vijayawada l tuesday l October 13, 2020 l `7.00 l PAGES 12 l late city EDITION 2 Stanford economists win Nobel for auction theory Paul R Milgrom & Robert B Wilson won the prize for improving the theory of how auctions work and inventing new formats Robert B Wilson Paul R Milgrom Formats to solve complex Auctions The Stanford University game theorists have helped develop formats for the sale of aircraft landing slots, radio spectrums, and emissions trading. The Royal Swedish Academy of Sciences said their work “benefited sellers, buyers and taxpayers” worldwide. Game theory uses mathematics to study decision-making, conflict, and strategy in social situations | P9 ■ 7 Realising ‘private value’ of objects ■ Milgrom, 72, developed a more general theory of auctions that takes into account what is known as the ‘private value’ of what’s being sold that can vary greatly from bidder to bidder Wilson developed a theory where the value of the object is uncertain beforehand but ends up being the same for everyone Out of 11 Nobel laureates this year have been Americans 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 Govt opens purse strings further to make you spend Centre to invest `25,000 cr more on infra; states to get `12,000 crore interest-free loan; LTC cash vouchers for govt staff to buy white goods Centre plays hardball, GST meet inconclusive Anuradha Shukla @ New Delhi A n u r a d h a S h u k l a @ New Delhi FINANCE Minister Nirmala Sitharaman on Monday announced a slew of measures to boost spending. These include `25,000 crore additional capital expenditure by the Centre, `12,000 crore interest-free loan for states to spend on infrastructure, cash vouchers in place of leave travel concession and a one-time interest-free festival advance of `10,000 each to government and PSU staff. States can repay the loan in one bullet payment after 50 years. Out of `12,000 crore, north-eastern states will get `1,600 crore, while Uttarakhand and Himachal Pradesh will receive `450 crore each. Rest of the states will get their share from `7,500 crore, in accordance with the devolution formula used by the Finance Commission. The remaining `2,000 crore will be given to states that fulfil reforms prescribed in the Atmanirbhar package, such as power distribution reforms, implementation of one-nationone-ration card scheme, etc. “The loan will have to be spent entirely on new or ongoing capital projects, (and) can be used to settle bills of contractors and suppliers but all the amount has to be paid before March 31, 2021,” Sitharaman said. The `25,000 crore additional capital expenditure will be spent on building roads, ports and defence projects. Government employees can use the LTC cash vouchers to buy goods worth three times Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur address the GST Council meeting in New Delhi on Monday | PTI Retail inflation up, industrial output drops Rising food prices pushed retail inflation to an eight-month high of 7.34% in September, above the RBI’s comfort level, while industrial output contract 8% in August, official data showed on Monday. The heightened retail inflation ahead of the festive season dims chances of a rate cut by the Reserve Bank of India to boost growth hit by the coronavirus pandemic and the resultant lockdowns the travel fare and one time the leave encashment before March 31, 2021. The condition is the goods should attract a GST of 12% or more. “Only digital transactions are allowed, GST invoice have to be produced,” the FM said, adding this will boost sales of electric appliances and consumer durables. The one-time `10,000 festival advance to central government employees will be given as a Rupay card, whose cost of which will be borne by the Centre. The government had earlier discontinued the practice of offering festival advances, which were then meant only for junior employees. This time, however, it will be for all employees, regardless of their rank. “Government employees and organised sector workers have escaped the economic effects of the pandemic. Their salaries are protected and savings have increased. They need to be incentivised to spend,” Sitharaman said, adding that through these measures, there could be an estimated `1 lakh crore boost to consumer spending, but in a fiscally prudent way, without any requirement of extra borrowing. According to her, the estimated cost of LTC cash voucher scheme for the central government is `5,675 crore for PSBs and for PSUs it is `1,900 crore, while advance payment will have no impact as it is to be refunded in 10 instalments. AFTER five hours of intense engagement, the GST Council on Monday failed to settle the dispute over the compensation issue as the Centre refused to borrow on behalf of states to meet the revenue shortfall. Sources said 10 non-BJP states rejected the finance ministry’s proposal that state governments borrow to meet the revenue shortfall and demanded a Group of Ministers be formed to settle the dispute. This was the third meeting in a row that discussed compensation shor tfall without a decision. However, finance Minister Nirmala Sitharaman, who chaired the 43rd GST Council meeting through video-conferencing, claimed there was no dispute but only differences of opinion “I explained very clearly why the Centre cannot borrow. The Centre has issued a borrowing calendar. If I go beyond that to borrow, the G-Sec deals which are used as the benchmark for every other borrowing will go up. This will increase borrowing costs for states and the private sector, too,” she told reporters after the meeting. The FM added that the 20plus states that had opted to borrow to meet the GST revenue shortfall wanted to go ahead in view of the upcoming festive season. There was no immediate comment on the government’s next move. Plea in SC against Jagan over press meet against top judge E x p r e s s N e w s S e rv i c e @ New Delhi Days after Andhra Pradesh Chief Minister Jagan Mohan Reddy wrote to the Chief Justice of India complaining about Supreme Court judge N V Ramana and certain judges in the Andhra High Court in the context of the Amaravati land scam, a plea was filed on Monday against Jagan before the apex court. Ajeya Kallam, principal advisor to the chief minister, released copies of the letter at a recent press conference. Advocate Sunil Kumar Singh, who filed the plea, said such press briefings against judges should stop. He also sought a show cause notice against Jagan asking why suitable action should not be taken against him. “The act and deed of the respondent is an attempt to tarnish the majesty of the highest court of the country,” the plea Amaravati begin The AP HC hearings will be conducted in hybrid (videoconference or in-person) mode. The court also accepted the State govt’s objections to making the CM and other ministers respondents in one of the petitions, and agreed that the CM’s camp office may be opened anywhere Inter syllabus reduced by 30% R i t i k a Ar u n V a i s h a l i @ Vijayawada three killed as Rains batter AP Three people were killed in rainrelated incidents in Visakhapatnam and Kadapa districts on Monday. Rains are lashing the State under the influence of a depression in the Bay of Bengal Heavy rains were also reported in East Godavari, Srikakulam, Prakasam, Chittoor and Kurnool. In the picture above, a man walks on a flooded street in Gajuwaka, Visakhapatnam hours, it can affect the image of judiciary and hence the confidence of the general public in the judiciary the plea read. ,” It said the CM is under oath and allegiance of the Constitution and is thus bound by it to respect the judiciary . “Criticism of judgements or their reasoning is of course allowed... however, when criticism takes the form of personal attacks on individual judges, the situationis alar ming. What is at stake is the confidence which a court must inspire in the public in the democratic society the plea stated. ,” In his letter to Chief Justice of India S A Bobde, the Chief Minister had alleged that some High Court judges were attempting to protect the interests of the opposition Telugu Desam Party in politically sensitive matters. Nov 2 on Anti-Judiciary posts Daily hearings G Satyanarayana The Board of Intermediate Education (BIE) has reduced the syllabus for Classes 11 and 12 by 30 per cent for both science and arts streams in view of the Covid-19-induced restrictions. “Chapters have been deleted after careful examination and discussion with education experts, senior professors of all subjects, and chancellors and vice-chancellors of universities. Core topics that are important to understand each subject have been retained,” Education Minister Audimulapu Suresh told TNIE on Monday . The syllabus has been reduced to compensate for the loss of working days during the 2020-21 academic year due to the Covid-19 outbreak. The number of working days for Intermediate students this academic year has been reduced to 222. “We usually begin the academic year in July, but this year, we are yet to resume classes, and there has been an almost-two-and-a-half-month delay . The syllabus has been reduced not only on the basis of topics, but also considering how much can be taught in the remaining time this academic year. The aim is to reduce the burden on teachers and students without missing out on important aspects of each subject,” the education minister added. Meanwhile, Suresh added that the government plans to reduce the syllabus for high school students too, and an anContinued on P5 nouncement on this will be made soon. stated. The petitioner contended that Jagan had crossed all limits prescribed by the Constitution. “As per the Constitution of India as provided under Article(s) 121 and 211 of the Indian Constitution it has been mandated that no discussion shall take place in Parliament or in state legislature with respect to the conduct of any j u d g e o f S u p re m e Cour t or the High Court in the discharge of his duty .” Further, it is averred that freedom of speech and expression guaranteed under Article 19(1)(a) of the Constitution is subject to reasonable restrictions in relation to contempt of courts and defamation. “In the society of today, where the discussion in the media and on social media can go wild within days or within The IMD said the depression over the Bay of Bengal has intensified into a deep depression, and is expected to cross the coast near Kakinada by Tuesday morning | P3 to be probed by CBI ary after the High Court struck down the Government Order that paved the way for English The Andhra Pradesh High to be made the medium of eduCourt on Monday directed the cation in government schools, Central Bureau of Investiga- and handed over the case retion (CBI) to probe the social lated to the alleged high-handmedia posts against judges ed behaviour of the police toand the Judiciary. The court wards Narsipatnam doctor asked the CBI to start the in- Sudhakar Rao to the CBI. vestigation immediately and The Bench asked the High unravel whether there is a Court registry to hand over all conspiracy behind material, including Posts to be the posts. the writ petition, to deleted The High Court dithe CBI. If the CBI, rected it to take acon examination of The HC wanted tion against any perthe records, finds the CBI to take son, irrespective of other cognisable ofsteps to remove their position, if it is fences, it can file the alleged proved that there is a derogatory social more FIRs, investiconspiracy behind media posts and gate and bring the posting of derogato- block the users as same to its logical ry remarks against per the law. It also end, the Bench said. the Judiciary on so“If it is noticed that told the govt to cial media. it was due to the recooperate with The court also sult of a larger conthe CBI wanted the CBI to spiracy the CBI is re, take steps to remove the al- quired to take appropriate leged derogatory social media action against such culprits irposts and block the users as respective of the post and posiper the law. It directed the CBI tion. It goes without saying to submit a report of the probe that the CBI, immediately afin a sealed cover within eight ter taking up the investigation, weeks. may take steps so that all deThe Bench of Justice Rakesh famatory posts on social meKumar and Justice J Uma Devi dia, may be struck down and it gave its orders on a petition may also take steps to block filed by the High Court Regis- such users in accordance with trar General into the alleged the law,” the Bench ordered. It derogatory social media posts posted the matter to December against judges and the Judici- 14 for further hearing. E x p r e s s N e w s S e rv i c e @ Vijayawada Bihar polls express read Young & educated newbies raring to cut their political teeth Allahabad HC raps police on Hathras cremation R a j e s h K u m a r T h a k u r @ Patna An Oxford University alumnus, a masters from the London School of Economics, a former HR head with an electronics company a former financial ad, viser to the IDBI, an industrial and textiles designer, and a Commonwealth shooting gold medalist. This is not a roll call of candidates with impressive CVs for a corporate job interview. Rather, all of them are candidates for the forthcoming Bihar elections, the first phase of which is on October 28. Among them is also the grandson of B P Mandal of the Mandal Commission fame. These young, well qualified, political newbies are breaking the stereotype of Bihar netas, known more for their money and muscle power and possess- ing criminal records longer than their educational qualification. After finishing her MBA in marketing and advertising, Shalini Mishra, 42, worked in Faridabad, rising to become the HR head of an electronics company But politics was her . calling and today she is the Janata Dal (United)’s candidate from the Kesari seat in East Champaran. “Education is the only tool that can empower the people in real terms and political representatives ought to work more in this area,” she said, adding that Chief Minister Nitish Kumar’s vision for inclusive growth lured her to the JD(U). Trying his luck also is Nikhil Mandal, 45, the grandson of B P Mandal of the Mandal Commission fame. The commission’s report led to reservation for OBCs. After his masters in law, Nikhil worked in the corporate sector and was even the financial adviser with the IDBI. He later practised in the Patna high court and is now the J D ( U ) ’s c a n d i d a t e f r o m Madhepura. Another young and fresh face is Manish Barriarr, 42, contesting from Patna’s high profile Bankipur seat. Continued on P7 Lucknow: Bitterly criticising the cremation of the alleged gangrape and murder victim of Hathras in the dead of night, her family questioned the intent of the district administration and expressed anguish over the insensitive approach of the district magistrate (DM), while appearing before the Lucknow bench of Allahabad High Court here on Monday ‘Suppressed’ Khushboo joins saffron party New Delhi/Chennai: As anticipated, actor Khushboo Sundar, who was with the Congress as its national spokesperson till Monday morning, resigned and joined the BJP in New Delhi. With this highprofile induction, the saffron party is likely to revive its “Mission South” plan — which has been a non-starter since it was unveiled in 2017 — ahead of the State Assembly elections
Express Network Private Limited publishes thirty three E-paper editions of The New Indian Express newspaper , thirty two E-paper editions of Dinamani, one E-paper edition of The Morning Standard, one E-paper edition of Malayalam Vaarika magazine and one E-paper edition of the Indulge - The Morning Standard, Kolkatta.