In a momentous achievement for India’s stock market, the Nifty index breached the 20,000 mark for the very first time, signaling resilience and optimism amidst a tumultuous global economic backdrop. The historic milestone comes as a result of robust investments from local investors, counterbalancing mixed and negative foreign investments, as per Dhiraj Relli, MD & CEO of HDFC Securities.
After a previous attempt in July 2023, Nifty’s triumphant rise has once again gained momentum, driven by renewed confidence in the Indian market. India’s recent successes in space exploration and foreign diplomacy have bolstered sentiments towards Indian stocks, offering a glimmer of stability in a world grappling with uncertainty.
Relli noted, “Small-cap and Mid-cap stocks have experienced significant surges, sometimes beyond justifiable levels. In this scenario, it is prudent for investors to review their asset allocation and consider booking profits or raising cash to mitigate potential risks.”
Analysts and experts in the field have echoed this sentiment, emphasizing the need for prudent investment strategies in the current climate. Rupak De, Senior Technical Analyst at LKP Securities, pointed out that the market’s bullish momentum has been underpinned by a breakout from a descending channel that occurred last week.
“Market sentiment is expected to remain positive as long as the Nifty stays above the 19,900 level,” De emphasized. He also identified an immediate resistance zone between 20,100 and 20,200, noting that a convincing breakthrough above 20,200 could pave the way for the Nifty to advance further towards the 20,500 mark.
This historic breach of the 20,000 mark showcases India’s resilience and attractiveness as an investment destination. It underscores the importance of a balanced investment strategy and staying attuned to the dynamic global economic landscape.
Nifty achieves a historic milestone, surpassing 20,000 points.
Local investors drive the rally, offsetting mixed foreign investment flows.
India’s recent achievements in space and foreign diplomacy boost investor sentiment.
Analysts advise reviewing asset allocation and considering profit booking amidst small-cap and mid-cap stock surges.
Market sentiment expected to remain positive as long as Nifty stays above 19,900.
Immediate resistance zone identified between 20,100 and 20,200, with potential for further gains beyond 20,200.
Renowned environmentalist Paramhans Acharya was honored with the prestigious Global Conservation Award yesterday for his lifelong dedication to protecting the environment and promoting sustainable living practices. The award was presented to Acharya at a gala ceremony in New York City attended by leading conservationists and environmental activists from around the world.
Acharya, widely respected for his tireless efforts to preserve our planet’s biodiversity, was recognized for his groundbreaking initiatives in environmental education, sustainable agriculture, and wildlife conservation. His work has had a profound impact on the global conservation movement.
In a heartfelt acceptance speech, Acharya expressed his gratitude and emphasized the urgency of addressing environmental challenges. He stated, “The planet’s health is intricately linked to our own well-being. We must act collectively to protect the environment for future generations. This award is a testament to the power of collaborative efforts.”
The Global Conservation Award is presented annually to individuals who have demonstrated exceptional leadership and innovation in environmental conservation. Acharya’s work, which spans several decades, aligns perfectly with this mission.
Throughout his career, Acharya has initiated numerous projects aimed at reforestation, wildlife protection, and sustainable farming practices. His organization, Green Earth Foundation, has educated thousands about the importance of conservation and inspired countless individuals to make sustainable choices in their daily lives.
Acharya’s dedication to preserving the environment has garnered international recognition and support. He has collaborated with governments, NGOs, and communities to implement sustainable solutions, leading to positive ecological changes in various regions.
The Global Conservation Award committee praised Acharya for his unwavering commitment to the cause. Committee Chairperson, Dr. Emily Johnson, stated, “Paramhans Acharya’s lifelong devotion to environmental conservation serves as an inspiration to all. His innovative approaches and tireless work have contributed significantly to our global efforts to protect our planet.”
This recognition of Paramhans Acharya’s remarkable contributions to environmental conservation reaffirms the importance of collective action in addressing the pressing challenges of climate change and biodiversity loss.
Beyond the Boundaries: Exploring Cricket’s Intricate Artistry
Cricket, which is frequently praised as a sport, goes well beyond simple competition. On a beautiful green field, sportsmen use their abilities like paintbrushes to create works of grace and strength. Cricket is a symphony of physical power and refinement, a real manifestation of artistry in motion. Witness the graceful sway of the willow, the finesse of a bowler’s movement, and the balletic grace of fielders diving to retrieve the ball from thin air.The ball’s arc as it dances over the ground tells a tale that is enhanced by the batsman’s precise placement, timing, and stroke choice. With each shot, a
Game of Wits: The Strategic Layers of Cricket Unveiled
Cricket’s aesthetic brilliance covers over a complicated world of strategy and tactics. The game is a large chessboard where the captains strategize, consider the situation, and quickly adjust. Cricket requires a profound awareness of the complexities of the game, from creating fields that resemble elaborate mosaics to figuring out a batsman’s weak points.A show in and of itself is the strategic cat-and-mouse battle between batters and bowlers. When constructing traps for unaware batsmen, bowlers observe their body language for indications of weakness. The batsmen, in turn, interpret the bowler’s intentions, planning strikes in advance or quickly adapting. Every choice you make, every change you make, is a move in this captivating strategic battle.The three different cricket formats Test, ODI, and T20—present unique strategic difficulties. Test
Uniting Nations: Cricket’s Unparalleled Global Reach and Impact
Beyond its skill and strategy, cricket serves as a unifying force that cuts beyond national boundaries, cultural barriers, and linguistic barriers.The legendary Ashes series between Australia and England is proof of the historical significance and antagonism that cricket can engender. The Caribbean’s flare and Pakistan’s irrationality give the game of cricket its own distinct tastes.The ICC Cricket World Cup and other international tournaments in the sport of cricket serve as occasions for international friendship. It’s a stage where titans may tumble and underdogs can flourish, where the
But with talks set to pick up steam, the New York Democrat could soon be playing a more pivotal role. Should a compromise bill be reached between the White House and congressional GOP leadership, it would almost assuredly require some — if not many — House Democratic votes to get through that chamber.
Two years ago, the solution for Biden would have been easy: Let then-Speaker Nancy Pelosi — the premier vote wrangler of her generation — do the work. Now it’s on Jeffries, someone the White House is still getting to know. The two only had their first known substantive meeting this past January, when Biden huddled with the top Democratic leaders at the start of the new Congress.
In short, the first pivotal test of his and Biden’s ability to work together could take place with the global economy on the line. And how that goes will provide an early glimpse of what Democrats hope will be the dominant partnership in Washington in 2024 if Biden wins a second term and Democrats win back the House. Not everyone in the party is sure of what to expect.
“All of this is going to need a level of coordination we haven’t yet seen,” said a senior Democratic House aide. “This will be the first time things are tested.”
Jeffries, the first Black lawmaker to ever lead a party in Congress, is nearly 30 years Biden’s junior — he was all of 2 years old when Biden arrived in Washington for his first Senate term.
Their lack of shared history is evident in how little the two have talked about each other in public. For a man who loves to riff on the political leaders he knows well, the only anecdote Biden has shared publicly about Jeffries is that, as vice president, he campaigned for him in 2012. Jeffries returned the favor during Biden’s presidential race in 2020.
Two days before the election as they campaigned together outside Philadelphia, the two men engaged in small talk that quickly turned serious, as reported in “This Will Not Pass: Trump, Biden, and the Battle for America’s Future.” Biden warned that if they don’t win, “I’m not sure we’re going to have a country.”
Neither party would say how frequently Jeffries and Biden communicate directly. But they have held at least two calls — one of which has not been previously reported — in late April that included Schumer as the debt limit debate ramped up, according to a person familiar with the conversations.
In interviews with a dozen lawmakers, senior aides and administration officials, a picture is painted of a relationship that’s been largely positive (with some brief missteps) but still very much developing. Those close to Jeffries and Biden say that communication is frequent between both camps from principals to senior staff. They point to their similar messaging and strategy on debt limit — so far. Jeffries is also in regular contact with White House chief of staff Jeff Zients through meetings and calls. The two had a long working lunch two weeks ago to discuss the debt limit, according to a senior administration official granted anonymity to speak freely.
The president “has a strong relationship with Leader Jeffries and a great deal of respect for the masterful job he’s doing as head of the House Democrats and holding Republicans accountable for their extreme MAGA agenda, like forcing the most draconian cuts to veterans in American history in order to cut taxes for the rich,” said White House spokesperson Andrew Bates.
In a statement to POLITICO, Jeffries praised Biden.
“He’s a good man, visionary leader and transformational president who has been there for me since I arrived in Congress,” he said. “House Democrats look forward to our continued work together to make life better for everyday Americans.”
Overshadowing the Biden-Jeffries relationship is the absence of Pelosi. For years — decades even — Biden world and its Democratic predecessor were able to rely on Pelosi’s political acumen to help shepherd tough bills and must pass legislation through that chamber. The trust built over time was so profound that it altered White House whip operations. In Nancy we trust, the saying went.
Jeffries, in some ways, is just now building a working relationship with the Biden White House, though Louisa Terrell, director of the White House Office of Legislative Affairs, said Biden’s relationship with Pelosi helped lay the foundation for what’s being built now.
“We felt like we had built a scaffolding around how we work together and the ease in which the president could pick up the phone, the ease in which we all did our work together, and we went right into the 118th with that,” Terrell said in an interview. “We have a proof point” that it can be productive, she said, pointing to the legislative accomplishments of the last Congress, such as the Inflation Reduction Act, bipartisan infrastructure law and semiconductor policy.
Still, there is evidence of growing pains. Back-to-back episodes of mixed messages on Biden’s position on high profile legislation earlier this year rankled House Democrats who felt the White House blindsided them — one on a GOP-backed bid to repeal changes to the D.C. criminal code and the other on efforts related to Covid restrictions.
Privately, rank-and-file House members and senior aides blamed the White House for misreading the potency of the issues. They call the incidents frustrating but have largely moved on. Since then, the White House has provided clear and early Statements of Administration Policy on hot-button Republican bills, including legislation to prohibit transgender girls from participating in women’s sports.
Jeffries refused to criticize the White House in either instance. When pressed by CNN shortly after the two bills moved, he described Democrats as “incredibly unified.”
Terrell also pointed to unified messaging on more recent policies, such as the Texas ruling on abortion medication, as proof of that positive relationship.
“What I really care about is: Are we all talking to each other? Are they getting the information they need? Are we hearing from them and what they’re hearing from their constituents? How do we fight in these really hard fights and frankly, how do we take back the House?” she said.
To that end, the White House legislative staff participates in at least seven regular “check-ins” with House leadership staff and seven weekly meetings with various groups, including House staff directors and caucuses.
Biden has told leadership and rank-and-file members to use an older means of technology to communicate with the White House.
“We’ve heard the president say: you literally have the bat phone, please call anytime,” Terrell said. “My door’s always open to you. My phone is always open to you. I know how meaningful it is to [have a] back and forth.”
Jeffries’ first true test as minority leader will be ensuring House Democrats stay aligned in backing Biden’s position against bargaining on raising the debt limit. The more significant obstacle will come much closer to the so-called X-date — when the government runs out of money and can’t pay its bills.
Before Tuesday’s meeting was arranged, a handful of moderate Democrats, including Sen. Joe Manchin of West Virginia, broke ranks publicly and said Biden needs to get to the negotiating table. Ahead of the meeting, Democrats are largely aligned in arguing that Republicans should lift the debt ceiling without conditions and then hold a separate negotiation on the budget.
Only three weeks out from default, Jeffries refused to commit House Democrats to supporting any deal struck between Biden and McCarthy but he insisted they’re in line with the president.
“We’re in lockstep right now in terms of the path forward that President Biden laid out,” he said Sunday on “Meet the Press.” “Ultimately, everyone evaluates on the merits, on any particular piece of legislation, that is presented to us.”
If a deal is hatched, Biden will almost certainly need at least some votes from House Democrats, as House Republicans are likely to balk at a compromise that moves substantially off of the bill that they passed.
At that juncture, Jeffries brings some attributes to the table. He has a working relationship with McCarthy, including texting and coordinating on some joint statements, such as a recent statement calling on Russia to release political prisoners Evan Gershkovich and Paul Whelan.
He also has strong support among his rank-and-file.
“Hakeem’s got a good relationship with everyone in the caucus,” said Rep. Scott Peters (D-Calif.). Comparing the Senate minority party with the House minority, “McConnell’s sort of backed away, and Hakeem’s been engaged. … I think Hakeem’s the right guy.”
While allies acknowledge that Jeffries — and his relationship with Biden — has yet to be tested and he will likely face difficult comparisons to Pelosi as he moves forward, there is a willingness within the caucus to give him space and trust.
“Jeffries has done a great job so far,” said Rep. Jamaal Bowman, a fellow New York Democrat. “We’re going to have to find common ground and collaboration; he is clear eyed about that. He’s not going to bet and risk destroying our economy or cutting things to the most vulnerable people among us.”
Bowman said he’s confident Jeffries and Biden are on the same page. And he pushed back on the idea that the new leadership role or the high-stakes fiscal standoff have put any new amount of pressure on him.
“He’s been a Black man in America his entire life. He’s had to operate in white patriarchal spaces,” he said. “It’s not always easy for people of color and women to operate in those spaces and thrive — he has done so. I’m sure his approach is: I gotta always bring my A game.”
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( With inputs from : www.politico.com )
Geneva: The World Health Organisation (WHO) has announced that Covid-19 pandemic is over as a global health emergency.
Dr Tedros Adhanom Ghebreyesus, Director-General of WHO, made the announcement while addressing a media briefing on Covid-19 and global health issues.
“It is therefore with great hope that I declare #Covid19 over as a global health emergency. However, that does not mean Covid-19 is over as a global health threat. Last week, Covid-19 claimed a life every three minutes – and that’s just the deaths we know about,” he said.
“As we speak, thousands of people around the world are fighting for their lives in intensive care units. And millions more continue to live with the debilitating effects of post-#Covid19 condition,” the Director General of WHO added
The WHO had declared Covid-19 as a global emergency in January 2020.
“1221 days ago, WHO learned of a cluster of cases of pneumonia of unknown cause in Wuhan, China. On the 30th January 2020, on the advice of an Emergency Committee convened under the International Health Regulations, I declared a public health emergency of international concern over the global outbreak of #Covid19 – the highest level of alarm under international law,” Tedros said
“At that time, outside China there were fewer than 100 reported [#Covid19] cases, and no reported deaths. In the 3 years since then, Covid-19 has turned our world upside down. Almost 7 million deaths have been reported to WHO, but we know the toll is several times higher – at least 20 million,” he noted.
“What this news means is that it is time for countries to transition from emergency mode to managing #Covid19 alongside other infectious diseases,” he added.
Hyderabad: Protests were organised in different parts of the world by members of the Shia Muslim community to mark the 100th year anniversary of the destruction of the shrines and tombs of prophet Muhammad’s family in Al-Baqi cemetery in Madinah, Saudi Arabia.
Shiites around the world mourn and protest on Shawwal 8 every year to strongly condemn the “disrespect towards the family of the Prophet” and demand the immediate construction of this cemetery from the current government of Saudi Arabia.
Shia Muslims, followers of the lineage of Prophet Muhammad’s son-in-law Ali and daughter Fatima, across the world protest on this day to voice their demand to rebuild the graves and tombs destroyed by the House of Saud and the followers of Wahabbism on Shawwal 8 (11th month of the Islamic calendar), 1345 AH.
The Islamic calendar is currently in its 1444th year Anno Hegirae (AH), or ‘Year of the Hijrah’ or after Hijrah.
Protests were organised in Hyderabad, India, and Washington DC, USA to mark Inhedam-e-Jannat-Al-Baqi or the Destruction of al-Baqi.
‘Rebuild Al-Baqi’ protests in Hyderabad, India
Members of the Shia Muslim community organised a protest at Dharna Chow, Indira Park on Friday,
The protest was organised by Jannat-ul-Baqee Organization, led by its president Mir Sohail Ali. Prominent scholars and speakers of the community including Kamran Haider, Asghar Effendi, and Hanan Razvi delivered speeches and voiced their demands.
The protesters held banners and raised slogans condemning the demolition of Al-Baqi, where the daughter and grandsons of the prophet were laid to rest.
‘Rebuild Baqi’ protest in the United States:
Shiites in Washington DC also held a protest in front of the Saudi Embassy in Washington DC on Friday. Scholars of the Muslim community attempted to submit a memorandum over their demands to the Saudi Ambassador to the United States, Reema bint Bandar Al Saud.
However, despite protocols in place allowing such memorandums, it was turned down by the embassy officials.
Muslim scholar Saiyed Mehboob Mehdi Abedi Al Najafi concluding the protest pledged that the community from this day onwards will work towards rebuilding the “holy tombs at Al-Baqi”.
A freshman in high school, Zaina Khan, at the demonstration stated “This is not a Shia issue, this is not a Sunni issue; this is a humanatiarian rights issue. They (Saudi monarchy), are the biggest threat to humanitarian rights, Shia rights.”
Amid showers in the city, demonstrators have travelled from Illinois, Atlanta, Texas, Wisconsin, and beyond to commemorate the day.
Here are visuals from the protest:
Saudi, Iran ties
With improving ties between Saudi Arabia and Iran the community is hopeful for the reconstruction of the tombs.
When Saudi Arabia and Iran buried the hatchet in Beijing, it was a game-changing moment both for a Middle East shaped by their decades-old rivalry, and for China’s growing influence in the oil-rich region.
Iran and Saudi Arabia reached a deal in March to resume diplomatic relations and reopen embassies and missions in the two countries within two months.
In a meeting held in Beijing on April 6, Iranian Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Prince Faisal bin Farhan Al Saud signed a joint statement, announcing the resumption of diplomatic relations with immediate effect.
Riyadh cut diplomatic ties with Iran in 2016 in response to the attacks on Saudi diplomatic missions in Tehran after the kingdom executed a Shia cleric.
AMSTERDAM — The world’s financial system needs a “massive adjustment” to cope with higher interest rates, and key rules will have to be revisited, according to a top global regulator.
Klaas Knot, chair of the Financial Stability Board, an international standard-setting body, told POLITICO that rising interest rates fueled problems at several regional U.S. banks and similar losses may show up elsewhere.
“The speed with which interest rates have changed, that, of course, implies a massive adjustment in the financial system,” the Dutchman said in an interview from his office in Amsterdam. He added it was unclear exactly where those losses would be.
“In many, many places of the financial system, that adjustment will go well because it has been well-anticipated and has been well-managed. But history teaches us that is not always the case everywhere.”
The warning of potential trouble ahead echoes fears of other global officials and comes after the failure of Silicon Valley Bank, a $200 billion lender to the tech sector, sparked contagion across U.S. regional banks. The subsequent market panic contributed to bringing down Credit Suisse in Europe, forcing the Swiss government to hastily merge the lender with UBS.
Any domino effect can have huge impacts for the economy, businesses and households.
“We’ve seen the impact of rapidly changing interest rates manifest in the second tier of the regional U.S. banks,” Knot said. “But I would be very surprised if that was the only sub-sector of the financial system where you would have a significant impact.”
Despite the turmoil, Knot said he was more worried about risks stashed at “nonbanks” — a term that encompasses investment funds, insurers, private equity, pension funds and hedge funds — where authorities have less visibility on hidden losses.
“If they are hidden for a very long period of time, sometimes the problem then grows so big, that it only becomes unhidden or visible when it’s too big to deal with,” he said.
The FSB boss pointed to financial players that took the wrong side of a bet on interest-rates and may now be nursing losses. “I hope, of course, that this is well-dispersed over the financial sector,” he said. “Where we are worried is specific concentrations of such risk.”
In particular, he said, those losses could be amplified when there is a mismatch between hard-to-sell assets and easy withdrawals, and borrowed money is used to juice returns.
That combination has worried authorities for some time — but Knot said this didn’t mean regulators are behind. For instance, the FSB, whose membership includes central bankers, financial regulators and finance ministries, will issue recommendations for open-ended investment funds in July.
Under the plans, regulators would get more powers to trigger restrictions in a crisis, rather than leaving those decisions in the hands of the fund manager.
Rewriting the rules
The financial rulebook will need to be revisited substantially in light of recent events, he said.
“It’s a mistake to see the regulatory framework as something that is fixed, and something that should not be touched,” he said. “The financial industry is not at all fixed, it is continuously evolving. So, the regulatory framework should evolve with the evolving risks.”
The Dutchman said this means revisiting assumptions about how quickly banks can sell assets to meet depositor withdrawals, the speed of those withdrawals in a digital era, and the reserves that have to be set aside to cover potential unrealized losses from interest-rate risks — all of which were factors in the U.S. bank collapses.
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( With inputs from : www.politico.eu )
New Delhi: Ace choreographer Geeta Kapur, who is seen among the panel of judges with Terence Lewis and Sonali Bendre on the dance reality show, ‘India’s Best Dancer Season 3’, shared how she felt about judging the show along with Sonali whom she had previously choreographed.
Geeta also talked about the newness she is looking at in the third season and her friendship with Terence.
Talking about working with Sonali, she said: “Working with such an artist is always a humble experience. Sitting next to her is a mix of unreal and surreal because I feel like I really came to this place to sit next to her. I will say that I am always humbled to sit next to those who are so great in their own way, and I feel like I didn’t get there, but I have the opportunity to sit next to them.”
After having judged the previous seasons of ‘India’s Best Dancer’, she was asked what new she is looking at the contestants in this season.
She said: “I think many dancers get lost in just learning art or dance forms and lose their personality somewhere in between when we watch our Bollywood movies and look at ionic characters like Madhuri Dixit or SRK. That’s why I want to see a dancer who also brings out his unique personality through the dance form.”
Speaking about judging the show with Terence again and her friendship with him, she said: “The equation is different because we are friends, we grew out of two random people who came from two different places and are now very close. We did so many shows together and also created a nice bond. We try to create a nice bond in the meeting and I like to sit in the panel and love pulling his leg. He doesn’t mind me joking with him.”
When it comes to the global dance scene, how do you map Indian dance styles?
She replied: “I am happy to say that we are now on the world map because people welcome us, our artistes and our dance form. And we are really happy to see our culture projected all over the world.”
SRINAGAR: Lieutenant Governor Manoj Sinha addressed the National Conference on ‘[email protected]’, today at the Convention Centre.
The Conference was organized by IIM Jammu, IIT Jammu, AIIMS Jammu, in collaboration with Dalit Indian Chamber of Commerce & Industry (DICCI) to deliberate upon priorities, prospects and way forward for creating an inclusive & sustainable society.
“The aspirations of humanity can be fulfilled only in the conditions of peace. And, I strongly believe, ‘Ahimsa’ deeply rooted in our great civilization, is making the world realize the futility of conflict and utility of dialogue,” said the Lt Governor.
During India’s G20 presidency, green, accelerated, inclusive & sustainable growth are top priorities and the world is looking at us with a hope to deal with the challenges of Covid, Climate Change and Conflict, observed the Lt Governor.
“Prime Minister Narendra Modi gave a new vision to the world that climate change cannot be fought from conference tables alone but It has to be fought from the dinner tables in every home. This will pave the way for sustainable & inclusive development,” the Lt Governor said.
The Lt Governor stressed upon synergy between developmental activities and environment conservation to ensure global prosperity and better quality of life for all. He further observed that Ecological security will lead to economic security and strengthen our social development initiatives.
“India will play the most important & constructive role for climate future and shape the action plan for mitigation, adaptation and environmental management systems. India will guide the world towards achieving the goal of environmentally sustainable development,” he said.
The Lt Governor said that under the leadership of Prime Minister, India has given a new social model to the world for equitable development.
Atma-Nirbhar Bharat, Make In India and Digital India have provided a robust framework for rapid and sustainable growth, he added.
The Lt Governor also underscored the important role of premier institutions like IIM, IIT & AIIMS and the youth to provide future solutions to humanity.
He further emphasized on exchange of best practices and increased cooperation between the countries for Digitally Empowered Society and Knowledge-based Economy.
G20 represents 60% of the world population, accounts 85% of global GDP and 75% of global trade. I am confident that India’s G20 presidency will give new impetus to global relations and strengthen the spirit of “One Earth, One Family, One Future”, he added.
Dr Arun Kumar Mehta, Chief Secretary also shared his views and highlighted the efforts to fulfil India’s G20 goals.
Dr Milind Kamble Chairman, BoG, IIM Jammu; Dr Sharad Saraf, Chairman, BoG, IIT Jammu; Prof YK Gupta, President AIIMs Jammu; Prof BS Sahay, Director IIM Jammu; Prof Shakti Gupta, Executive Director, AIIMS Jammu; Prof Manoj Singh Gaur, Director, IIT Jammu, besides delegates from across the country, prominent citizens and students were present.
New Delhi: Finance Minister Nirmala Sitharaman on Sunday emphasised on the need for global consensus for regulating crypto assets.
Addressing a series of events in Bengaluru, she said that any kind of regulation on crypto assets would require every nation’s consent, otherwise it would not be effective.
Sitharaman added that India under its G20 presidency has kept crypto assets regulation as an agenda item for this year.
The IMF has given a paper on crypto-currency and the way it can affect the macroeconomic stability.
“The Financial Stability Board (FSB), which was set up by G20, has agreed to give a report that will also focus on financial stability,” Sitharaman said.
Reports of both FSB and IMF will be discussed in July when Finance Ministers and Central Bank Governors will meet under the G20 umbrella, the Finance Minister said.
Sitharaman further said that the government is taking several measures to widen the tax base.
“We have brought in a parallel, simplified income tax regime with lower tax rates and less exemptions. Changes have been brought to encourage people to pay taxes,” she said.
“Salaried class sometimes feel why they are only burdened and not others are questioned. They should remember that the government is approaching others as well, big expenditures are now being taxed, they are paying TDS. So, widening of tax net is happening,” she said.
Speaking on the global economic scenario, the Finance Minister said: “Covid was not even completely over when the war in Europe began and it had global repercussions. Fuel prices went up and food insecurity was seen in many countries.”
During Covid, many developed economies printed and distributed money. This formula resulted in double-digit inflation in their economies, something which was not seen there in 30-40 years, Sitharaman added.
On inflation, she said that initially interest rates were “low for a long” and now inflation rates are “high for long” in countries which printed money and distributed it during Covid.
“Their economy is in a state of flux and in a recessionary phase which will have spillovers worldwide,” Sitharaman said.
