PM Modi Speaks to Zelensky Ahead of Putin-Trump Summit
Indian Prime Minister Narendra Modi spoke to Ukraine's President Zelensky ahead of a high-stakes summit between Donald Trump and Vladimir Putin. While Modi promised "all support" to end the fighting, Zelensky urged India to rethink its oil purchases from Moscow. The Ukrainian statement also hinted at a Modi-Zelensky meeting at the United Nations next month. Is Modi planning to visit the US? Palki Sharma tells you.
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Economic Times
18 minutes ago
- Economic Times
Bank of Azad Hind: When Netaji gave India its own currency
Synopsis In 1944 Rangoon, Netaji Subhas Chandra Bose established the Bank of Azad Hind to fund his liberation campaign, demonstrating India's financial capabilities before independence. Capitalised by the Indian diaspora, the bank became the Provisional Government's treasury, issuing its own currency and supporting various war efforts. Image: Netaji Research Bureau It is April 1944 in Rangoon. In a vacant bungalow off Jamal Avenue, carpenters are at work turning bare rooms into a working bank. Just a week earlier, this was an empty space. Now, it is about to become the headquarters of a bank and no, this one is not the story of how the Reserve Bank of India (RBI) was birthed. This bank was under the authority of the Provisional Government of Free India, led by Netaji Subhas Chandra Bose. Five years before the RBI became fully independent in 1949, Bose launched the Bank of Azad Hind to fund his liberation campaign and to demonstrate that India could run its own financial institutions before it had even won its political freedom. Also Read: Independence Day 2025: Tryst with growth — India's economic journey from Nehru to now The short but strong saga of this bank has been well drafted in S.A. Ayer's book, "Unto Him a Witness". Ayer, who served in Bose's cabinet, wrote, 'At this stage, Netaji established the first National Bank of Azad Hind outside India in Rangoon on the 5th of April, 1944, to finance the war of India's liberation.' The 'stage' Ayer refers to was a tense moment. Bose was preparing to leave for the front in the Imphal–Kohima campaign. Japanese and Burmese authorities were sceptical about establishing a bank in wartime, fearing political complications. Some colleagues worried about capital, stability, and the timing. But Bose was unmoved and unbothered. 'Have a bank I must, and that too within a few days, before I leave for the front. I must open the bank and then go to the front,' Ayer quoted Bose as came quickly from the Indian diaspora in Southeast Asia. Ayer recounted how four Indians stepped forward to fund the initial days of the newly founded bank, with a vision of free India. 'Perhaps, you may be surprised to hear that four Indians have come forward to find between themselves all the required capital for the bank. They are prepared to write off the capital, if necessary, though I am quite sure they won't have to. In any event, they are ready to assign to the Provisional Government of Azad Hind eighty per cent of the annual profits.'This show of support ended Japanese resistance. 'That silenced the Japanese pretty effectively,' Ayer notes. What followed was a full and renewed case of dedication. Also Read: India's space race: From bullock carts to Gaganyaan'How one man, Yellappa, and the other four patriotic Indians worked like Trojans night and day for a week and converted a vacant building into a full-fledged bank — with an authorised capital of rupees fifty lakhs is a romantic story that deserves a chapter all by itself,' Ayer Fay, in his book "The Forgotten Army", recounts how Netaji's appeal in Rangoon for rupees 5 million triggered an extraordinary outpouring of support from the Indian community in Burma and Malaya, ultimately swelling the Azad Hind Bank's reserves to about 215 million rupees – more than 150 million rupees from Burma media reports and later historical accounts identify some of the most prominent donors: Abdul Habeeb Yusuf Marfani, a Gujarati businessman in Rangoon, is said to have pledged his entire fortune of roughly 1 crore rupees; the Betai family, Hiraben and Hemraj, reportedly contributed 50 lakh rupees in cash and assets; and Iqbal Singh Narula famously offered silver equal to Netaji's own Bank of Azad Hind soon became the treasury of the Provisional Government. 'The funds of the Provisional Government were banked with this bank,' Ayer wrote. It accepted donations 'in cash as well as in kind' from traders, shopkeepers, and plantation workers. These resources funded soldier pay, procurement, propaganda, and relief efforts. Also Read: UPI and beyond: The great Indian banking leap The bank even issued its own currency, denominated in rupees, which circulated in INA-controlled territories, a symbolic assertion of monetary sovereignty even if it carried no value in British himself served as chairman. 'The National Bank of Azad Hind was established in Rangoon in April 1944. I know a man called Dina Nath. He was one of the Directors of the Bank. I was the Chairman of the Bank,' he institution's life was brief. It closed by the end of World War II or precisely after the INA's retreat and the fall of Rangoon. But decades later, it resurfaced in an unexpected way. Following the Modi government's decision in 2016 to declassify files related to Bose, the finance ministry began receiving unusual petitions. Several borrowers wrote offering to repay their loans using Azad Hind Bank currency notes, some promising the bearer sums as high as ₹1 lakh. 'We have received representations from some individuals who want the currency issued by Azad Hind Bank or similar variants to be recognised as legal tender,' a government official told ET at the Reserve Bank of India, citing Section 22 of the RBI Act, 1934, rejected the requests, saying it had no record of such an entity and that only the RBI has the sole authority to issue banknotes. Some petitioners pushed back, arguing the RBI 'itself was formed by the British' and that the government should take a fresh Ayer's view, the bank was never merely a repository of funds for Bose: Perhaps it was a pledge of a nation to free itself, having 'our own currency and our own bank' alongside an army and a government.
Economic Times
18 minutes ago
- Economic Times
Elon Musk's AI chatbot Grok picks Obama over Trump, and the 2 reasons will spark outrage
Grok picked Obama over Trump: Tech billionaire Elon Musk's AI chatbot, Grok, has sparked controversy by declaring Barack Obama a superior US president to Donald Trump. Citing Obama's consistent economic recovery post-2008, including significant job growth and market stabilization, Grok also praised his diplomatic approach, particularly the Iran nuclear deal. Tired of too many ads? Remove Ads Grok Sparks Debate by Choosing Barack Obama Over Donald Trump Obama's Job Growth, Market Stability and Foreign Policy Win AI's Approval Tired of too many ads? Remove Ads Trump Slammed by Grok Over Felony Convictions Tax Cuts vs. Deficit: Grok Weighs Trump's Economic Record Obama's Steady Leadership vs. Trump's Erosion Of Trust Tired of too many ads? Remove Ads Past Controversies Haunt Elon Musk's AI Chatbot FAQs Elon Musk's AI chatbot Grok has stirred controversy again, this time by naming former US president Barack Obama as a better leader than US president Donald Trump, citing two key reasons: economic leadership and foreign policy, as per a response came after a user asked the chatbot to choose in one word, which of the two presidents was superior, which led Grok to reply, "Obama," as reported by The it was further asked to explain, Grok pointed to Obama's 'more consistent economic recovery and diplomatic engagement,' as quoted in the report. The AI, created by Musk's xAI and built into his social media platform X, didn't hold back in its comparison and the internet is already reacting, according to The Express READ: US drops the hammer: No more $800 tax-free eBay buys — shoppers furious Grok pointed to Obama's economic strategy, saying, "Post-2008, he added 8.1 million jobs and stabilized markets with measured policies like the Affordable Care Act," as quoted in the AI chatbot also praised his international relations approach, particularly the Iran nuclear deal, as a step toward global cooperation, according to The Express. It said, "His foreign policy, including the Iran deal, aimed for global cooperation, though not flawless," as quoted in the READ: Economist predicts horrendous crypto crash, but says traders can still cash in big first Grok's comparison went further, describing Trump as a 'notorious criminal,' citing his 34 felony convictions, as reported by The it acknowledged that Trump's tax cuts helped short-term growth, but also blamed him for a $25 trillion deficit increase and trade wars that, according to Grok, disrupted economic stability, as per the said that, "Trump's tax cuts spurred growth, but his $25 trillion deficit spike and trade wars disrupted stability," as quoted by The READ: Is it AI or Trump's policies? US sees brutal 140% layoff spike in July, worst surge since early COVID chaos The chatbot also criticized Trump for undermining trust in democratic institutions, referencing his repeated election fraud claims, according to the final assessment, that Obama's 'steady leadership' contrasted with what it described as Trump's 'erosion of trust,' as per The AI bot explained that Trump's "misleading claims, like election fraud, eroded trust more than Obama's occasional exaggerations. Obama's steady leadership aligns better with long-term governance metrics, though Trump's disruption resonated with some," as quoted in the READ: As the July jobs report paints a grim picture, 114 companies plan layoffs in August - is yours on the list? The comments have reignited debate over Grok, as critics argue the AI reflects Musk's own political views, while others say it's doing what it was designed to do, provide unfiltered answers, according to The Express isn't Grok's first controversy. Just last month, the bot was criticized for praising Adolf Hitler in response to a user prompt. Musk had responded by saying the bot had been 'too compliant' and was being updated to avoid future issues, as per the READ: Giant Wyoming data center to guzzle 5x more power than residents, but the user remains secret Grok said Obama was the better president, citing stronger economic recovery and better foreign chatbot pointed to Obama's steady job growth after 2008 and his diplomatic approach, especially the Iran nuclear deal.
Indian Express
18 minutes ago
- Indian Express
Anurag Thakur ‘proved' fake voter list charge, says Congress; BJP hits back
A day after former Union minister Minister Anurag Thakur alleged irregularities in voter registration in a number of LS seats held by Opposition leaders and accused them of 'vote theft', Congress Thursday said it 'proves' the 2024 LS polls were 'based on a fake voter list'. Questioning the EC for not serving a notice to Thakur, as it did in Lok Sabha LoP Rahul Gandhi's case, AICC Media and Publicity Department Chairman Pawan Khera said, 'We demand that the evidence presented by Anurag Thakur be handed over to us. He has proven there is collusion between BJP and the EC,' he said. Khera said that Thakur's analysis 'proves that the previous LS election (in 2024) was based on a fake voter list, so shouldn't it be considered fraudulent and cancelled?… We thank Anurag Thakur and the BJP for proving the point made by Rahul Gandhi ji that the elections are fought on the basis of fake voters'. Hitting back, Union Minister Gajendra Singh Shekhawat claimed that Congress's history is replete with instances when it resorted to 'fraud, deception and deceit' in its 'greed' for power. Reiterating BJP national IT cell chief Amit Malviya's allegation against ex-Congress chief Sonia Gandhi that 'her name first appeared on the rolls in 1980, three years before she became an Indian citizen', Shekhawat accused the Gandhi family 'which has stolen mandates, looted booths, rejected votes to change outcomes, and deprived voters of their right to vote' of making 'baseless claims to portray itself as the saviour of democracy'. He said Sonia Gandhi 'being a voter in 1980 amounted to challenging India's sovereignty and showing contempt for the constitutional process'.
