Latest News LIVE: SC adjourns hearing on loan moratorium case to Dec 2

Supreme Court
The Supreme Court on Friday directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid upto Rs two crore in view of the coronavirus pandemic. A bench headed by Justice Ashok Bhushan said the Covid-19 pandemic has not only caused serious threat to the health of the people but has also cast its shadow on the economic growth of the country as well as other countries in the entire world.

The National Statistical Office (NSO) data today showed that the Q2FY21 GDP on a year-on-year basis contracted by (-) 7.5 per cent from (-) 23.9 per cent in the preceding quarter.

A MiG-29K trainer aircraft, operating at sea, met with an accident on Thursday. An inquiry has been ordered to investigate the incident, says Indian Navy.

National Security Advisor Ajit Doval arrived in Sri Lanka for a trilateral maritime dialogue among India, Sri Lanka and the Maldives beginning today.

Stay tuned for the latest news of the day.

LIVE UPDATES

US, Taiwan to push an alternative to China's Belt and Road Initiative

An informal US-led alliance to provide an alternative to China’s Belt and Road Initiative will provide greater transparency to countries seeking funding to develop their infrastructure, Taiwan’s finance minister said.
 
Taiwan and the US are moving ahead with a plan to finance infrastructure and energy projects in Asia and Latin America, using capital raised from the private sector to ensure greater transparency, Minister Su Jain-rong said in an interview Wednesday in Taipei. He said he hopes to see the first projects start within the next year or two.

China slaps up to 200% tariffs on Australian wine as relations nosedive

China is set to impose anti-dumping duties of more than 100 per cent on Australian wine from this weekend, adding to a series of sweeping trade reprisals this year and further escalating tensions with Canberra.
 
The anti-dumping deposits will take effect November 28 and range from 107.1 per cent to 212.1 per cent, the Chinese Ministry of Commerce said. Australia responded by warning Beijing that its actions could create a perception among businesses and countries around the world that trade with China is risky.

US appeals court rejects Trump appeal over Pennsylvania race

A federal appeals court in Philadelphia on Friday rejected President Donald Trump's latest effort to challenge the election results in a case that could reach the US Supreme Court if Trump appeals.
 
The 3rd U.S. Circuit Court of Appeals echoed a string of other courts in finding the Trump campaign offered no evidence of any election fraud. Instead, the court said the campaign's claims have no merit. Free, fair elections are the lifeblood of our democracy.
 
Charges of unfairness are serious. But calling an election unfair does not make it so. Charges require specific allegations and then proof. We have neither here, Judge Stephanos Bibas, a Trump appointee and former law school professor, wrote for the three-judge panel.
 
The case had been argued last week in a lower court by Trump lawyer Rudy Giuliani, who insisted during five hours of oral arguments that the 2020 presidential election had been marred by widespread fraud in Pennsylvania. However, Giuliani failed to offer any tangible proof of that in court.

BJP releases election manifesto for BTC polls, promises all- round development

The BJP on Friday released its election manifesto for the upcoming Bodoland Territorial Council elections in Assam in December, promising all-round development in BTC, including according equal importance to Assamese and Bodo languages.
 
The manifesto for the two-phase BTC elections on December 7 and 10 was released in Kokrajhar in presence of the party's state president Ranjit Dass, and NEDA convener and cabinet minister Himanta Biswa Sarma, among others.
 
Sarma said the saffron party has emphasised on 50 issues of the BTC region.

Nitish deplores Lalu's 'attempts' at poaching NDA legislators

Bihar Chief Minister Nitish Kumar on Friday expressed disgust over his arch rival Lalu Prasad's alleged attempts at poaching MLAs of the NDA and warned that the latter's antics would only "harm" the opposition Rashtriya Janata Dal.
 
Kumar also hinted that he was privy to information about the jailed RJD chief's machinations, and asserted that the NDA in Bihar, which enjoyed a majority, would grow stronger as Independent members may support it.
 
"People receiving telephone calls... with enticements like ministerial berths. What type of conduct is this? There has to be a place for maryada (propriety) in politics," Kumar told reporters outside the Vidhan Sabha premises.
 
Both Houses of the legislature were adjourned sine die after a five-day session of the newly constituted assembly.

China's factory growth likely edged up in November

China's factory activity likely expanded at a slightly faster pace in November, a Reuters poll showed on Friday, as the world's second-largest economy steadily recovers from the coronavirus crisis.
 
The official manufacturing Purchasing Manager's Index (PMI) is expected to rise slightly to 51.5 in November from October's 51.4, according to the median forecast of 22 economists polled by Reuters. A reading above 50 indicates an expansion in activity on a monthly basis.
 
China's vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy early this year. Premier Li Keqiang said on Tuesday he expects economic activity to return to a reasonable range next year.
 
Profits at industrial firms grew in October for a sixth consecutive month and at their quickest pace since early 2017, data showed on Friday.

British bike maker pedals on, with Brexit deal up in the air

The team at Brompton Bicycle Ltd. thought they were prepared for Brexit.
 
Bosses at the British firm, which exports hand-made folding bikes to 47 countries, looked at the uncertainty swirling around the UK's decision to leave the European Union and started stockpiling parts.
 
Yet with just over a month to go until Britain makes a sharp economic break with the EU, Brompton faces uncertainty about supplies and unexpected new competition from China, all amid a global pandemic. Its experience is evidence that Brexit is set to be bumpy, even for businesses that have tried to get ready.

Court denies interim bail to Ishrat Jahan in Delhi riots case

A Delhi court has denied interim bail to former Congress councillor Ishrat Jahan in a case related to the northeast Delhi riots in February this year. Jahan had approached the court for bail citing COVID-19 outbreak in Mandoli prison and other medical issues.
 
While dismissing accused's application, Additional Sessions Judge Amitabh Rawat on November 26 said, "Considering the gravity of the offences including Unlawful Activities (Prevention) Act, 1967 with which the applicant is charged, the discussion in the preceding paragraphs and the Jail Report, I do not deem it a fit case to grant interim bail to accused Ishrat Jahan."
 
Senior advocate Ramesh Gupta, appearing for Jahan, had told the court that being jailed had taken a toll on her mental health and some of the inmates at the prison were tested positive for COVID-19. The counsel told the court that the applicant had a history of cervical, spine injury (lower back pain) and migraine prior to her arrest and she had been under continuous medication in the past for the said illnesses.

West Bengal MLA Mihir Goswami quits TMC, joins BJP

Trinamool Congress MLA Mihir Goswami quit West Bengal's ruling party and joined the BJP on Friday, saying he looked forward to a "new political era" in the poll-bound state in line with Prime Minister Narendra Modi's vision. He joined the saffron party at its headquarters here in the presence of BJP general secretary Kailash Vijayvargiya and described his decision as a "crusade against immoral and incorrect happenings" in the state, especially against "injustice" in north Bengal, a saffron stronghold.
 
The MLA from Cooch Behar Dakshin,who was associated with Chief Minister Mamata Banerjee-led TMC for nearly 22 years, quit from the TMC, saying he can no longer put up with the humiliation being meted out to him.
 
In a day of setbacks for the TMC, its senior leaderSuvendu Adhikari earlier quit as minister from the state government. The state is headed for the assembly polls in the first half of the next year.

We've seen sharp recovery especially in manufacturing sector: Chief Economic Advisor

Prima facie offence of abetment to suicide not established against Arnab, others: SC

Prima facie evaluation of the FIR against journalist Arnab Goswami and two others did not establish the ingredients of the offence of abetment to suicide, the Supreme Court said on Friday coming down strongly on the Bombay High Court for not noticing the disconnect between the allegations against them in the complaints and the legal provisions.
 
These important observations of the apex court came in the judgement by which it extended the interim bail granted to Goswami and two others in the 2018 abetment to suicide case. A bench of justices D Y Chandrachud and Indira Banerjee said that the high court should not foreclose itself from the exercise of the power when a citizen has been arbitrarily deprived of their personal liberty in an excess of state power.
 
In this batch of cases, a prima facie evaluation of the FIR does not establish the ingredients of the offence of abetment of suicide under Section 306 of the IPC. The appellants are residents of India and do not pose a flight risk during the investigation or the trial.
 
"There is no apprehension of tampering of evidence or witnesses. Taking these factors into consideration, the order dated 11 November 2020 envisaged the release of the appellants on bail, the top court said.

GDP estimates signal upside potential for Indian economy this fiscal: CEA

Chief Economic Adviser K V Subramanian on Friday said there is an "upside potential" in the estimates about the economy during the current financial year as recovery is taking faster than expected. Giving outlook for the near future, he said, "We should be cautiously optimistic and the caution is warranted because economic impact is primarily due to the pandemic."
 
Given the uncertainty, he said, it is difficult to predict if positive territory can be hit in the third or fourth quarter of this fiscal.
 
"I would say that the given what we have seen in Q1 and Q2 and with the optimism that is being seen in the estimates, I do see upside potential in that estimate given the good recovery that is happening," he said when asked about growth estimates for the entire financial year. READ ON...

People taking it on themselves on their own: Bihar CM Nitish Kumar on Tejashwi Yadav's remarks

Rajasthan reports 3,093 new coronavirus cases; state tally 260,040

Supreme Court today adjourned hearing on loan moratorium case to Dec 2

India's GDP Q2 2020: Economic contraction narrows to 7.5% from 23.9% in Q1

In line with analyst estimates for its performance in the July-September quarter (Q2) of 2020-21, the Indian economy contracted 7.5 per cent from the same quarter last year, official data released by the National Statistics Office showed on Friday. This was a significant improvement over an unprecedented 23.9 per cent year-on-year contraction witnessed in the April-June quarter of this year. In the September quarter of 2019-20, the country had reported a year-on-year gross domestic product (GDP) growth of 4.5 per cent.
 
The country's gross value added (GVA) contracted by seven per cent during the quarter. Another set of data released on Friday showed that the eight core infrastructure sectors of the economy saw a 2.5 per cent contraction over a the same quarter last year.
 
Even if India continues to be in a technical recession, a drop in the rate of GDP contraction signals a revival for the economy after a major plunge in the wake of the coronavirus pandemic. READ ON...

LIVE: Bus catches fire on Delhi-Jaipur Highway; three dead, several injured

Opposition create ruckus inside Bihar Legislative Assembly during CM Nitish Kumar's speech

MeT department forecasts more rains for Tamil Nadu and Puducherry next week

A low pressure area over the Bay of Bengal on November 30 could bring more rains to Tamil Nadu and Puducherry from December 1, the regional weather office said on Friday. Deputy Director General of Meteorology, Chennai, S Balachandran, told reporters that the system was likely to intensify into a depression later.
 
"A low pressure area is likely to form over southeast Bay of Bengal during the next 48 hours. It is very likely to intensify into a depression on November 30 and move towards the Tamil Nadu coast," he told reporters here.
 
As a result, there will be widespread rains in Tamil Nadu and neighbouring Puducherry from December 1-3, he said.

SC directs govt to implement its decision to forego interest on eight categories of loans

The Supreme Court Friday directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid upto Rs two crore in view of the coronavirus pandemic. A bench headed by Justice Ashok Bhushan said the COVID-19 pandemic has not only caused serious threat to the health of the people but has also cast its shadow on the economic growth of the country as well as other countries in the entire world.
 
The eight categories of loans are MSME (Micro, Small & Medium Enterprises), Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption.
 
"Due to lockdown imposed by the Government of India in exercise of powers under the Disaster Management Act, 2005, there can be no denial that most of the businesses including private sector as well as public sector has been adversely affected.
 
"For several months, large number of industries were not allowed to function and exemptions were granted only to few of the industries to run and carry on its activities, which were found essential and necessary in the fact situation," the bench, also comprising Justices R S Reddy and M R Shah, said.

Farmers' protest LIVE updates: Farmers enter Delhi through Tikri border

LPG subsidy for BPCL consumers to continue post-privatisation: Pradhan

LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggestfuel retailers, Oil Minister Dharmendra Pradhan said on Friday.
 
"Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate. This subsidy is directly paid into the bank accounts of the users.
 
The subsidy is paid in advance and consumers use this to buy LPG refills that are available only at market price from dealers of oil marketing companies -- Indian Oil Corporation (IOC), BPCL and Hindustan Petroleum Corporation Limited (HPCL). The moment a refill is bought using the subsidy, another installment is transferred into the user bank accounts. Pradhan said the LPG subsidy payment is done digitally to all verified customers.

SC extends Arnab's interim bail, says criminal law can't be used as weapon

The Supreme Court on Friday said the interim bail to journalist Arnab Goswami and two others in an abetment to suicide case will continue till the Bombay High Court disposes of their plea, and stated that the judiciary should ensure criminal law does not become a weapon for selective harassment.
 
The apex court had granted interim bail to Goswami on November 11, saying it will be ''travesty of justice'' if personal liberty is curtailed.
 
A bench headed by Justice D Y Chandrachud on Friday gave reasons for granting relief to the TV anchor and two others in the case. It said Goswami's interim bail shall be operative for another four weeks from the day the high court decides his pending plea in the 2018 abetment to suicide case. READ ON...

NSA Ajit Doval in Colombo for trilateral India-Sri Lanka-Maldives consultations

Demolition of Kangana Ranaut's bungalow was done with mala fide intent rules Bombay HC

Demolition of Kangana Ranaut's bungalow was done with mala fide intent rules Bombay HC, quashes BMC order. The court also advises the actor to show restraint in her remarks.

PDP youth leader Waheed-ur-Rehman Parra was arrested by NIA on baseless charges, says Mufti



Journalist Arnab Goswami's interim bail in 2018 abetment to suicide case will continue till Bombay HC disposes his plea: SC

Journalist Arnab Goswami's interim bail shall be operative for another 4 weeks from day HC decides his plea in abetment to suicide case: SC

I've been illegally detained yet again, tweets Mehbooba Mufti

Mehbooba Mufti to hold presser at 3 pm today

J&K: Higher reaches of Pir Panjal range covered in thick blanket of snow

Operation underway at Mughal Road in Rajouri district to clear snow.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel