SAMBALPUR l Thursday l October 15, 2026 l `9.00 l PAGES 12 l 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 on a steady climb since start of iran war 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 ■ ■ 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 2.13% 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. P U SH P ITA D E Y @ New Delhi express read ABVP and BCJD supporters clash at Utkal University Bhubaneswar: A clash broke out between members of the ABVP and the BCJD at Utkal University on Wednesday, minutes before a ‘Why I Stand For’ meeting, a day ahead of the students’ union elections. Police sources said an altercation escalated into a scuffle, with members of both groups allegedly hurling chairs at each other inside the university’s convocation hall | P2 `2,000 cr bonus for 11 lakh rly staff RA J ESH K U M AR THA K U R @ New Delhi OMC, AMD pact to explore critical minerals in Odisha Bhubaneswar: The Odisha Mining Corporation (OMC) and the Atomic Minerals Directorate for Exploration and Research (AMD), Hyderabad on Wednesday signed a memorandum of understanding (MoU) to collaborate on the exploration of critical minerals in the state, including within OMC’s mining leases | P5 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. CM unveils `39,383 crore projects, calls it Odisha’s second ‘industrial revolution’ Express News Service @ Bhubaneswar/Jajpur Chief Minister Mohan Charan Majhi on Wednesday unveiled 46 medium and large industrial projects involving an estimated investment of `39,383 crore. The projects, spread across 14 districts, span steel and metals, renewable energy, food processing, tourism, hospitality and other sectors. They are expected to generate 42,512 jobs. Addressing a mega groundbreaking and inauguration ceremony at Kalinganagar in Jajpur district, Majhi described the projects as a ‘golden chapter’ in the state’s second industrial revolution and asserted that Odisha was on course to emerge as the country’s leading manufacturing hub. “What we commit, we complete. We are moving from MoUs to reality, from intent to investment and from investment to production,” Majhi said. The ceremony saw the inauguration and launch of several projects by Jindal Stainless Ltd (JSL), Tata Steel, Indian Metals and Ferro Alloys Ltd (IMFA), Jatia Steel Ltd, BK Utkal Steel and Shree M K Steel. “Before our government came to power, industrial investment remained largely a slogan and a means of publicity We have translated MoUs into real. ity built factories, commenced produc, tion and created employment opportunities for Odia youths,” the chief minister said. In less than two years, the state gov- Chief Minister Mohan Charan Majhi flanked by Industries minister Sampad Charan Swain and Jajpur MP Rabindra Narayan Behera, at Kalinganagar in Jajpur district | Express ernment has inaugurated projects or laid foundation stones for 151 projects involving investments of over `3.11 lakh crore, with the potential to generate more than 2.4 lakh jobs, he said. With Wednesday’s projects, the total value of industrial projects grounded in the state has crossed `3.5 lakh crore, he added. The government has also approved 560 industrial proposals involving investments of more than `12.07 lakh crore, with the potential to generate around seven lakh jobs, Majhi said. “The government is prioritising labour-intensive sectors such as textiles, apparel, food processing and pharmaceuticals to reduce distress migration among young people seeking employment outside Odisha,” he said. Welcoming investors, Majhi said the government was providing support throughout the project life cycle, from the proposal stage to the grounding of projects. The single-window system and the new industrial policy had made the approval process simpler and more transparent, he said. Taking a swipe at the Opposition, the chief minister said, “While the Opposition is busy with politics, our gover nment is busy with Odisha’s progress and development.” Cooperation, Handlooms, Textiles and Handicrafts minister Pradeep Bal Samanta said Jajpur’s mineral resources and industrial infrastructure would drive further growth in the district. Industries, Skill Development and Technical Education minister Sampad Chandra Swain said the government was focusing not only on attracting industries but also on equipping young people with the skills required by modern industries. Earlier, the chief minister held oneon-one interactions with industry captains and participated in a roundtable discussion with CEOs where additional chief secretary of the Industries department Hemant Sharma presented the project details. Jajpur MP Rabindra Narayan Behera, MLAs Akash Das Nayak, Himanshu Sekhar Sahu and Amar Nayak, chief secretary Anu Garg, JSL managing director Abhyuday Jindal and IMFA managing director Subhrakant Panda were present. 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 India-Pakistan 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. “The United States has reposi- Marco Rubio S Jaishankar tioned 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, defence, 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 conclusion to an interim trade agree- ment 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. 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. New Guv says will get more votes for BJP in state, faces Oppn flak E x p r e s s N e w s S e r v i c e @ Bhubaneswar Newly-appointed Odisha Governor Braj Mohan Ram’s statement that he would work to strengthen the BJP’s organisation in the state has stirred up a hornet’s nest. In an interview with a news agency in Ranchi, Ram said he would work to further activate the BJP’s Scheduled Caste (SC) Morcha in Odisha after assuming office as Governor. “I was the president of the BJP’s Dalit Morcha in Jharkhand and worked to strengthen the organisation there. Odisha also has an SC Morcha. I will work to further activate it after taking charge,” he said adding, “My endeavour would be to get more votes for the BJP.” The new Governor said he remained with the party despite being denied ticket on three occasions and worked for the victory of party candidates. He also thanked Prime Minister Narendra Modi and Union Home Minister Amit Shah for recognising his work and appointing him to the Constitutional post. His remarks, however, gave ammunition to the Opposition BJD and Congress which said that Ram’s statements raised questions about the impartiality expected of a constitutional authority . In a sarcastic response, leader of Opposition and BJD president Naveen Patnaik said people of Odisha were watching his enthusiasm to do party work. “It is hoped that Lord Jagannath will give him some enthusiasm and strength to serve the people of Odisha so that he will People of Odisha are watching his enthusiasm to do party work. It is hoped that Lord Jagannath will give him some enthusiasm and strength to serve the people of Odisha Naveen Patnaik, LoP and BJD chief discharge his duties impartially by upholding constitutional dignity,” Naveen said. BJD’s Rajya Sabha MP Santrupt Misra joined in and taking to X, he said the newly-appointed Governor had given a new definition to democracy giving priority to the interests of a party while holding a constitutional post. Meanwhile, condemning Ram for his statements, Odisha Pradesh Congress Committee (OPCC) president Bhakta Charan Das said the Governor’s responsibility was to uphold the Constitution impartially and not advance the electoral interests of any political party. “Constitutional offices must remain above partisan politics,” Das added. His party colleague and former OPCC president Niranjan Patnaik also criticised the Governor. “It seems there is no regard left for the dignity and impartiality of constitutional offices. The newly-appointed Governor of Odisha has openly stated his intention to strengthen the BJP’s organisational presence in the state,” he said. ED finds stake in SI exam firm transferred to another company The Enforcement Directorate, which conducted searches at 12 locations in Odisha and West Bengal over the last two weeks in connection with the police SI recruitment scam, has found that shares in Silicon Techlab Private Limited were transferred to another company under a purported share purchase agreement but was allegedly not filed with the Registrar of Companies. The SI examination was awarded to ITI Limited, a Kolkata-based Central Public Sector Enterprise | P3 Rahul backs CJP protests, signals shift in stance 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 P r e e t h a N a i r @ New Delhi 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 anti-NEET stir that resulted in Dharmendra Pradhan’s resignation as education minister. “Waving the Tricolour at 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 condemned 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.