CHENNAI SATURDAY OCTOBER 05, 2019 `5.00 PAGES 26 LATE CITY EDITION ASKED MY COOK NOT TO USE ONION, QUIPS HASINA Bangladeshi PM Sheikh Hasina said India’s sudden move to stop exports has caused a bit of difficulty for her countrymen ‘IN FUTURE, INFORM US BEFORE EXPORT BAN’ ■ 2.2 million EYE-WATERING PRICES IN ASIA, EUROPE Addressing the India-Bangladesh Business Forum in Delhi on Friday in the presence of Commerce Minister Piyush Goyal, Hasina, in a lighter vein, said, “You stopped onion exports suddenly, it became a difficulty for us. So I told my cook not to use onion in food.” Given her nation’s dependence on India for the staple, she said, “In future, prior information would help” ■ India, the world’s leading onion seller, banned export last Sunday to contain spiralling prices as arrivals were delayed due to rains This has led to eye-watering onion prices in not just Bangladesh, where it has doubled, and other Asian nations, but even in Europe. India’s ban is expected to continue till mid-November TONNES OF ONION EXPORTED BY INDIA IN 2018-19, HIGHEST IN THE WORLD 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 RBI finally gets real on GDP growth 12 Quarterly projection of Real GDP Growth (Y-O-Y) 50% CI 70% CI 90% CI 10 *CI - Confidence Interval ing muted expansion and demand weakness. THE Reserve Bank of India “The current quarter festive (RBI) finally woke up to smell season is critical from a conthe coffee. On Friday, much to sumption demand revival everyone’s disbelief, it lowered standpoint and further moneGDP growth estimates for the tary policy action will depend current fiscal by 74 basis points on the impact of the twin bento 6.16%. This is the sharpest efits of fiscal and monetary reduction by anyone till date, p o l i c i e s o n d e m a n d a n d and raises concerns if India’s growth,” said Shanti Ekambargrowth is indeed on am, President, Conthe ropes. sumer Banking, KoLast month, severtak Mahindra Bank. al agencies, including So is there a sunny IMF, ADB and Fitch side up? The RBI belowered estimates to lieves that the impact 6 . 5 - 7 % , bu t n o n e of its monetary policame close to RBI’s cy measures since 6.1%, which to paraFebruary will gradup h r a s e G ove r n o r ally feed into the real Shaktikanta Das, was economy and boost ‘worse than all demand. Plus, the Till growth is predictions’. government’s series revived, RBI will In some more bad of fiscal policy moves continue to news, the RBI even are expected to revive remain in an lowered FY21 first sentiment. accommodative quarter growth to “Monsoons have mode 7.2%from 7.4% propicked up with correShaktikanta Das, jected just two sponding growth in RBI Governor months ago. The RBI kharif production. lowered FY20 estiDas noted that manumates four times since Febru- facturing and construction ary but none matched Friday’s data looks better in August. But , savage cut. growth has been substantially But how and why did such a revised downward to 6.1. That blunt revelation come about? said, and basic signs of further The Monetary Policy Commit- local and global slowdown latetee (MPC), rather belatedly, ly, it is likely that even these took note of high-frequency in- revised expectations will be dicators pointing to sluggish disappointed,” said Suyash domestic demand. Further, all Choudhary, Head, Fixed InP15 its in-house surveys were flash- come, IDFC AMC. 8 S U N I T H A N AT T I ‘Give details of govt officials involved in NEET scam’ EXPRESS NEWS SERVICE 6 After dramatic drop in Q1 to 5%, projected growth rate in second half of this fiscal is 6.6-7.2% with risks evenly balanced Q2 Q3 2016-2017 Q4 Q1 Q2 Q3 Q4 Q1 2017-2018 Q2 Q3 4 Q4 2018-2019 IMPERSONATION in NEET could not have been possible without the involvement of officials, and the issue does not pertain to Tamil Nadu alone, the Madras High Court observed on Friday It . has directed the CB-CID, which is currently probing the cases, to provide details of government or college officials involved in the scam. The bench passed this interim order on a plea moved by S Dheeran of Coimbatore, seeking direction to the State government to conduct a proper counselling and mop-up procedures to fill the 207 seats that have become available due to the non-filling of NRI quota seats. “Prima facie, it is clear that without the co-operation of another person, a student cannot make someone else write his exam. Therefore, the CB-CID shall give the details of the number of students who gained admission by fraudulent methods, how many persons helped them with the malpractice, and whether government officials or the college administration are also involved in this fraud,” said a division bench of justices N Kirubakaran and P Velmurugan. The court had recently directed 10 private medical colleges in Tamil Nadu to submit details of admissions made under the nonresident Indian (NRI) quota. One Friday, it wanted three more colleges to be impleaded. AIR Chief Marshal Rakesh Kumar Singh Bhadauria on Friday confirmed that the helicopter which crashed on February 27, during a dogfight with Pakistani forces, was hit by an Indian missile. Calling it a “big mistake”, the Air Chief said, “The court of inquiry completed the probe last week. It has been established that it was hit by our own missile.” There has already been administrative action and disciplinary action will be taken in the future against the two Air Force personnel responsible, he added. A Mi-17 V5 copter of the 154 Helicopter Unit crashed in Budgam on February 27 as it was hit by India’s SPYDER airdefence missile killing six IAF personnel. It came as Pakistan Q3 Q4 2019-2020 1 SURPRISE DECISION 2 3 4 Accommodative monetary stance to revive economic growth Continuing slowdown warrants intensified efforts to restore growth momentum 3.5-3.7% retail inflation projection for 2nd half of year Rate slashed again, expect lower EMI M C V A I J AYA N T H I @ Mumbai THE Reserve Bank of India’s Monetary Policy Committee on Friday stuck to its conservative 25 basis points (0.25%) cut in the policy rate to 5.15%, disappointing markets, though it promised to do more to revive economic growth. This was its fifth rate cut in a year. But banks haven’t shared the enthusiasm, as four RBI rate cuts between February and August totalling 110 bps resulted in banks bringing down their rates by just 29 bps. In other words, banks were miserly in bringing down your home or car loan rates. In fact, the average lending rates for existing loans showed a 7 bps increase during that period. After some flogging by the government, banks have now been mandated to move their floating rate on retail and MSME loans to an external benchmark, ending their discretion and internal cost based loan rate setting since October 1. But would it mean a commensurate cut in loan rates? The Oriental Bank of Commerce was among the first on Friday to announce that repo-linked lending rates would come down by 25 bps immediately, reflecting the new reality of external benchmarking. “But given the flexibility to charge a spread/mark-up, considering other costs, the final lending rates are yet to come down in a commensurate manner,” CRISIL said in a research note. “Monetary transmission remains a work in progress,” said RBI Governor Shaktikanta Das. “The monetary policy speech today clearly focused on growth and has done so by reducing the repo rate by 25 bps. This indicates an immediate reduction in borrowing cost for some segments of borrowers. For others it will come down over the course of time,” said Abheek Barua of HDFC Bank. Analysts see the central bank’s promise of a continued “accommodative” stance as a clear indication of further rate cuts in future. ` fighter jets violated Indian air space and tried to hit military installations, but were chased away by IAF fighters. This occurred a day after India struck at Balakot inside Pakistan in response to the Islamabadlinked Pulwama terror attack. There were questions about the ‘Identification of Friend or Foe’ system being switched off in contravention to orders and protocol to keep them on. Had it been on, the Indian radars would have identified the copter one of their own. The inquiry also asked why the copter was asked to return to the base, as it was while coming back that it was hit. The usual practice is that during an alert, such aircraft are confined to airspace designated safe. The IAF is considering designating the officers and airmen who died as ‘battle casualties’. Nation appalled after sedition charges filed for open letter to PM EXPRESS NEWS SERVICE @ Patna, New Delhi, Kalpetta A day after an FIR was lodged in Bihar’s Muzzaf ar pur against 49 eminent personalities on sedition and other charges for writing an open letter in July to Prime Minister Narendra Modi expressing concern over lynching of minorities, the nation was appalled with legal experts slamming the non-application of mind by the trial court. A complaint was filed by a local lawyer in the court of Muzaffarpur’s chief judicial magistrate on July 27. The court then passed an order on August 20 asking the police to lodge an FIR. On Thursday, the cops filed a complaint against nine eminent personalities and 40 unnamed people, including noted filmmakers Adoor Gopalakrishnan and Mani Ratnam, and historian Ramachandra Guha, under sections of the IPC relating to sedition and hurting religious sentiments. “Magistrates cannot act like a postbox of complaints,” Supreme Court lawyer Anas Tanvir said and added that this would stifle freedom of speech and expression. The local lawyer, who lodged the complaint, is notorious for ‘Shame that court admitted petition’ T’puram: Filmmaker Adoor Gopalakrishnan, among the 49 against whom an FIR has been filed, said the very fact the court admitted the petition and ordered the filing of an FIR revealed the situation in the country | P8 similar petitions in the Muzaf far pur district cour t against prominent people such as cricketer Sachin Tendulkar, actors Shah Rukh Khan and Katrina Kaif, among others. Former Congress president Rahul Gandhi used the opportunity to target the prime minister. Addressing the press in Kalpetta, part of the Wayanad constituency that he represents in Lok Sabha, Rahul said, “All know what is happening in the country. Those who speak against Modi are being sent to jail. He P8, 11 is not for the poor.” SC collegium rejects govt objections on hiring four as K’taka HC judges DAY AFTER BALAKOT, COPTER DOWNED BY MISTAKE: AIR CHIEF M AYA N K S I N G H @ New Delhi Q2 2 GDP growth forecast lowered for current fiscal to 6.1% from 6.9% FIRST ADMISSION @ Chennai Q1 Q1 2020-21 Q1 Per cent Trims projection to 6.1% for this fiscal, but hopes stimulus will pull economy out of rut LYNCHING FALLOUT Cites clean chit by IB We admit it was a big mistake and necessary steps have been taken so that such an incident does not recur Air Chief Marshal Rakesh Kumar Singh Bhadauria FIFTH-GEN FIGHTER JET TO BE DEVELOPED IN INDIA While the Centre flagged charges of underworld nexus against Savanur Vishwajith Shetty, the collegium said the IB had nothing adverse against him. The IB said his professional and personal image was good E X P R E S S N E W S S E R V I C E @ New Delhi SHOOTING down objections of the Union law ministry the Supreme Court collegium on Friday , reiterated its recommendation to appoint four advocates as judges of the Karnataka High Court. On March 25, the collegium had approved eight of the nine advocates recommended by the Karnataka High Court for appointment as HC judges. But the Centre sent back the files of four of them — Savanur Vishwajith Shetty, Maralur Indrakumar Arun, Mohammed Ghouse Shukure Kamal, and Engalaguppe Seetharamaiah Indiresh — with notes for reconsideration. The collegium reconsidered their candidatures and found all four fit for appointment as judges. B.S. Abdur Rahman Crescent Giving a push to the ‘Make in India’ initiative, Air Chief Marshal Rakesh Kumar Singh Bhadauria on Friday strongly backed indigenous development of a fifth-generation fighter jet. “There are no plans for importing a fifth-generation jet. The AMCA project (Advanced Medium Combat Aircraft project of the Hindustan Aeronautics Limited) is being given the go-ahead. We have given full support to it. The programme is now taking off,” the IAF chief said. He also added that the Air Force will induct the indigenously developed Astra missile system | P11 Institute of Science & Technology Deemed to be University u/s 3 of the UGC Act, 1956 Chief Guest Where do your children study? TN govt, aided school teachers asked to declare info EXPRESS NEWS SERVICE @ Coimbatore/Chennai IN a surprise move, teachers of government and aided schools have been asked to provide details of whether their children study in private or government schools. An additional column has been provided in the Education Management Information Systems portal for teachers to fill in this information. The aim behind the move, the sources said, was to ascertain if these teachers find the quality of teaching and infrastructure in government schools ‘good enough’ to admit their own children. “The announcement has been confusing teachers for the past couple of days. The department must explain why they are collecting these details,” says T Arulanadham, district chief of a teachers association in Coimbatore. ‘If only quality of govt schools is improved’ “I have admitted my two kids to a private school,” says a Kovai govt school teacher. “If the govt improves infrastructure and overall quality, I will definitely put them in govt school,” she says on condition of anonymity “We suspect this is precursor to an announcement that all government school teachers must admit their kids only in government schools,” said R Ramkumar, general secretary of another teachers body TNTSPA, adding that his association would welcome such a decision. “Enrolment has been going down in government schools. So, teachers must come forward and admit their kids in government schools. Not just teachers, all government officials must do so. This will encourage other parents too, and help improve learning outcomes in government schools” claims Ramkumar. Shri. Mukhtar Abbas Naqvi Hon’ble Union Minister Ministry of Minority Affairs Govt. of India Mr. BSA Arif Buhary Rahman Chancellor Mr. Abdul Qadir A. Rahman Buhari Pro-Chancellor Tan Sri Dato’ Sri Prof. Dr. Sahol Hamid Bin Abu Bakar Vice-Chancellor www.crescent.education
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