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State-run banks recover Rs 6.4 lakh crore bad loans, and written-off loans since FY15 even as opposition creates confusion between ‘loan waiver’ and ‘loan writeoff’

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The Modi government recently completed 8 years of rule in the country. Reports released by the government state that the Public Sector Banks (PSBs) have recovered bad loans worth Rs 6.42 lakh crore since the financial year 2015. Along with this, 98.5% of willful defaulters have also been sued. According to the reports, from the financial … Read more

CAG report flags critical concerns in the gems and jewellery sector, pearl imports are ‘3 to 10 times higher’ than global production

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On August 8, the Comptroller and Auditor General of India (CAG) tabled a report [PDF] in the Lok Sabha in which it flagged critical concerns in the gems and jewellery sector. The report suggests that the import of pearls in India from financial years 2013-14 to the financial year 2018-19 was 3 to 10 times higher compared … Read more

‘It is known as a biased organization with political agenda’: India firmly rejects USCIRF report on religious freedom in India

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India on Thursday rejected the report of the US Commission on International Religious Freedom that accused the ruling Bharatiya Janata Party (BJP) of “reinforcing discriminatory nationalist policies” and said the organisation is completely ‘biased’ and it doesn’t even expect from the organization to understand country’s diverse, pluralistic and democratic ethos. “The US Commission on International … Read more

CBI is an independent body, not under the control of Union of India: Central govt tells SC opposing WB govt’s plea against CBI probes

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The Central government on Thursday told the Supreme Court that the Central Bureau of Investigation (CBI) is an independent body and is not under the control of the Union of India and opposed West Bengal’s suit against the Centre over the CBI probes in the State. Solicitor General Tushar Mehta, appearing for Centre, raised preliminary … Read more

Make in India: Luggage maker Samsonite to expand its Nashik plant to make India its largest manufacturing base

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Samsonite, the well-known global luggage manufacturer and retailer intends to expand its production capacity in India by establishing the largest manufacturing operation in Maharashtra’s Nashik district. The corporation has two operating units in Belgium and Hungary in Europe. According to Jai Krishnan who is the CEO of Samsonite South Asia Pvt. Ltd in India, the … Read more

India’s GDP grows by 13.5% in the first quarter of the financial year 2022-23, fiscal deficit under control

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Continuing with the trend of recovery of the economy following the devasting effects of the Covid-19 pandemic, the Indian economy grew by 13.5% during the first quarter of the current financial year. It was revealed in the estimates of Gross Domestic Product for the April – June quarter of the FY 2022-23 published by the Ministry of … Read more

India inches closer to becoming global player in semiconductors as Vedanta-Foxconn choose Gujarat to invest Rs 1.54 lakh crore, read details

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The Vedanta Group and Foxconn, a Taiwanese electronic manufacturing powerhouse, have announced plans to establish a massive semiconductor manufacturing facility in Gujarat. Anil Agarwal, the chairman of Vedanta Group, announced the news on Twitter. “Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of 1.54 lakh crores will help make … Read more

India dodges global economic slowdown, exports grew by 19.7% in Jan-April over the same period last year

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After India banned the export of wheat and broken rice, and in light of the ongoing Russia-Ukraine war that has impacted global trade, there is a perception that there is a decline in exports from India which will have a negative effect on the Indian economy. There were concerns about the reduced growth rates in exports to Europe and USA, … Read more

CBI conducts massive nationwide search against fake crypto currency mining scam HPZ Token App

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The Central Bureau of Investigation (CBI) has carried out a massive nationwide search operation covering 30 locations across 10 States and UTs. This is part of an ongoing investigation of a case related to App based fraudulent investment scheme – HPZ Token App. The searches led to the seizure of significant digital evidence, including mobile … Read more

“Goods should move quickly like a cheetah”: PM Modi launches National Logistics Policy, says it will give speed to India’s development journey

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Prime Minister Narendra Modi launched the National Logistics Policy at Vigyan Bhawan in New Delhi today. The policy is aimed at promoting a seamless movement of goods in the country and enhancing the competitiveness of the industry. It is expected to focus on areas such as process re-engineering, digitisation, and multi-modal transport. The policy will streamline rules … Read more