Latest news with #482
Time of India
2 days ago
- Business
- Time of India
State Secured Record FDIs Last Financial Year, Surge To Continue: CM
Nagpur: Chief minister Devendra Fadnavis announced on Thursday that the state secured an unprecedented Rs1,64,875 crore in foreign direct investment (FDI) for the financial year 2024-25. This accounts for 40 percent of India's total FDI inflow and marks a 32 percent increase over the previous year. "This year, Maharashtra has broken its own records for the last decade," Fadnavis said in a post on X. He added that the state had already surpassed its previous high within the first nine months of the fiscal year, crediting the surge to the 'leadership of deputy chief ministers Eknath Shinde and Ajit Pawar, and the collective effort of the state cabinet'. The chief minister highlighted that the final quarter alone — from January to March 2025 — brought in Rs25,441 crore in FDI, solidifying Maharashtra's position as India's top destination for foreign investment. "Under the leadership of my colleagues Shinde, Pawar and the cabinet, this race for our Maharashtra will continue," Fadnavis said. Official data shared by the chief minister showed Maharashtra's FDI trajectory over the past decade, with major fluctuations: Rs61,482 crore in 2015-16, rising to Rs1,31,980 crore in 2016-17, and rebounding to Rs1,19,734 crore in 2020-21 after brief dips. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เทรด CFDs ด้วยเทคโนโลยีเทรดสุดล้ำ และ รวดเร็วกว่า IC Markets อ่านเพิ่มเติม Undo The figure for 2024-25 marks the highest to date. Industry experts attribute Maharashtra's continued success in attracting foreign investment to its robust infrastructure, skilled workforce, and investor-friendly policies, even amid broader economic uncertainties. Mumbai's longstanding role as India's financial capital has also bolstered the state's appeal to global investors. The record-breaking figure comes as the Mahayuti coalition, comprising the BJP, Eknath Shinde-led Shiv Sena, and NCP headed by Ajit Pawar, readies for local elections later this year. The FDI milestone is likely to feature prominently in the ruling alliance's pitch to voters, with Fadnavis presenting it as evidence of the state's economic resilience and growth. According to data compiled by the department for promotion of industry and internal trade (DPIIT) through December 2024, Maharashtra leads the country in FDI inflow, followed by Karnataka and Gujarat. The final quarter of the financial year, Fadnavis noted, will only further strengthen Maharashtra's standing. "Of course, there is still one quarter left in this financial year," he added.
Express Tribune
07-05-2025
- Business
- Express Tribune
Gold prices rise again in local and international markets
Listen to article Gold prices rose again on Tuesday in both international and domestic markets, driven by sustained investor demand and ongoing global economic uncertainty. According to market data, the international bullion market saw an $8 per ounce increase in gold prices, bringing the rate to $3,385. This upward movement in global prices was mirrored in Pakistan's local bullion markets. The price of 24-karat gold per tola (11.66 grams) increased by Rs800, reaching Rs356,900, while the price of 10 grams of 24-karat gold rose by Rs684 to Rs305,984. In contrast, silver prices remained stable, with the rate for silver per tola unchanged at Rs3,482 and 10 grams of silver holding steady at Rs2,985. Market analysts continue to point to geopolitical tensions and inflationary pressures as key drivers behind the rising gold demand. Investors are increasingly turning to gold as a safe-haven asset amid uncertainty.
India Today
06-05-2025
- Science
- India Today
Russian spacecraft could crash on Earth. It was planned to land on Venus in 1972
Russian spacecraft Cosmos 482, which was destined to land on Venus, is returning to crash on Earth nearly 53 years after it was 482 is a Soviet spacecraft launched on March 31, 1972, intended to land on Venus as part of the Venera program. However, due to a malfunction in its rocket stage, it failed to escape Earth's orbit and instead became stranded in low Earth satellite tracking data reveals that its parachutes could already be released after tumbling in low Earth orbit for over half a century. Satellite tracker Ralf Vandebergh of the Netherlands, who captured the high-resolution images, noted that Cosmos 482 is roughly 130 kilometres closer than the Starlink bus which, according to data, is around 1.3 meters by 2.7 meters. Telescopic images of the Soviet Cosmos 482 Venus descent craft. (Photo: Ralf Vandebergh) "Several frames seem to confirm what I thought to see in the 2014 images, [that] there is a compact ball but several frames show a weak elongated structure at one particular side of the ball," Vandebergh told He cautioned that more time is needed to better analyse what's showing up in the are hopeful that the spacecraft, which was built to survive the thick Venusian atmosphere, could survive re-entry into Earth's atmosphere and land intact on the crash is likely to take place on May 10 based on the current trajectory of the spacecraft was meant to deliver a lander to Venus to study the planet's atmosphere and surface conditions. Its Block L upper stage failed to fire correctly, preventing it from achieving the velocity needed to break free from Earth's of the spacecraft, including the Venus lander module, are still intact in orbit around Earth. Due to its dense heat shield, it could survive the fiery 482 is one of the few spacecraft in Earth's orbit that was originally designed for another planet. Its reentry could be spectacular when it happens.
The Herald
06-05-2025
- Business
- The Herald
R2m laptop purchase marred by irregularities and possible fraud
Mpumalanga premier Mandla Ndlovu says the procurement process followed by the department of education to acquire 22 laptops was riddled with misrepresentation, noncompliance with procurement laws and possible fraud. Ndlovu released the investigation findings into the procurement of laptops by the department at an inflated price of R91,482 each. He instituted the investigation at the beginning of April, after being alerted to the matter by a whistle-blower as early as February 15. Among other aspects, the investigation focused on whether the procurement processes followed for the acquisition complied with applicable prescripts, such as the Public Finance Management Act (PFMA) and Supply Chain Management (SCM) Regulations and whether the department tested the market to determine if the goods provided offered value for money. Ndlovu found that the procurement was materially flawed, in that it did not comply with section 217 of the constitution, along with sections 38 and 45 of the Public Finance Management Act (PFMA), as the process failed to meet the required standards of fairness, equity, transparency, competitiveness and cost-effectiveness. He added the supplier also did not comply with the terms of the purchase order and delivered laptops of a lesser quality than what was approved and paid for. 'The departmental officials irregularly specified the brand they required instead of the functionality, resulting in only specific suppliers responding to the issued request for quotations (RFQ),' he said. He said the officials irregularly invited bids from a particular brand of suppliers and within the limited locality of Mbombela though it was required that they expand the scope to suppliers of all brands provincially. 'The department accepted delivery of laptops not per the specification. The initial specifications were varied without a proper process and by an official not duly authorised. The conditions specified by the bid adjudication committee to negotiate the price before the order being issued were not adhered to. Then the department procured laptops of similar specifications, which could have been procured for a lesser amount had due diligence been applied.' The investigation also found that the process involved misrepresentation and possible fraud as the supplier misrepresented to the department that it supplied the goods as per the award when it knew that the laptops supplied were not per the specifications. He also found that officials in the department repeatedly misrepresented key aspects of the procurement process. They falsely claimed that proper procedures had been followed, that the goods delivered matched the approved specifications, and that the amount paid was accurate and justified — even though the laptops delivered were of inferior quality to those ordered. Further, they misrepresented that the technical specifications used were based on current user requirements, when in reality, they relied on outdated specifications developed two years prior, which had not been reviewed or updated for the current procurement. He further found evidence of gross dishonesty by certain department officials. Some officials were found to have conducted an internal investigation into a matter in which they themselves were implicated, while failing to fully disclose their involvement and also provided false information and misled both the premier and the MEC with inaccurate accounts of the procurement process. Ndlovu said, the service provider also acted dishonestly in an attempt to conceal its failure to meet the agreed specifications. Notably, the department had appointed this service provider to deliver 22 Dell XPS 15 laptops at R91,482.50 each and one HP printer at R8,269.45, amounting to a total of R2,020,883.45, which also included accessories such as wireless mice and laptop bags. He said they intend to immediately recover any financial losses incurred by the department as a result of the procurement of the laptops from the service provider. Additionally, they plan to initiate the process of blacklisting the service provider on the National/Provincial Treasury Register for Tender Defaulters and report the matter to SITA. He recommended that disciplinary action be instituted against all implicated officials, including the HOD, per the relevant prescripts, such as the Public Service Act, the Public Service Regulations, the Public Finance Management Act and Senior Management Handbook. He also proposed conducting lifestyle reviews on all officials named in the report, which may lead to lifestyle audits, in line with the applicable regulations. Ndlovu also recommended that any possible criminal acts, including but not limited to collusion, bribery, corruption, fraud, and financial misconduct under the Public Finance Management Act and Prevention and Combating of Corrupt Activities Act be reported to the police. TimesLIVE
TimesLIVE
05-05-2025
- Business
- TimesLIVE
R2m laptop purchase marred by irregularities and possible fraud
Mpumalanga premier Mandla Ndlovu says the procurement process followed by the department of education to acquire 22 laptops was riddled with misrepresentation, noncompliance with procurement laws and possible fraud. Ndlovu released the investigation findings into the procurement of laptops by the department at an inflated price of R91,482 each. He instituted the investigation at the beginning of April, after being alerted to the matter by a whistle-blower as early as February 15. Among other aspects, the investigation focused on whether the procurement processes followed for the acquisition complied with applicable prescripts, such as the Public Finance Management Act (PFMA) and Supply Chain Management (SCM) Regulations and whether the department tested the market to determine if the goods provided offered value for money. Ndlovu found that the procurement was materially flawed, in that it did not comply with section 217 of the constitution, along with sections 38 and 45 of the Public Finance Management Act (PFMA), as the process failed to meet the required standards of fairness, equity, transparency, competitiveness and cost-effectiveness. He added the supplier also did not comply with the terms of the purchase order and delivered laptops of a lesser quality than what was approved and paid for. 'The departmental officials irregularly specified the brand they required instead of the functionality, resulting in only specific suppliers responding to the issued request for quotations (RFQ),' he said. He said the officials irregularly invited bids from a particular brand of suppliers and within the limited locality of Mbombela though it was required that they expand the scope to suppliers of all brands provincially. 'The department accepted delivery of laptops not per the specification. The initial specifications were varied without a proper process and by an official not duly authorised. The conditions specified by the bid adjudication committee to negotiate the price before the order being issued were not adhered to. Then the department procured laptops of similar specifications, which could have been procured for a lesser amount had due diligence been applied.' The investigation also found that the process involved misrepresentation and possible fraud as the supplier misrepresented to the department that it supplied the goods as per the award when it knew that the laptops supplied were not per the specifications. He also found that officials in the department repeatedly misrepresented key aspects of the procurement process. They falsely claimed that proper procedures had been followed, that the goods delivered matched the approved specifications, and that the amount paid was accurate and justified — even though the laptops delivered were of inferior quality to those ordered. Further, they misrepresented that the technical specifications used were based on current user requirements, when in reality, they relied on outdated specifications developed two years prior, which had not been reviewed or updated for the current procurement. He further found evidence of gross dishonesty by certain department officials. Some officials were found to have conducted an internal investigation into a matter in which they themselves were implicated, while failing to fully disclose their involvement and also provided false information and misled both the premier and the MEC with inaccurate accounts of the procurement process. Ndlovu said, the service provider also acted dishonestly in an attempt to conceal its failure to meet the agreed specifications. Notably, the department had appointed this service provider to deliver 22 Dell XPS 15 laptops at R91,482.50 each and one HP printer at R8,269.45, amounting to a total of R2,020,883.45, which also included accessories such as wireless mice and laptop bags. He said they intend to immediately recover any financial losses incurred by the department as a result of the procurement of the laptops from the service provider. Additionally, they plan to initiate the process of blacklisting the service provider on the National/Provincial Treasury Register for Tender Defaulters and report the matter to SITA. He recommended that disciplinary action be instituted against all implicated officials, including the HOD, per the relevant prescripts, such as the Public Service Act, the Public Service Regulations, the Public Finance Management Act and Senior Management Handbook. He also proposed conducting lifestyle reviews on all officials named in the report, which may lead to lifestyle audits, in line with the applicable regulations. Ndlovu also recommended that any possible criminal acts, including but not limited to collusion, bribery, corruption, fraud, and financial misconduct under the Public Finance Management Act and Prevention and Combating of Corrupt Activities Act be reported to the police.
