Bagmane Group admits to encroaching rajakaluve for building its centre in B’luru tech park
BBMP survey confirms Puravankara villas built illegally on stormwater drain; residents shocked
Bengaluru: While Bagmane World Technology Centre of the Bagmane Group has admitted to having encroached upon the stormwater drains (rajakaluve) in the tech park area, it has also said that the main culprit is the adjacent Puravankara Purva Parkridge.
Bagmane World Technology Centre was among the 15 big names accused of having contributed to the flood mess in the state capital last week by encroaching upon drains. An area of approximately 2.4 meters of the drain in the IT Corridor in east Bengaluru has been encroached upon by the Bagmane Centre.
GP Chakravarthi, general manager of the Group, admitted, “We covered the drains with slabs, but only to prevent the backflow of the water from the Mahadevapura Lake. If not, our tech park would have been flooded,” insisting, however, on the role played by Puravankara Purva Parkridge Villas in the flooding of the area.
On Wednesday, a second official survey confirmed an encroachment in the Puravankara Purva Parkridge area. Two of the 140-odd villas of Puravankara Purva Parkridge are constructed near the boundary wall of the tech park and have apparently encroached upon 2.5 meters of the drains.
While a survey by the Bruhat Bengaluru Mahanagara Palike last month had already brought to light the encroachment, the residents of the villas refuted the charges. They also approached the court, complaining that the survey had been conducted in their absence.
As a part of a second survey, in the presence of the residents, the Palike officials visited the villas on Wednesday. It was now confirmed that the villas had indeed been constructed illegally on the stormwater drains.
Now, while the executive engineer Malathi R has said that they would further act based on the decision of the court, the residents are shocked by the outcome of the survey. They have, therefore, said they would fight it out in court.
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.
Indian economy likely to be 'a little weaker' in 2025: IMF MD
Washington, Jan 11: The Indian economy is expected to be "a little weaker" in 2025 despite steady global growth, IMF Managing Director Kristalina Georgieva has said.
Georgieva also said she expects quite a lot of uncertainty in the world this year mainly around the trade policy of the US.
In her annual media roundtable with a group of reporters on Friday, she said global growth is expected to be steady in 2025, but with regional divergence.
Georgieva said she expects the Indian economy to be a little weaker in 2025. However, she did not explain it any further. The World Economy Outlook update week will have more details about it.
“The US is doing quite a bit better than we expected before, the EU is somewhat stalling, (and) India a little weaker," she said.
Brazil was facing somewhat higher inflation, she said.
In China, the world’s second-largest economy, the International Monetary Fund (IMF) was seeing deflationary pressure and ongoing challenges with domestic demand, she said.
"Low-income countries, despite all the efforts they are making, are in a position when any new shock can affect them quite negatively,” Georgieva said.
“What we expect in 2025 is to have quite a lot of uncertainty, especially in terms of economic policies. Not surprisingly, given the size and role of the US economy, there is keen interest globally in the policy directions of the incoming administration, in particular on tariffs, taxes, deregulation and government efficiency,” Georgieva said.
“This uncertainty is particularly high around the path for trade policy going forward, adding to the headwinds facing the global economy, especially for countries and regions that are more integrated in global supply chains, medium-sized economies, (and) Asia as a region," she said.
That uncertainty is actually expressed globally through higher long-term interest rates, even though short-term interest rates have gone down, the IMF Managing Director said.
Donald Trump will be sworn in as the 47th President of the United States on January 20, replacing Joe Biden at the White House.
Trump, 78, has announced plans to impose additional tariffs on countries like China, Canada and Mexico. He has publicly announced the use of tariffs as a key policy tool.
On inflation, the IMF expects global disinflation to continue, Georgieva said.
"As we all recognise, the higher interest rates that were necessary to fight inflation did not push the world economy into recession. They have delivered the desired results. Headline inflation is converging back to target sooner in advanced economies than in emerging markets,” she said.
