India will celebrate its 77th Independence Day on Tuesday with much pomp and fare.
The South Asian nation of 1.4 billion people – home to around 25 per cent of the world’s population – won independence from the British colonisers on August 15, 1947, after almost two centuries.
Celebrations will include parades, poetry recitals and ceremonies to hoist the Tricolour, the Indian national flag.
Prime Minister Narendra Modi will also deliver a speech from the ramparts of the centuries-old Mughal-era Red Fort in the capital Delhi.
This year's celebrations are the first to be held since authorities lifted Covid-19 restrictions.
Why is August 15 India's Independence Day?
Britain ruled India for nearly two centuries but its military and economy were exhausted by the Second World War as anti-colonial movements began to challenge empires.
Within the Indian subcontinent, the UK faced two powerful, seemingly irreconcilable nationalist movements: one calling for the creation of Pakistan, a homeland for the Muslims of South Asia; the other for India, a pluralist nation.
The UK chose to partition the region and withdraw. Under the terms of the Indian Independence Act, the subcontinent was formally divided into two dominions at midnight on August 14, 1947.
The partition of colonial British India into two states, mainly Hindu India and Muslim Pakistan, triggered one of the biggest mass migrations.
About 15 million Muslims, Hindus and Sikhs swapped countries in the political upheaval marred by violence and bloodshed that cost more than one million lives.
At midnight on August 15, 1947, the red sandstone parliamentary building in the heart of India’s capital echoed with the high-pitched voice of Jawaharlal Nehru, the country’s first prime minister.
“At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom,” Mr Nehru said, words that were heard live over radio by millions of Indians.
Then he promised: “To the nations and peoples of the world, we send greetings and pledge ourselves to co-operate with them in furthering peace, freedom and democracy.”
It marked India’s transition from a British colony to a democracy – the first in South Asia – that has since transformed from a poverty-stricken nation into one of the world’s fastest-growing economies, earning itself a seat at the global high table and becoming a democratic counterweight to its authoritarian neighbour, China.
Is it really the 77th anniversary?
Although India attained independence from the UK in 1947, it only became a fully sovereign republic with its own head of state on January 26, 1950.
Between those dates, the 299 men and women of India’s Constituent Assembly worked to imagine their emerging country and to inscribe their vision and foundational legal principles in a national constitution.
The outcome of their efforts is a remarkable document that remains a source of both inspiration and contention today.
Some confusion also remains about which anniversary India is celebrating.
If August 15, 1947, is considered the day India first celebrated its independence from the UK and viewed this as its first Independence Day, then this year is the 77th Independence Day.
But if viewing the first anniversary of Indian independence on August 15, 1948, as the country's first Independence Day, then India is celebrating its 76th Independence Day.
What does India's national anthem Jana Gana Mana mean?
Rendered in the prescribed metre, it takes exactly 52 seconds to sing the Indian anthem, Jana Gana Mana.
The lyrics derive from the first stanza of the famous poet, playwright and social reformer Rabindranath Tagore's five-stanza poem Bharot Bhagyo Bidhata, or “Dispenser of India's destiny” in the Bengali language.
Tagore set the poem to music himself.
The anthem opens with an exaltation of the Almighty, who guides the country’s destiny:
Jana-gana-mana-adhinayaka jaya he
Bharata-bhagya-vidhata
Or, in English:
You, the ruler of our minds, our nation
To you our humble salutations!
The poem then begins a virtual tour of pre-independence India, beginning in the north and circling west, mentioning the regions of Punjab, Sindh, Gujarat, Maharashtra, the southern states speaking Dravidian languages, and Odisha and Bengal:
Punjaba-Sindh-Gujarat-Maratha
Dravida-Utkala-Banga
Tagore refers to features of physical geography as well: the Vindhya and Himalaya mountain ranges and the Yamuna and Ganges rivers.
The Almighty’s name, the anthem says, swells and animates this land. In the final part, Tagore provides a refrain:
Taba Subha name jage, taba subha ashisha maange,
gahe taba jaya-gatha.
Jana-gana-mangala-dayaka jaya he Bharata-bhagya-vidhata.
Jaya he, Jaya he, Jaya he, jaya jaya jaya jaya he.
Or, in English:
Your blessings we seek, your praises replicate you
As the Protector of India's fate!
Victory! Victory! Victory!
Victory forever to you!
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Turkish Ladies
Various artists, Sony Music Turkey
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Abu Dhabi Sustainability Week
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
The biog:
Favourite book: The Leader Who Had No Title by Robin Sharma
Pet Peeve: Racism
Proudest moment: Graduating from Sorbonne
What puts her off: Dishonesty in all its forms
Happiest period in her life: The beginning of her 30s
Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"
Role model: Everyone. A child can be my role model
Slogan: The queen of peace, love and positive energy
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Match info
What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
