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By EquityPandit

INDIA

Sanjay Raut to Appear Before ED Today

Today, Sanjay Raut, leader of Shiv Sena, will appear before the Enforcement Directorate (ED) office in connection with the Money Laundering (ML) case after the investigation done by the agency declined his request to provide some additional time for his appearance. Raut appealed to party workers not to gather at the ED office as he has to appear before the probe agency today at 12 PM.

“I will be appearing before the ED today at 12 noon. I respect the Summons issued to me, and it’s my duty to co-operate with the investigation agencies. I appeal to Shiv Sena workers not to gather at the ED office. Don’t worry !” Raut said.

The Enforcement Directorate had sent a second summons to Raut before July 1, as he failed to appear in his first summon due to the political crisis in Maharashtra, which was sent on June 27.

Sanjay Raut is being probed in connection with the re-development of Mumbai’s Patra Chawl. His lawyer had sought 13-14 days to present the documents in front of the probe agency. The agency declined the request.

On Wednesday, after the resignation of Uddhav Thackeray, he said that Shiv Sena would work and come to power ‘on our own once again.

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INDIA

PM Modi Cancels Kanpur Visit; Metro Phase 2 Inauguration Delayed

Dhruva Kulkarni

Prime Minister Narendra Modi has cancelled his scheduled visit to Kanpur on 24th April following the Pahalgam terror attack, which took 26 lives, including one person from Kanpur.

The PM was expected to inaugurate Kanpur Metro Phase 2 and lay the foundation stone for projects worth over Rs 20,000 crore. As a mark of respect, officials postponed the event and deferred any celebratory public engagements.

Phase 2 of the Kanpur Metro includes a 7-km underground corridor between Chunniganj and Kanpur Central, adding five new stations: Naveen Market, Chunniganj, Bada Chauraha, Nayaganj, and Kanpur Central. The extension aims to serve over one lakh daily commuters, cutting travel time between IIT Kanpur and Kanpur Central to 15–20 minutes.

Completed ahead of schedule in just over three years, the Rs 2,000 crore project is expected to ease congestion and improve public transport access for office workers, students, legal professionals, and railway passengers.

Chief Minister Yogi Adityanath recently reviewed the metro project, praising its rapid construction. Residents have also welcomed the development, calling it a major relief for daily travel.

PM Modi launched Phase 1 of the Kanpur Metro on 28th December 2021, which runs 9 km from IIT Kanpur to Moti Jheel.

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AUTOINDIA

Renault Opens Largest Design Centre Outside Europe in India to Accelerate Local Launches

Dhruva Kulkarni

Renault inaugurated its largest design centre outside Europe in India on Tuesday, located within the Renault Nissan Technology & Business Centre in Chennai. The facility currently hosts 32 designers, with plans to expand to 40 soon.

Laurens van den Acker, Renault’s Chief Design Officer, expressed satisfaction with India’s design and development capabilities, noting that the studio had previously focused on vehicles for the European market.

The centre will design and support engineering for five Renault models to be launched in India over the next five years at an accelerated pace.

Venkatram Mamillapalle, Country Managing Director and CEO of Renault India highlighted that India’s automotive market is expected to grow faster than the global average, with the Total Industry Volume (TIV) projected to rise from 4.3 million to 10 million. The new design centre will help Renault expand its footprint in India, focusing on customer needs and preferences for SUVs.

The centre’s location and time zone offer efficiency, enabling design work to continue while other global operations are offline. India’s strong engineering and design talent pool is essential for speeding up design-engineer-build cycles.

A few weeks ago, Renault announced its plan to acquire Nissan’s 51% stake in their Indian joint venture, with the transition expected to be completed within two months.

Renault is also developing an electric vehicle for India, though widespread EV adoption is still a few years away. EVs currently make up less than 2% of the market but are expected to account for 10–12% in the next 5–7 years.

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INDIA

Maharashtra’s Water Crisis Deepens: 18% Drop in Dam Storage Since March

Dhruva Kulkarni

Maharashtra is in a severe water crisis, with water levels in 32 major dams falling by 18% over the past month.

According to the latest data from the Central Water Commission, storage in these reservoirs has declined to just 32.10%, well below the national average of 36.16% and last year’s levels for the same period.

Of the 32 key dams, 20 have less than 50% water; several are on the verge of drying up with storage below 10%. Ujani Dam in Solapur is among the worst-hit, holding just 1.97% of its capacity. In contrast, Pune’s Manikdoh Dam is at full capacity, and the Ghod Dam is in better shape with 60.92% storage.

Back in March, the average storage across these dams was 50.32%. Since then, the sharp 18% decline has raised serious concerns as the state enters the peak summer months, heightening the risk of shortages for drinking water, agriculture, and industry.

Experts have called for urgent action from the state government and the Water Resources Department. Efficient water management, prioritising drinking water supply, and launching conservation efforts are critical to handling the crisis ahead.

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INDIA

PM Modi, Elon Musk Discuss Deepening Tech & Innovation Ties

Dhruva Kulkarni

Prime Minister Narendra Modi spoke to Tesla CEO Elon Musk today, discussing opportunities for collaboration in technology and innovation. The interaction builds on their earlier meeting in Washington, DC, this year.

Sharing the update on X, PM Modi said their conversation touched on many subjects, including potential partnerships in emerging sectors. “Spoke to Elon Musk and discussed various issues, including the topics we covered during our meeting in Washington DC earlier this year. We discussed the immense potential for collaboration in the areas of technology and innovation,” he posted.

Modi added that India is committed to strengthening its partnerships with the U.S. in transformative sectors.

In February, the two discussed enhancing collaboration between Indian and U.S. entities in innovation, space exploration, AI, and sustainable development. Their conversation also covered entrepreneurship and good governance.

Tesla’s long-awaited India entry could begin as early as this month, with the company reportedly exploring imports from its Berlin plant. Tesla is also expected to introduce an EV priced under $25,000 and has reportedly started hiring in India.

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INDIA

Maharashtra to Grant ‘Farmer’ Status to 12 Lakh Fishermen for Wider Welfare Benefits

Dhruva Kulkarni

The Maharashtra government is finalising a policy to grant “farmer” status to 12 lakh fishermen across the state. The policy awaits approval from the finance department and the chief minister’s office (CMO) before being tabled for final cabinet approval, likely within the next week.

Once approved, this policy will benefit both inland and marine fishermen, making Maharashtra the first state in India to implement such a plan. Although Andhra Pradesh had worked on a similar proposal, it never received final approval.

The initiative recognises that both agriculture and fishing are nature-dependent professions. While farmers have access to numerous welfare schemes, fishermen have been excluded from such benefits. Granting them “farmer” status will enable them to access government schemes available to the agricultural sector.

Minister Nitesh Rane had announced the plan during the last budget session, with support from then-deputy chief minister Devendra Fadnavis.

The key benefit of this policy is that fishermen can secure bank loans to upgrade their boats from wooden to fibre or electric models, reducing reliance on private lenders. The government expects to spend Rs 70 to Rs 80 crore annually on this initiative.

Fishermen will also be eligible for government insurance and compensation during natural disasters, similar to what farmers receive. Additionally, the fisheries department plans to promote seaweed cultivation to provide an alternative income during the monsoon when marine fishing is restricted. There’s also a focus on increasing inland fishing production, with meetings underway to develop a strategy for growth.

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