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Developing countries face growing risks from financial fragility: World Bank

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Developing countries face growing risks from financial fragility created by the Covid-19 crisis and non-transparent debt, the World Bank has said in a report, urging policymakers to focus on creating healthier financial sectors.

“Risks may be hidden” because the balance sheets of households, businesses, banks, and governments are tightly interrelated, according to the World Development Report 2022: Finance for an Equitable Recovery.

High levels of non-performing loans and hidden debt impair access to credit, and “disproportionately” reduce access to finance for low-income households and small businesses, the report noted.

“The risk is that the economic crisis of inflation and higher interest rates will spread due to financial fragility,” World Bank Group President David Malpass was quoted as saying by Xinhua news agency.

“Tighter global financial conditions and shallow domestic debt markets in many developing countries are crowding out private investment and dampening the recovery.”

The World Bank chief said it is critical to work toward broad-based access to credit and growth-oriented capital allocation.

“This would enable smaller and more dynamic firms – and sectors with higher growth potential — to invest and create jobs,” he said.

Surveys of businesses in developing countries during the pandemic found that 46 percent expected to fall into arrears, the report showed, warning that loan defaults could now “sharply increase,” and private debt could quickly become public debt, as governments provide support.

Calling for the proactive management of distressed loans, the report said that improving insolvency mechanisms, facilitating out-of-court workouts, especially for small businesses, and promoting debt forgiveness can help enable the orderly reduction of private debts.

The multilateral lender also noted that in low-income countries, dramatically increased levels of sovereign debt “need to be proactively managed in an orderly, and timely manner.”

National

Need to educate youth so that Emergency is not repeated: Delhi CM Rekha Gupta

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New Delhi, June 28: Delhi Chief Minister Rekha Gupta on Saturday recalled the murder of the Constitution during the Emergency imposed by former Prime Minister Indira Gandhi in 1975, highlighting the need for reminding youth about the dark chapter of democracy.

“Just as we stage Ramlila every year to tell youngsters that they should not become like demon king Ravana, this annual commemoration of the Emergency is needed to prevent the return of the dark chapter in future,” she said at a mock parliament organised by Mahila Morcha of Delhi BJP.

Highlighting the Emergency-related changes made in the Constitution, forced sterilisation, restriction on media and films, she said, “The Congress has only worked to retain power over the past 70 years. Even in the Shah Bano case, the then Congress government brought in a law to appease a community at the cost of the exploitation of women.”

She described Prime Minister Narendra Modi as “Guardian” of the nation, showcasing his vision to start women-friendly schemes, free cooking gas, toilets, tap water, nutrition scheme for women and the quashing of ‘Triple Talak’.

“It started with Beti Padhao, Beti Bachao and today it is Beti Badhao,” she said, underscoring the encouragement for women in the BJP to take up leadership roles.

“Today, when the country is giving a big role to women in decision-making and governance, we will also need to raise our ability to respond to the situation,” Rekha Gupta said, highlighting that a common worker of the BJP like her could become a Chief Minister.

“Who other than Sonia Gandhi is a prominent woman politician in the Congress?” she asked, urging women workers of the BJP to ensure that they play a significant role to oppose any other attempt being made to impose an Emergency like that by former PM Indira Gandhi.

In Delhi, when people want delivery of good service after 27 years of misrule in the city, we as women politicians must have the capability to understand the needs of people and deliver the goods, CM Gupta said.

Earlier, the Delhi BJP released a short video on its X handle as part of the Emergency 50 protest. The video carried the message: “Democracy wasn’t just paused. It was strangled and put behind bars, beneath fear and silence.”

The video titled ‘Emergency Never Again – June 25, 1975, The night democracy died’ shows a character, purportedly similar to late Prime Minister Indira Gandhi, walking away barefoot, leaving behind footprints on the ground that highlight the dark aspects of the Emergency.

As the character walks onto the screen, the ground highlights: “Constitution Torn, Democracy Strangled, Press Silenced, Voices Crushed, Opposition Arrested, Innocents Jailed, No Right to Life”.

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Crime

Parents of Kolkata law college rape victim should be ready for long battle like us: RG Kar victim’s parents

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Kolkata, June 28: In the midst of the outrage and politics over the rape of a woman in a Kolkata law college, the parents of the R.G. Kar Medical College and Hospital rape and murder victim stated on Saturday that the law student’s parents should also be ready to fight a protracted legal battle.

Their comments came days after a Kolkata-based law college student became a victim of rape within the college premises on June 25 evening.

They stated that the woman’s parents should also be ready for a long battle considering the influential backing enjoyed by the three accused in the case.

The mother of the junior doctor who became a victim of a ghastly rape and murder in August last year, expressed apprehension that like the case of her daughter, there might be attempts to protect the accused in the law college rape case also in the due course.

Hence, they feel that what is required now is a mass movement exactly in line with what happened after the heinous crime with their daughter.

“What is even more shocking is that even after the tragedy with my daughter, there was not enough initiative to ensure the safety of women within educational institutions where they study. The administration and ruling party are now trying to shy away from their responsibilities over the crime in the law college rape. It is natural. But the reality is that the influential backing that the accused persons enjoyed gave them the courage to conduct such a heinous crime within the college premises,” the R.G Kar victim’s mother said.

The father of the R.G. Kar victim said that he fears that like the case of his daughter, there might be attempts by influential people and even a section within the administration to protect the accused.

“So I also feel that the parents of the victim in the law college case should also be prepared for a long battle like us. They should understand that the administration will not do anything and they will have to fight their own battle as we have been doing. What the victim’s parents need now is the spontaneous public support which we have received,” he said.

All the three accused in the case, namely Monojit Mishra, Zaib Ahmed, and Pramit Mukhopadhyay were linked to Trinamool Congress’ students’ wing Trinamool Chhatra Parishad (TMCP).

Pictures of Mishra with different top and heavyweight Trinamool Congress leaders have already flooded social media. While Mishra is a former student of the same law college, the other two are existing students.

All three of them, on Friday, were remanded to police custody till July 1.

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Crime

25 prison officials in Punjab suspended in crackdown against drug networks

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Chandigarh, June 28: In a major action against corruption and drug networks in prisons, the Punjab government on Saturday said it has suspended 25 officials, including three Deputy Superintendents and two Assistant Superintendents.

The government said the action is part of the drive to root out corruption and dismantle drug networks operating inside prisons.

“Following reports of irregularities and drug-related activities within jails, the government said the action was to end corruption and drug networks. The big action was taken as per information received about corruption and drug networks in jails,” the government said in a statement.

In March, the government shifted notorious jailed gangster Jaggu Bhagwanpuria from the high-security Bathinda Central Jail to Silchar Jail in Assam as authorities suspected that detained gangsters were running drug syndicates from Punjab’s prisons.

The Narcotics Control Bureau (NCB) had arrested Bhagwanpuria, also an accused in the killing of Punjabi singer Sidhu Moosewala, under the Prevention of Illicit Traffic in Narcotics and Psychotropic Substances (PIT NDPS) Act.

Bhagwanpuria, against whom 128 FIRs have been registered in Punjab and other states, was arrested in a murder case in 2015 and, since then, has been lodged in several jails, previously in Punjab.

In the singer Moosewala’s murder case, it was Bhagwanpuria and gangster Lawrence Bishnoi who had hatched a conspiracy to kill him.

However, later, both fell apart. Bhagwanpuria, a native of Gurdaspur district, is considered the most dreaded gangster of Punjab after Bishnoi and has more than five cases under the Unlawful Activities (Prevention) Act (UAPA) for hatching conspiracies to disturb communal harmony in Punjab.

Bhagwanpuria is facing 15 cases of arms and drug smuggling. On his shifting to Assam, the NCB had said then that Bhagwanpuria was moved out of Punjab as he had “established linkages” with international operatives in Canada, the US and Pakistan. His relocation was a must to disrupt the ecosystem, facilitating continued criminal activities, it added.

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