Modi's Impact: 135 Million Indians Break Free from Poverty!

Good Morning ☕

Prime Minister Narendra Modi has dropped a poverty-busting bombshell! The Prime Minister's team has been on a mission to separate the wheat from the chaff, spotting and eliminating a whopping 10 crore fake beneficiaries of welfare schemes. You know, those guys who were just chilling on the sidelines, pretending to be needy while actually plotting their next vacation to the Swiss Alps (okay, maybe not that extreme, but you get the idea).

Important News of the Day

1. PM Modi says 13.5 crore Indians rose above poverty line in last 5 years

Prime Minister Narendra Modi announced that 13.5 crore Indians have been lifted out of poverty in the last five years due to government schemes. This means that 135 million Indians escaped multidimensional poverty in this period. According to PM Modi, his government weeded out 10 crore fake beneficiaries of welfare schemes and seizure of ill-gotten assets rose by 20 times. Specifically, around 13.5 crore people "have broken free from the chains of poverty and entered the new middle class" during his first five-year term.

2. Volunteering for various causes is a ₹7,500 crore opportunity for India Inc

According to a report, volunteering for various causes presents a Rs 7,500 crore opportunity for India Inc. Despite 78% of the top 100 companies acknowledging their employees' participation in volunteering, there is still a need for innovation and collaboration in the CSR space. Companies can spend CSR funds for activities related to the 'Har Ghar Tiranga' campaign, which is being organised by the government as part of the war effort against COVID-19. Amazon employees from more than 50 countries took part in Global Month of Volunteering, participating in 1,800 events, volunteering with organizations for causes they’re passionate about supporting.

3. China pushes for expansion of BRICS to become geopolitical rival of G7

China is pushing for the expansion of BRICS (Brazil, Russia, India, China, and South Africa) to become a geopolitical rival of the G7 group of advanced nations. The BRICS summit, which represents 43% of the world's population and a larger share of the world's GDP than the G7, is considering letting other countries join to be seen as a credible counterweight to Western-led forums. However, there are differences between China and India regarding the expansion of BRICS. The summit is expected to challenge the G7 in global economic and geopolitical influence. BRICS was originally created to counter US dominance and is opposed to dominance by any other power as well.

4. More than 6,800 corruption cases probed by CBI pending trial in courts

According to the Central Vigilance Commission (CVC), more than 6,800 corruption cases probed by the Central Bureau of Investigation (CBI) are pending trial in courts, with 313 cases pending for over 20 years. The CBI was originally set up to investigate bribery and governmental corruption, and has since received expanded jurisdiction to investigate breaches of central laws enforceable by the Government of India, multi-state organized crime, multi-agency or international cases. The CBI has been exposed by former officials as engaging in nepotism, wrongful prosecution, and corruption.

5. India slams brakes on talk of BRICS common currency

India has put the brakes on talk of a common currency for the BRICS alliance, which includes Brazil, Russia, India, China, and South Africa. The idea of a new currency to settle international trade has been gaining momentum, but India's Ministry of External Affairs has said that an agreement on local currency credits reached at a meeting of the BRICS group of emerging market powers was not designed to diminish the importance of the dollar as a reserve currency. The former Goldman Sachs economist who coined the BRICS acronym has dismissed the notion of a common currency as "ridiculous".

6. SC dismisses plea seeking declaration that abrogation of Article 370 constitutionally valid

The Supreme Court of India has dismissed a plea seeking a declaration that the abrogation of Article 370 is constitutionally valid. The court termed the plea as "misconceived" and stated that it cannot issue such a declaration. The petitioner had filed a Public Interest Litigation (PIL) seeking affirmation of the constitutional validity of the government's decision to abrogate Article 370. This comes amidst a series of pleas challenging the abrogation of Article 370, which took place on August 5, 2019.

7. G20 Pandemic Fund grants $25 mn for animal health system in India

G20 Pandemic Fund has granted USD 25 million to India's Department of Animal Husbandry and Dairying to bolster the animal health system in the country. This funding is part of India's increased commitment to the Global Fund for the next three years, with a total pledge of USD 25 million.The Pandemic Fund aims to support countries in being better prepared for future pandemics. This grant will contribute to enhancing India's animal health system and strengthening its efforts in combating infectious diseases in animals. The funding will help improve disease surveillance, prevention, and control measures, ultimately benefiting the overall health and well-being of animals in India.

8. Delhi HC to hear on Monday plea against inclusion of CAs under money laundering law

The Delhi High Court is set to hear a petition challenging the inclusion of chartered accountants, company secretaries, and cost accountants under the Prevention of Money Laundering Act (PMLA). The petition was filed by Rajat Mohan, a practicing chartered accountant, who argues that the inclusion of CAs under the PMLA is unconstitutional and violates their fundamental rights. The court has asked the central government to provide its stand on the matter.

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