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At least 8 hospitals in Delhi receive bomb threat emails; probe on | Delhi News


At least eight hospitals in Delhi, including Burari Hospital and Sanjay Gandhi Hospital, received a bomb threat through emails on Sunday afternoon.

“A hospital in North Delhi’s Burari received an email with a bomb threat. Bomb disposal teams are at the spot. Nothing suspicious has been found,” DCP (North) Manoj Meena said.

Burari Hospital MD Dr Ashish Goyal received the threat at around 3 pm. “I have access to the hospital email on my phone. The email said a bomb has been placed in the hospital. I informed the police as soon as I saw it and it appears to be a hoax. Police is investigating the matter,” he said.

Earlier this month, over 150 schools received similar mails threatening to “blow up” the institutions. The incident triggered mass evacuations of schools and panic among parents, even as Delhi Police officers and Bomb Disposal Squad (BDS) teams rushed to the spots. After a thorough check, it was declared a hoax.





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The Kotla Factory: In heart of Delhi, a village of sport strugglers | Sport-others News


FOR ANKIT Kumar, 21, a state-ranked hurdler, life is an unending race against time. When not trying to beat his coach’s stop-watch at the Jawaharlal Nehru (JLN) Stadium, he is trying to stick to the ETA while delivering orders for a quick-commerce grocery app.

The son of a welder from Kundli in Haryana, Ankit stays in a windowless room at Kotla Mubarakpur, an urban slum not far from JLN. It’s a space that he shares with four others. Ankit’s roommates and close to 1,000 other athletes at Kotla lead a similar double-life. They fund their track-and-field dreams by working as gig workers — the flexibility and independence of the industry allowing them time to move between two very distinct worlds.

“We try to complete a few orders in the morning before the afternoon sun comes out and we continue later after evening practice. I deliver from 8 pm to 2 am on most days. It affects my post-practice recovery but option kya hai (there’s no choice),” says Ankit.

As they flock to Kotla from villages in states neighbouring Delhi, many of these youngsters exercise that only “option” they have: undertake the journey to Delhi, hoping the Capital will give them a chance to make it in the impossibly competitive world of track and field. Back home, where there are no coaching and training facilities worth talking of, their dreams run into a series of obstacle courses. For instance, the West UP town of Meerut, known as a sports manufacturing hub, doesn’t have a single synthetic track for training. JLN, though poorly maintained, with a patched-up track in the main arena and a practice track that’s not fit for elite training, is still the best option for many of these youngsters. They know that they are on their own until they break into the national level, which is when they can hope for some kind of state support.

Kotla and its thousand dreams

When Ankit came to Delhi in 2018, he knew where to go. On the athletics circuit, he had heard that Kotla Mubarakpur was the ideal place for those wanting to follow in the footsteps of Neeraj Chopra, India’s first-ever Olympic track-and-field gold medallist. It’s Kotla Mubarakpur’s proximity to JLN and its budget spaces, unlike the more upmarket areas of Defence Colony or South Extension nearby, that draw Ankit and hundreds of others like him to the neighbourhood.

The area’s open drains, complex maze of bylanes and the unmissable ‘bad elements’ don’t make Kotla the ideal neighbourhood for those hoping to climb podiums. But as they keep saying around here, “option kya hai?”.

Sonam (centre), a steeplechase national record-holder from a village in Uttar Pradesh’s Bulandshahr district, in her rented room in Kotla Mubarakpur. (Express Photo by Abhinav Saha)

In one such lane lives youth steeplechase national record-holder Sonam. The daughter of a brick kiln labourer from a Dalit settlement in Hurthala village in Bulandshahr district of Uttar Pradesh, Sonam made Kotla her home when she was 15. She is now 19 and has grown used to the place. “Yahan ki mehak hi alag hai, na (This place has a distinct scent doesn’t it)?,” she jokes, embarrassed by the foul smell emanating from the litter outside her room.

While Sonam, with multiple junior national titles, is among the more accomplished athletes, most of the Kotla athletes are still trying to find their feet. A good number of them are state medallists and regularly take part in private running events for prize money. Sonam had to work as a delivery agent until she broke Parul Chaudhary’s decade-old 200m Youth national record at the Khelo India Youth Games last year. She is now part of the Khelo India scholarship, where she receives a monthly stipend of Rs 10,000.

“This is one of the better lanes to live in,” assures Sonam’s coach Sanjeev. He smiles and adds: “Option kya hai?”. Sanjeev speaks for most of the athletes who have made Kotla their home. Their shared sporting dreams have given Delhi’s urban landscape another pocket of aspiration. If North Delhi’s Mukherjee Nagar is where the country’s UPSC aspirants head to and Mandi House attracts theatre artistes, Kotla Mubarakpur has now emerged as a village of sporting strugglers.

The Mukherjee Nagar of sports

Just as coaching classes and photocopy kiosks mushroom around education hubs, auxiliary businesses catering to the athletes fight for space in this densely-populated area. The neighbourhood’s fruit juice shops, kiosks selling boiled eggs, sports apparel outlets and chemist shops are mostly frequented by fit and lean boys and girls.

Naveen Kumar is one such beneficiary of the Kotla-JLN ecosystem. His clothes store, which he has been running for over seven years, supplies “foreign reject” apparel to athletes. Hand-me-down domestic branded clothes also make their way to Naveen’s collection. If bargained right, a T-shirt can be bought for as less as Rs 50. Stores such as these are lifesavers for athletes living on a shoestring budget.

If North Delhi’s Mukherjee Nagar is where the country’s UPSC aspirants head to and Mandi House attracts theatre artistes, Kotla Mubarakpur has now emerged as a village of sporting strugglers. (Express Photo by Abhinav Saha)

“Athletes tell me in advance what kind of apparel they need and I sort it from the pile of clothes that arrive,” Naveen explains.

“I don’t know where they get these clothes from. Once we got a jersey of some school in Australia,” says Sonam’s coach Sanjeev.

Steeplechaser Mohammed Abbas does have issues with Kotla’s poorly ventilated rooms and dingy lanes, but is happy to adjust for the convenience that comes with living in the area.

“You will get everything here and for a reasonable price. There are good food options and they all treat athletes nicely,” says the 19-year-old state medallist who works part-time as a BPO call agent.

Manoj Kumar, co-owner of the popular Kailash restaurant, says 60 per cent of their revenue comes from sportspersons. “I can’t give you the number of athletes visiting each day but if you come this evening, you will find them taking up all the tables. There is hardly any space left for others,” says the manager.

For most athletes, though, eating at a budget dhaba is a luxury so on most days, they cook their meals. In Ankit’s room, the responsibilities have been divided. “Two are in charge of cooking, one has to do the cleaning and we also have one person whose job is to run errands (from the third floor),” explains Ankit’s roommate, Ashish.

Rooms without fans and a ticking body clock

The rent for a single room, shared by three or more athletes, ranges from Rs 3,000 to 6,000. Azad Gautam, a middle-distance runner who had to go on a hunger strike to persuade his family to let him come to Delhi, shares a room with three others. The room doesn’t have a ceiling fan and Delhi’s unforgiving summer months have begun to kick in. “The budget is a little tight this month. We will see if we can get a fan soon,” he says. “At least this area has some sunlight; some athletes live in areas where you can’t tell if it is night or day,” adds steeplechaser Abbas, who lives on the floor above Azad’s.

Azad has seen worse — his room in Kotla Mubarakpur is an upgrade from his home in Bulandshahr. “Barish mein chhath tapakti thi gaon mein (At our village home, the roof would leak during the rains). Until my elder brother found a job, we didn’t have enough for three proper meals. Woh ek sangharsh tha, aab ye ek sangharsh hai (that was one struggle, this is another),” says Azad, who moved to Delhi early this year.

Ankit Kumar, who works as delivery boy, during a practice session at JLN Stadium. (Express Photo by Abhinav Saha)

The “sangharsh” is relentless. With every passing year, the pressure from family to quit and take up a job keeps mounting.

Abbas, who has been trying to win a national-level medal for over five years, compares the lives of Kotla’s athletes to those of UPSC aspirants.

“Everything is temporary, tension is permanent. Every day before going to bed, doubts creep in. Every morning when we wake up, there is pressure to achieve something. Athletes have a very short career. I know I have very little time left,” says the 18-year-old.

Since most athletes are in their early 20s, they know they need to make a breakthrough quickly. They have to make the most of their 20s when their bodies are at peak fitness levels. “We know that we have to get our breakthrough before we turn 28-29. There are many senior athletes at JLN who are still hoping to bag their first national medal. It is tough,” says Abbas.

A medal at the Athletics Federation of India’s national-level meets is the bare minimum these youngsters have to achieve if they hope to ever turn pro. A medal at the nationals makes them eligible for applying in PSUs and other central government agencies. But a national medal in athletics is not easy. “Out of every 100 athletes who start off, only five will eventually be able to make a career out of it. We know this fact but yet we give it everything we have got. We athletes are a little crazy but that’s also what pushes us,” says Abbas.

There’s also the stress of societal and family pressure to “settle down”. “If I had still been in my village, my parents would have got me married off. My dreams of representing India would have been put to rest. But now that I have come here and earned a name for myself, the mindset of people in my village is changing,” says Sonam.

Kanta Prasad, who bagged two medals in long-distance running at the Delhi state meet this year, ran away from his home in Hamirpur district of UP in 2017 to escape marriage. After working in Ghaziabad as an office boy for a few years, he decided he had had enough. “I walked up to an auto and asked him to drop me off at the best athletics stadium in the region. He said it would cost me Rs 150 and dropped me at JLN. I had only seen JLN in photos and was mesmerised by what I saw. Those canopies at the main stadium gave it such a grand look,” he recalls. Kanta now works at a juice stall at JLN’s Gate No.1. He can’t afford a room at Kotla yet so sleeps on top of a kiosk in the open.

Then there is sprinter Mohammed Airaf, who also doubles as the hairstylist of most of the JLN athletes. The Moradabad resident has been a full-time barber since he was 10. After a rigorous day at the stadium, he barely gets any rest since the 19-year-old has to rush to the salon he works at in Kotla on a “50/50 deal” — he gets to keep half of his daily earnings; the other half goes to the owner in lieu of using the salon’s facilities.

“I didn’t know he was a barber when one of my students brought him to train under me. He is still young but has a lot of hunger to do well. For now, his cutting skills are better than running,” says Delhi state chief coach Dinesh Rawat, who is now a regular customer at Airaf’s salon.

Amidst all these struggles, sports remains the only balm. The hours spent slogging at the stadium remain their only escape. Abbas sums it up: “When we leave Kotla’s dingy area and enter the stadium it’s like jahannum ki aag se nikal kar jannat me agaye (We have escaped the fires of hell and reached heaven”.

After all, option kya hai.





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MP Report Card: Darshana Jardosh, BJP Constituency — Surat | Elections News


Constituency overview

Former prime minister Morarji Desai was elected from Surat. The port city sent him to Lok Sabha for four straight terms from 1951 to 1971 when he was in Congress. In 1977, in the post-emergency era, he was elected as a  Janata Party leader. He was sworn in as the prime minister on March 24, 1977.  Between 1980 and 1984, Congress leader C D Patel represented Surat in parliament.

Apart from Jardosh, BJP leader Kashiram Rana was another Union Minister who was elected from the constituency. He was elected for six consecutive terms from 1989 to 2004. Kashiram Rana served as the Union minister of textiles (between 1998  and 2003), and the Union minister for rural development (between 2003 and 2004) in the Atal Bihari Vajpayee government.

Profile overview

Since 2009, Jardosh, a commerce graduate, has been winning the constituency. She started her political career in college as a student leader. After her marriage, she became the president of Surat BJP Mahila Morcha (women’s wing) in 1999 and won the Surat Municipal Corporation election in 2000. After winning the Lok Sabha election in 2009, she was made the general secretary of the BJP National Mahila Morcha. She also represented India in BRICS Women Parliamentarians’ Forum in Jaipur in 2016.

Committees she has been part of — She has been a member of the Public Accounts Committee (2019-2021). She was also a member of the Consultative Committee for the Ministry of External Affairs. She was a member of the Parliamentary Committee on Empowerment of Women (2014-2019).  She was also part of the Standing Committee on Finance (2019-2021), and Business Advisory Committee (2019-2021).  She was also a member of the Board of Governors in National Institute of Fashion Technology (NIFT) (2013-14).

MPLAD Fund Lowdown

Darshana Jardosh shared that she used her MPLAD (Members of Parliament Local Area Development Division) funds for purchasing ambulances and donated it to different hospitals, and blood banks in the city. Along with this, tricycles and wheelchairs worth Rs. 2.50 lakh were donated to differently-abled persons. Jardosh said she donated Rs 64 lakh for an oxygen plant at the New Civil Hospital.  Jardosh spent Rs 71 lakh for a smog tower to combat air pollution and Rs 1.20 crore for the construction of a research centre at Veer Narmad South Gujarat University for innovation and extension activities related to textiles.

Questions asked in Parliament

Darshana Jardosh raised questions to several ministers including Finance, Home Affairs, Education, Health and Family welfare, Chemicals and Fertilizers, Textiles, Defense, Port Shipping and Waterways.

September 19, 2020: If the government proposes to give sovereign guarantee on life insurance policies given by the Life Insurance Corporation of India (LIC).

September 20, 2020: The details of steps taken so far/likely to be taken by Centre in coordination with  states to increase the participation of women in police, to make a provision of separate restrooms for female personnel at police stations and to exempt them from field duty for one year in case of delivery.

September 21, 2020: The details of the steps taken by Centre, the government of Gujarat and other central security agencies to ensure the safety and security of Hazira and Dahej Industrial Mathak.

September 23, 2020:  The steps taken by the Centre in coordination with states and union territories to increase social awareness for donation of human organs.

Participation in Debates

The Union minister on December 20, 2023, gave statements regarding the implementation of the recommendation contained in the 42nd Report of the Standing Committee on Labour, Textiles and Skill Development on Demands for Grants (2023-24) pertaining to the Ministry of Textiles. She also participated in the combined discussion on the Interim Budget 2019-20. — Kamaal Saiyed





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Delhi’s oldest church, St James’, restored after 8 months | Delhi News


Eight months after it was taken up for restoration, the Capital’s oldest church, St James’ in North Delhi’s Kashmere Gate, has been restored and was rededicated Sunday.

Lieutenant Governor V K Saxena, who presided over the ceremony during which Bishop of Delhi, Reverend Dr Paul Swarup, and Presbyter of the church, Reverend Pratik Pillai were also present, commended the Delhi Development Authority (DDA) for restoring the 187-year-old church, built in 1836, in record time.

Restoration and renovation work at the church, also known as Skinner’s Church after Colonel James Skinner who got it constructed, was taken up by DDA with support from INTACH in November 2022.

“Humbled to have rededicated the Historic St James Church in the Capital. This Iconic & Grand house of faith…has stood witness to the 1st war of independence, as indeed our entire struggle against colonialism,” Saxena posted on X, formerly Twitter, following the event.

“I commend DDA officials and the curators, who, with utmost diligence, restored this heritage in a record time, while keeping the originality of the structure intact…St James’ Church is known to be the church of the British Viceroy of India in Delhi,” he added.

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The church, apart from serving its parishioners, will also serve as a major attraction for tourists visiting nearby monuments like Red Fort, Jama Masjid, and the popular Chandni Chowk among others during the G-20 Summit, LG House officials said.

Saxena, while inspecting the renovation work of the church on different occasions, had instructed the officials to strictly ensure that the originality of the heritage structure was retained.

St James’ Church, a part of the Church of North India, Diocese of Delhi, is located near several historical monuments in the Old Delhi area frequented by thousands of visitors every day.





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1984: Court reserves order on Tytler’s anticipatory bail plea | Delhi News


A Delhi Court Wednesday reserved its order on former Congress minister Jagdish Tytler’s anticipatory bail plea in a case related to the 1984 anti-Sikh riots involving arson in a North Delhi gurdwara.

Medical conditions, mental health issues and old age were cited by Tytler’s counsel as grounds to seek anticipatory bail. The matter will now be heard on August 4.

In May, the CBI filed a supplementary chargesheet against Tytler based on statements of new witnesses who claimed they saw him allegedly instigating the mob which had assembled at Azad Market’s Pul Bangash Gurdwara on November 1, 1984, following which it was burnt down and three persons were killed. The chargesheet alleged that Tytler “incited, instigated and provoked” the mob, after which he had moved an anticipatory bail plea at Rouse Avenue Court on August 1.

Public Prosecutor Amit Jindal told The Indian Express that statements of two new witnesses, who had never spoken regarding the case earlier, were recorded during the investigation.

Tytler’s counsel, Manu Sharma, argued that closure reports filed by the CBI in 2009 and 2014 proved he was innocent and he was at Teen Murti Bhavan when gurdwara was set ablaze, on the basis of a DVD which the agency relied on while filing a closure report. “In 2009, the CBI recommended no action… In 2014, again the court recommended no action against Tytler. But 11 months before a general election… the CBI decides… there is a case…,” said Sharma.

The summoning orders, he said, suffered from a “serious infirmity” as they were passed based on a few witnesses who showed up after decades.

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HS Phoolka, the counsel for the complainant, argued that the grant of bail was not necessary since accused had committed offences punishable with death, imprisonment for life or for more than 7 years. He argued that the gravity of the offence and the likelihood of the accused threatening witnesses needed to be looked at. “It is not a case of three murders, it is a case of genocide…” he said. “Threats took place for a closure report. Imagine what would happen for a chargesheet,” he said.

Sharma said the delay in the witnesses coming forward tilted the case in favour of the accused. “… The new witnesses have to explain why they didn’t come forward earlier during trial,” he said.

“Witnesses react differently. Just because there is a delay in their statements doesn’t mean they’re lying,” Jindal countered.





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Back to work after protest, safai karamcharis of Gr Noida have a tough task at hand | Delhi News


After 16 days of protest, Greater Noida’s safai karamcharis resumed work Friday. However, they have a huge task at hand with locals complaining of choked drains and garbage strewn around in many areas.

A resident of Aicher village in Greater Noida, Sheeshpal (50), has been running a tea shop in the area. “The garbage scattered on the road is near the shop. This is affecting my sale. People do not like to sit here because of filth and smell. Today, some safai karamchari came here and cleaned the roadside, but nobody had come to pick up the garbage lying here for more than a week now.”

“Not only the authority, but people also are responsible for this situation. They do not throw the garbage into designated bin and garbage truck or trolley does not come here regularly. The garbage kept on piling,” he said.

Safai karamcharis ended the protest Thursday after Greater Noida Authority gave assurances and sought some time to fulfill their demand to hike in wages and Rs 10 lakh life insurance.

Kailash Kumar, a resident of Bundelkhand who has been living in Aicher village since 1998, said, “Most of the people in the area live in rented accommodation. Because we are tenants, supervisors do not listen to us. We have asked our owners to raise the sanitation issues with the authority, but they do not care as they do not live here. The situation has turned pathetic due to the protest. However, even on other days, we see very few cleanliness workers deployed in the area.” Kumar, who works as a painter, said, “There are a lot of carts selling food in the middle of the garbage. It is unhygienic… We are prone to many diseases as this is a favourable breeding ground for the mosquitoes.”

In Tugalpur village, Jagveer Singh said he has spats with his neighbours recently over the issue of garbage.

“They throw it from upstairs. Earlier, the safai karamcharis would come and clear the area. But for the past few days, nobody came here and it got accumulated. I asked them multiple times to not do this, but they do not listen,” said Singh, adding that his mechanic shop is just beside a plot full of filth.

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Singh’s shop opens to a drain, which he said was choked, resulting in sewage spilling in the area and a foul smell. Around 20 meters from his shop, there is a designated site to throw the waste, but he said the garbage has been lying there for days. “The van does not come here frequently to pick up the waste. In the rainfall, it has turned into havoc…,” said the man.

Manoj, a safai karamchari who works in the Pari Chowk area, said he has come back to work after the authority’s promise that their wages would be revised. “Our request to the authority’s CEO is that our salary should not be deducted for the time we were at the protest. We are back to work after his promise and are working round the clock. Our promises must be fulfilled at the earliest,” said the worker.

NG Ravi Kumar, Chief Executive Officer of Greater Noida Authority, has formed a five-member committee to look into the issue. “The committee will see if their salary can be increased after assessing the financial implications for around 2,000 safai karamcharis,” the CEO had earlier said.

 

 





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Rain lashes Dalhi; Yamuna water level rises again | Delhi News


Parts of Delhi recorded heavy rainfall early on Wednesday with more rain expected on Thursday.

The India Meteorological Department’s (IMD) weather observatory at Mayur Vihar recorded the highest amount of rainfall on Wednesday morning – 110.5 mm. Other parts of the city recorded what the IMD categorises as moderate rainfall – the Safdarjung weather station, the city’s base observatory, recorded 37.1 mm, while Lodhi Road logged 35.1 mm. The weather observatory at North Delhi’s Mungeshpur recorded 53.5 mm of rainfall.

Very light rainfall continued in parts of the city till noon. Rainfall offered some respite from high humidity levels, and the maximum temperature Wednesday dropped slightly to 31.3 degrees Celsius, four notches below normal. The IMD forecast indicates that moderate rainfall and thundershowers are expected in Delhi on Thursday as well. A ‘yellow’ alert has been issued, which is a warning to ‘be aware’. The alert points to the likelihood of minor traffic disruptions and waterlogging in low-lying areas. Light to moderate rainfall is also expected on Friday, and light rain is on the forecast for the weekend. So far this month, the Safdarjung weather station has recorded 368.6 mm of rainfall, which is more than the normal or long-period average of 209.7 mm for the entire month. The city has seen 16 rainy days so far this July.

A western disturbance has been affecting northwest India. Additionally, the monsoon trough, a feature of the southwest monsoon, is active and lies south of its normal position, but is likely to shift northwards in the next two to three days, according to an IMD bulletin issued on Wednesday. After remaining a little below the ‘danger’ level on Tuesday night and early on Wednesday morning, the water level of the Yamuna at the Old Railway Bridge in Delhi returned to a figure above the ‘danger’ mark on Wednesday evening. The level at 8 pm was 205.5 m, which is a little above the ‘danger’ mark of 205.33 m. It is set to rise further to 205.73 m by 10 pm on Wednesday, going by the Central Water Commission (CWC) forecast.

It is likely to remain above the ‘danger’ mark on Thursday and Friday, according to the CWC’s flood situation report and advisory issued on Wednesday.v





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3-year-old boy drowns in waterlogged basement in North Delhi


A three-year-old boy, who had stepped outside his home to play, drowned in the waterlogged basement of a building in North Delhi’s Kirari Saturday, police said. The boy lived with his family at their rented accommodation on the ground floor of the same building, they added.

Residents of the locality said the basement, used for storage purposes, had been waterlogged for many days. Police suspect the boy went down the staircase, slipped and fell into the basement where he drowned in the water.

Police said they received a call about the incident at 10.24 pm Saturday. The boy, Arif Ali, was taken to a hospital where doctors declared him dead on arrival.

GS Sidhu, DCP (Rohini), said, “We received information at Prem Nagar police station from the SGM hospital regarding the death of a boy. The boy lived in Prem Nagar, Kirari. Local police reached the hospital where the parents stated that there was waterlogging in the basement. Necessary legal action is being taken in the matter.”

The boy’s father, Ashraf Ali, is a rickshaw puller and has five other children.

He said, “On Saturday, I was outside for some work while his mother was at home. Within 10-15 minutes, we realised Arif was missing. We searched for him everywhere… I then found his body in the basement.”

The family alleged that the basement has been flooded with water and sewage for weeks, adding that none of the authorities has taken any action.

“We called the councillor and other MCD officials several times. They have still not done anything to fix the waterlogging issue. I just want them to act now. I have lost my son. I don’t want anything like this to happen to someone else…,” said the father.

Locals in Kirari alleged the entire colony has been facing waterlogging problems for weeks after the heavy rain in the city, adding that there is inadequate drainage in the area. “Neither the local MLA nor the councillor has come to meet the family or us. How can we live here when our houses are all filled with water?” said Rajdev, a local.

Kirari MLA, AAP’s Rituraj Govind, said, “I am very sad to hear this news. We found that three-four houses were constructed in the middle of a water body… including the house where the incident took place… on encroached land… This is a natural body, called Machli ka talab… Rescue operations take place at settlements located around the river fronts and banks. Kirari is very far from Yamuna. It will get flooded after the entire city gets submerged. The natural water body was dry but this time, with heavy and unprecedented rain, water filled the houses. Hence, the water entered the houses…”

“We are planning to shift the families to a rescue centre. We will also provide compensation to the boy’s family,” he added.

The BJP, meanwhile, hit out at the AAP. In a statement, Delhi BJP president Virendra Sachdeva alleged, “The criminal negligence of the Delhi government is taking the lives of children in Kirari. We demand immediate compensation of Rs 25 lakh to the family from the Arvind Kejriwal government. Every year, during monsoon, waterlogging happens in Kirari and the Delhi government has never made any effort to ensure laying of proper sewer lines and sanitation in the year. In most parts of Kirari, water enters houses and they’re submerged in 3-4 feet of water…”





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After 66,000 landmark, Sensex rally continues: who is driving up the markets?


Foreign portfolio investors (FPIs) are driving up the stock markets to new peaks on a daily basis, sending investors into a buying euphoria. After renewed interest from FPIs helped the benchmark Sensex surge by around 10 per cent in the first quarter of fiscal 2024, the superfast Sensex has spurted 2.38 per cent, in July so far even as analysts cautioned investors against entering into an overheated market.

Domestic stock markets continued their rally on Monday with BSE Sensex, which closed above the 66,000-level last week, hit a new high of 66,310.96 and the NSE Nifty jumped to 19,641.90, a rise of nearly 0.30 per cent, in early morning trades.

The major driver is the return of FPIs, the buoyancy in the global markets, strong macroeconomic fundamentals and the easing of inflation in India. “The scenario has changed with US consumer inflation declining more-than-expected to 3% giving hopes that the US Fed is near the end of the rate hiking cycle. Consequently, the US 10-year bond yield has sharply dipped from 5.1%to 4.7% and the Dollar Index has crashed by nearly 4% from 103.57 to 99.9. This is positive for emerging markets like India, which are likely to witness more capital flows,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

This resilience of the US economy, which was not anticipated and discounted by the market, is the strongest pillar of support for the global markets now, he said.

The mood in the frontline market is very optimistic looking at the aggressive FPI inflows and settling down of global macro headwinds followed by better than strong domestic micro economic data. The 5-big positive domestic catalysts driving the current upsurge are India’s strong GST collection that crossed Rs 1.60 lakh crore mark in June, better recovery in monsoon in June and normal rains expected in July as well, expected stable interest rate scenario worldwide, the US Q1 GDP reassessment from 1.3% to 2%, and easing of US PCE inflation that offers relief to investors who were worried about further interest rate hikes.

Global markets are supported by resilient economic data, avoiding the possibility of a recession. India’s stock market trend was broad-based, owing to the outperformance from energy, financial, metal, and FMCG sectors. Economic activities are gaining strength with the manufacturing PMI level at 57.8, indicating sustained demand for products, fostering a sense of confidence in the manufacturing prospects.

Why are FPIs back with a bang?

FPIs have pumped Rs 30,660 crore into stocks in July so far, pushing up share valuations. In the April-July period, FPIs pumped in Rs 1.07 lakh crore ($12.5 billion) into equities, according to National Securities Depository Ltd (NSDL) data. They remained consistent buyers, with average daily inflows of over Rs 2,000 crore in July. In June, foreign capital flows into equities were Rs 47,148 crore, the highest since August 2022 when inflows stood at Rs 51,204 crore.

FPIs have been bullish on Indian equities on the expectation that the Reserve Bank of India (RBI) has come to the end of its rate hike cycle. Retail inflation increased marginally to 4.81 per cent in June. “India is the best-performing economy compared to the other economies. The corporate sector also showed a turnaround in the fourth quarter. These are the factors because of which we have seen more FPI interest in India,” said Madan Sabnavis, Chief Economist, Bank of Baroda (BoB) said. Higher fund flows also resulted in a stable rupee during the quarter. The domestic currency moved in a narrow range of 81.68 to 82.90 against the dollar in the April-June period.

The big question is whether investors can trust FPIs to stay back when any negative news hit the market. Any policy change in developed markets like the US can change their perception about Indian markets. “The concern, however, is the rising valuations which are getting stretched. The valuations in China (PE is 9) is hugely attractive now compared to valuations in India (PE is around 20) and, therefore, the ‘Sell China, Buy India’ policy of FPIs cannot continue for long,” Vijayakumar said.

Why are domestic institutions selling?

Unlike FPIs, domestic institutions (DIIs) led by LIC, insurance companies and mutual funds, who were big buyers when the market was down in the second quarter and fourth quarter of FY2022-23, are now sellers on many days. In the last quarter (January-March) of FY 2023, DIIs had bought stocks worth Rs 83,000 crore while FPIs sold stocks worth over Rs 50,000 crore. “Domestic institutions are contrarians. They buy when other big operators like FPIs sell… and sell when FPIs and others buy. They have made good profits through this strategy,” said a fund manager.

LIC, the largest investor in the stock market, normally sells stocks when the market soars to new peaks. “We sell when others buy, and buy when others sell. LIC has been making consistent profit from its market operations in the last several years. LIC is a long-term investor in the markets,” said an official.

“Clearly, DIIs are sitting on a good profit on investments made by them in the last quarter of FY2023. They are not accumulating stocks at high levels. Ideally retail investors should follow the investment strategy being followed by DIIs. Then they won’t make losses,” said a market analyst. There’s a perception in the market that the stock markets are entering into an overbought zone with valuations hitting new highs. If there’s a major correction, DIIs won’t get any major impact while FPIs and retail investors – normally aiming at making a fast buck — who invest at high levels, will suffer losses.

Why should retail investors be cautious?

Retail investors have a tendency to enter the market directly and make aggressive purchases when prices have peaked and valuations are already stretched. “We have seen retail investors losing money in the stock market bubbles in the past. They usually buy when the prices are high and left holding the babies in the subsequent correction and falls,” said an analyst with a brokerage.

Analysts have cautioned that there is no room for exuberance or going overboard with the ongoing market rally. Globally growth is low and there is a possibility of the US economy slowing down in H2 of CY 2023. This can impact India’s exports and thereby India’s growth, too.

“The ongoing rally in the market has made valuations very rich. Nifty is trading at above 20 times estimated FY 24 earnings. This is higher than the historical average. Momentum can take the market higher, but at high valuations risk is high. Some presently unknown negative developments can trigger a sharp correction. So, even while remaining invested in the market, investors have to be cautious,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Domestic institutions are already sellers in the market and pulled out Rs 8,129 crore from the markets in July so far. On the other hand, foreign investors have pumped in Rs 30,660 crore – which is considered as hot money. Foreign players exit the markets faster than they enter, leaving retail investors in the lurch.

What is the outlook on markets?

In July, the market trend will be influenced by auto sales numbers in June, first quarter results, progress of the monsoon and the Fed rate decision and commentary by the month end. The retail inflation for the month of June will also be an indicator about the future course of action by the RBI. As a fund manager put it, the market always fears the unknown, whatever seems to be lurking in the shadows. The RBI will review the monetary policy in August first week at a time when vegetable prices have surged and inflation has shown an uptick.

There are concerns about the rise in domestic food inflation, influenced by higher mandi prices trending above Minimum Support Prices (MSP), and muted Kharif sowing, which led investors to exercise caution. The progression of the monsoon and the trend of Kharif sowing in July will be crucial factors in determining future inflation, said an analyst. Besides, the market seems to be flooded with strong FPI inflows, and with US inflation moderating investors are hoping for a rate hike pause by the Federal Reserve later this month.

If FPI inflows continue at this level, the key indices are likely to scale new peaks in the coming days. That said, the market is likely to witness occasional correction as prices of heavyweights have already shot up. DII selling is emerging as a countervailing force putting brakes on the rally.





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Govt begins search for IRDAI members in advance


The government has started looking for suitable candidates to fill the two posts of Members — Finance and Investment and Actuary — for Hyderabad-based  Insurance Regulatory and Development Authority(IRDAI) nearly six months in advance.

It is for the first time the government has started looking for the top posts in IRDAI much in advance. The regulator usually gets a replacement several months after the retirement of an official. The current IRDAI Chairman Debasish Panda was appointed nearly nine months after his predecessor retired.

Rakesh Joshi, Member, Finance and Investment, IRDAI, who had joined on March 22, 2022, will be retiring on December 2, 2023 after reaching 62. Parmod Kumar Arora, member, Actuary, IRDAI, who had joined on Jan 4, 2021 will be completing his three-year tenure on Jan 4, 2024. Arora will be 58 at the time of completing his three-year stint at the IRDAI.

The government had selected State Bank of India (SBI) Managing Director Swaminathan Janakiraman as a Deputy Governor of the Reserve Bank of India in June.

According to the existing regulations, a member can continue till the age of 62 while the Chairman can hold office till 65. The IRDAI, headed by chairman Debasish Panda, chairman, has currently five posts of members.

Before Panda took over in March 2022, senior officials of PSU insurers were a preferred lot for all posts of members except Actuary. Setting a new trend, Panda wanted dynamic professionals from the private sector only as members that led to the appointments of Joshi, whose last job was in SBI Caps and Thomas Devasia, (Member, Non-Life), who was working with an international insurance broking firm Marsh India.

However, BC Patanaik, a former Managing Director of Life Insurance Corporation, was suddenly inducted as Member (Life) in April after the post had lied vacant for almost a year. Now, it is to be seen whether public sector unit officials will be considered for the two posts, sources said.

The applicants should have a minimum of two years of residual service as on the date of vacancy — the applicant’s age should not exceed 60 years on the said date. The last date for receipt of applications for both the posts is August 10. A Whole-time Member gets consolidated pay and allowances of Rs 4 lakh per month.

For the Member (Actuary), an applicant should preferably be Fellow of the Institute of Actuaries of India (IAI) or Institute and Faculty of Actuaries in the UK (IFA) or Institute of Actuaries of Australia or Society of Actuaries in US or Canadian Institute of Actuaries, Canada.

However, for both the positions, applicants should preferably have at least 25 years’ experience in the area of finance and investment, with a minimum of three years’ experience at a senior level, not below the rank of a chief general manager of the Reserve Bank of India or equivalent thereto in other financial institutions or regulatory bodies. Applicants from the government should preferably have worked at least at the level of Additional Secretary to the Government of India or its equivalent level. An applicant from the public sector official should have worked at a level which is at least one level below the board, whereas a private sector applicant should  have worked at the level of functional head at a level below the board. Similarly, an academician should preferably have worked at least as professor in the department or faculty concerned.





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