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Newsletter | PM Narendra Modi’s exclusive interview; BSE’s biggest single-day drop since listing & more
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
From PM Narendra Modi’s exclusive interview to BSE shares seeing their biggest single-day drop since listing, here are the top 11 news stories across business, global events, tech, and more.
Here are the top 11 news stories across business, global events, tech, and more —
PM Narendra Modi’s exclusive interview
Here’s what the Prime Minister said on inheritance tax
During the ongoing campaigns for the Lok Sabha election, the Bharatiya Janata Party (BJP) and Prime Minister Narendra Modi have sparked a debate on whether India should have an inheritance tax, a levy on the transfer of wealth from one generation to another in the same family.
In an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi, Modi said it is his responsibility to tell the people what the Opposition intends to do.
The PM and BJP leaders The Bharatiya Janata Party (BJP) have based the promises in the Congress manifesto, which included a ₹1 lakh income guarantee each year for women in poor households among other welfare measures.
While Congress denied any plan to introduce an inheritance tax, the question it faced was where would the Indian government find the money for such generous welfare measures.
Exclusive | Congress has turned Bengaluru from ‘tech hub to tanker hub’: PM Modi
Water shortage in Bengaluru, Karnataka’s capital city known to be the country’s technology hub, has turned into a sour issue during the election season.
In an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi and News18 Kannada Editor Hariprasada A, Prime Minister Narendra hit out at the state government in Karnataka (which is under a Congress government since May 2023), saying they converted the technology hub into a ‘tanker hub’.
60% of the water supply for the city’s 15 million people comes from the
Cauvery river and the rest from the ground through borewells. People have resorted buying water from tanker operators.
PM Modi says great men like Nehru and Ambedkar were against reservation based on religion
The Indian National Congress party’s original sin was to give Muslims in Karnataka the status of ‘other backward classes’ (OBC), Prime Minister Narendra Modi said in an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi.
“Great men like Pandit Nehru and Babasaheb Ambedkar were present there and decided, after long contemplation, that reservation cannot be given on the basis of religion in a country like India,” he added.
The campaign of the Bharatiya Janata Party (BJP), led by Modi, has focussed on the appeasement of Muslims in the country by Congress governments, both at the centre and in the states
Interview | PM Modi targets Naveen Patnaik and BJD — asks Odisha a chance for BJP
The Bharatiya Janata Party (BJP) wanted an alliance with the Biju Janata Dal (BJD) in Odisha for the ongoing Lok Sabha election. However, the talks fell through after multiple overtures in the run up to the polls.
Now, Prime Minister Narendra says his party should get a chance to serve the people of Odisha. “Odisha’s self-identity is in danger. Odia language under threat. I don’t think that the people of Odisha will be able to tolerate this for long,” he said in an exclusive interview with Network18 Group’s Editor-in-Chief Rahul Joshi.
#CNBCTV18Market
BSE shares see their biggest single-day drop since listing on regulatory fees issue
Shares of the Bombay Stock Exchange (BSE) Ltd. declined as much as 18% on Monday. This is the biggest single-day drop since the stock has seen since its listing in 2017.
The stock was in focus after it was asked to pay its regulatory fee to market regulator SEBI based on the annual turnover calculated from the ‘notional value’ of its options contracts.
In an options contract, the notional value is the underlying asset’s market price multiplied by the specified amount of the contract. For example, if one options contract represents 100 shares of a stock that trades at ₹50, the notional value would be ₹5,000.
BSE had calculated the annual turnover based on the premium value for the options contract. It has to pay the differential regulatory fee for the past period along with interest.
#CourtCorner
WhatsApp to Delhi High Court: Will cease operations in India if forced to break encryption
WhatsApp has told the Delhi High Court that it would cease operations in India if compelled to compromise the encryption of messages on its platform.
“As a platform, we are saying that if we are told to break encryption, then WhatsApp goes,” the company asserted before the bench. The messaging giant said it would be untenable to continue functioning if mandated to break encryption.
This revelation came during a hearing on Thursday, where the court was deliberating petitions filed by WhatsApp and its parent company Meta challenging Rule 4(2) of the Information Technology Rules, 2021.
Central to WhatsApp’s argument is the pivotal role of end-to-end encryption in fostering user trust and ensuring privacy. The platform contended that any attempt to undermine this encryption would erode the fundamental rights enshrined in Articles 14, 19, and 21 of the Constitution, which safeguard individual freedoms and liberties.
Read here
#TrendingStory
Watch: A new mind-blowing Chinese robot claims to be super fast and precise
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.
#ElectionExchange
Supreme Court verdict on EVMs — why upholding the voter’s trust is important
The Supreme Court verdict on the petitions against the use of EVMs, seeking the counting of 100% of VVPAT slips and return to the earlier practice of paper ballots, on Friday should put an end to the controversy around the alleged manipulation with machines and the process. It is time for political parties to continue to work with the Election Commission of India in the march towards ensuring a robust system keeping in line with changing technology and uphold the voter’s trust, observes political analyst and writer K V Prasad.
#CommodityCorner
Why copper is now more attractive than diamond
The increasing global rush for electrification, production of semiconductor chips, electric vehicles and artificial intelligence make copper a more attractive bet than diamonds.
#ExpertOpinion
Bottomline | Don’t tax the inheritor, nudge her
There are flaws in the levy of inheritance tax to redistribute wealth argument, but there’s a case for the wealthy to give back.
A better way to do good can be to push the wealthy to do more for society. Especially given the huge inequality that exists in the country today. This can be done by requiring those being bequeathed wealth beyond a significant threshold to compulsorily contribute a small percentage of it towards a good cause(s). This will ensure the direct transmission of benefits to the needy.
Such funds should be transferred to registered or accredited organisations,
that in turn are held accountable for delivery. All such organisations should be subjected to external audits funded from the proceeds received from donors and the results must be published for all to see on their websites. Other good governance practices must also be mandated for such organisations.
The good work being done by foundations like the Azim Premji Foundation, funded by private wealth, are a good example of how wealth can be put to effective use sans any estate tax.
#PersonalFinance
RBI’s action against Kotak Mahindra Bank: Here’s your FAQ answered
The Reserve Bank of India (RBI) has recently taken measures against Kotak Mahindra Bank due to repeated non-compliance with IT norms. As a result, the bank has been prohibited from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards.
Here are some frequently asked questions to address concerns users may have:
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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
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
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