King Charles officially appoints Rishi Sunak as PM of UK
London (PTI): Rishi Sunak on Tuesday scripted history when he was appointed by King Charles III as Britain's first Indian-origin Prime Minister after being elected unopposed as the new leader of the governing Conservative Party on Diwali.
The 42-year-old former Chancellor of Exchequer, a devout Hindu, is the youngest British prime minister in 210 years. He is also the first Hindu Prime Minister of Indian heritage in the UK.
In his first address as Tory leader soon after the result was declared on Monday, Sunak said his priority would be to bring the country together and said he was "humbled and honoured" to get the greatest privilege of his life to give back to the country I owe so much .
"The UK is a great country, but there is no doubt we face a profound economic challenge," said Sunak, with reference to the economic turmoil he is inheriting following former prime minister Liz Truss' disastrous tax-cutting mini-budget last month.
Sunak, the second prime minister in as many months and the third this year in Britain, will be moving into 10, Downing Street at a time when Britain's economy is facing a triple whammy of slowing growth, high inflation triggered by spiralling energy prices in the wake of the Ukraine war and a budget shortfall that has eroded its financial credibility internationally.
His first task will be to restore Britain's international financial credibility after outgoing leader Truss's plan for unfunded tax cuts and a costly energy price guarantee spooked the bond market.
He will have no option but to raise tax rates and make spending cuts that will be unpopular and may have unforeseen political consequences.
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Power tariffs under BESCOM to rise from May 1
Bengaluru (PTI): Power bills for consumers under the Bangalore Electricity Supply Company Limited (BESCOM) will go up from May 1, following an order issued by the Karnataka Electricity Regulatory Commission (KERC) on Friday.
The hike comes after KERC allowed the BESCOM to recover a revenue deficit of Rs 2,068 crore incurred in 2024-25, from the consumers.
As a result, for every unit of electricity consumed in 2024-25, the customers will be charged an additional 56 paise, it said.
"BESCOM shall calculate, for each of the active consumers of FY2024-25 the amount to be recovered based on their actual energy consumption during FY2024-25. Such amount shall be recovered during FY 2026-27 in equal monthly instalments, to be called as 'FY25 True up Charges', commencing from the first meter reading date falling on or after 1 May 2026 and concluding with the reading date ending on 30 April 2027," the order said.
"It is further ordered that BESCOM shall maintain a separate head of account, allocated for the purpose, to record the adjustment of the said amount to ensure full recovery of the deficit," it added.
Similarly Chamundeshwari Electricity Supply Corporation Limited (CESC) has also recorded a revenue deficit of Rs 121.71 crore and can collect an additional 15 paisa per unit for consumption in 2024-25, official sources said.
