Most existing cryptocurrencies won’t survive, predicts Raghuram Rajan

News Network
November 24, 2021

New Delhi, Nov 24: Former RBI Governor Raghuram Rajan on Wednesday said of the 6,000-odd cryptocurrencies in existence today, only one or two, or at most, only a handful would survive.

In an interview with CNBC-TV18, the former RBI governor said, “If things have value only because they because they will be pricier down the line, that’s a bubble.” 

“A lot of cryptos have value only because there is a greater fool out there willing to buy.” He compared the current mania in cryptocurrencies to the tulip mania in the Netherlands in the 17th century.

“Cryptos may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved,” he said.

According to Rajan, it was not as if cryptocurrencies had no value at all, just that most of them did not have permanent value. Also, some of them would survive to provide payments, especially cross border payments.

Rajan was not alone in voicing concerns over cryptocurrency dealings in India. RBI Governor Shaktikanta Das recently has also issued warnings on cryptocurrency trading. Das in his address has opined for a strong and formal framework to regulate cryptocurrency dealings in India.  

The Centre is all set to introduce a Bill to regulate cryptocurrencies during the winter season of Parliament. A comprehensive Bill on the digital currencies is likely to be tabled for the Cabinet approval.  

Rajan also said, “In the US, crypto is a $2.5 trillion problem that nobody really wants to regulate,” adding that the problem was partly due to regulators not fully understanding this space and how to regulate it. What governments can insist on is getting information from crypto entities, when crypto entities get too big, government can examine them more closely to ensure there isn’t fraud. This is a situation where at best you can send warnings to the broader public,” he added. 

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News Network
November 17,2021

New Delhi, Nov 17: The number of fully vaccinated individuals against Covid-19 has surpassed the partially vaccinated eligible population for the first time in the country, Union Health Minister Mansukh Mandaviya said on Wednesday.

This feat has been made possible due to the prime minister's vision of 'Jan-Bhagidari' and “Whole of Government Approach”, people's faith and confidence in the government, and the ongoing 'Har Ghar Dastak' campaign which has seen a tremendous response from various parts of the country, Mandaviya said.

"In a significant achievement to the nationwide vaccination coverage for the country, for the first time the number of fully vaccinated individuals has surpassed those who have been administered only a single dose of vaccine," the minister said in a statement.

The country has in total administered over 113.68 crore doses, according to the provisional report at 7 am.

This has been achieved through 1,16,73,459 sessions. Out of which, 75,57,24,081 doses were administered as first dose and 38,11,55,604 doses were administered as second dose. The number of fully vaccinated individuals (38,11,55,604) exceeds those who have been administered a single dose (37,45,68,477), the minister said.

The Union Health Minister congratulated the collective spirit of the country on this achievement.

In a tweet, he appealed to all eligible citizens to get vaccinated.

“We will win the battle against Covid-19 together,” he stated.

The Union Health Minister expressed confidence that the country will have vaccinated every Indian by the end of the month-long 'Har Ghar Dastak' campaign, according to the statement.

“The staunch political commitment of the Government of India to protect every citizen from Covid-19 through vaccination has enabled the nationwide Covid-19 vaccination drive to achieve several feats ever since its inception on January 16, 2021. 

"The nation achieved the distinction of having administered 100 crore doses on October 21. Subsequently, the prime minister gave a clarion call and launched the 'Har Ghar Dastak' campaign on November 3 to knock at every door and reach out to every household and immunise every citizen against Covid-19 in the spirit of Antyodaya”, Mandaviya said.

The month-long 'Har Ghar Dastak' vaccination campaign aims to ensure that all the adult population is covered with the first dose of vaccine, while those who are due for the second doses are motivated to take the second dose.

Healthcare workers are conducting door-to-door vaccinations of eligible people across India with a special focus on districts where less than 50 per cent of the eligible population has been vaccinated, the statement said.

The Union Health Minister also assured people that there was no shortage of vaccine doses in the country and urged them to come forward for the second dose, and motivate those in their family and community to take both the doses.

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News Network
November 20,2021

New Delhi, Nov 20: Om Raj excitedly shows his small diary carrying details of all the friends he made at Singhu border, while Manak Singh says he will miss the protest site which witnessed their daily hardship for over a year to convince the Centre to repeal the farm laws.

Sitting with his friends on a cot near temporary tents set up at Ghazipur border, Raj (85) said the protest venue now feels like home and that the agitating farmers have developed a deep bond with each other.

The farmer, a native of Moradabad in Uttar Pradesh, shows his diary in which he has meticulously maintained details of all the protesters he has befriended in the past one year.

"See this is my tenth diary and there are hardly any pages left. I have maintained details of all the farmers I met here and became friends with over the period. We all stay in touch. The bond that we developed here has only become stronger. I also plan to visit them,” Raj says enthusiastically.

At Ghazipur border, one of the three prominent venues of the anti-farm laws agitation, protesters were filled with excitement following Prime Minister Narendra Modi’s announcement of repealing the controversial farm laws.

Another protestor says he will definitely miss the venue after he will return to his village.

Asked if he ever went to his hometown during the last one year, Raj recalled that he visited his native place on just two to three occasions and returned within a few days.

Since the last two months, the elderly farmer has set up a small venture which he starts at around 10 am and closes by 5 in the evening. He says the intention behind it was just to have some ‘gupshup’ (conversation) and pass the time with other farmers.

He also showed the spread of the products for sale -- bidis, matchboxes, badges and flags.

"When the farmers get bored, they sit here and pass time. I sell bidis and matchboxes which usually fetches me around Rs 100 a day,” he said.

Manak Singh (77), a native of Amroha district in Punjab, says, "This spot has become our place for chit-chat. We will stay here until all the laws are repealed as per legal procedure. We will not go unless all our listed seven demands are met by the central government. This announcement by the Centre could have also been done with upcoming elections in mind."

Having braved severe weather conditions and other hardship during their protest, the farmers say this has only made their brotherhood and will power stronger.

"If the government would have made this announcement earlier, we would not have suffered so much," a protester rues.

Meanwhile, a few tents away, 68-year-old Ram Kumar Sharma, hailing from Nithari village in Noida, had been serving ‘langar’ (free meals) from morning till night, at the protest site for nearly a year now.

Sharma, who is also a member of the Bharatiya Kisan Union, says he comes around 10 am and leaves at night after the last langar is served.

“I have been organising the langar with the spirit of social service. I will miss the farmers after they will leave the site,” he says.

“I do not want to see anyone going back with an empty stomach. I am myself a farmer and do not want to see anyone hungry,” he adds.

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News Network
November 24,2021

adaniGautam.jpg

New Delhi, Nov 24: Chairman of Adani Group, Gautam Adani, has replaced Reliance Industries Limited (RIL) chairman Mukesh Ambani to become the richest man in India and Asia for the first time ever. 

Currently, Adani Group operates a slew of companies including Adani Enterprises, Adani Green Energy, Adani Ports & SEZ, Adani Transmission, Adani Total Gas, and Adani Power, among others.

Adani’s wealth has swelled up recently, especially after the onset of the pandemic. For instance, his total wealth stood at around $4.91 billion on March 18, 2020. As of now, his net wealth has touched nearly $90 billion - a rise of more than 1800%. 

On the other hand, Ambani’s net wealth has taken a slight hit after Reliance Industries scrapped the deal with Aramco, a Saudi Arabian public petroleum and natural gas company based in Dhahran. 

However, the change of fortune was expected to happen anytime soon. According to Bloomberg Billionaire Index, Adani’s wealth had stood at $88.8 billion on Tuesday (November 23). On the other hand, Ambani’s net wealth stood at $91 billion.  

But on Wednesday (November 24), shares of Reliance Industries Limited dropped by 1.77% while the shares jumped 2.34%, closing in on the difference between the net wealth of Adani and Ambani. 

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