective will to fix the deep-rooted structural problems through transformational reforms.” (ANI)

Gyanvapi mosque ASI

Friday Prayers Offered At Gyanvapi Mosque

The Gyanvapi Mosque in Varanasi witnessed its first Friday prayers at the premises since ‘Shivling’ was claimed to have been found during a court-ordered survey.

In its appeal to allow Muslims to offer prayers, the Anjuman Intaza Mian Masajid Committee, in the wake of the Gyanvapi controversy, had appealed for the least number of people to attend the Friday prayers today.

One of the devotees who arrived there confirmed that the prayers concluded peacefully.

People gathered for namaz at the Gyanvapi Mosque premises at 1.30 pm and performed it without ‘wazu’.

The Fridays prayers were observed after the Supreme Court directed the district magistrate of Varanasi, on Tuesday, to ensure the protection of the area (where claimed ‘Shivling’ was found) inside the Gyanvapi-Shringar Gauri complex and allowed Muslims to offer ‘namaz’ and perform “religious observances” at the premises.

The top court is scheduled to hear the proceedings related to Gyanvapi at 3 PM today as the advocate appearing for the Hindu side informed the apex court that the senior advocate Hari Shankar Jain was unwell and thus had requested the court to hear it today. (ANI)

India Logs 2,259 New Covid Cases In A Day, 22 Deaths

India registered 2,259 fresh COVID cases in the last 24 hours, taking the total active caseload to 15,044, stated the Ministry of Health and Family Welfare on Friday.

The daily positivity rate of the country is 0.50 per cent while the weekly positivity rate is 0.53 per cent.

A total of 2,614 patients recovered in the last 24 hours, which took the total recoveries to 4,25,92,455 across the country. India’s recovery rate now stands at 98.75 per cent.

The country also reported 20 COVID-related fatalities, increasing the total reported death count to 5,24,323.

The country has conducted 4,51,179 COVID tests in the last 24 hours while total 84.58 crore COVID tests have been conducted so far.

Meanwhile, India administered a total of 15,12,766 doses in the last 24 hours, which brings the total tally of doses administered to 1,91,96,32,518. (ANI)

‘No Communal Discord in Kashi, But Truth Must Come Out’

Dinesh Dubey, a mahant in Varanasi, says pushing the truth in the Gyanvapi mosque case under the carpet may have adverse impact in the long run

I have been serving Ma Ganga since childhood on the Ghats of Varanasi and also the devotees who come to pray at the temples of this sacred Hindu city. Kashi residents are spiritual and charitable. And you cannot find even the slightest discrimination or ill-will among Hindus and Muslims here.

As far as the Gyanvapi mosque issue is there, even a young child here knows that it is a 350 year old structure built after razing down parts of the Vishweshwar temple devoted to Lord Shiva. But this has not spoiled the togetherness of its people. It was only recently that a survey by archaeologists was conducted in the mosque and we hear that some Hindu relics and a Shivling have been discovered there.

The matter is subjudice, so it is not upon me to tell you what to do. But the common sense says that if an object of value is found somewhere, it must be returned to its rightful owner. Therefore, if Hindu relics are found in a mosque, these should be given to Hindus. Where is the role of Court-Kachehari in this?

Many Hindu holy structures were brought down in our chequered history. Now, if there is archaeological evidence that a structure belongs to Hindus, there is no harm in reclaiming it. This happened in Ayodhya, although at the intervention of Supreme Court.

ALSO READ: Varanasi An Icon Of Harmony, Don’t Destroy Over A Shivling

Hindus and Muslims of Varanasi are tolerant and peace-loving people. However, of late a misconception is being spread that something unpleasant is going to happen in Varanasi. The media also has a major role in spoiling the harmony. Special episodes are being run on TV channels that have created an atmosphere of fear.

If you try to hide the truth, it will naturally give grist to the rumour mill. That is why I feel allow the truth about religious relics found in the mosque be brought into public domain. Brushing the truth under the carpet will only create distrust among the Kashi residents.

About 600 meters of the Gyanvapi mosque site, which has other temples also, has been cordoned off. This barricading has affected the footfalls of visitors in Varanasi. Devotees from south India usually throng Kashi in summer months every year. However, the numbers have gone down visibly. People are asking among each other anxiously when things will be ‘normal’.

We, locals, do not want any kind of dispute. We have been living in harmony for centuries and pray to Lord Siva. Let truth prevail and let everyone live a peaceful life and witness the development of Bharatvarsha!

As told to Rajat Rai