VILLUPURAM FRIDAY AUGUST 30, 2019 `4.00 PAGES 14 CITY EDITION GOVT TO SWEETEN AIR INDIA DEAL BY TWEAKING TERMS After its earlier bid to woo investors for the carrier failed, the govt now plans to dilute disinvestment terms and conditions ‘NEW EXPRESSION OF INTEREST WILL BE A HIT’ ■ 160 BIDDING PROCESS TO START IN OCTOBER In the first attempt to divest AI in May 2018, the government wanted to retain 24% stake, which could have been one of the primary reasons for not getting potential buyers. Sources said now the govt will put 95% stake up for sale and retain 5% for employees stock option. Civil Aviation Minister Hardeep Puri claimed the new EoI will be a hit with investors ■ In February, the government had approved setting up of Air India Assets Holding Company to transfer `29,464 crore worth loans of the national carrier and its four subsidiaries The government is set to fast-track the process and a meeting headed by Home Minister Amit Shah will set the ball rolling NO. OF QUERIES ABOUT AIR INDIA SALE PROCESS EARLIER, BUT ZERO BIDS CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Slowdown cyclical, problems structural: RBI Central bank identifies downturn in manufacturing, trade, hotels, transport, construction and agriculture sectors S U N I T H A N AT T I AFTER months of whistling in the dark, India finally diagnosed the nature of its economic slowdown, but with a twist. Typically, downturns are either cyclical or structural, but RBI believes that we are seeing a bit of both. It’s a cyclical slowdown, but with deep structural problems that need urgent reforms, it concluded in its annual report released Thursday . But by its own admission, this ‘precise diagnosis’ was rather difficult to arrive at, as the conditions weren’t really ‘easy to disentangle’. “The key question that confronts the Indian economy as it looks ahead to the rest of 201920 is: are we dealing with a soft patch, or a cyclical downswing, or a structural slowdown?,” the Patna HC judge blows graft whistle, loses all work A1.96 lakh cr RBI’s contingency fund in FY19 slipped from `2.32 lakh crore in FY18, after the `52,000 crore excess payout to the govt A71,542.93 cr The banking sector reported 6,801 frauds involving `71,542.93 crore in FY19, RBI said SQUEEZE ON 2,000 NOTES While the currency in circulation has jumped 17% to `21.1 lakh crore as of March this year, `2,000 notes seem to have shrunk both in value and volume terms. The value of the pink notes shrank from `6,72,600 crore in FY18 to `6,58,200 crore in FY19, according to RBI. Volume declined from 3,363 million pieces to 3,291 mn pieces. In contrast, the value and volume of `500 notes shot up 39% in FY19 | P13 The recent deceleration could be in the nature of a soft patch mutating into a cyclical downswing, rather than a deep structural slowdown... Nonetheless, there are still structural issues in land, labour, agricultural marketing and the like - RBI EXPRESS NEWS SERVICE @ Patna/New Delhi A day after a senior judge remarked in a verdict that the judiciary in the Patna High Court was mired in corruption, a 11-judge bench led by the chief justice on Thursday stayed the order and also withdrew all judicial work from him. Justice Rakesh Kumar, in his 20-page order on Wednesday, had urged the CJI and SC collegium to take cognisance of “corrupt practices plaguing the judicial system at all levels in Bihar”. The order was passed while hearing the bail plea of retired IAS officer K P Ramaiah, who is accused of corruption. The HC, as well as the SC, banking regulator wondered. Should there be counter-cyclical monetary and fiscal policy actions? Or deepseated reforms? Policy responses are dependent on the answers, but RBI gave away little. “Proximate answers could perhaps be found in the lessons of the experience of 2018-19, with which it could be feasible to assess the outlook for 2019-20 and the challenges that lie ahead,” it said. The government’s fiscal policy appears exhausted — which is to say fiscal stimulus is ruled out — leaving the central bank to do the heavy lifting via its monetary policy . While admitting that our golden growth years are turning leaden, RBI was convinced that a broad-based cyclical downtur n was underway across manufacturing, trade, construction, agriculture and real estate. “The recent deceleration could be in the nature of a soft patch mutating into a cyclical downswing, rather than a deep structural slowdown. Nonetheless, there are still structural issues in land, labour, agricultural marketing and the like, which need to be addressed,” it said. Indian economy needs investments and consumption demand, but it’s getting neither. As if poking on a sore spot, the central bank further noted that investment rate crashed from 40 to 32 per cent in past seven years and that its revival along with consumption demand should be our ‘highest priority .’ had rejected his request for protection from arrest due to the serious allegations against him. Ramaiah had to surrender before a lower court and was granted bail the same day Jus. tice Kumar, known for being upright, questioned the manner in which the bail was given and said instances of graft were common even in the Patna HC. Accusing the Bihar judiciary of nepotism, Justice Kumar had said, “After my elevation as judge, I started to notice that senior judges were buttering the Chief Justice ... to get members of their caste elevated as a judge or do some favour to corrupt judicial officers. It is also an open fact that wards of judges are practising in the HC.” CONTINUED ON: P13 Chief Minister Edappadi K Palaniswami and Health Minister C. Vijayabaskar with other dignitaries in London, on Thursday | EXPRESS EPS SIGNS 3 PACTS ON HIS DAY-1 IN LONDON E X P R E S S N E W S S E R V I C E @ Chennai ‘Surprise awaiting Stalin’ “A big surprise is awaiting Stalin since the CM’s visit will bring many new industries to the State, creating employment opportunities for the youth. Till then, he has to be patient,” fisheries minister D Jayakumar said in Chennai, responding to criticism ON his first day of visit to London, Chief Minister Edappadi K Palaniswami signed three key partnership agreements in the health sector. The first was a memorandum of understanding (MoU) between the Tamil Nadu government and the International Skills Development Corporation, leading skill developers in the field of medicine, to develop the skills of healthcare staff in the State. The second was also an MoU, with the King’s College London, which intends to establish a branch in Tamil Nadu. The third was a Statement of Intent, signed with the London School of Hygiene and Tropical Medicine. The SoI is aimed at improving methods for containing communicable diseases such as dengue and malaria, an official release said. The Chief Minister also went to the Emergency Operations Centre and Specialist Operations Centre of London Ambulance Service, and interacted with officials there to study the functioning of the call centre and how a similar model of medical emergency can be adopted here. The Management, Senior Principal, Staff, Students & Fine Arts Department Cordially invite you with your family and friends to the III BHARATANATYAM ARANGETRAM & V SALANGAI ADORNING CELEBRATION on 30th August 2019, Friday from 4.00 pm onwards Blessed by Kalvisemmal Shri. S.A. LOURDUSAMY Founder, Correspondent & Senior Principal, Amalorpavam Hr. Sec. School & Amalorpavam Lourds Academy Chief Guest Shri. A. NAMASSIVAYAM Hon’ble Minister for Public Works, Govt. of Puducherry. Special Guest Shri. A. BASKAR Member of Legislative Assembly, Mudaliarpet Constituency, Puducherry
Express Publications (Madurai) Limited publishes the prestigious English language newspaper The New Indian Express from 21 centres in Tamil Nadu, Karnataka, Andhra Pradesh, Kerala and Orissa.
Express Publications (Madurai) Ltd. also publishes the Tamil daily Dinamani, Cinema Express (Tamil) and Malayalam Vaarika (Malayalam). Through a sister company, Kannada Prabha Publications Ltd., it publishes the Kannada daily Kannada Prabha.
This volume has been archived. It is available to read on request only.
You are logged-in with following email:
We have sent the confirmation email
You will receive the acknowledgement with link to read this volume in your email shortly.