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Tag: Jairam Ramesh

  • Jairam Ramesh seeks CBI probe into Amit Shah’s ‘Sangma govt most corrupt’ comment

    By IANS

    NEW DELHI/SHILLONG: Congress General Secretary Jairam Ramesh has requested the Central Bureau of Investigation (CBI) to summon Home Minister Amit Shah over his comment describing Meghalaya authorities headed by Chief Minister Conrad Ok Sangma, in its earlier time period, as “most corrupt” and to research the declare.

    Attaching his letter to CBI Director Subodh Kumar Jaiswal, he tweeted: “I’ve written to the Director of CBI asking CBI to query the Home Minister additional on his categorical assertion that Conrad Sangma’s Govt in Meghalaya was essentially the most corrupt within the nation

    “That of course did not prevent BJP from supporting the same Conrad Sangma again”.

    Ramesh, in his letter to Jaiswal, mentioned that Shah had mentioned in his public speech on February 17 that the then Meghlaya authorities headed by Sangma was essentially the most corrupt authorities within the nation.

    “Amit Shah is also the Home Minister of India. In his capacity as the Home Minister, he would surely have had access to information and facts that led him to the above conclusion. For some inexplicable reasons, the Home Minister, who is also the former national President of Bharatiya Janata Party, has failed to act upon the information regarding the corrupt practices and instances of the then Meghalaya government,” he mentioned.

    Ramesh requested the CBI Director to summon Shah and ask him to submit all the knowledge and information that led him to state evaluation and examine the matter.

    “We also urge you to investigate if the Home Minister of India was under any undue duress from his party or other forces, to suppress the information related to the corruption of Meghalaya, in order to enable his party Bharatiya Janata Party to support the same Chief Minister after the recent Meghalaya elections,” the letter mentioned.

    The Congress letter additionally connected media reviews on Shah’s remarks in the course of the campaigning for Meghalaya Assembly polls, held on February 27.

    The Congress leaders in Meghalaya have been criticising the BJP for supporting a authorities led by National People’s Party chief Sangma even after terming the earlier authorities led by the identical social gathering because the “most corrupt”.

    The Congress additionally termed the NPP led coalition shaped for the second consecutive time period as a “marriage of convenience”.

    The BJP with two MLAs is part of the Meghalaya Democratic Alliance (MDA) authorities dominated by the NPP, which secured 26 seats within the 60-member Assembly. Various different native events are supporting the MDA authorities.
     

    NEW DELHI/SHILLONG: Congress General Secretary Jairam Ramesh has requested the Central Bureau of Investigation (CBI) to summon Home Minister Amit Shah over his comment describing Meghalaya authorities headed by Chief Minister Conrad Ok Sangma, in its earlier time period, as “most corrupt” and to research the declare.

    Attaching his letter to CBI Director Subodh Kumar Jaiswal, he tweeted: “I’ve written to the Director of CBI asking CBI to query the Home Minister additional on his categorical assertion that Conrad Sangma’s Govt in Meghalaya was essentially the most corrupt within the nation

    “That of course did not prevent BJP from supporting the same Conrad Sangma again”.googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );

    Ramesh, in his letter to Jaiswal, mentioned that Shah had mentioned in his public speech on February 17 that the then Meghlaya authorities headed by Sangma was essentially the most corrupt authorities within the nation.

    “Amit Shah is also the Home Minister of India. In his capacity as the Home Minister, he would surely have had access to information and facts that led him to the above conclusion. For some inexplicable reasons, the Home Minister, who is also the former national President of Bharatiya Janata Party, has failed to act upon the information regarding the corrupt practices and instances of the then Meghalaya government,” he mentioned.

    Ramesh requested the CBI Director to summon Shah and ask him to submit all the knowledge and information that led him to state evaluation and examine the matter.

    “We also urge you to investigate if the Home Minister of India was under any undue duress from his party or other forces, to suppress the information related to the corruption of Meghalaya, in order to enable his party Bharatiya Janata Party to support the same Chief Minister after the recent Meghalaya elections,” the letter mentioned.

    The Congress letter additionally connected media reviews on Shah’s remarks in the course of the campaigning for Meghalaya Assembly polls, held on February 27.

    The Congress leaders in Meghalaya have been criticising the BJP for supporting a authorities led by National People’s Party chief Sangma even after terming the earlier authorities led by the identical social gathering because the “most corrupt”.

    The Congress additionally termed the NPP led coalition shaped for the second consecutive time period as a “marriage of convenience”.

    The BJP with two MLAs is part of the Meghalaya Democratic Alliance (MDA) authorities dominated by the NPP, which secured 26 seats within the 60-member Assembly. Various different native events are supporting the MDA authorities.
     

  • JPC solely solution to comprehensively probe Adani concern: Congress

    By PTI

    NEW DELHI: The Congress Wednesday asserted that the one solution to comprehensively examine the Adani concern is thru a Joint Parliamentary Committee (JPC) and claimed that the Supreme Court-appointed skilled committee can be a “clean chit” panel for the federal government.

    Congress basic secretary Jairam Ramesh claimed the federal government desires the demand for JPC to be taken again and in return, it could take again the demand for an apology over Rahul Gandhi’s remarks within the UK.

    He mentioned there was no query of an apology and the demand for JPC is non-negotiable.

    Addressing a press convention because the celebration’s complete questions requested below its ‘Hum Adani Ke Hain Kaun’ initiative reached the 100-mark, Ramesh mentioned the celebration has beforehand posed 99 inquiries to Prime Minister Narendra Modi since February 5 in reference to the Adani concern.

    “We conclude the series with a final question asking whether you will act in national interest using the vast army of investigative agencies at your disposal,” Ramesh mentioned.

    The Supreme Court-appointed Expert Committee appointed on March 2, sadly, lacks formal jurisdiction over these companies, he claimed.

    “You have never hesitated to deploy them against the opposition, civil society and independent businesses. We now appeal to you, with some irony, to use them as they are intended, to investigate the most brazen case of corruption and cronyism the country has witnessed since 1947,” Ramesh alleged.

    “While we pray that the Supreme Court’s Expert Committee produces a fair and thorough investigation of the ‘Adani Scam’, we note that it lacks jurisdiction over the investigative agencies mentioned above and that its scope does not include examining cronyism and your political interference in governance aimed at ‘enriching’ your friends,” he mentioned.

    The reply is clearly a JPC to look at all related points of this rip-off, as each Indian National Congress and the Bharatiya Janata Party-led governments have up to now agreed to analyze main instances of inventory market manipulation, he asserted.

    READ MORE:

    ‘We need JPC’: Opposition leaders protest in Parliament advanced over Adani concern

    Govt not letting Parliament run to keep away from Adani concern: Congress chief Kharge

    NEW DELHI: The Congress Wednesday asserted that the one solution to comprehensively examine the Adani concern is thru a Joint Parliamentary Committee (JPC) and claimed that the Supreme Court-appointed skilled committee can be a “clean chit” panel for the federal government.

    Congress basic secretary Jairam Ramesh claimed the federal government desires the demand for JPC to be taken again and in return, it could take again the demand for an apology over Rahul Gandhi’s remarks within the UK.

    He mentioned there was no query of an apology and the demand for JPC is non-negotiable.googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2’); );

    Addressing a press convention because the celebration’s complete questions requested below its ‘Hum Adani Ke Hain Kaun’ initiative reached the 100-mark, Ramesh mentioned the celebration has beforehand posed 99 inquiries to Prime Minister Narendra Modi since February 5 in reference to the Adani concern.

    “We conclude the series with a final question asking whether you will act in national interest using the vast army of investigative agencies at your disposal,” Ramesh mentioned.

    The Supreme Court-appointed Expert Committee appointed on March 2, sadly, lacks formal jurisdiction over these companies, he claimed.

    “You have never hesitated to deploy them against the opposition, civil society and independent businesses. We now appeal to you, with some irony, to use them as they are intended, to investigate the most brazen case of corruption and cronyism the country has witnessed since 1947,” Ramesh alleged.

    “While we pray that the Supreme Court’s Expert Committee produces a fair and thorough investigation of the ‘Adani Scam’, we note that it lacks jurisdiction over the investigative agencies mentioned above and that its scope does not include examining cronyism and your political interference in governance aimed at ‘enriching’ your friends,” he mentioned.

    The reply is clearly a JPC to look at all related points of this rip-off, as each Indian National Congress and the Bharatiya Janata Party-led governments have up to now agreed to analyze main instances of inventory market manipulation, he asserted.

    READ MORE:

    ‘We need JPC’: Opposition leaders protest in Parliament advanced over Adani concern

    Govt not letting Parliament run to keep away from Adani concern: Congress chief Kharge

  • Congress alleges govt granted ‘monopolies’ to Adani Group, allowed it to ‘fleece’ shoppers

    By PTI

    NEW DELHI: The Congress on Saturday alleged that the federal government has granted “monopolies” to the Adani Group, permitting it to “fleece” shoppers who want to make use of important infrastructure providers similar to airports and electrical energy.

    The opposition celebration additionally mentioned that persistent demand for a JPC on the Adani subject was to not embarrass Prime Minister Narendra Modi however to unravel its full dimensions.

    Posing a set of three inquiries to Prime Minister Narendra Modi as a part of the celebration’s “Hum Adani ke Hain Kaun” collection, Congress common secretary Jairam Ramesh mentioned the main target of the posers was on how the “monopolies granted” to the Adani Group have allowed it to “fleece” shoppers who want to make use of important infrastructure providers like airports and electrical energy.

    The PM could create as many diversions as he desires however he can not escape direct questions on the Adani MahaMegaScam. Here is HAHK (Hum Adanike Hain Kaun)-22

    Chuppi Todiye Pradhan Mantriji pic.twitter.com/htBIj6N4jh

    — Jairam Ramesh (@Jairam_Ramesh) March 4, 2023

    The Congress is persisting with its assault on the federal government weeks after Adani Group shares took a beating on the bourses after US-based quick vendor Hindenburg Research made a litany of allegations, together with fraudulent transactions and share-price manipulation.

    The Gautam Adani-led group has dismissed the costs as lies, saying it complies with all legal guidelines and disclosure necessities.

    In his assertion addressed to the prime minister, Ramesh claimed that the Adani-operated Chaudhary Charan Singh International Airport in Lucknow, India’s eleventh busiest airport, has proposed an “exorbitant increase” within the consumer growth payment (UDF) paid by passengers.

    “If approved by the Airports Economic Regulatory Authority (AERA), user fees will rise from Rs 192 to Rs 1,025 for domestic passengers and Rs 561 to Rs 2,756 for international passengers by the fiscal year 2025-26,” the Congress common secretary claimed.

    AERA has already authorised a six-fold payment improve for home passengers and a 12-fold payment improve for worldwide passengers flying out of the Adani-operated Ahmedabad airport by 2025-26, he mentioned.

    “And AERA outdid itself in the case of the Adani-operated Mangaluru airport by not only hiking user fees for departing passengers but also imposing them on arriving passengers,” Ramesh claimed.

    Is this not the “inevitable outcome of the PM’s decision to grant an airports monopoly to his friend Gautam Adani by handing him six out of six airports over the objections of the NITI Aayog and the Ministry of Finance”, the Congress chief requested.

    “Will customers have to pay out of their pockets for the electoral bonds that your cronies are transferring to BJP coffers?” Ramesh mentioned.

    He additionally claimed that in 2008, Adani Power signed an influence buy settlement (PPA) with Haryana’s state-owned energy distribution corporations to produce 1,424 megawatts (MW) of electrical energy for 25 years at a levelised tariff of Rs 2.94 per unit.

    But it started to default on its energy provide obligations in December 2020, forcing Haryana to purchase spot electrical energy at Rs 11.55 per unit, he claimed.

    ALSO READ | Gujarat govt bought electrical energy price Rs 8,160 crore from Adani Power in 2021-22: Assembly informed 

    “Far from recovering what it was due, the Manohar Lal Khattar government decided to approve a supplementary PPA on June 27, 2022, through which it will procure a reduced 1,200 MW from Adani at Rs 3.54 per unit and will source the remaining 224 MW at a far higher price from Adani,” he alleged.

    “Did you pressure CM Khattar to bail out your cronies yet again? How many thousands of crores of rupees will be fleeced from Haryana consumers by Adani to pay for the BJP’s electoral bonds?” Ramesh mentioned.

    He additionally claimed that on March 1, 2023, Adani Power made a disclosure to the Bombay Stock Exchange and the National Stock Exchange that it had signed supplementary PPAs with Haryana’s two energy distribution corporations.

    However, no such PPA had been signed at the moment, he alleged. Was this a crude try to shore up flagging Adani share costs, Ramesh requested.

    ALSO READ | Vinod Adani working shell corporations in ‘collusion with Chinese nationals’: Congress

    “Will this be yet another case of SEBI turning a blind eye to blatant violations and deceptions by your favourite business group?” he mentioned.

    Responding to a media report which quoted senior lawyer Harish Salve as saying that the demand for a joint parliamentary committee (JPC) probe was aimed toward solely embarrassing the Centre, Ramesh tweeted, “My friend Harish Salve with whom I worked closely as environment minister is completely wrong.”

    The persistent demand for a JPC on the Adani rip-off is to not embarrass the PM however to unravel its full dimensions, which no technocratic committee can or can be prepared to do.

    NEW DELHI: The Congress on Saturday alleged that the federal government has granted “monopolies” to the Adani Group, permitting it to “fleece” shoppers who want to make use of important infrastructure providers similar to airports and electrical energy.

    The opposition celebration additionally mentioned that persistent demand for a JPC on the Adani subject was to not embarrass Prime Minister Narendra Modi however to unravel its full dimensions.

    Posing a set of three inquiries to Prime Minister Narendra Modi as a part of the celebration’s “Hum Adani ke Hain Kaun” collection, Congress common secretary Jairam Ramesh mentioned the main target of the posers was on how the “monopolies granted” to the Adani Group have allowed it to “fleece” shoppers who want to make use of important infrastructure providers like airports and electrical energy.googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2’); );

    The PM could create as many diversions as he desires however he can not escape direct questions on the Adani MahaMegaScam. Here is HAHK (Hum Adanike Hain Kaun)-22
    Chuppi Todiye Pradhan Mantriji pic.twitter.com/htBIj6N4jh
    — Jairam Ramesh (@Jairam_Ramesh) March 4, 2023
    The Congress is persisting with its assault on the federal government weeks after Adani Group shares took a beating on the bourses after US-based quick vendor Hindenburg Research made a litany of allegations, together with fraudulent transactions and share-price manipulation.

    The Gautam Adani-led group has dismissed the costs as lies, saying it complies with all legal guidelines and disclosure necessities.

    In his assertion addressed to the prime minister, Ramesh claimed that the Adani-operated Chaudhary Charan Singh International Airport in Lucknow, India’s eleventh busiest airport, has proposed an “exorbitant increase” within the consumer growth payment (UDF) paid by passengers.

    “If approved by the Airports Economic Regulatory Authority (AERA), user fees will rise from Rs 192 to Rs 1,025 for domestic passengers and Rs 561 to Rs 2,756 for international passengers by the fiscal year 2025-26,” the Congress common secretary claimed.

    AERA has already authorised a six-fold payment improve for home passengers and a 12-fold payment improve for worldwide passengers flying out of the Adani-operated Ahmedabad airport by 2025-26, he mentioned.

    “And AERA outdid itself in the case of the Adani-operated Mangaluru airport by not only hiking user fees for departing passengers but also imposing them on arriving passengers,” Ramesh claimed.

    Is this not the “inevitable outcome of the PM’s decision to grant an airports monopoly to his friend Gautam Adani by handing him six out of six airports over the objections of the NITI Aayog and the Ministry of Finance”, the Congress chief requested.

    “Will customers have to pay out of their pockets for the electoral bonds that your cronies are transferring to BJP coffers?” Ramesh mentioned.

    He additionally claimed that in 2008, Adani Power signed an influence buy settlement (PPA) with Haryana’s state-owned energy distribution corporations to produce 1,424 megawatts (MW) of electrical energy for 25 years at a levelised tariff of Rs 2.94 per unit.

    But it started to default on its energy provide obligations in December 2020, forcing Haryana to purchase spot electrical energy at Rs 11.55 per unit, he claimed.

    ALSO READ | Gujarat govt bought electrical energy price Rs 8,160 crore from Adani Power in 2021-22: Assembly informed 

    “Far from recovering what it was due, the Manohar Lal Khattar government decided to approve a supplementary PPA on June 27, 2022, through which it will procure a reduced 1,200 MW from Adani at Rs 3.54 per unit and will source the remaining 224 MW at a far higher price from Adani,” he alleged.

    “Did you pressure CM Khattar to bail out your cronies yet again? How many thousands of crores of rupees will be fleeced from Haryana consumers by Adani to pay for the BJP’s electoral bonds?” Ramesh mentioned.

    He additionally claimed that on March 1, 2023, Adani Power made a disclosure to the Bombay Stock Exchange and the National Stock Exchange that it had signed supplementary PPAs with Haryana’s two energy distribution corporations.

    However, no such PPA had been signed at the moment, he alleged. Was this a crude try to shore up flagging Adani share costs, Ramesh requested.

    ALSO READ | Vinod Adani working shell corporations in ‘collusion with Chinese nationals’: Congress

    “Will this be yet another case of SEBI turning a blind eye to blatant violations and deceptions by your favourite business group?” he mentioned.

    Responding to a media report which quoted senior lawyer Harish Salve as saying that the demand for a joint parliamentary committee (JPC) probe was aimed toward solely embarrassing the Centre, Ramesh tweeted, “My friend Harish Salve with whom I worked closely as environment minister is completely wrong.”

    The persistent demand for a JPC on the Adani rip-off is to not embarrass the PM however to unravel its full dimensions, which no technocratic committee can or can be prepared to do.

  • ED, CBI, IT dept have grow to be devices of political vendetta underneath Modi govt: Jairam Ramesh 

    By PTI

    NEW DELHI: The Congress on Monday alleged that establishments just like the ED, the CBI and the Income Tax Department have grow to be devices of “political vendetta” underneath the Narendra Modi authorities and opposition leaders are selectively focused to destroy their repute.

    The assertion got here on a day a particular court docket despatched Delhi Deputy Chief Minister Manish Sisodia to five-day CBI remand after the company sought his custody for efficient interrogation to unravel the alleged rip-off within the now-scrapped excise coverage for 2021-22.

    CBI arrested Sisodia on Sunday after round eight hours of questioning.

    Without naming anybody or any explicit case, Congress basic secretary Jairam Ramesh mentioned in a tweet, “The Congress has always held the belief that institutions like ED, CBI and Income Tax Department have become instruments of political vendetta and harassment under Modi Sarkar.” 

    “These institutions have lost all professionalism. Opposition leaders are selectively targeted to destroy their reputation,” Ramesh mentioned.

    On Sunday, Delhi Congress chief Anil Chaudhary mentioned Sisodia’s arrest by the CBI in reference to the Delhi excise coverage rip-off case is a welcome step.

    He had claimed that the AAP “used power to accumulate wealth”.

    NEW DELHI: The Congress on Monday alleged that establishments just like the ED, the CBI and the Income Tax Department have grow to be devices of “political vendetta” underneath the Narendra Modi authorities and opposition leaders are selectively focused to destroy their repute.

    The assertion got here on a day a particular court docket despatched Delhi Deputy Chief Minister Manish Sisodia to five-day CBI remand after the company sought his custody for efficient interrogation to unravel the alleged rip-off within the now-scrapped excise coverage for 2021-22.

    CBI arrested Sisodia on Sunday after round eight hours of questioning.googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );

    Without naming anybody or any explicit case, Congress basic secretary Jairam Ramesh mentioned in a tweet, “The Congress has always held the belief that institutions like ED, CBI and Income Tax Department have become instruments of political vendetta and harassment under Modi Sarkar.” 

    “These institutions have lost all professionalism. Opposition leaders are selectively targeted to destroy their reputation,” Ramesh mentioned.

    On Sunday, Delhi Congress chief Anil Chaudhary mentioned Sisodia’s arrest by the CBI in reference to the Delhi excise coverage rip-off case is a welcome step.

    He had claimed that the AAP “used power to accumulate wealth”.

  • Congress’s Jairam Ramesh urges RBI, SEBI to probe allegations towards Adani Group 

    By PTI

    NEW DELHI: Senior Congress chief Jairam Ramesh has written to the Reserve Bank of India (RBI) Governor Shaktikanta Das and Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and sought an investigation into allegations of monetary irregularities and inventory manipulation towards the Adani Group.

    In his letter to Das posted on Twitter on Wednesday, Ramesh urged the RBI to make sure that “excessive debt exposure” by the Adani Group, at the moment and sooner or later, doesn’t destabilise India’s banking system.

    “The Adani Group has been described as ‘deeply over-leveraged’ – if the Adani Group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares, the recent sell-off in stock prices is creating vulnerabilities for the Adani Group to find financing, and by implication for India’s banking system,” the Congress MP stated in his letter dated February 14.

    Ramesh known as on the RBI to look into two aspects- what’s the true Adani Group publicity of the Indian banking system and what are the specific and implicit ensures that the Adani Group has been on condition that it will likely be bailed out by Indian banks if international funding dries up.

    “Will the RBI ensure that Indian banks are not forced to step in to substitute for any shortfall in foreign financing, especially given the Adani Group’s political connections,” Ramesh requested.

    Public sector monetary establishments just like the Life Insurance Corporation of India and the State Bank of India have been “unusually generous” to the Adani Group in recent times, the Congress chief alleged.

    The RBI should be certain that dangers to monetary stability are investigated and contained, he stated in his letter.

    The dangers of contagion from any collapse within the Adani Group’s means to safe financing have to be monitored always, Ramesh argued.

    “As the steward of the financial system, the RBI must do everything possible to protect India’s banks and financial institutions, and we urge you to act in the national interest to ensure that India’s taxpayers do not pay the price for the ‘misgovernance’ and potential ‘illegalities’ of one influential business house,” he wrote to Das.

    Ramesh additionally posted his letter to SEBI chief Buch on Twitter saying, many Indian residents had been disturbed by the allegations that the Adani Group has indulged in “brazen stock manipulation” and “accounting fraud” by way of a “vast labyrinth of offshore shell entities”.

    “Apart from the potential violation of several Indian laws, this goes against everything that the Securities and Exchange Board of India (SBI) stands for. We urge you to investigate all potential violations and to ensure complete transparency about who is investing in Adani Group companies,” Ramesh stated.

    “Given the Adani Group’s size and political connections, it is incumbent that such investigations are seen as fair and complete, with no favour shown to the influential business group,” the Congress basic secretary harassed.

    Any failure to take action will forged a shadow on Indian company governance and on India’s monetary regulators, and will have an effect on our means to boost funds globally, he argued.

    In his letter, Ramesh requested why monetary establishments of nationwide significance such because the Life Insurance Corporation of India (IIC) and the State Bank of India (SBI) have “heavily bought” Adani Group fairness when most personal funds have been severely underweight due to issues over company governance and indebtedness.

    “LIC, which 30 crore Indians trust with their life savings, has lost thousands of crores in Adani Group stock in recent days. Should we not ensure that such public sector financial institutions are more conservative in their investments than their private sector counterparts and free from pressure from above?” Ramesh stated.

    The inclusion of Adani Enterprises within the extensively used National Stock Exchange Nifty 50 index in September 2022 occurred regardless of the agency’s weak fundamentals, an extreme price-to-earnings ratio and a tiny free float, he alleged.

    He additional claimed that including Adani Enterprises compelled supposedly conservative Nifty index funds to make vital purchases of this dangerous inventory, together with the Employees Provident Fund Organisation, India’s largest pension fund.

    “In recent days, global stock indices have suspended Adani Group companies while the matter is investigated, but the NSE has failed to take any similar action to protect investors,” Ramesh stated.

    Is it not SEBI’s duty to make sure that index buyers are protected against investing in questionable companies, he requested.

    “We urge SEBI to play its role as the steward of India’s financial markets on behalf of the crores of Indians who have faith in the fairness of India’s financial markets,” the Congress chief stated.

    Ramesh shared the letters on Twitter and stated that he has expressed the hope {that a} “full-fledged independent investigation will be carried on the numerous allegations against the ‘PM-blessed’ Adani Group”.

    The Congress has been demanding a Joint Parliamentary Committee probe into the allegations towards the Adani Group by US-based short-seller Hindenburg Research.

    The Adani Group has dismissed the allegations as baseless.

    NEW DELHI: Senior Congress chief Jairam Ramesh has written to the Reserve Bank of India (RBI) Governor Shaktikanta Das and Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and sought an investigation into allegations of monetary irregularities and inventory manipulation towards the Adani Group.

    In his letter to Das posted on Twitter on Wednesday, Ramesh urged the RBI to make sure that “excessive debt exposure” by the Adani Group, at the moment and sooner or later, doesn’t destabilise India’s banking system.

    “The Adani Group has been described as ‘deeply over-leveraged’ – if the Adani Group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares, the recent sell-off in stock prices is creating vulnerabilities for the Adani Group to find financing, and by implication for India’s banking system,” the Congress MP stated in his letter dated February 14.

    Ramesh known as on the RBI to look into two aspects- what’s the true Adani Group publicity of the Indian banking system and what are the specific and implicit ensures that the Adani Group has been on condition that it will likely be bailed out by Indian banks if international funding dries up.

    “Will the RBI ensure that Indian banks are not forced to step in to substitute for any shortfall in foreign financing, especially given the Adani Group’s political connections,” Ramesh requested.

    Public sector monetary establishments just like the Life Insurance Corporation of India and the State Bank of India have been “unusually generous” to the Adani Group in recent times, the Congress chief alleged.

    The RBI should be certain that dangers to monetary stability are investigated and contained, he stated in his letter.

    The dangers of contagion from any collapse within the Adani Group’s means to safe financing have to be monitored always, Ramesh argued.

    “As the steward of the financial system, the RBI must do everything possible to protect India’s banks and financial institutions, and we urge you to act in the national interest to ensure that India’s taxpayers do not pay the price for the ‘misgovernance’ and potential ‘illegalities’ of one influential business house,” he wrote to Das.

    Ramesh additionally posted his letter to SEBI chief Buch on Twitter saying, many Indian residents had been disturbed by the allegations that the Adani Group has indulged in “brazen stock manipulation” and “accounting fraud” by way of a “vast labyrinth of offshore shell entities”.

    “Apart from the potential violation of several Indian laws, this goes against everything that the Securities and Exchange Board of India (SBI) stands for. We urge you to investigate all potential violations and to ensure complete transparency about who is investing in Adani Group companies,” Ramesh stated.

    “Given the Adani Group’s size and political connections, it is incumbent that such investigations are seen as fair and complete, with no favour shown to the influential business group,” the Congress basic secretary harassed.

    Any failure to take action will forged a shadow on Indian company governance and on India’s monetary regulators, and will have an effect on our means to boost funds globally, he argued.

    In his letter, Ramesh requested why monetary establishments of nationwide significance such because the Life Insurance Corporation of India (IIC) and the State Bank of India (SBI) have “heavily bought” Adani Group fairness when most personal funds have been severely underweight due to issues over company governance and indebtedness.

    “LIC, which 30 crore Indians trust with their life savings, has lost thousands of crores in Adani Group stock in recent days. Should we not ensure that such public sector financial institutions are more conservative in their investments than their private sector counterparts and free from pressure from above?” Ramesh stated.

    The inclusion of Adani Enterprises within the extensively used National Stock Exchange Nifty 50 index in September 2022 occurred regardless of the agency’s weak fundamentals, an extreme price-to-earnings ratio and a tiny free float, he alleged.

    He additional claimed that including Adani Enterprises compelled supposedly conservative Nifty index funds to make vital purchases of this dangerous inventory, together with the Employees Provident Fund Organisation, India’s largest pension fund.

    “In recent days, global stock indices have suspended Adani Group companies while the matter is investigated, but the NSE has failed to take any similar action to protect investors,” Ramesh stated.

    Is it not SEBI’s duty to make sure that index buyers are protected against investing in questionable companies, he requested.

    “We urge SEBI to play its role as the steward of India’s financial markets on behalf of the crores of Indians who have faith in the fairness of India’s financial markets,” the Congress chief stated.

    Ramesh shared the letters on Twitter and stated that he has expressed the hope {that a} “full-fledged independent investigation will be carried on the numerous allegations against the ‘PM-blessed’ Adani Group”.

    The Congress has been demanding a Joint Parliamentary Committee probe into the allegations towards the Adani Group by US-based short-seller Hindenburg Research.

    The Adani Group has dismissed the allegations as baseless.

  • Who ‘moo-ted’ thought within the first place, Jairam Ramesh’s dig after withdrawal of ‘Cow Hug Day’ attraction

    By PTI

    NEW DELHI: Senior Congress chief Jairam Ramesh on Friday took a swipe over the Animal Welfare Board of India withdrawing its attraction to rejoice February 14 as ‘Cow Hug Day’ following instructions from the federal government, asking who had “moo-ted” the concept within the first place.

    The Animal Welfare Board of India (AWBI) on Friday mentioned it has withdrawn the attraction to rejoice February 14 as ‘Cow Hug Day’ following instructions from the federal government amid widespread criticism on social media.

    “Who moo-ted the idea in the first place?” Congress common secretary Ramesh mentioned in a tweet.

    The withdrawal of the attraction got here only a day after Union minister Parshottam Rupala mentioned it will likely be good if individuals reply positively to the decision given by the board to rejoice February 14 as ‘Cow Hug Day’.

    February 14 is noticed as Valentine’s Day the world over.

    “As directed by the Competent Authority and Ministry of Fisheries, Animal Husbandry, and Dairying the appeal issued by the Animal Welfare Board of India for the celebration of Cow Hug Day on 14th February 2023 stands withdrawn,” the board’s secretary S Okay Dutta mentioned in a discover posted on its web site.

    It was for the primary time that the AWBI had appealed to cow lovers within the nation to rejoice ‘Cow Hug Day’.

    NEW DELHI: Senior Congress chief Jairam Ramesh on Friday took a swipe over the Animal Welfare Board of India withdrawing its attraction to rejoice February 14 as ‘Cow Hug Day’ following instructions from the federal government, asking who had “moo-ted” the concept within the first place.

    The Animal Welfare Board of India (AWBI) on Friday mentioned it has withdrawn the attraction to rejoice February 14 as ‘Cow Hug Day’ following instructions from the federal government amid widespread criticism on social media.

    “Who moo-ted the idea in the first place?” Congress common secretary Ramesh mentioned in a tweet.

    The withdrawal of the attraction got here only a day after Union minister Parshottam Rupala mentioned it will likely be good if individuals reply positively to the decision given by the board to rejoice February 14 as ‘Cow Hug Day’.

    February 14 is noticed as Valentine’s Day the world over.

    “As directed by the Competent Authority and Ministry of Fisheries, Animal Husbandry, and Dairying the appeal issued by the Animal Welfare Board of India for the celebration of Cow Hug Day on 14th February 2023 stands withdrawn,” the board’s secretary S Okay Dutta mentioned in a discover posted on its web site.

    It was for the primary time that the AWBI had appealed to cow lovers within the nation to rejoice ‘Cow Hug Day’.

  • Modi, his govt can not conceal from questions saying ‘Hum Adani Ke Hain Kaun’: Congress

    Jairam Ramesh stated that amid the allegations in opposition to the Adani Group, the Modi authorities has maintained a “loud silence which smacks of collusion”.

  • No significant opposition coalition is feasible with out Congress in 2024: Jairam Ramesh

    By PTI

    AWANTIPORA (J-Ok): The Congress should be the “fulcrum” of any Opposition alliance to tackle the BJP within the 2024 common elections as no coalition will be “meaningful” or “relevant” with out it, senior chief Jairam Ramesh mentioned on Saturday.

    The Congress common secretary additionally mentioned that in his view, the Congress ought to be getting ready to struggle by itself in each state within the 2029 common elections.

    In an interview with PTI, Ramesh mentioned he will surely put his weight behind doing one other yatra from Gujarat’s Porbandar to Arunachal Pradesh’s Parshuram Kund this yr however the celebration has to take a name on it will definitely.

    “I certainly have been giving a thought to it. Now, whether the party will or not (undertake such a yatra), I cannot say. But ideally, when the Bharat Jodo Yatra was thought of in Udaipur, there was also a thought of moving from west to east,” mentioned Ramesh, who together with Digvijaya Singh, is taken into account to be the mind behind the Kanyakumari to Kashmir ‘Bharat Jodo Yatra’, which is able to culminate on January 30 in Srinagar.

    Asked if the Congress could be the fulcrum of an Opposition coalition, particularly after the large cross-country march it has undertaken, Ramesh mentioned, “I certainly believe so. It stands to reason as we are the only national political party even today (besides the BJP).”

    “We may not be in power in state after state but if you look at the presence in every village, mohalla, block, town or city, you would find Congress workers, Congress families,” he mentioned.

    The BJP could also be in energy however by way of sheer presence, the Congress is the one nationwide political power, Ramesh claimed.

    “Just measuring our influence by the number of states we govern or the percentage of votes that we get is a very narrow perspective. The ideology of the Congress is at the Centre. It is a Centre-Left party. Every party veers around to the Congress point of view, to the middle path, the path of consensus and conciliation,” he mentioned.

    “So yes, we are the fulcrum. If we are going to take on the BJP, it is only a coalition around the Congress (that can do so),” he added.

    ALSO READ | Disinformation stalks Rahul Gandhi on Bharat Jodo Yatra

    Addressing a press convention on the Pradesh Congress Committee (PCC) workplace in Srinagar, Ramesh mentioned after the Yatra, opposition events will start the method of talks and political negotiations, however the cross-country march had nothing to do with it.

    “Any opposition platform to defeat the BJP must be based on two realities – Congress must be the pivot or the fulcrum of any Opposition alliance, without the Congress, no opposition alliance is relevant or meaningful,” he mentioned.

    “Any Opposition alliance must be based on a constructive agenda, not just a negative agenda of anti-BJP-ism or anti-government-ism. This is not the business of the Bharat Jodo Yatra which has nothing to do with elections,” Ramesh mentioned.

    Any try to construct a significant, profitable coalition in opposition to the BJP should be pivoted across the Congress, he asserted.

    Asked about some Opposition leaders conveying their incapacity to attend the January 30 occasion, he mentioned it was not a setback.

    In the interview with PTI, Ramesh mentioned he would ideally need the Congress to tackle the BJP alone however that might not be lifelike in 2024.

    “My view is that, for 2029, we should be preparing to fight on our own in every state. But I am realistic that this position may not find favours within my own political party,” he mentioned.

    He, nevertheless, added that in some states, the Congress has given an excessive amount of house to its allies which is detrimental to organisation constructing.

    Rahul Gandhi’s key message has all the time been to construct the organisation first and energy will comply with, however the Congress has reversed that sequence, he mentioned, including that the previous celebration chief’s view is the appropriate one.

    “Long years of being in power has been detrimental to the organisational vitality. With the Bharat Jodo Yatra, this (organisational vitality) has gotten a booster and momentum but that has to be sustained,” Ramesh mentioned.

    “We cannot go back to having conflicts within the organisation between leaders, clashes among different groups. One would expect that after the Bharat Jodo Yatra, we have found a higher purpose,” he confused.

    ALSO READ | Bharat Jodo Yatra helps Rahul Gandhi rebuild political picture

    The Bharat Jodo Yatra is a good trigger involving a lot of Congress staff and the largeness of the trigger should mirror in our behaviour and method relating to a halt, in any other case, it will simply be one episode, Ramesh mentioned.

    “I have been saying this is not an event, it is a movement. So, if we want it to be seen as a movement, we must treat it as a movement,” he added.

    Asked about private ambitions affecting the celebration’s prospects in varied states and the way the Congress would remedy Rajasthan’s Ashok Gehlot-Sachin Pilot feud, Ramesh mentioned, “These personal ambition and personal goals have been a bane of the Congress. What the Bharat Jodo Yatra has done is that it has brought a sense of collective purpose and solidarity, and that is what is needed in state after state, including in Rajasthan.”

    The organisation has to triumph, not particular person egos and ambitions, as what is nice for the organisation can be good for celebration people however what could also be good for a person could not essentially be good for the celebration, Ramesh mentioned.

    Referring to the Congress organisation as a “sleeping giant,” Ramesh mentioned the yatra has definitely given new hope to it however this isn’t adequate as this has simply opened a possibility and now it is dependent upon the organisation on completely different ranges to take ahead the momentum that has been generated.

    “It (yatra) has been a great booster dose for the organisation and people are talking of the Congress in a different light than they were five months ago,” he mentioned.

    Talking about Gandhi’s picture transformation, Ramesh mentioned this was not the reason for the yatra however it was a consequence of the yatra. Gandhi’s picture transformation among the many individuals has been an incredible bonus, Ramesh mentioned.

    “I think the BJP maligning Rahul Gandhi is not going to stop because their only game is maligning and defamation. But the credibility of what they are doing is far less than what it used to be. There will be few takes of the ‘Pappufication’ as you call it,” he asserted.

    Ramesh added that there has additionally been a metamorphosis by way of the narrative of the Congress.

    AWANTIPORA (J-Ok): The Congress should be the “fulcrum” of any Opposition alliance to tackle the BJP within the 2024 common elections as no coalition will be “meaningful” or “relevant” with out it, senior chief Jairam Ramesh mentioned on Saturday.

    The Congress common secretary additionally mentioned that in his view, the Congress ought to be getting ready to struggle by itself in each state within the 2029 common elections.

    In an interview with PTI, Ramesh mentioned he will surely put his weight behind doing one other yatra from Gujarat’s Porbandar to Arunachal Pradesh’s Parshuram Kund this yr however the celebration has to take a name on it will definitely.

    “I certainly have been giving a thought to it. Now, whether the party will or not (undertake such a yatra), I cannot say. But ideally, when the Bharat Jodo Yatra was thought of in Udaipur, there was also a thought of moving from west to east,” mentioned Ramesh, who together with Digvijaya Singh, is taken into account to be the mind behind the Kanyakumari to Kashmir ‘Bharat Jodo Yatra’, which is able to culminate on January 30 in Srinagar.

    Asked if the Congress could be the fulcrum of an Opposition coalition, particularly after the large cross-country march it has undertaken, Ramesh mentioned, “I certainly believe so. It stands to reason as we are the only national political party even today (besides the BJP).”

    “We may not be in power in state after state but if you look at the presence in every village, mohalla, block, town or city, you would find Congress workers, Congress families,” he mentioned.

    The BJP could also be in energy however by way of sheer presence, the Congress is the one nationwide political power, Ramesh claimed.

    “Just measuring our influence by the number of states we govern or the percentage of votes that we get is a very narrow perspective. The ideology of the Congress is at the Centre. It is a Centre-Left party. Every party veers around to the Congress point of view, to the middle path, the path of consensus and conciliation,” he mentioned.

    “So yes, we are the fulcrum. If we are going to take on the BJP, it is only a coalition around the Congress (that can do so),” he added.

    ALSO READ | Disinformation stalks Rahul Gandhi on Bharat Jodo Yatra

    Addressing a press convention on the Pradesh Congress Committee (PCC) workplace in Srinagar, Ramesh mentioned after the Yatra, opposition events will start the method of talks and political negotiations, however the cross-country march had nothing to do with it.

    “Any opposition platform to defeat the BJP must be based on two realities – Congress must be the pivot or the fulcrum of any Opposition alliance, without the Congress, no opposition alliance is relevant or meaningful,” he mentioned.

    “Any Opposition alliance must be based on a constructive agenda, not just a negative agenda of anti-BJP-ism or anti-government-ism. This is not the business of the Bharat Jodo Yatra which has nothing to do with elections,” Ramesh mentioned.

    Any try to construct a significant, profitable coalition in opposition to the BJP should be pivoted across the Congress, he asserted.

    Asked about some Opposition leaders conveying their incapacity to attend the January 30 occasion, he mentioned it was not a setback.

    In the interview with PTI, Ramesh mentioned he would ideally need the Congress to tackle the BJP alone however that might not be lifelike in 2024.

    “My view is that, for 2029, we should be preparing to fight on our own in every state. But I am realistic that this position may not find favours within my own political party,” he mentioned.

    He, nevertheless, added that in some states, the Congress has given an excessive amount of house to its allies which is detrimental to organisation constructing.

    Rahul Gandhi’s key message has all the time been to construct the organisation first and energy will comply with, however the Congress has reversed that sequence, he mentioned, including that the previous celebration chief’s view is the appropriate one.

    “Long years of being in power has been detrimental to the organisational vitality. With the Bharat Jodo Yatra, this (organisational vitality) has gotten a booster and momentum but that has to be sustained,” Ramesh mentioned.

    “We cannot go back to having conflicts within the organisation between leaders, clashes among different groups. One would expect that after the Bharat Jodo Yatra, we have found a higher purpose,” he confused.

    ALSO READ | Bharat Jodo Yatra helps Rahul Gandhi rebuild political picture

    The Bharat Jodo Yatra is a good trigger involving a lot of Congress staff and the largeness of the trigger should mirror in our behaviour and method relating to a halt, in any other case, it will simply be one episode, Ramesh mentioned.

    “I have been saying this is not an event, it is a movement. So, if we want it to be seen as a movement, we must treat it as a movement,” he added.

    Asked about private ambitions affecting the celebration’s prospects in varied states and the way the Congress would remedy Rajasthan’s Ashok Gehlot-Sachin Pilot feud, Ramesh mentioned, “These personal ambition and personal goals have been a bane of the Congress. What the Bharat Jodo Yatra has done is that it has brought a sense of collective purpose and solidarity, and that is what is needed in state after state, including in Rajasthan.”

    The organisation has to triumph, not particular person egos and ambitions, as what is nice for the organisation can be good for celebration people however what could also be good for a person could not essentially be good for the celebration, Ramesh mentioned.

    Referring to the Congress organisation as a “sleeping giant,” Ramesh mentioned the yatra has definitely given new hope to it however this isn’t adequate as this has simply opened a possibility and now it is dependent upon the organisation on completely different ranges to take ahead the momentum that has been generated.

    “It (yatra) has been a great booster dose for the organisation and people are talking of the Congress in a different light than they were five months ago,” he mentioned.

    Talking about Gandhi’s picture transformation, Ramesh mentioned this was not the reason for the yatra however it was a consequence of the yatra. Gandhi’s picture transformation among the many individuals has been an incredible bonus, Ramesh mentioned.

    “I think the BJP maligning Rahul Gandhi is not going to stop because their only game is maligning and defamation. But the credibility of what they are doing is far less than what it used to be. There will be few takes of the ‘Pappufication’ as you call it,” he asserted.

    Ramesh added that there has additionally been a metamorphosis by way of the narrative of the Congress.

  • Indian politics wants extra like her: Jairam Ramesh on New Zealand PM Jacinda Ardern 

    By PTI

    NEW DELHI: Congress chief Jairam Ramesh Thursday hailed New Zealand Prime Minister Jacinda Ardern, who has introduced that she is stepping down as her nation’s chief, and mentioned that “Indian politics needs more like her”.

    Ardern instructed reporters in Napier that February 7 shall be her final day in workplace.

    She will maintain her seat as a lawmaker till the overall election, which she mentioned can be held on October 14.

    “Legendary cricket commentator, Vijay Merchant once said about retiring at the peak of his career: Go when people ask why is he going instead of why isn’t he going. Kiwi PM, Jacinda Ardern has just said she is quitting following Merchant’s maxim,” Congress normal secretary Ramesh mentioned on Twitter.

    “Indian politics needs more like her,” he added.

    Legendary cricket commentator, Vijay Merchant as soon as mentioned about retiring on the peak of his profession:Go when individuals ask why is he going as an alternative of why is not he going. Kiwi PM, Jacinda Ardern has simply mentioned she is quitting following Merchant’s maxim. Indian politics wants extra like her

    — Jairam Ramesh (@Jairam_Ramesh) January 19, 2023

    Ardern’s empathetic dealing with of the nation’s worst mass-shooting and health-driven response to the coronavirus pandemic led her to develop into a world icon however she has confronted mounting criticism at dwelling.

    NEW DELHI: Congress chief Jairam Ramesh Thursday hailed New Zealand Prime Minister Jacinda Ardern, who has introduced that she is stepping down as her nation’s chief, and mentioned that “Indian politics needs more like her”.

    Ardern instructed reporters in Napier that February 7 shall be her final day in workplace.

    She will maintain her seat as a lawmaker till the overall election, which she mentioned can be held on October 14.

    “Legendary cricket commentator, Vijay Merchant once said about retiring at the peak of his career: Go when people ask why is he going instead of why isn’t he going. Kiwi PM, Jacinda Ardern has just said she is quitting following Merchant’s maxim,” Congress normal secretary Ramesh mentioned on Twitter.

    “Indian politics needs more like her,” he added.

    Legendary cricket commentator, Vijay Merchant as soon as mentioned about retiring on the peak of his profession:Go when individuals ask why is he going as an alternative of why is not he going. Kiwi PM, Jacinda Ardern has simply mentioned she is quitting following Merchant’s maxim. Indian politics wants extra like her
    — Jairam Ramesh (@Jairam_Ramesh) January 19, 2023
    Ardern’s empathetic dealing with of the nation’s worst mass-shooting and health-driven response to the coronavirus pandemic led her to develop into a world icon however she has confronted mounting criticism at dwelling.

  • ‘What are PM, FM hiding’: Congress on Narayan Rane’s ‘recession’ remarks

    By PTI

    NEW DELHI: What are the prime minister and the finance minister hiding from the nation, Congress chief Jairam Ramesh requested on Tuesday after Union minister Narayan Rane indicated that India might face an financial slowdown after June.

    The minister for Micro, Small and Medium Enterprises (MSME) instructed reporters in Pune on Monday that if India faces an financial recession, it would occur solely after June, however the Centre was making all efforts to keep away from such a state of affairs.

    He mentioned developed international locations had been already going through an financial downturn.

    “Narayan Rane, Union Cabinet Minister of MSMEs – that have been destroyed since 2014 – forecasts recession in India after 6 months. He said this in Pune to a G20 gathering. What are the PM (Narendra Modi) & FM (Nirmala Sitharaman) hiding from the country?” Ramesh requested on Twitter.

    Rane’s feedback got here after inaugurating the G20’s 1st Infrastructure Working Group (IWG).

    India presently holds the presidency of the G20 grouping.

    “As I am in the Cabinet, some information is available to us and whatever advice we get from PM Modiji (Prime Minister Narendra Modi), on that basis, we can say that there is an economic recession in big countries. It is a reality,” he instructed reporters.

    “To ensure India is not impacted or to stop (the economic slowdown), which is expected to come after June. Modiji and the Centre are making efforts to ensure the people of the country are not impacted by the slowdown,” Rane mentioned.

    OPINION | India’s problem because the world slips into recession

    India is about to lose its fastest-growing main financial system tag this yr going by the 7 per cent GDP growth projected by the Statistics Ministry within the fiscal yr ending March, that is on the again of weakening demand at residence and overseas.

    That progress charge might be second solely to Saudi Arabia’s anticipated 7.6 per cent progress.

    While India’s industrial exercise reverted to expansionary territory with the November 2022 Index of Industrial Production (IIP) posting an annualized progress of seven.1 per cent vis-à-vis a contraction of 4.2 per cent within the earlier month, international headwinds led to exports contracting by 12.2 per cent to USD 34.48 billion in December.

    NEW DELHI: What are the prime minister and the finance minister hiding from the nation, Congress chief Jairam Ramesh requested on Tuesday after Union minister Narayan Rane indicated that India might face an financial slowdown after June.

    The minister for Micro, Small and Medium Enterprises (MSME) instructed reporters in Pune on Monday that if India faces an financial recession, it would occur solely after June, however the Centre was making all efforts to keep away from such a state of affairs.

    He mentioned developed international locations had been already going through an financial downturn.

    “Narayan Rane, Union Cabinet Minister of MSMEs – that have been destroyed since 2014 – forecasts recession in India after 6 months. He said this in Pune to a G20 gathering. What are the PM (Narendra Modi) & FM (Nirmala Sitharaman) hiding from the country?” Ramesh requested on Twitter.

    Rane’s feedback got here after inaugurating the G20’s 1st Infrastructure Working Group (IWG).

    India presently holds the presidency of the G20 grouping.

    “As I am in the Cabinet, some information is available to us and whatever advice we get from PM Modiji (Prime Minister Narendra Modi), on that basis, we can say that there is an economic recession in big countries. It is a reality,” he instructed reporters.

    “To ensure India is not impacted or to stop (the economic slowdown), which is expected to come after June. Modiji and the Centre are making efforts to ensure the people of the country are not impacted by the slowdown,” Rane mentioned.

    OPINION | India’s problem because the world slips into recession

    India is about to lose its fastest-growing main financial system tag this yr going by the 7 per cent GDP growth projected by the Statistics Ministry within the fiscal yr ending March, that is on the again of weakening demand at residence and overseas.

    That progress charge might be second solely to Saudi Arabia’s anticipated 7.6 per cent progress.

    While India’s industrial exercise reverted to expansionary territory with the November 2022 Index of Industrial Production (IIP) posting an annualized progress of seven.1 per cent vis-à-vis a contraction of 4.2 per cent within the earlier month, international headwinds led to exports contracting by 12.2 per cent to USD 34.48 billion in December.