In second high-profile exit in 6 Months, RBI Deputy Governor resigns before term ends

Agencies
June 24, 2019

New Delhi, Jun 24: RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end of his term, sources said Monday.

This is the second high profile resignation in the past six month at the Reserve Bank of India (RBI). In December, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government.

Acharya had joined the central bank on January 23 last year after Patel was elevated to the post of governor in September 2016.

The RBI is now left with three deputy governors N S Vishwanathan, B P Kanungo and M K Jain. Acharya, a New York University economics professor who once called himself the 'poor man's Raghuram Rajan', was appointed for three years.

He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.

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News Network
March 29,2020

Mumbai, Mar 29: Virologist Minal Dakhave Bhosale led from the front to create India's first coronavirus testing kit even when she was in the last stage of her pregnancy.

Bhosale's efforts paid the price with her team delivering the testing kit in a record time of six weeks.

Bhosale gave birth to a baby girl just a day before submitting the kit to the authorities for evaluation.

"It was like giving birth to two babies," Bhosale told PTI over the phone.

The virologist said both the journeys - that happened in parallel - were not without challenges.

"There were complications in the pregnancy while work on the test kit was on. The baby was delivered through cesarean," she said.

Bhosale said she felt that it was the right time to serve the people to help them in combating the coronavirus threat.

"I had been working for five years in this field and if I don't work in emergency situations when my services are needed the most, then what is the use?" she said.

Though Bhosale was not able to visit the office due to the pregnancy, she was guiding a team of 10 persons working on the project at Mylab Discovery in Pune.

The strong bonds forged with the team over the years and their support made it possible, she said.

Company's co-founder Shrikant Patole said just like drug discovery, test kits too go through a lot of quality checks to improve the precision.

He credited Bhosale for the success of the project.

The COVID-19 testing kit delivered by Bhosale's team will reduce the time taken for delivering a result to 2.5 hours from the prevalent practice of eight hours.

A pioneering approach to testing without compromising on the results was adopted, Bhosale said.

The Maylab test kit will cost Rs1,200, a quarter of Rs 4,500 per kit that the government has been spending on testing so far.

"I'm happy that I could do something for the country," Bhosale said.

As of Friday, only 27,000 of the 1.3 billion people were tested for the virus in the country.

According to experts, high scale testing is essential because it alone can ensure an early diagnosis of COVID-19 and lower down the fatalities.

The company is confident of ramping up the capacity at its plant in Lonavala to deliver 100,000 kits a week, Patole said.

He said the authorities are helping the company, including giving priority for shipping of the raw materials.

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News Network
March 2,2020

New Delhi, Mar 2: The Supreme Court on Monday dismissed a curative petition filed by convict Pawan Kumar Gupta who was sentenced to death in the 2012 Nirbhaya gang rape and murder case.

A five-judge bench headed by Justice N V Ramana said that no case is made out for re-examining the conviction and the punishment of the convict.

Other members of the bench were justices Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan.

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News Network
July 10,2020

United Nations, Jul 10: India is a "good example" as solar auctions have seen popularity amidst the height of the COVID-19 pandemic, UN chief Antonio Guterres said on Thursday, underlining that renewable energy is the only energy source expected to grow in 2020 and offers more jobs than the fossil fuel industry.

In his remarks to the International Energy Agency "Clean Energy Transition Summit'', UN Secretary-General Guterres urged the international community to commit to further usage of coal and to end all external financing of coal in the developing world.

"Coal has no place in COVID-19 recovery plans. Nations must commit to net-zero emissions by 2050 and submit more ambitious national climate plans before COP-26 next year," he said.

"The seeds of change are there. Renewable energy is the only energy source expected to grow in 2020. Solar auctions have seen popularity amidst the height of the pandemic. India serves as a good example. Renewables offer three times more jobs than the fossil fuel industry," Mr Guterres said.

Last month, Adani Green Energy said it has bagged the first of its kind manufacturing-linked solar contract worth Rs 45,000 crore from the Solar Energy Corporation of India (SECI) to develop 8 GW electricity generation capacity and 2 GW equipment manufacturing facility in the country.

Mr Guterres said he has asked all countries to consider six climate positive actions as they rescue, rebuild and reset their economies.

"We need to make our societies more resilient. We need green jobs and sustainable growth," he said, adding that bailout support to sectors such as industry, aviation and shipping should be conditioned on alignment with the goals of the Paris Agreement.

Countries also need to stop wasting money on fossil fuel subsidies and place a price on carbon, he said, noting that countries need to consider climate risk in their decision making.

"Every financial decision must take account of environmental and social impacts. Overall, we need to work together," he said.

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