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To help debt-ridden countries in the G20 bloc who have been unable to recover from the post-pandemic economic shocks and the Russia-Ukraine war, India is drafting a proposal whereby it will call upon the credit lending nations like China to take a large haircut on loans. According to Reuters news agency, which has quoted two Indian officials, a meeting will be held in Bengaluru city of India's southern state Karnataka next week where finance ministers and central bank chiefs from the Group of 20 will assemble to hold discussions on the draft.

The gathering will be the first major event of India's one-year presidency of the G20.

Madhya Pradesh Congress leader Dr. Jaya Thakur on Tuesday moved the Supreme Court seeking probe into the Adani group of companies based on basis of US-based short-seller Hindenburg Research’s Report pointing to alleged swindling of lakhs of crores of public money by billionaire Gautam Adani and his associates.

The petitioner has also sought probe into the role of the Life Insurance Corporation and the State Bank of India for allegedly investing “huge amounts of public money” in the FPO of Adani Enterprises at a rate of Rs 3,200 per share when the prevailing rate in the secondary market was around Rs 1800 per share.

Prime Minister Narendra Modi spoke with US President Joe Biden on Tuesday and the two leaders welcomed the landmark agreement between Air India and Boeing as a shining example of mutually beneficial cooperation that will help create jobs in both countries.

PM Modi expressed satisfaction at India’s deepening partnership with the US, which has resulted in robust growth in all domains. PM Modi also invited Boeing and other American companies to make use of the opportunities arising due to the expanding civil aviation sector in India.

Congress on Tuesday launched a scathing attack on the Bharatiya Janata Party (BJP) after the Union Home Minister Amit Shah dared the party to move court on the Adani issue. 

Firing back on Amit Shah, Congress MP Jairam Ramesh said that they want to investigate Hindenburg, but they should be investigating Adani. 

"There was a hit Bollywood song badan pe sitare lapete huye, but these people are planning to get Hindenburg investigated by wrapping Tiranga," said the Congress leader replying to Amit Shah.

Adani Group sought to reassure investors on Monday, saying it had strong cashflows and its business plans were fully funded, as an Indian regulator confirmed it was investigating a critical report by a short-seller that has battered the group’s stocks.

Led by billionaire businessman Gautam Adani, the group’s seven listed stocks have together lost about $120 billion in market value since a Jan. 24 report by U.S. short-seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation, allegations the group has denied.

The turmoil continued on Monday, with shares in the listed companies extending their losses.