Month: July 2022

Protesters who stormed President Gotabaya Rajapaksa’s house on Saturday amid the country’s worst economic crisis claimed to have recovered a large sum of money from the mansion, local media reported.

According to Sri Lanka’s daily newspaper, Daily Mirror, it was reported that the recovered money was handed over to the security units.
Several dramatic videos have been doing the rounds on social media after Saturday’s upheaval where thousands of protesters stormed his official residence in the capital of Colombo, forcing him to flee to an unknown location.

With the demand for President Gotabaya Rajapaksa’s resignation, they stormed into the President’s house, tore down security cordons placed by police, took a dip in the swimming pool and romped through his kitchen and home.

In one of the videos on social media, protesters are seen counting the currency notes that they claimed were unearthed from the President’s official residence, said the media outlet.

Sri Lankan authorities said that the situation can only be understood once they probe it and come up with relevant facts.

Chief of Defence Staff (CDS) General Shavendra Silva urged all citizens to give their support to the armed forces and the police in order to maintain peace in the country, as per the media portal. He made these remarks in a special statement accompanied by Tri Force Commanders.

Meanwhile, Sri Lankan Minister of Tourism and Lands Harin Fernando and Minister of Labour and Foreign Employment Manusha Nanayakkara said they have decided to step down from their ministerial portfolios with immediate effect.

Sri Lankan protesters also broke into Prime Minister Ranil Wickremesinghe’s private residence and set it on fire, angered by the unprecedented economic crisis.

Several journalists were also attacked by the security forces after which more protestors gathered in the area, Daily Mirror reported.

Police resorted to water cannons to stop the enraged protestors.

The police also fired tear gas at the protesters but despite that, they entered PM’s house and set the house on fire.

Meanwhile, Colombo Municipal Council (CMC) fire brigade said they were informed that the Prime Minister’s private residence in Colombo was set on fire and its teams were unable to reach the location due to the unrest, according to Daily Mirror.

Wickremesinghe, who was appointed as Prime Minister in May, has announced that he will resign from his post in order to ensure the continuation of the government and the safety of all the citizens.

Sri Lankan President Gotabaya Rajapaksa also agreed to step down from his post on Wednesday. (ANI)

As part of preparations for the 2023 assembly polls, RSS leaders are likely to hold a two-day “Chintan” session in Bengaluru on July 14 and 15, which Chief Minister Basavaraja Bommai and BJP state president Nalin Kumar Kateel are likely to attend.

On June 30, BJP president met RSS chiefs Mukund and Sudhir and held discussions for about 45 minutes at Keshavakrupa, the RSS headquarters in Bengaluru.

RSS, the party’s ideological mentor, is concerned about BJP’s victory in the assembly elections despite back-to-back sample polls on sensitive issues like the ‘hijab’ and ‘halal’.

The RSS is also concerned about the opposition leaders who are constantly attacking the RSS, especially the BJP leaders who have failed to give a befitting reply to the leader of the Congress Legislature Party Siddaramaiah.

Many issues will be discussed including strategies for assembly elections. Sources said that the meeting will discuss what role the government, party, leaders and RSS should play to retain power in the state and win the elections.

Also likely to come up for discussion is the Rohit Chakratirtha Committee’s revision of textbooks and its implications, as noted writer Devanur Mahadeva’s recent book on the RSS has criticized the RSS. Thus, it has been learned that it can be discussed in think tanks to take necessary action.

The remedial measures to be taken to clear confusion on various issues and the responsibilities of BJP workers in the wake of elections, especially recruitment to boards and corporations, will be discussed. RSS leaders including Mukund, Union Minister Pralhad Joshi, and BJP Karnataka in-charge Arun Singh are likely to attend the ‘Chintan Shivir’. (ANI)

Inflation, which has been above the central bank’s tolerance limit since the beginning of 2022, is likely to ease gradually in the second half of the current financial year, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Saturday.

“Overall, at this point of time, with the supply outlook appearing favourable and several high frequency indicators pointing to resilience of the recovery in the first quarter (April-June) of 2022-23, our current assessment is that inflation may ease gradually in the second half of 2022-23, precluding the chances of a hard landing in India,” Das said.

Addressing Kautilya Economic Conclave, organised by the Institute of Economic Growth in New Delhi, RBI Governor said price stability is key to maintaining macroeconomic and financial stability.

“Inflation is a measure of the trust and confidence that the public repose in the economic institutions of a country. While factors beyond our control may affect inflation in the short run, its trajectory over the medium-term is determined by monetary policy. Therefore, monetary policy must take timely actions to anchor inflation and inflation expectations so as to place the economy on a strong and sustainable growth pedestal,” he said.

“We will continue to calibrate our policies with the overarching goal of preserving and fostering macroeconomic stability. In this endeavour, we will remain flexible in our approach while being cogent and transparent in our communication. If history is any guide, I am optimistic that our actions will usher in a new era of prosperity in the years ahead,” Das said.

The RBI Governor noted that the global economy is going through an extremely uncertain period amidst the simultaneous interplay of various headwinds – a lingering war and enduring COVID– the sharp rise in energy and other commodity prices, strains in global supply chains and worsening food security.”

“In several economies, inflation is ruling at levels not seen by the recent generations. Parallels are being drawn with the inflation era of the 1970s. Inflation is running well above targets for a prolonged period and threatening to unhinge inflation expectations. Central banks have begun delivering bigger and quicker policy rate hikes to restore price stability, even as the global economy is struggling to recover fully from the scars inflicted by the COVID-19 pandemic,” he said.

The sharply tightening financial conditions due to the ongoing monetary policy normalisation on the one hand and the persisting geopolitical tensions on the other pose significant downside risks to near-term global economic prospects. They are also sparking stagflation concerns worldwide, with even talk of recession in some parts of the world, he added.

Highlighting the conduct of the monetary policy in managing inflation, Das said, “In early 2022, inflation was expected to moderate significantly to the target rate of 4 per cent by Q3:2022-23, with a projected average inflation rate of 4.5 per cent for 2022-23.”

This assessment was based on an anticipated normalisation of supply chains, the gradual ebbing of COVID-19 infections and a normal monsoon. The median inflation projection from the Survey of Professional Forecasters at 5.0 per cent for 2022-23 was also quite benign. This narrative was, however, completely overtaken by the war in Europe since end-February, which led to a sharp spike in global crude oil and other commodity prices, the RBI Governor said.

Global food prices reached a historical high in March and their effects were felt in edible oil, feed cost and domestic wheat prices. The loss of Rabi wheat production due to an unprecedented heat wave put further pressure on wheat prices. Cost-push pressures were also aggravated by supply chain and logistics bottlenecks due to the war and sanctions, he added. (ANI)

Newly-appointed Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis called on Prime Minister Narendra Modi in Delhi on Saturday.

It is the first meeting of Shinde with PM Modi after taking oath as the Maharashtra CM.

Earlier today, Shine and Fadnavis held a joint press conference in the national capital.

Shinde said, “Maharashtra has a strong government. We have 164 MLAs while the opposition has 99. My government will complete its tenure. We will even win the next election.”

He further said the existence of Shiv Sena MLAs came under threat during the Maha Vikas Aghadi (MVA) regime and so he revolted against the coalition.

“The existence of our MLAs came under threat under the MVA government. Back then we could not speak that is why we took the step. It is only the natural alliance of BJP and Shiv Sena that can take Maharashtra ahead,” added Shinde.

Deputy CM Fadnavis emphasised that Eknath Shinde is the leader of the new Maharashtra government.

“My party made me the Chief Minister earlier. Now as per the need of the party, we have abided by the party’s decision. Eknath Shinde is our leader and CM. We will work under him. The injustice was undone and our natural alliance was revived,” Fadnavis said.

Prior to the press conference, Shinde and Fadnavis held a meeting with Bharatiya Janata Party (BJP) president JP Nadda on cabinet expansion and the formula for dividing cabinet berths between BJP and Shiv Sena, sources said.

The meeting which lasted about 40 minutes took place at the residence of Nadda in the national capital. According to the sources, the BJP has in initial talks offered 11 ministerial posts to the Shinde faction and has suggested that 29 ministers would be from the party.

Shiv Sena’s Eknath Shinde faction is in favour of keeping the Home Department with the Chief Minister. However, no official information has been given on this matter yet.

This is the first visit of Shinde to the national capital as Maharashtra Chief Minister. Shinde and Fadnavis had also met Union Home Minister Amit Shah on Friday.

Sources said the meeting with Shah lasted for four hours and the political situation in Maharashtra. During the meeting with Shah, Shinde and Fadnavis discussed matters related to the state including the formation of the new cabinet.

With the buzz of the Maharashtra cabinet being expanded in two phases doing rounds, the meeting is significant amid the likelihood of the expansion taking place before the presidential election on July 18.

Shinde took oath as Chief Minister and Fadnavis as Deputy Chief Minister of the new government on June 30 after Shiv Sena leader Uddhav Thackeray resigned following a revolt in his party.

Shine had led the revolt and was joined by some independent MLAs. Shinde had said earlier that decision on cabinet expansion will be taken soon after discussions.

Sources said that more than a dozen people of the Shinde camp can be made ministers.

Eight Ministers of the Uddhav government had joined Shinde in the revolt. There is speculation that all of them can be made Ministers again.

Shinde and Fadnavis also met Defence Minister Rajnath Singh at his residence in Delhi on Saturday. They also called on President Ram Nath Kovind.

Shinde and Fadnavis are also likely to meet Prime Minister Narendra Modi in the evening. After his visit to the capital, Shinde will leave for Pune in a private plane.

The Uddhav Thackeray-led Shiv Sena faction has moved the Supreme Court opposing the Maharashtra governor’s June 30 decision to invite Shinde-led MLAs supported by the BJP to form a government in the state.

The matter will be heard in the Supreme Court on July 11. Referring to the Thackeray faction, Thackeray has said that no one can take the party symbol of bow and arrow.

In the meeting, they also held discussions on the possibility of giving ministerial posts to all the MLAs who were Ministers in the Thackeray government.

Shinde won the floor test in the Maharashtra Legislative Assembly on the last day of the two-day special session of the House on July 4. In the 288-member House, 164 MLAs voted for the motion of confidence, while 99 voted against it. (ANI)

Hours after thousands of protesters stormed his official residence in the capital of Sri Lanka, President Gotabaya Rajapaksa on Saturday agreed to step down from his post.

Rajapaksa has informed that he will resign from the Presidency on the 13th July, Speaker Mahinda Yapa Abeywardena announced in a press conference this evening, according to Sri Lanka’s news outlet Newswire.
The development came following the announcement of resignation by Sri Lankan Prime Minister Ranil Wickremesinghe from his post.

Earlier, Abeywardene in a letter addressed to the President informed him that he should resign from his post immediately and convene Parliament in seven days to appoint an acting President, Daily Mirror reported. He has also informed that the new administration should be formed with a new Prime Minister and then go for a general election after a specific time period.

Dramatic visuals from outside Rajapakse’s residence on Saturday showed a sea of demonstrators storming into the compound, tearing down security cordons placed by police, taking a dip in the swimming pool and romping through his kitchen and home.

CNN cited security officials to say that Gotabaya Rajapakse was not at the site and has been moved elsewhere.

Later in the day, protesters broke into Wickremesinghe’s private residence and set it on fire, angered by the unprecedented economic crisis.

Wickremesinghe, who was appointed as Prime Minister in May, has announced that he will resign from his post in order to ensure the continuation of the government and the safety of all the citizens.

Taking to Twitter, Wickremesinghe said, “To ensure the continuation of the Government including the safety of all citizens, I accept the best recommendation of the Party Leaders today, to make way for an All-Party Government. To facilitate this, I will resign as Prime Minister.”

Earlier, Sri Lankan Prime Minister said in a statement that he took this decision in view of the fact that island-wide fuel distribution is due to recommence this week, the World Food Program Director is due to visit the country this week and the Debt Sustainability report for the IMF is due to be finalised shortly.”

“So as to ensure the safety of the citizens, he is agreeable to this recommendation by the Opposition Party Leaders,” the statement reads.

Meanwhile, Sri Lankan MP Harsha de Silva said that the majority of party leaders had agreed on President and Prime Minister’s resignation and the Speaker to act as President for a maximum of 30 days. He further said that the leaders also agreed on the election of MP as President for the remaining term will be elected by the parliament.

“All party interim government to be appointed in the next few days,” he added.

Earlier, Prime Minister Ranil Wickremesinghe summoned an emergency Party Leaders meeting to discuss the situation and come to a swift resolution.

The worsening economic situation in the country has led to increasing tensions and over the last few weeks, there were reports of several confrontations between individuals and members of the police force and the armed forces at fuel stations where thousands of desperate members of the public have queued for hours and sometimes days. Police have used tear gas and water cannon at times in an unnecessary and disproportionate manner. On occasions, armed forces have also fired live ammunition.

Sri Lanka is suffering its worst economic crisis since gaining independence in 1948, which comes on the heels of successive waves of COVID-19, threatening to undo years of development progress and severely undermining the country’s ability to achieve the Sustainable Development Goals (SDGs).

The oil supply shortage has forced schools and government offices to close until further notice. Reduced domestic agricultural production, a lack of foreign exchange reserves, and local currency depreciation have fuelled the shortages. The economic crisis will push families into hunger and poverty – some for the first time – adding to the half a million people who the World Bank estimates have fallen below the poverty line because of the pandemic. (ANI)

Amid the deepening economic crisis in Pakistan, the business leaders of the country have warned that the country is heading toward social unrest and fear that it is becoming unsafe for foreign investment due to back-to-back government policies that seek to discourage investors.

“We don’t have continuity of economic policies. There have to be separate teams for economic matters and political issues so that policies remain intact; otherwise, it will keep affecting foreign and local investors,” said the former vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saqib Fayaz Magoon, while reacting to the massive hike in the State Bank of Pakistan’s (SBP) policy rate from 7.5 per cent in September 2021 to 15pc in less than 10 months, the Dawn reported.

He explained that industrialists and foreign investors always rely on interest rates and foreign exchange rates before investing.

“If it changes so abruptly and that too quite considerably, then foreign investors will start eluding Pakistan,” the Dawn quoted Magoon as saying.

Secondly, he said, banks in Pakistan were reluctant (due to verbal instructions from the SBP) to make payments to businessmen who got supplies on collection base documents on short-term credit.

“The banks were making payments on LC-based payments alone. Pakistan witnesses around USD 1 billion in payments under credit-based business due to the credibility of Pakistani businessmen and foreign suppliers,” he said.

According to the Dawn, Magoon while expressing concern over the increasing value of the Dollar said that Foreign investors are looking with worry at this depreciation in the Pakistani rupee because they invest in dollars and get a return in local currency, as the exchange rate is likely to appreciate even further after Eidul Azha, he said.

Hyderabad Chamber of Commerce and Industry (HCCI) president Adeel Siddiqui reiterated Magoon’s statements while expressing concern over the falling crude oil prices and ghee. He was also worried about monetary policy, and poverty issues in the country.

“Don’t you remember the government has announced it will provide relief from lower fuel prices in the international market even if it drops by one dollar? Have you seen this relief being passed on to consumers?” he questioned.

On the contrary, he claimed that electricity and gas tariffs had been raised, in addition to a fuel price adjustment (FPA) of Rs 7.90 per unit, the Dawn reported.

Notably, Inflation in Pakistan increased to 21.32 per cent in the month of June, the highest in over 13 years, as per local media reports.

Pakistan’s Bureau of Statistics (PBS) stated that in May, the inflation rate as measured by the Consumer Price Index (CPI) was 13.76 per cent.

The inflation increased by 6.34 per cent month-on-month (MoM) and reached 21.32 per cent year-on-year (YoY) in June, the Dawn newspaper reported.

A double-digit inflation rate was witnessed in many sectors. The transportation sector recorded the highest inflation of 62.17 per cent and perishable food items, prices also increases by 36.34 per cent, it added.

Meanwhile, the education sector reported single-digit inflation of 9.46 per cent, and the communication sector reported inflation of 1.96 per cent, Dawn reported citing PBS.

Motor fuel, liquefied hydrocarbons and electricity charges recorded a 95 per cent increase in year-on-year inflation, as per the data.

The PBA had also expressed concern over the potential risks that might affect the growth aspects of the country even if they are expected to remain satisfactory.

It involves the trading partners of the country. In an attempt to counter inflation, the central banks of the country’s trading partners are increasing their interest rates which might cause the recession in these countries, the report said. (ANI)

Sri Lankan protesters broke into Prime Minister Ranil Wickremesinghe’s private residence and set it on fire, angered by the unprecedented economic crisis.

Just a few hours ago with the demand for President Gotabaya Rajapaksa’s resignation, they stormed into the compound, tore down security cordons placed by police, took a dip in the swimming pool and romped through his kitchen and home.
Several journalists were also attacked by the security forces after which more protestors gathered in the area, Daily Mirror reported.

Earlier, the police fired tear gas at the protesters but despite that, they entered his house and set the house on fire.

Meanwhile, Colombo Municipal Council (CMC) fire brigade said they were informed that the Prime Minister’s private residence in Colombo was set on fire and its teams were unable to reach the location due to the unrest, according to Daily Mirror.

Wickremesinghe, who was appointed as Prime Minister in May, has announced that he will resign from his post in order to ensure the continuation of the government and the safety of all the citizens.

Taking to Twitter, Wickremesinghe said, “To ensure the continuation of the Government including the safety of all citizens, I accept the best recommendation of the Party Leaders today, to make way for an All-Party Government. To facilitate this, I will resign as Prime Minister.”

Earlier, Sri Lankan Prime Minister said in a statement that he took this decision in view of the fact that island-wide fuel distribution is due to recommence this week, the World Food Program Director is due to visit the country this week and the Debt Sustainability report for the IMF is due to be finalised shortly.”

“So as to ensure the safety of the citizens, he is agreeable to this recommendation by the Opposition Party Leaders,” the statement reads.

Meanwhile, Sri Lankan MP Harsha de Silva said that the majority of party leaders had agreed on President and Prime Minister’s resignation and the Speaker to act as President for a maximum of 30 days. He further said that the leaders also agreed on the election of MP as President for the remaining term will be elected by the parliament.

“All party interim government to be appointed in the next few days,” he added.

Earlier, Prime Minister Ranil Wickremesinghe summoned an emergency Party Leaders meeting to discuss the situation and come to a swift resolution.

The Prime Minister is also requesting the Speaker to summon Parliament.

Lankan local publication Daily Mirror reported that several gunshots were heard being fired in the air and police unsuccessfully used tear gas to ward off protestors who surrounded the presidential residence. Two people have reportedly been injured.

Protestors have entered the President’s House, tweeted the Daily Mirror.

Sri Lanka’s police imposed a curfew in several police divisions in Western Province with effect from 9 pm local time Friday until further notice ahead of a planned protest today demanding the resignation of President Gotabaya Rajapaksa.

Strict action will be taken on those violating the curfew, the police said. The Sri Lankan publication said travelling through the areas where police curfew is in effect is completely prohibited and police had advised people to use other alternative routes.

The worsening economic situation in the country has led to increasing tensions and over the last few weeks, there were reports of several confrontations between individuals and members of the police force and the armed forces at fuel stations where thousands of desperate members of the public have queued for hours and sometimes days. Police have used tear gas and water cannon at times in an unnecessary and disproportionate manner. On occasions, armed forces have also fired live ammunition.

Sri Lanka is suffering its worst economic crisis since gaining independence in 1948, which comes on the heels of successive waves of COVID-19, threatening to undo years of development progress and severely undermining the country’s ability to achieve the Sustainable Development Goals (SDGs).

The oil supply shortage has forced schools and government offices to close until further notice. Reduced domestic agricultural production, a lack of foreign exchange reserves, and local currency depreciation have fuelled the shortages. The economic crisis will push families into hunger and poverty – some for the first time – adding to the half a million people who the World Bank estimates have fallen below the poverty line because of the pandemic. (ANI)

Ukrainian President Volodymyr Zelenskyy dismissed Kyiv’s ambassador to India as well as several other foreign envoys on Saturday.

He announced the sacking of Ukraine’s ambassadors to Germany, the Czech Republic, Norway, India, Bangladesh, the Maldives, Nepal, and Sri Lanka, The Kyiv Independent reported.

Zelenskyy has urged his diplomats to drum up international support and military aid amid the fierce war in Ukraine.

Russia started its military operation in Ukraine in the last week of February this year which resulted in a large-scale humanitarian situation. Under operation Ganga, India had facilitated the safe return of 22,500 Indian nationals, most of them students, studying in various universities in Ukraine.

India has reiterated its stand for diplomacy amid the Ukraine conflict and said humanitarian measures should not be politicized at a time when the impact of the situation is affecting the food security situation.

The war in Ukraine has led to a large-scale humanitarian and refugee crisis. Moreover, the security situation in Ukraine deteriorated rapidly following the launch of a Russian Federation military offensive on February 24.

According to UN agencies, the escalation of conflict in the eastern part of the country has triggered an immediate and steep rise in humanitarian needs as essential supplies and services are disrupted and civilians flee the fighting. The UN estimates that 12 million people inside Ukraine will need relief and protection, while several other Ukrainian refugees may need protection and assistance in neighbouring countries in the coming months.

On 1 March, the UN and humanitarian partners launched coordinated Flash Appeals for a combined USD 1.7 billion to urgently deliver humanitarian support to people in Ukraine and refugees in neighbouring countries.

Within Ukraine, the plan requires USD 1.1 billion to meet the escalating humanitarian needs of more than six million people affected and displaced by military operations over the next three months, according to UN News.

Outside the country, the UN requested USD 551 million to help Ukrainians who have fled across borders, principally to Poland, Hungary, Romania and Moldova. (ANI)

Bollywood actor Vaani Kapoor, in a recent interview, revealed that she had to go through horse riding training for her role in the upcoming period action film ‘Shamshera’.

“For horse riding you need that emotional connect with the animal. They will throw you off otherwise. I remember I used to get this whole packet of biscuits and that’s how the trainer also told me like feed the horse, befriend the horse and it’s so cute. I mean they’re like the loveliest animal. I think it’s extremely important to be like friends with them first. They only know the language of love,” the ‘War’ actor stated.

Vaani portrays the role of Sona in ‘Shamshera’, she will be seen romancing Ranbir Kapoor for the very first time in Yash Raj Films’ forthcoming film.

Makers recently unveiled their second song, a romantic track ‘Fitoor’, which showcased Ranbir and Vaani’s steaming hot chemistry.

The ‘Rockstar’ actor shared his experience of working with the ‘Chandigarh Kare Aashqiui’ actor and said, “She’s a beautiful actor, very hard-working, very committed and I think she’s a closet method actor but like the kind of innocence and the kind of strength that she brought to the character was quite amazing. It was a tough character for her but she played it so beautifully. I’m really proud of you know her work in this film.”

The film marks Vaani’s fourth collaboration with the production house after her debut film ‘Shudh Desi Romance’in 2013, ‘Befikre’ with Ranveer Singh in 2016, and ‘War’ with Hrithik Roshan and Tiger Shroff in 2019.

Based on the pre-independence era, ‘Shamshera’ also casts Sanjay Dutt in a prominent role.

Meanwhile, the ‘Bell Bottom’ actor was last seen in ‘Chandigarh Kare Aasqhiqui’ with Ayushmann Khurrana where she portrayed the role of a transgender girl. She gathered a lot of appreciation for her role in the film. (ANI)