Heated exchange at Mangaluru City Corporation meeting over housing sites
In a confrontational General Body Meeting of the Mangaluru City Corporation on Wednesday, Opposition Leader Praveen Chandra Alva raised concerns about the alleged lack of distribution of housing sites to applicants during his six-year membership.
Alva directed his criticism towards local legislators, accusing them of inaction in ensuring the provision of housing sites, sparking a heated exchange with ruling party members.
Alva's contention centered on the apparent discrepancy between the distribution of title deeds to 900 beneficiaries six years ago and the absence of actual housing sites for applicants. Members of the ruling party, including Jagadish Shetty and Shakeela Kava, vehemently rebutted Alva's claims, attributing the delay in site allocation to errors made by a former MLA from Alva's party.
Chief Whip Premananda Shetty accused Alva of attempting to politicize the housing issue, emphasizing that the matter falls outside the administrative purview of the Mayor. He contended that the delay was a consequence of the former MLA's distribution of title deeds without prior permission, coinciding with election-related activities.
Amidst the verbal sparring, Corporation Commissioner Anand intervened to provide information on the progress of ongoing housing projects. He detailed the construction of residential complexes in various locations, specifying the number of houses allocated to beneficiaries from different categories.
Mayor Sudhir Shetty Kannur, addressing concerns raised by Alva regarding irregularities in the sewage treatment plant (STP), informed the assembly that he had personally inspected the plant. He clarified that funds amounting to Rs 80 lakh had been allocated for the Bajal Stepwell project under the 15th Finance Commission, scheduled to commence operations within a week. Shetty highlighted similar projects at Jalligudda and Kadekar.
The Mayor also addressed issues related to traffic congestion, the dengue outbreak, and water shortages in the city. Shetty assured the assembly that Rs 40 crore would be granted for sewage treatment projects, and a Detailed Project Report (DPR) would be submitted to the government.
Opposition Leader Alva urged the Mayor to establish a committee for the management of underground drainage, akin to water supply systems.
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Rupee settles 1 paisa higher to close at 94.15 against US dollar
Mumbai (PTI): The rupee settled with gains of just one paisa to close at 94.15 against the US dollar on Monday, as rising global uncertainty, escalating tensions in West Asia and soaring crude oil prices weighed on investor sentiments.
Forex traders said the INR/USD pair pared its initial losses, but the overall bias remains negative as FII sell-off and elevated crude oil prices restricted the gains for the local unit.
At the interbank foreign exchange market, the rupee opened at 94.25 against the US dollar, and touched an intraday high of 94.11 and a low of 94.28 against the greenback during the day.
At the end of Monday's trading session, the rupee was quoted at 94.15, registering a gain of just 1 paisa over its previous close.
On Friday, the rupee extended its losing streak for the fifth day in a row, depreciating 15 paise to close at 94.16 against the US dollar.
"The rupee snapped a five-session losing streak, rebounding in tandem with a rally across regional currencies. However, the mood remains apprehensive as the market braces for a potential RBI intervention around 94.30 and higher crude oil prices," said Dilip Parmar – Senior Research Analyst, HDFC Securities.
On the charts, the USDINR pair has reclaimed its upward momentum, carving out a classic bullish structure of higher highs and lows on the daily time frame, he said, adding that for the coming sessions, 93.80 serves as a support, with 94.40 acting as the primary hurdle.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent at 98.32.
Brent crude, the global oil benchmark, was trading higher by 2.36 per cent at USD 107.82 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 639.42 points to settle at 77,303.63, while the Nifty surged 194.75 points to 24,092.70.
Foreign Institutional Investors offloaded equities worth Rs 1,151.48 crore on Monday, according to exchange data.
Meanwhile, India's forex reserves jumped by USD 2.362 billion to USD 703.308 billion during the week ended April 17, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the forex kitty had increased by USD 3.825 billion to USD 700.946 billion.
