The Indian political and financial landscape continues to be active, with several significant developments making headlines.
RBI to Maintain Status Quo on Interest Rates
The Reserve Bank of India (RBI) is anticipated to maintain its current policy stance, keeping interest rates unchanged well into late 2025. This decision reflects the RBI’s assessment of the Indian economy, which is projected to grow at a respectable 7.0% year-on-year in the current fiscal year (FY25). The economy is expected to recover from a slightly weaker first quarter, where growth was recorded at 6.7%.
Congress Accuses SEBI Chief of Corruption
The opposition Congress party has leveled serious allegations of corruption against Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI). The Congress claims that Buch received rental income from an entity affiliated with Wockhardt, a company under investigation for various financial irregularities, including insider trading.
BJP Unveils Manifesto for Jammu and Kashmir
The Bharatiya Janata Party (BJP) released its manifesto for the upcoming Jammu and Kashmir Assembly elections on September 6th. Titled ‘Sankalp Patra 2024’, the manifesto outlines 25 promises aimed at securing votes in the region. Key pledges include:
* A yearly payment of ₹ 18,000 to the eldest woman in each household.
* Two free LPG cylinders per year for every household.
* Creation of 5 lakh employment opportunities.
* Tablets or laptops for students in higher secondary classes in remote areas.
Godfrey Phillips India Considers Bonus Share Issue
Godfrey Phillips India Limited, known for its Marlboro cigarette brand, has announced that its board of directors will meet on September 20th to consider a bonus share issue. The company’s filing with the Bombay Stock Exchange (BSE) suggests a potential 2:1 bonus share ratio, meaning shareholders would receive two new shares for every existing share they hold.
Supreme Court Decision on Adani Goodhomes
The Supreme Court of India has refused to stay the resolution plan for Adani Goodhomes, a subsidiary of Adani Infrastructure and Developers. This decision paves the way for Adani Goodhomes to acquire Radius Estates, a struggling real estate company. However, the decision has faced opposition from Beacon Trusteeship, a dissenting creditor, which claims the plan unfairly cuts its financial claims by 93%.
Kolkata Rape Victim’s Family Denies Bribery Claims
The parents of the victim in a recent rape-murder case in Kolkata have refuted claims that they were offered bribes by the police. They insist that their earlier statements, which appeared to confirm bribery allegations, were made under duress. This statement comes after the ruling Trinamool Congress party released a video showing the parents denying any financial offers from the police. While the ruling party has denied any cover-up, the situation remains controversial.
