visakhapatnam l tuesday l october 14, 2025 l `9.00 l PAGES 12 l late city EDITION ECONOMICS NOBEL TO 3 FOR WORK ON innovation-driven GROWTH Joel Mokyr Philippe Aghion Peter Howitt Understanding sustained economic growth American-Israeli economic historian Mokyr showed that for innovation to continue, people need more than just proof that something works, they also need to understand how and why it works. Aghion and Howitt studied “creative destruction”, which happens when a better product replaces an older one, causing the older businesses to fall behind Joel Mokyr, Philippe Aghion, and Peter Howitt won Nobel prize in economics for their research explaining how tech drives economic growth Highlighting the role of technology ■ “Their work shows that we must uphold the mechanisms that ■ Mokyr showed how inventions like smartphones and the internet brought huge benefits, even if they aren’t visible in economic data underlie creative destruction, so we do not fall back into stagnation,” said John Hassler, chair of the Nobel economics prize committee 1968 When sweden’s central bank established the economics Nobel CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI SC orders CBI investigation into Karur stampede, ex-judge to monitor probe Slams HC judge for entertaining plea and ordering SIT, suspends inquiry panel formed by TN S U C H I T RA K A LYA N M O H A N T Y @ New Delhi A Palestinian prisoner, who was released on Monday, gestures as he and others disembark from a bus at Ramallah Cultural Centre in Ramallah, West Bank; (inset) released Israeli hostage Alon Ohel gestures to well wishers | AFP all living israeli hostages, 1,968 Palestine prisoners freed ling the war that began when Hamas militants attacked US President Donald Trump southern Israel on October 7, and several other world lead- 2023, could finally be ending. US President Donald Trump ers on Monday signed a Gaza ceasefire deal during a peace also addressed the Israeli summit in Egypt after Hamas Knesset (Parliament) on Monday where he hailed , freed all 20 living an end to a “painful hostages and Israel nightmare”. “For so released 1,968 Palesmany families across tinian prisoners unthis land, it has been der the US-brokered Their freedom agreement. stands as a tribute years since you’ve known a single day In Tel Aviv, Israeto the courage of lis erupted in cheers their families, the o f t r u e p e a c e, ” as hostages were unwavering peace Trump said. “Not c o n f i r m e d f r e e, efforts of President only for Israelis, but Trump and the also for Palestinians while Palestinians strong resolve of and for many others, in the West Bank Prime Minister the long and painful and Gaza greeted Netanyahu nightmare is finally buses of released Narendra Modi over,” he added. prisoners with Trump was greeted celebrations. Under the deal, Ha- The skies are calm, with a standing ovamas is also required the guns are silent, tion by Israeli lawthe sirens are still to return the bodies makers as he entered and the sun rises of 28 hostages who on a Holy Land that the Knesset. died or were killed in is finally at peace While Hamas has captivity . handed over the bodDonald Trump The Israeli miliies of four captives, tary said on Monday it was not immedinight that the bodies of four ately clear when the rest deceased hostages were hand- would be released. ed over to the Red Cross by “Hamas is required to abide Hamas. by the agreement and make Speaking to Israeli lawmak- the necessary efforts to return ers, Prime Minister Benjamin all the bodies,” the Israeli milNetanyahu said he was “com- itary said.  more reports: p9 mitted to this peace,” signalAgen c i e s frame,” the bench said. Suspending the Madras HC’s direction to appoint a Special Investigation Team (SIT), and inquiry commission headed by former HC judge Justice Aruna Jagadeesan appointed by the Tamil Nadu government, the top court asked the state to extend full cooperation to the officers of the central agency . Explaining the rationale for ordering the CBI probe in the case, the Supreme Court observed that the comments made by senior TN police officers before the media regarding the Karur stampede may create doubt in the minds of citizens about the impartiality and fairness of the ongoing investigation. The court observed that, according to the petitioners, an investigation undertaken by the same police force whose top officials had publicly exonerated their subordinates by asserting that adequate steps had been taken, would lack the element of fairness and impartiality . It also criticised Justice N Senthilkumar of the Madras High Court for entertaining petitions on the September 27 incident, ordering an SIT probe, and making observations against TVK and its members without making them a party to the case. Delhi court frames charges against Lalu, Rabri & Tejashwi E x p r e s s ne w s s e r v i c e ‘Beginning of a new era’ “We hope this will mark the beginning of a global partnership to end the era of terror in the region,” Nechemia J Peres, son of Israeli ex-PM Shimon Peres, writes | P7 @ New Delhi CM Nara Chandrababu Naidu met PM Narendra Modi in New Delhi on Monday | Express CM Naidu meets PM Modi, invites him to Vizag CII Summit E x p r e s s N e w s Se r v i c e @ Vijayawada ‘Hope Israel will abide by deal’ We hope Israel will abide by terms of peace plan, even though it is vague and lacks a clear timeline, writes Palestinian diplomat Manuel Hassassian | P7 Retail inflation cools to 1.54% in September, lowest in 8 yrs P U S H PI TA D E Y @ New Delhi India’s retail inflation fell sharply to an eight-year low of 1.54% in September, falling below the lower tolerance limit of the Reserve Bank of India’s 2-6% target band. The fall is primarily driven by lower food prices. Food inflation fell to -2.28%, marking the fourth consecutive month of negative food inflation. Vegetable prices plunged dramatically—down 21.38% year-on-year—while for the pulses, there was a fall of 15.32%, together dragging the food basket lower. “Vegetables, edible oils, fruits and pulses led the decline,” said Dharmakirti Joshi, chief economist, Crisil. The headline inflation for rural areas stood at 1.07%, while urban inflation moderated to 2.04%. Amid this backdrop, core inflation (excluding food and fuel) rose, reaching 4.5%, partly fuelled by surging gold prices. Economists expect the inflation to remain low in the coming months, on the back of the GST reforms implemented in September. “Inflation is expected to remain benign on the back of low crude prices and the impact of GST rationalisation on retail prices,” added Joshi. The Supreme Court on Monday ordered a CBI investigation into the Karur stampede in which 41 people died and over 100 were injured during a rally organised by actor-politician Vijay’s Tamilaga Vettri Kazhagam (TVK) on September 27. A bench of Justices JK Maheshwari and NV Anjaria said the incident has shaken the nation’s conscience, left an imprint in the minds of the citizens throughout the country, and deserves a fair and impartial investigation. The bench, in its interim order on a plea by the TVK and three others seek- ing an independent probe, also set up a three-member supervisory committee headed by retired SC judge Justice Ajay Rasto gi to monitor the CBI investigation. The committee will include two IPS officers of Tamil Nadu cadre who are not natives of TN. “The officers of the CBI are directed to submit a monthly progress report of the probe to the committee, which may be placed for consideration before this court as and when required. We request that the investigation be completed as expeditiously as possible within the statutory time wi in ‘deep’ trouble Chief Minister N. Chandrababu Naidu called on Prime Minister Narendra Modi at his residence in Delhi on Tuesday . Naidu invited PM Modi to attend the upcoming ‘Super GST - Super Savings’ event scheduled to be held in Kurnool district on October 16 and the CII Partnership Summit to be held in Visakhapatnam on November 14 and 15. Union Ministers K. Ram Mohan Naidu and Pemmasani Chandrasekhar, along with TDP MP Lavu Sri Krishna Devarayalu, accompanied the Chief Minister during the meeting. Taking to ‘X’ after the meeting with Modi, Naidu posted, “It was an honour to meet the Hon’ble Prime Minister, Shri Narendra Modi ji, in New Delhi today. On behalf of the people of Andhra Pradesh, I congratulated him on the remarkable milestone of 25 years in public service as Head of Government and expressed our appreciation for his leadership behind the transformative and people-centric Next-Gen GST reforms. The upcoming ‘Super GST - Super Savings’ event in Kurnool will celebrate the people’s enthusiasm and appreciation for this forwardlooking initiative, and I had the privilege of inviting him to grace this event with his presence. I also extended an invitation to the Hon’ble Prime Minister to preside over the CII Partnership Summit 2025, scheduled to be held in Visakhapatnam on November 14 and 15.” Kuldeep Yadav celebrates a wicket in the second Test against West Indies in New Delhi on Monday. He picked three wickets in the second innings as India need another 58 runs to win on final day to complete a clean sweep | sayantan ghosh On behalf of the people of Andhra Pradesh, I congratulated PM Narendra Modi on the remarkable milestone of 25 years in public service as Head of Government Chandrababu Naidu, Chief Minister of AP Amaravati development journey begins: CM E x p r e s s N e w s Se r v i c e @ Vijayawada Chief Minister N Chandrababu Naidu on Monday inaugurated the Municipal Administration Building, which includes the Andhra Pradesh Capital Region Development Authority (APCRDA) Project Office and Andhra Pradesh Development Cor poration Limited (ADCL), marking the completion of the first major government complex in the Amaravati capital region. The seven-storey building, located near the Seed Access Road at Rayapudi, will serve as the integrated administrative hub for the CM Chandrababu Naidu inaugurates the CRDA building in Amaravati on Monday | Express Municipal Administration and Urban Development Department and allied agencies. The Chief Minister inspected various sections of the newly completed G+7 complex, reviewing the infrastructure and facilities designed to accommodate the CRDA, ADCL, and other municipal offices. Significantly, the building has been awarded the Net Zero Energy (Design) Certification by the Indian Green Building Council (IGBC), marking it as one of the most sustainable government structures in the country . Speaking after the inauguration, Naidu said that the complex represents a significant milestone in the renewed momentum in maravati’s development as the capital city P4 . INDIA bloc deal INDIA bloc may announce its seat-sharing deal on Tuesday for the assembly poll in Bihar following a meeting between RJD’s Tejashwi Yadav and Rahul Gandhi in Delhi LESS than a month before Bihar goes to polls, Rashtriya Janata Dal (RJD) chief Lalu Prasad Yadav, his wife Rabri Devi, and son Tejashwi Yadav were on Monday charged by a Delhi court in the IRCTC hotels-forland scam. The move comes as the party gears up for the twophase Assembly elections on November 6 and 11, potentially adding a legal twist to the poll narrative. Special Judge Vishal Gogne said that “there existed a prima facie case and grave suspicion regarding the land transfers in- volved in the matter.” The judge framed common charges of criminal conspiracy and cheating against Rabri Devi and Tejashwi Yadav, while Lalu was additionally charged under provisions of the Prevention of Corruption Act.All three leaders pleaded not guilty and sought a trial. The case, being pursued by the CBI, stems from alleged irregularities in granting contracts for two IRCTC hotels in Puri and Ranchi to a private firm, Sujata Hotels Private Limited. CBI alleged that the tender was manipulated, with conditions tweaked to favour the Patna-based private firm.