INDIA JOINS INDO-PACIFIC ECONOMIC BLOC LED BY US TO COUNTER CHINA

Moving to provide an economic alternative to China’s strategic footprint in the Indo-Pacific, India and 12 countries  led by the US Monday launched the Indo-Pacific Economic Framework (IPEF) that aims to strengthen economic partnership among participating countries to enhance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.

In Tokyo, Prime Minister Narendra Modi sat alongside US President Joe Biden, Japanese Prime Minister Fumio Kishida and US Secretary of State Antony Blinken at the launch of the IPEF — New Delhi’s participation at the highest level displayed its commitment to join forces to take on Beijing’s growing assertiveness in the region and beyond.

This economic initiative came a day before the summit of the Quad leaders in Tokyo — the second in-person meeting after the summit in Washington DC last September.

Leaders and officials joined in virtually from Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

Modi said, “The Indo-Pacific Economic Framework is a declaration of our collective will to make the region an engine of global economic growth.” Thanking President Biden for this “important initiative”, he said, “India will work with all of you to build an inclusive and flexible Indo-Pacific Economic Framework. I believe that there should be three main pillars of resilient supply chains: Trust, Transparency and Timeliness. I am confident that this framework will help strengthen these three pillars, and pave the way for development, peace and prosperity in the Indo-Pacific region.”

With China weaponising its economic heft in the Indo-Pacific, the US has now put together what is being seen as a “coalition of the willing” to take on Beijing and provide alternatives.

A joint statement said that the countries share a commitment to a free, open, fair, inclusive, interconnected, resilient, secure, and prosperous Indo-Pacific region that has the potential to achieve sustainable and inclusive economic growth. “We acknowledge our economic policy interests in the region are intertwined, and deepening economic engagement among partners is crucial for continued growth, peace, and prosperity,” it said.

Modi, who arrived in Tokyo early Monday, met business leaders and the Indian community. He will attend the Quad leaders’ summit Tuesday and hold bilateral meetings with President Biden, Prime Minister Kishida and newly-elected Australian Prime Minister Anthony Albanese.

WILL CARRY ON WITH RADICAL REFORMS: INDIA AT DAVOS

India is in the midst of a major transformation in the digital space, and a strong political leadership and the commitment to continue with radical reforms would play a key role in taking the country to a leadership role in the global economy, Niti Aayog CEO Amitabh Kant said on Monday.

Addressing a breakfast season on unleashing the power of the Indian diaspora on the sidelines of the World Economic Forum Annual Meeting-2023, Kant said, “A slew of radical reforms has been carried out by India in the recent years that have put India on a growth trajectory for many decades to come.”

“The Startup India movement has seen the number of startups rise from double-digit to tens of thousands now and the emergence of unicorns even at the peak of the Covid-19 pandemic has been phenomenal,” he said at the session organised by the CII.

NITISH KUMAR INSISTENT ON A CASTE CENSUS

Political corridors in Bihar are abuzz with speculations following a call by Chief Minister Nitish Kumar for an all-party meeting on May 27 to discuss caste-based census.

Unperturbed by ally BJP's reservations, Kumar said the state govt had sent a proposal for the meeting to all parties, however, some have not responded so far.  “We are waiting for their response. We want to discuss each and every issue related to caste-based census. The leaders of different political parties will give their suggestions which will be a great help,” he said, days after Leader of the Opposition Tejashwi Yadav met him over the issue.

While parties like the JD-U, the RJD, the Congress, the Left and the AIMIM are in favour, Kumar’s alliance partner BJP has raised objections to such a head count. While it remains to be seen how the BJP leadership will react to this attempt to “corner” the party, it is almost clear that the caste-based census, a long-standing demand of political parties like the RJD, is set to take off in Bihar.

AT W.H.O. SESSION, INDIA BRINGS UP COVID DEATH FIGURES

Union Minister of Health and Family Welfare Mansukh Mandaviya on Monday expressed dismay over the World Health Organisation’s recent report claiming the actual number of people losing their lives in India after getting infected by COVID was ten times more than the official figure.

Covid could have killed as many as 47.4 lakh people in India in 2020 and 2021, either directly or due to infection or through its indirect impact, the WHO said earlier this month.

Addressing the 75th session of the World Health Assembly in Geneva at WHO HQ, Mandaviya raised dismay and concern over WHO’s recent exercise. He said country-specific authentic data published by the statutory authority was not taken into account by the premier world body.

The Union Health Minister conveyed the collective disappointment of the Central Council of Health and Family Welfare, a representative body of health ministers from all states of India, who passed a unanimous resolution regarding the approach and methodology of WHO resulting into “excess mortality reports”.

COVID DASHBOARD – INDIA

As of 0800 IST / May 24

from mohfw.gov.in ,

New Cases on Monday 1,675

Active Cases 14,841 (+9)

Total Deaths (Deaths Yesterday) 5,24,490 (0)

INTERNATIONAL AFFAIRS

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JOE BIDEN REMARKS ON TAIWAN CREATE A FLUTTER

US President Joe Biden caused a global flutter ahead of the Quad summit on Tuesday by stating that America had made a commitment to use military force to defend Taiwan if it was ever attacked.

This is a departure from the US policy of strategic ambiguity on Taiwan. But a subsequent clarification from the White House stated US policy on Taiwan “has not changed” but maintained that US obligation to defend Taiwan is “even stronger” than that for Ukraine.

IMRAN WANTS CIVIL WAR: SHEHBAZ ON EX-PM’S PROTEST CALL

PM Shehbaz Sharif alleged on Monday that his ousted predecessor Imran Khan wants a “civil war” and warned that the nation will not forgive him and “will hold him by the collar”. His remarks followed Khan’s announcement on Sunday that supporters of his PTI party will organise peaceful march to Islamabad on May 25 to demand dissolution of the National Assembly and a date for general elections.

Shehbaz reacted sharply to Khan’s statement and said: “Imran Niazi wants to initiate a civil war in the country. But he is mistaken. The nation will never forgive him and will hold him by the collar. ” When asked if the govt would call in the army to stop Khan’s march, he said a decision will be taken if and when needed.

Following Khan’s call to protest, heads of the coalition in office met on Monday and decided to stay the course, rejecting Khan’s demands.

So far, Shehbaz has been reluctant about taking unpopular calls —such as withdrawal of subsidies on petroleum products that were announced by Khan’s govt this February —without the support of influential security establishment.

Finance minister Miftah Ismail has left for Doha for talks with theIMF for resumption of a $6 billion loan programme stalled since early April. There is speculation that if in a couple of days, economic support is not forthcoming, then the National Assembly may be dissolved and snap polls announced. The security establishment, sources said, have Plan B ready — bring in a caretaker setup of technocrats — if the coalition govt fails to take tough economic measures.

WHO CALLS MONKEYPOX SPREAD ‘CONTAINABLE SITUATION’

The WHO does not have evidence that the monkeypox virus has mutated, a senior executive at the UN agency said on Monday, noting the infectious disease that is endemic in west and central Africa has tended not to change. Rosamund Lewis, head of the smallpox secretariat which is part of the WHO Emergencies Programme, told a briefing that mutations are typically lower with this virus, although genome sequencing of cases will help inform understanding of the current outbreak.

The recent outbreak in Europe and North America have not been severe, the WHO's emerging diseases and zoonoses lead and technical lead on Covid, Maria van Kerkhove, said. “This is a containable situation” The outbreaks are atypical, according to the WHO, as they are occurring in nations where the virus does not regularly circulate. Scientists are seeking to understand the origin of the cases and whether the virus has changed.

A leading adviser to the WHO described the unprecedented outbreak of the rare disease monkeypox in developed countries as “a random event” that might be explained by risky sexual behaviour at two recent mass events in Europe. Dr. David Heymann, who formerly headed WHO’s emergencies department, said the leading theory to explain the spread of the disease was sexual transmission among gay and bisexual men at two raves held in Spain and Belgium. Monkeypox has not previously triggered widespread outbreaks beyond Africa.

THE REST

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MCD UNIFIED, NOW PAY EMPLOYEES’ PENDING SALARIES: AP TO CENTRE

The unified Municipal Corporation of Delhi (MCD) formally came into existence on Sunday, with IAS officers Ashwani Kumar and Gyanesh Bharti assuming charge as the new civic body’s special officer and commissioner, respectively. The MCD was trifurcated in 2012.

The Aam Aadmi Party (AAP) said the people of Delhi were “eagerly” waiting for the municipal elections, hoping the new civic body will solve their problems. Instead of holding elections, the BJP-led Central govt brought a law for unification of the three civic bodies in the national capital to remain at helm, it said.

Meanwhile, Vinai Kumar Saxena, the chairperson of Khadi and Village Industries Commission, was appointed as the new Lieutenant Governor of Delhi on Monday. Saxena, 64, will succeed Anil Baijal who resigned from the post last week citing "personal reasons".

GYANVAPI MOSQUE CASE: VARANASI COURT TO DECIDE COURSE OF ACTION TODAY

Directed by the Supreme Court to decide “on priority” pending proceedings related to the Gyanvapi-Kashi Vishwanath row, the Varanasi District Judge, who heard the matter Monday, will decide Tuesday the future course of action and the question of maintainability of the suit.

Last Friday, the Supreme Court said the application filed by the Committee of Management of Anjuman Intezamia Masajid, Varanasi, challenging the maintainability of the suit by five Hindu women, seeking the right to worship at Maa Shringar Gauri Sthal on the outer wall of the mosque complex, “shall be decided on priority by the District Judge upon the transfer of the suit”. It also said that “ascertainment of the religious character of a place is not barred” by the Places of Worship (Special Provisions) Act, 1991.

KIRIT SOMAIYA'S WIFE SUES RAUT FOR RS 100 CR

BJP leader Kirit Somaiya's wife Medha Somaiya on Monday filed a civil defamation suit against Shiv Sena MP Sanjay Raut and sought damages of Rs 100 crore in the wake of the latter accusing the couple of wrongdoing and being involved in a "toilet scam".

Medha Somaiya sought that the court direct Raut to either pay her Rs 100 crore or deposit the amount towards the Chief Minister's Relief Fund.

She said Raut had repeatedly made defamatory public statements against her and her husband, particularly about their alleged involvement in a "toilet scam worth Rs 100 crore."

She also sought that as an interim relief, Raut be restrained by the high court from making any public statements against her and her family members.

The HC is yet to assign a date of hearing for the suit.

AKAL TAKHT JATHEDAR WANTS WEAPONS FOR SIKHS; MANN REPLIES WITH PEACE

Akal Takht Jathedar Giani Harpreet Singh on Monday said every Sikh should possess a licensed modern weapon because "such are the times", prompting objections from Punjab Chief Minister Bhagwant Mann who said he should give a message of peace and brotherhood.

The jathedar's remarks drew a sharp reaction from Chief Minister Mann who asked him not to send out such a message. "Honourable, Jathedar Sri Akal Takh Sahib ji, your statement about weapons... Jathedar ji, you should send across Gurbani's message of 'sarbat da bhala' (welfare of all) to every house instead of that of possessing weapons. Jathedar sahab, we should give messages of peace, brotherhood and modern development rather than of modern weapons," the chief minister tweeted.

Punjab Congress chief Amarinder Singh Raja Warring also took exception to the jathedar's statement and dubbed it as "mischievous".

AKASA AIR SET TO LAUNCH COMMERCIAL OPERATIONS BY JULY

New airline Akasa Air on Monday said it was on track to receive its first Boeing 737 Max plane by mid-June and launch commercial operations by July.

The airline on Monday released the photographs of its first Max plane from the Boeing production facility in the USA's Portland as it got ready for delivery.

Akasa Air plans to fly 18 aircraft by the end of March 2023 across domestic routes in the country, focusing on metro to tier-2 and tier-3 cities, it noted.

The airline, which is backed by ace investor Rakesh Jhunjhunwala and aviation veterans Vinay Dube and Aditya Ghosh, received the no-objection certificate from the Ministry of Civil Aviation in August 2021 to launch the commercial flight operations. IT signed a deal with Boeing on November 26, 2021, to purchase 72 Max planes.

GAUTAM ADANI, KARUNA NUNDY ON TIME’S 100 MOST INFLUENTIAL LIST

Gautam Adani, Jailed J&K Activist Khurram Parvez, Zelenskyy in TIME 100 List

Indian billionaire Gautam Adani, Supreme Court lawyer Karuna Nundy, and Jammu and Kashmir activist Khurram Parvez are among the few prominent Indian names to feature in TIME’s list of 100 most influential people of 2022 which was released by the magazine yesterday.

The list includes US President Joe Biden, Ukraine President Volodymyr Zelenskyy, Russian President Vladimir Putin, Chinese President Xi Jinping, President of the European Commission Ursula von der Leyen, tennis icon Rafael Nadal, Apple Chief Executive Officer (CEO) Tim Cook and media mogul Oprah Winfrey.

GOVT CALLS RESTAURANT OWNERS FOR MEETING OVER FORCED SERVICE CHARGE

Stating that consumers are being “forced to pay service charge, often fixed at arbitrarily high rates”, the Department of Consumer Affairs has called a meeting with restaurant owners on June 2.

This comes days after Consumer Affairs Secretary Rohit Kumar Singh raised the issue in a letter to the National Restaurant Association of India. He told them that restaurants and eateries are collecting service charges from consumers by default, although it is supposed to be voluntary and at the discretion of consumers.

According to a statement issued by the Department of Consumer Affairs on Monday, four key issues “pertaining to service charge levied by restaurants” will be discussed at the meeting: restaurants making service charge compulsory; adding service charge in the bill in the guise of some other fee or charge; suppressing information from consumers that service charge is optional and voluntary; and embarrassing consumers in case they resist from paying service charge.

'COIN' IN BITCOIN NAME DOESN'T MAKE IT MONEY, WARNS IMF CHIEF GEORGIEVA

IMF chief Kristalina Georgieva on Monday cautioned against confusing crypto products with currencies and said anything not backed by a sovereign guarantee can be an asset class but not a currency, as she asserted that Bitcoin cannot be 'money' just because it has got 'coin' in its name.

Speaking at a session on central bank digital currencies at the World Economic Forum Annual Meeting, she said crypto products may be offering faster services at a much lower cost and better inclusivity, but for that also there was a need to separate apples from bananas and regulation would be key there.

FRENCH OPEN: NADAL SAILS THROUGH; OSAKA, KREJCIKOVA KNOCKED OUT

Rafael Nadal showed no signs of pain as the 13-time French Open champion marched into the second round at Roland Garros with clinical 6-2, 6-2, 6-2 demolition of Australian Jordan Thompson on Monday.

The Spaniard, who had never arrived in Paris as unprepared as this year after a rib injury and a chronic foot problem hampered the build-up to his beloved Grand Slam tournament, was never bothered on a chilly court Philippe Chatrier.

The 35-year-old has a record 21 men's Grand Slam titles to his name.

Japan's Naomi Osaka crashed out of the French Open in a 7-5, 6-4 first-round loss to American Amanda Anisimova on Monday, a year after her dramatic withdrawal from the clay court Grand Slam tournament amid mental health issues.

Barbora Krejcikova's (2nd seed) French Open title defence ended in the opening round on Monday as local hope Diane Parry was roared to a 1-6, 6-2, 6-3 victory against the Czech.

Earlier, on Sunday, a pair of major upsets blew the bottom half of the women's draw wide open as Madrid champion Ons Jabeur (6th seed) and 2016 champion Garbine Muguruza (10th seed) were sent packing.

Men’s Top 10 seeds

1. Novak Djokovic

2. Daniil Medvedev

3. Alexander Zverev

4. Stefanos Tsitsipas

5. Rafael Nadal

6. Carlos Alcaraz

7. Andrey Rublev

8. Casper Ruud

9. Felix Auger-Aliassime

10. Cameron Norrie

INDICATORS

Sensex 54,289 (-38), Nifty 16,215 (-51), Trading Value NSE (Rs.crores) 55,019

Nasdaq 11,535 (+181) Dow 31,880 (+618), S&P 3,974 (+72)

US$-Rs. 77.43 GBP-Rs. 97.28, Euro-Rs. 82.43, UAE Dhm-Rs.21.07, Can$-Rs. 60.54, Aus$- Rs. 54.98

GBP 0.79 /US$, Euro 0.93 /US$, Jap.Yen 127.66 /US$, Aus$ 1.40 /US$, Sing 1.37 /US$, Bang Taka 86.00 /US$, Can$ 1.27 /US$, Mal Ring 4.38 /US$,

Pak Re 200.32 /US$, Phil Peso 52.23 /US$, Russian Rouble 59.08 /US$, NZ$ 1.54 /US$, Thai Baht 34.17 /US$, Ukraine Hryvnia 29.29 /US$

Bitcoin - USD 29,237

Dollar Index 102.27 Brent Crude 112.87 BDI 3,369

Gold world Spot Price USD/aoz 1,851 India (Rs. per gm 24k/22k) 5,143 / 4,715, Silver (Rs. Per KG) 65,900

THOUGHT FOR THE DAY

He will have to learn, I know, that all people are not just - that all men and women are not true. Teach him that for every scoundrel there is a hero that for every enemy there is a friend. Let him learn early that the bullies are the easiest people to lick. - Abraham Lincoln

OFF TRACK

A man goes into chemist's shop asks if he can get something for the hiccups.

The shopkeeper promptly reaches out and slaps the man's face.

"What the heck did you do that for!?!" the man screams.

"Well, you don't have the hiccups anymore do you?"

The man says, "No I don't, you IDIOT... But my wife out in the car still does!"