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The Indian economy is on the mend but high crude oil prices are a source of concern according to the CEA

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The Indian economy is now prepared for recovery, according to Chief Economic Advisor (CEA) V Anantha Nageswaran, but the high crude oil price is a matter of concern.

He remarked at a Bharat Chamber of Commerce webinar that the country’s banking industry is solid, capital is plentiful, and credit demand is on the rise.

“We are not alone in experiencing uncertain growth and high inflation as a result of the pandemic. The same issue affects developed countries as well “he stated

Our budget for 2022-23 is based on crude oil prices of roughly $75 per barrel. The price of Texas crude has risen to USD 96 a barrel due to the tension between Russia and Ukraine. “How long this high. price will persist will determine its influence on the Indian economy,” said Nageswaran.

Inflation and the loss of purchasing power, he claims, is a global issue. This is related to increases in shipping costs, container expenses, and oil prices.

Inflation rates in India are now hovering at 5.2 percent. “However, I believe it should remain within the RBI’s target range of four to six percent in the coming fiscal,” he said.

According to the CEA, the Indian market has begun to correct. “In several industries, activity levels have surpassed pre-pandemic levels. The services sector, on the other hand, has yet to recover “.

He stated that the private sector investment environment has yet to perk up because of the ongoing pandemic cloud. When consumption levels rise, they will pick up.

“However, the budget’s capital spending projection for 2022-23 is higher. This was done to fill in the blanks. In reality, state capital expenditures have increased as well “Nageswaran expressed his thoughts.

In response to the budget’s lower allocation for MNREGA, he stated that it is a demand-driven program. “It was done in the hopes that the economy would improve and need for MNREGA money would decrease. However, if there is a demand for the program, monies will be made available “.

The CEA claims that the budget has buffers. “I expect the recovery to begin in the second part of the next fiscal year. The nominal GDP growth rate has been set at 11%. With four percent inflation, real GDP growth will be seven percent.” According to him, India’s GDP should be split 20:30:50 between agriculture, manufacturing, and services for the country to reach a five-trillion-dollar economy.

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A Thirty-one-year-old Woman Was Defrauded Of ₹17 Lakh By Fraudsters Posing As Police Officers

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A 31-year-old woman from Thane was scammed out of Rs 17 lakh in a drugs-in-parcel fraud, according to local police. On September 6, the complainant received a call from an unknown person claiming that a parcel addressed to her, being sent from Mumbai to Taiwan, had been intercepted. The caller alleged that the parcel contained MD drugs and informed her that a case had been filed against her with the narcotics department.

The woman denied booking any parcel, but the call was transferred to another person who posed as a police officer. The imposter then conducted a video call with her, pretending to record her statement for the investigation.

In order to avoid further scrutiny, the complainant was pressured into depositing Rs 17 lakh into a bank account provided by the scammer. After complying, she informed her family, who helped her realize she had been duped. The victim then approached the police to register a case.

Authorities are investigating the incident and have urged the public to be vigilant against such fraudulent schemes, where scammers use fear tactics to extort money. The case has highlighted the need for awareness regarding online fraud.

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Six Candidates For Jobs Who Stole Rs 1.31 Crore Were Arrested

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Police in Navi Mumbai have accused six individuals of defrauding job applicants out of Rs 1.31 crore by falsely promising them clerical positions with the Indian Railways. According to officials from the Kharghar police station, between September 2022 and April 2023, the accused targeted 20 victims and collected the money through both cash and digital transfers.

One of the defendants reportedly used the embezzled funds to construct a house in Kolhapur. The victims, all Kharghar residents, initially trusted the promises made regarding job placements. However, when they began asking for updates on the positions, the accused stopped responding and refused to return the money. Realizing they had been deceived, the victims approached the police for help.

Authorities have registered a First Information Report (FIR) under Sections 34 (common intention), 406 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code. Investigations are ongoing, and police are currently searching for the suspects involved in the scam.

The case has brought attention to the rising number of fraudulent schemes targeting job seekers, with law enforcement urging individuals to remain cautious when dealing with employment offers that appear too good to be true.

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Police In Navi Mumbai Have Taken Out A Rs 25 Lakh Contract To Kill Bollywood Actor, AK-47, Sourced From Pakistan

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According to a charge sheet issued by the Navi Mumbai Police and seen by sources on Thursday, October 17, Bollywood actor Salman Khan had a contract worth Rs 25 lakh stolen from him close to his Panvel home in Maharashtra.

Five defendants have been named in the case, and the charge sheet claims that the Bishnoi gang, commanded by imprisoned mobster Lawrence Bishnoi, stole the contract. The accused were getting ready to purchase weapons from Pakistan, such as the AK-47, AK-92, and M-16, as well as the Turkish-made Zigana, which was used to shoot Punjabi musician Sidhu Moosewala.

The accused claimed that they were hiding in Pune, Raigad, Navi Mumbai, and Gujarat and that they had hired numerous youngsters under the age of eighteen to murder Bollywood actors. Between August 2023 and April 2024, between 60 and 70 persons watched Salman Khan’s movement to kill him at Bandra House, Panvel Farmhouse, and Goregaon Film City.

Based on the charge sheet Sukkha, who was taken into custody on Thursday in Panipat, Haryana, attributed the murder to four conspirators and the designated gunman, Ajay Kashyap, also known as AK. Following an examination by the accused Kashyap, they concluded that they would need expensive weaponry to execute out the murder because of the Khan’s security and bulletproof cars.

While negotiating the conditions of the arms purchase, Sukkha used a video chat to reach Dogar, an arms dealer stationed in Pakistan, and displayed an AK-47 and other cutting-edge weapons covered in a shawl. After Sukha paid 50% in advance and the remaining balance upon delivery in India, Dogar consented to provide the guns.

All of the gunmen were awaiting approval from Goldie Brar, a Canadian mobster, and Anmol Bishnoi, the brother of Lawrence Bishnoi. According to the charge sheet, they would meet at Kanyakumari after shooting the actor, from which they would take a boat to Sri Lanka and then to a place where Indian detectives couldn’t get to them.

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