Indian-origin millionaire Thanedar elected to Michigan state legislature in US
Houston: Shri Thanedar, an Indian-origin millionaire businessman who ran for Governor two years ago, has been elected to the House of Representatives in Michigan with 93 per cent votes.
Thanedar, 65, also a scientist, raised a record-breaking USD 438,620, primarily from his own wealth, in the state House primary against six other opponents of the Democratic Party.
The former gubernatorial hopeful cashed in on his high name familiarity after he moved from Ann Arbor to Detroit after losing the 2018 primary. His campaign two years ago featured a heavy dose of "Shri for We" television ads.
He won from the 3rd District of Michigan with 93 per cent of the total votes.
Thanedar had spent almost USD 10 million of his own fortune to finish third behind Governor Gretchen Whitmer and Abdul El Sayed in the 2018 gubernatorial primary, but he won the most votes in Detroit.
Originally from Karnataka's Belgaum, he earned a bachelor's degree in chemistry at 18 and master's degree from University of Bombay. Later, he migrated to the US in 1979 to pursue higher studies from University of Akron and later University of Michigan.
Thanedar told the media in a recent interview that he began campaigning last fall prior to the pandemic and has spent time during the outbreak passing out masks, hand sanitiser and door knockers.
He said that he wants to tackle a long list of challenges plaguing his district, including blight, water shutoffs, foreclosures, crime and unemployment.
"I'm seeing people have no hope. Conditions are really bad and nothing has changed in years. People are disenfranchised. I've slept and ate on the floor, with no running water," Thanedar said, referring to his upbringing in India.
"I understand the pain of poverty, he said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rupee rises 6 paise to 89.92 against US dollar in early trade
Mumbai (PTI): The rupee witnessed range-bound trade in the morning session on Friday, appreciating by 6 paise to 89.92 against the US dollar as thin liquidity conditions accentuated everyday demand-supply imbalances, keeping the rupee tilted toward weakness.
Forex traders said the USD/INR pair is expected to trade in a narrow range as the 90 level is being protected by the Reserve Bank of India.
Moreover, the support from positive domestic equities was offset by sustained foreign fund outflows.
At the interbank foreign exchange market, the rupee opened at 89.95 against the US dollar, then gained some ground and touched 89.92, rising by six paise from its previous close.
On Thursday, the rupee depreciated 10 paise to close at 89.98 against the US dollar.
"Unless RBI comes and sells dollars heavily, the movement is going to be in small ranges as seen in the last three sessions. The pair is seen in a holding pattern between 89.80 and 90, considering the narrow range," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Bhansali further noted that corporate demand, FPI demand, and government demand have been the salient features of the rupee over the past year, during which it fell by more than 5 per cent and became the worst-performing Asian currency, though partly protected by the RBI.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally down by 0.15 per cent at 98.17.
Brent crude, the global oil benchmark, was trading 0.38 per cent higher at USD 61.08 per barrel in futures trade.
"With early-year liquidity still thin and domestic fundamentals offering a mixed but stable backdrop, the rupee appears set to remain range-bound in the near term. As long as USD/INR stays below the 90 handle, the balance of risks tilts mildly in favour of the rupee," CR Forex Advisors MD Amit Pabari said, adding that against this backdrop, USD/INR is expected to trade in a 89.30–90.20 range.
On the domestic equity market front, the 30-share benchmark index Sensex climbed 158.19 points to 85,346.79 in early trade, while the Nifty was up 55.8 points to 26,202.35.
Foreign institutional investors offloaded equities worth Rs 3,268.60 crore on Thursday, according to exchange data.
On the domestic macroeconomic front, gross GST collections rose 6.1 per cent to over Rs 1.74 lakh crore in December 2025, on slow growth in revenues from domestic sales following the sweeping tax cuts, according to government data released on Thursday.
Gross Goods and Services Tax (GST) revenue in December 2024 was over Rs 1.64 lakh crore.
