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Category: Economy

  • First Look Of Meerut Metro Trains Unveiled As NCRTC Gets Delivery Of Trainsets | Railways News

    People of Meerut have been eagerly waiting for the commencement of the metro operations in the city and their desire to travel in one is going to turn into reality very soon. The National Capital Region Transport Corporation (NCRTC), the implementing agency of the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) corridor and Meerut Metro, today received the first trainsets for intra-city operations in the Western UP city. The first look of the Meerut Metro trainsets was unveiled today at Alstom’s Savli plan in Gujarat during an event when the NCRTC got the delivery of the trainsets.

    Meerut Metro Trains

    The trainsets were handed over to the NCRTC MD Vinay Kumar Singh by Alston while Union Minister for Housing & Urban Affairs (MoHUA) Hardeep Singh Puri attended the event virtually. Addressing the gathering, Puri said, “Since 2014, the government has laid emphasis on improving the quality of services offered to urban dwellers. Establishing a robust public transportation system in metropolitan cities is a fundamental aspect of our vision for India’s urban rejuvenation. From a meagre 248 km of operational Metro lines in 2014, we have increased India’s state-of-the-art Metro network to 905 km today. RRTS & MRTS are vital components of this ongoing transformation. The tremendous progress made so far has incentivized us to achieve the target of making India the second largest Metro network in the world, even more quickly.”


    RRTS-Meerut Metro On Same Infra

    The NCRTC MD said that under Prime Minister Narendra Modi, India has seen tremendous growth in infrastructure development in the past few years and this enabling environment has facilitated the implementation of several transformative projects including the country’s first RRTS. “Both Namo Bharat trains and Meerut metro will run on the Delhi-Ghaziabad-Meerut RRTS infrastructure. The prospect of two distinct systems, RRTS and MRTS, operating concurrently on a single infrastructure is a vision now materializing. NCRTC has implemented the European Train Control system (ETCS) Level 2 signalling with Hybrid Level 3 over Long Term Evolution (LTE), marking a pioneering endeavour in global rail transportation. It seamlessly integrates the RRTS and metro services within Meerut, allowing for closer headways and increased service frequency,” said the MD.

    The Meerut Metro project endeavours to offer a secure, rapid, and contemporary transportation option for the inhabitants of Meerut, Uttar Pradesh. As the delivery of Meerut Metro trainsets kicks off, preparations for trial runs are set to begin shortly.

    Features of the Meerut Metro Trainsets

    The design of the Meerut Metro embodies a contemporary aesthetic, placing emphasis on maximizing passenger comfort, safety, and security. The air-conditioned trains are equipped with amenities such as plush seating, luggage racks, grab handles, USB device charging ports, and other modern conveniences essential for today’s commuters.

    •    The Meerut Metro will comprise of three (3) Car Train sets. It will have an ergonomically designed 2×2 transverse as well as longitudinal seating arrangement. More than 700 passengers can travel in a train. 
    •    State-of-the-art Modern Light Weight, Stainless steel coaches. 
    •    Comfortable standing space, luggage racks, CCTV cameras, mobile charging facility, dynamic route maps, infotainment system, illumination-based auto control ambient lighting system and other amenities. 
    •    Total adherence to safety by synchronizing Metro operation with Platform Screen Doors (PSDs) at all stations ensuring better crowd management.
    •    Selective door opening via push buttons to reduce energy consumption, and safety measures like emergency egress devices, fire extinguishers, alarms, and talk-back systems are integrated.
    •    Provision of space to carry medical stretcher in case of emergencies, space for wheelchair.

    Meerut Metro Route

    The Meerut Metro corridor extends across a distance of 23 km, encompassing 13 stations, with 18 km elevated and 5 km underground sections. Of these, 9 stations are elevated, 3 are underground, and one, the depot station, will be at grade level. The stations include Meerut South, Partapur, Rithani, Shatabdi Nagar, Brahampuri, Meerut Central, Bhaisali, Begumpul, MES Colony, Daurli, Meerut North, Modipuram, and Modipuram Depot.

    Additionally, four metro stations will offer Regional Rapid Transit System (RRTS) services, facilitating seamless interchange between RRTS and Metro services. These stations are Meerut South, Shatabdi Nagar, Begumpul, and Modipuram.

    Construction Status Of Delhi-Meerut RRTS

    Construction of the RRTS corridor and the Meerut Metro is going at a rapid pace with stations taking final shapes. The underground tunnel construction has been completed, and finishing touches are underway at the underground stations. Track laying activities are currently ongoing on completed tunnels and viaducts. Approximately 12 km of the 18 km elevated section’s viaduct construction has been finished, aided by the installation of over 10 launching gantries (Tarini) to expedite construction along the remaining section.

    Priority Corridor Inauguration

    Prime Minister Narendra Modi had inaugurated the 17-kilometer-long priority section between Sahibabad and Duhai Depot of Delhi-Meerut RRTS and flagged off the first Namo Bharat train on October 20 last year.  The 17 km long stretch between Duhai and Modinagar North station is the next section of the RRTS corridor set to be operationalized for the public. This section encompasses a total of 3 stations: Murad Nagar, Modi Nagar South and Modi Nagar North. Currently, the trial runs are being conducted and it is expected to be operationalized for passenger operation very soon. 

    Alstom, formerly known as Bombardier, had secured the manufacturing contract to produce 10 three-car trainsets for the Meerut Metro, along with a bundled maintenance service for a duration of 15 years. These trainsets boast a contemporary and streamlined design, emphasizing energy efficiency and lightweight construction. Equipped with a regenerative braking system, they are designed to be compatible with Automatic Train Protection (ATP), Automatic Train Control (ATC), and Automatic Train Operations (ATO) systems. Operating at a maximum speed of 120 kmph, these Metro trains promise a seamless and efficient commuting experience for passengers.

  • Passenger Dies At Mumbai Airport Due To 'Wheelchair Shortage'; Air India Reacts

    The deceased Air India passenger was identified as an individual of Indian descent holding a US passport. 
     

  • PMLA Case: Jet Airways Founder Naresh Goyal Seeks Interim Bail To Treat ‘Slow Growing Cancer’ | Companies News

    Mumbai: Jet Airways founder Naresh Goyal, an accused in a money laundering case, has moved a plea before a special court here seeking interim bail for treatment of malignancy, which was revealed during tests conducted by private doctors.

    The court passed an initial order for setting up a medical board to examine Goyal’s medical reports as ED sought time to respond to his interim bail plea.

    Last month, special judge for cases under the Prevention of Money Laundering Act (PMLA) M G Deshpande had allowed Goyal (74) to undergo medical tests by private doctors.

    In the plea moved on Thursday for interim bail, Jet Airways founder Goyal said malignancy was revealed during the tests undertaken by the private doctors.

    As per his medical records, Goyal has small tumours in his intestine (common location for small tumours), called ‘Neuro Endocrine Tumours’ (slow growing cancer).

    He also has a hiatus hernia of about 35 cm to 40 cm with severe reflux oesophagitis, which is a medical condition that occurs when the upper part of the stomach bulges through the diaphragm into the chest cavity.

    It is suggested that the stomach will have to be brought down and prevent acid reflux by long-term medication or surgery.

    His report also revealed a short segment of narrowing at the junction of the mid and lower esophagus, indicative of Barrett’s esophagus, which is a pre-cancerous condition.

    Goyal’s application said his biopsy was sent for histopathological analysis and immunohistochemistry.

    Based on the findings it is imperative Goyal undergoes a PET scan to determine the stage of malignancy, based on which doctors will be able to determine the line of treatment, including surgery and chemotherapy, the plea said.

    The doctors have advised an aggressive and immediate line of treatment to arrest any fatal issues that could arise in the applicant’s case, the plea added.

    Special public prosecutor Sunil Gonsalves submitted that a medical board of J J Hospital be constituted as instructed by ED and Goyal’s medical papers be referred to it for opinion, after which the ED will submit their reply with more clarity.

    Gonsalves said they (ED) are not experts to directly rely upon the various test results and the medical papers annexed to Goyal’s application and give opinion and file reply accordingly.

    Goyal’s lawyer said he has no objection but asserted the medical board must be set up at the earliest so that time consumed in the process does not affect the accused’s health.

    After hearing both sides, the court said the dean of JJ Hospital is requested to constitute a medical board as requested by ED and examine Goyal thoroughly.

    The medical board should convey its candid opinion to the court by February 20, the judge said.

    The board shall ascertain the sickness and submit whether the proposed treatment based on medical papers of Goyal is available at JJ hospital, the court added.

    The businessman was arrested in September 2023 by the ED, which claimed he had laundered money and siphoned off loans to the tune of Rs 538.62 crore given to Jet Airways by Canara Bank.

    The money laundering case stems from an FIR of Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former executives of the now-grounded carrier in connection with the alleged bank fraud.

  • Skoda Launches Slavia Style Edition at Rs 19.13 Lakh: Check Design, Features, Specifications | Auto News

    Skoda Auto India has recently launched the much anticipated Slavia Style Edition. Notably, the company will produce only 500 units of this model. This vehicle is available for Rs 19.13 Lakh (Ex-Showroom Price). Let’s delve into the details of this exclusive Sedan. 

    Slavia Style Edition Color availability and Design

    The Skoda Slavia Style Edition stands out with its distinctive appearance. It features three elegant paint shades: Candy White, Brilliant Silver, and Tornado Red. It comes with some notable cosmetic enhancements including blacked-out wing mirrors, B-pillars, and a roof. The addition of ‘Edition’ badging on the B-pillar and steering wheel, along with ‘Style’ branding on the scuff plates, further emphasizes its exclusive appeal.

    Slavia Style Edition Features

    The Slavia Style Edition introduces introduces the inclusion of a dual dashboard camera. Notably, this technology was previously seen in the Volkswagen Taigun Trail Edition. This advanced feature enhances the safety level of the vehicle. Additionally, the Style Edition now comes equipped with puddle lamps, enhancing visibility and adding a touch of sophistication.


    The interior of the Slavia Style Edition retains its premium features from the top Spec-Style trim. It includes a sunroof, powered and ventilated front seats, and a sophisticated 10-inch infotainment unit. 

    Slavia Style Edition Specifications

    Under the hood, the Skoda Slavia Style Edition is powered by a potent 1.5-litre TSI engine, which generates 150 horsepower and 250Nm of torque. It is paired with a smooth 7-speed DSG automatic transmission. The engine of the Slavia Style  Edition delivers impressive performance, propelling the sedan from 0 to 100kph in just 8.96 seconds. 


    With its exclusive styling, enhanced features, and efficient powertrain, the Skoda Slavia Style Edition offers a compelling package for buyers.

  • Fell Into Recession At The End Of 2023 As Output Shrank More Than Expected In The Fourth Quarter | International

    London: The British economy fell into recession at the end of 2023 as output shrank more than anticipated in the final three months of the year, official figures showed Thursday.

    The Office for National Statistics estimated that economic activity, as measured by gross domestic product, declined by 0.3% in the fourth quarter of the year from the previous three-month period, with all three main sectors — services, industrial production and construction — down.

    That was far more than the 0.1% decline anticipated by economists.

    The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation.

    A recession is officially defined as two straight quarters of economic decline.

    It is the first time the British economy has fallen into recession since the first half of 2020, when output dived during the coronavirus pandemic.

    The figures deal a blow to the governing Conservative Party ahead of a general election this year, the date of which will be determined by British Prime Minister Rishi Sunak. Being in recession is hardly the ideal backdrop for a party that is heavily trailing the main opposition Labour Party in opinion polls.

    The hope is that the Bank of England will soon start cutting interest rates as inflation falls back toward its 2% target. Inflation currently stands at 4%.

    Though interest rates appear to have peaked, the central bank has expressed caution about cutting interest rates too soon as lower borrowing rates may bolster spending and put renewed upward pressure on prices.

    The Bank of England has managed to get inflation down from a four-decade high of more than 11% by raising its main interest rate aggressively from near zero to 5.

  • Paramount Global Plans To Cut 800 Jobs In Cost-Cutting Measure | Companies News

    New Delhi: Paramount Global, the owner of broadcast and cable TV networks, has revealed plans to lay off numerous employees as part of its efforts to reduce expenses and increase revenue. Chief Executive Officer Bob Bakish announced the job reductions in an internal communication to employees.

    Although the CEO did not specify the precise number of employees to be laid off, CNN, citing sources, reported that around 800 workers, equivalent to approximately three percent of the company’s total workforce, would be impacted. (Also Read: Firefox-Owner Mozilla To Lay Off 60 Employees After Appointment Of New CEO: Report)

    The announcement follows shortly after CBS network achieved record-breaking advertising sales and aired the highest-rated Super Bowl telecast. Bakish noted in the memo that the job reductions would impact employees globally. (Also Read: Paytm Tentative Timeline To Restart Loan Sanctioning Ends Today, February 14)

    “These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about,” the CEO wrote.

    The media company warned employees of impending cuts in a January 25 memo. Bakish said at the time that Paramount Global needs to operate as a leaner company and spend less. Paramount Global owns CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks, including Nickelodeon, BET and Comedy Central.

    Meanwhile, global music entertainment company Warner Music Group has announced to lay off 10 per cent of its workforce, or about 600 employees, in order to free up more money for music investment across the next decade.

    The majority of affected employees will be at the company’s owned and operated media properties, corporate and various support functions, as well as its in-house ad sales function, reports The Hollywood Reporter. (With IANS Inputs)

  • India’s 16th Finance Commission Holds First Meeting Chaired By Economist Arvind Panagariya

    The commission, constituted by the president to define the financial relations and tax sharing formula between the Central government and the states.

  • Paytm Tentative Timeline To Restart Loan Sanctioning Ends Today, February 14 | Companies News

    New Delhi: The tentative timeline shared by fintech firm Paytm to resolve operational challenges coming in the way of its lending business and restart sanctioning of new loans is ending on February 14.

    One97 Communications President and Chief Operating Officer Bhavesh Gupta in a company conference call on February 1 had said that the company will not be issuing new loans for “maybe a couple of weeks” before resolving operational challenges posed due to RBI restriction Paytm Payments Bank Limited (PPBL).

    The central bank, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.

    While the lending business of Paytm is not linked with PPBL, there are around 10-15 per cent of Paytm merchants, which are around 60,000-70,000 merchants, who are estimated to have autopay mandate set up through their PPBL account.

    Paytm needs to migrate repayments linked to PPBL to other banks to avoid disruption in repayments.

    “We will not be originating loans for maybe a couple of weeks before we solve for the operational challenges, and then we go back to normal,” Gupta had said.

    In the December quarter, the company distributed loans worth Rs 15,535 crore comprising merchant loans, personal loans, and postpaid loans.

    The total number of unique users who have taken a loan through Paytm increased by 44 lakhs over the last 1 year to 1.25 crore.

    Paytm distributed Rs 3,579 crore merchant loans, Rs 4460 crore personal loans, and Rs 7,496 crore postpaid loans in December 2023.

    An email query sent to Paytm in this regard elicited no immediate reply.

  • India Needs To Grow At 7-8% Annually To Become Developed Nation By 2047, Says Ex RBI Guv | Economy News

    Hyderabad: India needs to grow at seven to eight per cent annually in order to become a developed nation with USD 13000 per capita income by 2047, former Reserve Bank Governor C Rangarajan said on Tuesday.

    Asserting that innovation cannot be a single solution to reduce inequalities or poverty, the former Chairman of the Prime Minister’s Economic Advisory Council said besides a faster growth rate, the country may need social safety nets such as subsidies in kind of cash and basic income.

    “I would say that the real growth between 7 percent and 8 percent will take it closer to the developed economy because the developed economy by definition shows per capita income of USD 13,000 or more. India’s per capita income is now at USD 2700. That means per capita income will have to increase by five times,” he told PTI. (Also Read: PM Announces Surya Ghar Muft Bijli Yojana, To Give 300 Units Of Free Electricity Every Month To 1 Crore Households)

    According to him, if the exchange rate is kept at a lower level or if the prices go up then nominal income will increase, then India can become a developed nation. “Therefore, I am saying that the calculation of the dollar value of the Indian economy depends upon the real growth, the level of inflation and exchange rate, he added. 

    Raghunath Anant Mashelkar, Former Director General of the Council of Scientific & Industrial Research (CSIR), today delivered the ICFAI 13th Foundation Day Lecture While Rangarajan, Chancellor of the University, presided over the function in virtual mode. In his speech, referring to the innovations in technology, Rangarajan opined that model economic growth has been spurred by a rapid and persistent observation of technology. 

    He also said that economists have estimated that one-half of the growth experienced by the developed countries in the last one and a half centuries or more has been due to technology. The former RBI Governor said more and increased attention has to be on increasing the livelihood opportunities for the people at the bottom of the pyramid and technology should focus on innovations that provide the poorer people the facilities that are affordable and accessible. (Also Read: Stock Markets Rebound On Buying In Banking, IT Stocks; Sensex Surges 482 Points)

    An inclusive innovation leads to affordable access to quality goods and services, which helps create livelihood opportunities for excluded populations on a long-term sustainable basis. And play a huge role in dismantling inequality, Mashelkar said in his address. In his welcome address, L S Ganesh, Vice Chancellor, ICFAI said that innovations are a separate phenomenon and they could be used to tackle the virulent challenge of inequality which the world faces.

  • India Signs MoU To Connect UPI With UAE’s Instant Payment Platform AANI | Economy News

    New Delhi: In a significant move towards enhancing bilateral ties and fostering economic cooperation, India and the United Arab Emirates exchanged multiple memoranda of understanding (MoUs). Among these agreements was a notable MoU on linking the instant payment platforms of both nations, namely India’s UPI and UAE’s AANI.

    The exchange ceremony took place in the presence of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underscoring the importance of the collaborations between the two nations. 

    India signs MoU to interlink UPI with UAE’s instant payment platform AANI

    Read @ANI Story | https://t.co/Ct7bEcgocI#UPI #RuPay #PMModi pic.twitter.com/EwFb244uFP
    — ANI Digital (@ani_digital) February 13, 2024

    These agreements will enable smooth cross-border transactions between India and the United Arab Emirates. The MoUs encompass various sectors, including investment treaties, digital infrastructure projects, and the integration of debit cards, credit cards, and online payment platforms.

    The Ministry of External Affairs stated that the Bilateral Investment Treaty MoU will greatly support increasing investments in both nations. India has ratified both a bilateral investment treaty and a Comprehensive Economic Partnership Agreement with the UAE.

    MoU has been exchanged to collaborate on electrical interconnection and trade, paving the way for new opportunities for cooperation in energy, including energy security and trade.

    An Intergovernmental Framework Agreement was also signed between India and UAE on the India-Middle East Economic Corridor which would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity, the MEA stated.

    The agreement for cooperation in Digital Infrastructure Projects will create a framework for wide-ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate the sharing of technical knowledge, skills and expertise.

    The two countries have also established a cooperation protocol between the national archives of the two countries, which will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.

    Another MoU focuses on cooperation in the field of heritage and museums. This would foster engagement between the two countries aimed at supporting of the Maritime Heritage Complex at Lothal, Gujarat.

    According to the MEA, agreement has also been signed on interlinking of the instant payment platforms – UPI (India) and AANI (UAE). This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during Hon’ble PM’s visit to Abu Dhabi.

    Another agreement on inter-linking domestic debit and credit cards – RuPay (India) with JAYWAN (UAE) has been signed. It is an important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE.

    Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s domestic card, JAYWAN, which is based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction made using the JAYWAN card.

    The leaders also discussed the strengthening of the energy partnership. They appreciated that in addition to the UAE being among the largest sources of crude and LPG, India is now entering into long-term contracts for LNG, the MEA statement read.

    Ahead of the visit, RITES Limited signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company. These would help in building port infrastructure and further enhance connectivity between the two countries. (With ANI Inputs)