Kolkata Doctor Rape Case

There is a lot of resentment across the country in the Kolkata doctor rape case. A matter which initially seemed to be a local matter has turned into a full-blown national crisis drawing the attention of the whole world! At present, doctors across the country have gone on strike in support of the victim demanding justice. It is a justified demand. So it has been supported by the Indian Medical Association (IMA), which is one of the strongest lobbies of professionals in India! As a result, the whole country is facing many difficulties accessing health services! Apart from the emergency services, most of the OPD activities have been adversely affected across India; both in the private and the public sector!

10 days ago on August 9, a postgraduate trainee doctor was allegedly raped and then murdered while she was on duty at the RG Kar Medical College and Hospital in Kolkata, West Bengal. Kolkata police first tried to ignore the case and when the pressure rose, it started a half-hearted investigation after a lot of outcry from the public. In the matter, a civic volunteer of Kolkata Police was arrested in connection with the crime the next day.

Ukraine Enters and Captures Russian Land

Ukraine has attacked Russia and entered Russian territory Kursk and advancing in Southern Russia. This has irked Russia and Vladimir Putin. The obvious response would be a very harsh attack with more intensity. This bold move of Ukraine to attack and enter into Russia has unlocked the frozen conflict, with quid pro quo response. Russia was not expecting such a response from Ukraine. So Russians have been taken by surprise. Though, it would be very difficult for Ukraine to hold its position in Russian lands. So the key to the outcome of this move completely depends on Ukraine's ability to sustain and hold on to this gain which wouldn't be that easy for Ukraine with a relatively very small army and lesser military equipment, even though NATO is there to support Ukraine from outside!

As per the claims by Ukraine's top commander, Ukrainian forces control about 1,000 sq km of Russian territory of Kursk. This claim seems exaggerated but let’s accept it as it is. Though, nevertheless, it is the biggest cross-border incursion since the beginning of the war. This is going to completely change a lot of things in both Russia and Ukraine. The said incursion and capture of Russian lands by the Ukrainian army will increase support for the Ukrainian President Zelensky among the nationalist Ukrainians. But at the same time, this will also expand the support base for the Russian President Vladimir Putin. Putin was being questioned by many Russian citizens for this unending war. This war with Ukraine was expected to become the Vietnam moment for Russia. But this incursion has given more power and reasons to Putin to fight this war with more intensity with no question being asked internally. So this will make his claims in Ukraine more valid than ever!

Adani Group, SEBI and the Report of Hindenburg Research

On 10th August 2024, Saturday, the Hindenburg Research published a so-called explosive report on the Security and Exchange Board of India (SEBI) chairman Madhabi Puri Buch and Indian conglomerate Adani Group. The report made an allegation that the SEBI chairman’s involvement in offshore funds and money siphoning. This report neither did generate the kind of discussion nor have the same reactions from the stock market the way a similar report in January 2023 had on the Indian stock market and Adani Group stocks!

This time, the Adani Group as whole has lost its market capitalization by just about 1% than the market capitalization before the said report, released on 10th August 2024! However, a similar report by Hindenburg Research in January 2023 wiped out the value of some Adani Group companies by 83%. Adani Total Power lost about 83% of market capitalization post revelations in January 2024. The whole Adani group had come under huge pressure. The whole group lost about $150 billion in valuation. Many financial institutions raised concerns about the future of Adani Group. It also had to cancel its FPO. Gautam Adani, the group chairman of the India conglomerate lost its position from the list of top ten richest people in the world!

Why? Has the short seller Hindenburg lost credibility at least in the Indian security market? A short answer to this question is perhaps, yes!

Medina was once Yathrib

History proves to us that change is the only constant.

In this world full of diversity, it is impossible for anyone to say that what we are seeing today will remain there tomorrow or if it remains then in what form it will be. Every village and town in the world has changed its form and nature many times during its course of history. Many times this change happened due to nature and time and many times this change happened due to the expansionist nature of humans.

Well!

Medina is one of the most famous cities in the world. Millions of Muslims go on pilgrimage every year. For them, this city is one of the two holiest cities in the world.

But was Medina always Medina? Or has the name and nature of this city also changed like many cities of the world? Likeway, Prayag became Allahabad and is now called Prayagraj. Karnavati became Ahmedabad and the names of many towns and cities have been changing.

Bangladesh Chooses Anarchy Preferring Coup Over Sheikh Hasina

The violent protests against reservation in Bangladesh eventually forced Prime Minister Sheikh Hasina not only to resign but also to flee Bangladesh! Military has taken over Bangladesh forcing Sheikh Hasina to leave! However, Muhamaad Yunus, a Nobel laureate in economics for his contribution in the field of microfinance, has been installed as Interim Prime Minister of Bangladesh by the Deep State and Bangladesh Army.

This incident is bound to have an impact on the whole world. But it will have a huge ramification for India in the short to medium term. Till date, India had to deal with only one Pakistan on its borders. But now it will have to deal with two Pakistans; West Pakistan and East Pakistan! This is a classic example of intelligence failure of RAW, the external intelligence agency of India.

After Sheikh Hasina's exit, the Awami League will weaken and its place will be taken by the BNP, which is known for opposing India and being the front for the Islamists extremists. Also, the BNP has the full support of Pakistan, China and the Biden government of the USA. This is going to completely change the dynamics of the Indian Subcontinent.

Amir Ali and Ardh Saka (Half Jauhar) of Jaisalmer

Have you heard the name of Amir Ali? In the history of Rajasthan, he is the person due to whose deceit, women had to be cut with swords than committing Jauhar!

This is the story of King Rawal Lunkaran of Jaisalmer, who became the victim of the biggest deceit in Rajasthan in the name of friendship.

Amir Ali was the Nawab of Kandahar. He had a fight with his brother for noblemanship and his brother defeated him. After losing to his brother, Amir Ali took refuge with King Rawal Lunkaran of Jaisalmer. Since protecting the refugee is an integral part of Indian culture, Maharaj Lunkaran gives shelter to Amir Ali, and both of them exchange turbans to show their friendship.

King Rawal Luunkaran makes arrangements for Amir Ali's stay by giving him a jagir in Jaisalmer. As the days passed by, the king's trust in Amir Ali increased significantly. The king started trusting Amir Ali a lot ignoring apprehensions from his associates and ministers!

Indian Railways Accidents

There is another train accident in Jharkhand killing two passengers Howrah-Mumbai Express has derailed today. Yesterday, Bihar Sampark Kranti derailed. Previous week also, there was a train accident. There has been a series of trains accidents in India in the last six weeks.

Something has completely gone wrong with the Indian Railways. Now and then, there is a train accident in India. Only in June and July 2024, 17 individuals have lost life and about 100 individuals have been insured in these accidents.

Reliance Industries has Got the US Nod to Import Crude Oil from Venezuela

Reliance Industries has got the US nod to import crude oil from Venezuela. ONGC has also applied for a waiver to buy crude oil from Venezuela! It is quite possible that ONGC will also get a similar nod. It should be noted that Reliance Industries is the second largest buyer of crude oil from Venezuela.

This decision of the USA will increase India's access to cheap crude oil. I am sure that India's strong relationship with Russia, increasing share of Russian crude oil in Indian basket and the recent visit of Indian Prime Minister Narendra Modi to Russia which was widely circulated in the world media by the Russian state media must have played a significant role in this decision. The US wants India to cut its crude oil import from Russia. So India must have argued that until and unless India has access to other cheap alternatives, how could India cut its crude oil imports from Russia? The US must have agreed and nodded to the application of Reliance Industries for waiver to enable India to explore more and perhaps better alternatives than Russia. It must be noted that the US had imposed sanctions in 2019. This was the time when India’s crude oil import from Russia started increasing which had increased to 40% of the total Indian crude oil basket!

What is Angel Tax?

Abolition of angel tax would be very beneficial for the Indian startups. But before I discuss the impact of angel tax on Indian startups, it would be appropriate to answer what is angel tax?

Angel Tax is a tax imposed on Indian startups receiving funding from angel investors on the fair market value. Angel tax in India before Union Budget 2024 was 30% of the fair value of the startups. Angel tax was introduced in the Union Budget 2012 by then Finance Minister Shri Pranab Mukherjee.

For example, if the fair value of a startup is Rs 1 crore and it raises Rs 1.5 crore from angel investors, the excess amount of Rs 50 lakh is subject to this tax.

Union Budget 2024 Aimed at Demographic Dividends

It has been 10 years since the government gave any tax relief to the middle class! It was expected that the Finance Minister Nirmala Sitharaman would be increasing the tax deduction limit under 80C of Income Tax Act from ₹2.5 lakhs to ₹4 lakhs or ₹5 lakhs along with standard deduction in the first Budget of Modi 3.0 with the purpose to increase the demand in the Indian economy which would lead to more jobs because of increased disposable income. However, the budget is not that generous as far as the deduction is concerned. I, along with other economists, was sure and still am that if only the standard deduction limit is increased, then it would not be able to achieve the dual goals of increasing economic activities in the economy as well as controlling the falling savings in the economy.