BELAGAVI TUESDAY OCTOBER 13, 2020 `7.00 PAGES 12 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 to make you spend more Centre to invest A25K cr more on infra; states to get A12K cr loan Centre plays hardball, GST meet inconclusive A N U R A D H A S H U K L A @ New Delhi ANURADHA SHUKLA 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,” Sithara- 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 shortfall without a decision. However, the FM, 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 said. @ New Delhi Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur at the GST Council meeting in New Delhi on Monday | PTI man 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 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 elec tric 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, meant for junior employees. This time it will be for all employees. P10 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 RBI to boost growth hit by Covid-19 and the resultant lockdowns 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 Suppressed, Khushboo joins BJP EXPRESS NEWS SERVICE @ New Delhi/Chennai A S a n t i c i p at e d , a c t o r Khushboo 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 Khushboo, Former IRS officer Saravana Kumaran and YouTuber Madan Ravichandran also joined the BJP in New Delhi. Karnataka leader 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. P5 BCom 6th-sem paper leaks E N S @ Bengaluru THE sixth-semester final question paper for Bangalore University’s BCom examination was leaked on Monday hours before it was , scheduled to be held. Principals of various colleges were called up and asked to call off the exam, leading to chaos. The paper has been rescheduled for October 15 tentatively . Sriramulu gets Social Welfare, Sudhakar Health A N U S H A R A V I @ Bengaluru RESHUFFLING three cabinet portfolios, Chief Minister B S Yediyurappa on Monday relieved B Sriramulu of Health and Family Welfare and Backward Classes Development Departments, while assigning him the big-ticket Social Welfare Department. Medical Education Minister Dr K Sudhakar has been given the additional responsibility of Health and Family Welfare. Deputy Chief Minister Govind Karjol, who previously held the Social Welfare Ministry as an additional portfolio, will continue as PWD Minister. For Sriramulu, who B Sriramulu (left) and Dr K Sudhakar nursed hopes of becoming a Deputy Chief Minister after he was projected to the post by the party during the 2018 assembly elections, the reshuffling of portfolios has come as a rude shock. Dr Sudhakar, however, welcomed the decision and thanked Yediy- Petition in SC against Jagan over press meet on top judge E X P R E S S N E W S S E R V 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 stated. The petitioner contended that Jagan had crossed all limits prescribed by the Constitution. “As per the Constitution, it has been mandated that no discussion shall take place in Parliament or in legislature on conduct of judges.” P7 urappa for bringing two relevant ministries under one command. “Medical Education and Health Departments cannot be separate. It is easier for one minister to coordinate between the departments and work with synergy That is the mod. el even the Union government follows. This decision will enable us to tackle Covid more effectively,” he told The New Indian Express. Oneupmanship between Sriramulu and Sudhakar since the outbreak of Covid is no secret. Sriramulu, who met Yediyurappa twice on Monday is said to have expressed , his displeasure over the treatment P4 meted out to him. HC raps police on Hathras N A M I TA B A J PA I @ Lucknow BITTERLY criticising the cremation of the alleged gang-rape 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 . Hathras DM Praveen Kumar Laxkar owned up the cremation, claiming it was his individual decision to proceed with it so as to P7 avert caste flare up.
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