Make sense of the news of the day with Swarajya's summary of this morning's top stories, dear reader.
In a call following his election victory, Trump praises Modi.
On Wednesday, US President-elect Donald Trump received a call from Prime Minister Narendra Modi congratulating him on his resounding win in the US presidential election. Trump called Modi a "magnificent man" and said that the world admired him during their talk. He also called India a "magnificent country" and said that he and Modi were great friends.
The two presidents reiterated their dedication to promoting global peace via cooperation. Trump praised the Indian Prime Minister and said that Modi was among the first international leaders he spoke to following his win. Modi called their conversation "great" in a tweet and said he was excited to further advancing India-US cooperation in areas like technology and defense.
The RBI Governor Issues A Rising Inflation Warning
Although domestic economic activity is still robust, RBI Governor Shaktikanta Das cautioned on Wednesday that October inflation may exceed September's 5.5%, which might have an impact on expectations for any interest rate hikes in the December monetary policy review. He stated that under the next government, India's commercial ties with the US will only strengthen.
Das stated that although the election might go any way, the improvement of India-US relations is evident and will continue. He made this statement prior to the outcome of the US election. He went on to say that the RBI anticipates stronger Consumer Price Index (CPI) readings in September and October, with October inflation possibly surpassing September's rates. In his comments, Das emphasized the "significant upside risks to inflation".
Under new terms, Adani will resume supplying power to Bangladesh.
Bangladesh agreed to new arrangements for repaying debts totaling about Rs 7,500 crore, and the Adani group has relaxed a critical power supply deadline that had been placed on the government after lengthy negotiations.Initially, the Indian conglomerate had given the Bangladeshi government until November 7th to pay the debt or risk a power outage that would have affected as many as 10% of the nation's electrical users.
In what was India's first transnational power delivery project, Adani Power Ltd. started supplying electricity to Bangladesh last year from its 1,600 MW Godda Thermal Power Station.
Bangladesh's monthly electricity bill from Adani's supply was approximately $90-95 million, but because of the country's continuous political and economic problems, it has only been paying $20–40 million. In October, Adani cut its electricity supply in half due to growing debt and the expiration of a letter of credit in July. But following negotiations, Bangladesh consented to offer a new letter of credit for $170–180 million with immediate validity.Initially, the Indian conglomerate had given the Bangladeshi government until November 7th to pay the debt or risk a power outage that would have affected as many as 10% of the nation's electrical users.
In what was India's first transnational power delivery project, Adani Power Ltd. started supplying electricity to Bangladesh last year from its 1,600 MW Godda Thermal Power Station.
Bangladesh's monthly electricity bill from Adani's supply was approximately $90-95 million, but because of the country's continuous political and economic problems, it has only been paying $20–40 million. In October, Adani cut its electricity supply in half due to growing debt and the expiration of a letter of credit in July. But following negotiations, Bangladesh consented to offer a new letter of credit for $170–180 million.
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