KATHMANDU, June 20: The Nepal Stock Exchange (Nepse) is currently in what experts call a “downtrend” mainly triggered by uncertainties raised by the deteriorating performance of the country’s macroeconomic indicators.

The stock market is considered as a mirror to reflect the economic position of a country. Poor stock market health is often seen as the start of a recession. Amid growing concern over whether Nepal’s economy has also recovered from a recession, the Nepse index has fallen notable points from where it was 10 months ago . Amid post-pandemic impacts, rising inflation, dwindling foreign exchange reserves and a turbulent international environment, experts are speculating on the cause of the stock market decline and its possible effect on the economy.

Less than 10 months ago, on August 18, 2021, Nepse closed at an all-time high of 3,198.60 points. On Sunday, the secondary market closed with its index at 1,934.11, down 39.5% from a record high. Analysts including Santosh Mainali, president of the Securities Brokers Association of Nepal, and Neeraj Giri, former executive director of the Securities Council of Nepal (Sebon), agree that the bearish trend in the stock market is due to the liquidity shortages and soaring bank interest rates.

“The economy has been facing a liquidity problem for a long time,” explains Mainali. Nepal Rastra Bank (NRB) records show that the country’s banking sector has been in the grip of a massive liquidity crunch for the past few months.

According to the monetary policy announced by the NRB for the financial year 2021/22, banks and financial institutions (BFIs) are required to limit the credit-to-deposit (CD) ratio to a maximum of 90% by the end of the year. current exercise. . The CD ratio reveals how much a bank has lent out of its collected deposits. Due to excessive lending in the first months of the current fiscal year, banks have come under enormous pressure to manage their CD ratio, which has also hurt their loanable funds. “Banks have now started to focus on collecting loans rather than making them as the fiscal year draws to a close,” comments Mainali.

Therefore, interest rates increase. “The stock market is inversely proportional to interest rates,” says Giri, who served the regulator and recently retired.

Similarly, Mainali states that an increase in interest rates increases borrowing costs for those who invest in stocks through loans. “It makes deposit savings more attractive, leaving less to inject into the market.”

The political measures employed by NRB are another factor influencing the state of the stock market. The central bank, as part of its monetary policy for the financial year 2021/22, had restricted share-based payments, limiting an entity or individual to take out marginal loans – loans taken out to invest in shares using existing shares as collateral – up to Rs 40 million from a BFI and Rs 120 million in total. Many investors had to sell their shares to reduce their loan amount to the limit. “The loan limit has increased selling pressure,” Mainali adds.

A year ago, as the stock market soared, the central bank issued a directive prohibiting CIBs from investing in the shares of microfinance institutions and requiring them to hold the shares they purchased for at least a year. Bank officials said the measures were aimed at avoiding overexposure of CIBs in equity trading. However, this decision also prevented large sums of money from circulating in the stock market. It lowered demand in the market when selling pressure increased, pushing prices lower.

“These policies that NRB is currently using are the measures that were introduced when the index was around 3000 points – when the market was at its peak. Circumstances have changed since then and policies should too,” Mainali adds. .

In addition to this, experts consider the rising inflation in the country to be a reason for the downtrend. According to publications made available by the NRB, year-on-year consumer price inflation reached 7.87% in the tenth month of the current financial year, compared to 3.65% a year ago. “People will only invest if they can save from their income, which is less likely given they have difficulty meeting their usual expenses,” Mainali says.

Global stock markets also fell as the Russian-Ukrainian conflict nears its peak. The authorities concerned should not see this as a simple excuse, but rather as a necessity to intervene to safeguard the interests of a large number of investors.

“Overall, investors have little incentive to invest in the stock market,” Mainali comments on the current state of NEPSE. He believes that the government should intervene to motivate investors. “But the government must take action to increase demand. Taking companies that have more than 1 billion rupees in limited public capital, and letting non-resident Nepalese (NRNs) invest in the stock market could help increase demand.

However, Giri believes that apart from the liquidity crisis and rising interest rates, the trend is also caused by the exit of market investors who had entered the market after the onset of the COVID-19 pandemic and the mobility restrictions. The number of Demat accounts in the 2020/21 financial year alone increased by more than 1.5 million while it reached more than 5.2 million to date. Similarly, users of Meroshare, an online platform that allows investors to buy and sell shares of companies listed on Nepse, also crossed 3.78 million.

“When people couldn’t go out during lockdown, trading on the stock exchange was still possible through online means. So many people have entered the market,” says Giri. “Now that the pandemic has subsided and restrictions have been lifted, those who entered the market are now ceasing to invest after recording their profits. The remaining investors went into panic as the market fell. They began to sell their shares, which made the situation worse.

Giri, commenting on the impacts of NRB policies, said that although different people have suggested that central bank policies have caused the stock market decline, a certain conclusion cannot yet be drawn as no relevant studies have been carried out. has been conducted in this regard.

The fall in prices has resulted in losses of billions of rupees for investors. Margin calls are on the rise. Margin calls occur when the value of securities in a brokerage account falls below a certain level (known as the maintenance margin), requiring the account holder to deposit additional cash/securities to meet the margin requirements.

Shareholders who had taken out margin loans to invest in stocks have struggled to repay the loans when the value of their equity declines. Mainali believes that if the government, NRB and SEBON do not work in coordination to save the stock market, the downtrend can have a severe impact on the economy. “The real estate market is also in crisis, all our activities are import-oriented and the government has restricted imports. A stock market crash under such conditions would increase the illiquidity of the economy. It is a serious threat,” says Mainali.

On the other hand, Giri sees the downtrend as another part of the cyclical nature of the stock market. He believes that the performance of listed companies is central to the health of the equity market. “The downtrend may not last long. A new fiscal year is about to start, and companies are expected to release their annual reports. Their positive annual reports may encourage people to invest in the stock market. This will boost investor confidence,” he said. he added.

Jamshedpur, 15th June 2022

[email protected]+ Women’s Trans Himalayan Expedition 2022

Three long months, two countries, many challenges – uniting the spirited group is commitment and dedication

The [email protected]+ Women’s Trans Himalayan Expedition Team has just completed their month-long trip to the country of Nepal. After 90 days of rigorous trekking, the team is finally back on Indian soil.

Spending an entire month in Nepal, home to 8 of the 14 mountains above 8,000m, including Mount Everest, Earth’s highest peak, the team eagerly awaits the third and final leg of the expedition into the sub -Indian continent.

This journey started on March 12, 2022 at the Pang-sau pass on the India-Myanmar border where a group of 12 women aged between 50 and 68 under the leadership of Padma Bhushan Bachendri Pal, embarked on a 5 month trip. 4,977 km journey through the extreme Himalayas from east to west. The team had traveled a distance of 650 km across four states of the Indian subcontinent viz. Arunachal Pradesh, Assam, Upper West Bengal and Sikkim as they traveled over 1500 km in western, central and eastern Nepal.

Standing the test of age, these women have quietly paved their way across the state of Arunachal Pradesh. At an elevation of 3,727 feet, the Pangsau Pass marked the start of the expedition. Located in the Patkai Hills on the India-Myanmar border, this pass offers one of the easiest routes to Burma from the plains of Assam. The team paid homage to the village goddess before hitting the roads.

Leave the “I’m too old for that” barrier, the team walked an average of 25 km per day in the initial phase of the expedition, gradually increasing the distance over time. This was the acclimatization phase where the participating women as well as the support staff tuned their bodies to the mountain conditions.

The terrain is rough, the weather is calm, morale is high and the team is tough. The Indian Army, safeguarding the nation, accompanied the group to all counter-insurgency areas. Trekking through the highlands, resting on the side of the road, the team received a lot of warmth from the people of Assam. ‘Atithi Devo Bhavo’, some were offering refreshments, others wanted to know more about the expedition. Resting in the corn fields, visiting all the local authentics, having tea in the tea gardens of Assam, the ladies never miss an opportunity to mingle with the vast cultural expanse.

No amount of bad weather or adversity dampened the team’s spirit. There is no denying that the journey involved the ultimate human endurance – physical, mental and emotional. The day started quite early for the team around 4am. They used to start the hike at 4:30am while the sun was still down to cover more distance on cool, windy mornings. Crossing counterinsurgency areas, army men protected hikers throughout the stretch.

Crossing the Bogibeel Bridge over the Brahmaputra River to the next destination, celebrating Holi in the accommodation, the warmth our team received from the people of Assam is amazing.

Gone are the days when the upper age bracket after retirement served to relax. This is the era of adventures and these women are the best example. Trekking through the rugged terrain under the guidance of the Indian Army, these brave women overcome every fear or doubt that arises. These women have broken the shackles of hectic city life to stand and gaze at the beautiful, serene mountains.

Crossing the high mountain passes of Nepal, the team is finally back on Indian soil. The mountains have always been a source of pride for Bachendri Pal who grew up on their knees and this endeavor is close to his heart. After two long years of meticulous planning, she embarked on this journey of a lifetime.

The team trekked the Annapurna circuit and reached Muktinath in Nepal. Dissecting high passes to get from mountain to mountain, the ladies reached Thorangla Pass at an elevation of 17,769ft – the highest so far. They are ready to tackle tougher passes in the Indian subcontinents like the Pharangla pass at an elevation of 18,300 feet and the Lamkhaga pass at 17,330 feet.

The trek is now open to the public. Interested women can join the sub-routes and enjoy the unique opportunity to trek with this legendary team.

This historic expedition will reach its final destination in Kargil during the last week of July. Shipping details are available at https://www.transhimalyanexpedition.org/.

About Tata Steel

The Tata Steel Group is among the world’s leading steel companies with an annual crude steel capacity of 34 million tonnes per year. It is one of the most geographically diverse steel producers in the world, with operations and a commercial presence around the world. The group recorded consolidated revenue of US$32.83 billion in the fiscal year ended March 31, 2022.

A certified workplace^MT organization, Tata Steel Limited, together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000. Tata Steel has been included in the DJSI Emerging Markets Index since 2012 and is consistently ranked in the top 10 first steel companies in the DJSI Corporate Sustainability Assessment since 2016. In addition to being a member of ResponsibleSteel^MT, worldsteel’s Climate Action Program and the World Economic Forum’s Global Parity Alliance, Tata Steel has won several awards and accolades, including the World Economic Forum’s Global Lighthouse Recognition for its factories in Jamshedpur, Kalinganagar and IJmuiden, and the Trophy of the Prime Minister for the most successful integrated steel mill for 2016-17. The company, ranked as India’s most valuable metals and mining brand by Brand Finance, was among CII’s Top 25 Indian Innovative Companies in 2021 and India Hurun Research Institute’s Top 10 Sustainable Organizations in the Capri Global Capital Hurun India Impact 50 in 2021, received Steel Sustainability Recognition as champion of worldsteel for five consecutive years, Ethisphere Institute’s ‘Most Ethical Company’ 2021 award, RIMS India ERM Award of Distinction 2021, Masters of Risk – Recognition for the metals and mining sector at the India Risk Management Awards for the sixth consecutive year, and ICAI Financial Reporting Excellence Award for the 2020 financial year, among several others.

To learn more, visit www.tatasteel.comand WeAlsoDoTomorrow

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Statements in this press release describing the performance of the Company may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the operations of the Company include, among others, economic conditions affecting demand/supply and pricing conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, government regulations, laws, statutes, court orders and/or other incidental factors.

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E-mail: [email protected]

The House of Representatives has ordered the government to procure chemical fertilizers by any means necessary, even as countries around the world scramble to avoid a seemingly inevitable drop in crop yields due to a global shortage of nutrients.

On Monday, lawmakers from the main opposition party CPN-UML tabled an emergency motion of public importance demanding that other regular parliamentary programs be halted to discuss shortages of chemical fertilizers across the country. UML Chief Whip Bishal Bhattarai filed the petition.

“The attention of this House has been drawn to the shortage of chemical fertilizers,” said Agni Prasad Sapkota, Speaker of the Lower House of Parliament.

He said 48 lawmakers spoke on the matter Monday. “Therefore, the motion has been presented to Parliament for deliberation.”

Fertilizer shortages have gripped countries around the world, raising fears of a food crisis if production does not meet targets. Nepal announced a 30 percent increase in food production, especially cereals, in its recently released budget statement.

During Monday’s deliberations, lawmakers, including those in Nepal’s ruling Congress, wondered how this would be possible without an adequate supply of chemical fertilizers.

A report by the United Nations Conference on Trade and Development published on June 8 indicates that the repercussions of the war in Ukraine extend human suffering far beyond its borders. The war has exacerbated a global cost of living crisis not seen in at least a generation, jeopardizing lives, livelihoods and our aspirations for a better world by 2030, according to the report.

According to the report, rising energy costs, trade restrictions and the loss of fertilizer supplies from the Russian Federation and Belarus have caused fertilizer prices to rise even faster than food prices.

Many farmers, and in particular smallholders, are therefore forced to reduce their production, as the fertilizers they need become more expensive than the cereals they sell.

Critically, new fertilizer plants take at least two years to become operational, which means most of the current fertilizer supply is limited, according to the report.

“Because of this key fertilizer issue, global food production in 2023 may not be able to meet growing demand. Rice, a major staple that has so far had low prices due to good supplies, and is the most consumed staple in the world, could be significantly affected by this declining affordability phenomenon. fertilizer for the next season.

Time is running out to avoid a food crisis in 2023 in which we will have both a food access and food availability problem, the report says.

“If the war continues and high grain and fertilizer prices persist until the next planting season, food availability will be reduced at the worst possible time, and the current crisis in corn, wheat and vegetable oil could spread to other staples, affecting billions more people.”

Lawmaker Bhattarai told parliament that the government should immediately start the process of importing chemical fertilizers through a government-to-government agreement.

Farmers across the country have faced a shortage of chemical fertilizers as the transplanting season for paddy has started in many districts.

“Plants cannot grow without fertilizer, we all know that,” Ganesh Kumar Pahadi, a UML MP, told parliament. “The government knew about this problem for months, but no one took it seriously.”

Pahadi said the fertilizer crisis had escalated and it was no longer up to the Minister of Agriculture to solve it. “The Prime Minister should take the lead and ask his Indian counterpart to bail out the country.”

Nepalese farmers are beginning to feel the effects.

As hill farmers have started transplanting paddy, farmers in Tarai are starting to sow the seeds as monsoon clouds entered Nepal from the east on June 5, eight days ahead of the scheduled start date revised June 13, according to meteorologists.

According to the Ministry of Agriculture, Nepal’s annual requirement for chemical fertilizers is 600,000 tonnes. A third of this amount will be used during the paddy planting season, and farmers need to have at least 150,000 to 170,000 tonnes on hand to avoid a disaster.

The paddy transplanting season extends from early June to August.

Diammonium phosphate (DAP) requirements for the paddy season are 60,000 tons. The Department of Agriculture says there is no shortage of DAP this season.

But urea is another story. He doesn’t even have a grain of nutrient in stock.

Nepalese Congress legislator Bharat Kumar Shah told the House that they had reminded the government to set aside 30 billion rupees to import chemical fertilizers for the next fiscal year as prices soared.

“But the government didn’t listen. One of the reasons Sri Lanka has fallen into economic distress is poor agricultural policy. We should not repeat this mistake,” Shah said.

He added that it was not possible to import fertilizer from India as the southern neighbor was also struggling to manage it.

The government had allocated 15 billion rupees to import fertilizers for this fiscal year. Initially, it was estimated that the amount would be enough to purchase at least 500,000 tons. But due to rising prices, officials say it could be difficult to buy even 200,000 tonnes with the money.

According to the Customs Department, Nepal had imported 172,000 tons of chemical fertilizers in the first 10 months of the current fiscal year ending mid-July.

The legislators said that a shortage of chemical fertilizers always appears during the paddy transplanting season.

“In the next fiscal year, the coalition government has set a target to increase grain production by 30 percent,” Nepali MP Dila Sangraula Pant told parliament.

“Is this possible without applying chemical fertilizers to the plants? The motion filed by the opposition party is important. The government should be serious. Farmers should get chemical fertilizers in time,” Pant said.

The Agriculture Ministry said it was accelerating the import of chemical fertilizers from India through a government-to-government deal as the country faces one of its worst fertilizer crises yet. the paddy growing season.

The firm had recently cleared a bunch of legal hurdles to facilitate an urgent shipment of nutrients for urgently needed crops, and allowed the Agriculture Inputs Company to release the full advance payment to the Indian supplier nominated by New Delhi.

The Cabinet has also authorized the state-owned company to accept quality certificates and other documents issued by the Government of India at the port of discharge where the cargo will be discharged.

The Nepalese authorities are very hopeful that agricultural inputs will arrive by mid-July, thus avoiding a shortage with the paddy transplanting season already underway.

The shortage of chemical fertilizers, a political commodity, has become a headache for the government ahead of general elections due later this year.

According to the Nepalese Embassy in India, Agriculture Minister Mahendra Ray Yadav met Mansukh Mandaviya, India’s Minister of Chemicals and Fertilizers, in New Delhi last Monday and requested a rapid supply of fertilizer, stressing its urgency. in Nepal.

The Indian minister assured Yadav that the fertilizer shipment would be sent to Nepal as soon as possible.

On Monday, lawmakers said the government should import chemical fertilizers even if it has to airlift the shipments from third countries if India hesitates to help Nepal.

The Minister of Agriculture is confident to receive chemical fertilizers from India, at least enough to alleviate the current crisis.

“We wrote to many countries asking if they could support us. But no one responded,” Agriculture Minister Mahendra Raya Yadav told parliament on Monday. “India has provided delivery. We are making arrangements to bring in chemical fertilizers from our southern neighbour.

COLOMBO: Wasana, a 16-year-old kidney transplant recipient in Sri Lanka, relies on life-saving drugs to prevent transplant rejection.

But with Sri Lanka’s public health system bearing the brunt of the country’s worst economic crisis, Wasana’s family now faces the twin challenges of procuring new tablets and finding the money to pay for them.

“We can’t not give it to her,” Wasana’s older sister, Ishara Thilini, told Arab News. “In the areas where we live, we don’t even have these drugs.”

Most hospitals in Sri Lanka are struggling to provide the universal health care the country was once praised for, forcing patients like Wasana to find essential medicines elsewhere.

“We are hanging on. But there will be a limit to how long we can do that,” Thilini said.

The devastating economic crisis that has led to political unrest and ongoing mass protests is now rippling through health services and exposing patients to unprecedented vulnerabilities, as doctors warn they run out of medical supplies and life-saving drugs.

The country defaulted on its $51 billion external debt for the first time in its history last month, as inflation hit a record high of 39.1%. The island nation of 22 million people is suffering from shortages of essentials including food, fuel and medicine.

Sri Lanka imports more than 80% of its medical supplies, but with foreign exchange reserves depleted due to the crisis, hospitals are facing worsening shortages and dependence on foreign donors .

There is a lack of anesthesia, oxygenators and even betadine in some public hospitals, two unnamed doctors told Arab News. They declined to be named because they are not authorized to speak to the media.

“It’s a very difficult situation for us right now where we can’t do what we have to do,” one said. “It is the patients who suffer.”

Sri Lanka’s health ministry said there was a shortage of medicines and obstacles to getting essential supplies.

“We need about $32-34 million for monthly expenses (on drugs), and we hope it will come from donations,” Dr. Hamdani Anver, a health ministry official in charge of the health ministry, told Arab News. coordinate healthcare donations.

Even with help from abroad, the Government Medical Officers’ Association, a union of government doctors, said the coordination was ineffective.

“There is a shortage of drugs. There was an intervention from the World Health Organization and friendly countries, and expats are also helping right now,” Dr. Naveen De Zoysa, deputy secretary of the GMOA, told Arab News.

“But the ministry failed to coordinate and there were delays in distributions.”

Nafeel Jefferey, of community development and social protection non-profit Care Station, said he had noticed more and more people asking for help from the charity.

“We have a web portal and people can enter their needs. The numbers are increasing day by day,” Jefferey told Arab News.

There is also a spike in drug prices, he said, as drugs that cost around $14 a month just eight weeks ago now cost around $21.

“There is a shortage of drugs, but the price escalation is more serious,” Jefferey added.

Dr Sanjeeva Gunasekera, a pediatric oncologist at the National Cancer Institute, said support from foreign donors has been essential in keeping things afloat at her hospital.

“So we were able to get (medicine). Just because of that, we were able to manage without drastically changing treatment plans,” Gunasekera told Arab News.

But drugs are only part of the medical shortages, he added. There is also a huge need for other medical essentials, such as cannulas and syringes, which are required to perform surgical procedures.

“It’s the invisible side of the medical shortage,” he said.

Kathmandu, Jun 10 (PTI) Nepal has started exporting the approved total of 364 MW of electricity to India through its power exchange market.

Buoyed by continued rainfall this year, the Himalayan nation is exporting its excess electricity to India through its power exchange market for the second consecutive year, according to the Nepal Electricity Authority (NEA), the public electricity company.

Read also | Economic crisis in Sri Lanka: India will provide 55 million dollars of credit line to Sri Lanka for the purchase of urea.

The state-owned body is currently selling 37.7MW from Trishuli and Devighat hydropower projects, 140MW from Kaligandaki hydropower project, 68MW from Middle Marsyangdi, 67MW from Marsyangdi and 51MW from privately developed Likhu-4, according to Pradeep. Thike, deputy director general of the NEA.

The NEA began selling electricity generated by Trishuli and Devighat on June 2, as the country’s power stations are producing surplus energy due to rising water levels in the rivers where the hydroelectric stations are located.

Read also | Pakistan Stock Market Crashes, Becomes Asia’s Third Best Performing Stock Exchange, Investors Lose Over PKR 1.35 Trillion.

After the NEA started selling 51MW of power from Likhu-4 to the Indian market from Friday, a total of 364MW, generated by six projects with export approval from Indian authorities, is now being sold. to India.

It is also the first time that privately generated electricity has been sold on the Indian power exchange market.

“Nepal receives an average price of Rs 7.14 per unit for Friday,” NEA officials informed.

“Being able to sell all of the excess power generated for export with the approval received from India is a significant milestone for the country’s power trade,” the NEA said in a statement. hurry.

The NEA is working with the Indian authorities to sell additional electricity to the Indian market in the near future.

Meanwhile, issuing a statement, the Independent Power Producers Association of Nepal (IPPAN) hailed the NEA’s decision to export excess power generated during the rainy season to India.

Nepal needs to further explore the Indian market to sell an additional 636 MW of electricity, which will be surplus during the rainy season, IPPAN pointed out.

By selling 364 MW of electricity to India from June to the end of November, Nepal will receive Rs 4.78 billion, according to the statement.

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)

The train, departing from Safdarjung Railway Station, will travel the distance of approximately 8,000 kilometers between India and Nepal on the Shri Ramayana Yatra circuit.

This train will run on the Ramayana circuit identified under the “Swadesh Darshan” program covering important places associated with the life of Lord Shri Rama. A visit to Ram Janaki Temple in Janakpur located in Nepal by train will be part of this tour itinerary, the first time in its history.

According to IRCTC, the 600-person train will cover major cities including Ayodhya, Buxar, Janakpur, Sitamarhi, Kashi, Prayag, Chitrakoot, Nasik, Hampi, Rameshwaram, Kanchipuram and Bhadrachalam.

Bharat Gaurav tourist train is the initiative of the Union Government “Dekho Apna Desh” to promote domestic tourism.

The proposed Bharat Gaurav tourist train tour has its first stop at Ayodhya, the birthplace of Lord Rama, where tourists will visit Shri Ram Janmbhumi Temple and Hanuman Temple as well as Bharat Mandir at Nandigram.

In addition to this, IRCTC will also provide a safety kit to all tourists containing a face mask, gloves and hand sanitizer.

The trip will cost around Rs 65,000 per person. It will cover states including Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Karnataka, Tamilnadu, Andhra Pradesh and Telangana.

Our poverty surveys while others are doing them to inflame communal tensions, Kerala will never implement CAA: CM Vijayan

Kerala Chief Minister Pinarayi Vijayan said while other states were carrying out “house of worship surveys”, the state was carrying out surveys under better conditions. “In our country, in many places, different types of investigations are going on. These are surveys that would divide people. There are reports that some places of worship are being investigated to create communal tension. We also do polls here, but it’s not to divide people, but to relate to people. A survey has been completed, to find out the extremely poor families in our state,” he said, addressing his government’s year-long celebrations in Thiruvananthapuram. READ MORE

Assam tea at risk as growers raise concerns over illegal import of tea from Nepal into the country

All that glitters isn’t gold and the purple orange tea that starts your morning might not be the Assam tea you think it is. Assam tea growers and planters have expressed concern over the unethical trade in illegally imported Nepali tea sold as Assam branded tea. READ MORE

Puneeth Rajkumar, Sidharth Shukla & Now KK: Decoding the Ingredients of Heart Attack as Young Indians Face Risk

Amit Kumar, a journalist with an international news agency, was only 29 when he survived a heart attack. Like many others, Kumar mistook the chest pain for acidity from a heavy supper. Skipping a few antacids didn’t bring him much relief. In fact, his GP initially did not assess him for heart disease. READ MORE

Harini Logan, 14, crowned Scripps National Spelling Champion

Harini Logan won the Scripps National Spelling Bee on Thursday night, claiming victory in a searing, one-of-a-kind spell that capped off a marathon duel of one dark term after another. Harini, 14, an eighth grader from San Antonio, beat Vikram Raju, 12, a seventh grader from Denver, after spouting word after word in a 90-second speed lap. She spelled 21 words correctly during that time, compared to Vikram’s 15. READ MORE

WB Madhyamik Results 2022: Raunak Mandal Gets Rank 1, Check West Bengal’s 10th Merit List

West Bengal Madhyamik Result or West Bengal Board 10th Result is declared. Of the 11.8 lakh students who took the exam, up to 86.60% passed the tips and will now advance to class 11. This is a drop from last year, when all students were promoted on the basis that 100% of the students who enrolled were promoted to class 11 on the basis of an alternative mode of assessment. READ MORE

Aether Listing on BSE, NSE Today: Time, Listing Price, Strategy, Aether Stock Price

Shares of Aether Industries Limited are set to make their trading debut on Friday. Aether stock will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) at 10 a.m. on June 3. Aether Industries’ initial public offering (IPO) received a decent response from investors during its subscription period. READ MORE

Not sure what you can be good at? This puzzle will help you find it

We’ve seen and solved several optical illusions and puzzles over the past month. The latest puzzle from ‘The Mind Journal’ will help you find your dream job. Let’s see how. The number you see at first glance will help you understand your talent and your professional view of the world. READ MORE

Read all the latest IPL 2022 news, breaking news and live updates here.

SYED L.ALI BAHRAM |
Published:
Jun 01, 2022 9:25:56 p.m.

Over the past 12 years or so, the country has seen a good number of development projects that can be described as mega-projects. The mega-projects, whose completion is expected to boost Bangladesh’s GDP by up to 4%, are expected to receive around 48% additional allocations in the next fiscal year, as part of the government’s efforts to ensure their timely implementation .

Seven of the eight mega-projects – Padma Bridge, Padma Bridge Rail Link, Dhaka Mass Rapid Transit Line 6 (Metro Rail), Chattogram-Cox’s Bazar Rail Link, Rooppur Nuclear Power Station, Power Station Coal-fired Matarbari 1200MW and the Payra Deep Sea Ports are extremely crucial to the economic growth of the country and therefore the government’s main focus now is their timely completion.

After the Awami League government came to power in 2009, it undertook several monumental development projects to transform the country’s communication, transport and electricity infrastructure. A total of 10 megaprojects, which would have a substantial impact on the economy and the well-being of the population, have been chosen for acceleration. Unforeseen events like the Gulshan coffee attack or the global coronavirus pandemic have led to increased costs and extended implementation time for some of the projects. Still, authorities hope some of the projects will be ready in the 2021-22 financial year. Among them, the most talked about is the Padma Multipurpose Bridge Project, which started in January 2009 with the aim of connecting the southwestern part of Bangladesh to the capital and most of the country. It has missed several deadlines but should be ready for use in June next year at three times the original cost. As part of the project, a 169 km railway line is being constructed from Dhaka to Jashore via the under construction Padma Bridge at a cost of Tk 39,246 crore.

The Dhaka Mass Rapid Transit Line-6 ​​or MRT-6, the country’s first metro rail system, being built at a cost of Tk 21,985 crore, could be ready for use next year. The metro test has already started on almost half of the track. Nearly 63.3% of the project has been completed to date.

The scheduled completion date for the Chattogram-Cox’s Bazar rail line is June next year. As of April, 59% of the work was complete and project officials hope to complete it by late 2022 or early 2023.

One unit of the Rampal coal-fired power station, another fast-track project, is expected to come on stream in the next fiscal year, while the other three projects would take two to four years to come on stream. All expectations depend, to a large extent, on the rapid return of the country to a normal pandemic situation which again depends on a rapid vaccination program. The government is sincerely trying to get most of the

people covered by this program.

“Electricity for all” is another slogan of the current government. The Rooppur nuclear power plant project and the 1200 MW coal-fired Matarbari power plant project, when completed, will make a remarkable contribution to the realization of this slogan.

The Payera deep-sea port project will bring great changes to the country’s navigation system. Bangladesh has managed to occupy its own slice of space by launching. Bangabandhu Satellite which has been running smoothly since launch. To get rid of traffic jams in the capital and its surroundings, an elevated expressway is underway.

Bangladesh’s market economy is the 46th in the world in nominal terms and 33rd in purchasing power parity; it is ranked among the next eleven emerging market economies and a frontier market, according to the IMF, Bangladesh’s economy is the second fastest growing major economy with a rate of 7.1 percent. Dhaka and Chottogram are the main financial centers of the country, hosting the Dhaka Stock Exchange and the Chottogram Stock Exchange. Bangladesh’s financial sector is the second largest in the subcontinent. Bangladesh is strategically important to the economies of northeast India, Nepal and Bhutan, as Bangladeshi seaports provide maritime access to these landlocked regions and countries. China also sees Bangladesh as a potential gateway to its landlocked southwest, including Tibet, Sichuan and Yunnan.

This brief overview paints a picture of things to come on the country’s development front in the near future. What is important at this stage is to ensure that cost overruns in the execution of projects for various reasons are avoided at all costs.

Syed L. Ali Bahram, MBA is a freelance journalist

KATHMANDU, May 30: The Nepal Stock Exchange (Nepse) plunged 50.33 points on Monday, the very day after the announcement of the annual budget for the financial year 2022/23, as the government’s annual financial plan failed to meet restore investor confidence.

The market which opened at 2,223.78 went into free fall during trading hours, eventually closing at 2,173.44. All 13 trading groups landed in the red while the sensitive index that measures the performance of blue chip stocks also fell 10.33 points.

Investors say the next fiscal year’s budget failed to introduce notable packages for the country’s stock market at a time when the secondary market has already lost more than 1,000 points in the past few months. As part of the promotion of the country’s stock market, the annual budget, however, talks about allocating a 10% reserve for migrant workers to invest in IPOs, diversifying stock market instruments, promoting stock transactions. ‘government bonds in the secondary market and to compulsorily provide a large corporation to issue primary shares, among other things.

In Monday’s intraday trading, the total amount of turnover stood at 1.33 billion rupees, slightly higher than the average amount of one-day transactions last week. Among individual companies, Nepal Doorsanchar Company Limited completed the largest transaction of its shares worth Rs 49.63 million. Nepal Investment Bank Limited was the biggest loser, while Balephi Hydropower Limited gained the biggest percentage of its share price.

Cash-strapped Sri Lanka yesterday took delivery of Russian oil – which could soon be subject to a European embargo – to restart operations at the country’s only refinery, the energy minister said.

The island nation is suffering its worst economic collapse since independence, with shortages of fuel and other vital goods making life miserable for its 22 million people.

The state-owned Ceylon Petroleum Corporation (CPC) refinery was closed in March following the foreign exchange crisis in Sri Lanka, which prevented the government from financing crude imports.

Delivery of Russian crude had been waiting for more than a month off the port of capital Colombo as the country was unable to raise $75m to pay for it, Energy Minister Kanchana said Wijesekera.

Colombo is also in talks with Moscow to arrange direct supplies of crude oil, coal, diesel and gasoline despite US sanctions on Russian banks and diplomatic outcry over Russia’s invasion of Ukraine.

“I made an official request to the Russian ambassador for a direct supply of Russian oil,” Wijesekera told reporters in Colombo.

“Crude alone will not meet our needs, we also need other refined (petroleum) products.”

Around 90,000 tonnes of Siberian light crude will be sent to the Sri Lankan refinery after the cargo was acquired on credit from Dubai-based middleman Coral Energy.

Wijesekera said Ceylon Petroleum Corporation (CPC) already had $735 million in arrears with its suppliers and no one even showed up to bid on its oil tenders.

He added that the Siberian quality was not ideal for the refinery, which is optimized for Iranian light crude, but no other supplier was willing to extend credit.

Sri Lanka will nevertheless launch new tenders in two weeks before the stock of Siberian light runs out, Wijesekera said.

The Sapugaskanda refinery, on the outskirts of Colombo, will resume operations in about two days.

European Union leaders are meeting on Monday to negotiate a new round of sanctions against Russia over the Ukraine conflict, including an oil embargo.

Russian oil is already subject to a US embargo and its barrels are trading at a steep discount to international benchmarks, which have risen considerably since the start of the conflict.

Sri Lanka’s economic crisis has seen long queues of motorists outside petrol stations, waiting hours and sometimes even days for meager supplies of petrol and cooking gas.

Its residents are also grappling with severe shortages of imported food and pharmaceuticals, as well as record inflation and long daily blackouts.

Anti-government protests erupted into riots earlier this month, killing nine and injuring many others.

A protest outside President Gotabaya Rajapaksa’s office in Colombo demanding his resignation over the government’s economic mismanagement entered its 50th day yesterday.

Author: Nazia Hussain, Nanyang Technological University

After a two-year delay induced by COVID-19, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) concluded its fifth summit on March 30, 2022. The grouping – comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand — has attracted renewed interest in recent years. Changing geopolitical realities make the strategic geography of the Bay of Bengal crucial to the larger concept of the Indo-Pacific.

The summit saw the signing of the BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters, a Memorandum of Association on the Establishment of the BIMSTEC Technology Transfer Facility and a Memorandum of Understanding on Mutual Cooperation in the field of diplomatic training. BIMSTEC has also adopted the Master Plan for Transport Connectivity which provides a framework for improving regional and national connectivity in the Bay of Bengal. The plan lists 264 projects requiring an investment of $126 billion between 2018 and 2028.

The summit marks an important step for the group. BIMSTEC now has a charter which gives it a “legal personality” and is formally recognized as an intergovernmental organization. To further strengthen formal institutionalization, New Delhi has sought to rejuvenate the BIMSTEC secretariat by pledging US$1 million for its operating budget. BIMSTEC has maintained a permanent secretariat in Dhaka since 2014, but the secretariat had remained underfunded and lacked agency.

BIMSTEC member countries have approved a complete reorganization of the cluster’s priority areas into seven pillars, with each member state assigned to one pillar. This ensures a streamlined approach to project implementation and makes it easier for the consortium to take stock of progress and deliver on time. Despite several ongoing connectivity projects, such as the India-Myanmar-Thailand Trilateral Highway and the Kaladan Multimodal Transit Transport Project, slow field movements and missed deadlines have largely rendered the clustering ineffective. so far.

The issue that foreshadowed the summit was Myanmar’s representation after the country’s military takeover in February 2021. The United States reportedly issued a diplomatic note of protest against Myanmar’s participation in the summit. But Colombo and New Delhi justified their decision not to exclude Myanmar on the grounds that the success of cooperative activities requires the presence of all member states and that Myanmar is an integral part of the Bay of Bengal community.

Myanmar was represented at the summit, albeit at foreign minister level, but the other member states had their respective leaders present. The summit marks Myanmar’s first participation in a multilateral forum after ASEAN expelled junta leader Ming Aung Hlaing from its 2021 summit.

BIMSTEC not excluding Myanmar from its summit is not surprising. If South Asian countries have learned anything from their experience with the South Asian Association for Regional Cooperation, it is not to interfere in the domestic politics of member countries or to try to exclude a member within the group. Yet, as long as the junta remains in power, Myanmar’s participation in BIMSTEC poses a challenge to the grouping’s ambitions in the Indo-Pacific. The BIMSTEC secretariat must tactfully manage Myanmar’s participation so as not to send the wrong message about forgetting a military takeover of a democratically elected government in the region.

Connectivity remains high on BIMSTEC’s agenda. The Bay of Bengal is one of the least integrated regions in the world despite being home to almost 23% of the world’s population. Providing seamless interconnected transport links would facilitate cross-border trade and integrate the Bay of Bengal into the wider Indo-Pacific.

As Thailand takes over the chairmanship of BIMSTEC in Sri Lanka under the slogan “Prosperous, Resilient and Robust, BIMSTEC Open”, Thailand is also named as the new leader of the connectivity pillar. A Thailand-initiated program to ‘connect connectivities’ aims to link BIMSTEC members through a network of ports spanning Thailand, Bangladesh, India and Sri Lanka and paves the way for exploring synergies with the Master Plan on ASEAN Connectivity (MPAC) 2025.

In 2021, the Permanent Secretary for Foreign Affairs of Thailand proposed the “3Cs” for the future of sub-regional cooperation: complementarities between the development agendas of sub-regional frameworks and key ASEAN initiatives, connectivity synchronizing the development of sub-regional economic corridors with MPAC 2025 and coordination between ASEAN and sub-regional frameworks as well as cooperation with external partners and the private sector. Given its geographical location covering both the Mekong and Bay of Bengal sub-regions, Thailand is well placed to enhance inter-regional connectivity between South and Southeast Asia.

Regional integration and cooperation have become relevant at a time when events in Europe are raising concerns about the stability of the international order. As BIMSTEC leaders deliberate on establishing the basic institutional structure and mechanisms of the grouping to better facilitate regional integration, a Free Trade Agreement (FTA) should be urgently pursued. Trade between BIMSTEC members is worth US$40 billion, although its potential has been estimated at US$250 billion. BIMSTEC should consolidate its transport connectivity charter and master plan to boost intra-BIMSTEC trade, which barely exceeds 5%.

With negotiations for a BIMSTEC FTA dragging on for 18 years, New Delhi could push for a quick conclusion, especially as India remains outside the Regional Comprehensive Economic Partnership (RCEP). India’s involvement in the RCEP would have justified the economic integration of BIMSTEC. As it stands, the group now has a charter that gives it a new orientation and a revitalized secretariat. BIMSTEC should build on this momentum and reassure the region that it is on the right path to realizing a community in the Bay of Bengal.

Nazia Hussain is a Senior Analyst at the Center for Multilateralism Studies, S Rajaratnam School of International Studies, Nanyang Technological University.

Kolkata (PTI): A trip to Nepal turned into a nightmare for a West Bengal photographer as he ended up in jail for allegedly carrying jpeg image prints of $100 bills, which he allegedly “needs there to shoot a short film”.

Alone and helpless in Nepal, Durlav Roy Chowdhury (24), a resident of Salkia in the Howrah district of West Bengal, had been waiting for help from India since November.

Speaking to PTI by phone from Ward Number 2, Jhapa Karagaar in Nepal, Roy Chowdhury said his case was scheduled for hearing on May 25 and he hoped to get a reprieve because “I haven’t done anything of illegal”.

Eshor Raj Poudel, the Consul General of Nepal in Kolkata, when approached by PTI said he had no information on the case.

“I will explore this and speak to the authorities and the Jhapa District Magistrate. As this is a legal matter, we need to see the evidence. But I can give the assurance that all support will be given to the family. of the man on trial,” Poudel said.

The photographer, who identifies himself as a National Geographic contributor on his Linkedin page, claimed he was denied basic facilities in the prison.

He also said he was subjected to “torture” for 20 days since his arrest on November 24 before being brought before a court which then remanded him into custody.

“I started my journey last November. At each checkpoint, I had shown the security personnel the printouts of the dollar bills I had with me for filming. They let me through. At the Chandragadi airport, however, the authorities sent me to an office and I was then detained,” he said.

Roy Chowdhury said he was carrying around 230 pieces of US dollar bills, which “did not match actual currency in any way when forensic tests were performed”, the report of which he shared with PTI.

“I had planned to throw them in the air and shoot a sequence for my movie ‘Money Is Not Everything’. I never thought I would be charged with ‘Mudra Sambandhi Kasoor’ (misdemeanor related to currency) for this in Nepal, he said.

“I was treated like an animal by the Nepalese police. They didn’t allow me to call my mother in India for weeks or share my ordeal with anyone else. For the first few weeks, I didn’t get my inhaler. My health deteriorated and only then did they show mercy,” he said.

The 24-year-old also regretted that language was a major obstacle.

“I don’t know Nepali and none of the prison officials speak English. I gave them all the details and documents, but they didn’t understand. They made me sign papers that I couldn’t read. nor understand,” Roy Chowdhury, who lost his father in 2015, said.

He claimed that the Indian Embassy in Nepal did little to help him.

“I keep calling the Indian embassy here every day, but the officials there say they can’t do much for me. The only thing they helped me was a lawyer,” the photographer said.

His mother, Tripti Roy Chowdhury, a cancer patient, said she had run from pillar to post to secure her son’s freedom over the past few months.

She said she only learned of her son’s imprisonment in January.

“I spent days trying to locate him. In January, when I learned of his ordeal, I was shocked,” said the 63-year-old, who visited her son in March.

She said her attempts to contact Chief Minister Mamata Banerjee had so far yielded no results.

Roy Chowdhury’s mother, who is currently in Nepal for the hearing, said she would appeal to the judge for the release of her son, “who is suffering in prison for no good reason”.

“I also want to ask the chief minister for help. I am a cancer patient and I have no one to turn to other than my son. I believe the CM will understand my situation,” a- she added.

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With plans to increase capacity and add ten more aircraft by March 2023, Wadia Group is targeting a long-delayed initial public offering (IPO) for its airline Go First (G8, Mumbai Int’l) in early July, officials said. sources to the Business Standard and Moneycontrol journals.

The Securities and Exchange Board of India (SEBI) gave Go Airlines Private Limited the green light to debut on the Mumbai Stock Exchange (BSE) last summer, but the carrier has been planning a listing since at least 2015. , at which time it was known as GoAir.

Go First held back due to the emergence of Omicron, then the Russian-Ukrainian war, and later to avoid a clash with Life Insurance Corporation’s mega-IPO, which took place this month- this. It plans to raise up to INR 36 billion rupees (USD 463 million) to reduce debt and repay donors (INR 22 billion (USD 283 million)) and increase operations in India and internationally, including adding routes to Indonesia, Malaysia, Singapore, Sri Lanka and Nepal.

Sources told Business Standard that the budget carrier’s management will resume its roadshows and presentations to investors, with one saying, “Given the comments from bankers, we are ready for an IPO.” The surge in domestic traffic encouraged investors in India to revise the draft IPO prospectus, despite record fuel prices and a weaker rupee against the dollar.

“You can never bet on a market peak or everything is going well for an IPO [but] bankers are quite enthusiastic and optimistic. We are all ready and would be open for registration as soon as possible,” the insider said.

A source told Moneycontrol that “more than 27 investors have shown positive interest. The company will be presenting again soon.

In the lead up to the IPO, Go First has resumed its capacity expansion plans. It currently operates around 300 daily flights compared to 288 in 2019 and held 9.8% of the domestic market in March, just behind IndiGo Airlines (6E, Delhi Int’l) with 54.8% and slightly ahead of SpiceJet (SG, financially troubled ). , Delhi Int’l). The ch-aviation capabilities module shows it had 2,073 frequencies scheduled for the week beginning May 23.

It aims to add new aircraft from August, namely ten new Airbus A320neos by the end of March 2023. According to ch-aviation’s advanced fleets module, it currently operates a fleet of fifty-two A320-200Ns and six A320-200s, with another ninety-two A320neos to be delivered. The schedule is for ten such deliveries this year, ten next year and the remaining 72 from 2024 to 2027.

However, it has yet to reactivate all of its current fleet, ten of which are still inactive. “We have ten more planes to deploy, but all planes should be operational by the end of June,” an unnamed Go First official told Business Standard.

According to Indian broadcaster CNBC TV18, Go First is considering converting some of its A320neo orders to larger, longer-range and more fuel-efficient A321neo jets or even switching its entire fleet to A321neo.

SJVN Ltd has informed that a Memorandum of Understanding for the Development of 490MW Arun-4 Project in Nepal was signed in Lumbini, Nepal on Monday in the august presence of Honorable Pime Minister of India, Narendra Modi and Honorable Prime Minister Sher Bahadur Deuba of Nepal.

The project will be developed in JV mode by the company and the Nepal Electricity Authority (NEA), with the company holding a majority stake and is expected to generate around 2100 million units of energy per year. The expected cost of this project located in Sankhuwasabha – 1 district province of Nepal is Rs4900 crore.

This is the Company’s third project on the Arun River Basin. Two other projects, namely 900 MW Arun-3 and 669 MW Lower Arun are already under development by the Company. With the signing of this MoU, the company will have a portfolio of three projects in Nepal with a total capacity of 2,059 MW.

These projects will help the Company achieve its ambitious shared vision of 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW by 2040 and simultaneously contribute to the goal of adding renewable energy capacity of 500 GW by 2030 set by Indian government.

By 10:09 am, SJVN was trading at Rs27.85 each, up Rs0.55 or 2.01% from its previous close of Rs27.30 each on BSE.

India, which has a power trade deal with Nepal, is investing billions of dollars in infrastructure, including hydroelectric plants, as New Delhi seeks to increase its influence in its smaller neighbors, where China is also increasingly active.

The Arun IV project will be jointly constructed on the Arun River in eastern Nepal by India’s Satluj Jal Vidyut Nigam (SJVN) Ltd and Nepal’s state-owned Nepal Electricity Authority (NEA), which own 51% and 49% respectively. % stake, NEA spokesman Suresh Bahadur said. Bhattarai said.

“Nepal will get 152 megawatts of free electricity from the plant for its consumption and the rest will be split between the two on the basis of 51% and 49%,” Bhattarai told Reuters without giving further details.

“The cost of the project is being worked out and whatever happens, it will be shared according to the ratio above.”

The power plant deal is among six agreements reached between India and Nepal during Indian Prime Minister Narendra Modi’s fifth visit to the Himalayan nation on Monday, India’s External Affairs Ministry said in a statement.

During the visit, Modi met his Nepali counterpart Sher Bahadur Deuba and took part in a Buddhist ceremony to mark the birth anniversary of Lord Buddha in Lumbini, southwestern Nepal.

Indian companies are negotiating with the government for power stations that would produce a total of 8,250 MW and Nepal hopes to export the excess power to India, officials said.

Nepal has the potential to generate 42,000 MW of hydropower but currently generates around 1,200 MW, less than the demand of around 1,750 MW. The deficit is made up by imports from India.

(Reporting by Gopal Sharma; editing by David Evans)

By Gopal Sharma

Kushinagar/Lucknow, May 14: As this will be the first time in history that a Prime Minister will travel to Kushinagar to mark the anniversary of Lord Buddha’s birth, Uttar Pradesh Chief Minister Yogi Adityanath is leaving no stone unturned to make a special event. The CM himself traveled to Kushinagar on Saturday to take stock of preparations and security measures at the site.

While scrutinizing every detail of the event, the CM set important guidelines and instructed officials to be constantly on their toes to make the event a success. He also held a meeting with administration and police officials at the Kushinagar International Airport complex and discussed security preparations and arrangements and gave necessary instructions. Uttar Pradesh CM Yogi Adityanath warns that “no religious events should take place on the roads”.

He took a close look at the main Mahaparinirvana temple, where the event is to be held, and the helipad from the Prime Minister’s helicopter. While taking stock of the preparations, CM Yogi offered prayers before the statue of Lord Buddha in the Mahaparinirvana Temple.

Prime Minister Narendra Modi will visit Kushinagar on the occasion of Lord Buddha’s birthday on May 16. He will arrive at Kushinagar International Airport around 9:30 am. It should be known that the preacher of truth, non-violence, love and humanity attained Nirvana in Kushinagar. The Prime Minister will also visit Lumbini in Nepal, where Lord Buddha was born. Uttar Pradesh CM Yogi Adityanath orders to provide reliable internet connectivity in villages.

PM Modi to offer prayers at Mahaparinirvana Temple

PM Modi on Monday will offer Goat (Chadar) and prayers to the reclining statue of Lord Buddha at Mahaparinirvana Temple. A delegation of Buddhist monks, including the president of the Bhikshu Sangh AB Dnyaneshwar, will also be present in the temple during the offering of the ‘Goat’. The Prime Minister will also spend a moment in meditation at the Mahaparinirvana temple. During it, he will also donate ‘Goat’ and ‘Sangdaan’ to Buddhist monks from various monasteries.

PM Modi to visit Mahaparinirvana site for second time in seven months

The Prime Minister will visit the Mahaparinirvana Temple of Lord Buddha for the second time in seven months. Previously, he came here on October 20 to inaugurate Kushinagar International Airport. On the same day, he offered prayers at the Mahaparinirvana temple and offered a ‘Goat’ to the Tathagata statue.

Saturday’s groundbreaking-foundation ceremony postponed due to state bereavement

The inauguration and foundation stone laying ceremony at the Mahant Digvijaynath Memorial Park in Gorakhpur, scheduled for 4 p.m. on Saturday, has been postponed. Due to the declaration of state mourning by the Indian government following the death of the President of the United Arab Emirates, Sheikh Khalifa bin Zayed, the ceremony will now take place on Sunday from 10:30 a.m. During the ceremony, CM Yogi will inaugurate 40 projects worth Rs 33.16 crore and lay the foundation stone for 21 projects worth Rs 111.33 crore.

Sri Lanka has been rocked by violent protests against the ruling Rajapaksa family amid a deepening economic crisis. At least 200 people were injured while 8 people lost their lives due to violence in central Colombo. Violence erupted in Sri Lanka’s capital on Monday after supporters of ex-Prime Minister Mahinda Rajapaksa attacked anti-government protesters seeking to oust him from the worst economic situation since 1948. Months of shutdowns and blackouts of electricity have resulted in massive shortages of food, fuel, medicine and other essential supplies.

Meanwhile, India has extended support worth over $3.5 billion to help Sri Lanka overcome current challenges, in addition to providing assistance to alleviate shortages of essential items like food, medicine, among others.

Main developments in Sri Lanka so far

1. External Affairs Ministry Spokesman Arindam Bagchi said India “fully supports its democracy, stability and economic recovery”.

2. Sri Lanka has given emergency powers to its military and police apparatus to detain people without warrants after a day of clashes.

3. Attorney General Sanjay Rajaratnam has advised the Inspector General of Police (IGP) to conduct a thorough investigation into the instances of interference with people’s constitutional rights, the circumstances that led to such incidents and the commission resulting criminal offences, the PTI news agency reported.

4. The AG stated in a letter to the IGP that the Colombo incident triggered sporadic acts of violence of a serious nature involving people and their property across the country. He also advised the police chief to investigate the aftermath of the incidents.

5. Earlier today, the ancestral home of Rajapaksas at Hambantota in Sri Lanka was set on fire by anti-government protesters. Video footage showed the entire home of Prime Minister Mahinda Rajapaksa and his younger brother and President Gotabaya Rajapaksa at Medamulana in Hambantota town burning as protesters booed.

6. Mahinda’s house in Kurunegela was also burned down by protesters while a mob also destroyed DA Rajapaksa memorial which was built in memory of Mahinda and Gotabaya’s father. The homes of parliamentarians Tissa Kuttiarachch and Santha Nishantha were also set on fire.

7. Amarakeerthi Athukorala, a Sri Lankan MP for Podujana Perumana (SLPP) from Polonnaruwa district, was surrounded by anti-government groups in the northwestern town of Nittambuwa. According to eyewitnesses, shots were fired from his SUV. When mobs overcame his car, he fled and took refuge in an apartment building and killed himself using his own revolver.

8. Following reports of attacks on protesters in Sri Lanka, the World Bank expressed deep concern over the worsening situation. World Bank Country Director for the Maldives, Nepal and Sri Lanka, Faris H Hadad-Zervos, tweeted: “We are deeply concerned about the perpetration of violence in Sri Lanka. He added, “Officials are only hindering the country’s immediate economic recovery and making it even more difficult for development partners.”

9. The current economic crisis in Sri Lanka has also led to a massive devaluation of the currency and resulted in the recognition of an exceptional item of Rs 48.50 crore for foreign exchange loss arising from Causeway Paints’ foreign currency obligations in the consolidated financial results for the quarter and year ended. March, 31st.

10. The Colombo Stock Exchange declared Tuesday a public holiday due to settlement difficulties exacerbated by the current economic crisis. A CSE circular read: “The Colombo Stock Exchange (CSE) has been advised that the Central Bank of Sri Lanka’s Real-Time Gross Settlement (RTGS) system will not operate today (10 May 2022).

11. Mahinda Rajapaksa resigned as Prime Minister of Sri Lanka on Monday amid economic turmoil in the country.

12. Rajapaksa said in his resignation letter, “Several stakeholders have indicated that the best solution to the current crisis is the formation of a multi-party caretaker government.” He added: “Therefore, I tendered my resignation so that the next steps can be taken in accordance with the Constitution.”

(With contributions from the agency)

Also Read: Mahinda Rajapaksa: A Street Fighting Politician Who Failed Amid the Worst Economic Crisis

Also read: Protests in Sri Lanka: Mahinda Rajapaksa faces calls for arrest; 8 dead

Read also: Sri Lanka: the ancestral house of the Rajapaksas set on fire