Tesla and SpaceX CEO Elon Musk, who may soon buy Twitter, is at the top of Fortune’s list of highest-paid CEOs. The others, on the other hand, are likewise in the technology and biotech industries. Tim Cook, the CEO of Apple, Satya Nadella, the CEO of Microsoft, and Reed Hastings, the CEO of Netflix, is among these executives. Cook was paid $770.5 million in 2021 alone, according to Fortune, which was a component of a $1.7 billion 10-year stock grant. He was ranked number two on the list. His remuneration is appropriate because Apple’s market worth climbed by $2.2 billion during his tenure. On the Fortune 500, Apple is ranked third.

In 2021, Nvidia’s Jensen Huang received $561 million in salary, while Cook cornered the former. Huang “realized around $507 million from expiring options that had been awarded in 2011 and 2012, representing the approximately 60x increase in the company’s share price over the [previous] decade,” according to a spokeswoman for Fortune 500. Reed Hastings, the CEO of Netflix, is in fourth place, having recently announced various new initiatives to boost revenues for the company, which has been beset by issues such as account sharing and inferior content compared to its competitors. According to the Fortune 500, Hastings made $453.5 million last year. A Netflix spokeswoman, on the other hand, refuted the report. “His pay in 2021 was $40.8 million, with $650,000 in cash and $39.7 million in stock options, according to our proxy statement,” says the company.

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Musk’s announcement a day earlier that the US-based electric carmaker would not build in India until it was allowed to sell and service its cars in the nation prompted Aggarwal’s tweet on Saturday.

“Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars,” Musk tweeted on Friday.

Tesla’s admission into the country has been on hold since 2019, due to the government’s refusal to accept the company’s desire for a reduction in import tariffs. India imposes a 60% import charge on electric vehicles with a price of $40,000 or less, and a 100% levy if the price is higher.

Aggarwal’s announcement comes as the local EV maker hunts for locations to develop cells and electric vehicles. Ola Electric would need 1,000 acres of land to build the facilities, which are expected to cost Rs 10,000 crore.

The company already owns 500 acres in Krishnagiri, Tamil Nadu, where it has erected the world’s largest two-wheeler plant, the Futurefactory.

Ola will debut its first electric car in the next 2 to 3 years, according to Aggarwal, and it will be constructed at a new plant separate from the existing Futurefactory.

The Indian government is enthusiastic about electric vehicles and has given a number of incentives to encourage both manufacturing and demand.

FAME II (Faster Adoption and Manufacturing of [Hybrid and] Electric Vehicles in India) is a Rs 10,000 crore plan.

Nitin Gadkari, the Union Minister for Road Transport and Highways, has previously advised Tesla to avoid importing automobiles from China. According to Gadkari, if an EV company manufactures its automobiles in India, it will be eligible for the requisite subsidies.

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When will Tesla begin operations in India? Is Starlink planning a visit to the country? Elon Musk responded to these frequently asked questions on Twitter on Friday. While the world’s richest man has been in the news recently for a variety of reasons, including his $44 billion Twitter buy and his political views, Indians are most interested in the much-anticipated coming of Tesla – a car business based in Texas, United States – to the country.

Elon Musk is welcome to manufacture electric vehicles in India, according to Union Minister Nitin Gadkari, but it cannot be a “good proposition” if the Tesla CEO wants to construct in China and sell in India.

“It is a very easy alternative; if Elon Musk is ready to manufacture a Tesla in India, there is no problem. We have got all the competencies, the vendors are available. We have got all types of technology and because of that, he can reduce the cost,” Gadkari had said while speaking at a private event in Delhi.

“He is welcome in India. We don’t have any problem, but, suppose, he wants to manufacture in China and sell in India, it cannot be a good proposition for India. Our request to him is, come to India and manufacture here,” Gadkari said.

Meanwhile, with regard to Starlink, the question “Elon, any update on Starlink approval usage in India? Starlink’s vision to provide cheap and fast Internet connection all over the world is incredible … Starlink in India would be an absolute HIT” was asked he responded, “we are waiting for government approval”.

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On the margins of the Quad Summit on May 24, Mr. Modi and Mr. Kishida met for bilateral talks on “tight cooperation” to encourage efforts to realize a “Free and Open Indo-Pacific,” as well as collaboration in areas such as defense, clean energy, and investment.

The leaders “addressed the situation in Sri Lanka and confirmed that they will work with each other in light of the current economic crisis and deterioration of the humanitarian situation in the nation,” according to Japan’s Ministry of Foreign Affairs. According to a statement, they also “shared the idea of working together to evolve the Indo-Pacific Economic Framework into an inclusive framework that will provide tangible advantages to the region.”

Sri Lanka was not mentioned by the Ministry of External Affairs. “The two presidents discussed current global and regional events in depth. They reiterated their commitment to a free, open, and inclusive Indo-Pacific area, noting convergences in their different approaches to the Indo-Pacific,” according to a statement released on May 24.

Japan’s announcement that it will work with India to help Sri Lanka is significant because it comes just days after Sri Lankan Prime Minister Ranil Wickremesinghe proposed that Quad members — the US, India, Japan, and Australia — take the lead in forming a foreign aid consortium to help the country, which is experiencing its worst economic crisis since independence. Since January of this year, India has provided around $3.5 billion in assistance in the form of loan deferments and credit lines for vital imports.

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Sri Lanka raised the price of gasoline by 24.3% and diesel by 38.4% on Tuesday, a record increase in fuel costs amidst the country’s greatest economic crisis due to a lack of foreign exchange reserves.

With the second increase in fuel prices since April 19, the most commonly used Octane 92 petrol will now cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) per liter, both at an all-time high.

Ceylon Petroleum Corporation, the state fuel entity, decided to hike the price of Octane 92 petrol by 24.3 percent, or 82 rupees, and diesel by 38.4 percent, or 111 rupees per liter (CPC).

“Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,” Power and Energy Minister Kanchana Wijesekara said on Twitter.

“Price revision includes all costs incurred in importing, unloading, distribution to the stations, and taxes.

“The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,” he said.

The increase came as the public endured long lines at fuel stations affected by shortages.

The retail costs of petroleum have also been raised by Lanka IOC, the Sri Lankan arm of India’s oil behemoth Indian Oil Corporation.

“We’ve upped our prices to meet the CPC,” LIOC CEO Manoj Gupta told PTI.

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The new Ministers are from the Sri Lanka Podujana Peramuna (SLPP) and its partners, the SLFP and the EPDP, a Tamil minority party in the north.

Mr. Rajapaksa has reshuffled his Cabinet five times since public demands for his resignation began, including forcing the resignation of his elder brother, Prime Minister Mahinda Rajapaksa.

The Ministers will serve in Prime Minister Ranil Wickremesinghe’s interim Cabinet, which was formed to deal with the ongoing economic crisis.

Douglas Devananda, Minister of Fisheries; Keheliya Rambukwella, Minister of Health and Water Supply; Ramesh Pathirana, Minister of Industries; and Mahinda Amaraweera, Minister of Agriculture, Wildlife and Wildlife Conservation, and the Economy were among the new Ministers sworn in. The next news source tweeted.

Vidura Wickramanayaka was named Minister of Buddhasasana, Religion, and Culture, while Naseer Ahamed was given the Environment Ministry position.

Bandula Gunawardana has been assigned the ministries of Transportation and Highways as well as Mass Media. Minister of Irrigation Roshan Ranasinghe has been appointed. He will also be in charge of the Sports and Youth Ministry.

President Rajapaksa enlarged his Cabinet on Friday to include nine new ministers, including those from the opposition, in a bid to maintain stability in the debt-ridden island nation, plunged in its worst economic crisis since independence.

After more than a week since the President appointed new Prime Minister Ranil Wickremesinghe, the ministers were sworn in. After his predecessor — the President’s brother Mahinda Rajapaksa — resigned in the aftermath of violent attacks by his supporters on peaceful anti-government protesters, Rajapaksa reappointed Wickremesinghe, a five-time former Sri Lankan prime minister.

His resignation resulted in the dissolution of the Cabinet, which created an administrative vacuum.

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The governor of the central bank of the South Asian nation declared the country to be in “pre-emptive default.”

Two of the world’s largest credit rating agencies confirmed Sri Lanka has defaulted later on Thursday.

When governments are unable to satisfy some or all of their debt payments to creditors, defaults occur.

It can undermine a country’s investor reputation, making it more difficult for it to borrow money on foreign markets, further eroding confidence in its currency and economy.

“Our position is very clear, we said that unless they come to the restructure [of our obligations], we will not be able to pay,” central bank governor P Nandalal Weerasinghe said on Thursday when asked if the country was now in default.

Sri Lanka is attempting to restructure loans to foreign creditors totaling more than $50 billion to make repayment more affordable.

The pandemic and rising energy prices have hurt the country’s economy, but some argue the current problem was caused by the previous government.

Medicines, fuel, and other essentials are in short supply due to a persistent shortage of foreign money and rising inflation.

Prof Moore claimed that the previous administration borrowed money for infrastructure projects and then “insisted in this very macho attitude” on repaying rising debts rather than negotiating with creditors to restructure them.

The country has already begun bailout talks with the International Monetary Fund (IMF) and must restructure its debt deals with creditors. According to an IMF spokesman, ongoing talks on a new loan package are likely to wrap up on Tuesday.

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President Gotabaya Rajapaksa’s decision to restrict all chemical fertilizers in April last year dramatically reduced output, and while the government has now lifted the embargo, no significant imports have yet occurred.

“While there may not be time to obtain fertilizer for this Yala (May-August) season, steps are being taken to ensure adequate stocks for the Maha (September-March) season,” Prime Minister Ranil Wickremesinghe said in a message on Twitter late on Thursday.

“I sincerely urge everyone to accept the gravity of the … situation,” he added.

Sri Lanka is facing a dire shortage of foreign exchange, fuel, and medicines, and economic activity has slowed to a crawl.

“There is no point in talking about how hard life is,” said A.P.D. Sumanavathi, a 60-year-old woman selling fruit and vegetables in the Pettah market in Colombo, the commercial capital, on Friday. “I can’t predict how things will be in two months, at this rate we might not even be here.

Nearby, a long queue had formed in front of a shop selling cooking gas cylinders, the prices of which have soared.

“Only about 200 cylinders were delivered, even though there were about 500 people,” said Mohammad Shazly, a part-time chauffeur who said he was standing in the line for the third day to be able to cook food for a family of five.

“Without gas, without kerosene oil, we can’t do anything,” he said. “Last option what? Without food we are going to die. That will happen hundred percent.”

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On Tuesday, the government of embattled Sri Lankan President Gotabaya Rajapaksa won two important victories in Parliament: its candidate for Deputy Speaker was elected, and it defeated an Opposition attempt to hasten a debate on a censure motion accusing him of causing the island nation’s worst economic crisis.

In a profoundly divided Parliament, a no-confidence resolution introduced by opposition Tamil National Alliance (TNA) MP M A Sumanthiran to condemn President Rajapaksa was defeated 119-68, despite countrywide protests demanding his resignation due to the people’s suffering.

The Opposition hoped to illustrate how countrywide calls for President Rajapaksa’s resignation are represented in the country’s 225-member legislature with the no-confidence resolution.

Hours earlier, Ajith Rajapaksha, a legislator from the ruling SLPP, was elected Deputy Speaker of the country’s Parliament, which met for the first time since the resignation of former Prime Minister Mahinda Rajapaksa and the swearing-in of the new Prime Minister Ranil Wickremesinghe.

Rajapaksha, 48, of the Sri Lanka Podujana Peramuna Party (SLPP), was elected in Parliament after a secret ballot.

He won 109 votes, while Rohini Kavirathna of the main Opposition Samagi Jana Balawegaya received 78 votes.

Rajapaksha is not related to the ruling Rajapaksa family, yet they both hail from the Hambantota district.

Mahinda Yapa Abeywardena, the Speaker of the House, said 23 votes were rejected.

Ranjith Siyamabalapitiya, the deputy speaker, resigned twice in a month this year, leaving the position empty.

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In a speech to the nation on Thursday, Ranil Wickremesinghe, who was appointed Prime Minister on Thursday, said the government urgently required $75 million in foreign money to pay for crucial imports.

“At the moment, we only have petrol stocks for a single day. The next couple of months will be the most difficult ones of our lives,” he said.

“We must prepare ourselves to make some sacrifices and face the challenges of this period.”

He noted that two supplies of gasoline and two shipments of diesel utilizing an Indian credit line could give assistance in the coming days, but that the country is also short on 14 key medicines.

Sri Lanka now has a $6.8 billion (2.4 trillion Sri Lankan rupees) budget deficit, accounting for 13% of GDP.

The problem sparked significant protests against President Gotabaya Rajapaksa and his family, culminating in his elder brother Mahinda Rajapaksa’s resignation as Prime Minister last week after clashes between government supporters and demonstrators killed nine people and injured 300 more.

In his address on Thursday, he vowed to “build a nation without queues for kerosene, gas, and fuel … a nation with plentiful resources.”

Wickremesinghe has yet to name key cabinet members, notably the finance minister, who will negotiate with the International Monetary Fund for desperately needed financial assistance.

Ali Sabry, the former Finance Minister, had undertaken talks with the international lender before resigning with Mahinda Rajapaksa last week.

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On Thursday, Wickremesinghe, 73, was sworn in as Sri Lanka’s 26th prime minister, with the goal of restoring stability to the country’s debt-ridden economy and ending political unrest. Wickremesinghe expressed his desire for a closer partnership and thanked Prime Minister (Narendra) Modi for his country’s economic help.

After taking the oath, he made his remarks during a religious ritual conducted here Friday night. Since January of this year, India has pledged more than USD 3 billion to debt-ridden Sri Lanka in the form of loans, credit lines, and credit swaps.

India said on Thursday that it looks forward to working with the new Sri Lankan government, which was created through democratic processes, and that New Delhi’s commitment to the island’s people will remain unchanged.

The country has been without a government since Monday when President Gotabaya Rajapaksa’s elder brother and Prime Minister Mahinda Rajapaksa quit after violence erupted following his supporters’ attack on anti-government protestors.

The attack sparked widespread violence against Rajapaksa supporters, with nine people killed and over 200 more injured. Wickremesinghe stated that his attention was only on the economic issue. “I want to solve this situation so that people may get gasoline, fuel, and power,” Wickremesinghe stated.

“I will do the job that I have undertaken to do. I will prove the majority when it comes to that. [Referring to the island-wide protests, Wickremesinghe said the main protest near president Gotabaya Rajapaksa’s secretariat for over a month now would be allowed to continue] I will talk to them (protesters) if they are willing,” he said.

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“I will give the opportunity for the new government and new PM to start a new program to take the country forward,” he said in a televised address. He also added that once stability is assured, he will discuss his executive powers.

Gotabaya Rajapaksa had earlier prolonged a countrywide curfew till Thursday morning after government supporters attacked protesters camped up in downtown Colombo for weeks calling for his removal. Mr. Rajapaksa’s opponents then stormed and burned down some of the ruling party’s parliamentarians’ homes, forcing crucial family members to flee.

His brother Mahinda Rajapaksa resigned as prime minister, resulting in the dissolution of the cabinet and the absence of a government to negotiate with the International Monetary Fund and creditors over the $8.6 billion debt due this year. A deal is required to help the administration stabilize the country’s finances and provide basic supplies to the island nation’s 22 million residents.

Gotabaya Rajapaksa refuses to resign, and the opposition has turned down his offers of a unity government in exchange for constitutional changes that would limit the president’s authority.

“He needs to give the country a timeframe on what will happen,” Jehan Perera, executive director at the National Peace Council in Colombo, said of the president. “This is one way he can redeem himself as a statesman before things get worse.”

Mr. Rajapaksa has given the military powers under the emergency to hold people without a warrant for 24 hours and examine their private property.

As Sri Lanka further plunges into chaos, its economic crisis worsens. The International Monetary Fund has not yet passed a decision regarding Sri Lanka’s request for a bailout.

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After violence left at least eight people dead since Monday, the Ministry of Defense instructed troops to shoot anyone spotted damaging state property or assaulting authorities on Tuesday, however it is unclear if all of the deaths were directly tied to the protests. The violence has left more than 200 people injured.

The 22-million-strong country is undergoing a terrible economic crisis, with prices of daily products skyrocketing and widespread power outages lasting weeks. Thousands of anti-government protestors have taken to the streets since March, calling for the government’s resignation.

On Tuesday, the country’s former Prime Minister Mahinda Rajapaksa was rescued by the military in a pre-dawn operation hours after he resigned following confrontations between pro-and anti-government protestors. A senior security source told CNN that the military was deployed after demonstrators attempted to break into the prime minister’s ‘Temple Trees’ private residential compound twice overnight.

His resignation came after live television footage on Monday showed government supporters wielding sticks hitting demonstrators and tearing down and burning their tents across the capital. According to witnesses interviewed by CNN, dozens of homes were set on fire across the country as a result of the unrest.

Until Thursday, a national curfew has been imposed.

However, it is unclear whether the curfew and the resignation of the prime minister will be enough to keep the country’s increasingly combustible situation under control.

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Since March, the island has been rocked by social unrest, with protests becoming violent at times as discontent grows over the government’s apparent mishandling of Sri Lanka’s greatest economic crisis since its 1948 declaration of independence from Britain.

The police announced a statewide curfew Monday as violence erupted in the capital city of Colombo between supporters of the ruling party and anti-government activists. Shortly before Rajapaksa announced his resignation, the limits were announced.

According to the national police, anti-government protestors attacked buses transporting local officials who traveled to Colombo on Monday morning for a meeting with the Prime Minister.

According to the Colombo National Hospital, at least 151 persons were admitted to the hospital as a result of the protestors’ violence.

Rajapaksa’s office issued a statement announcing the 76-year-old senior politician’s retirement.

“A few moments ago, Prime Minister Mahinda Rajapaksa sent his letter of resignation to President Gotabaya Rajapaksa,” the statement said.

“Multiple stakeholders have indicated the best solution to the present crisis is the formation of an interim all-party government,” the letter said.

“Therefore, I have tendered my resignation so the next steps can be taken in accordance with the Constitution.”

His resignation came on the heels of a day of tumult and violence that culminated in authorities imposing a nationwide curfew.

Hundreds of supporters of the ruling party gathered outside the prime minister’s official residence before marching to an anti-government demonstration venue near the presidential office.

According to a Reuters witness, police had erected a line on the main road leading to the spot ahead of time but did little to dissuade pro-government protestors from advancing.

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While Rajapaksa is still hesitant to stand aside, CNN-News18 has learned that following his visit to Anuradhapura, he realized the magnitude of animosity directed at him. When the prime minister visited Anuradhapura on Sunday morning, demonstrators booed him and called for him to quit.

In the midst of the uncertainty, Rajapaksa has invited supporters to come to his official residence, Temple Trees, on Monday to urge him not to resign. Sources say he will take advantage of the chance to announce his resignation.

They went on to say that imposing the Emergency was causing local and international backlash, prompting the political maneuver.

President Gotabaya Rajapaksa, Mahinda Rajapaksa’s younger brother, announced a state of emergency on Friday at midnight, the second in just over a month.

After stores shuttered and public transportation was suspended Friday, President Gotabaya Rajapaksa invoked the severe rules to “maintain public order,” according to a spokeswoman for the South Asian island nation’s 22 million residents.

According to reports, the 72-year-old president has been pressing Mahinda Rajapaksa to retire for a few weeks in order to form an all-party interim government.

The main opposition SJB party has stated that it will not participate in any national administration until and until the president accepts responsibility for mismanagement and corruption.

Sri Lanka’s economic crisis began when the coronavirus outbreak decimated tourism and remittance revenues.

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Protesters who obstruct roads will be arrested under a state of emergency. Sri Lanka’s parliament must pass the proposal within 14 days.

Since March, the country has been rocked by civil unrest, with rallies turning violent at times as discontent grows over the government’s perceived mishandling of the country’s economic problems.

On Friday, police fired tear gas at protesters near the country’s parliament in the national capital of Colombo.

The state of emergency drew criticism from some, with opposition leader Sajith Premadasa saying the measure “runs counter to seeking any solution to the crisis.”

On April 1, Rajapaksa imposed a state of emergency, but it was revoked after five days.

Protesters have called for Rajapaksa’s resignation, citing soaring food, fuel, and other basic needs as the government runs out of cash. Many people have been forced to stand in the scorching heat for hours to fill their gas tanks or acquire food and medicine.

Sri Lanka’s Finance Minister Ali Sabry stated this week that the country’s financial reserves are nearly depleted. The country has requested emergency funding from the International Monetary Fund which has not yet approved any loan. The country is trying to survive with humanitarian aid. India is among the contributors of essential goods to the country supplying hundreds of millions worth of goods.

Millions of workers were on strike today, with all but one scheduled train service canceled, thanks to the country’s trade union movement. Private buses were taken off the road, while factory workers marched outside their workplaces and black flags were hung across the country in protest of the administration.

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In the district of Lalitpur, an investigation was launched and all officers on duty at the time of the incident were reprimanded. Separately 4 men were arrested for kidnapping and raping a 13-year-old girl in Madhya Pradesh in April.

The case was filed at Pali police station, where the youngster was persuaded by four males and driven to Bhopal on April 22, where she was allegedly raped, according to news agency ANI. She eventually escaped and returned to her home, where she went to the police station to file a complaint. According to ANI, the station in charge allegedly raped the minor before handing her over to the Childline Welfare Committee.

The NGO approached the police superintendent, who intervened and an FIR was filed on Tuesday.

Officials told PTI that all Pali police officers have been dispatched to the police lines.

The issue was further aggravated when it was announced that the girl was a Dalit. Dalits belong to the lower caste and have experienced discrimination in society. Although the law was abolished in 1950, there are still some areas that practice these customs.

Bhanu Bhaskar, additional director general of police for Kanpur zone, said DIG Jogendra Kumar of Jhansi has been instructed to examine the case and submit a report within 24 hours.

“While the SHO has been suspended, all policemen of Pali police station in Lalitpur have been sent to police lines,” Bhaskar said, adding that strict action will be taken against the guilty policemen.

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India’s Enforcement Directorate, the country’s principal financial investigation agency, accused Xiaomi’s Indian business of breaking foreign exchange laws by sending “illegal remittances” in a statement released on Friday.

According to the agency, Xiaomi India “had remitted foreign currency equivalent to [55.5 billion rupees, $726 million] to three foreign-based businesses, including one Xiaomi group firm in the guise of royalty,” acting on the directions of its parent company.

Xiaomi began operations in India in 2014 and began remitting money a year later, according to the agency. Indian police have now confiscated a similar amount of money “located in the company’s bank accounts.”

“Xiaomi India buys fully assembled mobile phones and other products from Indian producers,” the Enforcement Directorate said. “The three foreign-based businesses to whom such sums have been sent have not provided any service to Xiaomi India,” the agency noted.

The corporation was also accused of supplying “misleading information to the banks while remitting the money abroad,” according to the suit.

“All our operations are strictly comply with local laws and regulations,” Xiaomi India, which distributes Mi-branded devices, said in a statement. The firm stated on Twitter on Saturday that it felt the royalty payments and bank statements were “all authentic and truthful.”

“In-licensed technologies and IPs used in our India version products” were the reason for the payments.

Since border tensions between the world’s two most populous countries erupted two years ago, India has been tough on Chinese enterprises. India banned around 200 applications in 2020, many of which were Chinese, including TikTok, the enormously popular video platform.

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Antibiotics, some painkillers, and heart medication are among the items that have been marked up by 40%.

Sri Lankans have resorted to taking short courses of medicine or seeking supplies from outside the country.

The government claims that it has no choice but to raise the price of pharmaceuticals.

It comes as part of a package of steps designed to help reduce the loss of foreign exchange reserves in the midst of a devastating financial crisis.

Import restrictions or bans on some critical products, such as meals and medications, were among the measures.

“This is not something that the government is doing willingly,” Nalaka Godahewa, Sri Lanka’s minister for mass media said.

He said that the government had no choice because of the rupee’s depreciation and the fact that most medicine is imported by the private sector, else there would be a severe shortage.

Health care providers are concerned that a lack of medicine is causing patients to buy less than the required amount.

“The situation is bad. Sometimes antibiotics are prescribed for five days. Now my customers are saying give me the antibiotics only for two or three days. How will it work?” Ruchira Hewawasam, who runs a pharmacy in Colombo, said.

Some fear that even for those willing and able to pay higher prices, some medication is in short supply.

“The crisis we are facing in the pharmaceutical sector is unprecedented. The sharp increase in medicine prices will take its toll,” Azam Jaward, Vice President of Sri Lanka Chamber of Pharmaceutical Industry said.

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Last week White House expressed its “disappointment” with India and described the country as somewhat “shaky”. Days before his trip to India, Boris Johnson spoke about how he wanted to discuss their differences with India in the Ukraine War.

This week, however, both the western countries changed their tune. White House spoke about “a deep connection between our people” and “shared values.”

India however, did not change their stance regarding Ukraine. The country continues to purchase Russian oil and notably abstained from the UN condemnation of Russia.

The Asian country has taught the west a masterclass in international diplomacy according to Harsh V. Pant, a professor in international relations at King’s College London.

India has a major advantage, it is vital to both Russia and the United States. Both US and India are increasingly wary of the growing economic and military power of China. India is a country the US could not afford not to partner with at this time. Also, India has a dispute with China regarding their borders.

This is one factor why the west is very vocal about China not taking sides and yet silently criticizing India. For now, both India and China seem to have the same opinion regarding the war in Ukraine.

Russia and India have been long known to share deep ties as many times, as Russia has come to the aid of the country. This is among many reasons why India refused to stand against Russia.

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Food inflation remains at 29.5% which means that current prices of goods will increase. Diesel has also risen by 64.2%. This increase in prices has triggered a massive protest across the country asking the president to resign.

Last week, the Sri Lankan government asked for a bailout fund from the International Monetary Fund. IMF however cited its external debt being too “unstable” and it needs to be “reconstructed”. Among the countries, they owe money to is China which has announced they are willing to provide humanitarian support but did not discuss the default of the debt or any granted extensions.

“When IMF determines that a country’s debt is not sustainable, the country needs to take steps to restore debt sustainability prior to IMF lending,” Country Director Masahiro Nozaki said. “ Approval of an IMF-supported program for Sri Lanka would require adequate assurances that debt sustainability  will be restored.”

The country already announced that they will default on their foreign debts as their cash reserves will be used for essential needs.

As the protests grows, an incident of a police shooting occurred during one of the protests resulting in deaths and injuries. This has sparked more people to rise up and join the protest.

While IMF negotiations are ongoing, India has pledged to support Sri Lanka in terms of essentials and oil supply. Both countries acknowledged this announcement and pledged to work with each other to revive Sri Lanka’s ailing economy.

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The protest was fueled by the economic collapse of the country. Rising fuel costs along with food and power shortages cause massive protests. Sri Lankan President Gotabaya Rajapaksa said that the shooting will be thoroughly investigated.

Currently, Sri Lanka entered talks with the IMF for a bail-out fund.

“The IMF has commended on the steps already taken by the Finance Minister to mitigate the financial situation in Sri Lanka. IMF has assured their fullest support to Sri Lanka and a positive response has also been received to expedite the process to strengthen the support extended towards Sri Lanka,” the ministry said.

The bail-out fund negotiations are at an early stage with IFM recommending “adequate assurances” are needed to approve the fund.

Meanwhile, Sri Lanka seeks support from India and China while waiting for the bail-out fund from IMF.

China responded to the request for “emergency humanitarian assistance” but remained silent on the debt rescheduling request. Sri Lanka is about to default on its payments with the Asian economic giant.

India will provide an additional $500 million in financial assistance to Sri Lanka for it to buy fuel, Sri Lanka’s foreign minister told reporters on Wednesday, adding Bangladesh was also willing to postpone a $450 million in swap repayments. “Assistance by the IMF will take about six months to come to us and it will come in tranches,” Sri Lankan Foreign Minister G. L. Peiris said. “During the intervening period, we need to find funds to keep our people supplied with essentials.”

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Sri Lanka’s finance ministry announced the suspension of foreign debt payments as it plans to secure a loan from IMF to meet the $7 billion debt payments this year. This is the first time the country has defaulted on its payment since its independence in 1948.

The current crisis triggered protests across the nation to oust President Gotabaya Rajapaksa. As a result, Sri Lanka’s entire cabinet aside from the President and his brother, the Prime Minister resigned. Earlier this month, he fired his brother and Minister of Finance, Basil Rajapaksa. He invited the opposition to vote on a replacement but was declined. He largely said that the reason for the ailing economy was the pandemic.

While the country enters a negotiation with the IMF for a bail-out fund, Sri Lanka is seeking help from India. India Finance Minister Nirmala Sitharaman held several meetings with Sri Lankan government. Aside from the request for aid, Sri Lanka also asked India to reach out to friendly countries to extend a line of credit.

Currently, India has already provided a line of credit amounting to 2.4 billion dollars to the ailing nation. This came in the form of food, fuel, medicine, currency swap, and deferment of payment at the Asian Clearing Union.

Sri Lanka’s fall began at the onset of the pandemic when its tourism sector could not produce any income. It has then continuously spiraled out of control and resulted in a massive economic crisis.

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The Kashmir Files have brought awareness to the massive exodus of Kashmiri Pandits in 1990. It has been well received at the Indian box office. On April 9, a grand screening attended by Vivek Agnihotri and Pallavi Joshi took place in the Siam Pavalai Theater in Siam Paragon, Bangkok. The theater was fully packed with Indians and Thais who attended the special premiere.

In another tweet, Vivek Agnihotri announced the screening organized by the GKPD in Thailand. “Looking forward to this grandest screening ever in Bangkok. 750+ people and hundreds in waiting. Organized by @kp_global #TheKashmirFiles #RightToJustice.”

The packed theater gave a standing ovation in a show of patriotism during the screening. The massive hit continues to show in theaters in Thailand. The film has ignited a feeling of patriotism that is felt across borders as more people come to support India.

Be it a small film, it has come as a titan in the industry as it ushers a new beginning in the industry. It has toppled Bollywood films since its release which is a massive feat by itself. Without the press support of big organizations, it has managed to be a worldwide hit.

It was met with a lot of controversies since its release but it has stayed strong throughout. With the strength of modern media, it has set a new trend for upcoming movies.

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The clip contains various scenes depicting the period of militancy, including women in mourning. The background score features poet Faiz Ahmad Faiz’s “Hum Dekhenge”, an iconic poem that was also used in ‘The Kashmir Files’.

“Militants barged in the house of SPO Ishfaq Ahmed and killed him along with his brother Umer Jan” and “these killings are in a series of cold-blooded murders of peace-loving Kashmiris,” read two texts in the video.

Another frame has a text reading “Kashmir has lost 20,000 lives to these targeted killings. It’s time we speak up”.

The video ends with the text “Hum Kashmir Hain, Hum Dekhenge (We are Kashmir, we will see).” The video was posted on Twitter by the Jammu and Kashmir Police on March 31 and has garnered 1.64 lakh views. Incidentally, on April 4, the Kashmir Valley witnessed a fresh spurt in attacks on migrants and Kashmiri Pandits.

Released in March, ‘The Kashmir Files’, directed by Vivek Agnihotri, was endorsed by a number of Union ministers and granted tax-free status in most BJP-ruled states.

Prime Minister Narendra Modi had also endorsed ‘The Kashmir Files’, saying it is incumbent upon those who fight for the truth to ensure that all efforts to present history in the right context are supported. PTI SKL SMN

The film has been controversial and was alleged to be political propaganda to encourage hate against Muslims. Many spoke out about the issue and organized individual press conferences to address its controversy.

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“The protesters were people from the BJP. They came to my house, climbed the walls. My elderly parents were there. We weren’t there at home. Does anybody have the right to do this to your house?” the Delhi CM said.

“My life is not important. I keep saying, I don’t care about my life. My life is for the country. I was on a fast for 15 days — there must be some madness in me? The doctor said I wouldn’t survive. I’m a diabetes patient. But this goondagardi is not good for the country,” he added, asserting that he was not worried about any threat to his life.

Mr. Kejriwal accused BJP leaders of “promoting” The Kashmir Files and had responded to a demand to make the film tax-free saying the makers should upload the film on YouTube.

He went on to say that the BJP was “not really worried” about Kashmiri Pandits.

“When the genocide happened, who’s government was in power? It was the BJP’s. It was their Governor- Jagmohan. The BJP was in the state and at the Centre then. They have done injustice with Kashmiri Pandits. Not even one family has been rehabilitated. After so many years, they come and say – we are making a film on you – and then they make money out of it. This is badtameezee (insolence). It’s like you are rubbing salt on their wounds. If I was in their place, I would try to rehabilitate the Kashmiri Pandits. I have spoken to many Kashmiri Pandits, they are angry with the BJP,” Mr. Kejriwal said.

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Twinkle took a jab at the craze around the film. ‘In a meeting at a producer’s office, I am informed that there is a deluge of fresh movie titles being registered as an homage to The Kashmir Files. Since larger cities have already been claimed, now the poor chaps are registering names like Andheri Files, Khar-Danda Files, and even South Bombay Files’, pens Twinkle.

She then proceeds further to talk about making a movie titled “Nail Files”. “8 pm: Mother has invited us over for dinner and while she is fussing over her granddaughter, I inform her that I too have registered a title based on the Kashmir Files wave. ‘I am going to make a movie called Nail File.’ ‘About what? A disastrous manicure,’ she asks.”

This has caused a huge backlash among the Netizens accusing her of being insensitive.

Filmmaker Ashoke Pandit wrote, “@mrsfunnybones ma’am, you are too late. This film (#KashmirFiles) on the genocide of #KashmiriPandits has already hit the nail on the communal coffin of #IslamicTerrorism. Request you not be so insensitive towards the genocide of 7 lac #KashmiriPandits.”

One Twitter user wrote, “Twinkle Khanna mocks #KashmirFiles that shows genocide of innocents. Suggests @myogiadityanath do gas-releasing asana @akshaykumar produces #LJ films, mocks faith of majority, and then interviews PM, meets Yogi Unity in diversity!”

Another one urged netizens to stop “wasting money” on Bollywood celebs. “So, the latest to mock the Kashmiri Pandit genocide is Twinkle Khanna. The ugly truth of Bollywood: it’s all about balancing the money flow—by pleasing anti-India lobby with such mockery, & then desperately running to temples—with whitewash PR. Stop wasting your money on them,” the tweet read.

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RSS chief Mohan Bhagwat praises ‘The Kashmir Files’ movie, saying it has created public awareness across the country and outside about the reality behind the exodus of Kashmiri pandits from the valley in 1990.

Kashmiri pandits will be able to return to their homes in the valley soon, RSS chief Mohan Bhagwat said on Sunday, asserting that work is on to create a conducive atmosphere so that they are never displaced again.

Returning to the Valley

Addressing members of the Kashmiri pandit community virtually on the last day of the three-day ‘Navreh’ celebrations, the Rashtriya Swayamsevak Sangh (RSS) chief said that the time has come for fulfilling the pledge of returning to their homes in the Kashmir valley.

“It won’t take many days for the fulfillment of our pledge of returning to the valley. It will come true very soon and we have to continue making attempts in this direction. Our history and our great leaders should serve as the guiding light and inspiration for all of us,” Bhagwat said in his over half-an-hour speech.

Referring to his participation in the Kashmiri pandit festival ‘Herath’ (Shivaratri) in 2011 in Delhi, he said the community had taken a pledge on the occasion that they will return to their homeland.

“Challenges do come in everyone’s life … We are in a situation where we were displaced in our own country three-four decades ago. What is the solution?? he said and added, “We will not succumb and see our pledge fulfilled by returning to our homes.”

He referred to Israel and said the Jews struggled for 1800 years for their homeland. “Nothing much was done in 1700 years by them for their pledge, but over the past 100 years, the history of Israel saw it achieving its target and also becoming one of the leading countries in the world.”

Kashmir Pandits

“We (Kashmiri pandits) have had to live in different parts of the globe despite the fact that Kashmir is an integral part of India. We can live anywhere but we cannot forget our homeland,” he said.

Bhagwat said ‘The Kashmir Files’ movie has highlighted the reality of Kashmiri pandits before the world.

He said the removal of Article 370 “opened the way for the return of the pandits to the Kashmir valley”.

“The time for your return to the valley as a Hindu and a ‘Bharat Bakt’ is approaching, you have faced displacement in the past but in the future, nothing like this should happen with you,” he said.

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“The Kashmir Files is not made on the budget like a lot of other movies. But it is probably going to be cost-to-profit the biggest hit of Indian cinema. You have got to acknowledge there is something that is connecting with this nation and academically you have to watch it. You have to watch it to absorb, to learn from it that look, there is this movement that has happened. It’s no longer a film, it’s a movement.”

Yami Gautam and Aditya Dhar had been some of the first people to have urged others to watch the film. Stars like Akshay Kumar and Kangana Ranaut also praised the movie.

On a political note, a photo of The Kashmir Files vandalized on the main gate of Delhi Chief Minister Arvind Kejriwal’s residence has been circulating the internet. According to The Quint, it is morphed or a photoshop as the vandalism was very clear. The words ‘The Kashmir Files Is Not A Lie, It’s Horrifying Truth’ come from a poster released by the film overlayed at the gate.

Bharatiya Janata Yuva Morcha (BJYM) members, including Bengaluru South MP Tejasvi Surya, stormed and vandalized the gate of the chief minister’s residence on Wednesday, 30 March.

This was in protest against Kejriwal’s remarks on Vivek Agnihotri’s film ‘The Kashmir Files’, where he called on Bharatiya Janata Party (BJP) supporters to join the Aam Aadmi Party (AAP) as they would be respected and not be asked: “to paste posters of films.”

The visuals shared by the AAP leaders as well as news media organizations only show red paint on the gate without the title of the film.

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NCP chief Sharad Pawar on Thursday accused the BJP of creating a “poisonous atmosphere” by spreading “false propaganda” about the exodus of Kashmiri Pandits from the Kashmir Valley.

The Congress, too, had attacked the BJP for promoting the movie. The party’s communication department head Randeep Surjewala had accused the government of trying to spread hatred in society through the movie.

Pawar said that Kashmiri Pandits did, indeed, have to flee the Valley, but he pointed out that Muslims, too, were targeted in a similar manner. “Pakistan-based terror groups were responsible for the attacks on Kashmiri Pandits and Muslims,” he said.

Pawar’s remarks come at a time when the feeling that his party is going soft on the BJP was gaining ground within the Shiv Sena, the NCP’s ally in Maharashtra’s ruling coalition.

Pawar also criticized the BJP for dragging Jawaharlal Nehru into the debate over Kashmir. He argued that it was V P Singh who was PM when the exodus of Kashmir Pandits began.

“The V P Singh government was backed by the BJP. Mufti Mohammad Sayeed was the home minister and Jagmohan, who later contested the Lok Sabha polls from Delhi as a BJP candidate, was the governor of Jammu and Kashmir,” Pawar said. He added that the then J&K chief minister Farooq Abdullah had quit following differences with Jagmohan and that it was the governor who facilitated the departure of Kashmiri Pandits from the Valley.

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Is the Kashmir Files right-wing propaganda? Many journalists weigh on the controversial movie as it took the Indian cinemas by storm. Here are some points of view we have come across.

Images Dawn

Images Dawn says “given the blatant communal climate in India, the implications in the film are unmistakable: that terrorists = Muslims”.

“The recently released Bollywood film The Kashmir Files is a laughable piece of right-wing propaganda. But its over-simplification is what makes it frightening”

“None of it is surprising. Even a cursory look at Agnihotri’s filmography reveals something obvious: that he’s mostly made C-grade erotica and D-grade propaganda.”

India Today

India Today applauds the movie for its countless achievements

“Vivek Agnihotri’s directorial venture, The Kashmir Files, continues to impress each day at the box office. After crossing many milestones, the film has added yet another feather to its cap. Even after 21 days of its release, The Kashmir Files has managed to hold its own at the box office despite big releases like Bachchhan Paandey and RRR. It has now managed to cross the Rs 300-crore mark at the worldwide box office. The Kashmir Files, which released on March 11, is based on the exodus of Kashmiri Hindus during the Kashmir insurgency in 1990. It stars Anupam Kher, Darshan Kumaar, Mithun Chakraborty and Pallavi Joshi.”

“In a major achievement, The Kashmir Files has been passed without any cuts in UAE, that too without any cuts. It will also release in Singapore soon. Meanwhile, the film has crossed Rs 300 crore at the worldwide box office. In India, it is expected to end in the range of Rs 265 to 275 crore to emerge one of the biggest grossers of all time. On Day 21, the film reportedly earned Rs 2 crore in India, taking the total domestic box office collection to Rs 237.22 crore. Meanwhile, The Kashmir Files had an overall 13.66 per cent Hindi occupancy on Thursday, March 31.”

Our Thoughts

The Kashmir Files has been very controversial since its release and it will stir up feelings. It is like the Titanic, it is partly based on history but the story itself could have or could have not happened. It brings awareness to the mistakes of the past. Is it propaganda if it really happened?

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Western Media

Western media have reported the plights of Muslims experiencing abuse from the Hindus as they brave to watch the theaters. Many organizations have held press conferences saying this was a political move and it disturbs the peace.

What could have been missed in these reports is that this has been a part of history. Just like the Titanic, Jack and Rose probably did not exist but the story might have. It is also a part of history that shows us the real emotions people felt experiencing that strategy. It gives us awareness and triggers compassion for their plight but it also makes us appreciate their lives.

The Kashmir Files is no different. It shows us the feelings of the people who have been part of the exodus. They trigger emotions as they share their stories in life, it is a part of history that happened to bring us to where we are today.

The Times

According to the Times, this was political. “Social media is flooded with videos of members of the audience erupting in rousing hate speeches after seeing the film, with calls for the slaughter of Muslims and a boycott of Muslim businesses. Often, these speeches are staged by Hindu vigilante organizations ideologically allied with Modi’s government. In a climate of growing intolerance, where exclusion and marginalization of Muslims have become mainstream political discourse, the movie is making Indian Muslims even more fearful.”

“The “truth” that the film claims to reveal is that there was a “genocide” of Pandits in the 1990s, hidden by a callous ruling establishment and a servile media. Pandits were killed in their thousands, it claims, and not in the low hundreds as the government and Kashmiri Pandit organizations have stated.”

Be it hundreds or thousands, it is still genocide and no one deserved to die under that circumstance. As the West depicts it as a political move, for us it is a part of history we are being aware of and we could learn from it.

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Muttahida Majalis-E-Amal is a combined group of religious and social organizations of Muslims, madarsas, schools, colleges, and other organizations in the Saharanpur district. A press conference was held at a school in Anand Nagar on the 28thof March. The Maulanas called the release of the film Kashmir Files unfortunate and termed it ‘laughable politics’.

Spokesperson Sher Shah Alam said that through the film The Kashmir Files, an attempt is being made to disturb communal harmony under a conspiracy. It is unfortunate that attempts are being made to end the mutual brotherhood. Others addressing the press conference included Maulana Abdul Malik Mukesi who is district president of the Milli Council and Maulana Shahid Mazahiri who is a member of Jamiat Ulama Uttar Pradesh.

Sher Shah Azam said, “This press conference has been held about the film The Kashmir Files. The movie is creating hatred within the country. This film should be banned immediately. The government here says that the reality should come out, then there are so many realities here. What is the use of re-picking up old forgotten memories, making fabricated stories, and leaving them in the midst of the people? People will hate each other and when there is hatred there will be fights, mob lynchings.”

It was further said in the press conference, “In this film, all the historical facts are being twisted. Here they want to impose a particular point of view on people. This is not the way to maintain peace and harmony. We want people inside the country not to be misled and not to hate each other. Rather, adopt the thousands of years old ‘tehzeeb’ that symbolizes mutual brotherhood.”

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The Kashmir Files controversies continue as the RJD, CPI(ML) MLAs tear ‘Kashmir Files’ tickets inside Bihar Assembly. CPI(ML) MLA Mehboob Alam said later, “Kashmir Files tickets symbolize hatred as the film vilifies Muslims. We will not allow anyone to vitiate communal harmony in Bihar.” At the same time, the Congress MLAs did not accept the tickets made available by the BJP at the Vidhan Sabha reception. Chief Minister Nitish Kumar was present in the House when the tickets were torn.

RJD spokesperson Mrityunjay Tewari said, “Why does the government not show us films on unemployment and issues of common people’s interest? They want to further their communal agenda by showcasing a film like ‘Kashmir Files.’ We criticize CM Nitish Kumar for falling into the BJP trap.”

BJP spokesperson Santosh Pathak however said, “The film has shown bare facts of Kashmir. RJD, CPI (ML), and Congress do not want to see the truth because these parties have done politics of forming governments, not building the nation. We condemn the behavior of legislators who tore the film tickets in the Assembly. If they wanted to show opposition, they would not have accepted the film tickets.”

The Kashmir Files Controversies – The Director

Meanwhile, a police report has been filed against the director of the Kashmir Files, Vivek Agnihotri. This was due to the remarks he said in an interview that Bhopalis are often assumed to be homosexual.

A 27-year-old PR manager named Rohit Pandey filed the report at Versova police station in Mumbai. The complainant hails from Bhopal in Madhya Pradesh and has sought the registration of an urgent FIR in the matter.

The Kashmir Files director came under fire for his comment after the clip of the interview went viral. He said in the interview, “I am from Bhopal, but I do not call myself a Bhopali because that carries a certain connotation. If someone calls himself a Bhopali, it generally means that person is a homosexual.. someone with ‘nawabi ‘fantasies.

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A logo unveiling ceremony was held today in Icon Siam Mall, Bangkok. H.E. Mr. Don Pramudwinai, Deputy Prime Minister & Minister of Foreign Affairs of the Kingdom of Thailand, and Ms. Suchitra Durai, Ambassador of India to Thailand, jointly presided over the logo unveiling ceremony and felicitated the winners of the logo design contest.  Around 50 dignitaries and guests, representing the Thai Parliament, the Thai government, diplomatic corps, Indian Diaspora, businesses, and media, attended the ceremony. The winner of the logo design contest, Ms. Chanida Hengkhuntod, was awarded a cash prize of THB 50,000. The 1st runner-up, Mr. G. Shashidhar Reddy, who is based in Hyderabad, was awarded a cash prize of THB 32,000 and the 2nd runner up Mr. Somchai Nilkaew, was awarded THB 16,000.

            The celebrations included two cultural performances, one each from the Indian and the Thai side. A photo exhibition showcasing 75 years of diplomatic relations between India and Thailand was also organized on the sidelines of the ceremony.

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The eye check-up camp was inaugurated by the chief guest Mrs. Surekha Manoj Patil, the local BJP corporator. Shri Radhe Krishna Mandir Trust trustee Manoj Roy welcomed Surekha Patil with a bouquet. On this occasion, Surekha Patil described such a public utility event as the need of the hour. Trustee Manoj Roy said that today due to mobile, TV, online education and work eye-related disorders are increasing rapidly among people, especially young children. Keeping this in mind, an eye check-up camp was organized. A lot of people took benefit of the eye check-up camp.

Senior journalist Rajesh Vikrant, National Vice President of Apna Purvanchal Mahasabha, Ajay Shukla, Dr. Subhash Sharma, Manoj Kumar Patil, Vipul Shah, CA Sanjay Vishwakarma, CA Amarnath Sharma, industrialist Madhu Ji Maheshwari, etc. were present at the event.
Anand Saraf, Guru Ingwale, and Aakarsh Rai gave their support in making the eye check-up camp a success.

Manoj Rai, Trustee Shri Radhe Krishna Mandir Trust, Mo 90220 95857

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Indian Finance Minister Nirmala Sitharaman announced that the central bank is planning to introduce the new currency. It is set to begin in the new fiscal year by April “using blockchain and other technologies”. This is expected to boost India’s thriving digital economy.

Since Prime Minister Narendra Modi withdrew the country’s two largest rupee banknotes in late 2016, digital payments have exploded in popularity in India. Local competitors like Paytm have jumped onboard India’s cashless payments craze. Several of the world’s largest internet corporations, including Google (GOOGL) and Facebook (FB) joined.

Other big economies are moving through with their own plans to introduce virtual versions of their own currencies as well. For the past two years, China has been testing its digital yuan in key cities. Athletes, officials, and media attending the Beijing Winter Olympics this month have only three payment options.

Both Europe and the United States have been looking at the possibility of a digital euro and digital dollar. While both have emphasized the significance of minimizing the financial risk that any e-currency poses.

For years, India has voiced worry about cryptocurrencies and how to effectively manage digital assets. Sometimes even toying with a crypto ban. Last year, a cryptically phrased proposal on the Indian parliament’s website claimed that the government was considering “prohibiting all private cryptocurrencies in India.”

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As India stacks upon its digital goods, the Prime Minister is eager to export these products. Plans were announced last week regarding Nepal’s central bank backing up the release of India’s payment models in their country. National Payments Corporation of India has partnered with the Reserve Bank of India to support this project.

This would allow Nepal to duplicate India’s successful model and hopefully pave its way into digitalization. India’s payment methods have been hailed by venture capitalists as “world’s most sophisticated markets for financial technology”. India’s “Unified Payments Interface”, is an open set of specifications that makes it simpler for startups to survive by speeding up the transfer of money, reducing the opportunity for tax evasion, and making it easier to avoid the taxman.

The technology democratizes payments by allowing laborers, young professionals, small retailers, and huge merchants to send money to each other’s bank accounts in real-time using their cellphones at no cost. A QR code, an email-styled address, or a phone number are all used. In 2021, UPI processed 39 billion transactions worth $940 billion, accounting for roughly a third of India’s GDP. Credit card firms’ attraction is diminished by the deceptively simple design.

The UPI-based payment system is highly recommended. Google has suggested the use of a similar system to the U.S. Federal Reserve in 2019. Bhutan has also begun to set up QR code payments. Singapore and India have also partnered to accept UPI payments.

India and others who follow its technological example may benefit from each other’s efforts. The adoption of a UPI QR standard throughout the world would help kickstart a long-overdue revolution in lowering cross-border transfer rates.

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