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Mumbai, Jun 12 (PTI) India has the capacity to repay 94 per cent of its foreign debt in a single day, said Maharashtra Chief Minister Devendra Fadnavis on Friday.

He dismissed concerns about an economic slowdown, saying India continues to record the highest growth rate in the world despite repeated predictions of a recession.

Addressing a press conference marking 12 years of the Narendra Modi government, Fadnavis said those forecasting a downturn had been proved wrong by India's economic performance.

"People kept talking about recession, recession, recession. But the economic growth rate in the current year is the highest in the world. India remains the fastest-developing economy," he said.

India's GDP stayed robust in the January-March quarter with 7.8 per cent growth, while the FY26 expansion was at a healthy 7.7 per cent.

Recalling the economic situation in earlier years, he said there was a time when concerns were raised about India's ability to repay foreign debt.

"There was a period when people used to say that unless the IMF and World Bank came to India's rescue, the country would collapse because it did not have enough money to repay its foreign debt," he said.

Contrasting that period with the present, Fadnavis, who is also Maharashtra's finance minister, said, "Today, if required, India has the capacity to repay 94 per cent of its foreign debt in a single day."

Fadnavis noted India has emerged as the world's fourth-largest economy and crossed the USD 4.5 trillion mark, putting it firmly on course to become a USD 5 trillion economy.

"People were saying there is a recession. But India still has the highest growth rate in the world and remains the fastest-growing economy," he insisted.

Highlighting the country's external position, the chief minister said India today possessed foreign exchange reserves of around Rs 66 lakh crore, enough to cover 11 months of imports.

The BJP leader maintained that unlike earlier periods when the country sometimes lacked enough foreign exchange reserves to cover even a month's imports, India now had reserves sufficient to finance imports for nearly 11 months.

Fadnavis further said India had become a global leader in digital transactions, with annual digital payments touching Rs 314 lakh crore and the Unified Payments Interface (UPI) being adopted by nearly 30 countries.

"The world spoke of recession, but India's economy has continued to expand and remains the fastest-growing among major economies," he noted. PTI MR RSY

New Delhi, Jun 12 (PTI) Aircraft accident probe agency AAIB on Friday issued an interim statement on the investigation into Air India's AI171 plane crash that killed 260 people on June 12 last year, saying significant progress has been made and the final report will be released upon completion of all investigative activities, requisite international review and consultation processes.

Without providing specific details about the probe status or findings so far, the Aircraft Accident Investigation Bureau (AAIB) said the investigation team has undertaken an extensive and rigorous examination of all relevant technical, operational, organisational and human factors associated with the accident over the last year.

In the interim statement on the progress of the probe, the AAIB said it remains firmly committed to conducting a thorough, independent, objective and evidence-based investigation.

"The final report will be released upon completion of all investigative activities and the requisite international review and consultation processes prescribed under ICAO Annex 13," it said.

ICAO (International Civil Aviation Organization) Annexure 13 refers to investigations into aircraft accidents.

According to AAIB, the investigation has been supported by accredited representatives, technical advisers and subject matter experts from relevant organisations.

"Significant progress has been made in the examination and analysis of aircraft systems, flight recorder data, engine-related components, maintenance and operational records, and other evidence relevant to the investigation," the probe agency said.

Air India's Boeing 787-8 or Dreamliner with registration VT-ANB en route to London Gatwick crashed soon after takeoff on June 12, 2025, killing 241 people onboard and 19 on the ground. A lone passenger survived while all 12 crew members died in the accident that happened during the initial climb.

The passengers who died were citizens from India, the UK, Portugal and Canada.

AAIB said the evidence gathered and the results of various examinations are currently being analysed in a comprehensive and integrated manner.

"Additional technical evaluations and specialist examinations, wherever considered necessary, will continue to be undertaken to ensure that all findings and conclusions are supported by verified evidence and sound scientific analysis," the statement said.

While expressing deepest condolences to the families and loved ones of all those who lost their lives in the accident, AAIB noted that the sole purpose of an accident investigation is to enhance aviation safety through the identification of lessons and safety recommendations, and not to apportion blame or liability.

"Accordingly, AAIB urges all stakeholders, including the media and the public, to refrain from speculation or premature conclusions while the investigation remains in progress," the statement said.

Every aspect of the accident will be examined with the utmost care and diligence so that the findings and safety recommendations command the confidence of all stakeholders and contribute meaningfully to the continued safety of civil aviation, AAIB said.

In its preliminary report on the crash that was released on July 12 last year, AAIB said the fuel supply to both engines of the plane was cut off within a gap of one second, causing confusion in the cockpit soon after takeoff.

"In the cockpit voice recording, one of the pilots is heard asking the other why did he cut off. The other pilot responded that he did not do so," it had said.

Meanwhile, in a statement, Boeing said it continues to support the investigation led by AAIB.

"Our thoughts remain with the families and loved ones of those who lost their lives on flight 171, and with Air India and everyone affected by this tragedy," it said in a statement.

On Friday, Civil Aviation Minister K Rammohan Naidu on Friday said the investigation into the AI171 plane crash last year continues with diligence and professionalism in accordance with established national and international procedures.

"We remain committed to a thorough and objective determination of the causes of the accident and to further enhancing aviation safety," he said in a post on X.

On Friday, Air India staff observed a two-minute silence as a mark of respect for those who passed away in the fatal crash.

A section of the airline's retired cabin crew members held a multi-faith memorial service in Mumbai to honour the services of the crew who lost their lives in the accident.

Federation of Indian Pilots (FIP) President C S Randhawa on Friday alleged that the investigators did not give much importance to the statement of the crash's lone survivor regarding the flickering of lights inside the aircraft before it crashed.

Meanwhile, the memorial service in Mumbai was attended by various people, including Amol Tatkare, the husband of senior cabin crew Aparna Mahadik, who was among those killed in the crash.

The ill-fated AI171 flight was operated by 12 crew members, including two pilots, Sumeet Sabharwal and Clive Kunder. PTI RAM IAS MR

Mumbai, Jun 12 (PTI) E-commerce major Amazon on Friday said two-wheeler sales on its platform have clocked two times year-on-year growth, with the demand being led by tier 2 and 3 cities where customers are increasingly choosing premium and electric vehicles alongside everyday commuter bikes.

The company currently lists a selection from over 20 brands across electric, premium and commuter segments, including Triumph, KTM, Royal Enfield, Bajaj Auto, Ather Energy and Hero MotoCorp, supported by more than 3,000 OEM-authorized dealers, it said.

According to the company, the two-wheeler demand on Amazon.in is overwhelmingly a non-metro story as nearly two in every three customers come from these territories, a share that rises to 7 in 10 for electric two-wheelers.

Growth in these cities is accelerating. Kakinada, Tirupati, and Nellore in the South have shown the highest growth with up to 12x increase in bookings YoY while the two-wheeler bookings from Nagaur and Jind (in Haryana) in the North and Jamnagar, Bilaspur (Madhya Pradesh) and Rajkot in the West have grown up to 6x YoY, it said.

Customers from over 2,300 Tier 3 towns bought a two-wheeler for the first time on Amazon.in in the last 12 months, it said.

"The two-wheeler buying journey in India is often long and can get overwhelming with multiple options, fuel types and price points to consider. This feels more restrictive when you have limited selection, especially beyond the metros. For customers, Amazon.in brings together the largest selection by brands, price points and fuel types in one place with full price transparency and the convenience of digital payments. For brands, it expands their reach," said Aman Lohan, Director - Home, Kitchen and Outdoors, Amazon India. PTI IAS MR

New Delhi, Jun 12 (PTI) State-owned Punjab National Bank on Friday said it has increased the interest rate on FCNR (B) USD deposits, providing non-resident Indians with an opportunity to grow their overseas earnings while safeguarding them against foreign exchange fluctuations.

Under the special FCNR (B) deposit offering, customers can earn 6 per cent for term deposits with tenure 3-4 years, and 6.05 per cent for 4-5 years, PNB said in a statement.

For 5 years, a fixed deposit at Punjab National Bank (PNB) is offering an interest rate of 6.1 per cent.

Ujjivan Small Finance Bank also hiked interest rate on FCNR (B) deposits to up to 7.13 per cent for tenures ranging from 3 to 5 years, the bank said in a separate statement.

Most of the banks have raised the NRI fixed deposit interest rate in dollars within days of the RBI announcing a foreign currency swap window for banks till September 30, thus effectively absorbing the currency hedging cost that banks had to bear on such deposits and leaving room for banks to raise deposit rates.

The move is aimed at attracting foreign currency deposits from non-resident Indians (NRIs), and experts believe that about USD 60-70 billion foreign capital could flow in under the deposit scheme.

Meanwhile, another public sector lender, Bank of Baroda, launched a new retail term deposit scheme for resident Indians.

'BoB Golden Goal Deposit Scheme', a special 555-day tenor deposit scheme, will offer an attractive interest rate of 6.75 per cent for the general public, 7.25 per cent for senior citizens, 7.35 per cent for super senior citizens (aged 80 years and above) and up to 7.4 per cent on non-callable deposits, BoB said in a statement. PTI DP BAL

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Panaji, Jun 12 (PTI) Goa Chief Minister Pramod Sawant on Friday credited Prime Minister Narendra Modi's government for contributing towards the overall development of the coastal state in the last 12 years.

Talking to reporters in Panaji, Sawant said the BJP-led central government has contributed immensely towards growth of all sectors in the tourist state, including infrastructure.

Since 2014, he noted, 299km of National Highways was constructed in Goa besides Rs 999 crore was spent on a port connectivity initiative in Vasco town.

An airport link road was constructed at Mopa in North Goa at a cost of Rs 1,183 crore, the CM stated.

On the Railway front, he said, 24 kilometre of new tracks was laid, while 164 kilometre of lines was electrified. In addition, two Vande Bharat train routes were operationalised -- between Madgao-Mumbai and Mangalore-Madgaon.

The chief minister said under Amrit Bharat Stations scheme, railway stations at Madgaon, Sanvordem, and Vasco were selected for world-class development.

On the tourism front, Sawant noted that a sum of Rs 197 crore was sanctioned under the Swadesh Darshan Scheme which was utilised to develop Fort Aguada and Dona Paula jetty.

The chief minister said a National Institute of Technology has been established in Goa with 40 per cent reservation for local students. Another national institute has been set up to boost sports training and water tourism skills.

An All India Institute of Ayurveda was established in Goa at a cost of Rs 302 crore, the CM maintained.

On the economic front, Sawant said under PM Jan Dhan Yojana, a total of 2.27 lakh bank accounts were opened in Goa, while under PM Mudra Yojana, more than Rs 57.8 crore was disbursed to small businesses. PTI RPS RSY