India has taken a quantum jump in the wrong direction since 2014: Amartya Sen

Agencies
July 8, 2018

New Delhi, Jul 8: Eminent economist Amartya Sen said that despite being the fastest-growing economy the country has taken a "quantum jump in the wrong direction" since 2014.

He also said that due to moving backwards, the country is now second worst in the region.

"Things have gone pretty badly wrong... It has taken a quantum jump in the wrong direction since 2014. We are getting backwards in the fastest-growing economy," Sen said.

Twenty years ago, he added, of the six countries in this region -- India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan, India was the second best after Sri Lanka.

"Now, it is the second worst. Pakistan has managed to shield us from being the worst."

The Nobel laureate was speaking here at the launch of 'Bharat Aur Uske Virodhabhas’, the Hindi edition of his book 'An Uncertain Glory: India and its Contradiction' that he co-authored with development economist Jean Dreze.

The economist said that the government has also deflected from issues of inequalities, the caste system and the scheduled tribes have been kept out.

There were a whole group of people, those who clean lavatories or sewage with their hands, he said, whose demands and needs have been neglected.

While highlighting the recent report of a Dalit youth who was whipped for asking a salary hike from the manager of a petrol pump in Madhya Pradesh, he said they (Dalit) are going around without any kind of certainty about their next meal, healthcare or education.

Taking a dig at the BJP-led government, he added that during freedom struggle it was difficult to see that a political battle could be won by playing up the Hindu identity, but that has changed now.

"But, that has happened. Which is why, at this time, the whole issue of Opposition unity is so important," the 84-year-old economist said.

"It is not a battle of one entity against the other (or) Mr Modi against Mr Rahul Gandhi, it is an issue of what India is," Sen added

Also speaking at the event, development economist and activist Jean Dreze termed the soon-to-be-launched Ayushmann Bharat health scheme a "hoax" as it was actually not big as it was being claimed to be.

"The budget (for the scheme) for this year is 2,000 crore. Even if it is spent, it's less than 20 rupees per person," he said.

It is projected as health insurance for 50 crore people, but it is virtually nothing, said Dreze, who helped draft the first version of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA).

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News Network
November 28,2024

Mangaluru: In a heartbreaking incident, three first-year nursing students drowned in the Phalguni River near Barkaje dam, within the Venoor police station limits, on Wednesday evening.

Preliminary reports identify the deceased as Lawrence from Moodbidri, Suraj from Belthangady, and Jaison from Vagga in Bantwal.

According to police sources, the tragedy occurred around 5:30 PM. The group of friends had gathered at a friend's house to celebrate a church feast. After lunch, five of them decided to visit the river near the dam for a swim.

While in the water, two of the students were caught in the strong current. Jaison, attempting to rescue them, was also swept away. Fire and emergency services personnel, along with the police, rushed to the scene and retrieved the bodies.

This tragic event has left the community in deep sorrow.

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News Network
November 18,2024

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Mangaluru: The Ullal police have arrested Manohar, the owner of Vazco Beach Resort, and its manager Bharath in connection with the drowning of three college girls from Mysuru at the resort’s swimming pool on November 17.

City Commissioner of Police Anupam Agrawal confirmed the arrests, stating that a case has been registered under Section 106 of BNS. The bodies of the victims, all in their twenties, have been handed over to their parents. The women had arrived at the resort for a weekend getaway on November 16.

Following the tragic incident, the resort was sealed by officials led by Mangaluru Assistant Commissioner Harshavardhan. The trade license of the resort, issued on June 13, 2024, has been suspended, and the tourism department has temporarily revoked the resort's registration. These actions prohibit the resort from engaging in any tourism-related activities until further notice.

Someshwara TMC Chief Officer stated that the suspension was due to the resort's failure to implement adequate safety measures, which resulted in the loss of three lives. Further investigations are underway.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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