Fake Degrees, Real Scandal: UGC Exposes Fraudulent Universities 🎓

Thursday, August 3rd, 2023

Good Afternoon ☕

The University Grants Commission (UGC) has just burst onto the scene, armed with a virtual magnifying glass and Sherlock Holmes-level detective skills. To track down those mischievous educational institutions that have been masquerading as legitimate universities. 🕵️‍♂️

With a wag of their stern finger and an exclamation of "Fake Alert! 🚨", the UGC has declared 20 universities across India as complete phonies! That's right, folks – they are not authorized to award any precious degrees to unsuspecting students. Say goodbye to those fake diplomas! 👋🎓

Important News of the Day

1. UGC identifies 20 'fake' universities; Delhi and Uttar Pradesh top the list

The University Grants Commission (UGC) has declared 20 universities in India as "fake" and not authorized to confer any degrees. This announcement comes as a measure to crack down on fraudulent educational institutions. The list includes universities from Delhi, Uttar Pradesh, West Bengal, and other parts of the country. The UGC is responsible for maintaining the standards of higher education in India and ensuring the quality of universities and colleges. Students and parents are advised to refer to the official list provided by the UGC to verify the authenticity of educational institutions before seeking admission.

2. Unemployment rate falls as monsoon season boosts demand for agricultural labour

India's unemployment rate dropped to 6.8% in July, the lowest level in the last six months, according to the Centre for Monitoring Indian Economy (CMIE) data. Rural unemployment declined 6.14% to 272.1 million last month from 265.2 million or 8.03% in June, while urban unemployment jumped to 8.21% in July from 7.80% in June as the number of jobs fell both in industry as well as services. The month-on-month recovery in employment was partial as the fall in June was 13 million compared to the growth of only 6.3 million jobs in July.

3. Food inflation to drive up India's CPI to 6.2% in Sep quarter: Morgan Stanley

India's annual retail inflation rate accelerated to 7% year-on-year in August, driven by a surge in food prices, according to a report by Reuters. Food inflation, which accounts for nearly 40% of the CPI basket, rose 7.62% year on year in August, compared to a revised 6.69% in July. The government has imposed curbs on exports of wheat, sugar, and rice to cool local prices as it is worried over the shortfall in rainfall in some parts of the country could drive up food prices. Morgan Stanley predicts that India's gross domestic product will grow by 6.2% in FY24 due to the reopening of the economy, increased private investment, and a pick-up in exports. The report by Morgan Stanley also said it expects India's retail inflation to moderate to 5.4% in 2023-24 and to 4.8% in 2024-25 from the current levels.

4. Tata Power Renewable signs pacts with Maharashtra discom for two solar projects

Tata Power Renewable Energy has signed power purchase agreements (PPAs) for two solar projects in Maharashtra, India. The projects, with capacities of 200 MW and 150 MW, are expected to be commissioned by mid-2025. These installations will generate a substantial amount of clean energy and contribute to reducing CO2 emissions by approximately 432.94 million kg annually. The PPAs were secured through competitive bidding and a reverse e-auction process. Tata Power Renewable Energy is a subsidiary of Tata Power Company, one of India's largest integrated power companies.

5. Nuh violence: Supreme Court issues notice to UP, Haryana and Delhi amid clashes

The Supreme Court has issued notices to the governments of Uttar Pradesh, Haryana, and Delhi in response to the recent communal clashes in Gurugram and Nuh. The situation in Gurugram worsened as mobs attacked various shops and a religious place. The rallies announced by Vishwa Hindu Parishad (VHP) and Bajrang Dal have also come under scrutiny, with a petition filed in the Supreme Court seeking to stop these rallies. The authorities have imposed a curfew in Nuh district, where three people were killed and several injured. Haryana Chief Minister Khattar has stated that those responsible for the loss will be liable to compensate for it.

Entrepreneur of the Day👨‍💼

Kaivalya Vohra, born on March 15, 2001, in Bangalore, Karnataka, India, is the youngest Indian entrepreneur who founded the E-commerce logistic company, Zepto. At the age of 19, he became the Founder and CEO of Zepto, providing an online platform for daily shopping and home delivery services with a remarkable 10-minute delivery promise. Despite dropping out of Stanford University, where he was pursuing a Bachelor's degree in computer science, Kaivalya's entrepreneurial journey has been supported by his parents, and he co-founded ventures with his friend Aadit Palicha before launching Zepto in 2020.

During the Covid-19 pandemic, the surge in demand for online groceries and daily necessities inspired the idea of Zepto, leading to its establishment. Zepto's platform offers a wide range of deliverable products, including groceries, vegetables, fruits, electronics, fresh meats, fish, eggs, and dairy products. Kaivalya Vohra's leadership as the Founder and CEO has propelled Zepto's success, with orders reaching customers' doorsteps within just 10 minutes.

As of 2022, Kaivalya Vohra's net worth is an impressive 1000 crores, and he achieved the status of the youngest richest person in India, ranking 1036 on the Hurun list. His vision and determination have contributed to Zepto's growth and prominence in the E-commerce logistics sector, making him a prominent figure in the Indian startup ecosystem.

Breaking News: The Scoop You Can't Miss!

1. NMDC records 19% growth in iron ore production in July

NMDC, India's state-run mining company, achieved record-breaking iron ore production in July 2023. They produced 2.44 million tonnes of iron ore, showing a growth of 19% compared to the previous year. Additionally, they sold 3.03 million tonnes of iron ore, indicating a growth of 2.7% . This increase in production contributed to the company's overall growth, with a year-on-year growth of 20% in iron ore production and a total of 13.15 million tonnes produced and 14.18 million tonnes sold up to July 2023.

2. SEBI may issue revived discussion paper on mutual fund fee structure: Report

The Securities and Exchange Board of India (SEBI) is considering allowing mutual fund schemes to charge performance-based fees for managing funds. This would mean that if a mutual fund consistently outperforms a relevant benchmark index and gives higher annualized returns, it can charge additional fees. Currently, the fee is charged as a percentage of the assets under management, taking into account the fund size, subject to regulations for various types of schemes. Another option that SEBI is considering is to allow mutual funds to charge the normal Total Expense Ratio. The base fee currently charged on mutual funds would be reduced, and additional fees would be based on performance.

3. Delhi ordinance bill: INDIA bloc MPs slam BJD, YSRCP for supporting bill

The Biju Janata Dal (BJD) has extended its support to the bill replacing the Delhi services ordinance, while opposing the no-confidence motion proposed by various opposition parties. The decision has been criticised by the INDIA bloc MPs, who claim that it was made out of compulsion. Former Finance Minister P Chidambaram has also expressed confusion over the BJD and YSRCP's support for the bill, stating that he fails to understand what merit they have found in it. In 2019, the BJD, YSRCP, and other parties had extended their support to the government's move to divide Jammu and Kashmir into two Union Territories.

4. Gurugram violence: Companies ask employees to work from home due to clashes

Several corporate entities based in Gurugram have asked their employees to work from home due to continued communal clashes in Haryana. The violence has caused many office employees to struggle to get a cab to return home. However, no work from home was announced for employees of police offices and schools in Gurugram. Meanwhile, domestic help, the majority of whom are reportedly Muslims, have been asked to stay at home by societies. The situation is said to be under control.

5. Rajasthan: Section 144 imposed in Alwar after youths ransack highway shops

Section 144 has been imposed in Rajasthan's Alwar and Bharatpur districts after a group of youths allegedly ransacked a few shops on Tuesday. The decision was taken to maintain peace in the area and avert any further violation of the law and order. Section 144 is a provision of the Criminal Procedure Code that empowers a district magistrate, a sub-divisional magistrate or any other executive magistrate specially empowered by the state government in this behalf to issue orders to prevent and address urgent cases of apprehended danger or nuisance.

World News 🌎

• Donald Trump indictment: Ex-president charged with bid to overturn 2020 election

• Niger power blackouts blamed on coup sanctions

• Ukraine war: Drones target Odesa grain stores near Romania border

• Canada enforces individual health warnings on each cigarette

• X Corp sues anti-hate campaigners over Twitter research

• El Salvador: Entire region 'under siege' to hem in gangs

• TikTok suspended in Senegal after protests

• Rhodes fires: Free holiday for evacuated tourists, Greek PM says

• China's Beijing receives record rainfall in 140 years, 744.8 mm rain in 5 days

• Canadians can't read news on Facebook and Instagram

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