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India-Canada Diplomatic Row Escalates as India Expels Canadian Diplomats

India has escalated its diplomatic dispute with Canada, expelling six Canadian diplomats, including Acting High Commissioner Stewart Wheeler, and announcing the withdrawal of its own High Commissioner and other diplomats from Canada. This move follows allegations by the Canadian government that Indian diplomats, including High Commissioner Sanjay Kumar Verma, are “persons of interest” in the ongoing investigation into the 2023 killing of Khalistani extremist Hardeep Singh Nijjar​.

The Ministry of External Affairs (MEA) issued a strong statement rejecting these claims, labeling them as “preposterous imputations” driven by vote-bank politics. The MEA criticized the Trudeau government for failing to provide any evidence supporting its allegations despite repeated requests from India. According to the MEA, these accusations are part of a deliberate strategy to damage India’s international standing for political gain​.

India’s move comes after a series of escalatory actions between the two nations. Last month, Canada expelled several Indian diplomats, citing their alleged involvement in the Nijjar case. The Indian government responded by stressing its diplomats’ safety concerns and accused Canada of allowing extremist groups to operate freely on its soil. The MEA pointed out that Canadian authorities have neglected multiple extradition requests related to individuals involved in terrorism and organized crime​

The diplomatic standoff continues to strain relations, with both countries adopting retaliatory measures. The Indian government has reaffirmed its right to further actions if the Trudeau administration persists with its current approach, signaling a deepening crisis between the two Commonwealth nations.

The Government of India has asked the Canadian diplomats to leave India by or before 11.59 pm on Saturday, October 19, 2024.(inputs from sources)

Omar Abdullah Set to Be Sworn in as the New J&K CM on Wednesday

Srinagar: Omar Abdullah, Vice President of the National Conference (NC), will be sworn in as the Chief Minister of Jammu and Kashmir on October 16, following an official invitation from Lieutenant Governor Manoj Sinha to form the government. The NC-Congress alliance recently emerged victorious in the Jammu and Kashmir Assembly elections, marking a return to democratic governance in the region after five years of central rule.

In a letter dated October 11, Dr. Farooq Abdullah, President of the National Conference, informed the LG that Omar Abdullah had been unanimously elected as the leader of the NC Legislature Party. In response, several political parties and independent MLAs, including the Congress, CPI(M), Aam Aadmi Party, and independents, extended their support for the formation of the government.

The swearing-in ceremony is scheduled for 11:30 a.m. on October 16 at the Sher-i-Kashmir International Conference Centre (SKICC) in Srinagar. Omar Abdullah will take the oath of office and secrecy, alongside his Council of Ministers.

Jammu and Kashmir has been under central rule since October 31, 2019, after the bifurcation of the erstwhile state into the Union Territories of Jammu and Kashmir, and Ladakh. This followed the abrogation of Article 370 and the passage of the Jammu and Kashmir Reorganisation Act in August 2019.

Peace Talks in Delhi: Leaders to Meet for the First Time Since Manipur Violence

New Delhi: Today marks a significant moment in India’s efforts to restore peace in Manipur, as representatives from the Meitei, Kuki, and Naga communities come together in Delhi for crucial talks. This is the first time leaders from these three ethnic groups have convened since the ethnic violence that erupted in May 2023, resulting in over 200 deaths and the displacement of more than 60,000 people.

The meeting, convened by the Union Ministry of Home Affairs (MHA), is aimed at opening dialogue between the groups, with the broader goal of ending the ongoing violence and restoring stability in the state. Union Home Minister Amit Shah is expected to lead the discussions.

Key leaders from each group are participating in the talks. The Meitei side is represented by Manipur ministers Thongam Biswajit and Assembly Speaker Thokchom Satyabrata. The Kuki delegation includes Letpao Haokip and Paolienlal Haokip, while the Naga community is represented by Awangbow Newmai and L Dikho.

Although the Congress party was not invited to the talks, they have expressed their willingness to support any outcomes that foster peace in the region. This meeting is viewed as a critical step toward reconciliation between the three communities and ending the violence that has torn apart the state for the past five months. (inputs from agencies)

EC to Announce Maharashtra, Jharkhand Poll Dates Today

New Delhi: The Election Commission of India (ECI) is set to announce the schedule for the upcoming assembly elections in Maharashtra and Jharkhand on Tuesday. A press conference has been scheduled at 3:30 PM in the capital, where the poll dates and other key details will be disclosed.

The assembly term in Maharashtra is slated to end on November 26, 2024, while Jharkhand’s assembly term concludes on January 5, 2025. This announcement will kick off the official election process in both states, leading to campaigns and political maneuvering as major parties prepare to contest the elections.

Maharashtra, a political battleground with high stakes for both the ruling coalition and opposition, has been at the center of several political developments in recent months. Meanwhile, Jharkhand’s elections are expected to feature intense competition among local parties, with a focus on regional issues.

With these elections setting the stage for significant political changes, the announcement from the EC is eagerly awaited by political observers and the general public alike.

Air India Flight Diverted Following A Bomb Threat

RBI Governor Das Cautions Banks on AI and Big Tech Risks

Reserve Bank of India (RBI) Governor Shaktikanta Das has raised concerns over the growing reliance on artificial intelligence (AI) and big tech in the banking sector. Speaking at a conference organized by the RBI on October 14, 2024, Das emphasized that while these technologies offer opportunities for financial innovation, they also introduce significant risks that must be managed prudently.

Das highlighted that the widespread adoption of AI could lead to concentration risks, especially if a small group of technology providers dominate the financial services market. Such dominance could amplify systemic risks, as any disruption or failure in these AI systems might have a cascading effect across the entire sector. Additionally, the opacity of AI algorithms makes it challenging to audit and interpret decisions, raising concerns about market unpredictability.

The Governor also expressed worries over the increasing vulnerability of the banking system to cyberattacks and data breaches due to AI integration. As financial institutions move toward greater digitization, they must adopt robust risk mitigation strategies to prevent potential threats. He stressed that banks should leverage the benefits of AI and big tech without becoming overly dependent on these technologies to ensure financial stability.

Das further pointed out that misinformation and rumors spreading rapidly through social media could trigger liquidity stress. Therefore, banks need to remain vigilant, particularly in managing their social media presence, while also strengthening liquidity buffers to mitigate risks.

In conclusion, Das urged banks to remain proactive and resilient, ensuring they maintain control over the technology they deploy. The RBI is closely monitoring these developments and advising financial institutions to balance technological advancement with stability measures to safeguard the integrity of the financial system. (inputs from agencies)

GIVA Raises Rs 255 Crore in Extended Series B Funding Round

GIVA, a prominent player in the fine jewellery market, has successfully secured Rs 255 crore in its extended Series B funding round. This round was led by major investors including Premji Invest, Epiq Capital, and Edelweiss Discover Fund, alongside the company’s top management.

The funding structure consisted of 35% primary and 65% secondary investments, enabling partial exits for early investors A91 Partners and India Quotient. With this, GIVA aims to accelerate its offline expansion and enhance its offerings, particularly in the lab-grown diamond and gold segment.

Ishendra Agarwal, GIVA’s founder and CEO, expressed the company’s focus on maintaining its position as the leading silver jewellery retailer while expanding its lab-grown diamond range. He emphasized plans to broaden their gold collections and strengthen market presence, leveraging the fresh capital for these initiatives.

The recent funding round follows an earlier Series B investment in July 2023, which valued the company at approximately $250 million. Although GIVA has not disclosed its current valuation, the latest round suggests a significant increase as the brand continues to grow and attract strategic investors.

CM Eknath Shinde Unveils Toll Waiver for LMV at Mumbai Entry Points

MUMBAI: In a significant move to ease travel for commuters, Maharashtra Chief Minister Eknath Shinde announced on Monday that light motor vehicles will now be exempt from toll charges at all five toll booths leading into Mumbai. This decision comes as part of the state government’s efforts to reduce traffic congestion and improve the daily commute for residents.

During a state cabinet meeting, Shinde revealed that the toll exemption would be effective from midnight. “Today, the government has decided to exempt light vehicles from toll after 12 midnight,” he stated. He emphasized that this decision, long under discussion, aims to save commuters valuable time previously spent waiting in long queues .

Maharashtra Minister Dadaji Dagadu Bhuse elaborated on the impact of the toll charges, mentioning that the five toll plazas—Dahisar, Anand Nagar, Vaishali, Airoli, and Mulund—previously charged between Rs. 45 and Rs. 75. He noted that approximately 3.5 lakh vehicles, including about 2.80 lakh light vehicles and 70,000 heavy vehicles, used these routes daily .

“This revolutionary decision will benefit many, ensuring that the commute into Mumbai becomes more efficient and accessible for the public,” Bhuse added . The exemption aims to provide immediate relief to daily commuters and improve traffic flow at these entry points.

The announcement has been met with a positive response from the public and transport associations, who have long advocated for a reduction in toll charges, especially for light vehicles. Commuters are hopeful that this will not only enhance their daily travel experience but also contribute to the overall reduction of congestion on Mumbai’s busy roads .

With this initiative, the Maharashtra government aims to foster a more commuter-friendly environment, reinforcing its commitment to addressing the pressing challenges faced by the city’s residents.

Tilak Varma to Lead India A in Emerging Asia Cup 2024 T20

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India has announced a formidable 15-member squad for the Men’s T20 Emerging Teams Asia Cup, set to take place in Oman from October 18 to 27, 2024. Tilak Varma, the Mumbai Indians star, has been appointed as captain of the India A team, marking a significant leadership role for the young talent.

The squad includes notable players such as Abhishek Sharma, who returns for the second consecutive year after participating in last year’s tournament where India A reached the finals. Despite struggling in the recent T20I series against Bangladesh, Sharma aims to make a strong comeback alongside other team members, including Rahul Chahar and Sai Kishore, adding depth to the bowling attack.

“Leading India A is a great honor, and I’m excited about the challenge ahead,” Varma stated, emphasizing his commitment to performing well in the tournament. The squad is well-rounded, featuring a blend of pace and spin bowlers, with Anshul Kamboj, Vaibhav Arora, and Rasikh Salam leading the pace attack, while Hrithik Shokeen and Rahul Chahar bolster the spin department.

India A will kick off their campaign against Pakistan A on October 19, a match that is eagerly anticipated by fans of both teams. The tournament includes a total of eight teams, divided into two groups, with India A placed in Group B alongside Pakistan A, UAE, and Oman.

This edition marks the sixth iteration of the Emerging Asia Cup and is significant as it transitions to a T20 format, providing a platform for emerging cricketers to showcase their skills at the international level. Historically, India has been a strong contender in this tournament, having won the inaugural edition in 2013 against Pakistan, and reaching the finals in 2018 and 2023. However, Pakistan and Sri Lanka remain the most successful teams, each with two titles.

As the tournament approaches, fans are excited to see how this young and talented squad performs on the continental stage.

Rupee’s Gradual Depreciation Amid Global Uncertainty: A Managed Move, Say Economists

The Indian rupee’s recent depreciation is not a cause for immediate concern but rather a controlled response to ongoing global economic uncertainty, according to economists. The Reserve Bank of India (RBI) is taking calculated steps to manage the currency’s movement, ensuring that India remains competitive in the global market. This approach reflects a broader trend where central banks globally are adjusting their policies to navigate geopolitical tensions and economic challenges.

The rupee recently fell past the 83 mark against the US dollar, raising questions about the stability of India’s economy. However, experts emphasize that this decline is part of a gradual adjustment process, not an alarming collapse. The RBI has been actively intervening in the foreign exchange market to curb excessive volatility, ensuring that the rupee does not appreciate to levels that could hinder India’s export competitiveness. By allowing a measured depreciation, the RBI aims to balance inflation concerns while supporting export growth, a key component of India’s economic strategy.

Global factors such as the Israel-Hamas conflict, rising crude oil prices, and concerns about a global economic slowdown are influencing currencies worldwide, including the rupee. Despite these pressures, economists highlight that India’s foreign exchange reserves remain robust at over $586 billion, providing the central bank with ample capacity to manage currency fluctuations.

Moreover, the Indian economy continues to show resilience, supported by strong domestic demand and a focus on economic reforms. The RBI’s approach aims to strike a balance between maintaining a stable currency and ensuring that India’s growth momentum is not disrupted.

In conclusion, while the rupee’s recent movement reflects the broader global economic landscape, it is part of a strategic effort by the RBI to maintain stability and growth. Economists remain optimistic, noting that India is well-positioned to navigate these uncertainties with a balanced monetary policy.(inputs from agencies)