In response to criticism by the Congress and its allies on the issue of lateral entry, government sources on Monday said the initiative was influenced by the recommendations of the Second Administrative Reforms Commission (ARC), set up in 2005 during the Congressled United Progressive Alliance (UPA) rule.
In the evening, Union Minister Chirag Paswan, whose Lok Janshakti Party (Ram Vilas) is an ally of the National Democratic Alliance, slammed any move for appointments in government positions without following reservations. He asserted he would raise the issue with the Centre.
Earlier in the day, Opposition INDIA bloc accused the government of "snatching reservations" from the marginalised communities to induct people from the Rashtriya Swayamsevak Sangh (RSS) through lateral entry to fill upper echelons of civil services. But government sources said the lateral entry initiative, formally introduced in 2018 during the first term of Prime Minister Narendra Modi, was deeply influenced by the recommendations of the second ARC.
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FY25 as weak-earnings year is gradually getting priced in
Even as many blame record foreign portfolio outflows for the market downturn, the real culprit is weak earnings amid rich valuations, says GAUTAM CHHAOCHHARIA, head of global markets, India, UBS. In an interview with Samie Modak in Mumbai ahead of the UBS India Summit, Chhaochharia highlights that 2024-25 (FY25) weak earnings growth is now factoring into market expectations. Investors are shifting their focus to the actions of the Reserve Bank of India (RBI) and the central government, as well as the outcome of upcoming state elections. Edited excerpts:
Non-disclosure of foreign property invites ₹10 lakh penalty per yr
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Modest increase in SBI share price after Q2
Brokerages positively revise their earnings forecasts, maintain target price
Strong growth, margin metrics could support LIC's valuations
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Mkts settle flat on FPI selling
Benchmark stock indices Sensex and Nifty closed flat in highly volatile trade on Monday as continuous foreign portfolio investors (FPI) selling, disappointing quarterly earnings and weak trends from Asian markets dented investor sentiment.
Rising retail ownership to spur equity cult in India: Morgan Stanley
Retail investors have become a force to reckon with as their ownership of Indian equities has risen by 800 basis points or 8 per cent to 23.4 per cent in the last 10 years, suggests a recent note from Morgan Stanley.
China wrests MSCI EM IMI top spot from India
Change in the pecking order comes amid a sharp rally in Chinese equities
HAVING A TRUCK WITH LNG
Things are changing rapidly with the entry of the private sector, but the path of LNG trucks in India is strewn with rocks
Accounting for climate finance
The climate negotiations meeting of the Conference of Parties signatory to the convention, COP29, at Baku, Azerbaijan, where most nations of the world have gathered currently, shall deal with various concerns relating to climate change.
Re-examine trade pacts
India must consider entering CPTPP, RCEP
