CHENNAI TUESDAY OCTOBER 13, 2020 `7.00 PAGES 16 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 REALISING ‘PRIVATE VALUE’ OF OBJECTS 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 ■ ■ 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 7 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 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 the `12,000 crore loan, 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 | P10 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 has 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 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. HC RAPS POLICE ON HATHRAS CREMATION N A M I TA B A J PA I @ 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 . For his part, Hathras DM Praveen Kumar Laxkar owned up the cremation, claiming it was his individual decision to proceed with it so as to avert any possible caste flare-up in the village and the district. According to the family’s lawyer Seema Kushwaha, the division bench pilloried the police on the hurried cremation, asking if they would do it had the victim hailed from a rich family . The court had taken suoFamily members of the Hathras motu cognisance of the issue victim leave the HC on Monday | PTI on October 1. Five members of the victim’s family includ, ing her father, brothers, mother and sister-in-law, were brought from Hathras amid tight security to the court. , Having labelled the petition “respectful disposal and last rites of a deceased,” the court provided a patient hearing to the victim’s family It also appointed senior advocate J N . Mathur and Abhinav Bhattcharya as amicus curiae. “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 will be repaid in 10 instalments. EXPRESS NEWS SERVICE @ New Delhi ANURADHA SHUKLA @ New Delhi A N U R A D H A S H U K L A @ New Delhi Plea in SC against Jagan over press meet against top judge 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. 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 LAC TALKS INDIA INSISTS ON EARLY DISENGAGEMENT India on Monday insisted on restoration of status quo ante of April and comprehensive disengagement of troops by China from all the friction points in eastern Ladakh to resolve the border standoff, sources said, as the two countries held a seventh round of military talks | P7 ‘Pushed & suppressed’ by Cong, Kushboo switches over to BJP EXPRESS NEWS SERVICE @ New Delhi/Chennai Actor Kushboo while joining the BJP in New Delhi on Monday | PARVEEN NEGI Writes to Sonia Gandhi In a letter sent to Sonia Gandhi, Kushboo said that she had been suppressed by elements at a higher level in Congress AS anticipated, actor Kushboo Sundar, who was with the Congress as its national spokesperson till Monday morning, resigned and joined the BJP in New Delhi. With this high-profile 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. Apart from Kushboo, former IRS officer Saravana Kumaran and YouTuber Madan Ravichandran also joined the BJP in New Delhi. Karnataka legislator and BJP national general secretary CT Ravi handed over the membership slips to the trio in the presence of the State BJP chief L Murugan. Kushboo, a vocal critic of the BJP and Prime Minister Narendra Modi in the past, said after her induction that, “only he can take the country forward in the right direction.” Meanwhile, in a letter to Sonia Gandhi, the actor-turned-politician blamed “suppression by elements at a higher level” for her exit. Sources have told Express that Kushboo is likely to get a plum post in the party soon. After the formalities, she called on BJP’s national president JP Nadda. Addressing the media following her induction, the actor said she would work for the victory of the BJP in Tamil Nadu Assembly elections. “I should have joined the BJP much earlier,” she said. “I am very happy. The nation has to move forward and we need somebody like Prime Minister Narendra Modi to lead the country in the right direction. I promise to do my best and discharge all the responsibilities P4 given to me.” 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 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 . In his letter to Chief Justice of India S A Bobde, Jagan had alleged that some high court judges were attempting to protect the interests of the opposition Telugu Desom Party in politically sensitive matters. M e a n w h i l e, t h e Andhra Pradesh High Court on Monday directed the CBI to probe recent social media posts against its judges and the judiciary to unravel the conspiracy , if it exists. The court asked the CBI to take action against any person irrespective of their position, if the conspiracy angle is established. TN woos investors, `10k-cr pacts signed Greenbase Industrial Parks of Hiranandani Group is establishing an industrial logistics park in Oragadam in Kancheepuram district at a cost of `750 crore with top companies, including Britannia Industries, Apollo Tyres, Hiranandani Group TAMIL NADU continues to be and Hyundai Wia among othamong the most preferred in- ers. Spain-based Mantra Data vestment destinations in In- Centres is set to invest `750 dia, despite the pandemic. The crore to set up a facility in State on Monday signed 14 Chennai, and provide jobs to Memoranda of Understanding around 550 people. with major business conglomApollo Tyres is investing erates to the tune of `10,055 `505 crore in expanding its facrore. The deals were signed cility in Oragadam Industrial in the presence of Chief Min- Park. It will generate 300 addiister Edappadi K tional jobs. Hyundai 14 MoU Palaniswami. is expanding its SripINKED It is estimated that erumpudur plant at a these projects — cost of `109 crore to TN signed 14 which will be implemanufacture auto Memoranda of mented in Chennai, components. Understanding Chengalpattu, In anticipation of with business K a n c h e e p u r a m , conglomerates to the Defence IndustriTirunelveli, al Corridor that will the tune of Thoothukudi, Tenpass through several `10,055 crore in kasi, Ramanathdistricts in the State, the presence of apuram, Tirupur and Counter Measures CM Edappadi K Tiruvannamalai disTechnolo gies has Palaniswami tricts — will help proposed to establish generate 7,000 jobs. The devel- a small arms and ammunition opment comes just a few days manufacturing unit in Tiruafter a report showed that vallur at a cost of `51 crore, Tamil Nadu was the most pre- and provide jobs to 150 ferred investment destination people. in the first quarter of this fiAdded to the existing pipenancial year and the second- line of projects, these fresh most preferred destination in proposals are expected to boost the second quarter. the economic climate of the P4 Pacts inked on Monday are State further. EXPRESS NEWS SERVICE @ Chennai INTERESTING MIX Young & educated newbies raring to cut their political teeth in Bihar Assembly polls 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- Nikhil Anand Shalini Mishra Ritu Jaiswal Manis Barriarr Shrenshi Singh Pushpam Priya Choudhary Nikhil Mandal Chetan Anand 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 reserva- tion 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 JD(U)’s candidate from Madhepura. Another young and fresh face is Manish Barriarr, 42, contesting from Patna’s high profile Bankipur seat. CONTINUED ON: P7
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