NEW DELHI 11 JANUARY 2026 SUNDAY `12 PAGES 24  facebook/TheMorningStandard  X.com/TheMornStandard https://epaper.morningstandard.in A SOBERING EFFECT PLUS: 12 PAGES Outsmart Your Worst Instincts An Aftertaste of Absence MAGAZINE A Portrait Framed in Awe EXCLUSIVE VOICES Reflection and the Struggle to Remain Human Anand Neelakantan Prabhu Chawla Ravi Shankar Anuja Chandramouli Santwana Bhattacharya Shankkar Aiyar Utkarsh Amitabh The Making of a Young Carnatic Mind ‘Avatar was the Turning Point in My Career’ SWAMI SUKHABODHANANDA SPEAKS The Quiet Power of Surrender Don wants to cap credit card rate at 10% from Jan 20 Global banks warn it would lead to massive pullback of credit access to retail customers FRESH ROW India will have hijab-clad PM one day: Owaisi S U D H I R S U R YA W A N S H I @ Mumbai Credit card outstanding in India on a compounded basis stood at `15.6 lakh crore in November 2025, up 14.1% from `13.7 lakh crore in November 2024 across 11.5 crore active cards, reflecting a steady increase in card penetration and registering 7.1% year-on-year growth from 10.7 crore in November 2024. at $1.23 trillion. Though no Indian card issuer chose to speak on the matter, analysts this newspaper spoke to rubbished the idea as “a wild call that strikes at the very root of free markets and markets-driven interest rate regime”. In India, credit cards charge anywhere from 36-40% annually Lenders justify high inter. est rates as credit card debts are not secured by any collateral. “If you don’t charge a risk premium on a completely risky loan/ unsecured product like credit card, how can a bank continue to be in business? Even in the US, the effective interest rate is around 7% now and with addition of staff cost, interest cost on the money being lent through credit card, a pricing of 10% is simply not sustainable,” an analyst said. Four passengers and two pilots of a nine-seater IndiaOne Air plane escaped with injuries after it crash-landed near Rourkela on Saturday; (inset) an injured pilot | PTI | P4 ED goes to SC against Didi on I-PAC raid, Bengal files caveat @ New Delhi/Kolkata THE Enforcement Directorate (ED) on Saturday moved the Supreme Court against the West Bengal government in the I-PAC money laundering case. Alleging that its series of raids foe the probe was obstructed by Chief Minister Mamata Banerjee, the ED sought a CBI probe into the incident, claiming its “right to conduct a fair and independent investigation has been curtailed by the state machinery”. In a swift counter-move, the West Bengal government filed a caveat in the Supreme Court on Saturday, seeking to ensure that no order is passed without giving it an opportunity to be heard. The central agency on Thursday raided the premises of I-PAC and its director Pratik Jain in Kolkata as part of a money laun- LATE-NIGHT fires on two consecutive nights inside a long-shuttered jewellery unit linked to fugitive diamond baron Nirav Modi have shaken Surat’s Special Economic Zone (SEZ), not just because the flames rose twice in two nights, but because each spark has ignited deeper questions about security sabotage, , and a possible cover-up. The first fire broke out on Thursday night on the ground floor of Fire Star Diamond, a company sealed years ago by the Enforcement Directorate at the SEZ on Sachin Road in Surat. Firefighters rushed in, contained the blaze, and believed the danger had passed for good. But the calm was short-lived. Barely a day later, on Friday night, the fire returned, this time with bigger fury. Flames erupted again from the ground floor, leapt upwards, and engulfed the first floor, sending thick plumes of smoke into the night sky . For nearly six relentless hours, firefighters battled the blaze. By Fire Star Diamond building in Surat that mysteriously caught fire twice | EXPRESS then, the damage was total. “Everything inside was reduced to ashes,” a fire department source said. “AC units, computers, furniture, safes, machines, wiring, office files, stored goods, nothing survived. Even important documents were completely burnt,” he added. The unit has remained sealed for years after the ED action, with electricity water, and drainage connec, tions officially cut off. Adding to the suspicion were the company’s broken gates and win- dows. The discovery has sparked a troubling question: who entered the sealed unit and how inside a highsecurity SEZ? “This is not an open industrial area. Entry is tightly controlled,” said a local official. “If someone accessed a sealed premises, it points to a serious security breach.” The silence from authorities has only deepened the intrigue. Officials reportedly did not share detailed information about the incident, even as questions mounted about how such a blaze could occur unnoticed in a closed unit. As cooling operations continued for hours, whispers grew louder: was machinery or jewellery worth crores of rupees stored inside it? Was any crucial evidence destroyed in the flames? And, most importantly was the fire accidental or deliber, ately set up vested interests? Police have launched an investigation, but with documents reduced to ash and entry points mysteriously breached, the Fire Star Diamond blaze is fast turning into a highstakes crime puzzle. GIVING NEW HOPE Rising from Aparthied-era township to top of tree G O M E S H S @ Paarl JUST about 25km North of Durban, KwaMashu township holds a historical significance in South Africa. It was established under apartheid to house relocated Black South Africans from Cato Manor. A neighbourhood that is steeped in history — the Mahatma Gandhi House is not too far — and houses close to 175,000 people (2011 census) who continue to struggle with poverty unemploy, ment, and crime. For the last few weeks, the locality has been cherishing a rare mo- ment of joy and success. One of their sons — Nqobani Mokoena — has turned into a symbol of hope not just for the locality but the whole country Raised by a . single mother, Princess Mokoena, with help from a joint family, the 19-year-old pacer has lit up the ongoing SA20 league for Paarl Royals. It was not easy as a child growing up in KwaMashu. Princess worked Nqobani Mokoena as an assistant at a private firm and struggled to make ends meet and at times supporting Nqobani’s cricketing dream seemed impossible. “Buying cricket gear was difficult. My sisters were assisting me, and they were too expensive,” Princess recalls. “Kids in the township don’t focus on school, don’t focus on their talent, and don’t respect their family. It’s a place that you don’t want to be when you get a better life.” The teenager was scouted by Khal i p h a C e l e, a former cricketer, who helped Nqobani go to Northwood School on a full sports scholarship. A South Africa U19 call-up followed before Nqobani was signed for 200K ZAR at the SA20 auction by Royals in the U23 category . “I think it has brought light to the people, to his life,” says Princess. “Cricket has helped him, has assisted him with school work and also getting to where he wants to be in future.” For a country that is still recovering from the social disparities of apartheid, Nqobani is one of the many promising success stories in cricket. P11 File photo of Mamata Banerjee during the I-PAC raid on Thursday | PTI dering probe into an alleged coal pilferage scam. Mamata has accused the ED of overreach. The ED on Friday had approached the Calcutta High Court, alleging that the CM took away incriminating documents from its custody. Amid high courtroom drama, the HC adjourned the case to January 14. P8 i Nationa str lM ha Jai Jawan Jai Kisan orial Trust Twin fires at Nirav Modi unit raise doubts D I L I P S I N G H K S H AT R I YA @ Ahmedabad Probe begins into ‘theft’ EXPRESS NEWS SERVICE em ALL India Majlis-E-Ittehadul Muslimeen (AIMIM) chief and Lok Sabha MP Asaduddin Owaisi on Saturday said a hijab-clad woman would one day become India’s prime minister as the Constitution accords equal status to every citizen, unlike in Pakistan where members of only one religion can occupy the top constitutional posts. The statement drew a sharp response from the BJP , which called it “half truth” and “irresponsible”, saying many Muslim women opposed to the practice of wearing hijab. Owaisi was addressing an election rally in Maharashtra ahead of the Solapur Municipal Corporations elections set to be held on January 15. “The Constitution of Pakistan says that only a person belonging to one religion can become the country’s prime minister or the president. But the Constitution written by Dr Babasaheb Ambedkar, clearly states that any citizen can become the prime minister, the chief minister of a state or even a mayor,” he said. “By the grace of the Almighty, the day will come, when neither I nor the present generation will be around, but a daughter wearing a hijab would become the prime minister of India,” AIMIM chief said. The BJP countered his statement, saying Muslim women were against wearing hijab and women in Iran and other Islamic countries were protesting against it. AMID plunging popularity ratings, US President Donald Trump on Saturday ordered a cap on interest rates on credit card dues at 10% for a year. The new rate will be effective from January 20, which coincides with completion of Trump’s one year as president. Making the announcement, the president said he will no longer let Americans be “ripped off ” by credit card companies, which charge about 20-30% annually on credit card debts. While economists and analysts globally called it unsustainable, banks said it would lead to massive pullback of credit access to retail customers. US hedge fund manager Bill Ackman said: “My concern about capping rates at 10% is that doing so will inevitably cause millions of Americans to have their cards cancelled as credit card companies lose the ability to adequately price subprime credit risk. Consumers denied credit cards will be forced to turn to loan sharks whose rates and terms will be vastly worse for borrowers.” The move comes amid rising household debt in the US, which jumped by by $197 billion to reach $18.59 trillion in the third quarter. As for credit card balances , they rose by $24 billion from the previous quarter and stood CLOSE SHAVE `15.6 lakh crore outstanding in India l Bahadur La S B E N N K O C H U V E E D A N @ Mumbai Police on Saturday started the process of identifying ED officials allegedly involved in the ‘theft of documents’ from the residence of I-PAC chief Pratik Jain and the firm’s Salt Lake office ED officials did not show I-cards or inform local authorities of the search. When police requested details, they were pushed away AUDI MOWS DOWN 1, INJURES 16 IN JAIPUR An Audi car crashed into roadside food stalls in a Jaipur market late on Friday night. It reportedly ran over a crowd in the busy area before coming to a halt after crashing into a tree. The police said the Audi was being driven at an estimated speed of 120 kmph. Kolkata Police ``JAI JAWAN JAI KISAN " Lal Bahadur Shastri Institute of Management, Delhi pays homage to the 2nd Prime Minister of India Bharat Ratna Shri Lal Bahadur Shastri (October 02, 1904 - January 11, 1966) on his 60th Punyatithi "The basic idea of governance, as I see it, is to hold the society together so that it can develop and march towards certain goals" Lal Bahadur Shastri ^^esjh le> ls ç'kklu dk ewy fopkj ;g gS fd lekt dks ,dtqV j[kk tk;s rkfd og fodkl dj lds vkSj vius y{;ksa dh rjQ c<+ lds** yky cgknqj 'kkL=h LAL BAHADUR SHASTRI INSTITUTE OF MANAGEMENT, DELHI Plot No. 11/7, Sector - 11, Dwarka, New Delhi - 110075 Phone : 011-25307700 | Email : director@Lbsim.ac.in www.Lbsim.ac.in