AAP National Convenor Arvind Kejriwal on Sunday launched a scathing attack on the BJP, stating that the party’s “double-engine government” only results in “inflation, unemployment, and corruption.”

Addressing a large gathering at AAP’s Janta ki Adalat, Kejriwal remarked, “The BJP-led double-engine government is on its way out in Haryana and Jammu and Kashmir. The double-engine concept has failed nationwide. One engine broke down in June when they secured just 240 seats, and now the second engine will fail in Haryana, J&K, Maharashtra, and Jharkhand.”

He went on to say that people have now realised that “double-engine” is synonymous with inflation, unemployment, and corruption.

“As the Delhi elections approach, they will once again ask for a double-engine government. But you should ask them, did the double-engine government in Haryana achieve anything? They governed for 10 years, yet I saw during my campaign that the people don’t even want BJP leaders entering their villages,” he said.

Kejriwal criticised the BJP’s governance in Uttar Pradesh, stating, “They’ve had a double-engine government in UP for seven years, yet they only managed half the seats in recent elections. In Manipur, the state has been burning for two years under their watch. The country is weary of this double-engine system—it only leads to loot and corruption.”

Taking a direct jab at BJP’s campaign promises, Kejriwal urged voters to challenge the party’s claims. “They will come to your homes, promising to do everything I did. But if that’s the case, then why do we even need them? They’ve ruled 22 states, yet we’ve transformed education in Delhi. Ask them, in which state have they improved schools? In Gujarat, where BJP has been in power for over a decade, not a single school is in good condition.”

Highlighting the deteriorating law and order situation in Delhi, Kejriwal compared it to the lawlessness of Bombay in the 1990s.

“Crime in Delhi is skyrocketing. People are afraid to step outside their homes. It has become increasingly challenging for the common man to live safely in this city,” he added.

Speaking on women’s safety, Kejriwal recalled the reappointment of bus marshals under the AAP government.

“Since the appointment of bus marshals, Many women that they feel much safer on public transport. If someone misbehaves, women can now raise their voices, and marshals immediately intervene, apprehending the offender and handing them over to the police,” he said. AGENCIES

 Tension prevailed in the Jayanagar area in West Bengal’s South 24 Parganas district on Sunday as the local people protested against police apathy in the minor girl’s rape and murder case.

The local people accused the police of showing a lackadaisical attitude in addressing the early intimation by the victim’s parents about their daughter being missing.

The parents have alleged that although they intimated the police about their missing daughter on Friday evening, the cops refused to act promptly. They started the investigation only after the body of the victim was recovered from a nearby canal after Friday midnight.

The victim’s parents alleged that the cops did not take their intimation of their missing daughter seriously and had they done their job immediately, such a ghastly tragedy could have been averted.

Since Saturday morning, hundreds of local people started protesting near Jaynagar Police Station accusing police of negligence. As time passed the protests became violent and the people attacked the police station. A local police camp was ransacked and set on fire. The police had to resort to massive lathi-charge to dispel the mob.

Additional police forces rushed to the area to bring the situation under control and continued to stay put following the continuation of the tension in the area.

Meanwhile, Mostakin Sardar, the arrested accused in the rape and murder of the minor girl has confessed to murdering the girl, sources from the district police said on Sunday. However, he has not admitted to raping the girl, the sources added.

Palash Chandra Dhali, the Superintendent of Police, Baruipur district, under whose jurisdiction Jaynagar comes, said that whether the incident of rape took place or not, it will only be known after the post-mortem of the body is done.

State police sources said the arrested accused so far had not shown any kind of repentance even after confessing to his involvement in the murder. The cops are now trying to investigate what prompted him to conduct such a ghastly crime.

AGENCIES

 Google-owned YouTube said in a latest update that it has reinstated all channels and most videos that were removed due to a technical glitch or a bug.

After a bug incorrectly flagged some channels for spam and removed them, YouTube began working on the fix.

“Happy to report that all channels and most videos incorrectly removed have been reinstated and subscriptions are restored (we’re still working on the last few, bear with us),” YouTube said in a post on X social media platform early on Sunday.

“We know this caused some disruption, and we so appreciate your patience while we sort this out,” the company added.

The Google-owned company earlier said that their teams were “still working on reinstating the incorrectly removed channels and access to subscriptions”.

“We’re sorry for the trouble! Some content like playlists may be delayed, but it’s all coming back. Thanks for your patience while we work on this,” the company had mentioned in a post on X.

The YouTube channels were incorrectly removed for “Spam and Deceptive Practices.” That included access to all subscriptions (YouTube TV, YouTube Premium, YouTube Music).

The company also mentioned that some YouTube creators might have some content, like playlists, missing. But those will also be restored soon, the company added.

The original notice and subsequent updates on the support page have been addressed to “Content Creators”.

Although, some non-content creators have been unable to access their YouTube account, watch YouTube videos, or listen to YouTube Music too.

According to reports, with some paid subscriptions, like YouTube Premium, not available, saved content cannot be viewed including playlists.

YouTube, however, did not confirm how many users were affected by the technical glitch.

AGENCIES

Samsung Electronics said on Sunday it hosted a technology forum in Silicon Valley in the United States, bringing together experts in artificial intelligence (AI) technology to share the company’s key business and research developments in the field.

At the company’s ‘2024 Tech Forum’ hosted by Samsung Research America in the Silicon Valley, senior managers from various Samsung business and divisions offered insights into their respective operations and research related to AI, according to the company.

Samsung Electronics Vice Chairman and CEO, Han Jong-hee, attended the event. Company Vice President Kim Dae-hyun, who heads Samsung Research’s Global AI Center, gave a lecture on customer experiences unique to Samsung Electronics through the use of AI, reports Yonhap news agency.

The South Korean tech giant said it plans to continue creating platforms for networking among industry experts to help foster connections and collaboration among skilled professionals in the industry.

Meanwhile, the company has started mass production of its latest industry-leading solid-state drive (SSD) product, optimal for usage in powerful artificial intelligence personal computers. The “PM9E1” SSD will provide powerful performance and enhanced power efficiency, making it an optimal solution for on-device AI PCs. Key attributes have all been improved compared with its predecessor.

Starting with the PM9E1, Samsung plans to expand its advanced SSD offerings to global PC makers and expects to launch consumer products based on the product in the future to solidify its market leadership.

In August, the chip maker started mass production of the industry’s thinnest mobile DRAM, LPDDR5X DRAM, tailored to on-device artificial intelligence. The new 12-nanometer (nm)-class 12 gigabyte (GB) and 16GB LPDDR5X DRAM packages are only 0.65 mm high, making them the thinnest LPDDR DRAM in the industry.

AGENCIES

Over 60 per cent of South Korea’s automotive exports throughout most of 2024 have been shipped to North America, industry data showed on Sunday, raising calls for companies to consider more balanced global export strategies.

According to industry data, exports of the five automotive firms with manufacturing bases in South Korea — Hyundai Motor, Kia, GM Korea, KG Mobility and Renault Korea Motors — totalled 1,857,111 units during the January-August period, reports Yonhap news agency.

Of those, 61.4 per cent, or 1,140,073 units, were shipped to North America. Exports to the region increased 15.9 per cent from 983,321 units during the same period last year.

In particular, exports to the United States totalled 970,066 units, accounting for roughly half of all South Korean automotive exports during the cited period. American exports recorded an 18.7 percent on-year jump during the period.

In contrast, exports to other regions recorded significant declines from last year, with those to Africa dropping by 44.7 percent. Shipments to Asia, the European Union, Latin America and the Middle East also fell by 23.5 per cent, 26.1 per cent, 11.6 per cent and 9.2 per cent, respectively, the industry data mentioned

Market watchers in particular have expressed concerns about South Korea’s increasing reliance on auto exports to the U.S. market, noting that a high market share of Korean goods could prompt the next American administration to introduce regulatory measures.

Kim Pil-soo, an automotive professor at Daelim University, stated, “If the trade surplus with the U.S. becomes too large due to increased car exports, even an ally such as South Korea could face measures such as tariffs.” AGENCIES

The South Korean units of Mercedes-Benz Group AG and Volkswagen Group plan to provide information regarding the battery management system (BMS) of their electric vehicle (EV) models to the local transport safety authority, according to officials on Sunday.

According to a Korea Transportation Safety Authority (KTSA) report submitted to Rep. Ahn Tae-joon of the main opposition Democratic Party, Mercedes-Benz Korea and Volkswagen Group plan to provide data of their BMS to the authority starting in December.

The decisions follow heightened public concerns over EV safety, following a massive fire that broke out from a Mercedes-Benz electric model in early August, which led to the damaging of over 100 cars in an underground apartment parking garage in Incheon, west of Seoul, reports Yonhap news agency.

Hyundai Motor and Kia began providing BMS data to the KTSA in June 2022. In July of the same year, Renault Korea Motors and GM Korea followed suit. BMW Korea started providing the information in June 2023, while Tesla followed suit in October of last year.

BMS monitors battery voltage and temperature to ensure optimal performance of EVs. It also alerts users to any early warning signs of abnormalities. To verify whether a battery is in a safe condition, collecting data from a BMS is required.

Imported car brands had previously been reluctant to provide BMS information apparently over fears proprietary battery control technology could be leaked during inspections.

The KTSA said it plans to discuss with the transport ministry measures to encourage imported car brands to provide BMS information, although they are not yet specifically considering making such provision mandatory.

AGENCIES

The market outlook for next week will depend upon RBI MPC meet, IIP data, and the Q2 earnings season will kick off with key companies like TCS, IREDA Tata Elxsi and DMart among others which will drive stock-specific movements.

The broader market’s focus will be on the RBI’s Monetary Policy Committee (MPC), which is scheduled to meet from October 7 to 9, with the outcome to be announced on Wednesday, October 9.

According to the market experts, “The Reserve Bank of India (RBI) is expected to keep the benchmark repo rate unchanged in its upcoming policy review, having maintained it at 6.5 per cent for the ninth consecutive meeting in August 2024. This aligns with market expectations, as the central bank aims to bring inflation closer to its medium-term target of 4 per cent while supporting economic growth.”

Several other factors like Foreign institutional investors (FIIs) activities, US FOMC Meeting Minutes and crude oil prices will also drive the market next week.

In the previous week, the market experienced a sharp downturn and broke its three-week winning streak. The Nifty and Sensex both plummeted nearly 4.50 per cent, closing the week at 25,014.60 and 81,688.45, respectively.

The primary driver behind the selloff was the diversion of foreign funds to China after the country’s central bank introduced substantial monetary stimulus, reducing the reserve requirement ratio (RRR) by 0.50 per cent.

FIIs sold equities worth Rs 40,511 crore, while Domestic Institutional Investors (DIIs) bought equities worth Rs 33,075 crore.

Palka Arora Chopra, Director of Master Capital Services said, “Nifty has formed a strong bearish candle on the weekly chart, signaling intense selling pressure at higher levels. Last week the NSE benchmark broke the key Fibonacci support at 25,100 and closed negatively, the next critical support is 24,700. A breakdown below this could lead to further declines toward 24,400.”

Pravesh Gour, Senior Technical Analyst at Swastika Investmart said, “Bank Nifty 100-day moving average (DMA) at 51,100 serves as an immediate support level, with the 50,000-49,500 range, which aligns with the 200-DMA, acting as the next support zone. On the upside, 52,500 and 53,300 will be key resistance levels during any pullback.”

AGENCIES

Union Minister for Electronics and IT Ashwini Vaishnaw has said that India is moving towards becoming the next semiconductor hub for the world as big investment is happening in this sector in the country.  

Minister Viashnaw referred to a recent roundtable in New York between Prime Minister Narendra Modi and top tech CEOs and said that in the discussion three top executives had said they had not seen this kind of enthusiasm for any country in the last 35 to 40 years.

The Central government has cleared five semiconductor manufacturing proposals, with a total combined investment nearing Rs 1.52 lakh crore.

The Union Minister further said Micron Technology will roll out the first made-in-India chips by early 2025. The construction work of the CG power semiconductor facility is going on. And in Tata’s ATMP facility in Assam, construction work is going on very well, he said.

Earlier, the Minister said the growth of the semiconductor industry in India will further boost PM Modi’s vision. Semiconductor is a foundational industry. Chips manufactured in the industry are used in medical instruments, mobile phones, laptops, cars, trucks, trains, televisions and practically every device.

All the initiatives taken so far, whether it is the Digital India Mission or the telecom mission, have brought technology into the hands of common citizens.

According to the reports, India’s semiconductor-related market will reach 64 billion dollars in 2026, nearly triple the size in 2019. Towards achieving this goal, the ‘Semicon India’ initiative allows financial support for front-end fabrication units, sensors, display manufacturing, display fabs, semiconductor packaging and compound semiconductors.

As per the experts, “by expanding production capabilities, the country is poised to become a major player in the semiconductor sector. National initiatives, such as the Semicon India Programme and the India Semiconductor Mission (ISM), are focused on capturing a significant share of the global market, driving innovation, and stimulating economic growth through job creation and technological advancement.”

AGENCIES

Buoyed by policy continuity and strong domestic demand, especially in rural India, business optimism has soared among India Inc and the industry remains bullish on business sentiments in FY25, a survey showed on Sunday.

The Confederation of Indian Industry (CII) Business Confidence Index rose to a two-quarter high of 68.2 in the second quarter of the current financial year (July-September period), as compared to 67.3 in the previous quarter and 67.1 in the corresponding quarter last year.

The survey respondents cited factors such as improvement in consumption, especially rural demand, steady progress in monsoon, continued emphasis on reforms and fresh sightings in private investment as the key reasons which will drive growth in the current financial year.

More than half (59 per cent) of the respondents anticipate an improvement in private capex in the first half of FY25 as compared to the second half of FY24.

This is encouraging as this is likely to provide support to public capex which has shown an uptick recently after a lull in the first quarter due to elections, the findings showed.

“In tandem with the improvement seen in the business prospects, industry has responded positively on the availability of employment opportunities across sectors. Almost half of the respondents anticipate an improvement in the hiring situation in their companies during the second quarter,” the report mentioned.

The upcoming festive season portends well for fortifying growth prospects further. That said, the uncertainty in the global scenario persists, necessitating a careful watch on the evolving economic conditions, according to the leading industry chamber.

The survey highlighted that more than half of the respondents anticipate sales and count of new orders in their companies to increase in the July-September quarter.

Consequently, most of the respondents (46 per cent) feel that the capacity utilisation levels in their company would range between 75-100 per cent during the quarter ending September 2024.

“This level is higher than the proportion witnessing such capacity utilisation levels in the previous quarter. Moreover, capacity utilisation between 75-80 per cent is a propitious sign as it helps to fuel fresh investments in the economy as per the RBI,” the survey report noted.

AGENCIES

 Top investor Vijay Kedia on Sunday slammed IndiGo for frequent delays, poor customer service and rude ground staff, as the low-cost carrier suffered a massive outage leading to flight disruptions and ground services being halted across the nation on Saturday.

In a post on the X social media platform, Kedia told the airline not to “let arrogance lead to your downfall”.

“Without improvements, IndiGo will face the consequences of its own decline,” he commented.

The technical glitch on Sunday left several air travellers stranded across airports as they were unable to board IndiGo flights or book tickets, leading to significant delays.

“As a shareholder and frequent flyer, I feel it’s important to express my concerns about Indigo’s recent performance. Earlier, Indigo was always my first choice. Now, it’s my last. Given an alternative, most passengers would choose you only as a last resort,” the ace investor posted.

Addressing the Indigo management, Kedia mentioned two main areas of dissatisfaction with the airline — frequent delays and poor customer service, “especially at the check-in counters, where staff behaviour is often rude”.

“Passengers deserve better, and your team’s conduct directly impacts the brand’s reputation,” said Kedia.

The technical glitch left several passengers no option but to flood social media with complaints.

“It’s good to invest in new aircrafts but how about improving the ground services (at Bangalore T1 for the last one hour). Additional counters are required, disturbing to see old people suffering. @DGCAIndia please notice,” an affected flier posted.

According to Kedia, Indigo currently holds about 62 per cent of the market share, but competition is growing.

“Air India is catching up, several struggling airlines are reviving, and new entrants are on the way. If these issues aren’t addressed, people will shift to other options,” he said.

Domestic passenger air traffic in the country rose 6 per cent (year-on-year) to 13.1 million in August. Indigo continued to dominate the domestic space, increasing its market share by 40 bps to 62.4 per cent.

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