The debate over the achievements of demonetization is not settled yet. Ever since the Reserve Bank of India put out its annual report which revealed that close to 99 per cent currency returned to the banks, political parties such as Congress, CPI(M) and TMC have attacked the government and asked Prime Minister Narendra Modi to apologise for undertaking a move that disrupted the country's growth momentum. Senior politicians like P Chidambaram and Mamata Banerjee called the demonetization a big scam which facilitated the conversion of black money. Their argument is fairly simple. They say that the government had expected dividend of close to Rs 4-5 lakh crore, however, the RBI data shows it got just Rs 16,050 crore. So, was it wise decision to lose one per cent GDP for just Rs 16,000 cror...
China has sent out a clear message that it would object to any discussion about Pakistan’s alleged role in sheltering terrorists during the upcoming BRICS summit which will also be attended by Indian Prime Minister Narendra Modi. China is worried that Modi may raise the issue at the meeting because he did so at the Goa summit of BRICS last year, accusing Pakistan of being the ‘mother-ship of terrorism’. “We also noticed that India, when it comes to Pakistan’s counter-terrorism, has some concerns. I don’t think this is an appropriate topic to be discussed at BRICS summit,” Hua Chunying, Chinese foreign ministry spokesperson, said at a briefing. She also indicated that raising the issue might affect the success of the summit. “The world is paying great attention to the BRICS summit. I
The Indian Space Research Organisation on Friday successfully launched its heaviest rocket, the Geo-Synchronous Satellite Launch Vehicle (GSLV) for the eleventh time. Carrying the geostationary communication satellite, the lift off, three minutes before 5 pm put into orbit GSAT-9 or the South Asia Satellite which is expected to boost communication links among South Asian countries. In a tweet, Prime Minister congratulated the team of scientists who worked hard for the successful launch of South Asia Satellite. We are very proud of them, PM Modi said. This will also greatly benefit South Asia and our region's progress. Successful launch of South Asian Satellite is a historic moment. It opens up new horizons of engagement, PM Modi said. I welcome President Ashraf Ghani, PM Sheikh Has
The Country’s supreme banking authority, the Reserve Bank of India (RBI), has cleared a proposal to introduce new currency notes of Rs 200 denomination, according to a report by LiveMint. The decision was taken at the Reserve Bank Of India board meeting held in March, two officials of the RBI were quoted as saying in the news report. They didn’t want to be identified as they aren’t authorized to speak to the media. The process of printing the new Rs 200 notes is likely to begin in June after the central government officially approves this new denomination note, said one of the two people cited earlier. When contacted Reserve Bank Of India spokesperson declined to comment. The move to introduce lower denomination notes comes against the backdrop of the Central government’s mov
India is in talks to sell short range surface-to-air missiles to Vietnam, the head of India’s defence research agency said on Wednesday, in what would be its first transfer of such weapons to the Southeast Asian country. India has been helping the Vietnamese military with training and patrol vessels, but a further deepening of ties with missile sales could draw criticism from China that has been locked in a territorial dispute with Hanoi in the South China Sea. New Delhi is currently talking to a number of countries for sales of its surface-to-air Akash missiles, said S Christopher, chairman of state-run Defence Research and Development Organisation (DRDO). The move is in line with Prime Minister Narendra Modi’s push to establish India as an arms exporter. “We are talking to
India is ranked at the sixth spot, behind China and Japan, in a list of eight great powers for the year 2017 by a leading American foreign policy magazine which is topped by the US. The list is topped by the US, whereas China and Japan are at tie for being on the second spot. Russia (fourth) and Germany (fifth) are the other two countries ahead of India. Iran is ranked seventh and Israel is on the eighth spot. “Like Japan, India is often overlooked in lists of the world’s great powers, but it occupies a rare and enviable position on the world stage,” The American Interest magazine said in its latest annual report of eight great powers. India is the world’s largest democracy, home to the second-largest English-speaking population in the world and boasting a diversified and rapi