In a first, India has gifted a fully-functional warship to a foreign nation- Vietnam. In 2022, India gave Vietnam 12 high-speed patrol guard boats. Vietnam, like India, is engaged in a territorial dispute with China. Is India setting a template for neighbouring countries to work together towards securing the region? Listen in to Priyanka Sharm.

Gravitas: In a first, India gifts a warship to Vietnam | An eye on China

Amid heavy rain in India, cases of conjunctivitis and other eye infections are on a rise. Several states have been reported in New Delhi, Gujarat, Northeastern states and are mostly being found in younger population in New Delhi.

Conjunctivitis cases on rise in India, infection spread mostly in younger population | WION

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: India is marking the 24th anniversary of the Kargil war in the Indian Union Territory of Ladakh. Indian Defence Minister Rajnath Singh saluted the soldiers who laid down their lives for the country. He addressed a commemoration event after laying a wreath at the Kargil War Memorial. Singh said that India is ready to cross the line of control to maintain its honour after the wreath-link ceremony. the Indian defence minister also met family members of the soldiers.

24th Anniversary of Kargil War: India ready to cross LOC if needed, says Minister

The second wave of monsoon rainfall is wreaking havoc across India's northern states. The state of Punjab and the national capital New Delhi were most affected in the last 24 hours. Heavy rainfall has paralysed daily life and flooded vast portions of residential and agricultural land in the state of Punjab. As many as 41 people have been killed due to the devastating torrential floods which hit Punjab recently.

Monsoon rainfall in Indian state of Punjab kills 41 | WION Climate Tracker

The opposition parties in India are challenging the BJP-led Union administration in Parliament during the Monsoon Session. The Indian National Developmental Inclusive Alliance, a newly formed opposition coalition, has asked Prime Minister Narendra Modi for a reply on the violence in Manipur.

Indian opposition demands discussion on Manipur

The International Monetary Fund (IMF) has encouraged India to remove restrictions on export of non-basmati rice, saying that the country’s decision would put additional pressure global inflation.

The Indian government had banned the export of non-basmati white rice on July 20, in order to enhance domestic supply and stabilise local retail prices during the approaching festive season. The export policy was amended from ‘Free with export duty of 20%’ to ‘Prohibited’ immediately.

IMF’s chief economist, Pierre-Oliver Gourinchas, said in a press conference that given the environment, restriction in the export of rice would increase food prices globally. This could also lead to counter measures.

"So, they are certainly something that we would encourage the removal of these types of export restrictions, because they can be harmful globally,” PTI quoted Gourinchas as saying.

In a statement, India’s food ministry had said that no changes would be made in the export policy of par-boiled and basmati rice, which constitutes a major chunk of rice exports from the country.

Total exports of non- basmati rice from India in financial year 2022-23 was $4.2 million in comparison to $2.62 million last year. Non-basmati white rice accounts for about 25 per cent of the total rice exported from India, with major exports to the US, Thailand, Italy, Spain and Sri Lanka.

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&nbsp;

The International Monetary Fund (IMF) has encouraged India to remove restrictions on export of non-basmati rice, saying that the country’s decision would put additional pressure global inflation.

The International Monetary Fund (IMF) has encouraged India to remove restrictions on export of non-basmati rice, saying that the country’s decision would put additional pressure global inflation. The Indian government had banned the export of non-basmati white rice on July 20, in order to enhance domestic supply and stabilise local retail prices during the approaching festive season. The export policy was amended from ‘Free with export duty of 20%’ to ‘Prohibited’ immediately. IMF’s chief economist, Pierre-Oliver Gourinchas, said in a press conference that given the environment, restriction in the export of rice would increase food prices globally. This could also lead to counter measures. "So, they are certainly something that we would encourage the removal of these types of export restrictions, because they can be harmful globally,” PTI quoted Gourinchas as saying. In a statement, India’s food ministry had said that no changes would be made in the export policy of par-boiled and basmati rice, which constitutes a major chunk of rice exports from the country. Total exports of non- basmati rice from India in financial year 2022-23 was $4.2 million in comparison to $2.62 million last year. Non-basmati white rice accounts for about 25 per cent of the total rice exported from India, with major exports to the US, Thailand, Italy, Spain and Sri Lanka. WATCH WION LIVE HERE

IMF urges India to remove restrictions on rice exports over global inflation concerns

The second wave of monsoon rainfall is wreaking havoc across India's northern states. the state of Punjab and the national capital New Delhi were most affected in the last 24 hours. Heavy rainfall has paralysed daily life and flooded vast portions of residential and agricultural land in the state of Punjab. As many as 41 people have been killed due to the devastating torrential floods which hit Punjab recently.

India: Second wave of monsoon rain kills 41 in Punjab

Amid heavy rainfall in Delhi and nearby areas over the past few weeks, multiple cases of conjunctivitis are being reported across many regions in India. Watch this to know more.

Conjunctivitis cases on the rise in India: What's causing the spike?

The Indian opposition parties have moved to a no-confidence motion against the BJP-led Union government in Parliament. The newly formed opposition tie-up dubbed the Indian National Developmental Inclusive Alliance is demanding a statement from Prime Minister Modi on the violence in Manipur.

India: Centre vs Opposition on Manipur

The Kargil war of 1999 was fought 52 years after Indian independence. The war commenced shortly after the signing of the Lahore declaration in 1999, when the Pakistan Army surreptitiously occupied the winter-vacated posts of the Indian Army. The Pakistani move is thought to be spearheaded by general Pervez Musharraf, then chief of the Pakistan army.

'India ready to cross Line of Control': Rajnath Singh slams Pakistan on Kargil Vijay Diwas | WION

Pakistani intelligence operatives are contacting Indian school students and seeking their personal details. Authorities that manage Army Public Schools have advised teaching staff to spread awareness and delete existing WhatsApp groups, in case they have been compromised. Many students, including those of army public schools across India, are getting calls and WhatsApp messages from Pakistani intelligence operatives.

Pak intelligence operatives sought sensitive information from Indian school students

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: Opposition parties in India have filed a no-confidence motion against the BJP-led government in the parliament's lower house. The new opposition coalition named Indian National Inclusive Development Alliance (INDIA) has moved the motion demanding the violence Prime Minister to address the violence in Manipur.

Deadlock in Parliament: Indian Opposition Parties move on no-confidence motion

The violent ethnic clashes that broke out in the first week of May have resulted in more than 150 fatalities. And over 50,000 people have been forced to flee from their homes. But the over-arching question is this: what has been the role of the State Government as this cruel frenzy of killings was played out on the streets of Manipur? Why did the law-and-order situation break down so completely in Manipur?

Outrage & protests across India after viral video from Manipur | World At War

Union Finance Minister Nirmala Sitharaman on Monday instructed public and private banks to refrain from threatening borrowers during the process of loan recovery and added that they need to deal with the situation in a humane and sensitive manner.

“I have heard complaints about how mercilessly loan repayments have been followed up by some banks. The government has instructed all banks, both public and private, that harsh steps should not be taken when it comes to the process of loan repayment, and they should approach the matter with humanity and sensitivity in mind,” she said while making an intervention during the Question Hour in the Lok Sabha when asked to address a question relating to repayment of loans by small borrowers.

Along similar lines, the Madras High Court had emphasised that outstanding loan amounts were to be recovered in accordance to procedures established by the law. It had added that the recovery of amounts through private agents was prohibited and that banks must not resort to muscle power.

In 2008, the Reserve Bank of India had informed banks that employing recovery agents would be banned should there be any complaints regarding the agents. Banks were also asked to check their recovery mechanism and provide points for improvement in their guidelines.

Several circulars have been issued by the central bank to stop recovery agents from harassing borrowers. In March, RBL Bank Ltd was fined about (Rs 2.27 crore) $280,000 for noncompliance of guidelines for loan recovery agents. Penalties have also been imposed on cooperative banks for infringement of legal directives.

Last year, in August, the RBI had barred recovery agents from threatening borrowers and calling them before 8 am and after 7 pm.

&nbsp;

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Union Finance Minister Nirmala Sitharaman on Monday instructed public and private banks to refrain from threatening borrowers during the process of loan recovery and added that they need to deal with the situation in a humane and sensitive manner.

Union Finance Minister Nirmala Sitharaman on Monday instructed public and private banks to refrain from threatening borrowers during the process of loan recovery and added that they need to deal with the situation in a humane and sensitive manner. “I have heard complaints about how mercilessly loan repayments have been followed up by some banks. The government has instructed all banks, both public and private, that harsh steps should not be taken when it comes to the process of loan repayment, and they should approach the matter with humanity and sensitivity in mind,” she said while making an intervention during the Question Hour in the Lok Sabha when asked to address a question relating to repayment of loans by small borrowers. Along similar lines, the Madras High Court had emphasised that outstanding loan amounts were to be recovered in accordance to procedures established by the law. It had added that the recovery of amounts through private agents was prohibited and that banks must not resort to muscle power. In 2008, the Reserve Bank of India had informed banks that employing recovery agents would be banned should there be any complaints regarding the agents. Banks were also asked to check their recovery mechanism and provide points for improvement in their guidelines. Several circulars have been issued by the central bank to stop recovery agents from harassing borrowers. In March, RBL Bank Ltd was fined about (Rs 2.27 crore) $280,000 for noncompliance of guidelines for loan recovery agents. Penalties have also been imposed on cooperative banks for infringement of legal directives. Last year, in August, the RBI had barred recovery agents from threatening borrowers and calling them before 8 am and after 7 pm. WATCH WION LIVE HERE

"Approach with humanity...": Nirmala Sitharaman to banks on loan recovery

India has suspended a drugmaker's manufacturing licence after the World Health Organization flagged contamination in its cough syrups found in the Mashall Islands and Micronesia in April, the government told the parliament on Tuesday.

Indian regulators are inspecting drugmakers after cough syrups made in the country were linked to at least 89 child deaths in Gambia and Uzbekistan last year, which has damaged India's image as the "pharmacy of the world" providing affordable drugs globally.

The WHO flagged contamination with unacceptable amounts of diethylene glycol and ethylene glycol, which are toxic to humans when consumed and can prove fatal, in samples taken from a batch of cough syrup made by QP Pharmachem Ltd, based in the northern Punjab state. The company has denied any wrongdoing and told Reuters it planned to appeal against the suspension.

Also Read | <a href="https://www.wionews.com/india-news/strategic-trust-eroded-indian-nsa-ajit-doval-minces-no-words-in-talks-with-china-619212">‘Strategic trust eroded,’ Indian NSA Ajit Doval minces no words in talks with China</a>

"Drug samples drawn from the manufacturing premises ... were declared as 'not of standard quality'," Deputy Health Minister Bharati Pravin Pawar told the parliament.

The manufacturing licences of QP Pharmachem Ltd and two other companies, whose products were linked to the child deaths - Maiden Pharmaceuticals and Marion Biotech Pvt. Ltd - have been suspended and their exports halted, Pawar added.

Maiden Pharmaceuticals and Marion Biotech have also denied any wrongdoing.

Also Read | <a href="https://www.wionews.com/world/us-banks-pressed-to-rectify-inaccurate-financial-statements-heres-why-619208">US banks pressed to rectify ‘inaccurate’ financial statements. Here's why</a>

Sudhir Pathak, managing director of QP Pharmachem, who told Reuters the company has planned to appeal against the suspension order with the government, said production had been halted.

Watch | UK: Boris Johnson's former aide gets life peerage; controversy over 'young' peers&nbsp;

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Pathak said he had tested the ingredients used in the cough syrup, named Guaifenesin TG, before starting its production. He also said he only exported the product to Cambodia and was unsure how it could have reached the Mashall Islands and Micronesia.

India has tightened its testing of cough syrup exports since June, making it mandatory for companies to obtain a certificate of analysis from a government laboratory before exporting products.

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India has suspended a drugmaker's manufacturing licence after the World Health Organization flagged contamination in its cough syrups found in the Mashall Islands and Micronesia in April, the government told the parliament on Tuesday.

India has suspended a drugmaker's manufacturing licence after the World Health Organization flagged contamination in its cough syrups found in the Mashall Islands and Micronesia in April, the government told the parliament on Tuesday. Indian regulators are inspecting drugmakers after cough syrups made in the country were linked to at least 89 child deaths in Gambia and Uzbekistan last year, which has damaged India's image as the "pharmacy of the world" providing affordable drugs globally. The WHO flagged contamination with unacceptable amounts of diethylene glycol and ethylene glycol, which are toxic to humans when consumed and can prove fatal, in samples taken from a batch of cough syrup made by QP Pharmachem Ltd, based in the northern Punjab state. The company has denied any wrongdoing and told Reuters it planned to appeal against the suspension. Also Read | ‘Strategic trust eroded,’ Indian NSA Ajit Doval minces no words in talks with China "Drug samples drawn from the manufacturing premises ... were declared as 'not of standard quality'," Deputy Health Minister Bharati Pravin Pawar told the parliament. The manufacturing licences of QP Pharmachem Ltd and two other companies, whose products were linked to the child deaths - Maiden Pharmaceuticals and Marion Biotech Pvt. Ltd - have been suspended and their exports halted, Pawar added. Maiden Pharmaceuticals and Marion Biotech have also denied any wrongdoing. Also Read | US banks pressed to rectify ‘inaccurate’ financial statements. Here's why Sudhir Pathak, managing director of QP Pharmachem, who told Reuters the company has planned to appeal against the suspension order with the government, said production had been halted. Watch | UK: Boris Johnson's former aide gets life peerage; controversy over 'young' peers × Pathak said he had tested the ingredients used in the cough syrup, named Guaifenesin TG, before starting its production. He also said he only exported the product to Cambodia and was unsure how it could have reached the Mashall Islands and Micronesia. India has tightened its testing of cough syrup exports since June, making it mandatory for companies to obtain a certificate of analysis from a government laboratory before exporting products. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

India suspends another drugmaker's licence over tainted cough syrup

Pragati Maidan’s revamped ITPO complex. The complex is due to host G20 leaders' Summit in September. NBCC Ltd has been handling the construction & redevelopment work since 2017.

2023 G20 New Delhi summit: Have a look inside Pragati Maidan’s revamped ITPO complex!

Get ready for the electric revolution in India. In the latest, Tesla is tying India with ambitious plans to set up a cutting edge factory - the goal is to produce an all-new affordable electric vehicle priced at just $24,000.

India's EV-olution: Tesla's mega-surge into India, bold plans for $24k electric car | WORLD DNA

"There are decades where nothing happens, and there are weeks where decades happen" — 

These words from Russia's socialist icon Vladimir Lenin pretty well sum up those tumultuous weeks of July 1991.&nbsp;

Enough has been written about the weeks and months preceding the reforms. But if one has to refresh memories in a few lines, here is a quick summary: Unsustainable levels of debt from the mid-1980s onward reached a tipping point during the Gulf War. This affected India’s ability to pay its import bills, putting the country on the brink of bankruptcy.&nbsp;

Now, coming back to the transformative month of July 1991. It began with the back-to-back rupee devaluations on July 1 and 3, done in a bid to keep the ballooning current account deficit in check. This was followed by changes in the export-import policy and the introduction of a new industrial policy. A little-known fact: PM PV Narasimha Rao himself held the industries portfolio.&nbsp;

Finance Minister Dr Manmohan Singh's Budget speech on July 24 gave the final touches to the reform process. Quoting novelist Victor Hugo's popular words, "No power on earth can stop an idea whose time has come", Dr Singh declared the impending emergence of India as a major economic power.

“India is now wide awake. We shall prevail. We shall overcome,” Dr Singh concluded as India formally began its transformational journey.&nbsp;

<a href="https://www.wionews.com/business-economy/india-to-remain-fastest-growing-g20-economy-for-the-next-few-years-moodys-595833">ALSO READ| India to remain fastest growing G20 economy for the next few years: Moody's</a>

Thirty-two years on, not only has India prevailed and overcome the crisis, it is now the fifth-largest economy in the world. India, once a "begging bowl", is now the fastest-growing large economy in the world, with a recent UN report stating that India received the third-highest Foreign Direct Investment in 2022.&nbsp;

The ‘India growth story’ is a continuing process that began in July 1991 and credit must be given to a series of governments, irrespective of their ideological variations and contradictions. Though it is also an unsaid reality that economic reforms are more or less irreversible. But to the credit of successive governments, all have added their own flavour to the reform process.&nbsp;

Recently, the ‘India growth story’ got a big thumbs up from a US-based financial services firm Capital Group, which said that India is poised for a “period of secular growth”, fueled by significant expansion in direct and fixed asset investment.&nbsp;

The report also highlighted that reform measures like Aadhaar, Goods and Services Tax (GST), Unified Payment Interface (UPI) and Production-linked incentive programmes have made India an attractive emerging market economy.&nbsp;

The glowing tribute to the ‘India growth story’ prompted PM Narendra Modi to tweet: “India is a global bright spot with a strong desire to grow even more!"

Perhaps, the biggest advantage that India has is its young demography. "With a median age of 29 years, India in our view has one of the most attractive demographic profiles among the world’s largest economies and can reap benefits from its productive capacity," the report said.

Moreover, India’s billion plus population, once considered a resource burden, is now a boon as it translates into the world’s biggest workforce as well as consumer market. But in an increasingly tech-driven world, it won’t take for this population to turn into a liability if the right policies – upskilling is a major concern – are not put in place. 
 
There are several other red flags too. By and large, reforms in India have been half-hearted, hasty and irregular. It also does not help India’s reform agenda that the country sees at least 3-4 Assembly elections every year. Thus, political compulsions have often compelled the Union and state governments to prioritise populism over hardcore reforms, in fear of losing popular votes.&nbsp;

While a country like Singapore – the city-state is essentially authoritarian – has had one of the best bureaucratic systems in the world, India has always found itself in the bottom of the global bureaucracy list. Moreover, ‘red tapism’ has been one of the key reasons for India’s historically low rankings in ease of doing business. Notwithstanding the massive improvement in the last few years, a lot needs to be done before India truly becomes a ‘business-friendly’ hub.&nbsp;

But the biggest drawback of India’s economic reforms has been the failure of trickle-down economics. The benefit of the reforms has been largely confined to the urban middle class, while the gap between the rich and the poor has widened sharply in the last three decades.&nbsp;

Take these numbers for some perspective: In 1991, the top 1 per cent owned 16 per cent of India’s total wealth. In 2022, this figure reached 42.1 per cent. In the same period, the bottom 50 per cent saw its share of wealth decline from 12.3 per cent to 2.8 per cent.&nbsp;

Perhaps, India needs another ‘1991’ moment, but this time to correct the mistakes of the country’s ongoing reform process. As India marches ahead on the world stage, the country needs to take everyone along.&nbsp;

 
(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) &nbsp;

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"There are decades where nothing happens, and there are weeks where decades happen" — These words from Russia's socialist icon Vladimir Lenin pretty well sum up those tumultuous weeks of July 1991.

"There are decades where nothing happens, and there are weeks where decades happen" — These words from Russia's socialist icon Vladimir Lenin pretty well sum up those tumultuous weeks of July 1991. Enough has been written about the weeks and months preceding the reforms. But if one has to refresh memories in a few lines, here is a quick summary: Unsustainable levels of debt from the mid-1980s onward reached a tipping point during the Gulf War. This affected India’s ability to pay its import bills, putting the country on the brink of bankruptcy. Now, coming back to the transformative month of July 1991. It began with the back-to-back rupee devaluations on July 1 and 3, done in a bid to keep the ballooning current account deficit in check. This was followed by changes in the export-import policy and the introduction of a new industrial policy. A little-known fact: PM PV Narasimha Rao himself held the industries portfolio. Finance Minister Dr Manmohan Singh's Budget speech on July 24 gave the final touches to the reform process. Quoting novelist Victor Hugo's popular words, "No power on earth can stop an idea whose time has come", Dr Singh declared the impending emergence of India as a major economic power. “India is now wide awake. We shall prevail. We shall overcome,” Dr Singh concluded as India formally began its transformational journey. ALSO READ| India to remain fastest growing G20 economy for the next few years: Moody's Thirty-two years on, not only has India prevailed and overcome the crisis, it is now the fifth-largest economy in the world. India, once a "begging bowl", is now the fastest-growing large economy in the world, with a recent UN report stating that India received the third-highest Foreign Direct Investment in 2022. The ‘India growth story’ is a continuing process that began in July 1991 and credit must be given to a series of governments, irrespective of their ideological variations and contradictions. Though it is also an unsaid reality that economic reforms are more or less irreversible. But to the credit of successive governments, all have added their own flavour to the reform process. Recently, the ‘India growth story’ got a big thumbs up from a US-based financial services firm Capital Group, which said that India is poised for a “period of secular growth”, fueled by significant expansion in direct and fixed asset investment. The report also highlighted that reform measures like Aadhaar, Goods and Services Tax (GST), Unified Payment Interface (UPI) and Production-linked incentive programmes have made India an attractive emerging market economy. The glowing tribute to the ‘India growth story’ prompted PM Narendra Modi to tweet: “India is a global bright spot with a strong desire to grow even more!" Perhaps, the biggest advantage that India has is its young demography. "With a median age of 29 years, India in our view has one of the most attractive demographic profiles among the world’s largest economies and can reap benefits from its productive capacity," the report said. Moreover, India’s billion plus population, once considered a resource burden, is now a boon as it translates into the world’s biggest workforce as well as consumer market. But in an increasingly tech-driven world, it won’t take for this population to turn into a liability if the right policies – upskilling is a major concern – are not put in place. There are several other red flags too. By and large, reforms in India have been half-hearted, hasty and irregular. It also does not help India’s reform agenda that the country sees at least 3-4 Assembly elections every year. Thus, political compulsions have often compelled the Union and state governments to prioritise populism over hardcore reforms, in fear of losing popular votes. While a country like Singapore – the city-state is essentially authoritarian – has had one of the best bureaucratic systems in the world, India has always found itself in the bottom of the global bureaucracy list. Moreover, ‘red tapism’ has been one of the key reasons for India’s historically low rankings in ease of doing business. Notwithstanding the massive improvement in the last few years, a lot needs to be done before India truly becomes a ‘business-friendly’ hub. But the biggest drawback of India’s economic reforms has been the failure of trickle-down economics. The benefit of the reforms has been largely confined to the urban middle class, while the gap between the rich and the poor has widened sharply in the last three decades. Take these numbers for some perspective: In 1991, the top 1 per cent owned 16 per cent of India’s total wealth. In 2022, this figure reached 42.1 per cent. In the same period, the bottom 50 per cent saw its share of wealth decline from 12.3 per cent to 2.8 per cent. Perhaps, India needs another ‘1991’ moment, but this time to correct the mistakes of the country’s ongoing reform process. As India marches ahead on the world stage, the country needs to take everyone along. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE

India Shining: 32 years of economic liberalisation and the journey into the future

Western nations & their museums are filled with colonial loot. They're holding artifacts that were either stolen or taken unfairly from India. On #GravitasPlus, Priyanka Sharma deconstructs India's efforts to get them back.

Gravitas Plus: How India is pushing for the return of stolen antiquities

There is an increased appetite for all things luxury in India. Indians are splurging on luxury homes, cars, hotels, and vacations. What is driving this trend?

Gravitas Plus: All things luxury: Why are Indians spending so much?

Indian Prime Minister Narendra Modi tore into the Opposition parties on the fourth day of the Parliament monsoon session as he spoke on the ruckus in Parliament and the term ‘INDIA’. As many as 26 Opposition parties formed an alliance ahead of the general elections next year and termed it 'I.N.D.I.A' or the Indian National Developmental Inclusive Alliance.

India: PM Modi tears into opposition over Parliament ruckus

The NSA meeting of the BRICS group of emerging economies will be held in Johannesburg from August 22 to 24, and among the topics on the summit's agenda this year are the dollarization and expansion of the forum in addition to ensuring the security of foreign energy sources. Indian NSA Doval has made his appearance to the meet.

BRICS NSA meet: Wang Yi calls for concrete policies to improve India-China relations

BRICS NSAs meet: India-China explore security co-operation

In a step aimed at deepening defence ties with Vietnam, the Indian Navy on Saturday decommissioned INS Kirpan and handed over the indigenously built missile corvette to the southeast Asian country’s navy at Cam Ranh as a gift, with the ceremony presided over by navy chief Admiral R Hari Kumar and Vietnam People’s Navy (VPN) deputy commander-in-chief Rear Admiral Pham Manh Hung.

India hands over fully operational warship to Vietnam

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