Category: News

  • Government Panel Recommends Major Changes to Rural Job Scheme (MGNREGS)

    Government Panel Recommends Major Changes to Rural Job Scheme (MGNREGS)

    NEW DELHI: A government panel is suggesting big changes to the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). This program was set up to give jobs to people in rural areas by promising 100 days of work each year for every household. The panel believes that areas with more poor families should get more job opportunities. They also want to start a special program to improve rural infrastructure where there are more job opportunities.

    The nine-member committee, led by Amarjeet Sinha, shared its ideas with the government after studying how different states are managing this scheme. Some of the main recommendations include:

    – Increasing the number of workdays per job card from 100 to between 150 and 200 days, especially in areas with more disadvantaged families.
    – Regularly adjusting wages based on a five-year schedule.
    – Making sure community development plans work hand in hand with MGNREGS projects.
    – Finding ways to better manage and track how MGNREGS is working, using reliable, real-time data.

    The report also pointed out issues like low wage rates affecting productivity, problems with a mobile monitoring system, and payment delays. It stressed that the wage should be set based on an index that considers inflation, like the Consumer Price Index for Rural Laborers.

    While speaking about the scheme’s performance over 19 years, the committee recognized that it has helped many families during tough times. However, they also noted that it has had its share of problems due to poor implementation.

    The government is expected to discuss these recommendations soon, and some changes could happen quickly. Still, any major changes needing more money will involve discussions with the finance ministry.

  • U.S. Consumer Spending Rises: Economic Growth and Fed’s Rate Plans

    U.S. Consumer Spending Rises: Economic Growth and Fed’s Rate Plans

    Consumer spending in the U.S. went up by 0.4% in November, showing that the economy is still doing well. This increase led the Federal Reserve (the U.S. central bank) to expect fewer cuts to interest rates in 2025 compared to previous predictions. Spending makes up more than two-thirds of the economy, and even with a small slowdown expected in the coming months, the overall economy is staying strong.

    In the third quarter of the year, the economy grew at a rate of 3.1%, following a 3.0% growth from April to June. The Atlanta Federal Reserve predicts a 3.2% increase in the fourth quarter. Fed Chair Jerome Powell praised the economy, saying it’s performing exceptionally well.

    This week, the Federal Reserve lowered its key interest rate by 0.25% to the 4.25%-4.50% range. They now expect only two cuts to interest rates in 2025, instead of the four cuts they expected in September. This change is due to the economy remaining strong and inflation still being high.

    The job market is also doing well, with low layoffs and rising wages, which helps people spend more. Many families have healthy finances because of high stock market and home prices, leading to more spending. However, some lower-income families are still struggling.

    In November, monthly inflation cooled down slightly. The personal consumption expenditures (PCE) price index, which measures what people spend, rose by just 0.1% last month, following a 0.2% gain in October. Over the last year, prices rose by 2.4%, slightly up from 2.3% in October. Core inflation, which excludes food and energy prices, also went up by 2.8%.

    The Federal Reserve pays close attention to these price changes as they aim for a 2% inflation target. They had raised interest rates by a total of 5.25 percentage points from March 2022 to July 2023

  • 11 Dead in Jaipur-Ajmer Highway LPG Tanker Fire: Eyewitness Horror Stories

    11 Dead in Jaipur-Ajmer Highway LPG Tanker Fire: Eyewitness Horror Stories

    On Friday, the death toll from a serious accident involving an LPG tanker on the Jaipur-Ajmer highway rose to 11. Many of the injured people are in critical condition. The crash caused a massive fire, destroying 37 vehicles and nearby buildings.

    Dr. Deepak Maheshwari, the head of SMS Medical College, reported that 11 people lost their lives. Five were dead when they reached the hospital, five others died during treatment, and one person died at Jaipuria hospital.

    Jaipur Police Commissioner Biju George Joseph explained that the fire started when the LPG tanker’s nozzle was damaged during an accident, causing a dangerous gas leak. The crash happened around 5:30 a.m. near a school, and flames quickly spread to vehicles behind the tanker and coming traffic.

    In total, 43 people were taken to hospitals, with seven of them needing ventilators. Rajasthan’s health minister, Gajendra Singh Khimsar, said many of the injured were in “very critical” condition.

    Eyewitnesses shared shocking stories. A passenger from a burning bus reported hearing a loud blast just before flames enveloped the bus. “We broke the window and jumped out as the fire raged around us,” they said.

    The driver of a school van described seeing flames from a distance and the panic that followed as people ran for safety. “I saw a man on fire. It was terrifying,” he said.

    Another eyewitness recalled how the fire spread quickly, engulfing a whole lane of 100-200 meters. Those who managed to escape survived while others suffered severe burns.

    In response, the Rajasthan government has promised ₹5 lakh (about $6,000) to the families of those who died and ₹1 lakh ($1,200) for the injured.

  • India Protests Bangladesh’s Controversial Comments on Political Crisis”

    India Protests Bangladesh’s Controversial Comments on Political Crisis”

    India’s Ministry of External Affairs (MEA) recently expressed strong concerns to Bangladesh about inappropriate comments made by Mahfuj Alam, a key advisor of the interim government there. MEA spokesperson, Randhir Jaiswal, emphasized that India values its relationship with Bangladesh and wants everyone to think carefully before speaking publicly.

    Jaiswal mentioned that India has officially protested to Bangladesh and noted that the controversial Facebook post from Alam has been removed. He reminded leaders to consider the impact of their comments on diplomatic relations. Alam had suggested that India should acknowledge the protests that led to former Prime Minister Sheikh Hasina stepping down. Hasina was pressured to resign after facing severe protests over job reservations and had to flee the country for her safety.

    India and Bangladesh’s ties have been tense since an interim government led by Nobel Peace Prize winner Muhammad Yunus took charge. Recently, India also raised concerns about violence against Hindu communities and other minorities in Bangladesh. The Indian minister for external affairs, Kirti Vardhan Singh, affirmed that the interim government in Bangladesh must ensure the safety and rights of all communities

  • Top 5 Investment Mistakes NRIs Must Avoid in India”

    Top 5 Investment Mistakes NRIs Must Avoid in India”

    India is becoming a popular place for Non-Resident Indians (NRIs) to invest their money. With its young workforce, growing digital economy, and stable government, India is a great opportunity for NRIs to grow their money. However, if you want to be successful, you need to avoid some common mistakes. Here are five big ones to watch out for:

    1. Forgetting to Update Your Status
    Many NRIs forget to change their residential status from Resident Indian (RI) to Non-Resident Indian (NRI). This mistake can lead to paying higher taxes because RIs are taxed on their global income, while NRIs are taxed only on money earned in India. Make sure to update your status to avoid unnecessary taxes and legal issues.

    2. Not Updating Your Foreign TIN
    If you don’t update your foreign Tax Identification Number (TIN) in India, you could end up paying taxes in both countries. This can happen because you won’t be able to claim credits for taxes paid abroad. Always keep your TIN updated to save money and avoid problems.

    3. Sticking Only to Tax-Free Products
    Some NRIs focus only on tax-free products like Foreign Currency Non-Resident (FCNR) Fixed Deposits. While they are safe, they usually don’t earn as much as other options like Dynamic Asset Allocation Funds (DAAFs). These can give you better returns. So, check different investment options to grow your money.

    4. Falling for Unrealistic Promises
    Be careful of schemes that promise high returns without clear details. Many NRIs have lost money by investing in unregulated funds or misleading insurance plans. Always do your homework, ask questions, and don’t fall for unrealistic guarantees.

    5. Ignoring Estate Planning
    Many NRIs skip making a will, which can create problems for their heirs after they are gone. Without a will, passing on assets in India can be complicated. A solid estate plan can help avoid disputes and ensure that your investments go to the right people.

    How to Avoid These Mistakes
    – Use GIFT City: It allows NRIs to hold funds in both Indian Rupees (INR) and foreign currencies, making transactions easier.
    – Know About DTAA: The Double Taxation Avoidance Agreement helps NRIs reduce taxes by crediting taxes paid in one country against what is owed in another.

    Conclusion
    India’s growing economy gives NRIs a great chance to invest and grow their wealth. By avoiding common mistakes and understanding the investment landscape, NRIs can make smart choices and achieve financial success

  • Sanjay Raut: BJP’s Hostility Towards Marathi Manoos on the Rise”

    Sanjay Raut: BJP’s Hostility Towards Marathi Manoos on the Rise”

    Shiv Sena leader Sanjay Raut has strongly criticized the Bharatiya Janata Party (BJP). He believes the BJP is creating a negative atmosphere for Marathi-speaking people, known as “Marathi manoos.” Raut claims that since the BJP won the state elections, there have been more attacks on Marathi speakers. He pointed out a recent incident in Kalyan, Thane district, where a Marathi family was supposedly attacked by non-Marathi speakers. Raut warned that this is just the start of a plan to drive Marathi people out of areas like Mumbai, Thane, and Kalyan.

    Raut said, “Attacks on Marathi manoos have increased after the elections. There’s an effort to force them out of their homes.” He believes a bigger plot is underway to marginalize Marathi speakers.

    He didn’t just stop there; Raut also criticized the state government over a tragic accident where 14 people died because of a clash between a Navy boat and a ferry. He argued that the government is failing to tackle increasing crimes in rural areas, like robberies and murders.

    Raut accused the BJP of weakening the Shiv Sena, a party that traditionally supports Marathi people. He said the BJP is splitting the Shiv Sena and turning its leaders into “puppets,” who care more about keeping their positions than the interests of Marathi speakers.

    Furthermore, he mentioned that the BJP’s actions are making it harder for Marathi-speaking businesspeople, while favoring non-Marathi businesses in the region.

    While responding to Deputy Chief Minister Eknath Shinde, Raut said that the people in the ruling Shiv Sena don’t care about the Kalyan incident and are too desperate for power. “The BJP wants to destroy the Marathi manoos,” he stated.

    Lastly, Raut commented on a recent fight in Parliament between rival political groups regarding Dr. B R Ambedkar and joked that some MPs should win an award for acting. He also pointed out that registration of a case against Rahul Gandhi is just another action by the BJP-led government

  • WHO and India Unite Against Climate Crisis and Health Challenges

    WHO and India Unite Against Climate Crisis and Health Challenges

    Tedros Adhanom Ghebreyesus, the Director-General of the World Health Organization (WHO), spoke out recently about how the climate crisis could increase conflict and division among people. He shared his thoughts on X, describing his experiences at the International Court of Justice in The Hague, where he talked about how climate change impacts health. He emphasized that the world needs peace, justice, and teamwork now more than ever.

    According to WHO, it’s estimated that climate change could cause around 250,000 extra deaths each year from issues like hunger, malaria, diarrhea, and heat stress between 2030 and 2050. The health-related costs from climate change might reach up to $4 billion per year by 2030. Countries with weak health systems, often poorer nations, will struggle the most without help to handle these challenges.

    WHO points out that greenhouse gas emissions from burning fossil fuels are major causes of climate change and air pollution, affecting everyone’s health. Meanwhile, India is taking action against climate change. Bhupender Yadav, India’s Union Minister for Environment, discussed India’s efforts to tackle land degradation and desertification during the UN climate conference in Riyadh, Saudi Arabia. He highlighted India’s commitment to restoring degraded lands and promoting sustainable development. Yadav talked about how, since the first global talks on land degradation, India has worked towards community-driven land restoration and made significant progress over the years

  • MobiKwik Shares Slide After Big Debut: Key Insights and Tips”

    MobiKwik Shares Slide After Big Debut: Key Insights and Tips”

    Shares of One MobiKwik Systems dropped by 5.7% on Friday, closing at Rs 510.30 on the BSE. This drop happened as investors took profits after the stock jumped 37% in just two days following its debut on Dalal Street. MobiKwik listed on the stock exchange on Wednesday at a price that was 58.5% higher than its initial price of Rs 279. The stock started at Rs 442.25 and had impressive gains, reaching a peak of Rs 605 before falling back down on Friday.

    The company’s initial public offering (IPO) was valued at Rs 572 crore and was oversubscribed by 119 times, showing strong interest from investors. People were excited about MobiKwik’s move towards profitability and the increasing popularity of digital payments. The money raised will be used to improve their financial services, boost AI and machine learning, and enhance their payment systems.

    Shivani Nyati, who is the Head of Wealth at Swastika Investmart, shared that MobiKwik’s ability to stay profitable and stand out in the competitive fintech market will determine if they can keep growing. She advised investors to consider taking profits now, but for those who want to stay invested, it’s smart to set a stop loss at around Rs 400.

    Founded back in 2008, MobiKwik serves over 161 million registered users and 4.26 million merchants as of June 2024. They offer a variety of services like digital payments, credit, and investment products. The company is the largest player in India’s PPI wallet sector, holding 23.11% of the market.

    Notable investors like Bajaj Finance, Abu Dhabi Investment Authority (ADIA), and American Express have stakes in the company, owning 13.44%, 2.8%, and 1.76% respectively.

  • Mazagon Dock Stock Surges: What You Need to Know!”

    Mazagon Dock Stock Surges: What You Need to Know!”

    Shares of Mazagon Dock Shipbuilders have bounced back after hitting a low around Rs 3,870. The stock then climbed over its previous high of Rs 4,900. In July, it reached a new peak at Rs 5,860 but then dropped about 51%, landing near that support level again. However, since November, Mazagon Dock’s stock is showing strong signs of recovery.

    Technical analyst Rajesh Bhosale from Angel One explains that the stock has been moving positively for two months. After falling from its top price of Rs 5,780 to around Rs 3,830, it has managed to stay above a key level that could indicate a return to rising prices.

    On the weekly chart, the stock is showing a pattern of “higher highs” and “higher lows,” suggesting that it might keep going up. Bhosale predicts a rally towards its previous high of Rs 5,780, with resistance around Rs 5,500. The recent low of Rs 4,740, which is close to the 20-day EMA, is an important support level to watch.

    Defense stocks have been recovering lately, and Mazagon Dock has shown a strong rebound after finding solid support near its 100-day EMA. The stock has just broken out of a tight range while staying well above its 20-day EMA, and it’s getting close to reaching its all-time high again.

    On the technical side, the stock is above its important moving averages, which shows positive momentum.

    Ajit Mishra, SVP of Research at Religare Broking, advises traders to position themselves wisely, suggesting they should buy on any dips, with a stop loss set at Rs 4,750. He sees potential targets of Rs 5,530 and Rs 5,800 for the stock.

    Disclaimer: The views expressed by the experts are their own and do not represent the views of Niftystat.

  • Biden’s Health Concerns: What His Aides Are Hiding

    Biden’s Health Concerns: What His Aides Are Hiding

    On June 27, President Joe Biden participated in a presidential debate, but many people were worried about how he performed. Some questions arose about his age, health, and ability to lead the country. A recent report indicates that White House staff have been trying to hide signs of Biden’s mental decline since he became president.

    Biden has held fewer large press conferences compared to other presidents, and he often makes mistakes while speaking. According to the report, his aides have been rearranging his schedule to help him manage his energy levels. After he was inaugurated during the COVID-19 pandemic, his team quickly started limiting his in-person meetings, especially when he seemed tired or confused. They found that the best time for meetings was earlier in the day because Biden had trouble focusing later.

    Biden relied on notecards and often made mistakes, like confusing the names of world leaders or forgetting important facts. One shocking detail is that he even forgot the year his son Beau passed away. To help with Biden’s speaking issues, the White House hired a voice coach to improve his faint voice. They also hid negative news about him to keep his spirits up since his approval ratings hit a record low in 2024.

    Additionally, there was concern that First Lady Jill Biden might outshine her husband. She was advised not to promote herself too much to avoid making Biden look bad. During his presidency, Jill Biden tried to make sure he didn’t spend too long answering questions at press conferences, fearing he might get caught off guard.