Supreme Court allows trading in cryptocurrency, quashes RBI ban

New Delhi, Feb 16: Despite the fact that Aam Aadmi Party (AAP) managed to clean sweep in the recently-concluded 2020 Delhi Assembly polls with eight women candidates winning, Chief Minister Arvind Kejriwal's new cabinet does not have a single woman.

This, even as eight AAP women candidates -- Atishi Marlena, Rakhi Birla, Raj Kumari Dhillon, Preeti Tomar, Dhanwati Chandela, Parmila Tokas, Bhavna Gaur and Bandana Kumari emerged victorious in the 2020 Assembly polls.

Also, AAP's poll campaign had put the spotlight on women's issues- free bus rides for women, safety etc.

This year, AAP had fielded nine female candidates out of which only woman candidate Sarita Singh from Rohtas Nagar suffered defeat. In 2015, the party had fielded six women candidates, all of whom won the election.

Atishi Marlena, who won the election from Kalkaji, has served as a key advisor to the AAP leader Manish Sisodia primarily on education policies that transformed public school education in the capital.

Just like Marlena, incumbent MLA Rakhi Birla from Mangolpuri constituency has also failed to comeback to the Cabinet in this term even after bagging over 74,100 votes, with a margin of over 30,000 votes and 58 per cent of the vote share.

She was charged with the Cabinet Ministry of Women and Child, Social Welfare and Languages, for a few months in AAP's first term from 2013 to 2014. During this, period she came to the spotlight as she became the youngest ever cabinet minister of Delhi at the age of 26 and was even called "giant killer" for defeating four-time Congress MLA Raj Kumar Chouhan in 2013 Delhi polls.

Another candidate of AAP, Raj Kumari Dhillon swept Hari Nagar against BJP's Tajinder Pal Singh Bagga by a margin of over 20,100 votes.

Apart from these three, Preeti Tomar (Tri Nagar), Dhanwati Chandela (Rajouri Nagar), Pramila Tokas (RK Puram), Bhavna Gaur (Palam), and Bandana Kumari (Shalimar Bagh)- the other five who won for AAP- do not figure in the new cabinet.

Today at Ramlila Maidan, AAP national convenor Arvind Kejriwal was sworn-in as Chief Minister of Delhi.

Besides him, Manish Sisodia, Satyender Jain, Gopal Rai, Kailash Gehlot, Imran Hussain, and Rajendra Gautamas took oath as the ministers in Delhi.

AAP achieved a landslide victory in the Assembly elections with a clear majority of 62 seats out of 70. 

Jul 3: China under President Xi Jinping has stepped up its "aggressive" foreign policy toward India and "resisted" efforts to clarify the Line of Actual Control that prevented a lasting peace from being realised, according to a report released by a US Congress appointed commission.

The armies of India and China have been locked in a bitter standoff at multiple locations in eastern Ladakh for the last seven weeks, and the tension escalated after 20 Indian soldiers were killed in a violent clash in the Galwan Valley on June 15.

“Under General Secretary of the Chinese Communist Party (CCP) Xi Jinping, Beijing has stepped up its aggressive foreign policy toward New Delhi. Since 2013, China has engaged in five major altercations with India along the Line of Actual Control (LAC),” said a brief issued by US-China Economic and Security Review Commission.

"Beijing and New Delhi have signed a series of agreements and committed to confidence-building measures to stabilise their border, but China has resisted efforts to clarify the LAC, preventing a lasting peace from being realised,” said the report and was prepared at the request of the Commission to support its deliberations.

Authored by Will Green, a Policy Analyst on the Security and Foreign Affairs Team at the Commission, the report says that the Chinese government is particularly fearful of India’s growing relationship with the United States and its allies and partners.

“The latest border clash is part of a broader pattern in which Beijing seeks to warn New Delhi against aligning with Washington,” it said.

After Xi assumed power in 2012, there was a significant increase in clashes, despite the fact that he met Prime Minister Narendra Modi several times and Beijing and New Delhi have agreed to a series of confidence-building mechanisms designed to mitigate tensions.

Prior to 2013, the last major border clash was in 1987. The 1950s and 1960s were a particularly tense period, culminating in 1962 with a war that left thousands of soldiers dead on both sides, according to the records of China's People's Liberation Army, the report said.

“The 2020 skirmish is in line with Beijing’s increasingly assertive foreign policy. The clash came as Beijing was aggressively pressing its other expansive sovereignty claims in the Indo-Pacific region, such as over Taiwan and in the South and East China seas,” it said.

China is engaged in hotly contested territorial disputes in both the South China Sea and the East China Sea. Beijing has built up and militarised many of the islands and reefs it controls in the region. Both areas are stated to be rich in minerals, oil and other natural resources and are vital to global trade.

China claims almost all of the South China Sea. Vietnam, the Philippines, Malaysia, Brunei and Taiwan have counter claims over the area.

Several weeks before the clash in the Galwan Valley, Chinese Defence Minister Wei Fenghe called on Beijing to “use fighting to promote stability” as the country’s external security environment worsened, a potential indication of China’s intent to proactively initiate military tensions with its neighbours to project an image of strength, the report said.

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.