Why we are obsessed with money

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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What a way to exist!

For most of us, practically the whole day all we are thinking is about money and more specifically how to have more money!

As if money was the only thing in life. Unfortunately for most of us, circumstances just do not permit any other thought!

We are running behind money most of the time which is almost akin to have become obsessed with money. Everything that we are doing in life is centred around money.

Unfortunately, this is because we need money for anything and everything that we do. There’s nothing wrong and what are you doing, however the problem is that over time, it becomes a compulsive habit to keep earning more.

That’s where the danger is. The problem is that there is a point where from we chase money as an addiction, we chase money because we like to do so. If we did not chase money we would not know what to chase now because we get out identity from money and the amount of money we have.

Another thing is that right from childhood we are always taught and our minds are conditioned that everything that we are doing is going to be for the sake of earning money.

There is no one who told you that money is just a means, and then there is something greater in life to achieve. Some examples are legacy; building something, charity; to giving something / helping someone, passion; pursuing something and living; simply to enjoy life and your money

We have got addicted to this and how!

There are three reasons for this:

First, we are what we do. It is the human behaviour. I know I should exercise and I don’t. I know I should eat healthy and I don’t. I know I should spend time with my kids and I don’t. I know that, yes, money isn’t going to make me happy and I still keep trying to make money.

We live by the laws of inertia, in a pattern which is hard to break. But we have to break it. For ourselves and for the sake of people and reasons for which we are chasing money.

Secondly, we need signals of progress. Money is a measure of how far you have progressed in life. The more the money you have the more you can make sure your progress. It’s simply the logic of evolution. People need validation of their success. Bigger house, bigger car, branded goods and list goes on.

Thirdly, it’s the easy way out. It’s only human to avoid difficult things. Important things are very difficult to measure.  Have I been a good father or husband? Have I groomed my child well?  Such things take years to measure and we still don’t have answers.

So, should we not be focused on creating money for ourselves?

I’m not saying that. Definitely create. Take care of yourself for sure!! Use it to the maximum to make yourself happy!!! You need a certain amount and beyond that is extra.

The definition of their certain amount is naturally different from one person to another. If that extra is going to happen easily, without stress and without your involvement, then its fine. Basically don’t kill yourself for that extra. Be Smart.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a certified financial planner, wealth manager and financial freedom coach.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How the RBI actually helps you

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Most of us in Mumbai, see this huge structure called the Reserve Bank of India and wonder what it really does. It’s also a tourist attraction!! It has so many other offices and again one wonders why they need to have so many offices. I’m going to try and highlight a very interesting part of RBI’s work and how it helps us directly on a day-to-day basis.

The RBI does a review of the monetary policy of the country at frequent intervals during the year. So how does the monetary policy help us investors to take smart decisions?

Monetary policy is a tool by which the RBI decides to raise interest rates or reduce interest rates or keep them steady.

In our country, as we’re an oil importing nation, this decision is very closely linked to Oil. Oil to a large extent contributes to inflation. We all know what happens when inflation keeps rising. We in India unfortunately do not see too much of inflation falling and things becoming cheaper.

Oil is Not Well

So when oil prices rise i.e. we see a rise in crude oil prices almost instantly we can expect rising food prices. This is because there is going to be a rising cost pressure for manufacturing & services. This rise obviously gets passed onto the retail consumers.

When this happens RBI adopts a hawkish stance, tries to pull money out of the system by raising interest rates. Now when interest rates rise no one seems to be interested in borrowing. This immediately puts a brakes on money circulation.  Less money chasing goods decreases the demand for money. This way it controls inflation.

There is yet another tool that the RBI has and that is known as the CRR or the cash reserve ratio.  This ratio in simple words means the amount of cash that the bank must maintain with the RBI as the percentage of the total assets. So when this increases banks are forced to park more with the RBI and this is also a way to control inflation.

On the other hand when things look dull, when there is a recession of sorts, the RBI comes to the rescue and gets into action to kickstart growth in the country. It does this by lowering the interest rates. This we all will understand quite easily because we see a direct benefit of this happening. We see a fall of interest outgo in our EMI’s for the home loan that we are carrying. New loans become cheaper.

Individuals are motivated to go out and make purchases, whether it is for a washing machine or a piece of real estate. Businesses are motivated to go out and borrow to buy more machinery, to expand capacity, to hire more staff and manpower and basically do everything that will add to the growth of business.

Economic growth results as a result of all this. It is also during this time that stock market rises, we see a rally in stock prices and mutual fund NAV’s jumping higher and higher each day. There is prosperity all around.

Critical Role

As you can see that the central bank of the country has a very very important role to play.  If it makes a mistake, things can go really wrong.  Imagine like the USA or Japan if our interest rates were very low; everyone would run to borrow, they would borrow more than they require because it would be cheap and easy to borrow. And that is very individuals would run into what is known as the debt trap, because someday you’ll have to pay back.

Each day the central bank attempts to make sure that everything in our country remains stable and financially there’s nothing that goes wrong dramatically.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The year of the bond, once again!

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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We are not talking of James Bond, we are talking of investment bonds.

We are in a situation where the fixed deposit rates are at a general low and there is a lot of discontent among depositors of fixed deposits.

Whenever we see a situation like this, one way or the other, the bond markets come to the rescue. It comes to the rescue of smart depositors, who are agile to move their money from fixed deposits to bond funds.

Let’s understand what is happening and why.

What Exactly is Happening in the Bond Markets?

It is likely that in this year, investors of bond funds will make handsome gains. Bond prices may rise and there may be capital gains. Investors of bond funds not only earn the rate of interest, but also earn capital gains. So that way, they make more than the return they would make on fixed deposits. The returns could be a high single digit or sometimes as high as double digits.

Over three years, this will become practically tax free or the tax would be a very small amount. So, basically, I am thinking that a rally will happen in the bond market. There are three main reasons for this — reduction in government borrowing (which is favourable), recovery of trading losses (which is favourable) and no change in monetary policy (which is neutral).

A word of caution, however, that such bond market investments are also subject to bond-market volatility and should be considered ideally with the help of a financial expert.

Before proceeding further, let us, therefore, quickly explain a bond, bond fund and bond market. We need to do this because few people understand the bond markets and even fewer invest in the bond markets.

Bond is nothing, but a commercial transaction where the borrower is issuing a bond to the lender and the lender will earn a certain rate of interest. When interest rates fall, everyone becomes interested in owning that bond.

As a result, the demand for the bond increases, the price of the bond increases and the bondholder makes capital gains.

A bond fund is a fund where ordinary investors pool in their money and a fund manager buys them a portfolio of bonds.

Moving onto the Reasons For a Rally in Bond Funds…

Now, the fundamental reason for a rally is reduction in interest rates as it stimulates economy and growth.

Firstly, the government is a massive borrower of funds. So a reduction in government borrowing reduces the demand for money in the economy. As a result, prices of bonds rise and this contributes to capital gains for bond holders.

Secondly, the Reserve Bank of India (RBI) recently announced that the commercial banks and RBI, which are the largest lenders to the government, will have another year to offset losses they have incurred on account of buying government bonds in the past. This action will lead to a rise in the price of bonds and this contributes to capital gains for bond holders.

Lastly, on one side due to the rise in oil prices, there is more inflation and thus more money is needed for circulation in the economy. On the other side, many government bonds are maturing, which will provide money supply. So, it is likely that we see a neutralising effect and thus RBI will take no action. This inaction here will support capital gains as explained above. Hence, this year might be a year of good gains for the bond investors.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Five new financial goals for you this summer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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I am going to try and explain to you why the summer holidays of April and May are great months to get a lot of things started, financially speaking.

This time period in a way resets the financial clock. You also have the option to hit the reset button on everything you have done so far; financially speaking of course and hope to do better things better than you did last year.

Let’s look at some of the new and unusual things to do in April.

• Make a learning budget

Learn something about money or anything you like. The best way to make money is to learn something about money. Just like if you wanted to learn cooking you will get into the cooking class. If you wanted to learn swimming you would enrol in the swimming class. If you find learning about money is too daunting task than learn something which is close at to your heart or related to your work. If you learn something new, there’s a possibility that you will use your new ideas to generate new income and in turn that will generate new wealth for you.  So make a budget, enrol somewhere and spend that budget. How about a % of your annual income? Spend it for sure!

• Plan a unique holiday 

When you’re by yourself and without your mobile phone you will have the opportunity to think! When you have time to think, suddenly good ideas will come to your mind.  You may think this is silly but you can be sure that you will be amazed if your drivers experiment just once. So it might be a good idea to go for a holiday just by yourself. If you find that too intimidating, join a group of strangers. You can combine that with the adventures experience if you like.  Be extra careful if you’re going with your special buddies. Do this only if they are going to be in a position to help you discuss your idea and make it bigger. They must play the role of complimenting your thoughts. So make a schedule to do this holiday and obviously make a budget to make it happen. Think & create new ways of making wealth.

• Make a prediction and make it happen

Be brave. Let’s aim to grow and multiply net worth by 50% by the time you come to the end of this financial year. This is not a joke and it is easier than you can imagine.  I’m speaking about NETWORTH and I’m not talking about return on investment. If your networth is Rs. 100 today, all I’m saying is that let’s aim to make this a 150 by the end of this year. This networth comprises of all your savings till date. This can be achieved by simply saving aggressively every month for the next twelve months. Just put this into a recurring deposit or liquid fund so you don’t spend it.  We just have to prove to ourselves that this is possible. Where and how we will invest this money will think about that later.

• Eliminate a negative belief 

I want to give you an exercise here. Write down all your negative beliefs you have about money and wealth. Most people are not able to achieve the desired level of wealth because they think about wealth negatively. So even if you are earning a good amount of income you will never see yourself becoming wealthy. Examples are money causes problems, money causes a fight, managing money is complicated etc. Then for each negative thought, you have written down the positives i.e. the opposite for a few months. Soon negatively biased feelings will evaporate.

• Make a new investment; something you have not done before

Again here you do not have to be a financial expert. The idea is to learn something new. There are hundreds of investment options. Our objective here is to learn something new. Talk to your advisor and seek his or her guidance. Just a word of caution here; don’t do anything which is speculative or is something that you just can’t understand. Do what do find easy you understand and do that then.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Seeking financial freedom? The time is NOW!

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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John Lewis famously remarked, “If not now, then when? If not us, then who?” This is so appropriate in the current financial world that we live in.

That statement will leave to rest every other argument that is conservative and against the idea of wealth creation. We are often faced with the situation where there is no option but to create wealth. Read on to know why!

Interest rates are painfully low. For all those diehard fans of guaranteed investment returns, there’s hardly any place to go to. Thinking of fixed deposits? Feeling happy with 7%? And fully taxable? That period is over. Period.

That doctrine of investing into pure fixed deposits and similar instruments is unfortunately standing challenged. There is no option but to sprinkle it with a combination of a little something that will add to the returns earned from fixed income type of securities. In fact this category of investors are in a way, best placed in terms of the current tax laws.

They can earn about 9-10% with minimal or near zero tax over about five years and more. Starting to generate rate of return above the inflation level of 7% is starting to create wealth. So there it is; there is no option but to move in the direction of creating wealth.

For more evolved investors, who invest in equities and who and still sitting on the sidelines tend to run out of patience every now and then. They are sometimes waiting for the right time, sometimes waiting for correction, sometimes waiting for valuation and sometimes waiting for just nothing. Sometimes, just too busy to take action!

I totally understand not wanting to lose hard-earned money. But if the money does not move it will stagnate. That’s the problem with money.

Hit the Ground Running

Inaction and inactivity kills it. Makes it costly to hold. Makes us lose opportunities, sometimes small and sometimes significant. I know of many people including my dad, who just kept investing into equities and holding forever. No doubt they were hugely (big HUGELY) better off then the people in the same time zone. I think they could have done far better with some smart lessons on asset allocation. This is because if they compare the growth rate of their holding over a period of 20 or maybe 30 years the compounded rate of return earned is often not impressive.

It is just marginally better or a few percentage points above the fixed deposit rate. Hence the need for asset allocation, which simply put is not to have all eggs in one basket at any given point in time. These sections of investors anyways create wealth, and, asset allocation is the tool that ensures that the process of wealth creation continues uninterrupted. So again there it is; even for this section there is not option but to start enhancing their wealth creation activities, else returns will continue to remain forever mediocre.

Then there are skeptics and there is nothing much for skeptics of everything, except that they need a serious dose of financial education. Perhaps what if needed is a proof of concept and for that, which better country to live in other than India where financial transparency in investments is so high that I sometimes feel, it comes from another planet.

 Your Money Needs Action

Today, there is a whole lot of variety to choose from and we have never been more spoilt for choice. But the most important thing in all this is to understand that your money needs action. It needs activity and for that the time is now!

And furthermore, if you asked me this question 10 years ago; I would have said that, the Time is NOW. If you ask this question 10 years hence, I will still say the Time is NOW. Any time is the right time to start the process of creating wealth. All that is important is that you take your first step; then continue it all the way with zeal and determination… till you have the level of wealth that you desire. And if you accumulate more than you need, still do it and share it with the world.

If you want your financial freedom; then the Time is NOW!

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager and Financial Freedom Coach.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Young Turks: Here’s the success story of venture fund Aspada

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Venture fund Aspada was co-founded by Kartik Srivatsa and Thomas Hyland in 2012 and has made 17 investments so far across Fin-tech, agriculture, health and edu-tech startups.

Young Turks takes a look at their investment thesis, their differentiated VC model and meet three of their portfolio companies – Capital Float that underwrites unsecured loans to startups and SMEs; Dunzo, a hyper local concierge and delivery player that is also Google’s first direct startup investment in India; WayCool, a Chennai-based agriculture-tech startup.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US is now asking questions about safety of Indian masalas

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US Food and Drug Administration (FDA) is gathering information on products of Indian spice makers MDH and Everest after Hong Kong halted sales of some of their products for allegedly containing high levels of a cancer-causing pesticide.

“The FDA is aware of the reports and is gathering additional information about the situation,” an FDA spokesperson told Reuters on Friday.

Hong Kong this month suspended sales of three MDH spice blends and an Everest spice mix for fish curries. Singapore ordered a recall of the Everest spice mix as well, saying it contains high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.

Reuters is the first to report the U.S. FDA’s review of alleged contamination of Indian spice products.

MDH and Everest did not immediately respond to Reuters requests for comment on this matter.

Everest has previously said its spices are safe for consumption. MDH has not responded to queries about its products so far.

MDH and Everest spices are among the most popular in India and are also sold in Europe, Asia and North America. India’s food regulator, the Food Safety and Standards Authority of India (FSSAI), is now checking the quality standards of the two companies, following the moves in Hong Kong and Singapore.

India’s Spices Board, the government’s regulator for spice exports, said on Wednesday it had sought data on MDH and Everest exports from authorities in Hong Kong and Singapore, and was working with the companies to find the “root cause” of the quality issues as inspections started at their plants.

In 2019, a few batches of MDH’s products were recalled in the U.S. for salmonella contamination.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Meet Alejandra Marisa Rodriguez, the 60-year-old Miss Universe Buenos Aires

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Alejandra Marisa Rodriguez, a 60-year-old woman, has defied all odds and smashed stereotypes to clinch the prestigious Miss Universe Buenos Aires title. Her participation and victory are not just about celebrating beauty but also a testament to what women can achieve irrespective of age.

Who is Alejandra Marisa Rodriguez?

Alejandra Marisa Rodriguez was born and raised in La Plata, the capital city of Argentina’s Buenos Aires. A lawyer and journalist by profession, her journey to the crown was inspiring and proof of her tenacity. She broke barriers and redefined expectations of age and beauty.

Alejandra said that she was thrilled to be representing this new paradigm in beauty pageants because “we are inaugurating a new stage in which women are not only physical beauty but another set of values.”

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She further said that she was encouraged by her family and friends to participate in the competition.

Alejandra will be representing Buenos Aires in the national pageant for Miss Universe Argentina in May 2024.

Last year, the Miss Universe organisation eliminated the age limits for the pageant contestants, and now any woman over the age of 18 can participate. Earlier, the maximum age limit to enter the pageant was 28.

Her win has been met with widespread acclaim and admiration not only for her beauty but also for her courage to defy societal norms and pursue her dreams at a time when many would hesitate to step onto such a stage.

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Alejandra’s victory serves as a perfect example that ‘beauty knows no age’. Her journey serves as an inspiration to women and proves that with determination and courage, anything can be possible.

Additionally, another contestant Haidy Cruz (47) is making waves, who will represent the Dominican Republic in Miss Universe 2024.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Watch: A new mind blowing Chinese robot claims to be superfast and precise

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stardust, a China-based company, on April 26, unveiled its AI robot named Astribot S1. With an aim to provide billions of people with AI robotic assistants, the company claims Astribot S1 has the best operating performance of its kind.

In a video demonstration, the company showcased the remarkable capabilities of the AI robot. Presented at regular speed without any alterations, the footage displayed the Astribot S1 effortlessly tackling various intricate tasks including folding clothes, organising items, flipping pots for cooking, vacuuming, and engaging in competitive cup stacking.

The S1 robot features a cutting-edge motor transmission system, meticulously developed through multiple iterations. This system seamlessly integrates control, sensing, transmission, and driving components into a complex system, allowing the S1 with agile, flexible, and smooth dynamic operations. These capabilities rival the speed and precision typically associated with industrial robots.

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Unlike traditional humanoid robots, Astribot employs a unique design merging a wheeled base with a humanoid upper body. This innovative approach enables the S1 to safely navigate interactions with humans, objects, and its surroundings, mitigating any potential harm to individuals, items, or itself while in motion.

Furthermore, the robot facilitates various data collection techniques, including video, motion capture, and remote operation. Through software updates, it can continually enhance its intelligence and capacity to generalise across diverse tasks, ensuring ongoing improvement in performance.

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Moreover, the modularity of the head, hands, and torso enables flexible assembly or disassembly to accommodate diverse requirements, thereby enhancing task adaptability.

The robot derives its name Astribot from the Latin proverb “Ad astra per aspera,” signifying “Through hardships to the stars.” The robot is expected to be commercialised within 2024.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India-bound ship attacked by Houthis in Red Sea; details here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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An oil tanker en route from Russia to India was hit by missiles in the Red Sea by Yemen’s Houthis. On Saturday, Houthis claimed that their missiles hit the Andromeda Star oil tanker in the Red Sea, Reuters reported.

This comes as the Iran-backed Houthis of Yemen continue to attack commercial ships in the area to show their support for the Palestinians fighting Israel in the Gaza Strip.

The US Central Command has confirmed that Houthis launched three anti-ship ballistic missiles into the Red Sea from Yemen, which caused minor damage to the Andromeda Star.

British maritime security firm Ambrey said the ship’s master has reported damage to the vessel.

The US Command, in a post on social media site X, informed that a missile had landed in the vicinity of a second vessel — MV Maisha — but it did not receive any damage.

Yahya Sarea, Houthi spokesperson, claimed that the Andromeda Star, which was flagged from Panama, is British-owned. However, shipping data shows that it was recently sold, as per reports.

Currently, its owner is registered in Seychelles. The tanker, which is engaged in Russia-linked trade, was en route from Primorsk in Russia to India’s Vadinar, Ambrey noted.

Since November last year, the Iran-aligned Houthi militants have launched multiple drone and missile strikes in the Red Sea, Gulf of Aden and Bab al-Mandab Strait.

Due to this, the shippers are forced to re-route cargo to a longer and more expensive journey around southern Africa amid fears that the ongoing Israel-Hamas conflict could spread and destabilise the Middle East region.

The latest attack on the Andromeda Star comes after a brief pause in the Houthis’ campaign, which usually targets ships having ties to Israel, the United States and Britain.

An oil tanker in the #RedSea en route from #Russia to #India was hit by missiles launched by #Yemen‘s #Houthis, the Iran-aligned militant group said on Saturday

The Andromeda Star oil tanker’s master reported damages to the ship pic.twitter.com/4PNyCI9K9B

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

Earlier on Friday, Houthis claimed that they downed an American MQ-9 drone in the airspace of Yemen’s Saada province.

The Houthis are said to have been playing an escalating role in the Middle East conflict, attacking ships in the Red Sea and firing drones and missiles at Israel as part of their campaign which is aimed at supporting Palestinians in the Gaza conflict.

In recent months, their role has added to the conflict’s regional risks and threatened sea lanes through which much of the world’s oil is shipped.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Salman Khan shooting case: Lookout notice issued against gangster Lawrence Bishnoi’s brother Anmol

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Following the recent gunfire incident outside actor Salman Khan’s residence in Mumbai’s Bandra, a lookout circular (LOC) has been issued against Anmol Bishnoi, younger brother of incarcerated gangster Lawrence Bishnoi, disclosed a police official, PTI reported.

Consideration is being given to bringing Lawrence Bishnoi, presently incarcerated in Sabarmati Jail in Gujarat, into police custody, with the potential application of the stringent Maharashtra Control of Organised Crime Act (MCOCA), the official indicated.

Anmol Bishnoi, who reportedly admitted to the shooting, has been implicated in the investigation, prompting the issuance of the LOC by the Mumbai police last Friday, an official told PTI.

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“Anmol and Lawrence Bishnoi have been identified as wanted suspects in the case. While Anmol resides in Canada and frequently travels to the USA, investigations have traced the IP address of the Facebook post claiming responsibility for the shooting to Portugal,” elaborated the official.

The initial report filed by the police, under Indian Penal Code (IPC) section 307 (attempt to murder), followed an incident where two individuals on a motorcycle fired shots at Galaxy Apartment in Bandra, the residence of Salman Khan, in the early hours of April 14.

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The alleged shooters, Vicky Gupta (24) and Sagar Pal (21), both hailing from Bihar, were apprehended alongside Sonu Kumar Subhash Chander Bishnoi (37) and Anuj Thapan (32), who supplied them with two locally-made firearms and ammunition on March 15, police sources confirmed.

Sonu Bishnoi and Thapan, natives of Fazilka near Lawrence Bishnoi’s hometown in Punjab, were also implicated, along with Lawrence and Anmol Bishnoi, in a shooting incident registered in Gangapur, Punjab, as per the official.

(With inputs from agencies)

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Supreme Court verdict on EVMs — why upholding the voter’s trust is important

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The decision of the Supreme Court on Friday rejecting a plea to count 100% of the slips generated by the Voter Verifiable Paper Audit Trail (VVPAT) and return to the previous system of voting through paper ballots should put an end to the current controversy on voting through Electronic Voting Machines. 

The verdict by a bench of Justice Sanjiv Khanna and Justice Dipankar Datta rejecting the prayer, brings to a close a discussion. It centred around the efficacy of the EVM system and on integrity of the process that surfaces intermittently around elections to the Lok Sabha and to those of State Assemblies.

Political parties, which have suffered electoral reverses have at different times raised doubts over the EVMs and knocked the doors of the courts seeking intervention. Over the years, several additional safeguards have been incorporated into the process of voting through EVMs in order to address concerns including a sample count of VVPAT slips, a mechanism arrived at with scientific inputs. 

This time too, new checks have been introduced for candidates who have questions over the result. The direction to preserve the data on the machines for 45 days and a provision to cross-check would strengthen the system and address concerns. 

In addition, to address the issue of demands to cross-verify the slips generated by the VVPAT with votes recorded on the machine, a suggestion of generating party-specific barcodes was articulated. For a country known for its strength in the world of Information Technology, additional security features to keep pace with the changing technology and pitfalls associated with it can be done to ensure the process is not vitiated.

Conduct of voting through paper ballots was the mainstay of Indian elections since the first general polls in 1951-1952 amid concerns towards the later part of 1970s. Considering the logistics,  complaints of booth-snatchings, stuffing of the ballots deploying muscle power, were required to be addressed.

To provide an instance on the use of EVMs and its efficacy both in terms of time and resources, former Chief Election Commissioner, Dr. S.Y. Quraishi in his book —An Undocumented Wonder: The Making of the Great Indian Election — noted; “ Aside from being voter-friendly and an excellent time saver during the counting process, EVMs are also environmentally friendly. By using EVMs in all the polling stations in the country in the 2009 general elections, 11,000 metric tonnes worth of paper was saved!”.

It is known that saving paper and reference to the environment is an apparent reference to the number of trees that would have been brought down besides, the resource involved in transporting the huge ballot boxes, safe-keeping as mandated under law even after the results and attending logistics would rise.

Take for instance, if voting was to be held with paper ballots in the current round of elections with nearly 97 crore of citizens with the right to vote, would require the ECI to print as many ballots. The size would vary depending upon the number of contestants, time consumed in exercising the vote and in counting these. In addition, the ballots which remain unused too, have to be preserved and eventually disposed of according to procedure of the process.

Besides taking care of the malaise of booth-capture and ballot stuffing, EVMs have  speeded up both the voting and counting process. It also addressed the issue of invalid votes which at times led to delay in counting as poll agents of parties would dispute in deciphering the voter preference.

Now, different political parties should work together with the poll body in the march towards maintaining and consolidating voter’s trust in the process. The process of introducing EVMs is over four decades old. It happened only after political parties agreed to the provision of having machines to conduct elections.

Timeline of EVMs 

• • 1977:  Chief Election Commissioner  S. L. Shakdhar talked about introducing an Electronic machine.
  • 1980-81: EVMs developed and demonstrated by ECIL and BEL.
  • 1982-83: EVMs used for the first time in 50 polling stations of Parur Assembly Constituency  in Kerala.   And then in 11 Assembly Constituencies: 8 states, 1UT.
  • 1984:  SC suspends EVM usage: cannot be used till RP Act is amended.
  • 1988: RP Act amended: enabling use of EVMs w.e.f. 15.03.1989.
  • 2018:  SC dismissed petition asking for return to Ballot papers!

(Source: Election Commission of India)

The experiment to conduct the most important part of elections, of the voter exercising franchise, actually began in 1982-83. But it took another five years to have the legislative backing for the move. First thought of during 1977, it took two years for the initial prototype to be developed and demonstrated to parties.

Paravur Assembly Constituency in Kerala was where the machine was utilised first in 1982, but its use in the election was struck down by the Supreme Court, since there was no provision in the Representation of the People Act, 1951 for EVM. After amendment to the law in 1989 and the end of another round of legal challenge, a consensus to use the EVMs was arrived at in 1998. 

Then began the journey of EVMs and its gradual use in elections first to polls electing State Assemblies and finally across the country in the 2004 general elections. 

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Apollo Hospitals says merger with Keimed will make it an integrated healthcare company

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Apollo Hospitals on Saturday, April 27 said the merger of its online pharmacy arm Apollo 24/7 with pharma distributor Keimed will help in a unified pharmacy business and will allow for sustained improvement in margin.

On Friday, April 26, it was reported that Advent International is planning to inject ₹2,475 crore into Apollo Hospitals’ subsidiary, Apollo HealthCo. This investment, amounting to nearly $297 million, marks a strategic manoeuvre by Advent, enabling a merger between Apollo HealthCo’s online pharmacy arm, Apollo 24/7, and pharmaceutical distributor Keimed.

The company said the merger will make Apollo Hospitals an integrated healthcare company and it will also focus on its digital business breaking even in the next six to eight quarters.

The company said Apollo HealthCo will serve 6,000 Apollo Pharmaceis and it will also capture the distribution of around65,000 pharmacies that Keimed distributes to.

The company said it needs CCI and shareholder approval due to Advent and it does not foresee any challenges regarding the same. It added that it was eyeing margin of 7-8% in the 2026-27 financial year.

Apollo Hospitals said 19 entities own Keimed and it has been buying them over a period of time. It said Advent International’s investment of nearly $300 million will suffice the company for the next five years. It added that the cash flow from the company will suffice for its further growth.

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UPSC Calendar 2025 released: Check the complete date sheet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Union Public Service Commission (UPSC) has released its UPSC exam calendar for 2025. Candidates can access and download the complete date sheet on the official website at upsc.gov.in.

Individuals can check all the exam-related information, including schedule and recruitment tests, for 2025 on the website. It also provides details about the positions, notification dates, deadlines, dates of exams, and duration.

The calendar begins with the Reserved for UPSC RT/Examination on January 11, 2025. Following that, on February 9, 2025, the Combined Geo-Scientist (Preliminary) Examination and Engineering Services (Preliminary) Examination are scheduled.

The dates of the NDA & NA Examination (I), 2025, and the CDS Examination (I), 2025, are scheduled for April 13, 2025. The Civil Services (Preliminary) Examination, 2025, and the Indian Forest Service (Preliminary) Examination, 2025 are scheduled to take place on May 25, 2025, through the CS(P) Examination.

Applications for the CISF AC(EXE) LDCE-2025 start on December 4, 2024, and the last date to apply is December 24, 2024. The examination is scheduled for March 9, 2025.

The calendar also includes dates for recruitment exams, including the Limited Departmental Competitive Examination (LDCE), Staff Selection Commission (SSC), Central Armed Police Forces (ACs) Examination etc.

The candidates are advised to check the notification and stay updated with the latest announcements on the website.

The Union Public Service Commission is a constitutional authority regulated by the Public Service Commission (Functions) Rules, 1926 framed under sub-section (2) of Section 96(C) of the Government of India Act, 1919. The commission conducts direct recruitment and appoints officers to the All-India Services and the Central Civil Services through examinations.

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Meet Sai Charan, Hyderabad’s 15-year-old who saved 50 people from a blazing fire

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A 15-year-old child is being hailed a hero after his swift thinking saved the lives of at least 50 people trapped in a fire. The incident occurred at Hyderabad’s Allen Homeo and Herbal Products factory, which was gutted on Friday evening. One injury has been reported from the incident.

The fire, which reportedly started during welding procedures, rapidly enveloped the building and ended up putting the workers’ lives in danger. However, Sai Charan, the young boy, observed the fire and leapt into action.

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He quickly climbed up the building and knotted a rope, offering an escape route for the trapped workers while risking his safety. With his courage, he made it possible for the workers to be evacuated safely, saving their lives.

Senior police officials praised Sai Charan for his courageous actions, noting that his prompt involvement saved several lives. In a video posted on the microblogging platform X (formerly Twitter), a police officer can be heard saying Sai Charan quickly climbed the building and secured a rope. With the help of that rope, 50 persons caught in the fire were able to safely descend from the top of the structure. “He is the real hero.”

#Hyderabad– Hero – Little yet brave Sai Charan- a passerby rescued those trapped by lending a rope and got workers out unscathed.

A fire broke out at the Alvin Pharmacy Company in Shadnagar, causing panic among the workers. @TelanganaDGP he deserves a reward. pic.twitter.com/fbY5eOCdaH

— @Coreena Enet Suares (@CoreenaSuares2) April 26, 2024

When Sai Charan arrived with a ladder and rope, he witnessed six employees battling to escape the building, he told the media. One man, out of six, came out on his own. Subsequently, he proceeded to save the remaining five workers.

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Eyewitnesses told News Meter that they watched employees fleeing the building as flames grew. Firefighters and police deployed two fire engines to douse the blaze.

Shadnagar firefighters used ladders to help trapped people get to safety.

However, one of the five people trapped in the dense smoke took extreme measures and jumped from the top of the building, the news agency reported.

News Metre was informed by a firefighter that while the air conditioners blew, the inferno became intense.

However, a potentially disastrous situation ended up being under control because of the organised efforts of emergency personnel and the heroism of individuals such as Sai Charan, according to the firefighters.

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