CHENNAI WEDNESDAY AUGUST 21, 2019 `4.00 PAGES 16 VELLORE EDITION CHANDRAYAAN-2 BEGINS ITS MOON KISS FROM AFAR India’s second lunar exploration mission has entered the Moon’s orbit, nearly a month after blasting off, officials said PRECISE MANOEUVRE CARRIED OUT AT 9 AM FOUR MORE PROCEDURES ON SEPT 1 Chandrayaan-2 had entered the Lunar Transfer Trajectory on August 14, leaving the Earth orbit. It comprises an Orbiter, Lander and Rover. “Today, the Chandrayaan-2 mission achieved a major milestone. The lunar orbiter insertion manoeuvre was carried out at 9 am for 30 minutes, precisely injected the Chandrayaan-2 in the designated orbit,” said ISRO chief K Sivan ■ ■ ■ “For 30 minutes, our heart almost stopped,” Sivan said Chandrayaan-2 will now go around the Moon with an orbit of 140 km perigee (closest point) by 18,000 km apogee (farthest) Four more manoeuvres will be carried out to achieve the perigee and apogee of 100X100 km on September 1, the Isro chief said 1.55 am WHEN THE LANDER WILL TOUCH DOWN ON LUNAR SURFACE ON SEPTEMBER 7 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 LIFT GROWTH PC prima facie INX Media scam kingpin BARRIERS NOW ... remarks Delhi High Court while denying him anticipatory bail; Chidambaram to approach SC today EXPRESS NEWS SERVICE With recession waves at India’s doorstep, Finance Minister Sitharaman has to act in double quick time Something positive A government panel headed by Akhilesh Ranjan, a member of the Central Board of Direct Taxes, has reportedly recommended cutting the corproate tax rate to 25% from 30% for all companies scrapping surcharges on tax payments. However, India still has one of the highest corproate tax rates in the world. The panel had submitted its report to the finance minister on Monday. It is yet to be made public In an apparent bid to boost retail loan disbursals, public sector banks are gearing up to offer retail products including housing and auto loans through the psbloansin59minutes portal. The portal was launched to give in-principle approval for loans of up to `1 cr to micro, small and medium enterprises @ New Delhi S U N I T H A N AT T I & J O N AT H A N A N A N D A nance Minister Nirmala Sitharaman, whose Budget announcements unleashed much M Narendra Modi and of the market unrest, is re-lookhis team are fighting ing into her own policies, hopthe wrongs of some of ing to play the perfect Santa in their own policies to her second act. But not everyprevent us from sink- one within the government maing deeper into the chinery is on the same page. economic slump. Recently, Bibek Debroy, ChairThough there’s no man, Economic Advisory official word yet (and there Council to the Prime Minister, may not be one), the wretched warned against any sector-spe‘R’ word could soon grip the na- cific reliefs. Moreover, the fistion, causing further ‘doom and cal deficit constraints leave litgloom’, which RBI Governor tle room for Sitharaman to Shaktikanta Das wants us to manoeuvre. avoid at all costs. “Unlike Thailand or Korea, Textbook theory tells us that which depend on external deif growth contracts for two mand, we are an investmentquarters in succession, a reces- savings-based economy. We sion occurs. Going by forecasts, can’t afford to be a consumpJune quarter GDP will be lower tion-driven economy, where than March quarter’s 5.8%. If it people tend to buy things that happens, techniaren’t required. It cally, India will isn’t desirable as slip into a recesit distorts allocasion. However, tion of resourcmultilateral agenes,” reasoned cies like the Inter- LAST OF Va i d y a n a t h a n , national Moneadding, “In the 3-PART tary Fund (IMF) past 10-15 years, SERIES consider key metthere has been trerics like unemmendous pressure ployment and inon people to buy. flation to conclude Obviously, savwhether a country is in reces- ings rate will reduce.” sion. While our headline inflaWith private investments tion has remained obedient, and household savings declinhovering around 4% , disap- ing, and demand down in the pointing jobs data is giving pol- dumps, how can we overcome icy watchers the chill. the slump? “We aren’t in a recession as Dr Arvind Virmani, former of now. When you look at it CEA & Executive Director, IMF globally, we are one of the few suggests agricultural market economies growing at that rate. liberalisation, opening up of Even China’s economy con- FDI and land and labour retracted, while European coun- forms as the keys to growth retries are seeing a growth of vival. According to him, some 1-2%. This isn’t to say we aren’t of the collateral economic damslowing down, but compared to age was due to the governothers, we are relatively better ment’s black money crusade, off,” R Vaidyanathan, former rules and actions culminating professor of finance, IIM-Ben- in big bang demonetisation, galuru, told this paper. and an unnecessarily complex Recession or not, the clam- GST, which together reduced our for `1 lakh crore stimulus demand from the informal and cries for sector-specific sector. CONTINUED ON: P6 sops are getting shriller. Fi- P CRISIS ‘LOOMS’ 1.2 lakh textile jobs lost in last 1 year? L R A J A G O PA L @ Coimbatore THE textile industry which is the second-largest em, ployer in the country is reeling under a severe crisis , similar to the one witnessed in the automobiles sector across India. In the April-June quarter, export of cotton yarn plunged steeply to (-)34 per cent. “In the past one year alone, 300 spinning and openend mills in Tamil Nadu have shut down for various reasons. Some of them have been sold out,” says M Jayabal, president of Tamil Nadu Open-end Spinning Mills Association (OSMA). As per Jayabal’s estimates, close to 1.20 lakh workers have lost jobs CUTTING due the crisis in the last one year. MARGINS While many of them have found work in other sectors, a good chunk Costly raw are still struggling for employment. materials, and “As per official data, till March 2017, cheap imported 605 spinning mills shut down across yarn have also India, of which 225 were in TN,” affected the says Jayabal. “There are many business, mills up for sale, but no one is comresulting in an ing forward to buy them as it costs approximate around `500-`1,000 crore.” loss of `20-`25 “The industry is witnessing a criper kilogram sis similar to the one in 2010-11,” says the Northern India Textile Mills Association (NITMA), while blaming it on the high State and Central taxes and levies, which have made the Indian yarn ‘non-competitive’ in global markets. The high cost of raw materials, and the import of cheap yarn from Bangladesh, Sri Lanka and Indonesia have also affected the business. ED officials at P Chidambaram’s home in New Delhi | PTI Dragnet tightens around Karti too Chidambaram’s son Karti is also an accused in the INX Media scam. He was arrested by the CBI on February 28 last year. Later he was granted bail by the Delhi High Court Classic case of money laundering Calling it a classic case of money laundering, the HC said granting bail will send a wrong message HOURS after the Delhi High Court rejected the anticipatory bail plea of former Union finance minister P Chidambaram on Tuesday, saying he was prima facie the kingpin of the INX Media scam, a team of CBI and Enforcement Directorate (ED) officials made an abortive attempt to arrest him but he was not at home. Justice Sunil Gaur while vacating the interim protection granted to Chidambaram from arrest, said: “The petitioner has not cooperated with the investigation and offenders must be exposed, no matter what their status is. Facts of the case prima facie reveal that he is the kingpin that is the key conspirator in the case. It cannot be forgotten that the petitioner was the finance minister at the relevant time and he had given FDI clearance to the INX Media Group for receiving overseas funds to the tune of `305 crore.” Apprehending arrest after the high court’s order, Chidambaram’s colleagues and senior advocates Kapil Sibal, Abhishek Manu Singhvi and Salman Khurshid approached the Supreme Court seeking urgent relief, but were asked to mention the case on Wednesday . Justice Gaur who had re- BULLISH OUTLOOK SC notice to govt on linking Aadhaar with Facebook CM Edappadi K Palaniswami inaugurated the Special Grievance Redressal Scheme in Attur and Vazhapadi on Tuesday Thanking him for hiking milk procurement prices, farmers gifted him a cow and calf E X P R E S S N E W S S E R V I C E @ New Delhi SOCIAL media profiles must be linked to users’ Aadhaar number, Attorney General of India K K Venugopal told the Supreme Court on Tuesday Appearing for the Tamil . Nadu government, he opposed the plea by Facebook that all cases in different high courts on the same issue be clubbed together and heard by the top court. Venugopal argued that linking Aadhaar with social media accounts will help check for terror messages, pornography and fake news. , A bench of Justices Deepak Gupta and Aniruddha Bose issued notice to the Centre, and Google, Twitter and YouTube. Senior advocate Mukul Rohatgi appearing for Facebook said this is an international issue, and that high courts should not interfere unless the central government takes a view. Currently, Madras, Bombay, and MP high courts are hearing identical petitions seeking linking of Aadhaar with social media accounts. While the case is slated for hearing on September 2, the SC bench clarified the hearings in the Madras HC can go on but no final orders can be passed. served the order in January this year and is retiring on August 22 refused to grant any further protection. In his 24-page order, Justice Gaur said: “Simply because he is a sitting Member of Parliament would not justify grant of pre-arrest bail to the petitioner in the sensitive case. Law enforcing a g encies cannot be made ineffective by putting legal obstacles of offences in question.” “Economic crimes of such mammoth scale are craftily planned and executed and granting bail in cases like instant one will send a wrong message to the society Justice ,” Gaur said. The CM said he would be visiting Israel soon to study water management in the country Trump takes the Modi line, asks Imran to moderate his rhetoric M AYA N K S I N G H @ New Delhi A day after US President Donald Trump called up Prime Minister Imran Khan and asked him to moderate his rhetoric on Kashmir, Pakistan reiterated its decision to take the dispute to the International Court of Justice. The call to Imran came shortly after Prime Minister Narendra Modi spoke to Trump and shared his concern over the Pakistani leadership’s hate speech that was inciting vio- lence, which was not conducive for peace. A White House readout of the call to Imran said the President spoke on the need to reduce tensions and moderate rhetoric with India over the situation in Jammu and Kashmir. Pakistan lost the edge it hoped to get from the US, as Secretary of Defence Mark T Esp e r o n T u e s d ay agreed with Defence Minister Rajnath Singh in a telephonic con- versation on Tuesday that the recent developments in J&K are an internal matter of India. He hoped that any issue between India and Pakistan will be resolved bilaterally . Imran is furious over India revoking special provisions under the Article 370 to J&K and breaking up the state into two Union Territories. Speaking with a news channel, Pakistan Foreign Minister Shah Mehmood Qureshi said, “We have decided to take Kashmir case to the International Court of Justice.”
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