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Finance Says No to Health Request for $10-Million Fund to Meet G20 Pledge

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The Global Initiative on Digital Health (GIDH), launched during India’s G20 Presidency, remains unfunded by India despite a $10-million pledge. This initiative, a key deliverable from the Health Ministers’ meeting in Gujarat on August 19 last year, was part of the New Delhi declaration. The GIDH, formally initiated on February 20, 2024, by then Health Minister Mansukh Mandaviya, is still awaiting India’s promised contribution. The delay stems from the Department of Economic Affairs (DEA) under the Ministry of Finance, which has not approved the contribution despite India’s commitment. The GIDH, managed by the World Health Organization (WHO), aims to support national digital health transformations within a framework that respects data protection regulations. A source from the Health Ministry indicated the proposal is “under consideration,” but the DEA had previously rejected the request in July 2023 without specifying reasons. The DEA suggested that India should offer technical support instead of financial contributions to avoid creating “committed liabilities.” Despite this setback, the Permanent Mission of India (PMI) to the UN recommended making a “substantial financial commitment” to the GIDH in November 2023. Highlighting India’s role as a leader in digital health, the Health Ministry, with approval from the Health Minister, reconsidered the contribution. In comparison, Indonesia contributed $50 million to establish the Presidency Prevention, Preparedness Response (PPR) Financial Intermediary Fund (FIF) during its G20 Presidency. As Brazil currently heads the G20 Presidency, the GIDH remains a priority within the health sector.

Finance Says No to Health Request for $10-Million Fund to Meet G20 Pledge Read More »

Karnataka Government Hints at Hiking Water Tariff in Bengaluru

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Deputy Chief Minister DK Shivakumar announced a potential increase in water tariffs in Bengaluru, following a recent hike in petrol and diesel prices in Karnataka. The Bangalore Water Supply and Sewerage Board (BWSSB) faces significant financial challenges, and Shivakumar emphasized the need for a review after 10 years. The completion of the fifth phase of the Cauvery project is expected to impact the decision on the water tariff hike. After the recent increase in petrol and diesel prices in Karnataka, residents of Bengaluru may also face a water tariff hike. Deputy Chief Minister DK Shivakumar mentioned on Wednesday that the water tariff had not been revised for the past decade, necessitating a review. “We are suffering huge losses. We’ve taken up new projects, and no bank is coming forward to finance the Bangalore Water Supply and Sewerage Board (BWSSB),” said Shivakumar, who is also the Bengaluru development minister. Last week, the state government increased sales tax on fuel, making petrol and diesel costlier by Rs 3 and Rs 3.5 per litre, respectively. Shivakumar added that he has instructed officials to review the BWSSB’s financial position and provide a report. “Let them give a report first. We will place it before the public before taking a call. The fifth phase of the Cauvery project is going to be completed. In 10-15 days, I’ll ensure completion of BWSSB work in this regard. At least 70% of the water bill is incurred through power bills and labor charges. Every year, we suffer a big loss. Hence, there is no option. I am working out possibilities and discussing how to stabilize the company (BWSSB),” he said. Justifying the necessity of the hike, Shivakumar stated: “Even the financing committee, World Bank, and others are telling us we are politicizing the issue and not even trying to bring it to a breakeven level. This is what various officials and international banking staffers are conveying. We must expand the water distribution system. I have now allotted 6 TMC ft of more water to Bengaluru. We must undertake the work of one more phase. There is no option unless we show them that BWSSB is an independent company and works as an independent entity.”

Karnataka Government Hints at Hiking Water Tariff in Bengaluru Read More »

PM Modi to Inaugurate 1600-Year-Old Nalanda University’s New Campus, Calls It ‘Very Special Day for Education Sector’

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Prime Minister Narendra Modi is set to inaugurate the new campus of Nalanda University in Bihar’s Rajgir. In a post on X (formerly Twitter), he expressed his happiness on the occasion, calling it a “very special day for our education sector.” He highlighted Nalanda’s “strong connection with our glorious past” and its role in catering to the educational needs of the youth. PM Modi wrote, “It’s a very special day for our education sector. At around 10:30 AM today, the new campus of Nalanda University will be inaugurated at Rajgir. Nalanda has a strong connection with our glorious past. This university will surely go a long way in catering to the educational needs of the youth.” The university is a collaboration between India and East Asia Summit (EAS) countries, with deep historical roots. The original Nalanda University, established around 1600 years ago, is considered one of the first residential universities in the world. According to a PMO release, the Prime Minister will visit the Ruins of Nalanda at around 9:45 AM. The ruins were declared a UN Heritage Site in 2016. At around 10:30 AM, he will inaugurate the new campus and address the gathering on the occasion. The ceremony will be attended by several eminent people, including heads of missions from 17 countries. The new campus features two academic blocks with 40 classrooms, accommodating around 1900 students. It has two auditoriums with a capacity of 300 seats each, a student hostel for around 550 students, and various other facilities, including an international centre, an amphitheatre for up to 2000 individuals, a faculty club, and a sports complex. The campus is designed as a ‘Net Zero’ Green Campus, self-sustaining with solar plants, domestic and drinking water treatment plants, a water recycling plant, 100 acres of water bodies, and other environment-friendly facilities.

PM Modi to Inaugurate 1600-Year-Old Nalanda University’s New Campus, Calls It ‘Very Special Day for Education Sector’ Read More »

Vapotherm Enters Into Definitive Merger Agreement; Transaction Would Result in Company Going Private

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Vapotherm, Inc. (OTCQX: VAPO) announced today that it has signed a definitive merger agreement with a newly-formed entity funded by an affiliate of Perceptive Advisors, LLC, a leading healthcare investment firm. This transaction will result in Vapotherm becoming a private company. Details of the Merger Agreement: Debt Conversion and New Investment: SLR Capital Partners will convert approximately $81 million of term debt into preferred equity in the new entity. Perceptive will invest $50 million of new preferred equity, a portion of which will fund the merger and related payments. SLR will retain $40 million of term debt. Merger Consideration: Vapotherm’s stockholders will receive $2.18 in cash per share, representing a 166% premium over the stock’s closing price on June 14, 2024. Board Approval: A special committee of Vapotherm’s Board, composed solely of independent directors, recommended the approval of the merger, which the Board accepted. Statements from Key Stakeholders: Anthony Storino, SLR Capital Partners: “This transaction allows the Company to strengthen their balance sheet as they focus on accelerating their revenue momentum.” Konstantin Poukalov, Perceptive Advisors: “We believe the Company has a clear vision to expand the use of high-velocity therapy in patients in need and look forward to supporting them in their next stages of growth.” Expected Closing and Future Operations: The transaction is anticipated to close in the second half of 2024, pending customary conditions, including stockholder approval. Upon completion, Vapotherm will be privately held and will no longer be publicly listed or traded on OTCQX. Advisors and Legal Counsel: Cooley LLP is representing Perceptive, Latham & Watkins LLP is representing SLR, Scalar, LLC is acting as the financial advisor to the Special Committee, and Ropes & Gray LLP is representing Vapotherm. About Vapotherm: Vapotherm, Inc. is a publicly traded developer and manufacturer of advanced respiratory technology, based in Exeter, New Hampshire. Their high velocity therapy systems provide non-invasive respiratory support, having treated over 4.4 million patients. The company focuses on delivering technology to patients in respiratory distress, offering a mask-free interface that allows patients to talk, eat, and drink while receiving treatment. Additional Information: This announcement is deemed solicitation material related to the proposed transaction. Vapotherm plans to file a proxy statement with the SEC and urges stockholders to read it in its entirety for important information about the transaction. Documents will be available on the SEC’s website and Vapotherm’s investor relations page. Forward-Looking Statements: The announcement includes forward-looking statements regarding the proposed transaction, stockholder approval, and the anticipated closing timeline. These statements are subject to risks and uncertainties that could cause actual results to differ. Vapotherm does not assume any obligation to update these statements, except as required by law.

Vapotherm Enters Into Definitive Merger Agreement; Transaction Would Result in Company Going Private Read More »

Maharashtra Govt Allocates ₹9.4 Crore for Healthcare Facilities During Ashadhi Ekadashi Wari

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The Maharashtra government has allocated over ₹9.4 crore to provide healthcare facilities for pilgrims during the Ashadhi Ekadashi Wari. Of this, ₹2.40 crore is earmarked for medicines and ₹3 crore for food and snacks for the healthcare staff and pilgrims. The State Public Health Department issued a general resolution regarding this on June 13. Dr. Abhijit More, a health activist, raised concerns about the higher budget for food compared to medicines and medical equipment. He questioned the logic behind such allocation and called for an investigation into the matter. A senior Health Ministry official, speaking anonymously, explained that the costs shown for medicines and food are just allocations. Funds can be redirected as necessary. The official noted that the food budget appears higher due to the large number of doctors and healthcare staff deployed from various parts of the state and beyond. These staff members are provided with meals and water during and after the Wari, considering the increased cost of food due to inflation. The health department will set up four health camps for pilgrims and provide OPD, IPD, and ICU facilities at 258 medical units. Additionally, 707 ambulances will be available for the Palkhi procession. This year, approximately 3,362 healthcare staff, including doctors, 1,500 volunteers, and 500 department staff, will be deployed to ensure the health and safety of the pilgrims.

Maharashtra Govt Allocates ₹9.4 Crore for Healthcare Facilities During Ashadhi Ekadashi Wari Read More »

India Considering Lowering Personal Tax Rates to Boost Consumption

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The Indian government is contemplating lowering personal tax rates for certain categories of individuals in the upcoming Budget 2024, potentially boosting consumption in Asia’s third-largest economy. This plan might be announced in July when Prime Minister Narendra Modi’s government presents its first federal budget after the Bharatiya Janata Party (BJP) failed to secure a majority on its own. A post-poll survey revealed voter concerns about inflation, unemployment, and declining incomes. Despite the Indian economy growing at an impressive 8.2% in 2023-24, consumption only grew at half that rate. Prime Minister Modi, while claiming to form the National Democratic Alliance government, emphasized focusing on raising middle-class savings and improving their quality of life. A reduction in personal tax could enhance consumption and increase middle-class savings, according to sources, who spoke anonymously due to the confidentiality of budget discussions. The finance ministry did not immediately respond to requests for comment. The tax relief may target individuals earning over Rs 15 lakh annually, with specifics yet to be determined. The changes might affect a tax scheme introduced in 2020, where income up to Rs 15 lakh is taxed at 5%-20%, and earnings over Rs 15 lakh are taxed at 30%. The government may also consider lowering rates for annual incomes of Rs 10 lakh and discussing a new threshold for the highest tax rate of 30%. Any loss of tax revenue from these cuts could be partially offset by increased consumption among higher income earners. The federal government aims for a fiscal deficit of 5.1% of GDP by March 2025. Strong tax collections and a substantial dividend from the central bank will provide the government flexibility in planning the new budget.

India Considering Lowering Personal Tax Rates to Boost Consumption Read More »

Arunachal CM Pema Khandu Brings Reforms 3.0 with Focus on Governance, Data Digitisation

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Arunachal Pradesh Chief Minister Pema Khandu has introduced Reforms 3.0, aimed at enhancing governance and accelerating the digitisation of administrative processes. The initiative includes 24 citizen-centric measures as part of a transformative journey impacting citizens’ lives and aspirations. Pema Khandu was sworn in for his third consecutive term as Chief Minister on Thursday. During a cabinet meeting chaired by CM Khandu, it was resolved that governance reforms would be a top priority. The cabinet decided to achieve 100 percent digitisation of the Finance and Planning Departments to ensure all government payments are made digitally. Among the approved decisions, a policy think tank named the Institute for Transforming Arunachal (ITA) will be established to foster innovation in governance and facilitate socio-economic transformation. Additionally, a Digital Asset Inventory will be created for all public infrastructure, including schools, hospitals (SHCs, PHCs, District Hospitals), and Anganwadi Kendras, to ensure efficient planning and utilisation of public assets. The cabinet also resolved to establish an Administrative Reforms Commission (ARC) to provide recommendations for improving organizational structure, recruitment, and staffing policies. The goal is to build a lean, efficient, and agile administrative structure with maximum technology adoption. According to a release from the Chief Minister’s Office (CMO), the Cabinet resolved to ensure 100 percent physical and digital connectivity to all unconnected villages and administrative headquarters. A detailed action plan will be prepared to enhance citizens’ quality of life through improved connectivity.  

Arunachal CM Pema Khandu Brings Reforms 3.0 with Focus on Governance, Data Digitisation Read More »

NEET UG Result Row: Bihar Police Find Evidence Suggesting Paper Leak

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The Economic Offences Unit (EOU) in Bihar, investigating allegations of a leaked National Eligibility-cum-Entrance Test (NEET) paper, has found evidence suggesting that some students knew the questions before the May 5 exam, according to media reports on Sunday, June 16. What Did the Police Find? Media reports, citing EOU officials, stated that 13 individuals, including four students, have been arrested for their suspected involvement in the alleged leak. Some of those arrested are also accused of receiving the question papers ahead of the test. Additional Director General of Police, EOU, N H Khan, informed the Indian Express that they had queried the National Testing Agency (NTA), which organizes NEET, and the investigation is “very much suggestive of a paper leak.” According to the Times of India, EOU Deputy Inspector General (DIG) Manavjeet Singh Dhillon mentioned that a list of the 13 people was recovered from a “safe house” on the outskirts of Patna. The police believe that approximately 30 medical aspirants were summoned by what they termed the “exam mafia” to receive questions and answers before the exam. Dhillon claimed that four of the arrested candidates confessed during interrogation that the questions they received at the “safe house” on May 4 were identical to those on the exam, according to TOI. Education Minister Denies Allegations of Paper Leak Amid media reports and nationwide protests by students, Indian Education Minister Dharmendra Pradhan stated on Friday, June 14, that issues were observed in six of the over 4,700 centers where the exam was conducted. He asserted that NEET was otherwise conducted satisfactorily across the country. Pradhan denied allegations of corruption within the NTA and the paper leak but added that if proven, “no one will be spared.” He assured that every aspect is being investigated, and those responsible for any lapses will be held accountable. Protests and Controversy The NEET exam, held on May 5 across 4,750 centers in India, saw participation from approximately 2.4 million candidates. The results, initially expected on June 14, were declared 10 days early as the evaluation was completed ahead of schedule. The announcement of results sparked outrage and protests due to alleged irregularities, as 67 students scored a perfect 720. Since then, students across India have been demanding a re-examination.  

NEET UG Result Row: Bihar Police Find Evidence Suggesting Paper Leak Read More »

Pakistan May Face T20 World Cup Elimination Due to “State of Emergency”

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Pakistan’s hopes of qualifying for the T20 World Cup 2024 Super Eight stage hinge on their match against Ireland on Sunday. Even a narrow win could secure their spot, provided the USA loses to Ireland on Friday. However, the situation is complicated by the state of emergency declared in Fort Lauderdale due to life-threatening flash floods in Florida. The severe weather has disrupted many aspects of life in Fort Lauderdale, including the grounding of hundreds of flights. The Sri Lankan cricket team, participating in the T20 World Cup, is currently stranded in the city. Fort Lauderdale, one of the three venues in the USA scheduled to host the T20 World Cup matches, has already seen one game washed out due to heavy rain. “Preliminary reports indicate that the rainfall and flooding has affected and may continue to impact the operational capability of critical infrastructure, including major interstates, state and county roadways, airports, schools, and other critical infrastructure throughout these counties,” said Florida Governor Ron DeSantis in the emergency declaration. Fort Lauderdale Mayor Dean Trantalis also declared a state of emergency. The Sri Lankan team was scheduled to fly to the Caribbean islands on Wednesday, but their departure was delayed due to the adverse weather. Sri Lanka is set to play the Netherlands in their final group game on Monday, June 17, in St. Lucia. Why Pakistan Might Get Knocked Out Due to “State of Emergency”? The Central Broward Regional Park in Fort Lauderdale is scheduled to host key games this week, including matches involving Pakistan and the USA, both vying for a place in the next round from Group A. If the USA beats Ireland or if their match gets washed out, they will advance to the Super 8 along with India, knocking Pakistan out of contention. India currently leads Group A with six points from three games (NRR +1.137) and is assured of a Super 8 berth. The USA, with four points from three games, holds the second spot, but their NRR has dropped to +0.127, which is good news for Pakistan as their NRR is now better than the USA’s. This means that Pakistan can still qualify for the Super Eight stage even with a narrow win against Ireland on Sunday, but only if the USA loses to Ireland on Friday.  

Pakistan May Face T20 World Cup Elimination Due to “State of Emergency” Read More »

Odisha Swearing-in Highlights: Mohan Majhi Takes Oath as CM, K.V. Singh Deo and Pravati Parida as Deputy CMs

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In a historic moment, Mohan Charan Majhi, a four-time MLA and tribal leader, was sworn in as the first Chief Minister of Odisha under the Bharatiya Janata Party (BJP) at a grand ceremony in Bhubaneswar. The event was attended by Prime Minister Narendra Modi, Union Home Minister Amit Shah, and several Chief Ministers from BJP-ruled states. Majhi, who is also the first tribal leader to hold the position, took the oath of office along with his two deputies, K.V. Singh Deo and Pravati Parida. The ceremony was held at Janata Maidan, where hundreds of people gathered to witness the historic event.Governor Raghubar Das administered the oath of secrecy and office to the new Chief Minister and his deputies. The event marked the end of the 24-year rule of the Biju Janata Dal (BJD) led by Naveen Patnaik. Majhi, who was accompanied by his deputies, paid floral tributes to various statues across the city, including those of Utkala Mani Gopabandhu Das, Utkal Gourav Madhusudan Das, and Parala Maharaja Krushna Chandra Gajapati. The new government has 16 Ministers, including 11 Cabinet Ministers and five Ministers of State with independent charge. The Ministers include four from the tribal community and two from the Scheduled Castes. The event was attended by several notable figures, including Chief Ministers Yogi Adityanath (Uttar Pradesh), Mohan Yadav (Madhya Pradesh), Bhupendrabhai Patel (Gujarat), Himanta Biswa Sarma (Assam), Vishnu Deo Sai (Chhattisgarh), Pushkar Singh Dhami (Uttarakhand), Bhajan Lal Sharma (Rajasthan), Pramod Sawant (Goa), and Manik Saha (Tripura).Union Ministers Dharmendra Pradhan, Nitin Gadkari, Ashwini Vaishnaw, and Jual Oram were also present at the ceremony. Former Chief Minister Naveen Patnaik, who was personally invited by Majhi, attended the event along with his family. The swearing-in ceremony marked a significant milestone in Odisha’s political history, as it marked the first time the BJP has come to power in the state.  

Odisha Swearing-in Highlights: Mohan Majhi Takes Oath as CM, K.V. Singh Deo and Pravati Parida as Deputy CMs Read More »