India Contributes More to Global Growth Than US, RBI Chief Says
'We have a very robust growth rate,' Governor Sanjay Malhotra told reporters after a policy meet on Wednesday. 'We are contributing about 18% which is more than US, where the contribution is expected to be much less at about 11% or something. We are doing very well and we will continue to further improve.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 minutes ago
- Yahoo
A temple elephant was finally rescued after decades of suffering and one priest's death. But locals now demand her return
Tens of thousands of people have joined protests in western India in the past week demanding the return of a temple elephant who was rescued and relocated to a sanctuary run by a powerful industrialist's family. Nearly 30,000 people in Maharashtra marched on 3 August calling for the return of Mahadevi, a 36-year-old female elephant also known as Madhuri who was recently relocated from a shrine in Kolhapur to Vantara. Vantara is a wildlife rehabilitation centre in neighbouring Gujarat state run by the Radhe Krishna Temple Elephant Welfare Trust. The trust is backed by Reliance, a business conglomerate owned by Mukesh Ambani, one of Asia's richest people. Vantara was conceived by the billionaire industrialist's son Anant Ambani. The Ambani family have long enjoyed close relations with India's prime minister Narendra Modi, who inaugurated the facility on 3 March this year. As part of the protest this week, locals have launched a boycott of Reliance's Jio telecom service. In just four days, The Hindu reported, over 150,000 mobile users across Kolhapur, Sangli and Satara ported their numbers to other networks. 'We plan to carry out similar protests in north Karnataka since it is a border region and several temples there also have elephants,' Raju Shetty, a former parliamentarian from Maharashtra, said. The march for Mahadevi ended after a formal appeal for the elephant's return was lodged with the local authorities. Mahadevi had been kept at Swastishri Jinsen Bhattarak Pattacharya Mahaswamy Sanstha, a shrine for the Jain community at Nandani village in Kolhapur, for over three decades. In October 2023, after tracking the elephant's condition for over a year, PETA filed a complaint with the High Powered Committee of the federal environment ministry, according to a statement by Vantara. The complaint, which reportedly included veterinary reports and photographs, documented Mahadevi's physical injuries and psychological trauma and alleged that she had been put to illegal commercial use by the shrine. The committee launched an investigation and eventually ordered Mahadevi's transfer to the rehabilitation facility, citing her continued neglect and poor welfare conditions at the shrine. It noted reports documenting her use in religious processions, unlawful public events, and unsafe practices like lifting children with her trunk. It also stated that several expert inspections, including assessments by a panel appointed by the committee, had found the elephant was suffering from advanced foot rot, ulcerated wounds, overgrown toenails, and displayed clear signs of psychological distress. The shrine contested the decision to relocate her, but to no avail. The Supreme Court last month upheld the Bombay High Court's decision to relocate Mahadevi for better care and rehabilitation. The court backed PETA India's argument that 'the sentiments of devotees cannot override the fundamental right of an animal to health and dignified care'. Protest leaders, including Mr Shetty, accused PETA of acting in collusion with Anant Ambani to target temple elephants under the guise of animal welfare. Mr Shetty alleged that the relocation of Mahadevi was part of a broader strategy by PETA to 'seize' elephants from religious institutions and hand them over to corporate-backed facilities like Vantara. 'This is a tactic by PETA, acting as a slave to Ambani's interests, to seize temple elephants,' he alleged. 'We will file a formal complaint with PETA's head office in the US, and seek cancellation of their licence in India.' PETA India rejected accusations of collusion, pointing out that Mr Shetty himself previously supported Mahadevi's relocation and veterinary care. 'It's disheartening to now see him opposing her rehabilitation when she's finally living free of chains, receiving treatment for painful ailments caused by years of neglect, and finding companionship among other elephants, and retired after a hard life,' the group said in a statement to The Independent. It emphasised that the elephant was suffering from irreversible physical and psychological trauma after decades of isolation and mistreatment at the shrine and that her transfer to Vantara was ordered by the High Powered Committee, not by PETA. The Independent has contacted Vantara for comment. On the day of Mahadevi's relocation, residents of Kolhapur clashed with the Vantara staff who had come to collect her. The Hindustan Times reported that when people from Vantara, PETA and the forest department arrived, they were pelted with stones by some of the protesting residents. The clash resulted 'in broken car windows, wounds and a PETA India staff member sustaining a serious rib injury', PETA said. The unrest was brought under control with police intervention. Once the situation had calmed, the locals gave Mahadevi an emotional send-off, the newspaper noted. The shrine wanted to retain the elephant 'despite Mahadevi's arthritis and other severe health problems from spending most of her life on concrete', PETA claimed. 'Elephants are intelligent, emotional beings who require a life without chains and an elephant family for their mental wellbeing,' it said. 'PETA India is grateful to the Supreme Court for recognising Mahadevi's right to live the rest of her years free from pain, weapons, fear and isolation.' PETA was also 'immensely grateful to Vantara's Radhe Krishna Temple Elephant Welfare Trust for giving her the opportunity to finally experience life as an elephant should'. Mahadevi was apparently taken from her mother as a calf and spent years in isolation at the Jain shrine. In 2017, she fatally attacked the shrine's chief priest, repeatedly slamming him against a wall, an incident which animal rights groups linked to her psychological distress from prolonged captivity. PETA said she had been left 'disturbed' by decades of 'deteriorated health and psychological suffering'. A 2023 National Geographic article pointed out that even though elephants were worshipped as sacred beings in India, many temple elephants endured harsh treatment and neglect, a truth, it said, that animal welfare advocates were increasingly working to expose. By some estimates, nearly one in three Asian elephants lives in captivity. 'Lord Ganesha is a Hindu god with an elephant face. Because of that reverence, elephants had always been considered holy. That's the tragic paradox because on the one hand, elephants are revered and worshipped. And on the other hand, they're enslaved,' Sangita Iyer, who made the documentary Gods in Shackles about elephants in captivity in 2016, told the outlet. After Mahadevi's relocation caused a public backlash, Vantara said it had neither initiated nor requested her transfer. The decision was made by the High Powered Committee based on the facility's capacity and track record. 'It's unfortunate that, despite full legal closure, misinformation is being spread to vilify Vantara and its supporters,' the facility said. 'When courts have ruled, continuing to target a neutral organisation that merely followed orders undermines faith in the judiciary.' Maharashtra's chief minister, Devendra Fadnavis, said on Wednesday that his government would explore legal options to bring Mahadevi back. 'Considering the public sentiments, the state government will intervene in the legal process to bring back the Mahadevi elephant,' he said after chairing a meeting to discuss the matter. 'The Jain shrine will submit a review petition in the Supreme Court and the government will help them by submitting an intervention application.' Vantara reportedly told the chief minister they were willing to help set up a satellite rehabilitation centre for Mahadevi near the Jain shrine on land selected by the forest department. Two days ago, Vantara had posted a video of Mahadevi on Instagram titled 'A day in the life of Madhuri'. 'Every elephant deserves a life led by instinct, not instruction,' it said. 'That is the life Madhuri is finally discovering at Vantara.' While PETA and the courts have defended her transfer on grounds of health and welfare, they have not convinced everyone. Some animal rights groups have expressed concern over Vantara's value as a genuine conservation initiative, pointing to a lack of transparency over its acquisitions, as well as its emphasis on rare species and grand infrastructure. Animal rights groups have also questioned the impact on existing public zoos due to the transfer of animals from states like Uttarakhand and Madhya Pradesh. In March this year, several Indian media outlets removed reports highlighting concerns from a South African wildlife coalition, Wildlife Animal Protection Forum of South Africa, about the transfer of wild animals to Vantara. The group had urged the South African government to investigate the legality of animal exports from the country to the private Indian facility, citing possible violations of the Convention on International Trade in Endangered Species (CITES) treaty. Vantara has rejected such criticisms as 'entirely false and baseless', and said its transfers of animals from South Africa were conducted in full compliance with the country's federal and provincial rules. It said the concerns raised had been 'thoroughly investigated and conclusively closed by CITES' and accused the South African forum of being 'seemingly driven by vested interests'.
Entrepreneur
3 minutes ago
- Entrepreneur
Hiren Gor Appointed Managing Director for Levi Strauss & Co. SAMEA Region
In his new role, Gor will lead the company's operations spanning South Asia, the Middle East and Sub-Saharan Africa as Levi Strauss & Co. expands its footprint across key emerging markets. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Levi Strauss & Co. has named Hiren Gor as the new Managing Director for its South Asia, Middle East and Africa (SAMEA) region, with the appointment taking effect immediately. Gor, who has been with the global denim brand for 16 years, will now oversee operations across diverse and rapidly growing markets. Gor's tenure at Levi Strauss & Co. has been marked by impactful transformation, particularly in South Asia. As General Manager, he led several key initiatives including the introduction of the brand's iconic store concept, scaling digital capabilities and building agile teams to navigate a highly competitive retail environment. "Hiren has consistently demonstrated strategic clarity, operational excellence and a deep connection to our brand," said Gianluca Flore, Chief Commercial Officer at Levi Strauss & Co. "As we sharpen our focus across the SAMEA cluster, we are confident that his leadership will further strengthen our commercial performance and deepen our impact across these dynamic markets." Expressing his excitement about the new role, Gor stated, "It's been an incredible journey building the South Asia business with our passionate teams and partners. Levi's has always stood for purposeful innovation and enduring style, and I'm excited to take this legacy forward across a region as diverse and full of potential as South Asia, the Middle East and Sub-Saharan Africa." With this appointment, the company aims to further expand its presence in key emerging markets while continuing to strengthen its cultural relevance and growth trajectory.
CNN
4 minutes ago
- CNN
Tariff rebate checks may sound awesome but they could be ‘quite dangerous'
Tariffs Donald Trump Inflation EconomyFacebookTweetLink Follow President Donald Trump's sweeping tariff regime is generating so much revenue for the federal government that Washington could eventually return some of that windfall to taxpayers. Even though Trump's historically high tariffs were designed to revive American manufacturing and to help chip away at the national debt, the president sounds open to using tariffs for another purpose: rebate checks. 'We're taking in so much money that we may very well make a dividend to the people of America,' Trump said Tuesday. Although discussions on rebate checks are preliminary and nothing is imminent, it's easy to see how this idea could be quite popular among voters. After all, who doesn't like getting a check from Uncle Sam? These rebate checks could be a lifeline for people struggling to make ends meet, while simultaneously easing lingering frustration among voters about the high cost of living. Sen. Josh Hawley proposed a bill last week, the American Worker Rebate Act, that would use tariff revenue to send rebate checks of at least $600 per adult and dependent child. A family of four could end up with at least $2,400 in money from the federal government. But tariff rebate checks, if they become reality, could backfire by intensifying the price hikes caused by tariffs, economists tell CNN. 'Doing stimulus checks might fuel inflation – at a point where tariffs are already inflationary. This just risks making the problem worse,' said Stephanie Roth, chief economist at Wolfe Research. 'It could become quite dangerous.' Of course, it's hard to know exactly how this would play out. Much would depend on the details of the tariff rebate program and the state of the broader economy. History shows that Americans tend to quickly spend much, or all, of their stimulus checks. Such spending would boost demand – without solving any of the supply problems gripping an economy grappling with an aging population, an immigration crackdown and the trade war. 'You could end up with shortages of certain goods. It risks becoming very inflationary,' Roth said. But the White House has been celebrating the fact that the federal government is raking in massive amounts of tariff revenue, and rebate checks could help turn around voters' sentiment about tariffs, which is deep under water. In July alone, the United States collected almost $30 billion in tariff revenue – 242% more than the same month last year, according to the Treasury Department. Since April, tariff revenue has totaled about $200 billion – triple the same period of 2024. Normally, direct payments to Americans are reserved for break-the-glass emergencies. Think: Stimulus checks sent out during the Covid-19 pandemic, the Great Recession and following the Sept. 11 terror attacks. Trump slammed President Joe Biden and Vice President Kamala Harris in 2024 for enacting a stimulus package that 'caused the worst inflation in American history.' (Inflation spiked to a four-decade high in 2022 for a variety of reasons, though some economists do say excessive stimulus contributed.) By contrast, there is no economic emergency today that would justify stimulus checks. Although cracks are emerging in the job market and economists are using the dreaded r-word again ('recession'), the unemployment rate remains low at 4.2%. Foreclosures are not skyrocketing. And the US stock market is at or near all-time highs. 'From a political standpoint, it may be clever. But stimulus checks in a full employment economy is like dessert before eating your spinach,' said David Kelly, chief global strategist at JPMorgan Asset Management. 'We're running out of workers. If you give consumers more money to spend, it will just give you higher prices.' Some economists and Trump officials argue that tariffs will only be a one-time boost to the level of US prices. However, layering rebate check on top of tariffs risks causing a more widespread and lasting inflation increase, according to David Kotok, co-founder of Cumberland Advisors. 'That is a very serious risk. And if you do it as the workforce is shrinking, which is what we have now, then you risk triggering a wage-price spiral,' Kotok said. That's why tariff rebates would further complicate the already difficult task facing the Federal Reserve. Fed officials are already struggling to decide whether to cut rates in a bid to shore up the job market or stay on the sidelines in case inflation continues to heat up. Asked about concerns tariff rebate checks will fan inflation, a White House official told CNN that tariffs are 'bringing in historic revenue for the federal government.' The White House official echoed Trump's remarks that rebates are still being considered, but stressed that no formal policy has been unveiled and discussion of how rebates would impact inflation is speculative. Still, the Hawley bill, introduced last week, would amount to a significant cash injection for families. 'These tariffs are raising incredible amounts of money,' Hawley told Steve Bannon's War Room last week. 'My view is: we ought to give a portion of that back to our working class, blue-collar voters who powered the Trump revolution, who got this president into office multiple times and who are the backbone of this nation.' The Hawley bill allows for even bigger rebate checks to get delivered if tariff revenue surpasses forecasts. The legislation is aimed at boosting lower and middle-income Americans, with a phase out for higher-income earners. The size of the rebate would shrink by 5% of adjusted gross income above $150,000 for joint filers. That reduction would start at $112,500 for heads of household and $75,000 for individuals. Many Americans could use the cash injection. Just over half (53%) of Americans say the cost of groceries is a major source of stress, according to a poll released this week by The Associated Press-NORC Center for Public Affairs Research. Another 33% say the cost of groceries is a minor source of stress. 'It's disconcerting to watch those prices go up. I notice it every time I go to the grocery store,' said David Mitchel, a marketing manager who lives in Dallas. Mitchel said he's unsure if he'd support tariff rebate checks, adding that he's more focused on 'sustainable policy' than short-term fixes. Douglas Holtz-Eakin, president of center-right think tank American Action Forum, told CNN that tariff rebate checks amount to 'pandering at its lowest form.' 'What's the point? To spend more than the tariffs are bringing in and to buy votes?' asked Holtz-Eakin, who served as an economic adviser to President George W. Bush. 'If you have a high-price problem, you need more supply. Subsidizing demand only makes the problem worse.' Consumer goods are the leading source of tariff revenue, accounting for $9.8 billion, or 13.5%, of the tariff revenue collected in May, according to research from Peterson Institute for International Economics. Although Trump likes to brag about the billions of dollars tariffs are 'bringing in,' this revenue is not coming from overseas. It's being paid by US importers to the federal government, padding the general fund the Treasury Department uses to pay Washington's bills. Some companies are opting to pass along at least some of the cost of tariffs to consumers in the form of higher prices. Procter & Gamble, Nike, Walmart, Adidas, Ford and a series of major companies have said they plan to or have already hiked prices because of tariffs. 'Collecting a tax and then handing it back to taxpayers makes no policy sense,' said Kimberly Clausing, nonresident senior fellow at the Peterson Institute. 'It keeps all the distortions and efficiency losses associated with tariffs, but without any of the fiscal benefit.' Trump said Tuesday that his goal remains in place to use tariff revenue to ease massive budget deficits. 'The purpose of what I'm doing is primarily to pay down debt, which will happen in very large quantity,' Trump said. Still, deficit hawks fear that redirecting a chunk of the tariff revenue will undermine that effort at a time when Trump's sweeping tax cuts and spending package is projected to add trillions to the national debt. 'While the money is only a fraction of the borrowing from the recent tax cuts, it will at least help to offset those costs,' said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a deficit watchdog group. 'The last thing we should do is give the money away.'
