- 15 hours ago
The rupee depreciated 16 paise to close at a fresh lifetime low of 96.86 against the US dollar on Wednesday as elevated global crude prices amid the West Asia crisis stoked inflation worries.
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00:00Good evening, hello and welcome. You're with the news today, your primetime destination news,
00:05newsmakers, talking points, our big talking point. This Wednesday night, the rupee has
00:10dropped further inches closer to 97 to the dollar. Among our special guests, Geeta Gopinath,
00:17economists will be joining me on the show today as our continuing focus remains on the
00:23state of the economy in this unprecedented situation. Also, the heat wave across large
00:29parts of North and Central India. India's leading environmentalist Sunita Narayan will tell us more
00:35on what climate change really means. But first, as always, it's time for the nine headlines at nine.
00:42Amidst global uncertainties, the rupee continues to fall further. Rupee sinks to a new low again,
00:49crosses 96 rupees against the dollar. Elevated crude oil prices accelerate the rupee slide.
00:59Prime Minister Modi and Italian President Meloni hold bilateral meeting in Rome. Prime Minister
01:05gives Melody chocolates to Meloni, sparking a storm on social media. Top Congress Neta slammed the
01:12Prime Minister, saying he's handing out candies amidst an economic storm.
01:19Bhopal court rejects a second autopsy demand by Thwisha's parents. This comes up after police
01:25warned against body decomposition. Madhya Pradesh government likely to push for a CBI probe now
01:31into the matter. Union Education Minister Dharmendra Pradhan holds another high-level security meeting
01:39on the retaking of the NEET exam. Orders crack down on fake telegram channels. Social media platforms
01:47asked to detect and block misinformation. Cabinet expansion in Tamil Nadu of Chief Minister Vijay.
01:58Two Congress MLAs to take oath as ministers. First time in 59 years, the party will participate
02:05in government. VCK, IUML leaders also to be inducted in the Cabinet.
02:13West Bengal Chief Minister Suvendu Adhikari hands over land covering a 27-kilometer stretch
02:19along the India-Bangladesh boundary to the BSF for border fencing. Vow's crackdown on infiltration.
02:28North India continues to grapple with a severe heatwave. Deadly hospitals see surge in heat-related
02:33illnesses as temperatures soar beyond 45 degrees. Xi and Putin wrap up talks in Beijing,
02:42signed more than 20 agreements on trade and tech. Both leaders signal United Front against
02:47U.S. won against a global return to the law of the jungle.
02:53And celebrations erupt in London after Arsenal wins the Premier League title for the first time
02:58since 2004. A 22-year wait coming to an end for the North London Club.
03:20Let's turn to our top story, the story that's breaking this evening after Prime Minister Narendra
03:25Modi finishes his five-nation tour later tonight. He is now going to have a meeting of his entire
03:32Council of Ministers to review the economic fallout of the ongoing West Asia conflict.
03:37Concerns are mounting over oil prices, supply chains and inflation. The Council of Ministers,
03:44that's the Cabinet Ministers and other Ministers of State, will meet tomorrow at 4pm. All Union
03:50ministers. Ministers of State with independent charge and ministers will be part. Minister of State
03:58will participate in this meeting that is likely to take place, we are told, 4pm tomorrow. The Prime
04:04Minister has called a meeting. This, of course, amidst his conclusion of his foreign visit, which was
04:11five nations, including two to Italy. And in fact, that Italian visit, pictures of which you can see with
04:16the Italian Premier Maloney has created a controversy because leader of the opposition Rahul Gandhi
04:22has hit out at the Modi government, accusing the centre of failing to provide citizens a safety net
04:28as fuel price rises and questioning whether there was a need for the Prime Minister to be busy
04:35celebrating with chocolates handed over to the Italian Premier. Listen in to what Rahul Gandhi said.
04:43It is a time to say that, we are not going to die and it is not going to die
04:48at the time. It is
04:49not going to die. The government of India has been running away with the milliard╨╡╨╜╨╕╤П.
04:53This is the ministry. If you don't know what the people of India have been doing, I a рдФрд░
04:59рдиреЗ рдкрд╛рд░ рдиреЗ рдкреНрд░реЛрджреА рд╡реНрдд рдЧрд░реНрдг рд╡рд╛рд▓реЗ рдЖрдкрдХреЗ рд▓рд┐рдП, рд╡рд╣ рдЙрдиреНрдпрд╛рдиреЗ рдиреЗ рдирд╣реА рдХреА.
05:24Okay, so there you heard
05:26Rahul Gandhi. I want to go straight across
05:28to Aishwarya Paliwal. Aishwarya, two
05:30questions. First, of course, the
05:32Prime Minister, his
05:34visit to Italy has created
05:36a bit of a controversy, a storm on the
05:38internet because of those images of him
05:40giving chocolates, melody chocolates
05:42to the Italian Prime Minister and
05:44you've seen Rahul Gandhi
05:46responding to it. The BJP has been
05:48very quiet on that issue.
05:49They've responded to Rahul Gandhi's
05:52gaddar bite and I'll
05:54gaddar claim attacking the Prime Minister
05:56and I'll play Nitin Nabeen's reaction
05:58in a moment, the BJP President.
06:00But how is the BJP
06:02seeing this internet storm
06:04over the Prime Minister's pictures
06:06with the Italian Premier?
06:09Well, you know, Rajiv, let me tell you,
06:10this is something that was expected
06:11because, you know, it's not a coincidence
06:13that we are seeing Prime Minister Narendra Modi
06:15holding that very specific chocolate.
06:17The chocolate that, you know, the name
06:19is something that we have seen
06:21at least over the past almost two years,
06:23the internet going gaga over it.
06:25And we have seen, whenever both of them meet,
06:27we have seen these kinds of pictures being
06:29taken and the kind of pictures that were being
06:31posted today also show the kind of
06:33bonhomie that both the leaders have.
06:35So the BJP very, very clear that this is
06:37bonhomie that is taking place
06:38and also they understand
06:40that this is a way in which
06:41both the leaders will get popularity,
06:43Prime Minister Modi Nitali
06:44and Meloni here back in India.
06:47Let's just listen in to what
06:48Nitin Nabeen, the BJP President,
06:50said when Rahul Gandhi said
06:51the Prime Minister was a gaddar.
06:53Listen in.
06:56Rahul Gandhi ji ka aaj ka biyan
06:58bohut hii durbhaag pun hai
06:59aur kahi na kahi
07:01unkii arajakta wadi maan sikta ko
07:03dikhaata hai.
07:04Mai maantata ho
07:05ki bharatiti raja niiti me
07:06jahaan suchita,
07:08samajikta
07:09aur kahi na kahi
07:10eek ducre ko
07:11samban dheni ki prakriya hai
07:12usmei unka ye biyan
07:14bohut hii durbhaag pun hai.
07:16Mai maantata ho
07:17ki lagatatar ho rohi har
07:19nirashah
07:19kahi na kahi
07:20unke swabhav
07:21aur unke charitme
07:21dikhna hai.
07:22aur yahi hatasa
07:23aur nirashah
07:24aaj unke
07:24sabtrakke shabdo ke bhyana
07:26rhe.
07:27Okay, I want to come back
07:29to Aishwarya
07:30because there's a
07:31big meeting that the
07:32Prime Minister's called
07:32tomorrow.
07:33It seems that
07:3410 days after he made
07:36that call for austerity
07:37or to save more,
07:38now the economic crisis
07:40is beginning to really
07:41hit this government.
07:42What are we expecting
07:43at tomorrow's meeting?
07:45What is the purpose?
07:45There's been much talk
07:46of a cabinet reshuffle
07:47as well.
07:48What do we expect
07:49from tomorrow's full
07:50cabinet council of
07:51ministers meeting?
07:54Well, you know,
07:54Rajdeep, you're spot on
07:55there because we
07:56definitely are hearing
07:57a lot of buzz about
07:58some kind of cabinet
07:58reshuffle taking place
07:59and that is what
08:00even we are hearing
08:01from the BJP that
08:02yes, we could see
08:03some kind of change
08:04taking place but
08:05tomorrow's meeting,
08:05Rajdeep, very, very
08:06crucial.
08:07What needs to be done
08:08next?
08:08See, till now the
08:09government said that
08:10all you need to do is
08:11to make sure that you
08:12spend very wisely.
08:14You need to be very,
08:15very careful where you
08:15are spending money and
08:16also appeal after appeal
08:17has been made.
08:19We are seeing how the
08:19central government and
08:20the state governments,
08:21all of them are now
08:23focusing on work from
08:24home.
08:24Should the corporates
08:25also do it?
08:26What are the other
08:27measures that the
08:27government can take and
08:28how to make sure that
08:30you shield Indian
08:31economy from the kind
08:32of economic crisis that
08:33we are seeing world
08:34over?
08:34These will be the very
08:35crucial questions that
08:36will be asked tomorrow
08:37and also answered
08:38tomorrow.
08:39The Council of
08:39Ministers meeting,
08:40every minister will be
08:41told the way in which
08:42they and their
08:43department can also help
08:44in shielding India.
08:46So those kind of
08:46discussions will take
08:47place and then in the
08:48next 24 hours we could
08:49see the government coming
08:50out with some important
08:51decisions.
08:52Rajdi.
08:52Okay, we'll wait and see
08:53what the government does
08:55because clearly these are
08:56difficult times.
08:57Thanks very much Aishwarya
08:58for joining us.
08:59Remember the rupee against
09:00the dollar and I want to
09:01put that because that
09:02really far more than the
09:04photo ops that took place
09:05in Italy really should
09:06matter to you and me.
09:07The rupee against the
09:09dollar.
09:09February 27th it was
09:1190.9, by March 20th it
09:13had gone up to 93.4, March
09:1527th 94.6, came down
09:18marginally in April but
09:20now it's gone up again and
09:21today it's ended up at the
09:22highest ever level inching
09:24up to 97.
09:25So the government clearly
09:27the rupee a worry, oil
09:29prices also worry $110 a
09:31barrel.
09:32What's that all adding up
09:33to?
09:33Let's go to my next
09:34special guest.
09:41So as multiple challenges
09:44stare at the Indian
09:45economy and the Modi
09:46government joining me now
09:48is a special guest joined
09:49by Geeta Gopinath, former
09:51managing director of IMF and
09:52a professor now at Harvard
09:54University.
09:55Appreciate you joining us
09:56Professor Gopinath.
09:58You and I were in
09:59conversation exactly a month
10:01ago and your concern was if
10:03this war goes into
10:06end May, June that's when
10:08its economic consequences
10:10will get very serious and
10:12that's exactly what seems
10:13to be happening at the
10:15moment.
10:15How do you see the
10:16situation now as we enter
10:18the end of May with no
10:19clear end to the West
10:21Asia conflict and indeed
10:23what's happening at the
10:24Strait of Hormuz and the
10:25blockade there?
10:27Hi Rajdeep.
10:29Indeed this global supply
10:31shock of oil and also LPG
10:34and LNG, you know
10:36fertilizers, all of this is
10:38just increasing in scale
10:41and while countries have
10:43relied on their reserves to
10:45help them during these times
10:47and you've seen for example
10:48China has really cut back on
10:50its imports of oil but
10:52similarly Korea and Japan
10:54have also done so, it's
10:56becoming a bigger strain for
10:58countries around the world and
11:00we certainly see that in India
11:02which is being hit also because
11:03it relies a lot on the Middle
11:05East for its fuel and this is
11:09very consequential so it's not
11:10just about the prices but it's
11:11about the shortages.
11:12I actually now worry that this
11:16continues into June and the
11:19estimates are that it's going
11:22to take a lot more destruction
11:24in demand if prices have to
11:27stay at the $110 a barrel that
11:29we have right now.
11:30It's very likely that we're
11:31looking just given the
11:33projected path of supply versus
11:34demand that we're looking
11:35especially in June at closer
11:38to $140 a barrel of oil as
11:42opposed to where it is now.
11:44So, you know, because of this
11:47important tipping point that's
11:48coming, that is likely to
11:50happen in June, I think just
11:51everybody just expects that the
11:54U.S. administration is going
11:55to figure out a way to open up
11:57this trade but this is not going
11:59to happen overnight.
12:00It's going to take two to three
12:01months even if today everybody
12:03decides that they're opening up.
12:05So, effectively in this country
12:07we've had two fuel price hikes,
12:09domestic fuel, in the last week
12:11alone in five days.
12:12Given that the fears are the
12:14worst case scenario that oil goes
12:16from $110 a barrel to $140 a
12:20barrel, would one presume that
12:22India is in for more fuel hikes,
12:25that this is something inevitable
12:26the government cannot avoid.
12:29You know, what we have to
12:31recognize that is that this is
12:33unfortunately an external shock
12:36that has hit India, that India
12:40has little control over, and that
12:42is unfortunately creating
12:44hardships for households, for
12:47businesses.
12:49I mean, this calls for an
12:51adjustment.
12:52And so, while you can have
12:54adjustment through voluntary
12:55restraint, which is what the
12:56prime minister has called for in
12:58multiple forms, but it's also
13:00going to have to work through
13:01prices.
13:02And so, yes, having fuel prices
13:05go up at the pump will deliver
13:08the behavioral change that you need
13:10in terms of cutting back on use
13:12of that kind of fuel.
13:14So, it is going to be difficult,
13:18even more difficult if it goes up
13:20to $140 a barrel.
13:21The pain will have to be shared by
13:24the government having a slightly
13:26higher fiscal deficit, while at the
13:29same time, some part of the price
13:30increase is passed through to
13:32households and companies.
13:34I mean, it's going to be shared in
13:35that form.
13:36We are already seeing inflation
13:38creeping up if you look at wholesale
13:40and consumer price index March and
13:41April.
13:42So, you expect that to continue as
13:44well.
13:44So, we are entering a phase where
13:46inflation will keep creeping up.
13:48Growth presumably will slow down.
13:51So, the challenges are at a
13:53multiple level.
13:54Is there a priority that you believe
13:55the government needs to address at
13:57the moment?
13:59So, first and foremost, I think
14:00it's just recognizing, which I think
14:02the Prime Minister has done, by going
14:04out and saying that this is a negative
14:07shock out of our control and it
14:10requires adjustment.
14:12investment, it will take a reduction in
14:15demand of these imported goods, you
14:19know, including the other aspects of
14:20including gold and so on.
14:22And it will require lower consumption.
14:24It is going to slow down activity.
14:26It is going to negatively affect
14:28businesses.
14:29But again, we should just, you know, so
14:31keep in mind the fact that there are
14:33many other things that are going well in
14:35the Indian economy.
14:36You know, the economy came into this
14:38place with relatively strong consumption
14:41demand and public spending and
14:43infrastructure was also helping.
14:45So, there are positive stories to it.
14:47India has about $700 billion in reserves.
14:49So, there are aspects of resilience that
14:52come from the, you know, what India has
14:55in terms of its economic strength, in
14:57terms of its macroeconomic frameworks.
14:59But it will take adjustment and it will
15:01take both the government temporarily
15:04running higher fiscal deficits so that
15:06it can absorb some of this shock because
15:08it's not going to be able to pass the
15:10full cost over through two households.
15:13Maybe some help for businesses that are
15:16in dire straits, especially small
15:18businesses who have liquidity problems.
15:21You can help them with that.
15:22Again, you have to do it in a limited
15:24way because we still have the prospect of
15:27oil going up to a much higher level.
15:29I mean, that has not been ruled out yet.
15:31So, you have to move carefully.
15:32You have to tread carefully.
15:33And yes, it will result in somewhat
15:36higher inflation.
15:38Producer price inflation is going to go
15:40up even further, just given what's
15:42happening with energy prices.
15:44The important inflation that really does
15:46matter is consumer price inflation.
15:48That is reflecting also the fact that
15:50policy is not allowing prices to rise as
15:53much.
15:54But, you know, again, because India starts
15:56off with a good inflation print before this
16:01war has happened.
16:02It has space for inflation to move up without
16:05having to, you know, worry about how damaging
16:07that could be for inflation more generally going
16:10forward into the future.
16:11Let's come to specifics.
16:13India's currency has weakened from around
16:1591 rupees per U.S. dollar at the end of February
16:182026.
16:19It's almost 97 now, the highest ever.
16:22You've done an op-ed where, interestingly,
16:25you seem to suggest that a falling exchange rate
16:29can curb imports more effectively than austerity measures.
16:32So, don't intervene in the forex market.
16:36India has close to $700 billion in foreign exchange.
16:38They will not run out because of higher imports.
16:41And the current condition, therefore,
16:43provides sufficient grounds to consider allowing
16:46the rupee to adjust without actively depleting
16:49reserves.
16:49So, we could be seeing the rupee crossing the
16:52century mark, and you're not too worried.
16:55I think what we need to pay attention to is what is
16:58the adjustment that's required, right?
17:00What policymakers should care about is what's
17:04happening with jobs in the country, what's happening
17:06with inflation in the country, consumer price inflation
17:09in the country, with what's happening with output.
17:12Those are the variables you care about.
17:14Now, the exchange rate is one factor that goes into
17:19each of these variables.
17:20And so, you pay attention to the exchange rate because
17:22you want to see what's going to happen to the variables
17:25you truly care about, right?
17:27Which is jobs and inflation and output.
17:30So, what happens when the currency depreciates?
17:33When the currency depreciates, it helps you with the
17:36adjustment that you need, which is you cut back on imports.
17:39And that is usually very quick, and you see that in the data.
17:43When it comes to exports, the quantity of exports don't go
17:47up as quickly.
17:48I mean, this is what we see in research.
17:49You don't get a bang for the buck immediately.
17:52But at the same time, the profit of exporting firms go up.
17:58And we've seen that over time, you can see an increase in
18:01exports.
18:02And importantly, the price of the exchange rate is not just
18:05determined by imports and exports, but it's determined in
18:08financial markets.
18:09So, a lot depends upon how foreign investors are looking at
18:14their returns from putting their money in India.
18:17And so, again, if the exchange was to depreciate, there is a
18:21natural point where you say, well, this is now not going to
18:24depreciate anymore.
18:25You come in, capital flows come in, and the currency
18:28appreciates.
18:28So, you get the adjustment that you need.
18:30Now, to the question of variables you care about, right?
18:33So, let's talk about inflation, because that's where you see
18:36directly showing up.
18:39You do want some higher inflation, because that's precisely the
18:42mechanism through which you get the adjustment.
18:45As a central banker, what you worry about is if you just end up
18:49with unanchoring inflation expectations, and people just assume inflation is
18:53going to be very far from the RBI's target.
18:57There is nothing in the data right now that points to that, that says that
19:00that kind of unanchoring is happening.
19:02And so, therefore, that should give comfort.
19:05The other thing you care about is whether this currency movement, the
19:09rupee getting to 100, is going to generate financial instability.
19:12There is nothing in terms of financial institutions in India that point to the fact that, okay, well,
19:18if this will generate financial risks, you're not seeing it any kind of market pricing.
19:23So, therefore, I think this is a moment to say, okay, we need the adjustment.
19:27This is how the adjustment happens.
19:29And, of course, in the event that you actually do have disruptive financial conditions, or
19:34you see you're getting close to disruptive financial conditions, and there are data points
19:38you can stare at to make sure what that moment is, you can use your scarce resources, because
19:44you have to keep in mind that the foreign exchange reserves that the RBI has, there's only that
19:49much, 700 billion.
19:50You can't print it.
19:52You can run out of it.
19:53And so it's important to be prudent and cautious.
19:56Now, so is there a red flag on exchange rates that you would put?
19:59Is there a number you would put as a red flag that that's when we should really get worried?
20:05I would not put a number.
20:06No, the relevant number is not the actual value of the exchange rate.
20:10What matters is looking at certain kinds of yields in financial markets, the currency basis,
20:20interest parity rates.
20:22I mean, those are the kinds of variables you want to stare at to see whether you're seeing
20:25what looks like disorderly financial conditions.
20:28The problem with intervening right now, when this is a fundamental shock, which is you have
20:34oil prices going up, it is not a problem that India created, it is a problem that India
20:39has to not deal with.
20:41When you have that kind of a shock, and it's a fundamental shock, it requires adjustment.
20:45If you try to intervene, all that happens is you lose your reserves, and for a tiny amount
20:51of time, you maybe are able to prop up the currency, but then you just lose it, and you're
20:57back to where you would have been without the intervention.
20:59So let me push you one more time.
21:02You know, if geopolitical center tensions continue for three, four months, will we see the rupee
21:07breach the psychological barrier of $100?
21:09It's already the worst performing currency in Asia.
21:12Should that not worry us?
21:13I ask you this again.
21:15That's not the priority you're saying.
21:16Am I correct?
21:17I think, firstly, it should not be a psychological barrier.
21:21There is, in a sense, it's not like you want the rupee to be at a particular level for
21:27its own sake.
21:28You want it to be at a level that's consistent with job creation, with inflation being well
21:34contained, with output being, you know, business is not under tremendous stress.
21:39Those are the, that's what you care about.
21:41And there is a trade-off.
21:43You will have some more inflation, but that's, again, part of the adjustment mechanism that's
21:47required.
21:48You have to pay attention to problematic situations like financial conditions being disrupted,
21:54which, of course, then will affect jobs and will affect output.
21:57Those are the things you worry about, not, not just the, you know, the sticker number
22:02for what the rupee is.
22:05And so, at the moment, it's about adjustment.
22:08You know, there are those who are, of course, saying, Geeta Gopinath, that the challenge for
22:13the government now is not just to sort of ask people to be austere, to save more.
22:19The prime minister says, don't buy gold, reduce foreign travel, reduce fuel consumption.
22:25That's, those are sermons from the mount.
22:27What about people, particularly at the margins, those whose jobs, livelihoods, stagnant incomes
22:32are probably going to take a hit?
22:35Are there solutions out there?
22:37Is there an example from across the world that you can pick up that maybe India can look
22:40at?
22:42Well, there are certainly things that can be done and should be done, which is including
22:47when it comes to fuel prices, as and when the government starts passing through more
22:54of the world price into the prices at retail level, you will require to provide more, you
23:02know, cash transfers to vulnerable households.
23:04You could even cover some fraction of middle-income households, frankly.
23:07So you have, you know, you want to provide cash transfers.
23:12That's one way you do it.
23:14There are going to be small businesses that are being affected by the higher cost of their
23:19inputs.
23:20These are businesses that you, if you determine that they are, these are otherwise viable
23:24businesses, and it's just about the current shock that they're facing right now, then providing
23:30them with liquidity, either through, you know, a, you know, government guaranteed loan, that's
23:37a kind of a measure that you can take to prevent otherwise too many small businesses from shutting
23:42down.
23:42That's a useful step to take.
23:44So fiscal deficits will go up more than was projected before.
23:48But these are the kinds of adjustments that will help.
23:51You know, just a couple of days ago, I had someone who was India's executive director
23:55at the IMF till not too long ago, Dr. Surjit Balla, who said the economic situation couldn't
24:00be worse.
24:01He said foreigners are not investing in India.
24:04Domestic investors don't want to invest in India.
24:07He spoke about FIA outflows.
24:09He spoke about declining FDI.
24:11He spoke about the, in general, a climate which was feel bad.
24:17Do you go along with that?
24:18Do you believe it's as dire as that for India at the moment?
24:21Because only six months ago, many were speaking about this being India's Goldilocks moment.
24:28I do not agree with that.
24:31I think the Indian economy has many areas of strength.
24:36Again, we have to keep, you know, keep, make it clear about what are the different forms
24:41of shocks.
24:42There is what's happening with the West Asia conflict.
24:44It's an external shock, not something India created.
24:48When it comes to capital flows, what we also have to take into account is the fact that
24:54because inflation in the U.S. is now going to be higher for longer, interest rates in
24:59the U.S. are going to be higher for longer, which means that from a foreign investor's
25:03perspective, it is going to be more attractive to keep money in the U.S.
25:07as opposed to sending it outside.
25:10What is true about India is that even before this crisis hit, there was a drying up of portfolio
25:18inflows into India and not enough foreign direct investment coming into India.
25:22And there are multiple factors for that.
25:24One is India stock markets has always been viewed as being somewhat overpriced.
25:29There's not those many assets, liquid assets that one can buy that, you know, you can get
25:35high returns on.
25:36It's ease of doing business is still complicated.
25:39There are still, you know, Supreme Court rulings, regulatory rulings that happen, which seem
25:44to throw on, bring up uncertainty about the rules of the game in India.
25:49And so companies and investors are cautious about coming in because of that.
25:54So these are all areas that require fixing.
25:58And I think it's important to do to address all of these issues.
26:02That's where also the focus should be, you know, kept alongside, of course, helping households
26:08and businesses with this current conflict.
26:11In conclusion, the prime minister seemed to suggest in his, when he spoke at a gathering
26:16that COVID-like, we could be in a COVID-like situation.
26:19Of course, the COVID years saw a demand fall as well as, of course, supply side shocks as well.
26:25Do you believe it's fair to liken what could be happening in the next few months if this
26:30conflict continues to a COVID-like situation or would that be an exaggerated fear?
26:37You know, if this conflict continues and we're looking at oil at now at $140 a barrel and
26:43expected to stay there for the foreseeable future, it's a problem not just for India.
26:48Frankly, it's a problem for the world.
26:49And we're looking at global growth going to two and a half percent or even two percent.
26:53So that is a very large, major shock for the world economy.
26:58You know, the basic point that when you're faced with the shock of this kind, it's not
27:03possible for the government to come in and just, you know, smooth it over and say that
27:09we can fix the problems for you.
27:11I think that's a fair statement.
27:13It requires some adjustment.
27:15It requires adjustment.
27:17Again, I think that the Indian economy has come into this with enough strength that this
27:22is definitely not a moment to panic.
27:25This is a moment where, you know, as the prime minister says, it requires adjustment,
27:30voluntary restraint.
27:31But I also think importantly through the signals that's provided through the rupee and through
27:36prices at the pump.
27:38I'm going to leave it there, Geeta Gopinath.
27:41Obviously, as I said, we spoke last month and with every month, the situation gets more
27:46and more difficult to manage.
27:47And of course, if this crisis continues through the summer, then it throws up many more issues,
27:53some of which we'll, of course, come back to you to discuss.
27:56But I appreciate you taking the time off and talking to us here.
27:59Thank you very much.
28:01Thank you, Rajdeep.
28:04Meanwhile, in Gorakhpur, in Uttar Pradesh, residents are now losing sleep over LPG cylinders.
28:12They are spending entire nights in queues for gas cylinders, sleeping on roadsides under
28:17mosquito nets just to secure a refill.
28:20Despite official claims of normal supply, locals say they've been waiting for days and
28:25still returning home empty-handed.
28:27It's time for a reality check.
28:29Get Real India.
28:34The plight of LPG shortage has now pushed citizens out of their homes.
28:41In U.P.'s Gorakhpur, people have been compelled to spend their nights out on the streets, sleeping
28:48in queues to procure a gas cylinder.
28:55Families are spending nights on the roadside, guarding empty cylinders like valuables, terrified
29:01of losing their spot in the line.
29:04People in queues say they have been doing this for multiple days and have still returned
29:09home empty-handed.
29:34While authorities insist there is no crisis, residents are questioning the claim.
29:53Amid scorching heat under swarms of mosquitoes, inadequate supply of gas is forcing many to stand in queues
30:01for hours on end.
30:04With Gajendra Tripathi, Bureau Report, India Today.
30:16Okay, let's turn to the story that's breaking at this moment.
30:19The government admits claims that the body of Trisha Sharma is being decomposed, a warning
30:25given by Bhopal police.
30:27There's been a demand for Trisha's second post-mortem which has been rejected.
30:33Remember, this is the case of an alleged dowry suicide, linked suicide.
30:38Trisha's parents have alleged that her daughter was subject to mental pressure that led to her
30:45committing suicide.
30:46Parents have also alleged discrepancies in the first autopsy.
30:49They met the Madhya Pradesh Chief Minister Mohan Yadav.
30:52And the Madhya Pradesh government may well ask for a CBI probe into the Trisha death case.
30:58So, in that case of an alleged dowry death, those are the reports that are now coming in.
31:06Let's listen in to what Trisha's lawyer had to say.
31:25Second post-mortem.
31:30Second post-mortem.
31:32Second post-mortem.
32:03Let me go straight across to Ravish Pal Singh.
32:06Ravish Pal Singh.
32:06I think parents of Trisha have been asking for a second post-mortem, saying that they have
32:10no faith in the post-mortem that was conducted at Ames-Bhopal initially.
32:16What is your knowledge?
32:17Why did the court reject it?
32:19Why has the court rejected it?
32:21What is the reason that the court has said that it will not be a second post-mortem?
32:23No.
32:26Yes.
32:28Yes.
32:32Yes.
32:36Yes.
32:40Yes.
32:43Yes.
32:47No.
32:48No.
32:50Yes.
33:03No.
33:04No.
33:04No.
33:05No.
33:06I think it's possible to do postpartum, so then you preserve the body, local SSHC has said that the facility
33:12of minus 80 degree, which is the medical institute,
33:15he knows there and doesn't have any delay.
33:18The court is aware of this fact.
33:21But in this case, the family wanted to do postpartum in Delhi, second postpartum,
33:26because they are not satisfied because there are many similarities.
33:31The physical description is completely different, and the postpartum report is different.
33:35So, the family wanted to go out of the country.
33:38But in court, it has been given that if the body is postpartum in the country,
33:45it won't be wrong.
33:46And that's why they said that if you want it,
33:48you can do it in a medical institute until you preserve your body.
33:53And it will be further about this.
33:55But in Delhi aims, there will be a postpartum in Delhi.
33:57The court has said that the jurisdiction is here.
34:00And here you will have postpartum.
34:03And after the meeting of Mohan Yadav,
34:06can there be a CBI probe?
34:08Quick answer?
34:12Sir, the government has cleared that in this case,
34:16they will write a letter.
34:18And if there will be a CBI inquiry,
34:19then they will do it.
34:21But the home ministry,
34:23the current CM,
34:26Mohan Yadav's under,
34:27he is also here.
34:29He is also here.
34:31So, if they do it,
34:32the CBI will write a letter,
34:33then it will go wrong.
34:35The CM will not be the same.
34:36The CM will not be the same.
34:37They will be the same.
34:38They will be the same.
34:39The police,
34:39because the police,
34:40the government has also got to be the same.
34:43So, Mohan Yadav's under,
34:44the government has come to the same.
34:46But today,
34:47they must have given this Ashwasan to the family.
34:49If they also think,
34:50that the CBI inquiry will be the same.
34:52So,
34:52it will be the same.
34:54It will be the same.
35:05It will be the same.
35:17In fact,
35:18Bandha recorded a blistering 48.2 degrees.
35:22National capital Delhi touching 45 degrees
35:24amidst severe heatwave conditions.
35:27IMD has warned there may be no major relief
35:29for the next three days,
35:30with hot winds and extreme daytime temperatures
35:32continuing across North and Central India.
35:37Now, even as large parts of the country
35:38battle these extreme heatwave conditions
35:41for thousands of people in Raipur in Chhattisgarh.
35:44The bigger crisis is not just the temperature,
35:47but the lack of drinking water.
35:49In Riva village near Raipur,
35:51residents say pipelines have reached their homes
35:53under the Jaljeevan mission,
35:55but regular water supply still remains a distant dream.
35:59Sumi Rajapan now reports.
36:02The temporary arrangement is dependent on the sunlight.
36:06They get water once they have sun.
36:08If they don't have sun or the sunlight for the day,
36:11they don't get water.
36:12And this problem has been sustaining since ever,
36:15since 40 years.
36:24Just 28 kilometers from Raipur,
36:27one of the hottest cities in India right now.
36:31Riva village is struggling for water.
36:38The village, with a population of nearly 5,000 people,
36:42falls in a dry belt and has no tap water.
36:49To tackle the shortage,
36:51the Panchayat installed a temporary solar-powered pump.
36:55But the arrangement has many hurdles.
36:57One, when there is insufficient sunlight,
37:01the supply stops completely.
37:08Two, in the middle of the heat wave,
37:10when there is more than enough sunlight,
37:12the water table drops,
37:14making supply erratic.
37:19In extreme summer conditions,
37:21villagers say the temporary arrangement is collapsing.
37:24The Water due to the water is not there.
37:28The water is being damaged.
37:30The water is coming in here.
37:34If there is water,
37:36the water will be exposed.
37:39The water will be saved.
37:51The water is still alive.
37:54rewa too but we'll just claim that despite the infrastructure there is still
38:01no regular and reliable water supply for many families the struggle for drinking
38:07water is the same as it was decades ago
38:24even as temperature hovers above 45 degrees women children and elders are spending hours every
38:30day arranging drinking water they claim tanker supply remains inadequate while groundwater
38:38levels have fallen sharply due to extreme heat the sarpanch has been writing to higher
38:49authorities but has failed to get help my sarpanch ke nata lika padhi to karat humo sasan se
38:56mangan don't care that you have been a company comes in my honor to you have a lot of punch
39:02a year heavy Johnson coming rewa village exposes the gap between promise and execution pipelines
39:13under jaljiven mission have reached the village but not water it may look a small gap but in
39:21villagers experience it is still too big to bridge with sumir ajapan bureau report india today
39:34reality check there joining me now is one of the country's leading environmentalist and a climate
39:39change expert sunita narayan joins us sunita are you surprised with what we've seen over the last
39:44couple of days heat waves across the country temperatures in some parts almost at 50 degrees
39:49is this inevitable and a consequence as many say of climate change or something else
39:54so righty what we are seeing is a combination of both climate change as well as the way we are
40:00building our cities the way we are mismanaging our environment so there is no doubt that heat levels
40:08are going up and will continue to go up the one thing that we are certain about today is that
40:14every
40:15year a new heat record is made in the world and then broken so let's be clear about this the
40:23world has
40:24now seen searing heat across and temperature rise given the fact that we are doing so little to combat
40:34climate change is inevitable but what you're also seeing is what i call this double whammy
40:40so the way we are building our cities with more concrete less green spaces less water bodies more air
40:50air conditioners because we need to have air conditioners as heat level goes up they give out
40:57more heat as well more motorization you are basically adding to heat in cities and the worst thing that is
41:07happening right even it's important to deconstruct this is that what imd has been now putting out more
41:14and more data on is that the night temperature is not falling so what you're not seeing anymore is a
41:22differential between day and night temperature and this is really bad for human bodies so the maximum
41:29heat impact health impact deaths that we are seeing is because nighttime temperature is not falling the
41:38the differential is reducing and this is a combination of climate change and our own mismanagement
41:44or the way we are managing our environment i i saw a figure 50 hottest cities in the month of
41:53april
41:53were in and around india uh in fact probably in india 50 hottest is 50 hottest cities uh some are
42:01calling
42:01it the el nino effect is it el nino or is it just the way some of our cities as
42:06you say uh have been
42:07built at the moment that we are therefore facing an even more excessive impact of this heat so i think
42:15we are facing right now the el nino effect as i understand it is not come into full force and
42:23when it
42:23does we will definitely see even hotter planet including cities in india i think rajdeep it's
42:30important instead of just saying it's india and the rest what we have to understand is this requires us
42:37to act we need to understand that heat levels are going up because of climate change a factor that we
42:44can do very little about other than scream and shout and ask for the world to combat emissions
42:50including us to reduce emissions but we also know that by if we can build better we will be able
42:59to
42:59cope with higher heat levels so i think what we need to focus on what can we do to reduce
43:06the impact
43:07of the searing inferno type heat and what can we do and what can we do tell me one two
43:14three three
43:14things we need to do so one i think we need to change our building code so that we plan
43:20for
43:20insulated buildings we plan for shading in buildings one of the worst things we're doing today is
43:26making glass buildings gurgaon style you're trapping heat you're creating more conditions to have more
43:33air conditioners you're going to have more heat levels more unbearable heat that's one change your
43:40building codes second talk about a factor in heat in terms of city planning so already when you're looking
43:49at cities you need to look at areas which don't have tree cover you need to look at tree cover
43:55you need
43:56to look at where you can improve the shading in a city itself so it's not just heat management when
44:03heat happens but how do you live with this searing heat and that's what cities need to do to start
44:09planning better and then third of course is the emergency that we are in today the public health
44:16emergency where you have to deal with heat and that's about making sure that you have an advisory
44:21to people which imd is beginning to do you need to talk about the wet bulb phenomena which means
44:28make sure that you have ventilation in your rooms a fan in your room because remember it's not just heat
44:35but the body's ability to be able to evaporate which means not just an air conditioner but also a fan
44:42a common fan talk about shading on buildings talk about insulation we need to understand that this
44:51heat is not going away and that we need to plan better do better so that we can survive this
44:58in
44:58the coming years this is only to get worse i'm going to ask you one quick final question heat waves
45:05are
45:05not officially notified as a disaster in india do you believe that's necessary and that we need improved
45:11disaster funding mechanisms that tackle heat waves a quick answer so yes absolutely some some states
45:17are doing so delhi needs to do so other states also need to do so at the national level we
45:24need to make
45:24sure that heat waves and a good indicator for what is a heat wave along with both temperature as well
45:31as
45:31humidity levels needs to be classified so that it is a heat official heat wave it is a disaster and
45:39therefore
45:39everything else comes in including funding we don't have funding today to even plan for better heat
45:47management so yes absolutely okay i'm going to leave it there sunita narayan as always thank you so much
45:54for sharing your wisdom i hope someone's listening to what you said and that really is only our hope at
46:00the moment thank you very much for joining me on what might lie ahead with the heat i in an
46:06air
46:07condition studio let's turn to our special report tonight uh arunachal pradesh chief minister pema kandu
46:13is facing now mounting political heat after the supreme court ordered a cbi probe into government
46:19contracts allegedly linked to the family the congress is demanding kandu's resignation calling his
46:24continuation in office while a cbi probe is on a travesty of justice is the arunachal chief
46:30minister's future now under a cloud take a look
46:38arunachal pradesh cm pema kandu is under the scanner a month after a three-judge bench of the supreme court
46:46directed the cbi to investigate government contracts given to firms linked to the cm's family the congress
46:53is demanding his ouster congress mp jairam ramesh in a social media post called kandu's continuation in
47:01office a gross travesty of supreme court verdict
47:07the court in its order had said the award of contracts to cm's family run companies over the
47:13last one decade raises serious questions of conflict of interest transparency and public trust
47:21the order came in a public interest litigation filed by the save mon region federation
47:26and activist jodik tali the court directed the cbi to conduct a preliminary inquiry and submit
47:33a status report within 16 weeks it also directed the arunachal pradesh government to preserve all records
47:39related to the contracts and work orders
47:46the allegation is that multiple firms allegedly linked to the chief minister family repeatedly secured
47:52government contracts across departments such as public works rural works water resource and urban
47:57development according to affidavits submitted before the supreme court four firms allegedly linked
48:04to members of the kandu family received 121 contracts through tenders and 322 work orders
48:11the tenders and work orders given between 2014 and 2025 were worth more than 1270 crore rupees
48:21at the center of the case are four firms whose ownership the state government itself acknowledged
48:27in court filings they are brand eagles owned by pema kandu's wife sering dolma frontier associates listed
48:35as owned by pema kandu himself during his father doerji kandu's tenure rd construction owned by kandu's
48:42stepmother rinchin drema an alliance trading company linked to kandu's brother sering tashi
48:49who is the sitting mla from tawang when the se order came pema kandu said he will cooperate with
48:57the cbi investigation the cbi investigation he met a job uh supreme court may add a two years ago
49:04so this is matter may the key mera goes to be involved with me here to make it not confident
49:08who up look is a little gets to be waiting kala lena humara even up my personal advocate
49:13that many supreme court may karani kia see we go be home log naysakar korese poora cooperation
49:18kareng ke ab bilkul nishtin hona corruption ko li ke may pichele desh saalon se may kudi fight kara
49:24hona chal mein saaf sutra karani kide the cbi inquiry will now determine whether there is enough evidence
49:30to register a formal criminal case for now the supreme court has only ordered a preliminary
49:35investigation meanwhile a cbi team has visited or natural pradesh on may 5 as part of the inquiry
49:41process and the state government has assured full cooperation within the investigation this case
49:47is currently under investigation given that it involves allegations related to public concerns
49:52and forms allegedly linked to the family of the chief minister pema khandu the matter carries
49:58significant political and legal implications from gohati this is richard as karango with video
50:03journalist rahul sharma pema khandu under the scanner okay let's turn to some good news today's story
50:11and my good news comes from satish bhaskar someone who has spent nearly two decades now walking india's
50:18coastline documenting and protecting sea turtles long before conservation became mainstream now a new
50:25documentary turtle walker is bringing to life the remarkable story of one of india's pioneering
50:31conservationists take a look
50:49satish bhaskar pioneered sea turtle conservation efforts in india between 1977 and 1996 over 19 years
50:58bhaskar surveyed more than 4 000 kilometers of the indian coastline studying turtles
51:10you see them flying away through the water very fast just like birds do
51:20and then disappear and then disappear as far as i knew forever in the sea
51:31after that so i couldn't stop thinking about this very mysterious animals
51:43turtle walker a documentary by tyra mulane tells the story of the unsung hero who died in 2023
51:54narration of the film was done first hand by satish he had extensive diaries and research notes that he
52:01kept so he referred to those to make sure that what he was sharing was accurate and then at the
52:06end
52:06the film was fact-checked by two different researchers and scientists um you know herpetologists it was
52:12him along with you know romulus whittaker he's a very renowned herpetologist he was the one who guided
52:17satish and said maybe you could be the next like sea turtle man in india
52:27the film which has won several international awards aims to spread awareness about conservation
52:33efforts and climate change and efforts and climate change challenges there's a lot of children
52:38coming there's people coming from all different backgrounds um as you can see here it's a full
52:43house you know so um it's been really amazing to see that engagement and we plan to continue that
52:48with a school uh education program that we're going to be running
52:57the documentary which also includes dramatization features rare photographs taken by bhaskar documenting
53:05his studies
53:09pure report india today
53:17and if you ever want to see the olive ridley turtle go to morjim beach in goa it's time for
53:24me to say
53:24goodbye thanks for watching stay well stay safe good night shubratri jai hin namaskar
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