The Bharatiya Janata Party on Sunday thanked PM Narendra Modi for his “foresight and efforts” to bring the nation’s economy back on track following the setback during the Covid-19 pandemic.

Union minister Dharmendra Pradhan said the PM was thanked at the party’s National Executive Committee (NEC) meet on Sunday for “decisive decision making” that ensured free food to 8 million people every month after the Covid pandemic set in.

“All the past presidents of the party, felicitated Prime Minister Narendra Modi. In our country, the consumption of masks and PPE kits, oxygen and medicines went up and no efforts were spared by the Union government to make provisions for increase in consumption. In January 2020, we got the first [Covid-19] positive case and nowhere in the world did anyone know what to do; within nine months task forces were step up, the PM visited the labs and encouraged the scientists and the result is that 30% of the population has been given both doses [of anti- Covid vaccines] and the [World Health Organization] WHO has given its nod to the India-made COVAXIN,” he said.

Indian Railway Catering and Tourism Corporation (IRCTC) charges a convenience fee of Rs 15 for reservations in non-AC coaches and Rs 30 for those in AC ones when someone books the ticket online.

On October 28, the government announced it would take 50 percent of the total convenience fees collected. The next morning, the shares of IRCTC nosedived, falling as much as 30 percent, the steepest intraday decline since the company’s 2018 listing.

The shares recouped most of their losses and ended 7.5% lower after the government reversed its decision.

Given the sharp market reaction, senior officials of IRCTC do not expect the railway ministry to attempt a revenue-sharing agreement in the near future.

Everyone wants to move away to the West, even the richest family in India - the Ambanis!

According to social media chatter, the business family will reportedly divide their time between the UK and Mumbai. This has triggered plenty of reactions on social media by netizens. 

"What does it say about the state of the union when Mukesh Ambani, India’s richest person and one of world’s 10 richest billionaires overall with Bezos, Musk, Gates, Zuckerberg and Buffett (per Forbes World’s Billionaires List—The Richest in 2021)—decides to set up base in the UK?" wrote one user.

Another commented, "How is the Reliance stock going to react to this? Indian HNIs leaving is a thing- Ambani putting one foot outside will send shock waves..."

In India, Chinese goods are expected to incur significant losses ahead of Diwali and other festivities.

Cheaper Chinese items like firecrackers, ornamental LED lights, lamps, and lanterns, which used to sell like hotcakes ahead of Diwali, have lost their appeal due to anti-China sentiments.

Buyers are gravitating toward handcrafted items this year.

The fact that Indians are banning crackers and other low-cost celebratory items from China this holiday season means higher earnings for India's domestic industry.

The Confederation of All India Traders (CAIT) has predicted that Chinese exporters may suffer losses of up to Rs 500 billion this year as a result of Indians boycotting Chinese items in domestic marketplaces.

The Reserve Bank of India's (RBI) Governor Shaktikanta Das met MDs & CEOs of public sector banks and certain private sector banks over a video conference on November 2, RBI said in a release.

The meeting was attended by Deputy Governors M K Jain, M Rajeshwar Rao and T Rabi Sankar.

The governor acknowledged the improvement in financial and operational resilience of the banking sector.

Das emphasised the need for banks to continue supporting the revival of economic activity. He advised banks to remain alert to any sign of vulnerabilities, and take timely remedial measures to mitigate risks and maintain stability.