INDIA OFFICIALLY TALKS TO TALIBAN IN DOHA, RAISES TERRORISM CONCERN

In the first formal and publicly acknowledged contact, Indian Ambassador to Qatar Deepak Mittal met senior Taliban leader Sher Mohammad Abbas Stanekzai on Tuesday and conveyed India's concerns that Afghanistan's soil should not be used for anti-Indian activities and terrorism.

The ministry of external affairs said the discussions also focused on the safety, security and early return of Indian nationals stranded in Afghanistan and the travel of Afghan nationals, especially members of minority communities to India.

he MEA said the Taliban representative assured the ambassador that "these issues" would be addressed.

The meeting took place at the Indian embassy in Doha. This was the first publicly acknowledged contact between the two sides in over at least two decades.

On Saturday, Stanekzai, in a clear overture, described India as an important country in the region and said the Taliban wants to maintain Afghanistan's trade, economic and political relations with it.

SC REACHES ALMOST FULL STRENGTH, INCLUDING 4 WOMEN JUDGES

For the first time in the history of the Supreme Court, nine judges, including three women judges, were on Tuesday administered oath of office, taking its strength to 33 against the sanctioned strength of 34.

The Supreme Court had seen only eight women judges in the last over 71 years of its existence. Till August 30, it had only one woman judge – Justice Indira Banerjee. However, after Tuesday’s swearing in, for the first time in its history the Supreme Court has four sitting woman judges.

INDIA'S GDP GROWTH REBOUNDS TO 20.1% IN Q1 ON LOW BASE

India's economy grew at a record 20.1 per cent year-on-year in April-June quarter, official data on Tuesday showed, rebounding from a deep slump last year, helped by improved manufacturing in spite of a devastating second wave of Covid-19 cases.

The read-out for June quarter was in line with the 20.0 per cent growth forecast of analysts in a Reuters poll, and much higher than 1.6 per cent growth rate for the previous year.

The economy had contracted 24.4 per cent in the same quarter a year earlier.

The central govt’s fiscal deficit stood at Rs 3.21 lakh crore or 21.3 per cent of the budget estimates at the end of July, data showed on Tuesday.

The deficit figures this fiscal appear much better than the previous financial year, when it soared to 103.1 per cent of the estimate, mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.

NEW RECORD — OVER 1.25 CR DOSES IN A DAY; AUGUST SEES 18.1 CRORE DOSES

The country on Tuesday administered 1.25 crore doses of vaccines against Covid-19, according to provisional data, setting the highest single-day tally since the vaccination drive began on January 16 this year. With this, India ended August by administering a record 18.12 crore doses, up from 13.45 crore in July.

India’s cumulative vaccination has now crossed 65 crore doses, as per official data. On Tuesday, India also crossed another mark — cumulative 50 crore first-dose coverage.

In August, daily average vaccination was 58.46 lakh — the first time that the daily average was more than 50 lakh. In April, the average daily vaccination was 29.96 lakh, which dropped to 19.69 lakh in May due to a supply shortage. As manufacturers began ramping up production, June and July saw, respectively, 39.89 lakh and 43.41 average daily jabs.

On Tuesday morning, according to Health Ministry data, the states had a record 5.42 crore unutilised vaccine doses due to an increase in supply.

As per estimates, India can administer an additional over 100 crore doses by end of this year, which should be enough for 2 doses each to every adult who wants it.

KEY COVID NUMBERS

Current Active Cases Countrywide: 3,72,722

New Cases in last 24 hours: 43,071

Recovered in last 24 hours: 34,109

Change in no. of Active cases in last 24 hours: +8,500

No. of deaths in last 24 hours (Total Covid Deaths so far): 462 (4,39,054)

Daily Tests (Monday): 13,94,573

Daily Positivity Rate (Proportion of Positives among total Tested): 2.2%

Percentage of Population Vaccinated (At Least One Dose / Two Doses): 37.0% / 11.1%

INTERNATIONAL AFFAIRS

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THE TALIBAN CELEBRATE VICTORY

The Taliban celebrated a complete victory on Tuesday, achieving a goal they had nurtured through two decades: the exit of the last U.S. soldier from Afghanistan.

An American military that once flexed its muscles across the entire country was reduced to overseeing a hasty evacuation from the airport in Kabul. But on Tuesday, the airport, too, was in the hands of the Taliban. It offered an irresistible stage — and they made full use of it. “We have been fighting for this day for the last 20 years: to end this war and attack of foreigners on us and bring our own Islamic govt,” declared the Taliban’s spokesman, Zabihullah Mujahid, standing on the tarmac from which the last U.S. plane had departed only hours earlier.

Mujahid, flanked by other Taliban officials and fighters from the group’s elite unit, led journalists on a tour of the abandoned airport, which until the day before had been divided into a civilian side and military one used by Western coalition forces.

The detritus told the story of another superpower whose ambitions had been dashed in Afghanistan. It ranged from suitcases and clothing scattered across a now-idle domestic terminal to military vehicles, armored S.U.V.s and even helicopters, which U.S. officials say have been permanently disabled.

The US embassy in Kabul has been shuttered, and Secretary of State Antony J. Blinken said this week that for now, the only formal U.S. diplomatic mission for Afghanistan would be based in Qatar.

Facing sharp criticism over the tumultuous US withdrawal from Afghanistan, US President Joe Biden said on Tuesday it was the best available option to end both the United States’ longest war and decades of fruitless efforts to remake other countries through military force. He said that the real decision was between leaving and escalating and he was not going to extend a "forever war or extend a forever exit."

AT UNSC, RESOLUTION STRESSES SAFE PASSAGE

A divided UN Security Council adopted a resolution late on Monday night asking the Taliban to allow safe passage for those seeking to leave Afghanistan and demanding that it should not harbour groups that threaten or attack any country or to shelter and train terrorists.

With abstentions by China and Russia, the other 13 members, including India and the US, voted in favour of UNSC Resolution 2593 which specifically mentioned Lashkar-e-Toiba, Jaish-e-Mohammed, etc. that are still listed as terror groups by the UNSC.

The resolution did not mention the proposal backed by France for the creation of a safe zone in Kabul. It was tabled by Permanent Members — the US, France and the UK. Russia and China objected to the exclusion of groups like ISIL (Islamic State in Iraq and Levant) and East Turkestan Islamic Movement.

The resolution also stressed the importance of upholding human rights, reaching an inclusive political settlement and combating terrorism.

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AFTER RAHUL GANDHI CALLS RENOVATION ‘INSULT’, AMARINDER SAYS IT ‘LOOKS NICE’

Hours after AICC leader Rahul Gandhi took to Twitter to criticise the renovation of the Jallianwala Bagh memorial complex as an “insult to martyrs”, Punjab CM Amarinder Singh deviated from the party line and said that the revamped memorial “looked nice” to him.

Amarinder, however, said he was not aware of Rahul’s tweet.

Earlier in the day, tagging screenshot of a report on social media outrage over the revamp, Rahul had tweeted, “Only a person who does not know the meaning of martyrdom can inflict such an insult on the martyrs of Jallianwala Bagh.” He added: “I am the son of a martyr — I will not tolerate the insult of martyrs at any cost…We are against this indecent cruelty.”

In Punjab, CM Amarinder Singh chose to disagree. “I was a part of the inauguration function of the renovated Jallianwala Bagh when Prime Minister Narendra Modi threw it open for the public. A laser show was also organised. I feel they needed to repair the walls that had developed cracks. The renovation looks nice to me,” he said.

The BJP alleged that Rahul Gandhi’s party did not even construct a washroom at the site but is now doing politics over the exercise undertaken by the Modi dispensation.

ONLY WHEN INDUSTRY INVESTS IN J&K WILL IT TRANSLATE INTO A RELATIONSHIP OF HEART: AMIT SHAH

Only when the youth in Jammu and Kashmir feel that people from across India are investing in the region and creating job opportunities for them will the relationship between Kashmir and the rest of India translate into one of heart, Home Minister Amit Shah said on Tuesday.

Shah made the statement while addressing industry representatives while launching an interactive portal for investment in J&K under the new industrial policy announced for the union territory.

“Today, from the bottom of my heart, I appeal to the industrial world to invest in J&K. Let us together move in the direction of making J&K the most developed region in the country. The development of J&K is not the responsibility of the people of J&K alone. It is part of our country, so its development is our responsibility as well,” Shah said. “Only when you go there and make the youth feel that people from different parts of the country are coming there and investing, creating employment for them, giving them opportunities, will it translate into a relationship of the heart.”

“The youth of J&K was forced to be dependent on govt jobs… as industries could not invest in J&K. The biggest hurdle in this were Articles 370 and 35A. After their abrogation, an open environment was created and several opportunities for employment were created. India’s industrialists also want J&K to develop. By investing in J&K, they will not only benefit themselves, but also contribute to the region’s development,” Shah said.

The Home Minister that J&K now had central cadre officers, who were going to stay in the union territory for long, and that Hindi and English had been included as official languages along with Urdu and Dogri.

Meanwhile, in the first outreach of its kind, top Army and police brass interacted with over 80 families of militants active in the Valley Tuesday, urging them “guide their wards back into society”.

“Get them out silently. How will you do it, I don’t know. It depends on you. But during an operation, if some boy (gives up) his weapons, we will take the bullet, we will take the injury, we will take the casualty but (we will ) save your child. This is my promise to you. Rest, it is for you to decide,” said General Officer Commanding (GoC), 15 Corps, Lt Gen D P Pandey.

DEMOLISH SUPERTECH'S 40-STOREY TWIN TOWERS IN NOIDA, ORDERS SC

Nine years after taking up the cudgels against Supertech Ltd, home buyers finally got relief from the Supreme Court on Tuesday as it ordered demolition of the under-construction twin 40-storey towers which would have blocked sunlight and fresh air, violating building norms “in collusion” with Noida officials.

The case revealed a “nefarious complicity” of the planning authority (Noida) in violation of the provisions of law by the developer (Supertech), the apex court said.

“A breach by the planning authority of its obligation to ensure compliance with building regulations is actionable at the instance of residents whose rights are infringed by the violation of law. Their quality of life is directly affected by the failure of the planning authority to enforce compliance,” it said.

The top court said it is also affirming the high court order for sanctioning prosecution under provisions of Uttar Pradesh Urban Development Act and Industrial Area Development Act, against the officials of the Supertech Ltd and the Noida officers for violation of the law.

The top court in its 140-page verdict said, “as this case demonstrates, they (home buyers) are denied access to information and are victims of misinformation. Hence, the law must step in to protect their legitimate concerns”.

In 2012, the home buyers have first taken up their battle against the builder to Allahabad high court, which on April 11, 2014, ordered demolition of the under-construction twin- towers while upholding the rights of residents. The builder, just after a month approached the top court, which ordered a status quo on the demolition and creation of third party rights.

The top court on Tuesday directed that the work of demolition shall be carried out within a period of three months from the date of this judgment. “The work of demolition shall be carried out by the appellant at its own cost under the supervision of the officials of Noida . In order to ensure that the work of demolition is carried out in a safe manner without affecting the existing pleadings, Noida shall consult its own experts and experts from Central Building Research Institute Roorkee”, it said.

The apex court directed that the entire amount of home buyers be refunded with 12 percent interest from the time of the booking and the Residents Welfare Association be paid Rs 2 crore for the harassment caused due to the construction of the twin towers.

The two towers, Apex and Ceyane of Emerald Court Project of Supertech situated in sector 93A of Noida, together have 915 apartments and 21 shops. Of these, 633 flats were booked initially.

BIGGEST DEAL IN FINTECH: DUTCH GROUP PROSUS TO BUY BILLDESK FOR $4.7 BILLION

In the biggest ever M&A deal in India’s fintech space, Dutch consumer Internet conglomerate Prosus, along with its financial services unit PayU, has agreed to buy 100% stake in Mumbai-based payment aggregator BillDesk for $4.7 billion.

BillDesk, which was founded in 2000 by former consultants M N Srinivasu, Ajay Kaushal, and Karthik Ganpathy, is among the largest payment gateway aggregators in the country, handling more

The deal will give an exit to BillDesk’s institutional investors — General Atlantic, Temasek Holdings, Visa, TA Associates, March Capital, and Clearstone Venture Partners — in addition to the three co-founders, who together held 29.6% share in the company as of March 31, 2020. The deal is subject to regulatory approval, including from the Competition Commission of India.

INDIA'S MARKET CAPITALISATION TO GDP RATIO HITS 13-YEAR HIGH OF 122%

The listed companies in India are worth 122 per cent of India’s latest annualisedGDP — the highest since December 2008, when it had hit an all-time high of around 150 per cent.

The ratio was 112 per cent at the end of June and 103 per cent at the end of March. India’s current market capitalisation (m-cap) to GDP ratio is nearly 55 per cent higher than the 15-year median ratio of 79 per cent.

The combined m-cap of nearly 3,500 companies listed and actively traded on the BSE reached a new high of Rs 250 trillion on Tuesday and is up 120 per cent since the end of March 2020, and 33 per cent since the beginning of the current calendar year. This has created a wedge between stock valuations and India’s macroeconomic fundamentals.

With this current rally, the m-cap of all listed companies is now up nearly 61 per cent over the pre-Covid level of December 2019

Analysts, say that there has been a rapid rise in m-cap to GDP ratios in most economies since March 2020, fuelled by a rally in asset prices. They point out that while India’s GDP and corporate revenues are yet to fully recover from the Covid shock, corporate profits reached an all-time high thanks to the macroeconomic changes brought about by the pandemic.

World numbers

In comparison, the ratio is 247 per cent at present in the USA, 135 per cent in Japan, 137 per cent in the UK, and 130 per cent in France. India, however, has the highest ratio among the BRICS countries with the exception of South Africa. Most analysts believe that the m-cap may continue to race ahead of GDP till the global money supply remains benign and inflation remains low.

TOKYO PARALYMPICS; INDIA’S MEDAL TALLY REACHES 10

As he sobbed alone inside his room at the Olympic Village, Sharad Kumar was convinced he was being punished for some ‘sin’. On Monday night, the eve of his event at the Paralympics, he accidentally injured his meniscus. “I didn’t think I’d be able to participate,” Kumar says. “I told my parents that it’s done and maybe I’m being punished for some sin. I was crying the whole night.”

A couple of rooms away, Mariyappan Thangavelu spent the night dealing with his own disappointments. The Rio Games gold medalist landed in Tokyo, and almost immediately was sent into isolation after being identified as a close contact of a person on his flight who tested positive for Covid-19. It robbed him of the opportunity to carry India’s flag during the opening ceremony but crucially for him, it affected his training schedule.

On Tuesday, Mariyappan and Kumar left behind their sorrows and soared to the podium. The duo won silver and bronze medals, respectively, in the high jump T63 (combined with T42) class – for athletes with limb deficiencies – to take India’s tally to 10. It is the first time the country has touched double digits at the Games – in fact, India had won a total of just 12 medals from the 1968 edition until 2016.

Prime Minister Narendra Modi expressed happiness on Tuesday over the fact that India’s medal-winners, be it in the Olympics or Paralympics, are coming from different parts of the country which, he said, is a wonderful sign.

He made the observation while speaking to Mariyappan Thangavelu and Sharad Kumar over telephone as he congratulated them on winning medals.

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THOUGHT FOR THE DAY

I learned about business from my failures; I learned about myself from my successes. - Dawn Mata Crane

OFF TRACK

At one time in my life, I thought I had a handle on the meaning of the word "service".  "The act of doing things for other people."

Then I heard the terms such as "Indian Police Service," "Indian Revenue Service," "Civil Service."

And I became confused about the word "service."   This is not what I thought "service" meant.

One day, I overheard two farmers talking and one of them mentioned that he was having a bull "service" a few of his cows.

That was when it all came into perspective.