AMID TAIWAN TENSIONS, INDIA CALLS FOR STATUS QUO

In its first statement since US House Speaker Nancy Pelosi’s visit to Taipei 10 days ago which angered China and led to PLA military drills, India on Friday called for “exercise of restraint” and to avoid “unilateral actions to change (the) status quo” over Taiwan.

It did not spell out the One-China policy, and instead said that the government’s “relevant” policies are “well-known and consistent” and “do not require reiteration”.

Without naming China, New Delhi also called Beijing’s blocking of the proposal to designate  Pakistan-based Abdul Rauf Azhar as a global terrorist as “unfortunate”.

“We note with regret that a ‘technical hold’ has been placed on the listing proposal for Abdul Rauf Asghar. It is unfortunate that when it comes to our collective battle against terrorism, the international community has been unable to speak in one common voice,” Arindam Bagchi, spokesperson for the Ministry of External Affairs said.

Bagchi said that Abdul Rauf was actively involved in terrorist attacks such as hijacking of Indian Airlines aircraft IC-814 in 1999, the Parliament terror attacks in 2001 and the terror attacks at the Indian Army camp in Kathua in 2014 and at the IAF base in Pathankot in 2016.

On the Chinese Foreign Ministry saying that it was “completely unjustified for certain countries to cite the so-called security concerns” to pressure Sri Lanka — in the context of the Sri Lanka Foreign Ministry asking China to “defer” the arrival of the Yuan Wang 5, a military vessel, at its southern port of Hambantota – the MEA spokesperson said, “We reject the insinuations in the statement about India. Sri Lanka is a sovereign country and makes its own independent decisions.”

He said as far as India-Sri Lanka relations are concerned, “you are aware of the centrality that Sri Lanka occupies in our Neighbourhood First policy. India has extended this year itself an unprecedented support of over US$ 3.8 billion for ameliorating the serious economic situation in Sri Lanka. India also is fully supportive of its democracy, stability and economic recovery.”

On India-China relations, Bagchi said, “We have consistently emphasized the necessity of mutual respect, mutual sensitivity and mutual interests as a basis for the development of ties.”

Responding to questions on India’s talks with NATO, Bagchi said,  “India and NATO have kept in touch in Brussels at different levels for quite some time now. This is part of our contacts with various stakeholders on global issues of mutual interest.”

PM MODI SHOULD SPELL OUT REASONS FOR HIM NOT TAKING ON CHINA: RAHUL GANDHI

Questioning the “silence” of Prime Minister Narendra Modi on the eastern Ladakh military standoff, former Congress president Rahul Gandhi on Friday said he should address the nation and spell out the reasons for him not taking on China on the border issue.

In a Facebook post in Hindi, he asked why the prime minister was not keeping the interests of people supreme, remained silent on China and resorted to import of polyester for the national tricolour after ignoring the pride of India—the khadi.

He also questioned why imports from China were rising at a time when Chinese infiltrations on the border were on the rise.

“How will the prime minister, who has struck a deal with China on the tricolour, see the infiltration of China! A true patriot is one who does not let any harm come to his country. A true patriot is one who fights to protect every inch of the country. A true servant of the nation is one who is dedicated to uphold the dignity and pride of his motherland,” he said. “China has dared to occupy our country’s borders. Before coming to power, the prime minister, who promised to show ‘laal aankh’ (red eye or stern response) to China, has bowed before China for the last eight years. The prime minister does not even utter the word ‘China’,” Gandhi said in the post.

He also asked what are the reasons for the prime minister, who is elected by people, not keeping the interests of people supreme and deciding to remain silent on the matter of China. The prime minister should address the country and spell out his reasons. Every citizen will support him for India’s honour but only when it is about Mother India,” the Congress leader said.

NO PM AMBITIONS, BUT READY TO FORGE OPPOSITION UNITY, SAYS NITISH KUMAR

Two days after installing the grand alliance government in Bihar, Chief Minister Nitish Kumar on Friday said he was looking forward to playing a “positive” role in forging Opposition unity ahead of the 2024 General Election while his deputy Tejashwi Yadav of the RJD called on Congress president Sonia Gandhi and Left leaders in the Capital.

Bihar Chief Minister Nitish Kumar rebutted former Dy CM Sushil Modi’s claims that RCP Singh’s induction in the Union Cabinet last year had his approval. “RCP Singh’s induction didn’t have my approval”.

After his meetings with Sonia, CPM general secretary Sitaram Yechury and CPI chief D Raja in New Delhi, Tejashwi said Bihar, the land which gave birth to democracy, had again shown the way to the country. He said Nitish Kumar’s return to the socialist fold was a “slap on the face of the BJP which attempts to intimidate those who can get intimidated and buy off those who can be bought.”

In Patna, Nitish once again dismissed talks of nursing prime ministerial ambitions, telling reporters: “Please do not ask me such questions. I want to serve my state. I have no such (lofty) ambitions. I say so with folded hands.”

To a pointed query on whether he would cement the scattered Opposition to take on the BJP juggernaut, Nitish said: “Our role will be positive. I have been receiving many telephone calls. It is my wish that all come together (against the BJP-led NDA). You will see some action in the days to come.”

COVID DASHBOARD – INDIA

As of 0800 IST / Aug 12

from mohfw.gov.in ,

New Cases on Thursday 16,561

Active Cases 1,23,535 (-1,541)

Total Deaths (Deaths Yesterday) 5,26,928 (49)

INTERNATIONAL AFFAIRS

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TRUMP-FBI SHOWDOWN HEATS UP AMID REPORTS OF HUNT FOR N-PAPERS

An FBI raid on former President Donald Trump’s Florida home was tied to classified documents relating to nuclear weapons, a major US media outlet reported on Thursday, even as the Biden administration asked a court to unseal the search warrant that could throw more light on the unprecedented move that has inflamed politics in America.

At a press conference, US attorney general Merrick Garland said he had “personally approved the decision to seek a search warrant in this matter”, and pledged to protect FBI agents and justice department officials under attack from Trump supporting extremists, some of whom have made death threats.

Garland did not refer to the nuclear documents angle at his press conference, but the Washington Post, citing “people familiar with the investigation”, said classified documents relating to nuclear weapons were among the items FBI agents sought during search. In a Friday morning post on his social media platform, Trump called the nuclear weapons issue a hoax, suggesting the FBI may have planted evidence. “Nu- clear weapons issue is a Hoax, just like Russia, Russia, Russia was a Hoax, two Impeachments were a Hoax, the Mueller investigation was a Hoax, and much more,” he wrote.

The fracas is complicated by the fact that Garland’s nomination to the Supreme Court by then President Obama was blocked by the Senate Republicans, giving him (in their eyes) a motive for initiating the raid. Garland rejected the suggestion.

LATVIA, ESTONIA QUIT CHINA’S EAST EUROPE FORUM

Latvia and Estonia say they have left a Chinese backed forum aimed at boosting relations with Eastern European countries, in what appears to be a new setback for China’s increasingly assertive diplomacy.

The move follows China’s boosting of its relations with Russia, whose invasion of Ukraine is seen as a possible first step in a series of moves against countries that were once part of the Soviet Union. China has refused to criticise Russia and has condemned punishing economic sanctions imposed on Moscow by the West. The move also comes after Beijing launched economic and diplomatic retaliation against another Baltic state, Lithuania, in retaliation for its expanded ties with the self-governing island democracy of Taiwan.

China set up the forum to strengthen relations with members of the EU as well as Serbia and others, partly to further Xi’s signature Belt and Road campaign to build bridges, railways, power plants and other infrastructure across the Eurasian continent. China originally styled the forum as a “17 plus one” arrangement — with Greece having joined the grouping briefly — but the number of European partners has now fallen to 14.

THE REST

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SALMAN RUSHDIE IS STABBED ON STAGE IN NEW YORK

Author Salman Rushdie, who spent years in hiding and under police protection after Iranian officials called for his execution 33 years ago, was attacked and stabbed in the neck on Friday while onstage in Chautauqua, western New York, the state police said.

The attack happened at about 11 am, shortly after Rushdie took the stage to deliver a lecture at the Chautauqua Institution, a community in western New York that offers arts and literary programming during the summer.

Rushdie’s condition is not yet known. It was not clear what motivated the attacker.

A trooper assigned to the event took the assailant into custody, the police said. The person interviewing Rushdie also suffered a minor head injury.

Rita Landman, an endocrinologist who was in the audience, said that Rushdie had multiple stab wounds, including one to the right side of his neck, and that there was a pool of blood under his body. But she said he appeared to be alive. “People were saying, ‘He has a pulse, he has a pulse he has a pulse,’” Landman said.

Suzanne Nossel, the chief executive officer of PEN America, which promotes free expression, said that “we can think of no comparable incident of a public attack on a literary writer on American soil.”

Rushdie spent about 10 years under police protection, living in hiding after Ayatollah Ruhollah Khomeini, the Supreme Leader of Iran after the 1979 Iranian Revolution, called for his execution in 1989 because his novel The Satanic Verses was considered offensive to Islam. The book was banned in India, where he was born, and he was barred from the country for more than a decade.

The Iranian government publicly backed the fatwa for 10 years, until at least 1998, when Iran’s then president, Mohammad Khatami, said Iran no longer supported the killing. But the fatwa remains in place, reportedly with a bounty attached from an Iranian religious foundation of some $3.3 million as of 2012.

Prime Minister Boris Johnson of Britain said in a Twitter post that he was “appalled that Sir Salman Rushdie has been stabbed while exercising a right we should never cease to defend. Right now my thoughts are with his loved ones. We are all hoping he is okay.”

Authors, writers and activists across the globe condemned the attack. Bangladeshi-Swedish writer Taslima Nasreen expressed her shock over the incident saying she “never thought such a thing would happen” and added that “if Salman Rushdie is attacked, anyone who is critical of Islam can be attacked.”

'NOT PART OF ANY ALLIANCE': AAP

The AAP on Friday sought to remain equidistant from the BJP-led NDA and the UPA comprising the Congress, saying it is for the JD(U) and its allies to decide if they want Nitish Kumar as their prime ministerial candidate for the 2024 Lok Sabha polls.

The AAP is not part of any alliance and it is focused on its own nationwide expansion, the party’s national spokesperson Sanjay Singh said at a press conference, brushing aside a question on some non-BJP parties projecting Bihar Chief Minister Kumar as the PM candidate. “Neither we are part of the NDA, nor that of the UPA. We are not part of any alliance,” he added.

Riding high on its stupendous victory in the Punjab Assembly polls, the AAP has been projecting its national convenor and Delhi Chief Minister Arvind Kejriwal as the lone challenger to Prime Minister Narendra Modi and his BJP.

Singh said the AAP is focused on its nationwide expansion and the party is working to achieve this objective. “The entire focus of the Aam Aadmi Party is on strengthening its base and its nationwide expansion, finding ways to make fundamental problems facing the country main issues and also bringing up solutions,” he said.

RSS CHANGES PROFILE PICTURES OF ITS SOCIAL MEDIA ACCOUNTS TO NATIONAL FLAG

Ahead of Independence Day, the RSS on Friday changed profile pictures of its social media accounts to the national tricolour from its traditional saffron flag.

As the country is celebrating the 'Azadi Ka Amrit Mahotsav' to mark 75 years of India's Independence, Prime Minister Narendra Modi had urged people to put the tiranga (tricolour) as the profile picture of their social media accounts between August 12 and 15.

The RSS, the political fountainhead of the ruling BJP, has been criticised by the Congress and other Opposition over its stand on the national flag.

In an obvious reference to the RSS, Congress general secretary Jairam Ramesh asked earlier this month if the organisation that did not hoist the national flag at its headquarters in Nagpur for 52 years would comply with the prime minister's message to make the 'tiranga' the profile picture of social media accounts.

On Friday, RSS publicity department co-incharge Narender Thakur said the Sangh has been celebrating Independence Day at all its offices by hoisting the national flag. He further said RSS workers were actively participating in the Har Ghar Tiranga campaign.

SUPERTECH TOWERS DEMOLITION NOW ON AUG 28, SC GRANTS ADDITIONAL WEEK

The Supreme Court Friday agreed to a request by the Noida Authority to fix August 28 for the demolition of the illegally built twin towers of real estate giant Supertech Ltd.

“Noida has stated that in view of the fact that certain work prior to demolition has to be completed by August 25, 2022, and as recommended by CSIR-CBRI (Council for Scientific and Industrial Research-Central Building Research Institute), the date of demolition may be confirmed as August 28, 2022, with a ‘bandwidth of seven days’ between August 29 to September 4, 2022, to take into account any marginal delay on account of technical reasons or weather conditions. The request made by Noida is acceded to,” the bench, also comprising Justice A S Bopanna, said in its order.

The Supreme Court had on August 31, 2021, ordered the demolition of the twin towers for violating building norms in “collusion” with Noida officials. The top court had held that the illegal construction has to be dealt with strictly to ensure compliance with the rule of law.

CORPORATE TAX COLLECTION SOARS 34% BETWEEN APRIL AND JULY: I-T DEPT

The Income-tax department on late Friday said that tax collections from corporates soared 34 per cent in first four months of the fiscal over that in the equivalent period in 2021-22, indicating that the “simplified tax regime with low rates and no exemptions” has lived up to its promise, the department said.

In a series of tweets, the department highlighted that the corporate tax collections during April and July period stood at Rs 7.23 lakh crore registered a growth of over 58 per cent as compared to the tax collection of FY 2020-21.

An official estimation suggests that companies with total income above Rs 50 crore, more than 60 per cent have elected for the new corporate tax regime last fiscal year. Companies with income above Rs 50 crore account for 78 per cent of taxable income and corporate tax liability. However, it received lukewarm response from individuals under the new regime.

The centre had slashed corporate tax rate to 22 per cent for existing domestic companies and to 15 per cent for newly incorporated manufacturing companies in September 2019. The intention was to provide impetus to investment and spur demand.

Even when compared to collections of FY 2018-19 (the pre-Covid period), the collections of FY 2021-22 are higher by over 9 per cent, the department said. “The positive trend of growth continues, even when the corporate tax collections took a temporary hit due to the overall impact of the pandemic during FY20-21."

POWER, CAPITAL GOODS, METALS, FIRE UP STOCKS OVER LAST 6 WEEKS

The market rally over the last six weeks which took the Sensex up 15.8 per cent has been driven mostly by sectors that benefited from a decline in global fuel and commodity prices.

An uptick in capital expenditure aided by a gradual moderation in inflation from its peak of 7.79 per cent in April to 6.71 per cent in July has ensured that the rally is broad based, with even the mid-cap and small cap indices rising 16.3 per cent and 15.6 per cent, respectively.

A comparison of the performance of sectoral indices over the six-week beginning June 17 reveals that companies whose revenues and profit margins are dependent on global commodity prices have outperformed. For instance, the BSE Power Index has been the biggest gainer, jumping 26.5 per cent since June 17. The capital goods index rose 22.6 per cent, industrials 21 per cent, metal 20.8 per cent, consumer durables 20.6 per cent and auto 19.9 per cent.

Over the last two months, while iron ore prices dropped sharply by over 25 per cent, that of tin and copper have fallen 33 per cent and 14 per cent, respectively. Even coal prices over the last one month have declined by nearly 15 per cent.

INDICATORS

Sensex 59,463 (+131), Nifty 17,698 (+39), Trading Value NSE (Rs.crores) 55,743

Nasdaq 13,047 (+267) Dow 33,761 (+424), S&P 4,280 (+73)

(US$-Rs. 79.49 GBP-Rs. 96.61, Euro-Rs. 81.75, UAE Dhm-Rs.21.64, Can$-Rs. 62.25, Aus$- Rs. 56.52

GBP 0.82 /US$, Euro 0.97 /US$, Jap.Yen 133.43 /US$, Aus$ 1.40 /US$, Sing 1.37 /US$, Bang Taka 93.30 /US$, Can$ 1.27 /US$, Mal Ring 4.44 /US$,

Pak Re 217.15 /US$, Phil Peso 55.58 /US$, Russian Rouble 61.12 /US$, NZ$ 1.55 /US$, Thai Baht 35.25 /US$, Ukraine Hryvnia 36.65 /US$)

Bitcoin - USD 24,515

Dollar Index 105.55 Brent Crude 98.15 BDI 1,477

Gold world Spot Price USD/aoz 1,801 India (Rs. per gm 24k/22k) 5,209 / 4,775, Silver (Rs. Per KG) 64,000

THOUGHT FOR THE DAY

Life is like riding a bicycle. To keep your balance you must keep moving. - Albert Einstein

OFF TRACK

A magazine reporter is travelling through a rainforest, in search of a fabled tribe. He falls into a trap, goes unconscious and wakes up tied to a stake with a fire burning slowly underneath him. He cries out for help, and is answered by what is obviously one of the tribesmen, who informs him that he is going to be served as dinner to the leader of the tribe.

"You can't do this to me!” he cries, “I'm an editor for the New Yorker magazine!"

"Ah," replies the tribesman, "Well you’re soon going to be the ‘editor-in-chief’!"