Excavation of 'Mrityu Kup' begins in UP's Sambhal
Sambhal (UP) (PTI): The administration in this Uttar Pradesh district on Thursday commenced the renovation and excavation of the ancient "Mrityu Kup" (well of death) at Kot Purvi, located within the Sambhal Kotwali police station area.
The initiative is part of a broader effort to identify and restore wells that are believed to hold great religious and spiritual significance. According to locals, the well was abandoned several years ago and filled with debris, which will be cleared. The well is not only a historic landmark but also a sacred site where devotees believe they can attain salvation by bathing, the locals claim. The well is deeply-embedded in the region's spiritual fabric, with locals holding it in high regard for its mythological importance.
"Thursday marks the beginning of the excavation of the Mrityu Kup, a very ancient and revered site. The excavation is being carried out with the cooperation of the Nagar Palika. The well is immensely popular and its renovation will further strengthen our faith. The district administration has been highly supportive in ensuring the development of this important cultural and religious landmark," local councillor Gagan Varshney said.
Sambhal's Sub-Divisional Magistrate (SDM) Vandana Mishra said accompanied by a team from the Archaeological Survey of India (ASI), she visited the Bhadrika Ashram Tirtha and Chaturmukh Kup in Hauz Bhadde Sarai. "After further study, the team will determine its age and give recommendations for its preservation," the SDM said.
She also highlighted the team's visit to Alam Sarai's Brahma Kup, commonly known as the Chaturmukh Kup, a well constructed with stones. The ASI team has collected samples for analysis and research. "In addition, the excavation of the Mrityu Kup is currently underway. We are evaluating the best methods to ensure its preservation. So far, we have identified around 15 out of 19 wells that are of great historical significance," Mishra said.
The excavation and renovation of the "Mrityu Kup" is expected to bolster Sambhal's religious tourism prospects, local officials claim. The structure is located close to the Shahi Jama Masjid, a court-ordered survey of which led to violence last month, leaving four people dead. The violence broke out after protesters clashed with security personnel during the survey of the Mughal-era mosque.
The protesters torched vehicles and pelted stones at police, who used tear gas and batons to disperse the mob. Around 20 security personnel had sustained injuries in the clash and the deputy collector had fractured his leg, officials had said. Internet services were suspended in the district in the wake of the violence.
Images shared on social media showed protesters pelting stones at the security personnel from atop buildings and in front of the Shahi Jama Masjid. Later, police personnel were purportedly seen cornering and hitting people as they tried to disperse a large crowd from a narrow alleyway.
Visuals also showed a lane strewn with a large number of slippers, bricks and stones. In another clip, some police personnel in riot gear were purportedly seen firing gunshots towards a lane while flames leapt and smoke billowed into the air in the background.
Several people were detained in connection with the violence. Tension was brewing in Sambhal since the mosque was surveyed on the orders of a local court following a petition that claimed that a Harihar temple stood at the site previously.
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.
What to know about possible impact of Japan's rate hike
Tokyo (AP): The Bank of Japan raised its key policy rate to a 30-year high on Friday in a widely anticipated move that could rattle world markets.
The two-day BOJ policy meeting wrapped up with the 0.25 per cent hike in its benchmark short-term rate. That took the policy rate to 0.75 per cent, its highest level since September 1995.
In a statement, the central bank said the decision was unanimous and that it expected to raise rates further if there are no major changes in the outlook for the economy.
The 0.75 per cent rate is still low by most standards, but the BOJ has kept that rate near or below zero for years, trying to pull the economy out of a deflationary funk. Since the pandemic, most other central banks, like the US Federal Reserve, have raised rates to counter spiking inflation and then begun cutting them to help their slowing economies recover momentum.
Japan's own economy contracted at a 2.3 per cent annual rate in the last quarter, but improved business sentiment and price pressures have led the BOJ to relent and raise rates. Here are some things to know about its decision.
ALSO READ:PM Modi recalls sacrifices of freedom fighters on Goa Liberation Day
Japan's interest rates rise while other countries' fall
Since Japan's economic bubble burst in the early 1990s, the central bank has kept borrowing costs low to encourage more spending by businesses and consumers.
Lower interest rates have also helped the central bank manage the country's massive national debt, which amounts to nearly triple the size of the economy.
As Japan's population has aged and begun declining, its economy has slowed and that led to deflation, or falling prices due to weak demand. Even with cheap credit, investment has lagged, stunting economic growth.
In early 2013, the central bank launched what was dubbed a “big bazooka” of monetary easing, cutting interest rates and purchasing government bonds and other securities to help channel more money into the economy.
When the COVID-19 pandemic struck, the benchmark interest rate was at minus 0.1 per cent. The BOJ only began raising it in 2024, the first hike in 17 years, after inflation stabilised above its target of about 2 per cent.
A weaker Japanese yen has pushed inflation higher
The Japanese yen has weakened against the US dollar and many other major currencies. That has raised the cost, in yen terms, of imported food, fuel and other items needed to keep the world's fourth largest economy running.
The strong appetite for investing in dollar-denominated shares of companies linked to the artificial intelligence boom has also pulled money out of the yen and into dollars.
So inflation has risen faster than wages, squeezing household budgets and raising costs for businesses.
Higher interest rates are expected to raise the value of the yen against the dollar as investments flow into Japan seeking higher yen-denominated yields. Friday's move would signal the central bank's intention of continuing to “normalise” its monetary policy with further rate hikes next year.
“The BOJ's stance towards rate hikes reflects the fact that inflation is becoming entrenched," Kei Fujimoto, a senior economist at SuMi Trust, said in a commentary. “If drivers such as a further depreciation of the yen accelerate inflation going forward, it is possible that the pace of rate hikes will also increase accordingly.”
The dollar is worth about 156 Japanese yen, nearly twice its level in 2012 and near its highest level this year.
World markets are bracing for impact
Even small changes in interest rates can have a big impact on markets. A rate hike in Japan would undermine an investment strategy known as the “carry trade.” That involves investors borrowing cheaply in yen and then using that money to invest in higher paying assets elsewhere.
Any such major shift is likely to reverberate across world markets. Carry trades are lucrative when stocks and other investments are climbing, but losses can snowball when many traders face pressure to sell stocks or other assets all at once.
A rate hike also is expected to crimp demand for other assets, including cryptocurrencies. Reports last week that the BOJ would go ahead and raise rates caused the price of bitcoin, for example, to drop below USD 86,000. The original cryptocurrency had bolted to record highs near USD 125,000 in early October.
Risks for Japan
Judging the timing and scale of changes to interest rates and other monetary policies are the biggest challenge for central banks, given the time it takes for such moves to ripple throughout the real economy and financial markets.
Like the Federal Reserve, Japan's central bank struggles to balance the need to boost business activity and create jobs with the imperative of containing inflation.
The BOJ held off on raising rates earlier given uncertainties over how US President Donald Trump's tariffs might hit automakers and other exporters. A deal setting US duties on imports from Japan at 15 per cent, down from the earlier plan for a 25 per cent rate, has helped ease those concerns.
BOJ Gov. Kazuo Ueda has indicated he believes wages will continue to rise in Japan as companies compete for a shrinking pool of workers, helping to support growth.
Market watchers will be watching closely to see what Ueda says Friday about the outlook for future rate increases.
