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Turkey further cuts rates, lira dips to new record low

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The Turkish central bank lowered interest rates for the third successive month despite high inflation, causing the embattled national currency lira to sink to new historic lows against the US dollar.

The Monetary Policy Committee (MPC) of the bank decided during a key meeting to lower the benchmark interest rate to 15 per cent with a cut of 100 basis points.

The bank has previously lowered rates by 300 basis points since August, in line with Turkey’s President Recep Tayyip Erdogan’s belief that higher interest rates result in higher prices, Xinhua news agency reported.

On Wednesday, ahead of the MPC meeting, Erdogan reiterated his hostility to high rates, vowing in the Parliament that he would battle it “until the end.” Meanwhile, he also vowed to take measures to protect the low-income groups in the face of rising living costs.

Following the MPC’s decision of cutting rate, Turkish lira dipped to a fresh record low of 11.2 against the greenback.

The lira suffered one of its biggest falls of the year on Tuesday, losing about 4 per cent against the dollar, and traded at 10.45 per dollar, four days after it passed the physiological mark of 10 per dollar.

Turkey’s large short-term external debts and low foreign currency reserves mean that it is one of the most vulnerable emerging markets to tighter external financing conditions.

“In the upcoming 12 months period, Turkey has to repay (external) debts amounting to $167 billion, thus it needs foreign currency… in this context, the lira will not be returning to former levels,” independent Economist Mustafa Sonmez told Xinhua.

Many big companies have euro or dollar-denominated loans, and their repayment in the coming months may pose problems with the devaluation of the Turkish currency, analysts warned.

The inflation, which is under 20 per cent annually, the highest rate in years, is causing price increases which in turn results in higher costs for imports, fuel and basic household goods, all of which are now much more expensive.

With the arrival of winter, “the rise in global oil and natural gas prices also increases Turkey’s energy bill,” said Enver Erkan, Chief Economist at Istanbul’s Tera Securities.

Erkan said in a note to investors that the rise in energy bills will in turn increase inflation, giving rise to a vicious circle for households.

During his 19-year rule, Erdogan had offered economic stability to Turks until a currency meltdown in 2018, which resulted in high inflation and unemployment.

The lira has lost 30 per cent of its value since the start of 2021. It has been put under further strain by concerns that the US Federal Reserve may raise interest rates sooner than expected.

In a supermarket in the capital city Ankara’s Hilal neighbourhood, young employee Hamit Tekin told Xinhua that he is busy changing price tags on food items the recent days because of the successive price hikes.

“For me, it’s my job, but for clients, it’s a very real burden. Consumers complain about the price hike and the difficulties of making ends meet,” he added.

National

J&K Assembly adjourned for three hours as BJP, NC legislators protest

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Jammu, April 9: The Jammu and Kashmir Assembly witnessed pandemonium on Wednesday following which Speaker Abdul Rahim Rather adjourned the House for three hours.

Agitated over the rejection of an adjournment motion notice on unemployment moved by the BJP, party MLAs stormed into the well of the House.

On the other hand, the National Conference (NC) MLAs continued their protest on the Waqf Amendment Act, demanding a discussion.

The Speaker has already firmly ruled out allowing a discussion on the Waqf Amendment Act, holding that the matter is sub judice.

Chaos started as soon as the proceedings of the House commenced for the day, with NC MLAs standing up to insist the Speaker allow discussion on the Waqf law.

Simultaneously, the Speaker disallowed the BJP’s notice for an adjournment motion on unemployment, saying: “I have rejected the adjournment motion as it is not a matter of urgent nature”.

The Speaker’s announcement triggered protests from the BJP legislators, who accused the NC lawmakers of indulging in theatrics. “Yeh Dramabazi Bandh Karo (stop these theatrics)”, the BJP legislators shouted.

Amid protests, NC MLA Nazir Gurezi urged the Speaker to allow discussion on the Waqf law so that they could speak up against the injustice faced by Muslims.

“They want to divide Hindus and Muslims. They should tell people how many jobs they have provided to unemployed youth,” Nazir Gurezi shouted at the protesting BJP MLAs.

Amid protests, the BJP legislators stormed into the well of the House and staged a sit-in there.

The Speaker adjourned the House till 1 p.m.

The speaker has also disallowed a no-confidence motion against him, which the PC leader and MLA, Sajad Gani Lone had brought against him.

The J&K Assembly started its 40-day budget session on March 3 with a recess from March 26 to April 6.

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National

Our lives will be better by following what PM Modi, gurus say: CM Rekha Gupta

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New Delhi, April 9: Delhi Chief Minister Rekha Gupta on Wednesday hailed Prime Minister Narendra Modi’s speech at the Navkar Mahamantra Day event, saying that if one follows what he and spiritual gurus say, then “our lives will be better”.

Addressing the World Navkar Mahamantra Day, CM Gupta said, “We all heard what PM Modi said, and after him, there is nothing left to speak as he beautifully wove sentiments of all people in one thread. If we follow what PM Modi and our Gurus say, assimilating it in our lives will be our ‘bhakti (devotion)’.”

On the occasion, she also complimented the Jain International Trade Organisation (JITO) team for the excellent organisation of the event at 6,000 places across the world parallely and lakhs of people participating in it.

BJP National General Secretary and former MP Anil Jain congratulated the JITO team for the wonderful organisation of the Navkar Mahamantra event.

According to Jain, the event must have increased the enthusiasm in the people across the world and inspired the communities.

Notably, PM Modi, while addressing the event at Vigyan Bhawan in New Delhi, unveiled a set of nine powerful resolutions, ‘Nav Sankalps’, aimed at building a more sustainable, healthy, and prosperous future for the nation.

The nine pledges were saving water, planting ‘Ek ped Maa ke Naam’, dedicated to environmental conservation through afforestation, practicing cleanliness and hygiene as part of the ongoing Swachh Bharat Mission, adopting ‘Vocal for Local’ approach, ‘Desh Darshan’, natural farming, healthier lifestyles, embracing yoga and sports in their daily lives and helping the poor and supporting those in need.

The event, a global initiative, saw participation from people across more than 108 countries, aimed at promoting peace and universal harmony.

The occasion focused on the collective recitation of the revered Navkar Mahamantra, a central tenet of Jainism.

Highlighting the significance of the Navkar Mantra, PM Modi said: “It says believe in yourself. The enemy is not outside, it is inside us. Negative thinking, dishonesty, selfishness, these are the enemies and winning over them is the real victory…”

Navkar Mahamantra Divas precedes Mahavir Jayanti, which falls on April 10 this year.

The festival marks the birth anniversary of Lord Mahavir, the 24th Tirthankara of Jainism, who was born in 615 BC.

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Crime

Pune woman death case: Aaditya Thackeray demands action against Dinanath Mangeshkar Hospital

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Mumbai, April 8: Shiv Sena leader Aaditya Thackeray on Tuesday targeted the Chief Minister Devendra Fadnavis-led MahaYuti government over the death of a pregnant woman, Tanisha Bhise, in Dinanath Mangeshkar Hospital at Pune for alleged denial of treatment after demanding a deposit of Rs 10 lakh.

Aaditya has asked why the government is protecting trust and the hospital and not initiating action despite the inquiry committee citing non-compliance with the stipulated norms.

“Everybody is looking at whether Chief Minister Fadnavis will act against the trust and the agency running the Deenanath Mangeshkar Hospital in Pune that demanded 10 lakh rupees from the woman for delivery. Her inability to pay this ransom led to her demise,” said Aaditya in his post on ‘X’, a day after the consulting obstetrician and gynaecologist Dr Sushrut Ghaisas resigned.

He said that the internal committee denied the charge (of demanding a deposit of Rs 10 lakh by DR Ghaisas), while on Monday, a doctor admitted and resigned from the administration.

“How can Punekars trust such a hospital that speaks two different things to save itself and not the patient? If the hospital was demanding ransom money, what about the hospital’s tax and municipal dues? It’s in crores! Will the agencies go knocking on the doors of the trustees and agencies running this hospital?” he questioned.

Aaditya further asked, “Who is running this hospital and why is it so influential that the Chief Minister has to defend it?”

Dr Ghaisas, who, after a check-up of Tanisha Bhise on a case paper demanded a deposit of Rs 10 lakh, resigned on Monday, citing intense public anger, social media backlash, and threat calls as reasons.

Tanisha Bhise later died at another facility after giving birth to twin daughters.

Dr Dhananjay Kelkar, medical director of the hospital, told reporters: “In his resignation letter, Dr Ghaisas stated that he is under tremendous mental pressure due to public outrage, criticism and threats. He fears this will impact his ability to treat other patients and may also compromise the safety of his family. To avoid injustice to his work, he has decided to resign.”

He said that the hospital administration has forwarded the resignation to its trustees, and it is expected that it will be accepted, adding that Dr Ghaisas will complete his scheduled surgeries and work until Thursday.

Incidentally, the preliminary report prepared by the five-member inquiry committee chaired by Deputy Director Pune Circle Dr Radhakishan Pawar has blamed the hospital for the violation of provisions from the Hospitals Act by not giving primary treatment and later referring the case for further treatment.

The committee was established by the Public Health Department amid protests against the hospital.

According to the committee, the hospital has also violated the provisions of the Bombay Public Trust Act, 1950, which clearly mentions that in an emergency, the Charitable Hospitals must attend to the patient immediately and provide essential medical facilities for all life-saving emergency treatment and procedure, and toll stabilisation.

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