tirupati l thursday l october 15, 2026 l `9.00 l PAGES 14 l late city EDITION Wholesale inflation rises to record 11.39% in sEPTember India’s Wholesale Price Index (WPI)-based inflation rose to 11.39% in September, compared to 9.92% in August, official data showed | P10 Costlier food, fuel basket behind surge The rise in the prices of food, manufactured items, fuel and power contributed to September’s higher figure. Inflation in the food index rose to 8.66% in September from 7.05% in August. In manufactured items, WPI was at 9.76%, higher than 8.37% in the previous month. In the fuel and power basket, it was 25.85% in September, up from 22.93% in August 2.13% on a steady climb since start of iran war ■ ■ The WPI has been on an upward trajectory since the start of this fiscal year as the blockade of the Strait of Hormuz pushed up crude and fertiliser costs with a spillover effect on food and commodities Amid hardening food inflation and no respite so far on global energy and commodity prices, analysts expect WPI inflation to hit 12% in Oct Was the wpi inflation in February when the west Asia war began 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 Fairfax to buy 61% stake in IDBI Bank Canada-based firm to invest `52,878 cr at `81 per share shareholding will be 15% and 19%, respectively with the LIC’s stake set to be , THE Centre has approved the sale of a reduced further to 15% within two years. controlling stake in IDBI Bank to M/s The bank will be rebranded within three 10955230 Canada Inc, a subsidiyears under its new promoter. ary of Canada-based Fairfax FiThe strategic disinvestment nancial Holdings. The proposed process began in 2022, but the transaction is valued at `52,878 initial bidding process in 2025-26 crore—the largest foreign infailed to attract a successful bid. vestment in an Indian bank — The reserve price for the initial with the government and Life round was `94.42 per share. Insurance Corporation of India The government arrived at Dramatic selling a combined 60.72% stake the latest reserve price of `75.99 turnaround at `81 per share, against the reper share by taking the average Once known for valuation of two methods—the serve price of `75.99. “This is a strategic restruc- bad loans and Market Multiple Method and the asset quality turing, as the government would Asset Valuation Method. remain invested,” Finance Min- problems, IDBI “The stock market price of Bank was ister Nirmala Sitharaman said. IDBI Bank was not used directly under RBI’s Founded by Indian-origin bilto determine its intrinsic value, lionaire Prem Watsa, Fairfax PCA framework citing volatility in the relatively currently holds a 40% stake in between 2017 thinly traded stock. Its share and 2021. Its CSB Bank through its subsidiprice fluctuated between `61.01 ary FIH Mauritius Investments started turning and `118.38 during the valuation around after Ltd. Fairfax will have to either period, moving both above and LIC invested sell its stake in CSB or merge below the bid offer price,” the `21,624 crore the Kerala-based bank with IDBI finance ministry said. for a 51% within two years as RBI regulaGovernment sources said the tions don’t allow an entity to stake. In FY26, transaction would not affect deits net profit own two banks. positors, borrowers or staff. The share purchase agree- stood at `9,513 IDBI Bank’s gross non-percrore | P10 ment of the IDBI restructuring forming assets (NPAs) declined will be signed and executed by from 31.78% in September 2018 the end of 2026. to 2.32% in March 2026. Net NPAs fell The government and LIC currently from 17.30% to 0.15%. The government hold 94.71% stake in the bank. After the infused around `25,000 crore into the transaction, the government and LIC’s bank between 2010 and 2020. PUSHPITA D E Y @ New Delhi `2,000 cr bonus for 11 lakh rly staff RAJ E SH KUMAR THAKUR @ New Delhi THE Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a productivity-linked bonus (PLB) equivalent to 78 days’ wages worth `2,009.61 crore to around 11 lakh railway employees ahead of the festive season. Payment of PLB to eligible railway employees is made each year before the Dussehra and Diwali holidays. The Cabinet also extended the National Social Assistance Programme for another five years till 2030-31, with an outlay of `53,428 crore. The programme will be renamed the Pradhan Mantri Samajik Sahayata Yojana. Under the revised provisions, monthly assistance under the disability pen- sion scheme will be `375 for beneficiaries aged up to 79 years and `625 for those above 80 years. The minimum benchmark disability requirement will be reduced from 80% to 40%. As part of the restructuring of the social welfare programmes, the Indira Gandhi National Old Age Pension Scheme has been renamed to Pradhan Mantri Vridhavastha Pension Yojana and the Indira Gandhi National Widow Pension Scheme to Pradhan Mantri Vidhawa Pension Yojana. Similarly the In, dira Gandhi National Disability Pension Scheme will be known as Pradhan Mantri Divyangjan Pension Yojana and the National Family Benefit Scheme will become the Pradhan Mantri Parivar Labh Yojana. divine splendour Lord Malayappa Swamy being taken out in a procession on Muthyapu Pandiri Vahanam as part of Navaratri Brahmotsavams at Tirumala on Wednesday | Express Rubio to visit India amid trade talks, tensions over Russian oil J aya n t h J a c o b @ New Delhi US Secretary of State Marco Rubio will begin a five-day visit to India and Uzbekistan on Saturday, with energy cooperation, trade negotiations and bilateral ties likely to feature prominently in discussions amid persistent differences over tariffs and India’s purchases of Russian oil. Rubio will visit Mumbai and Jamnagar in India before travelling to Samarkand in Uzbekistan. In Mumbai, he will meet External Affairs Minister S Jaishankar for discussions on bilateral relations and areas of cooperation. The visit comes as New Delhi and Washington seek to advance trade negotiations despite strains over US tariff policies, President Donald Trump’s repeated claims of having brokered an IndiaPakistan ceasefire and a US military attack on a vessel off Oman that killed three Indian seafarers. India has also expressed concern over US legislation that could allow tariffs of up to 100% on imports from countries purchasing Russian oil and gas, as Washington seeks to increase pressure on Moscow over its war in Ukraine. Jaishankar said on Wednesday that India-US trade negotiations were moving towards a resolution, even as Washington’s changing economic policies compel countries to reassess their engagement with the US. Marco Rubio S Jaishankar “The United States has repositioned itself,” Jaishankar said, adding that countries needed to “recalculate and reset” their relationships with Washington. Rubio’s visit follows his four-day trip to India in May when he met Prime , Minister Narendra Modi and Jaishankar to discuss trade, energy de, fence, maritime security and regional developments. During his May 24 meeting with Jaishankar, Rubio expressed confidence that the two countries could reach a durable trade agreement. India has called for an early con- clusion to an interim trade agreement as a step towards a broader bilateral pact first envisaged during Modi’s February 2025 visit to Washington. Energy cooperation is expected to be an important part of the engagement, particularly as the two countries navigate differences over Russian oil purchases and sanctions. India has been reducing its reliance on Russian crude amid the threat of punitive US tariffs, with Russia’s share of Indian crude imports falling to about 35% in September from as high as 56% in July . The proposed US measures have raised concerns over the potential impact on energy security, trade and Indian exports. Rubio’s meetings will provide an opportunity for both sides to sustain diplomatic engagement while seeking progress on trade and energy issues. The broader challenge will be to reconcile US trade and sanctions policies with India’s priorities. 100 Urban Local Bodies to go to polls on Oct 28 S G u r u S r i k a n t h @ Vijayawada Setting the stage for civic polls, the Andhra Pradesh State Election Commission (APSEC) on Wednesday issued the election notification and schedule for 100 Urban Local Bodies (ULBs), alongside the roadmap for upcoming elections to MPTCs, ZPTCs, and Gram Panchayats. With the issuance of the notification, the Model Code of Conduct (MCC) has come into immediate effect across the State. Addressing a media conference, State Election Commissioner (SEC) Anil Chandra Punetha announced that elections will be conducted for 100 Urban Local Bodies, comprising 13 municipal corporations—Greater Visakhapatnam (GVMC), Vijayawada, Vizianagaram, Eluru, Machilipatnam, Guntur, Ongole, Nellore, Tirupati, Chittoor, Kadapa, Kurnool, and Anantapur—as well as 77 municipalities and 10 nagar panchayats. According to the official schedule released by the election commission, polling across all 100 Urban Local Bodies will take place on October 28. The counting of votes and announcement of election results will follow on October 30, the Election Commissioner said. Meanwhile, elections for 23 other Urban Local Bodies remain temporarily deferred P4 due to legal issues. heading towards a landing point: Jaishankar India-US trade negotiations are heading towards a landing point, External Affairs Minister S Jaishankar said, while noting that the core fundamentals of the bilateral strategic partnership remain unchanged. His comments on the trade negotiations came over a week after Finance Minister Nirmala Sitharaman said the talks on the trade deal had plateaued. “I think we are waiting on a few things. I wouldn’t be comfortable spilling the beans in public,” he said on Tuesday evening when asked about the status of the negotiations between the two sides. Rahul backs CJP protests, signals shift in stance P r ee t h a N a i r @ New Delhi President Droupadi Murmu offers prayers at the Kanaka Durga temple atop Indrakeeladri in Vijayawada on Wednesday | Express President offers prayers at Kanaka Durga temple E x p r e s s N e w s Se r v i c e @ Vijayawada President Droupadi Murmu offered prayers to Goddess Kanaka Durga at the Sri Durga Malleswara Swamyvarla Devasthanam (SDMSD) atop Indrakeeladri in Vijayawada on Wednesday evening. Earlier, the President arrived at Vijayawada International Airport in Gannavaram in a special aircraft at 6.10 pm on a two-day visit to Andhra Pradesh. Governor S Abdul Nazeer, Union Minister of State for Rural Development and Communications Pemmasani Chandra Sekhar, Union Minister of State for Rural Development Kamlesh Paswan, State Minister for Mines and Geology Kollu Ravindra, Home Minister Vangalapudi Anitha, Chief Secretary G Sai Prasad, DGP Harish Kumar Gupta, Krishna District Collector DK Balaji and Superintendent of Police Vasana Vidya Sagar Naidu accorded a warm welcome to the President. After arriving in Vijayawada, Murmu proceeded to the hill shrine, where she was accorded a traditional welcome in accordance with temple customs. Home Minister Anitha, Vijayawada MP Kesineni Sivanath (Chinni), MP L Srikrishna Devarayalu and Durga Temple Trust Board Chairman Borra Radhakrishna (Gandhi) and P4 others welcomed her.  IN his first show of support to the CJP protests, Congress leader Rahul Gandhi on Wednesday called the jailing of young people for peacefully waving the Tricolour “an act of cowardice” soon after its leaders Saurav Das and Ashutosh Ranka were remanded in judicial custody for five days. This is a significant shift in the Congress approach, which so far had maintained a distance from CJP and its antiNEET stir that resulted in Dharmendra Pradhan’s resignation as education minister. “Waving the Tricolour at Congress leader Rahul Gandhi in New Delhi on Wednesday with students injured in alleged police action during the protests against CEC Gyanesh Kumar | Parveen Negi Jantar Mantar in a peaceful protest is not a crime... Students. Youth. Journalists. The INDIA bloc... All protests are one: citizens demanding their constitutional rights,” Rahul wrote on X. “Jantar Mantar belongs to the people of India. We will reclaim it.” CJP leader Abhijeet Dipke thanked Rahul for the support. The police action was con- demned by INDIA bloc leaders, as well as DMK and AAP . At a press conference, Rahul urged PM Narendra Modi not to stand in the way of protesting students. He had met with students, including from Congress student wing NSUI, who were injured in the protests. The remand comes a day after INDIA bloc leaders and civil society groups met at tea hosted by Rahul to discuss their campaign against alleged ‘vote chori’ and CEC Gyanesh Kumar. Congress absence from Saturday’s CJP protests raised eyebrows as Delhi Police cracked down on protesters, detaining four former CMs. messenger of peace ‘Global support vital for Tamils impacted by Lankan conflict’ S u b a s h i n i V i j aya k u m a r @ Chennai Speaking about the role of the international community in ensuring justice for the Tamils affected by the civil war in Sri Lanka, this year’s Nobel Peace Prize winner Navanethem “Navi” Pillay strongly advocated for the global community to sustain a supportive environment for the affected community . “When I was the UN High Commissioner for Human Rights, I visited Jaffna. The issue must be kept alive and the solution is to ensure a supportive environment for the demands of the affected people, whether they seek a separate state or justice for the crimes that were committed. The world wants to support them. More than anything, they (affected Tamils) want to know what happened to their loved ones in Navanethem “Navi” Pillay the war,” she said. In a telephonic interaction with this newspaper, the ad hoc judge of the Inter national Court of Justice (ICJ), who has been a champion of international legal order her entire life, also spoke about her roots in Tamil Nadu’s Vathalagundu and the persistence of caste discrimination. Praising India’s Constitution and affirmative action in education, she urged those still practising caste discrimination to reflect on their actions. “Treating everyone equally is part of our culture, and we must bring that quality out,” she said. In a broader message to all persecuted communities, she said, “We should give everyone the support they need, even if it is only moral support.” The 85-year-old added, “I will retire when human rights violations end.”  FULL INTERVIEW ON P5