PM MODI GOES TO EUROPE, FOR 3 DAYS

Prime minister Narendra Modi will “exchange perspectives” on the “Ukraine issue” and strengthen bilateral partnerships during his three-day, three-nation visit to Europe, newly appointed Foreign Secretary Vinay Mohan Kwatra said on Sunday.

Modi left for Germany on Sunday night, and will meet German Chancellor Olaf Scholz in Berlin on Monday. He will then head to Denmark, where he will meet Danish PM Mette Frederiksen in Copenhagen —and also participate in the Second India-Nordic Summit with the prime ministers of Denmark, Iceland, Finland, Sweden and Norway on Tuesday.

On the way back on Wednesday, Modi will make a brief stopover in Paris for a meeting with French President Emmanuel Macron.

In his departure statement on Sunday, Modi did not mention the Russia-Ukraine conflict directly. “My visit to Europe comes at a time when the region faces many challenges and choices. Through my engagements, I intend to strengthen the spirit of cooperation with our European partners, who are important companions in India’s quest for peace and prosperity,” he said.

This is the Prime Minister’s first overseas visit this year, and it includes about two dozen engagements across approximately 65 hours, official sources said.

Earlier, while briefing reporters, Kwatra, who assumed office on Sunday, said that “the principal focus of the visits and discussions is to structure and strengthen bilateral partnership across a range of areas and of course, exchange perspectives on the Ukraine issues also”.

MONTHLY GST COLLECTION SOARS TO ALL-TIME HIGH, TO RS 1.68 LAKH CRORE

Registering the highest level of collections since its rollout in July 2017, gross GST collections rose to Rs 1.68 lakh crore in April, for sales in March.

This marks a 20 per cent increase from the April 2021 level on the back of improved compliance, enforcement action against tax evaders and pick-up in economic activity.

“This (the amount and no. of Returns) shows clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to make compliance easier and smoother and strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence,” the Finance Ministry said.

Gross GST collection in April is at an all-time high and Rs 25,000 crore more than the previous high of Rs 1.42 lakh crore collected in March. In April last year, GST collections stood at Rs 1.40 lakh crore.

HIGH OPERATIONAL READINESS IS TOP PRIORITY, SAYS NEW ARMY CHIEF

Army Chief General Manoj Pande said his foremost priority would be to ensure very high standards of operational preparedness to face current, contemporary and future security challenges. “The global geopolitical situation is changing rapidly. As a result, we have multiple challenges ahead,” he said.

Earlier, he was presented a guard of honour at the South Block lawns, a day after he took charge as the 29th Chief of the Army Staff.

He said the focus would be on ongoing reforms, restructuring and transformation of the Army to enhance its operational and functional efficiency. “My utmost and foremost priority will be to ensure very high standards of operational preparedness to face the current contemporary and future challenges across the entire spectrum of conflict,” he said. Pande said his force, in coordination with the Air Force and the Navy, would effectively deal with all possible security challenges facing the nation.

IAF Chief Air Chief Marshal VR Chaudhari and Navy Chief Admiral R Hari Kumar were also present at the guard of honour ceremony. The three chiefs were course mates at the National Defence Academy (NDA) in the formative years.

BJP RULED STATES TALK UP UCC

Strongly pitching for implementation of the Uniform Civil Code (UCC) in the country, Assam Chief Minister Himanta Biswa Sarma said this was needed as no Muslim woman wants her husband to have three wives.

Sarma also met Uttarakhand Chief Minister Pushkar Singh Dhami, who had recently said his government would prepare the draft of a UCC, which would be implemented in the his state.

Noting that all Muslims whom he has met wanted the UCC, Sarma said, “No Muslim woman wants her husband to have three wives. No one wants this. You can ask any Muslim woman. No one will tell you that her husband should marry three women. Who wants this?” Sarma also insisted that a Muslim man marrying more than one woman was not his problem, but of Muslim mothers and sisters. He said if Muslim women and mothers have to be given honour in society, after the triple talaq law, the UCC has to be put in place.

Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya said on April 23 that the state government was thinking seriously in the direction of UCC implementation. “One law for all in one country is the need of the hour. It is required that we should get out of the system of one law for one person and another for others. We are in favour of a common civil code,” he had said.

AIMIM chief Asaduddin Owaisi has said BJP leaders talk about bringing a Uniform Civil Code, but the country does not require it as of now, and focus should be on the growth of economy and generating employment.

COVID DASHBOARD – INDIA

As of 0800 IST / May 1

from mohfw.gov.in ,

New Cases on Saturday 3,157

Active Cases 19, 500 (+408)

Total Deaths (Deaths Yesterday) 5,23,869 (5)

INTERNATIONAL AFFAIRS

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100 CIVILIANS EVACUATED FROM MARIUPOL STEEL PLANT: ZELENSKY

Civilians were evacuated on Sunday from the bunkers of Mariupol’s Azovstal steel works after the UN and the International Red Cross led a deal to ease the ordeal of the most destructive siege of the war in Ukraine. Russian forces pummelled the port city for nearly two months, turning Mariupol into a wasteland. President Zelensky said that about 100 civilians were being evacuated from the Azovstal factory and are heading to a “controlled area. ” “Tomorrow we’ll meet them in Zaporizhzhia,” he wrote on Twitter. He said that they were working with the UN and other international groups to evacuate more people.

The city is under Russian control but some fighters and civilians have sheltered underground in the Azovstal works — a vast Soviet-era plant founded under Josef Stalin and designed with a labyrinth of bunkers and tunnels to withstand attack. The UN later said that an operation to evacuate people from the steel works had been under way since Friday.

PELOSI VISITS KYIV, VOWS US SUPPORT FOR UKRAINE ‘UNTIL VICTORY IS WON’

In a sign of the US’ deepening commitment to Ukraine, House Speaker Nancy Pelosi became the most senior American official to visit Kyiv, announcing on Sunday that she had met with President Zelensky and had pledged “to help the Ukrainian people as they defend democracy for their nation and for the world. ” The visit on Saturday by Pelosi and a few fellow Democratic lawmakers was kept secret until they returned to Poland, where they held a news conference on Sunday morning.

Pelosi pledged broad economic, military and humanitarian support for Ukraine’s government, saying the US would stand with its ally until Russia was defeated. Drawing parallels with the American Revolution, the comments by Pelosi reflected the remarkable evolution of American policy toward Ukraine’s struggle against Russian aggression, as the war shows signs of turning into a prolonged conflict. “US stands with Ukraine until victory is won,” she said.

The House speaker insisted that the US would not be deterred by threats from the Kremlin —“Do not be bullied by bullies,” Pelosi said — as the Biden administration increasingly casts aside fears expressed by some early in the war that too much American assistance to Ukraine risked a direct conflict with President Putin of Russia. Her visit came just one week after secretary of state Antony Blinken and defence secretary Lloyd Austin visited Kyiv, after which Austin said that the US wanted to see the Russian military not only defeated in Ukraine, but weakened to such a way that it no longer posed a threat to its neighbours.

CASH-STRAPPED PAK GETS $8BN AID PACKAGE FROM SAUDI ARABIA

Saudi Arabia has agreed to provide Pakistan with a “sizeable package” of around $8 billion to help the cash-starved country bolster dwindling forex reserves and revive its ailing economy, media reported on Sunday. Pakistan has faced growing economic challenges, with high inflation, sliding forex reserves, a widening current account deficit and a depreciating currency.

PM Sharif and his official entourage have left the kingdom but minister for finance Miftah Ismail is still in the country to finalise the package.

Meanwhile, a case under stringent blasphemy laws was registered against Pakistan’s ousted PM Imran Khan and 150 others, including some members of his former cabinet, in connection with the hounding of PM Shehbaz Sharif and his delegation at Masjid-eNabwi in Saudi Arabia, officials said. Videos posted on social media showed some Pakistani pilgrims — apparently supporters of Khan —

shouting ‘chor’ (thief) and ‘gaddar’ (traitor) as soon as Sharif and members of his delegation arrived at the Prophet’s Mosque in Medina on Thursday. Medina police claim to have arrested five Pakistanis involved in the sloganeering. Punjab police on Saturday registered an FIR against Imran Khan and 150 others, including former federal ministers Fawad Chaudhry and Sheikh Rasheed and Khan’s aides in London, Anil Musarrat and Sahibzada Jehangir, officials said.

In an interview on Saturday, Imran Khan distanced himself from the pilgrims who chanted slogans, saying he could “not even imagine of asking anyone to carry out sloganeering at the sacred place”.

THE REST

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NO FOURTH WAVE, ONLY LOCAL SPIKE: ICMR ICMR ADDITIONAL DG SAMIRAN PANDA

Days after IIT-Madras experts ruled out the fourth Covid wave despite the R-factor crossing 2 in New Delhi and cases surging in some other cities, the ICMR has described the current case rise as a localised trend rather than a fourth wave.

ICMR Additional DG Samiran Panda said the ongoing surge could not be described as a fourth wave. The rise in cases was localised and district-wise, it was not a nationwide trend, Panda said.

Panda said for a wave to be determined, hospital admissions must rise and case surge should span the whole state and the country. “The current surge is not state-wise and is restricted to some districts. Hospital admissions have remained stable, positivity rates in some areas could be high because of low testing,” Panda explained.

Doctors say Covid-positive cases are now often detected by accident. "A patient visits for any other treatment, but a routine Covid test finds him to be positive," says Dr Shuchin Bajaj, founder director, Ujala Cygnus Group of Hospitals in Delhi.

BJP CHEATED MY FATHER ON HINDUTVA PRETEXT, I AM NOT SO NAIVE: UDDHAV THACKERAY

THE BJP had often cheated Shiv Sena founder Bal Thackeray in the past on the pretext of an alliance for Hindutva, Sena president and Maharashtra Chief Minister Uddhav Thackeray said on Sunday, adding that he would never overlook “BJP’s plot under Hindutva agenda.”

“I am not so naive. I am well versed with BJP’s agenda,” Thackeray said at the interactive session Drushtikon organised by Marathi daily Loksatta of the Indian Express Group in Mumbai.

The CM said, “Tase Balasaheb Bhole Hote, Pun Me Nahi (In some ways, Balasaheb had this streak of innocence. But I am not like that). I will not allow the BJP to succeed in its plot. I have my eyes and ears on each of their actions and strategies.”

Thackeray said the BJP has ushered in “low-level politics” in Maharashtra. “The people will ask the BJP as to where they have taken Maharashtra,” he added.

On Hindutva, the CM said, “For Shiv Sena, Hindutva is like a breath. We don’t have to proclaim our Hindutva every now and then in public.”

Meanwhile, MNS president Raj Thackeray on Sunday said he was firm on the May 3 deadline for removal of loudspeakers, which he termed as a nuisance, from mosques, and added that if it was not done, then all Hindus should play Hanuman Chalisa outside these religious places.

ISMC INKS MOU TO SET UP $3BN CHIP PLANT IN K’TAKA

India’s ambition to have a semiconductor fab has moved a little closer to fruition. International semiconductor consortium ISMC Analog Fab signed an MoU with the Karnataka government on Sunday to invest $3 billion (Rs 22,900 crore) on a 65nm analog semiconductor fabrication plant.

Two other companies have bid for incentives to set up semiconductor and display units in India, the VedantaFoxconn joint venture and Singapore-based IGSS. But these are yet to finalise locations.

The ISMC project is expected to generate more than 1,500 direct and 10,000 indirect employment opportunities. The company is looking to acquire 150 acres in Mysuru’s Kochanahalli industrial area to set up the plant.

According to the government, the Indian semiconductor market was worth $15 billion in 2020 and is estimated to reach $63 billion by 2026. Prime Minister Narendra Modi on Friday said India will provide support for companies looking to invest in chip manufacturing.

RECORD SHARE OF DOMESTIC INVESTORS IN LISTED COMPANIES

Domestic investors are tightening their grip on listed companies at a time when foreign portfolio investors are pruning their holdings due to global uncertainty and rising interest rates in the US. Significantly, the share of retail, high net-worth investors, and domestic institutional investors (DIIs) as a whole, reached an all-time high of 23.34 per cent as on March 31, 2022, well above the FPI (foreign portfolio investors) share of 20.15 per cent.

The data showcases the rise of the domestic individual investor and the huge counterbalancing role they have played to foreign investors. Seven years back in March 2015, while the FPI share was 23.32 per cent, the combined share of retail investors, HNIs and DIIs was 18.47 per cent. What has been remarkable though, has been the rise of retail within domestic investors, from 6.12 per cent in March 2015 to 7.42 per cent in March 2022.

The rise picked pace over the last two years when Covid-19 struck and has continued despite the high volatility in the stock markets following the Russian invasion of Ukraine, rising inflation, and monetary tightening by the US Federal Reserve.

In fact, over the last two years, retail investor participation in equity markets has grown remarkably. This is reflected in the more than doubling of the demat account numbers to 8.97 crore in the two years ending March 31, 2022. In fact, the investor accounts at the CDSL depository have almost tripled to 6.3 crore in March 2022 from 2.12 crore in March 2020.

AMAZON URGES RBI TO CONDUCT AUDIT OF FRL

US e-tailer Amazon has urged RBI to conduct a forensic audit of Future Retail (FRL) for the past three financial years, alleging that the promoters and directors of Big Bazaar parent have committed fraud by letting Reliance take over around 800 stores of the the debt-laden company.

The letter comes in the wake of the Rs 25,000 crore Reliance-Future deal falling through on account of a majority of FRL’s secured creditors voting against the proposed transaction.

Kishore Biyani-led FRL, which owes its creditors around Rs 18,500 crore, is currently staring at bankruptcy, with its largest creditor Bank of India (BOI) having filed an insolvency petition against the retailer.

“It is incumbent upon RBI to conduct a thorough investigation into the fraud committed by FRL, its promoters, directors and KMPs,” Amazon wrote in the letter.

While alleging that FRL has willingly handed over the stores to RIL, Amazon claimed the lender banks failed to “take cognizance, let alone prevent FRL and the MDA Group (Mukesh Dhirubhai Ambani Group) from committing fraud”.

“The conduct and attitude of lender banks raises substantial questions on accountability, transparency and fairness regime in the banking system. Instead of taking stringent action, the lender banks have instead given the Biyanis a reprieve by purportedly taking FRL into insolvency…,” wrote Amazon.

Amazon’s legal battles started after the proposed Future-Reliance deal was announced nearly two years ago, when the e-tailer dragged FRL to a Singapore-based emergency arbitrator.

IPL MATCH 45: MOHSIN SHINES AS LUCKNOW DOWN DELHI

Pacer Mohsin Khan picked up four wickets as Lucknow Super Giants outclassed Delhi Capitals by six runs, to inch closer to the IPL play-offs, at the Wankhede Stadium in Mumbai on Sunday. Mohsin ripped apart the Delhi batting line-up, with splendid figures of 4/16 as Delhi finished on 189/7. KL Rahul's 77 off 51 balls and Deepak Hooda's 52 off 34 balls propelled Lucknow to a huge 195/3 despite losing quick wickets in the final few overs.

Mitchell Marsh (37 from 20 balls) and Rishabh Pant (44 from 30 balls) counter-attacked to revive Delhi's hopes before Mohsin claimed the key wickets of David Warner (3), Pant, Rovman Powell (35) and Shardul Thakur (1) at crucial stages to turn the match in Lucknow's favour.

IPL MATCH 46: DHONI'S CSK EASE PAST SUNRISERS

Ruturaj Gaikwad and Devon Conway's effortless six-hitting exhibition was well complemented by a four-wicket haul from Mukesh Choudhary as Chennai Super Kings notched up an emphatic 13-run win over Sunrisers Hyderabad in an IPL 2022 match at the MCA Stadium in Pune on Sunday.

Gaikwad (99 off 57 balls) and Conway (85 not out off 55) put SRH's attack to the sword, notching up a scintillating 182-run partnership -- the highest opening stand of the season, as CSK posted an imposing 202/2 after being invited to bat.

In reply, SRH fell short, reaching 189/6 in 20 overs despite late heroics from Nicholas Pooran (64 not out).

IPL Tally (Team / Wins / Matches Played)

GT 8/9

LSG 7/10

RR 6/9

SRH 5/9

RCB 5/10

DC 4/9

PBKS 4/9

KKR 3/9

CSK 3/9

MI 1/9

‘PV SINDHU LOST HER COOL AND SEMI-FINAL AT BAC

“Really unfair," asserted teary-eyed P V Sindhu as a call by the umpires midway through her semifinal match derailed her dream of winning gold at the Badminton Asia Championships.

During the match against Japan's Akane Yamaguchi, Sindhu was leading 14-11 in the second game, while she had already won the first one. She was handed a point penalty for taking too much time to serve between points.

Sindhu was seen having an animated discussion with the chief referee after the chair umpire asked her to hand over the shuttle to her opponent but it all fell on deaf ears. Following this, the two-time Olympic medallist lost her momentum, losing the match eventually.

Sindhu lost the match at 21-13 19-21 16-21 to eventually sign off with a bronze medal.

THOUGHT FOR THE DAY

As you get older, you either get better at telling yourself the truth or at lying to yourself. - Dale Moffitt

OFF TRACK

Wife: I lost my keys again !

Husband: It's in your Jeans.

Wife: Don't drag my family into this....