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Potash reserves found, AAP government says Centre discriminating on exploration

Potash reserves found, AAP government says Centre discriminating on exploration

CHANDIGARH: Potash reserves have been discovered by the Geological Survey of India (GSI) in Fazilka and Muktsar districts of Punjab but are not likely to be harnessed for the next few years, prompting the AAP-led state government to accuse the Centre of adopting a discriminatory treatment regarding exploration of the mineral.
According to sources, the central agency's assessment says it may not be economically viable to mine potash as the mineral has a low concentration of 7% to 10%. 'Till date potash mining is not done in India and no agency has a robust technical expertise in it. GSI studies say the potash reserves in both districts of Punjab are 400 to 800 metres below the surface.
So drilling so deep to extract minerals and separate potash, which has an estimated concentration of up to 10 per cent, may not be economical viable,' said an official on condition of anonymity. Punjab Mining and Geology Minister Barinder Kumar Goyal said the state is facing 'unjustifiable' treatment regarding the development of its potash deposits, a mineral that could bring tremendous economic and agricultural benefits to both the state and the nation.

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Why Elon Musk's Tesla rival BYD is suing 37 influencers, offering 'huge' rewards for...
Why Elon Musk's Tesla rival BYD is suing 37 influencers, offering 'huge' rewards for...

Time of India

timean hour ago

  • Time of India

Why Elon Musk's Tesla rival BYD is suing 37 influencers, offering 'huge' rewards for...

Representative Image Elon Musk-led Tesla's rival, BYD , is taking legal action against 37 influencer accounts and monitoring 126 others for alleged disinformation and damaging content online, a report claims. The Chinese electric vehicle manufacturer has also reportedly announced a financial incentive program, offering significant rewards for verified leads on suspected online disinformation. Recently, BYD's Legal Department released a statement via its official WeChat account, providing updates on several ongoing legal cases concerning online defamation, CarNewsChina reports. The report claims that the company has also confirmed that it is pursuing legal action against the 37 influencer accounts. Meanwhile, the company's long-term financial incentive program is offering rewards ranging from 50,000 to 5 million yuan (nearly $6,900 to $690,000), the report adds. These rewards will be offered for verified information related to suspected online disinformation targeting the company. What BYD said about suing influencers for spreading disinformation online In a statement to CarNewsChina, Li Yunfei, General Manager of BYD's Branding and PR Department, reiterated the company's stance, noting that all related posts and comment threads have been preserved as legal evidence. 'We welcome media criticism and public oversight, but we will not tolerate defamatory content or false accusations. Legal action will continue,' Yunfei noted. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Didn't Anyone Tell You About This Power Saver? elecTrick - Save upto 80% on Power Bill Pre-Order Undo The company also said that it has been the target of repeated online attacks in recent years, involving false or misleading information that the company claims has damaged its brand image, disrupted market order, and impacted the broader automotive industry. Despite BYD referring to these incidents as "organised" or "coordinated," it has yet to present public evidence to support these claims. The company has also cited several legal rulings as examples of its efforts to fight defamation. In one case, a Weibo user was ordered to publicly apologise and pay 100,000 yuan for accusing BYD of using influencers to smear rivals. A WeChat Video account faced similar penalties for insulting the company and its executives. Other accounts on WeChat and Douyin were also found guilty of making false claims about product safety, resulting in fines. Meanwhile, individual users faced police penalties, administrative detention, or ongoing criminal investigations for spreading unverified or defamatory statements about BYD's financial stability and vehicle safety. BYD claimed that more lawsuits over similar cases are still in progress. While some court rulings have supported the company's claims, other investigations are ongoing. Smart AC Hacks to Cut Your Electricity Bill & Make It Last Longer! AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Airtel MD writes to banks, NPCI, RBI to join forces against digital frauds; moots collaborative measures
Airtel MD writes to banks, NPCI, RBI to join forces against digital frauds; moots collaborative measures

Time of India

time2 hours ago

  • Time of India

Airtel MD writes to banks, NPCI, RBI to join forces against digital frauds; moots collaborative measures

Telecom operator Airtel has approached over 40 banks, as well as RBI and NPCI, proposing a close collaboration and a unified front to curb digital frauds, including sharing intelligence over repository of known fraudulent financial domains. Airtel has dialled NPCI, proposing a "closer collaboration" to create a repository of known malicious financial domains, to enable proactive blocking of malicious and rogue sites and to build a multi-layered defence to combat digital frauds. The Sunil Mittal-led telco has also done a similar outreach with major banks, including SBI , HDFC and others, sources said. The company has also reached out to the Reserve Bank of India (RBI) for "collaboration" to create a repository of known fraudulent financial domains. Airtel has also favoured regulatory consultations, offering its support to the RBI in building frameworks that hold OTT platforms accountable for consumer safety -- especially in the context of financial communication, according to the letter seen by PTI. Live Events It has also mooted joint public education campaigns to raise awareness about evolving digital fraud tactics and safe practices. In a separate letter to NPCI, Airtel said it believes there is a strong potential for a partnership between Airtel and NPCI to further strengthen the security of India's digital payment systems. An email sent to Airtel did not elicit a response. "The NPCI has been at the forefront of securing digital transactions in India, deploying cutting-edge AI/ML-based models that offer an advanced real-time Fraud Risk Monitoring and Management solution (FRM) that generates alerts and allows banks to detect and prevent fraud across all online NPCI products. "Airtel commends this proactive approach and NPCI's efforts in reducing the growing risks of fraud in an increasingly digital financial landscape, where threats are constantly evolving," Gopal Vittal, Vice Chairman and Managing Director of Airtel, said in a communication to Dilip Asbe, MD and CEO, National Payments Corporation of India (NPCI). Informing about the launch of Airtel's fraud detection solution to combat consumer fraud via malicious links, the telco said the solution can significantly complement NPCI's existing fraud monitoring initiatives. By blocking access to malicious websites and phishing links at the point of access, Airtel can help prevent users from unknowingly engaging with fraudulent sites that could compromise their financial data, the telco said. "Additionally, during these programs as well as our overall telco acquisition and experience, we believe that we have strong signals that could lead to identification of potentially fraudulent transactions or users," the Airtel top honcho wrote, adding that the company believes there is strong potential for a partnership between Airtel and NPCI to further strengthen the security of India's digital payment systems. "We propose the following actions to enhance this partnership... Closer collaboration between Airtel and NPCI to create a repository of known fraudulent financial domains, enabling proactive blocking of these malicious sites and creating a multi-layered defence against digital fraud," said the letter dated May 16. Airtel has also pitched for joint awareness campaigns and workshops. The telecom operator proposed that joint awareness campaigns can leverage the combined reach of Airtel and NPCI to educate users on safe online practices, recognising phishing attempts, and staying protected against emerging digital fraud tactics; while the workshops would identify and productise a counter fraud solution -- in the process helping reduce financial frauds in the country. "Through this collaboration, NPCI, Airtel, and the banking sector can collectively create a more robust and resilient framework for reducing fraud and building greater confidence in India's digital financial services. Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the NPCI to enhance the security and integrity of India's digital payments ecosystem," Airtel said. In the letter to RBI Governor Sanjay Malhotra , Vittal lauded the efforts of the Reserve Bank of India in fighting digital fraud, especially the recent initiative to collaborate with regulated entities and the Reserve Bank Innovation Hub (RBIH) on the development of "This powerful AI-based system has already demonstrated its ability to identify mule accounts used to route illicit funds. By analysing user behaviour and transaction patterns, banks can now flag and disable suspicious accounts more efficiently, thereby disrupting fraud at the transactional layer," Vittal wrote. However, Airtel said these systems remain largely reactive, detecting threats after fraudsters are already embedded in the financial ecosystem. "Airtel believes that our fraud detection solution can complement these efforts by stopping fraud at the very first step: the moment a user attempts to access a malicious site," Airtel said. Stating that India's financial system is the cornerstone of national growth, trust, and international standing, Airtel said protecting this system demands collaboration between all stakeholders -- regulators, service providers, and financial institutions alike. "Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the RBI in this critical fight against digital fraud," Vittal wrote. Citing the "mounting security risks on OTT platforms", Airtel said achieving SMS-like level of protection on OTT platforms is "impossible" since fraudulent links sent over these platforms are harder to detect and block before they reach users, making OTT channels the weakest link in the fight against online scams. Additionally, the lack of traceability and compliance requirements on OTT apps, such as data sovereignty, data confidentiality, encryption standards, and system access for regulators create serious security concerns. This issue has been further exacerbated by the increasing reliance of financial institutions on OTT (communications) channels for sending transactional and service messages, to sidestep the regulatory requirements governing telecom networks, Airtel said, cautioning that this heightens security vulnerabilities. "In this context, and in light of the ongoing RBI consultation on additional factor authentication (AFA) for digital payments, we wish to emphasise that financial transactions must continue to be conducted over secure telecom networks. Telecom networks offer a level of protection and oversight that OTT platforms currently lack, thereby helping to mitigate fraud risks and enhance overall consumer safety," Vittal said. Sources said the telco has received a favourable response to the collaboration pitch from private and state-owned banks. Earlier, Airtel had also reached out to Reliance Jio and Vodafone Idea with a proposal for a joint telecom fraud initiative to unite the industry against rising fraud and scams on telecom networks. In separate letters to the telcos, it had cited data that India recorded over 1.7 million cybercrime complaints in the first nine months of 2024, resulting in financial losses exceeding Rs 11,000 crore. Airtel had urged all telcos to collaborate and collectively address the growing threat of deceptive and malicious scams targeting vulnerable individuals. Economic Times WhatsApp channel )

Demand for MNREGS jobs up, but may decline soon
Demand for MNREGS jobs up, but may decline soon

Mint

time2 hours ago

  • Mint

Demand for MNREGS jobs up, but may decline soon

Demand for unskilled jobs under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) rose in May and spilled into the early part of June. Economists, however, said the clamour for jobs does not necessarily indicate a rise in rural distress, and that demand will wane once monsoon picks up and farmers start sowing. According to the latest data from the rural development ministry, 28.39 million rural households sought work under the scheme in May, against 27.18 million a year earlier. In the first seven days of June, demand touched 13.48 million, compared with 26.40 million in all of June 2024. The increase in demand in May and June came after demand cooled the previous month. In April, demand under MNREGS fell to 20.12 million from 21.52 million a year earlier. The job guarantee programme assures up to 100 days of unskilled manual work annually to any adult in a rural household seeking employment. Demand for work typically rises when opportunities in farm or non-farm sectors decline. Demand for jobs under MGNREGS typically rises during lean seasons when farming and construction activities decline, a government official said on the condition of anonymity. "Rural conditions are likely to improve in the coming months with forecasts of a better monsoon this year. However, uneven rainfall distribution remains a concern and will need close monitoring," the person added. The latest data comes against the backdrop of robust rural consumption underpinning India's gross domestic product (GDP) growth of 7.4% for Q4 FY25 and an overall GDP growth rate of 6.5% for FY25. According to the National Statistics Office, rural consumption rebounded strongly in Q4, driven by improved agricultural output and rising incomes, significantly boosting overall GDP growth even as urban demand remained subdued. 'The rise in MGNREGS job demand is likely due to the pre-sowing phase,' said Madan Sabnavis, chief economist at Bank of Baroda. 'Once sowing begins, the numbers should decline, only to rise again ahead of the kharif harvest. It's a seasonal trend and not indicative of any distress," he added. In FY25, demand for jobs under MGNREGS peaked in May 2024, followed by a steady decline over the rest of the year. While an above-normal monsoon and early rains in FY26 bode well for the rural economy, economists said that the spatial distribution of rainfall must be closely monitored, especially as excess rains could hurt production in states where onions and potatoes are grown. "The earlier-than anticipated arrival of monsoon and its spatial distribution needs to be monitored closely as these perishable items have a cobweb impact on prices," Bank of Baroda said in a 5 June research note. "Thus, vigilance is required for any weather-related disruptions on prices in the coming days," it added. Spokespersons for the ministries of finance and rural development did not respond to emailed queries seeking comment. Interestingly, the Centre has kept allocations for FY26 at ₹ 86,000 crore, unchanged from the last fiscal. However, the official mentioned above had earlier said the Centre will review its accounts around September-October to evaluate if additional funding is needed for certain schemes, including MGNREGS. 'If needed, allocations for MGNREGS could be revised—but only after the half-yearly review and based on the scheme's funding requirements," the official had said. To be sure, last December, the Parliamentary Standing Committee on Rural Development and Panchayati Raj had urged the government to consider revising and increasing wage rates under the MGNREGS. The panel urged the rural development ministry to consult all stakeholders and revise MGNREGS wage rates, which have lagged behind inflation, stressing the urgent need for a fair and sustainable overhaul to protect rural workers' livelihoods. India's economic growth has moderated in recent quarters, weighed down by a mix of domestic and global factors. While GDP growth showed signs of recovery in the March quarter with a 7.4% surge—up from 6.2% in the previous quarter —FY25 growth at 6.5% fell well short of FY24's revised 9.2% expansion. "The RBI retained their growth forecast at 6.5% y-o-y for FY26, noting strong agricultural sector growth and rural demand, and a resilient services sector underpinning a recovery in urban demand," Goldman Sachs said in a 6 June report. "However, the governor also highlighted upside risks to the inflation outlook from weather and US 'reciprocal' tariff-related uncertainty," it added.

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