Archives for 2023

RANCHI: Jharkhand Education Minister and senior JMM firebrand leader Jagarnath Mahto, 56, passed away during treatment at a Chennai Hospital on Thursday morning.

He was airlifted to MGM Chennai after his health condition suddenly deteriorated and he did not show any sign of improvement at Paras Hospital in the Jharkhand capital on March 14. Mahto had been suffering from lung problems after he underwent lung transplantation after being infected by COVID-19. His health has not been stable since then.

Mahto, a matriculate, came into the limelight when he enrolled in a school in Bokaro, which was set up by him in 2006, to complete his studies. Mahto said he has taken admission as an Inter-Arts student to remove the blot of being termed an ‘under-qualified’ education minister.

“I would like to tell people that there is no age for learning and one can get an education at any point of time as it only requires willpower,” said Mahto. Taking admission in the institution is purely his own decision as he felt like pursuing his studies further, he added.

In a first-of-its-kind initiative to boost the morale of the students performing well in their exams, Mahto handed over Alto cars to state toppers of Class 10th and 12th in Jharkhand. A provision had been made by the state government to give prize money of Rs 3 lakh, 2 lakh and 1 lakh respectively to the first, second and third toppers respectively in each of the three streams — science, arts and commerce — of the Intermediate course.

The RBI’s inflation-axing sword is back in its sheathe, with the central bank at 6.5 per cent on Thursday.

But rate hikes aren’t completely off the table with Governor Shaktikanta Das explicitly announcing, twice, that Thursday’s decision to pause was limited to the April meeting alone.

It means, the Monetary Policy Committee (MPC) is simply taking five after a breathless run of seven consecutive rate hikes. Its suit of armour to engage in a battle against inflation remains intact and as Das stressed, the central bank’s job was not yet finished until we see a durable decline in inflation closer to the 4 per cent target. For emphasis, he invoked Kautilya, quoting: Be not slack before the whole job is finished.

The surprise decision to pause was also accompanied by a status quo on policy stance to remain with ‘withdrawal of accommodation,’ as against market expectations of shifting to a neutral stance. Such a move would have confirmed a decisive pause on rate hikes, but that’s not the case for now. 

Since the monetary policy tightening cycle began last May, RBI has cumulatively raised the repo rate by 250 bps from 4 per cent to 6.5 per cent, a level last seen in 2019. Along with the February 2022’s standing deposit facility rate of 40 bps above the repo rate, the effective rate hike stands at 290 bps, implying that the real rates are well above 1.5 per cent, considering the one-year forward inflation forecast as the anchor.

Usually, a rate hike confirms rising inflation, while a pause indicates likely moderation in price rise. But Thursday’s ‘hawkish pause’ sends no such clear signals, because no one seems to be sure if inflation is coming or going.

As Das noted, global inflation is moderating, but he quickly reminded us about the volatile times. The recent, unexpected decision by OPEC on production output cuts spurred oil prices only complicated the inflation outlook, adding to prevailing uncertainties.

Back home, headline inflation has softened, but disinflation is likely to be gradual and protracted, given the rigidity in core or underlying inflation pressures. For FY23, RBI projects headline inflation to moderate to 5.2 per cent,  with Q1 at 5.1 per cent, Q2 at 5.4 per cent, Q3 at 5.4 per cent, and Q4 at 5.2 per cent.

That said, the central bank will likely miss its Q4, FY23 inflation forecast of 5.6 per cent. Official numbers for January and February stood at 6.52 per cent and 6.44 per cent respectively and March print must come under 5 per cent for RBI’s forecast to stand. But analysts expect it to be around or under 6 per cent and not 5 per cent. The MPC even missed its December quarter CPI estimates with Q3 headline inflation printing at 6.1 per cent as against the central bank’s estimate of 6.6 per cent. So in all likelihood, RBI will likely miss the full fiscal FY23 inflation estimate of 6.5 per cent as well.  

As for growth, it pegged FY24 real GDP growth at 6.5 per cent, with Q1 at 7.8 per cent, Q2 at 6.2 per cent, Q3 at 6.1 per cent, and Q4 at 5.9 per cent with risks evenly balanced.

Given real policy rates of upwards 1 per cent, any further rate hikes coupled with elevated prices could potentially dampen the purchasing power of consumers and curtail demand. Over the past three quarters, interest rate on home loans have shot up to over 9 per cent, representing a 40-50 per cent increase from the historical low of 6.5 per cent per annum. Borrowers are feeling the impact and any further hikes could push the home loan interest rate beyond the psychological barrier of 10 per cent, which could have a substantial impact on buyer sentiments and affordability.

Towards the end of 2023, global central banks rate hike race seemingly reached the last lap. Ironically, the finish line is nowhere to be seen and the so-called pivot, when central banks’ reverse their rate hike decisions to rate cuts (and vice versa), continues to live its life as a teaser for over two quarters now. If Bank Indonesia Governor Perry Warjiyo termed “this is a time of sleepless nights,’ Bank of England’s chief economist Huw Pill believes inflation as a manifestation of ‘bad luck.’

And as Das channeled Alan Greenspan, ‘Uncertainty is the defining characteristic of the monetary policy landscape,’ the evolution of monetary policy from hereon will be keenly watched.

PATNA: The situation in Bihar’s Sasaram and Biharsharif towns remained volatile for the fourth consecutive day on Monday even as the Assembly witnessed acrimonious scenes over the government’s “failure to ensure normalcy in affected areas”. 

Amid the tense situation in violence-hit areas, the verbal duel between the main Opposition and the ruling grand alliance escalated.  A day after the Union Home Minister Amit Shah blamed the Nitish Kumar government for communal flare-ups in Bihar, the ruling grand alliance denounced the BJP and the RSS and asserted that the state government would take stern action against “trouble-makers”.

RJD leader and deputy chief minister Tejashwi Yadav in a tweet said, “The Bihar government is keeping a close vigil on ‘sanghi’ attempt to disturb communal harmony. BJP is desperate in states where it is weak. The sternest possible action is being taken by identifying each and every troublemaker. We have always given a befitting reply to the BJP’s experiment intended at driving a wedge between two communities and will continue to do so.”

JD(U) national president Lalan Singh sarcastically said that Shah should make Rajbhavan his permanent dwelling till the 2024 Lok Sabha polls. He said that people would give a befitting answer to the saffron party in the 2024 Lok Sabha election.

“BJP’s tally in poll results of the general election to be held next year will be zero. The saffron party will not be able to open its account in the election. It will be routed from Bihar as people of the state are very conscious,” he added.

KUMTA (UTTARA KANNADA): In a lesson to those who lack civic sense, the general public at the Kumta bus stand made a paan-chewing passenger clean the platform after he spat on it. The incident occurred on Sunday when a person travelling in a bus to Karwar splattered the platform with paan-filled spittle. ADVERTISEMENTAds by 

A passenger asked him, “How can you be so uncivilised?” While another came up with the idea that the paan-chewer should be made to clean the spot. 

Before the perpetrator could react, everyone assembled there demanded that he should wipe the place with the cloth he had.

Just then, the bus started honking, signalling that it was about to leave. Giving this as an excuse, and refusing to give out his name, the paan-chewer said it was time for him to go. But others were adamant, “Where will the bus go? We will stop it. Get a piece of cloth and clean it.”

The cornered man then got down from the bus, brought out a piece of cloth and water and cleaned the paan stain on the floor all by himself. The entire incident, recorded on a mobile phone, has gone viral.

NEW DELHI: The Congress took strong objection on Tuesdaysaid it is the result of Prime Minister Narendra Modi’s “clean chit” to the neighbouring country and his “eloquent silence” on Chinese actions at the border.

Congress president Mallikarjun Kharge said the country continues to face the consequences of Modi’s clean chit to China.

“For the third time, China has dared to rename our areas in Arunachal Pradesh. April 21, 2017 — 6 places, December 30, 2021 — 15 places, April 3, 2023 — 11 places. Arunachal Pradesh is and will remain an integral part of India. After Galwan, the country is facing the consequences of Modiji’s clean chit to China,” Kharge said in a tweet in Hindi.

This comes after China’s Ministry of Civil Affairs came up with the names of 11 places in Arunachal Pradesh, which it referred to as “Zangnan, the southern part of Tibet.”

All India Congress Committee (AICC) general secretary Jairam Ramesh said a top Chinese diplomat has recently claimed that the India-China border situation is now “stable”.

“But China’s provocations and transgressions continue. It has now released a third set of Chinese names for places in Arunachal Pradesh, having done so earlier in 2017 and 2021. This is the price we continue to pay for PM Modi’s clean chit to China in June 2020 and his eloquent silence on Chinese actions,” Ramesh said in a statement.

He said almost three years later, Chinese forces continue to deny Indian patrolling teams access to the strategic Depsang plains to which they previously had unimpeded access.

“And now the Chinese are attempting to undermine the status quo in Arunachal Pradesh. Arunachal Pradesh has always been and remains an integral and unalienable part of India. The people of Arunachal Pradesh are proud and patriotic citizens of India. There should be no doubt whatsoever on the collective resolve of India, and of all Indians, to ensure that these realities are not disturbed in any way,” the Congress leader said.

China released names of 11 places in Arunachal Pradesh in Chinese characters, Tibetan and Pinyin according to the rules on geographical names issued by the State Council, China’s cabinet.

The ministry announced the names of 11 places on Sunday and also gave precise coordinates, including two residential areas, five mountain peaks, two rivers, and two other areas. China’s Ministry of Civil Affairs also listed the category of places’ names and their subordinate administrative districts, as per the news report.

According to a Global Times report, this is the third batch of geographical names announced by the ministry in Arunachal Pradesh. As per the news report, the first batch of the standardized names of six places was issued in 2017, and the second batch of 15 places was released in 2021.

Earlier, in December last year, the Indian government said that it has seen reports of China attempting to rename some places in Arunachal Pradesh “in its own language” and asserted that the border state has been and will always be an integral part of India.” 

THIRUVANANTHAPURAM:  At a time when uncertainty looms large over Shashi Tharoor’s candidature in the next elections, his personal staff members clashed with party workers, including its district secretary, outside the venue of Congress’ poll preparatory meeting for the Thiruvananthapuram Lok Sabha constituency. 

District Congress secretary Thampanoor Satheesh said Tharoor’s personal staff, including Praveen Ram, unleashed expletives and heckled him at the District Congress Committee (DCC) office where the meeting, attended by Tharoor, was underway.

The meeting was held under the aegis of former Pathanamthitta district chief P Mohanraj, who is currently in charge of election preparations in the Thiruvananthapuram LS constituency. When Tharoor arrived for the meeting, Satheesh urged Mohanraj not to allow the MP’s personal staff inside the meeting hall. Mohanraj conveyed the matter to Tharoor. Later, the personal staff exited the hall, apparently after Tharoor sent them a message over the mobile, to leave.

Satheesh told TNIE that he had to leave the meeting earlier due to the death of his neighbour. “When I got out of office, five to six persons belonging to Tharoor’s personal staff came and unleashed expletives on me,” he said. 

“They also heckled me. On hearing the commotion, DCC leaders came out. Following the intervention of senior leaders, Tharoor managed to get into the car and left,” said Satheesh. “It was these personal staff, headed by Praveen Ram, who had always been preventing Tharoor from meeting local Congress leaders. I have been working for Tharoor’s victory for the past 14 years,” said Satheesh.

He said he will complain to state Congress president K Sudhakaran on Monday. Satheesh added that he will decide whether to move legally, depending on the outcome of his complaint. However, Praveen Ram did not respond to TNIE’s repeated calls.

The meeting on election preparations in the seven assembly segments under the Thiruvananthapuram LS constituency were being held over the past two days. On Sunday, local Congress workers from the Kazhakootam assembly segment expressed their displeasure to Tharoor when he left the meeting early.

Their grievance was mainly against Tharoor’s absence in his constituency during the 2020 local body election, pandemic time and Bharat Jodo Yatra. A local Congress leader told TNIE that Tharoor assured the agitated leaders that he would discuss the issues later.