No Degree, No Job: Calcutta High Court Gives Homework to 36,000 Teachers

Sunday, May 14th 2023

Good Morning ☕

Well, it seems like the untrained teachers took 'fake it till you make it' a little too seriously. Turns out, the court prefers 'train it till you attain it'! Time to hit the training manuals and brush up on the art of becoming a real teacher without any shortcuts or secret handshakes.

India's Vital Vibes: Unmasking the Must-Know News!

1. Calcutta HC orders cancellation of 36,000 teachers' jobs

The Calcutta High Court has nullified the hiring of about 36,000 untrained primary school teachers in government-supported schools in West Bengal, amid an investigation into a large-scale job scam involving Trinamool Congress leaders Partho Chattopadhyay and Anubrata Mondal. The West Bengal Board of Primary Education allegedly provided jobs to these candidates in exchange for money. The court has ordered the board to conduct a recruitment process within three months, exclusive to candidates from the 2016 appointment procedure who have since gained training qualifications.

2. Congress Triumphs in Karnataka Assembly Elections, Securing Majority to Form Government

In the Karnataka Assembly elections, the Congress party has secured a majority by winning 119 seats and leading in 17, surpassing the required 113 seats to form the government. The BJP has won 55 seats and is ahead in 9, while the Janata Dal (Secular) has won 18 seats and is leading in 2. Additionally, two independent candidates and one each from 'Kalyana Rajya Pragathi Paksha' and 'Sarvodaya Karnataka Paksha' have also been successful.

3. Google Bard offers financial advice in India, sets RIL price target at ₹3000

Google has introduced Bard, an experimental AI chatbot in India, aimed at providing financial advice, despite a disclaimer on its sign-up page advising against relying on it for financial decisions. Upon evaluation by Mint, Bard recommended Axis Bluechip Fund and Nippon India Large Cap Fund for equity, DSP Taxsaver for debt (although there was an error), and ICICI Balanced Advantage Fund for hybrid. It also proposed investing in top stocks such as Reliance Industries, TCS, Infosys, HUL, and HDFC Bank, predicting a 12-month price target of INR 3,000 for Reliance Industries based on its financial performance, business diversity, and growth potential.

4. Thousands flee as Cyclone Mocha heads to Bangladesh, Myanmar

Cyclone Mocha, a severe storm with winds up to 175km/h, is set to impact eastern Bangladesh and Myanmar on Sunday, posing a threat to around a million Rohingya refugees and other inhabitants in low-lying regions. Cox's Bazar, a southeastern district in Bangladesh housing over a million Rohingya refugees, is likely to be heavily affected. The storm is also predicted to strike Myanmar's Rakhine state and northwestern area, home to six million individuals requiring humanitarian aid and 1.2 million displaced people. In anticipation of the cyclone, thousands have relocated to safer regions, with community workers, volunteers, and rescue teams ready to respond.

5. Adani Group firms aim to raise $2.56 billion via QIPs

Adani Enterprises and Adani Transmission, subsidiaries of the Adani Group, intend to raise $2.56bn through qualified institutional placements (QIPs). Adani Enterprises plans to raise about $1.7bn, while Adani Transmission aims for $1.2bn through equity share issuance. This fundraising, pending shareholder and regulatory approval, comes after Adani Enterprises' cancelled follow-on public offering (FPO) three months ago, which was meant to raise a similar sum but was halted due to extreme share price volatility after a negative report by Hindenburg Research.

6. India's CCI probes Google over alleged anti-competitive in-app payment fees

India's Competition Commission (CCI) is looking into Google's in-app payment fees after receiving complaints from companies like Match Group and several Indian startups, as per a confidential order. These companies argue that Google's User Choice Billing (UCB) system is anti-competitive. In a previous ruling, the CCI had fined Google $113 million and ordered it to allow third-party billing, stopping it from forcing developers to use its payment system that took 15% to 30% commissions. Despite Google launching the UCB system, some firms argue that it still levies a substantial "service fee" of 11% to 26%, suggesting it hasn't fully complied with the earlier antitrust order.

7. March factory output growth slips to a 5-month low of 1.1%

India's industrial production growth slowed to 1.1% in March, a five-month low and a significant decline compared to 5.8% in February 2023, as slowing global demand and inventory glut reduced the pace of manufacturing in the country. Consumer durables and non-durables output fell, and the growth of primary goods slowed in the month compared to the year-ago period.

Breaking News: The Scoop You Can't Miss!

1. Bank of Baroda hikes retail term deposit rates by 30 bps on select tenures

Bank of Baroda, a leading public sector lender in India, has increased interest rates on domestic retail term deposits by up to 30 basis points (bps) on selective tenures, including NRO and NRE Term Deposits, effective from May 12. For retail term deposits below ₹2 crore, the bank is offering a rate of 7.05% from the previous 6.75% for tenures above 2 years to 3 years. Senior citizens will earn 7.55% from the earlier 7.25% for the same tenure. The 399 Day Baroda Tiranga Plus deposit scheme now offers interest rates up to 7.90% per annum, which includes 0.50% per annum for senior citizens and 0.15% for non-callable deposits.

2. Home ministry to host G20 meet on crime, security in Gurugram

The Ministry of Home Affairs in India is hosting a two-day G20 conference on “Crime and Security in the Age of Non-Fungible Tokens (NFTs) and Metaverse” on 13-14 July in Gurugram. The conference is being held in partnership with several Indian ministries and organizations including the National Security Council Secretariat, the Central Bureau of Investigation, and Interpol.

3. India-EU Trade & Technology Council meeting to be held in Brussels on 16 May

The first Ministerial meeting of the India-EU Trade and Technology Council (TTC) is scheduled to be held in Brussels on 16 May, according to a statement by the Ministry of External Affairs (MEA). The meeting will be co-chaired by external affairs Minister S Jaishankar, commerce and Minister Piyush Goyal, and Communications and IT Minister Ashwini Vaishnaw.

4. India's new connectivity project for the Middle East to counter China's influence

India is planning a connectivity project to link New Delhi to the Middle East via roads, rails, and seaports, in an effort to counter China's growing influence in the region. The project was discussed during a meeting of the I2U2 group, which includes Israel as its member states, and was attended by India's National Security Adviser, Ajit Doval, and his counterparts from the US and UAE, with Saudi Crown Prince Mohammed bin Salman in attendance.

5. Retail inflation at 18-mth low may put rate hikes on pause

India's retail inflation in April fell to an 18-month low of 4.7%, below the Reserve Bank of India's upper tolerance limit for the second consecutive month, mainly driven by a decline in food prices. The reading marks the lowest level since October 2021. Last month, the monetary policy committee paused the rate-hike cycle by keeping the key policy rate unchanged at 6.5%.

6. Pakistan frees 198 Indian fishermen from jail

198 Indian fishermen who were detained in Pakistan for crossing the maritime international border were released on Friday. The fishermen claimed that they had unintentionally crossed the border while fishing and were not aware of its location.

7. Byju raises $250 mn debt from Davidson Kempner Cap

EdTech company Byju has raised $250m in debt funding from Davidson Kempner Capital Management as part of an ongoing $1bn funding round at a valuation of $22bn. The funding round is expected to be closed by the end of the month and will be a mix of equity and structured debt.

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