chennai l Tuesday l October 14, 2025 l `9.00 l PAGES 20 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 R A 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. ers on Monday signed a Gaza US President Donald Trump ceasefire deal during a peace also addressed the Israeli summit in Egypt after Hamas Knesset (Parliament) on Monfreed all 20 living day where he hailed , hostages and Israel an end to a “painful released 1,968 Palesnightmare”. “For so tinian prisoners unmany families across der the US-brokered this land, it has been Their freedom agreement. stands as a tribute years since you’ve In Tel Aviv, Israeknown a single day to 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 while Palestinians also for Palestinians strong resolve of in the West Bank and for many others, Prime Minister and Gaza greeted the long and painful Netanyahu buses of released nightmare is finally Narendra Modi prisoners with over,” he added. celebrations. Trump was greeted The skies are calm, Under the deal, Hawith a standing ovathe guns are silent, mas is also required the sirens are still tion by Israeli lawto 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. mitted to this peace,” signal more reports: p13 Agencies 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- Coldrif death: Pharma firm licence cancelled, ED commences probe ‘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 | P9 The Enforcement Directorate on Monday searched nine premises of Tamil Nadu Drugs Control Department officials and Sresan Pharmaceuticals as part of a money laundering investigation related to the probe into the deaths of over 20 children in Madhya Pradesh allegedly due to the consumption of Coldrif cough syrup. Sources said evidence showing collusion between two drug inspectors and the pharma firm has been uncovered during preliminary probe. Meanwhile, the Tamil Nadu Drug Control Department on Monday permanently cancelled the firm’s manufacturing licence. The process of sealing the unit by the Kancheepuram revenue department is under way, officials said. According to sources, the ED searched nine locations in Chennai and Kancheepuram, including the premises of the pharma company residenc, es of G Ranganthan, owner of the firm; Maheshwar, the firm’s officer heading its quality control unit; Varalakshmi, the officer in-charge of procurement of raw materials; and Hariharan, its head of finance. The house of the former quality control head Jayaraman, who passed away, was also searched, sources added. Further, the houses of two TN drug inspectors who were responsible for inspecting Sresan Pharma, which manufactured the cough syrup, were also searched. Digital evidence of the inspectors’ collusion with the company has been found, sources said. The ED has taken cognisance of two FIRs as predicate offences to start its probe.  P7 ‘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 | P9 P U S H P I TA D E Y @ New Delhi express read Foxconn to invest `15,000 crore more in TN, create 14,000 jobs wi in ‘deep’ trouble 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 Chennai: Taiwanese manufacturing giant Foxconn will invest `15,000 crore in Tamil Nadu, creating 14,000 high-value jobs, Industries Minister TRB Rajaa announced on Monday. This largest-ever commitment for engineering jobs will give a major boost to TN’s electronics and advanced manufacturing sector, he said | P14 Toddler, grandmom killed in elephant attack E XP R E S S N E W S S E R V I C E @ Coimbatore A two-and-a-half-year-old girl and her 55-year-old grandmother were trampled to death when they attempted to flee the attack of a wild elephant at their house at Valparai in the wee hours of Monday . The victims, identified as M Hemasree and her grandmother C Asala, were sleeping in their makeshift home when the elephant squeezed its trunk through the open window of the small house by pushing aside a tin sheet that covered it in search of food around 3.45 am. The victims’ home is one C Asala M Hemasree of the only two houses located at the fifth division of Waterfall Estate near Valparai, which is entirely surrounded by tea estates, sources said. As the child started screaming in fear on seeing the huge, dark trunk entering through the hole in the wall, Asala lifted the child and tried to escape through the main door in the dead of the night. Agitated by the child’s cry, the animal scrambled to the main door and attacked Asala, who fell down and sustained injuries to her hips, before trampling the child to death. Hemasree’s parents — Mariyappan (28) and Suganya (25) — who were left helpless inside the house during the attack, later alerted the forest officials, who rushed to the spot. “Soon after receiving information from Mariyappan, three of our anti-depredation watchers went to the spot and drove the elephant away officials said.  ,” P7 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.  P7 Delhi court frames charges against Lalu, Rabri & Tejashwi E x p ress news ser v ice S i d d h a rth Pr a bh a k a r @ Chennai Retail inflation cools to 1.54% in September, lowest in 8 yrs 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. 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 @ New Delhi 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.