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Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

Former president Donald Trump has said Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> will meet him next week during his upcoming three-day visit to the US. While the Republican presidential candidate slammed India as an "abuser" on the issue of import tariffs, he described Modi as a "fantastic man". PM Modi will be visiting the US from September 21 to 23. Speaking on Tuesday at his first public appearance following the recent apparent assassination attempt, Trump said Modi will meet him next week when he is in the US. "So when India, which is a very big abuser. He (Modi) happens to be coming to meet me next week, and Modi, he's fantastic. I mean, fantastic man. A lot of these leaders are fantastic," Trump said, reiterating that India imposes heavy tariffs on imports. The former president revealed the information as he spoke about trade and tariffs while responding to a question at a town hall meeting in Flint, Michigan. He went on to say, "These people are the sharpest people. They're not a little bit backwards...You know the expression, they're at the top of their game, and they use it against us. But India is very tough. Brazil is very tough....China is the toughest of all, but we were taking care of China with the tariffs." "So we're going to do a reciprocal trade. If anybody charges us 10 cents, if they charge us USD 2, if they charge us a hundred per cent, 250, we charge them the same thing. And what's going to happen? Everything's going to disappear, and we're going to end up having free trade again. And if it doesn't disappear, we're going to take in a lot of money," he said. Modi will begin his trip with the <keyword id="23214075" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders' Summit</keyword> being hosted by President Joe Biden in Wilmington, Delaware. The summit will be attended by Prime Minister Anthony Albanese of Australia and Prime Minister Kishida Fumio of Japan. Modi will then travel to New York and address a mega community event in Long Island on September 22. He will address world leaders at the landmark Summit of the Future event at the UN headquarters the next day. Modi's visit comes less than two months before the US heads into presidential elections with Trump and Democratic presidential nominee Vice President Kamala Harris in the race for the top job. The US general elections will take place on November 5.

Trump says PM Modi will meet him during US visit, calls him 'fantastic'

The Indian version of "<keyword id="20621486" type="General" weightage="20" keywordseo="The-Night-Manager" source="keywords">The Night Manager</keyword>", starring <keyword id="19908194" type="General" weightage="20" keywordseo="Anil-Kapoor" source="keywords">Anil Kapoor</keyword>, <keyword id="19963248" type="General" weightage="20" keywordseo="Aditya-Roy-Kapoor" source="keywords">Aditya Roy Kapoor</keyword> and <keyword id="19902028" type="General" weightage="20" keywordseo="Sobhita-Dhulipala" source="keywords">Sobhita Dhulipala</keyword>, has received a nomination in the drama series category at the 2024 International Emmy Awards. "The Night Manager" is the only entry from India across 14 categories at the nominations that were announced on Thursday in New York by the International Academy of Television Arts &amp; Sciences (IATAS). The series, directed by <keyword id="23240351" type="General" weightage="20" keywordseo="Sandeep-Modi" source="keywords">Sandeep Modi</keyword> and <keyword id="23246289" type="General" weightage="20" keywordseo="Priyanka-Ghose" source="keywords">Priyanka Ghose</keyword>, is adapted from both -- the John le Carre's novel and the British show, starring Tom Hiddleston, Hugh Laurie and Olivia Colman. "The Night Manager" will compete with French show "Les Gouttes de Dieu" (Drops of God), "The Newsreader - Season 2" from Australia and "Iosi, El Espia Arrepentido" season two from Argentina in the category. Kapur, who essayed the titular Night Manager, said he is happy that his series debut received an International Emmy nod and it is a "big moment" for the entire team. "An Emmy Nomination for my first series.. wow! From day one, we knew that we were creating something special with The Night Manager but for it to receive so much love and recognition across the country, and the world was not something any of us had imagined. This is such a big moment for us all!" he said. In the Indian take, Kapur played Shaan Sengupta, a hotel night manager, who goes undercover to bring down the empire of arms dealer Shaildendra 'Shelly' Rungta (played by Anil Kapoor). Kapoor said he is "ecstatic" over the nomination, which is a "worthy reminder" that hard work always pays off. "It's just been brought to my attention that our Indian adaptation of 'The Night Manager' has been nominated for an International Emmy. I remember when the offer came in, I was conflicted. It offered me the opportunity to play a character so complex, but also, on the other hand, the huge responsibility of trying to add newness and authenticity to a part that had been played so masterfully by Hugh Laurie. "This validation from the Emmys, in addition to the tremendous love that we have received from fans worldwide, is a worthy reminder that hard work always pays.. I am ecstatic and hungrier than ever before for what's to come," the actor said. Also starring Tillotama Shome, Saswata Chatterjee and Ravi Behl, "The Night Manager" is produced by The Ink Factory and Banijay Asia for Disney+ Hotstar. Dhulipala, who played Kaveri, said the news of the show's nomination is "motivating and moving". "This is such fantastic news! I'm so happy for the directors Sandeep Modi and Priyanka Ghose as well as our phenomenal technical crew. Big shout out to Anil Sir, Aditya, Tillotama and the rest of the cast for this exciting moment and shared joy!" she added. Modi said he is beyond happy that "The Night Manager" is the only Indian nomination at the 2024 <keyword id="23246288" type="General" weightage="20" keywordseo="International-Emmys" source="keywords" meta.keywordsubtype="org" meta.entityname="International Emmys" meta.hostid="83" meta.entityid="International Emmys">International Emmys</keyword>. "With The Night Manager, the most challenging thing was to tell the story again in a way that it would appeal to the audiences. Each character has been crafted meticulously, in a way that they connect with the Indian audiences and the ethos," he added. The International Emmys, to be held in New York on November 25, will be hosted by Indian comedian Vir Das, who won an award last year for his stand-up special "Landing". Nominees for International Emmys come from different countries such as Argentina, Australia, Belgium, Brazil, India, Chile, Colombia, France, Japan, Germany and many others. "Every year the international television community competes to be recognized on the International Emmys' much coveted global stage," said International Academy President &amp; CEO Bruce L Paisner. "We congratulate the Nominees for their outstanding programs and performances, they are once again a testament to the universal appeal of great storytelling across all genres, countries and cultures," Paisner added. The other nominee categories are for best performance by an actor, actress, comedy, documentary, non-scripted entertainment, short-form series, sports documentary, telenovela, TV movie / mini-series, kids: animation, kids: factual, kids: live-action. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/northern-arc-capital-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493763.cms">Northern Arc Capital IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms">Xiaomi emerges as the world’s second-biggest smartphone brand in August</a>

'The Night Manager' nominated in drama series category at International Emmys, Anil Kapoor 'ecstatic'

<ul><li><keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> started labelling Indian government handles and Indian media as "official" ahead of the roll-out of blue tick subscriptions across the country.</li><li>This follows Twitter's decision to roll out a second verification label to limit confusion between legitimate accounts and those that pay for their blue ticks.</li></ul>Twitter on Thursday announced that it is not putting the "Official" label on the accounts, even though it is still going after impersonation and deception. A tweet from the 'Twitter Support' account read, "We're not currently putting an "Official" label on accounts but we are aggressively going after impersonation and deception." Twitter's executive <keyword id="12007556" type="General" weightage="80" keywordseo="esther-crawford" source="Orion">Esther Crawford</keyword> also informed why the "Official" label is being used. "A lot of folks have asked about how you'll be able to distinguish between @TwitterBlue subscribers with blue checkmarks and accounts that are verified as official, which is why we're introducing the "Official" label to select accounts when we launch," she tweeted. Earlier, Twitter started labelling Indian government handles and Indian media as "official" ahead of the roll-out of blue tick subscriptions across the country. In the Twitter handles of various Indian government organizations, the "official" label was noticed. For example, Prime Minister's Office, Prime Minister Narendra Modi's official Twitter account, and Defence Minister <keyword id="6355121" type="General" weightage="80" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword>'s Twitter account also have the "official label". This follows Twitter's decision to roll out a second verification label to limit confusion between legitimate accounts and those that pay for their blue ticks. Twitter's executive Esther Crawford said verified accounts will now come with an "Official" label beneath their username, complete with a grey verification checkmark, <keyword id="108492" type="General" weightage="80" keywordseo="new-york-post" source="Orion">New York Post</keyword> reported. "Not all previously verified accounts will get the 'Official' label and the label is not available for purchase," New York Post quoted Crawford as saying. Official pages will be designated for "government accounts, commercial companies, business partners, major media outlets, publishers, and some public figures," she added. Since completing the Twitter deal, the wealthiest man on the planet has made a flurry of decisions impacting the working of the social media giant that has millions of daily active users. A Reuters report said Elon Musk's net worth has dropped below USD 200 billion as investors dumped Tesla's shares on fears that the top executive and largest shareholder of the world's most valuable electric-vehicle maker is more preoccupied with Twitter. So far this year, data showed that Tesla shares have declined over 50 per cent. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/elon-musk-said-charging-8-a-month-for-twitter-verification-might-be-a-dumb-decision-but-well-see/articleshow/95412598.cms">Elon Musk said charging $8 a month for Twitter verification might be 'a dumb decision, but we'll see'</a> <a href="https://www.businessinsider.in/tech/news/amazon-has-made-history-as-the-first-public-company-ever-to-lose-1-trillion-in-market-value-as-the-tech-sell-off-worsens/articleshow/95416061.cms">Amazon has made history as the first public company ever to lose $1 trillion in market value, as the tech sell-off worsens</a>

Twitter pauses 'official' labels on select accounts

<ul class="summary-list"><li>Narendra Modi's party won far fewer seats than expected in India's election.</li><li>Modi's weakened majority may make it tougher for his government to push through reforms.</li></ul>Narendra Modi looks set to secure a historic third term leading Indian despite his party winning <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">far fewer seats than exit polls had suggested</a>.The outcome sent <a target="_blank" href="https://markets.businessinsider.com/news/stocks/india-stock-market-news-narendra-modi-election-nse-nifty-50-2024-6">Mumbai-listed stocks plummeting</a> — and Modi's significantly weakened majority could be a source of concern for American businesses, too.Modi's decade as Prime Minister has often been controversial, with his vision of building a "divine India" fueling <a target="_blank" href="https://edition.cnn.com/2024/02/05/india/india-modi-ram-temple-analysis-intl-hnk/index.html">a rise in Hindu nationalism</a> that's threatened to marginalize other religious groups.But his pro-growth, pro-business policies have boosted growth and drawn in huge amounts of foreign investment — as well as winning the support of some of the <a target="_blank" href="https://www.businessinsider.com/modi-india-election-economy-russia-oil-wealth-dimon-cook-musk-2024-5">loudest voices on Wall Street</a>."Modi has done an unbelievable job in India," JPMorgan boss Jamie Dimon told <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">the Economic Club of New York</a> in April. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Elon Musk has also <a target="_blank" href="https://x.com/elonmusk/status/1781541775183610310">posted on X</a> about his desire to visit India and meet with Modi. The pair are expected to discuss Tesla's plan to build a multibillion-dollar new factory in the world's most-populated country.Meanwhile, Apple CEO Cook said on a November earnings call that India is an "incredibly exciting market" and a "major focus of ours" given the explosive growth in potential customers as locals get richer. Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai in recent years.<h2 id="cc1fb394-3381-4ed0-9ccc-2a81f77556e6">Political stability</h2>"I think most investors have read the tea leaves and have realized that some of the political stability and predictable policies that they expect, that they desire when it comes to making investment decisions, is likely to be available in India," Rajesh Kumar Singh, a trade official for India, told Business Insider in January at <a target="_blank" href="https://www.businessinsider.com/davos-global-elite-saying-about-ai-behind-closed-doors-2024-1">the World Economic Forum in Davos</a>."I think the trick for India is going to be political stability, going forward for a period of time — because I think a lot of the economic fundamentals are there," Andy Baldwin, a partner at EY, said at the same conference.But Modi's significantly reduced majority could erode that sense of stability and make it tougher for him to pass further pro-market reforms, analysts said on Tuesday.<h2 id="f9ebf5af-aee7-426d-b5c8-03320c6cb9dc">China hedge</h2>"The fear will be that if he has to rely on alliances with smaller parties, any market-friendly policies will be diluted," Russ Mould, investment director at AJ Bell, wrote in a research note."Some may now worry that India's lofty earnings rating leaves it exposed on the downside now that the political narrative may not be quite as clear cut as once thought," he added.One appeal of India for the likes of Dimon, Musk, and Cook will likely have been Modi's firm grip on power, as USA Inc aims to hedge its bets on China given its strained relationship with the US and post-pandemic economic woes.The surprise election result could undermine that confidence.

Modi's election surprise raises questions about India for USA Inc 

<ul class="summary-list"><li><keyword id="15219879" type="General" weightage="20" keywordseo="JPMorgan-CEO" source="Orion">JPMorgan CEO</keyword> <keyword id="20214240" type="General" weightage="20" keywordseo="Jamie-Dimon" source="keywords">Jamie Dimon</keyword> in April said Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> had done "an unbelievable job" leading India.</li><li>But effusive praise from <keyword id="22000749" type="General" weightage="20" keywordseo="business-titans" source="keywords">business titans</keyword> didn't persuade voters to give Modi the victory he wanted.</li><li>Modi will now have to govern with allies, and the surprise result hit the Indian stock market.</li></ul>In a major upset, Indian Prime Minister Narendra Modi <a href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6" target="_blank">lost his absolute majority in parliament</a> on Tuesday. But, back when most expected Modi to cruise to a third big election victory, Western business titans lined up to praise him for transforming what is set to become the world's third-largest economy by 2027. His pro-growth, pro-business policies have been a huge draw for tech giants like <a href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7" target="_blank">Apple</a> and <a href="https://www.businessinsider.com/tesla-would-spur-growth-in-india-ev-market-rival-says-2024-4" target="_blank">Tesla</a>, both of which have signaled intentions to expand operations there. In April, <keyword id="19967624" type="General" weightage="20" keywordseo="JPMorgan" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan" meta.hostid="261" meta.entityid="JPMorgan">JPMorgan</keyword> CEO <a href="https://www.businessinsider.com/jamie-dimon-career" target="_blank">Jamie Dimon</a> effusively praised the Indian leader during an event at The Economic Club of New York. "Modi has done an unbelievable job in India. I know the liberal press here, they beat the hell out of him," Dimon said. "He's taken 400 million people out of poverty." Dimon also said he thought US officials needed to stop "lecturing" Modi on how to run India and instead start taking lessons from the world's most populous democracy. "They've got an unbelievable education system. Unbelievable infrastructure. They're lifting up that whole country because this one man is tough," Dimon said. "He's breaking down some of the bureaucracy," he added. "And we need a little bit more of that here." Representatives for Dimon didn't immediately respond to a request for comment on the election result sent outside regular business hours. Dimon isn't alone. <a href="https://x.com/tim_cook/status/1648684750029340673" target="_blank">Apple CEO Tim Cook met Modi in April of last year</a>, saying the company shared his "vision of the positive impact technology can make on India's future." "India is an incredibly exciting market. It's a major focus for us," Cook said in a November <a href="https://www.bloomberg.com/news/videos/2023-05-05/tim-cook-india-is-an-incredibly-exciting-market-video" target="_blank">earnings call</a>. "I was just there and the dynamism in the market, the vibrancy is unbelievable." Without an absolute majority, <a href="https://www.businessinsider.com/narendra-modi-win-bjp-india-election-explained-2024-6" target="_blank">Modi will rely on the support of smaller parties, who could oust him if they switch allegiance</a>. News of the shrinking majority hit the Indian stock market on Tuesday — it <a href="https://markets.businessinsider.com/news/etf/indian-stocks-tumble-the-most-since-march-2020-with-modi-s-party-set-to-lose-majority-1033450216" target="_blank">registered its most significant daily drop</a> since March 2020. However, experts say the electoral surprise is unlikely to unravel his past reforms. "This surprise creates political and policy uncertainties that will have at least short-term consequences," said <a href="https://www.atlanticcouncil.org/blogs/new-atlanticist/experts-react-modi-loses-ground-electoral-surprise/" target="_blank">Jeff Lande</a>, a nonresident fellow at the Atlantic Council's South Asia Center. "A reversal of the sort of investments and capital expenditure that the government has advanced in recent years, in favor of a return to subsidies, protectionism, and welfare programs, is unlikely," he continued. It is true that his decadelong reign as India's prime minister has coincided with a decline in the country's poverty levels: Figures from the <a href="https://ourworldindata.org/grapher/share-of-population-in-extreme-poverty?tab=chart&amp;country=~IND" target="_blank">World Bank</a> indicate the share of its population living in extreme poverty dropped to 12.9% in 2021 from 18.8% in 2014. Some of Modi's critics, however, may argue that his track record in economic policymaking has been uneven. In October, India's unemployment rate hit 10.1%, per the <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=20231103192154&amp;msec=053" target="_blank">Centre for Monitoring Indian Economy</a>. That is the first time the country's jobless rate has exceeded 10% since the COVID-19 pandemic. "Growth has been good, but it has to be set in perspective," Raghuram Rajan, a former governor of the Reserve Bank of India, told the <a href="https://www.ft.com/content/8299d318-7c35-49a0-9a9a-b8e5abeba7be" target="_blank">Financial Times</a> in January.

Business titans like Jamie Dimon think Modi is great for India. It didn't convince voters.

<ul class="summary-list"><li>New York City implemented new short-term rental regulations, resulting in a "de facto ban" on Airbnb.</li><li>Listings have already disappeared from the platform, leaving an arid short-term-rental landscape.</li></ul>Earlier this fall, a <a href="https://www.insider.com/jim-thorpe-pennsylvania-little-switzerland-america-great-fall-getaway-2023-10">group of friends and I set out on a girls' trip to Pennsylvania</a>. It was time to escape New York City, so we booked an Airbnb in the Poconos. The home was great: clean, big enough for five people, and somewhat affordable when split five ways — all you can ask of a short-term rental, really. We spent the weekend giggling over wine and gushing over books. Ultimately, we encountered what many Airbnb users have experienced at least once: a long list of checkout chores.On the list were the kinds of things that <a href="https://finance.yahoo.com/news/airbnb-ceo-guests-shouldnt-have-to-do-unreasonable-cleaning-211727092.html" target="_blank" rel="noopener">Airbnb CEO Brian Chesky has specifically spoken out against</a>, like stripping the beds, and yet, here we were doing them.It left our group divided. Half of us didn't mind the checkout chores. The other half, myself included, found it annoying. Not enough to ruin the vacation, but annoying nonetheless. Meanwhile, back home in New York City, the short-term rental landscape was on the tail end of an overhaul. On September 5, the city enacted <a href="https://www.businessinsider.com/nyc-airbnb-crackdown-squeezes-hosts-and-renters-starting-september-5-2023-9">new regulations that resulted in what Airbnb has called a "de facto ban"</a> on the platform. The new rules ban entire-home rentals, cap reservations at two guests, and require the host to be in the home with renters.Within days, <a href="https://www.businessinsider.com/nyc-airbnb-crackdown-regulations-hosts-quitting-selling-homes-2023-9">thousands of listings disappeared from the platform.</a> As Insider previously reported, there were just 4,600 New York City Airbnb listings on the platform, down from 20,000 active listings in June. Airbnb has since voiced its stance on the new regulations. "In just the first two months since the rules have gone into effect, the negative consequences are clear — visitors to New York City now have fewer accommodation options in fewer neighborhoods, hotels have increased their nightly rates, and, predictably, activity has gone underground with a myriad of unregistered listings popping up on unregulated third-party websites," an Airbnb spokesperson said in an email to Insider Tuesday."As we enter the holiday season, these trends are expected to continue, making New York City less affordable for families visiting for the holidays," the statement continued.But after years of annoying fines and rules, I admittedly wasn't entirely sympathetic to Airbnb's plight.Maybe, I thought, we'd be better off without it.<h2>Airbnb isn't fun anymore and new rules only make it worse </h2>Frankly, I'd grown somewhat tired of Airbnb. The fees, hosts' rules — and now, regulations that put a cap on guests and require an on-site host — dampened the platform's allure. It's not an uncommon sentiment. I was one of many consumers caught in a wave of discontentment that started when travelers began <a href="https://www.businessinsider.com/airbnb-cleaning-fees-added-total-price-search-results-after-complaints-2022-11">pointing out exorbitant fees</a> that only appeared when finalizing a booking.The company pretty quickly addressed the issue, <a href="https://news.airbnb.com/airbnb-is-introducing-total-price-display-and-updating-guest-checkout/">rolling out a new tool in December 2022</a> that shows the total price upfront. The company told Insider that now, 38% of listings don't charge cleaning fees at all, a huge improvement. At the same time last year, Chesky addressed "unreasonable checkout tasks," and the platform gave hosts guidance on what is and isn't fair to expect from customers. Still, as I experienced in the Poconos, hosts have a say in the tasks they ask of guests — and the <a href="https://www.tiktok.com/@airbnbhorrorstory/video/7195719945567669550" target="_blank" rel="noopener">things they ask guests not to do</a>. Countless homes have been panned for <a href="https://www.intheknow.com/post/excessive-rules-airbnb-tiktok/">having too many rules</a>.<div type="image" title="Row of New York City apartment buildings" height="1666" width="2222" msid="104966065" hostid="261" sizebytes="883034"></div>At this point, hotels' no-fuss nature begins to look more enticing than ever, in my opinion. Plus, New York City's new requirement that a host is on-site will likely deter potential Airbnb customers, according to Makarand Mody, an associate professor of hospitality marketing at Boston University. "Nobody wants a host in there," Mody told Insider. "I think over time, as more entire homes got listed on the platform, I think the consumer looks for a complete unit to themselves. Very few are looking for sharing, and I think having a host present is almost uncomfortable now, even though that's how Airbnb started."<h2>Some of the NYC listings lack the 'wow factor' often associated with Airbnb </h2>Beyond new city regulations that alter the user experience, travelers coming to New York City also won't find the wow-factor homes that have come to epitomize the platform. A quick search shows that some New York City listings are advertised as "apartments" but are actually standard hotel rooms.There's not a single <a href="https://affiliate.insider.com?h=9c8a171dee4b21af45f4e043f4c4ceba3ed7a3c0f2b50e0c5166c9ce48d91eb6&amp;postID=653e9a50cf767c5e2eb8afe8&amp;postSlug=new-york-nyc-airbnb-ban-travelers-better-off-hospitality-experts-2023-11&amp;site=in&amp;u=https%3A%2F%2Fwww.airbnb.com%2F%3Ftab_id%3Dhome_tab%26refinement_paths%255B%255D%3D%252Fhomes%26search_mode%3Dflex_destinations_search%26category_tag%3DTag%253A8225%26drawer_open%3Dfalse%26flexible_trip_lengths%255B%255D%3Done_week%26location_search%3DMIN_MAP_BOUNDS%26monthly_start_date%3D2023-11-01%26monthly_length%3D3%26price_filter_input_type%3D0%26price_filter_num_nights%3D5%26channel%3DEXPLORE%26ne_lat%3D58.93220734152826%26ne_lng%3D-6.343944448031976%26sw_lat%3D10.026055612228594%26sw_lng%3D-138.47313955082956%26zoom%3D3.536160048307239%26zoom_level%3D3.536160048307239%26search_by_map%3Dtrue%26search_type%3Duser_map_move">"OMG!" home</a> — the designation Airbnb gives to hundreds of its "quirkiest, most mind-bending vacation rentals" — in the city. Other major metro areas, including Seattle, Los Angeles, and Atlanta, at least have a few. Airbnb told Insider that many of the platform's since-deleted listings were in the city's outer boroughs and areas with a smaller hotel presence. Once those disappear, there will be fewer ways to live like a local outside Manhattan.<div type="image" title="A screenshot of Airbnb's website shows the kinds of rentals that are still available on the platform." height="1168" width="2336" msid="104966067" hostid="261" sizebytes="148212"></div>"Obviously in the countryside there's no hotels, right?" said Matt Kepnes, the founder of travel website Nomadic Matt. "I think the Airbnb use case is still phenomenal in rural areas where you don't get a lot of the hotels."So unless you're in an area with no hotels — like, outside New York City altogether — then what's the point? In 2021, Kepnes wrote a story declaring it was "<a href="https://www.nomadicmatt.com/travel-blogs/airbnb-breakup/" target="_blank" rel="noopener">time to break up with Airbnb</a>." He's criticized the platform's customer service and told Insider he takes issue with short-term rentals scooping up housing stock from locals. Still, he's not on board with New York City's sweeping regulations.Kepnes added that the new directives wouldn't deter New York City tourists but would "raise prices for consumers."<h2>Travelers can't expect a budget trip to New York City</h2>As Insider previously reported, by mid-September, the platform experienced a 77% decrease in New York City-based listings since June, according to analytics site AirDNA. "The inventory does look lighter," Mody said, adding that when looking at a map of listings on the site, fewer pop up than used to. The platform's map feature shows "over 1,000 places in New York." It's a marked difference from earlier this year when there were more than 20,000 active listings."The average consumer will only see this when they look at the map, and they find not as many Airbnb options," Mody said. "And then they're going to start thinking, 'I may be better off looking for a hotel.'"According to <a href="https://businessblog.trivago.com/trivago-hotel-price-index/">recent data from Trivago, </a>a platform that compares hotel prices, shared with Insider, the average daily rate for a standard double room in a New York City hotel rose to $502, a 1.92% increase from September to October.However, according to Isaac Collazo, the VP of analytics at STR, a data analysis firm focused on the hospitality industry, it's too early to say if the price jump is due to new regulations.Instead, Collazo points to inflation, as well as to the market normalizing after the pandemic."You've got to remember that everything's gone up in price," Collazo said. "So when you adjust for inflation, then you go, 'oh, it's not what it seems, per se.'"His advice for tourists heading to the city anytime soon?"Expect New York City prices," Collazo said. "New York has always been one of the more expensive markets in the country, so it's no different today than it was in 2019. And if you're going to go at Christmas time, which is one of the peak times in New York City, yes, it's going to be expensive."

New York City is enforcing a 'de facto ban' on Airbnb. Will travelers be better off without it?

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

New York, Nehal Modi, the brother of fugitive jewellery merchant <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, has been charged by a New York prosecutor in an alleged $2.6 million fraud carried out through a multilayered scheme to cheat one of the world's <keyword id="10464786" type="UNKNOWN" weightage="20" keywordseo="biggest-diamond-companies">biggest diamond companies</keyword>. Announcing the charges against Nehal Modi on Friday, the prosecutor, Cy Vance, said, "While diamonds maybe forever, this flawed scheme was not, and now Mr Modi will face the clarity of a <keyword id="297950" type="COMPANY" weightage="20" keywordseo="New-York-Supreme-Court">New York Supreme Court</keyword> indictment." Modi was charged in the state supreme court with "grand larceny in the first degree" for allegedly "fraudulently obtaining over $2.6 million worth of diamonds from a diamond wholesale company located in Manhattan," said Vance, who is the prosecutor for the city's Manhattan district. The crime of grand larceny in the first degree under <keyword id="357933" type="LOCATION" weightage="20" keywordseo="New-York-State">New York State</keyword> laws is theft involving more than $1 million and it carries a maximum penalty of 25 years in prison. According to the New York Post, Modi told the court he was not guilty of the charge and was released without bail. In a short video on the Post site, Modi is seen walking with a man who may be his lawyer in what appears to be the corridor of a court building. Asked about the case, he replied, "There's nothing about the case." Asked about the Interpol notice, the man accompanying him, said, "We are not discussing anything about the case, I told you that." Nehal Modi is wanted in India in connection with an alleged ₹13,500 crore (about $1.9 billion) fraud involving the Punjab National Bank, and at the request of India the Interpol has issued a Red Notice, which is a request to law enforcement worldwide to arrest him pending extradition. Under the judicial procedure in New York, the prosecutors first presented the case to a grand jury -- a panel of citizens -- to determine if there was a prima facie case to proceed with prosecution. The grand jury indicted him -- a finding that there were enough grounds to charge him. The alleged crime goes back to 2015 when Nehal Modi asked a company identified as <keyword id="10466697" type="COMPANY" weightage="20" keywordseo="lld-diamonds-usa">LLD Diamonds USA</keyword> to obtain over $2.6 million worth of diamonds with "false representations", some of which he pawned for loans and sold the rest as steeply discounted prices, the prosecution said in a statement. LLD Diamonds says on its website that it "is the world's largest privately held diamond manufacturer and cutting group -- entirely independent of external suppliers, having its own widespread sources of rough goods through ownerships in mines around the world." The prosecution said that in March 2015 Modi first asked the company to give him diamonds worth about $8,00,000 claiming they were to be shown for potential sale to a company identified as Costco Wholesale Corporation, a chain that gives price discounts to its customers who join as members. Modi then claimed that Costco agreed to buy the diamonds and LLD gave it to him on credit to be paid within 90 days, the prosecution said. But he pawned the diamonds to another company for a short-term loan and came back to LLD to get more diamonds, this time worth $1 million, claiming that Costco had agreed to buy them, according to the prosecution. He made some payments to LLD but used the major portion of the proceeds to for business and personal expenses and in order "to cover his fraud, Modi falsely claimed that he was he was having payment problems because of a "Costco fulfilment error," prosecutors said. In August, Modi returned to LLD "with the false claim" that Costco wanted to buy more diamonds and after picking them up, he pawned some of them and sold the rest to retailers at a "steep discount", according to the prosecution. By the time when LLD discovered the fraud and demanded payment or return of the diamonds, Modi had already pawned or sold off all the gems and spent most of the money, prosecutors said. LLD then filed a complaint with the Manhattan prosecutor's office. Vance asked others who may be "the victim of this type of theft" to call the financial fraud hotline of his office. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO opens today — these are the risks and opportunities</a> <a href="https://www.businessinsider.in/business/startups/news/the-founder-of-sugar-cosmetics-explains-how-the-startup-clocked-a-60-growth-in-sales-during-the-pandemic/articleshow/79832966.cms">The founder of SUGAR cosmetics explains how the startup clocked a 60% growth in sales during the pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/pine-labs-valuation-crosses-2-billion-as-it-raises-fresh-funds-from-lone-pine-capital/articleshow/79833738.cms">Pine Labs' valuation crosses $2 billion as it raises fresh funds from Lone Pine Capital</a>

How Nirav Modi's brother Nehal Modi ran another diamond racket in New York

<ul><li>India is asking <keyword id="6356687" type="General" weightage="50" keywordseo="canada" source="Orion">Canada</keyword> to take action against those facing charges related to terrorism.</li><li>Canadian PM unequivocal about the importance of the rule of law and protecting Canadians.</li><li>Both the countries have fired a diplomat each in a tit-for-tat move.</li></ul> Canada Prime Minister <keyword id="1740494" type="General" weightage="80" keywordseo="justin-trudeau" source="Orion">Justin Trudeau</keyword> on Thursday said that India is a country of growing importance, adding that Canada is not looking to provoke or cause problems and called upon the government of India to work with Ottawa to establish processes to uncover the truth in the murder of Khalistan extremist, <keyword id="7575364" type="General" weightage="40" keywordseo="Hardeep-Singh-Nijjar" source="Orion">Hardeep Singh Nijjar</keyword>. Trudeau's recent statement comes as the diplomatic standoff between India and Canada escalated to a level that the envoys of both countries have been expelled in a tit-for-tat move. He also stressed that Canada is unequivocal about the importance of the rule of law and protecting Canadians as well as standing up for values. "There is no question, India is a country of growing importance and a country that we need to continue to work with not just in a region but around the world and we are not looking to provoke or cause problems but we are unequivocal about the importance of the rule of law and unequivocal about of the importance of protecting Canadians and standing up for values," Trudeau said while addressing a press conference at Canada's Permanent Mission to the United Nations in New York. "That's why, we call upon the government of India to work with us to establish processes to uncover the truth of the matter and to allow justice and accountability to be served," Trudeau added. Trudeau's recent statement comes as the diplomatic standoff between India and Canada escalated to a level that the envoys of both countries have been expelled in a tit-for-tat move. Indian <keyword id="193522" type="General" weightage="20" keywordseo="External-Affairs-Ministry" source="Orion">External Affairs Ministry</keyword> in its response to the allegations by Canada had said, "Yes these allegations were raised by Canadian PM Justin Trudeau with PM (Modi) and PM rejected them." Indian government's stance The MEA said that allegations were raised by Trudeau when he was in India to attend the G20 Summit and that PM Modi had rejected them. MEA spokesperson <keyword id="10953867" type="General" weightage="20" keywordseo="Arindam-Bagchi" source="Orion">Arindam Bagchi</keyword> said that Canada has not shared any specific information regarding the allegations and that India is asking Canada to take action against those facing charges related to terrorism."We are willing to look at any specific information that is provided to us, but so far we have received no specific information from Canada," Bagchi said on Thursday answering queries. "We are willing to look at any specific information that is provided to us, but so far we have received no specific information from Canada," Ministry of External Affairs spokesperson Arindam Bagchi said on Thursday answering queries. Moreover, Canadian Prime Minister Justin Trudeau also took questions about Canada's tensions with India during a press conference. On sharing evidence, Canadian PM Justin Trudeau said, "Canada has a rigorous and independent justice system, that we trust, to follow through the processes, we will ensure that those processes are strictly, abided by and respected." Regarding the safety of Canadians, he said, "I can tell everyone that Canada is a safe country. We always take Canadians' safety seriously, whether they are at home or abroad." "Canada has a rigorous and independent justice system, that we trust, to follow through the processes, we will ensure that those processes are strictly, abided by and respected. In terms of safety in Canada and the safety of Canadians, we always take the safety of Canadians extremely seriously, whether at home or overseas, I can assure everyone that Canada is a safe country," Trudeau said, while adding, "I continue to call, for calm, and for Canadians to remain true to who we are, open, respectful, grounded in, respect and trust in our institutions and, our law enforcement and justice systems." Speaking further, the Canadian PM repeated his allegations over the killing of the Khalistani leader and stated, "I think it's extremely important that as a country with a strong and independent justice system. We allow those justice processes to unfold themselves with the utmost integrity. But I can assure you, the decision to share these allegations on the floor of the House of Commons was not made lightly. It was done with utmost seriousness..." Nijjar, the chief of Khalistan Tiger Force (KTF) - a Sikh extremist organisation banned by India and a "designated terrorist" was killed in a targeted shooting at British Columbia in Canada's Surrey in June 2018. India, however, rejected the allegations by the Trudeau administration, terming them "absurd" and "motivated". "We have seen and reject the statement of the Canadian Prime Minister in their Parliament, as also the statement by their Foreign Minister," the Ministry of External Affairs (MEA) said in a statement. "Allegations of Government of India's involvement in any act of violence in Canada are absurd and motivated," the MEA added in its statement. "Similar allegations were made by the Canadian Prime Minister to our Prime Minister and were completely rejected. We are a democratic polity with a strong commitment to the rule of law," it added. Diplomatic action India on Tuesday expelled a senior Canadian diplomat in a reciprocal move to Canada expelling a senior Indian diplomat in light of the claim of New Delhi's involvement in the killing of the wanted separatist leader. The MEA said that the Canadian diplomat was asked to leave India within the next five days. "The High Commissioner of Canada to India was summoned today and informed about the decision of the Government of India to expel a senior Canadian diplomat based in India," the MEA stated. "The concerned diplomat has been asked to leave India within the next five days. The decision reflects the Government of India's growing concern at the interference of Canadian diplomats in our internal matters and their involvement in anti-India activities," it added. (With text input from ANI)

India-Canada tension: Trudeau says not looking to provoke; MEA says no specific information shared

A consignment of hydroxychloroquine from India arrived in the United States on Saturday, days after New Delhi lifted a ban on export of the anti-malaria drug, seen as a possible cure for COVID-19, to the US and some other countries on humanitarian grounds. Earlier this week, India at the request of President Donald Trump cleared the export of 35.82 lakh tablets of hydroxychloroquine to the US along with nine metric tons of active pharmaceutical ingredient or API required in the manufacturing of the drug. "Supporting our partners in the fight against COVID-19. Consignment of hydroxychloroquine from India arrived at Newark airport today," India's Ambassador to the US Taranjit Singh Sandhu tweeted. Trump, during a phone call last week, asked Prime Minister Narendra Modi to lift the hold on American order of the anti-malarial drug, of which India is the major producer. India, which manufactures 70 per cent of the world's supply of hydroxychloroquine, lifted the ban on April 7. Hydroxychloroquine has been identified by the US Food and Drug Administration as a possible treatment for the COVID-19 and it is being tested on more than 1,500 <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> patients in <keyword id="6355838" type="LOCATION" weightage="20" keywordseo="new-york">New York</keyword>. Anticipating that it will work, given initial positive results, Trump has bought more than 29 million doses of hydroxychloroquine for potential treatment of COVID-19 patients. The arrival of consignment was welcomed by Americans. "US will never forget this great humanitarian gesture by India. Under President Trump and Prime Minister Narendra Modi, the two largest democracies of the world have come together than ever in the past, said New York-based Al Mason, a real estate consultant and a Trump supporter. A wonderful gesture by India to its friends in need, tweeted Dr Sampat Shivangi. Describing this as a wonderful gesture , Steve Filipovic, who works in the construction industry, thanked the Indian Ambassador. Meanwhile, according to a new French study of 1,061 hospitalised COVID-19 patients showed a 91.7 per cent cure (viral shedding) within 10 days of hydroxychloroquine treatment along with anti-biotic. It also reported a 96 per cent cure rate after 15 days. Early this week, the National Institute of Health reported that a clinical trial to evaluate the safety and effectiveness of hydroxychloroquine for the treatment of adults hospitalised with the coronavirus disease 2019 (COVID-19) has begun, with the first participants now enrolled in Tennessee. Hydroxychloroquine is used to treat malaria and rheumatoid conditions such as arthritis. In various studies, the drug has demonstrated antiviral activity, an ability to modify the activity of the immune system, and has an established safety profile at appropriate doses, leading to the hypothesis that it may also be useful in the treatment of COVID-19, NIH said. The drug is not without risks as even short-term use can cause cardiac arrythmias, seizures, dermatological reactions, and hypoglycemia, it added. Many US hospitals are currently using hydroxychloroquine as first-line therapy for hospitalized patients with COVID-19 despite extremely limited clinical data supporting its effectiveness, said Wesley Self, emergency medicine physician at Vanderbilt University Medical Center and PETAL Clinical Trials Network investigator leading the ORCHID trial. Thus, data on hydroxychloroquine for the treatment of COVID-19 are urgently needed to inform clinical practice, he added. According to NIH, participants will be randomly assigned to receive hydroxychloroquine 400 mg twice daily for two doses (day one), then 200 mg twice daily for the subsequent eight doses (days two to five) or a placebo twice daily for five days. COVID-19 cases were first identified in December 2019 in <keyword id="208994" type="LOCATION" weightage="20" keywordseo="Wuhan">Wuhan</keyword>, Hubei Province, <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>. As of Saturday, more than 16 lakh people globally tested positive and more than one lakh have died. The United States has emerged as the hotspot with 20,000 deaths and 5.3 lakh cases.

Hydroxychloroquine consignment from India arrives in US

Billionaire investor Geroge <keyword id="177967" type="General" weightage="80" keywordseo="soros" source="Orion">Soros</keyword> has weighed in on the ongoing Adani-Hindenburg row stating that Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> is "silent" on the issue and will have to "answer questions from foreign investors and in parliament." BJP was quick to lash out a the US tycoon stating that "George Soros an international entrepreneur has declared his ill-intention to intervene in democratic processes of India." Soros in a speech on Thursday said that Gautam Adis "accused of stock manipulation and his stock collapsed like a house of cards." "<keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Enterprises tried to raise funds in the stock market but failed," Soros said. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> has been accused by US shortseller Hindenburg of engaging in "brazen stock manipulation and accounting fraud" over decades, a claim that Adani Group has stoutly denied. Terming Modi and Adani as "close allies," whose "fate is intertwined", the 92-year-old billionaire investor said, "This will significantly weaken Modi's stranglehold on India's federal government and open the door to push for much-needed institutional reforms." "I may be naive, but I expect a democratic revival in India," Soros said in his remarks delivered at the 2023 Munich Security Conference. US-based short seller, in its report on January 24, raised concerns about shares of Adani group companies having a possibility of declining from their current levels owing to high valuations, "brazen stock manipulation", and "accounting fraud", among others. After the report came out, share prices of companies in the Adani Group dropped significantly. The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer. In its response the Adani Group, on January 29, in a long 413-page report, said the report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions. The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie". The Adani-Hindenburg row was also raised in Parliament with Opposition parties disrupting proceedings in the recent Budget Session wit their demands for a joint parliamentary committee probe into the matter Congress has written to Reserve Bank of India Governor and SEBI chairperson , in two separate letters, seeking an investigation on the allegations levelled against the Adani Group by Hindenburg Research. Earlier on Monday, the central government informed the Supreme Court that SEBI is competent to handle the situation and it has agreed to constitute a committee to protect investor interests, following Hindenburg's report on Adani Group. The Solicitor General Tushar Mehta informed a bench of Chief Justice DY Chandrachud that SEBI is completely equipped to deal with the situation and said that the government has no objection to appointing a committee to suggest ensuring investors are protected in the future. However, he said that the remit of the committee is important since it has an effect internationally. He also said that the government will provide names in a sealed cover. Last week, the Supreme Court sought a response from the Ministry of Finance and SEBI on how to ensure that Indian investors are protected in future against sudden volatility observing the recent crash due to the Hindenburg Research report. Meanwhile, in his Thursday speech, Soros termed India India an interesting case of democracy. "PM Modi maintains close relations with both open and closed societies. India is a member of the Quad (which also includes Australia, the US, and Japan), but it buys a lot of Russian oil at a steep discount and makes a lot of money on it," Soros said. The BJP attacked Soros as "a man who broke bank of England" and is "designated by nation an economic war criminal." "The pronouncements made by George Soros need to be understood. He makes such pronouncements to demolish Indian democracy so that his handpicked people run the government in the country," BJP leader and union minister <keyword id="6612" type="General" weightage="50" keywordseo="smriti-irani" source="Orion">Smriti Irani</keyword> said in a press conference today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/govt-gives-in-principle-approval-to-nine-ethanol-blending-projects/articleshow/98005422.cms">Govt gives in-principle approval to nine ethanol blending projects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-subscribers-as-vodafone-idea-continues-to-bleed-subscribers/articleshow/98006341.cms">Reliance Jio and Airtel add subscribers as Vodafone Idea continues to bleed subscribers</a>

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