THURSDAY www.thestatesman.com 07 JUNE 2018 FIND US ONLINE Scan this with your smartphone twitter.com/TheStatesmanLtd facebook.com/thestatesman1875 Pages 16+4 |` 5|LC KOLKATA | NEW DELHI | SILIGURI | BHUBANESWAR FIRM, NOT BELLICOSE PHILIPPINES PREZ THREATENS TO IMPOSE EMERGENCY REMOVING A JUDGE INTERCONTINENTAL CUP: INDIA TO TAKE ON NZ TODAY P8 P12 P14 P15 SENSEX 35,178.88 +275.67 WEATHER Generally cloudy sky. The maximum and minimum temperatures would be around 38 and 28 degrees Celsius respectively. RAINFALL: Nil RELATIVE HUMIDITY Max. 66% ` vs $ 66.92 +23 PAISE Rahul pledges loan waiver for farmers, Jaitley hits back GOLD 29,560.00 -30.00 SILVER 39,750 +150.00 Min: 28.5°C (+1) SUN SETS 19:17 hrs MOON SETS 12:42 hrs RBI hikes repo rate by 25 basis points after 4 years STATESMAN NEWS SERVICE MUMBAI, 6 JUNE SNS BHOPAL, 6 JUNE THUMBNAILS Kohli among world’s highest paid athletes: Virat Kohli is among the world's highest-paid athletes, with the India cricket captain earning a whopping USD 24 million, according to a Forbes' compilation topped by American boxing champion Floyd Mayweather. Surprisingly, the 'World's Highest-Paid Athletes 2018' compilation is an all-male affair with no women being featured in the list. Kohli is ranked 83rd P16 with earnings of USD 24 million. Bhim-Koregaon violence arrests: The Pune K Police arrested five people allegedly having close Maoist links, including prominent Dalit activist Sudhir Dhawale, from Mumbai, Nagpur and Delhi in connection with the Bhima Koregaon violence on Jan 1. Dhawale was arrested from his house in Mumbai, lawyer Surendra Gadling, activist Mahesh Raut and Shoma Sen were picked up from Nagpur and Rona Wilson was arrested from his flat in Munirka in Delhi. P7 Sugar package: Days after the BJP lost election in sugarcane belt of UP, the Centre on Wednesday announced a Rs 8,500 crore package to boost farmers' income by creating a buffer stock for sugar, enhancing ethanol production capacity and fixing a minimum selling price to cut mill losses. The Cabinet approved Rs 4,440 crore soft loan for building ethanol production capacity and a buffer stock of 3 million tonnes, besides fixing Rs 29 per kg as P5 the minimum price. Chidambaram grilled: A day after being quizzed by the Enforcement Directorate (ED) for over six hours in the Aircel-Maxis case, senior Congress leader P Chidambaram was questioned by the Central Bureau of Investigation (CBI) on Wednesday in connection with alleged irregularities in clearance to foreign investment in the INX Media during his tenure as the Union finance minister in the previous P10 Congress-led UPA government. Congress president Rahul Gandhi made a major pre-poll promise to the people of Madhya Pradesh today announcing that all loans of farmers of the state would be waived off within 10 days, if the Congress government came to power in the state in the year-end assembly elections. Attacking Congress President Rahul Gandhi for his speech in Madhya Pradesh today, senior BJP leader Arun Jaitley wondered 'how much does he know? when will he know?'. “Every time I listen to the view of Shri Rahul Gandhi, both inside and outside Parliament, I ask myself the same question How much does he know? When will he know?”, Jaitley said in a Facebook post in response to Gandhi's speech in Mandsaur earlier in the day. Gandhi was addressing a huge farmers’ rally this afternoon at the Pipalya Mandi area of Mandsaur district where 6 farmers were killed in police firing on 6 June 2017 during the farmers’ agitation. Lakhs of people and farmers belonging to 190 farmer organizations from all over the country taking part in this year’s ongoing peasants’ stir attended the Congress president’s pub- Pranab's daughter frowns on his Nagpur visit lic meeting. Gandhi also announced that if the Congress came to power, it would immediately take action against those guilty of the farmers’ killing in police firing and award them strict punishment. He said that the Congress would create a food chain in Madhya Pradesh and provide housing and jobs to 10 lakh people and 10 lakh unemployed youths respectively every year. Gandhi attacked PM Narendra Modi saying that the PM had completely betrayed the youths and farmers of the country. Gandhi also accused MP CM Shivraj Singh Chouhan of misleading the state’s farmers and the BJP state government of failing on all fronts. Rahul Gandhi asserted he was always with the farmers of MP and would always be with them for their rights. He also paid tributes to the six deceased farmers. Meanwhile, on the first death anniversary of the six farmers today, a video went viral on social media. In the video, MP CM SS Chouhan is depicted as General Dyer, who was responsible for the horrific Jallianwalah Bagh massacre. In the video, which has been taken probably from a movie scene, Chouhan’s face with a big smile is superimposed on that of an actor playing Gen Dyer. A fter a gap of four years, Reserve Bank of India's monetary policy committeeor MPC today hiked its policy repurchasing or repo rate by 25 basis points or 0.25 per cent from 6 per cent to 6.25 per cent but at the same time retained the GDP growth outlook for 2018-19 at 7.4 per cent as was earlier enunciated in the April policy statement. The six-member MPC which endorsed the policy statement unanimously has also agreed to retain "neutral" policy stance with "all options open"--as the Governor Mr Urjit Patel put it in perspective. Analysts say borrowers who were expecting respite from already high interest rate now will have to wait a bit longer. The move will have impact on borrowing as lenders are likely to increase their lending rates as well. Bankers say the lenders would soon start their marginal costbased lending rates or MCLR. Many banks have already started revising their lending rates in past few months. For instance, the State Bank of India, the biggest lender, has increased MCLR twice in 2018 with latest hike being of 10 basis points or 0.1 per cent. This reflected instantly in the jump in bank shares in Dalal Street. The housing loans are expected to be dearer. The RBI has since April 2016 allowed lenders to link their advancfes to `1 l-cr funding for start-ups c u SNS & PTI NEW DELHI, 6 JUNE NEW DELHI, 6 JUNE A day before Pranab Mukherjee addresses an RSS event in Nagpur, former president's daughter and Congress leader Sharmistha Mukherjee Wednesday disapproved of his decision, saying he was giving the BJP and the Sangh a handle to plant false stories, as his “speech will be forgotten” but the “visuals will remain”. She hoped her father wouldrealisehowtheBJP's“dirty tricks department” works and said that with his visit, he was givingtheBJPandRSS“fullhandle to plant false stories”. PTI SEE PAGE 3 including housing loans to MCLR if they desire so. This means home loans and EMIs or equate monthly installment are likely to become costlier. The same could be the case with borrowing for buying vehicles. The central bank , however, maintained status quo on cash reserve ratio and statutory liquidity ratio or CRR and SLR at 4 per cent and and 19.5 per cent respectively, CRR is a fixed part of bank's deposits that are kept with the central bank but they do not accrue interest while SLR is investment in government securities. Experts say the hike may fuel increase in bond yields Prime Minister Narendra Modi today said the Rs 10,000 crore fund of funds created by the government will ensure funding to the tune of Rs 1 lakh crore for startups, which are now mushrooming in smaller towns and also in unconventional segments like agriculture and social sectors. He said the Rs 10,000 crore fund has helped venture capital funds provide assistance of Rs 7,000 crore to startups. This fund, he said, in the long run will ensure funding of Rs 1 lakh crore to startups in the country. To strengthen the ecosystem for budding entrepreneurs, the government too has created an ecosystem, he said. Starting from availability of funds, the government has worked on areas like setting up of tinkering labs, incubation centres, removing regulatory hurdles, providing tax incentives and support in the field of legal issues and intellectual property rights. These initiatives have helped entrepreneurs even in smaller cities, towns and villages and these areas are emerging as vibrant startup centres, the Prime Minister said while interacting with young entrepreneurs from across the country, including cities like Dehradun, Guwahati and Raipur. “Adequate capital, courage and connecting with people are required for excelling in the startup sector,” he said. which may also add to inflationary pressure. But RBI Governor Mr Patel asserted that the policy decision was in consonance with the prevailing internal and external factors. The policy was based on April-May macro factors. The consumer price index linked inflation in April was 4.58 per cent up rom 4.28 per cent in March. RBI's retail inflation target for April-September six months stands at 4.7 per cent to 5.1 per cent. The Governor said the RBI wants CPI at 4 per cent with a margin of plus or minus two per cent. RBI statement says the risk to inflation was evenly bal- No Iftar party at Rashtrapati Bhavan NEW DELHI, 6 JUNE PresidentRamNathKovind will not host an Iftar party this year at the Rashtrapati Bhavan. “ AfterthePresident took over office, he decided there would be no religiouscelebrationsorobservances in a public building such as Rashtrapati Bhavan on taxpayer expense.This is in keeping with the principles of a secular state and applies to all religious occasions, irrespective of religion,” said Ashok Malik, press secretary to the President. PTI Patanjali reviewing UP pullout decision SNS & PTI On Tuesday Patanjali had stated that it was pulling out of the mega food processing project along the Yamuna Expressway in Uttar Pradesh, citing non-cooperation from the state government LUCKNOW/NEW DELHI, 6 JUNE Uttar Pradesh Chief Minister Yogi Adityanath has directed officials to expedite the process for Baba Ramdev's Patanjali Ayurved to set up its Rs 6,000crore food park, prompting the company to say it is reviewing the decision to pull out of the project. Yesterday, Patanjali had stated that it was pulling out of the mega food processing project along the Yamuna Expressway in Uttar Pradesh, citing noncooperation from the state government and delay in clearances for transfer of land. Over the development, UP Infrastructure and Industrial Development Minister Satish Mahana said: “We will not let Patanjali go from the state. Our CM has talked to Patanjali. The formalities will be BRENT CRUDE (IN $) 75.12 -0.26 GDP growth outlook for 2018-19 retained at 7.4 per cent, housing loans may be dearer Min. 51% TEMPERATURE Max: 36.6 °C (-4) SUN RISES 05:23 hrs MOON RISES 01:30 hrs NIFTY 10,684.65 +91.50 completed soon.” He said the state government was talking about incentives as well, and there were some technical issues involved. We are bringing a proposal in this regard to the Cabinet,” the minister added. Meanwhile, Patanjali has said that it is reviewing its decision to pull out of the mega food project following the assurance by the UP CM. “We are reviewing our deci- sion in the light of assurances given by Chief Minister Yogi Adityanath. We do trust the assurances given by him,” said Patanjali Spokesperson S K Tijarawala. Earlier in the day, a senior state government official clarified that the project has not been cancelled and CM Adityanath spoke to Patanjali Ayurved MD Acharya Balkrishna over the matter. “The chief minister has talked to Acharya Balkrishna and heard his grievances. There is no cancellation yet. They have been allotted land and the project is to be commenced. The CM has directed to expedite the process and also directed officers for the same,” Principal Secretary (Information) Awanish Awasthi told PTI. The Haridwar-based company had proposed to invest up to Rs 6,000 crore to set up a plant over 425 acres of land along the Yamuna Expressway through its step-down firm Patanjali Food and Herbal Park.Yesterday, Union Food Processing Secretary J P Meena had also stated that the project has not been cancelled yet. “We have given one month extension to Patanjali... they have to meet the condition. In case, Patanjali does not meet the condition, we have no choice but to cancel. We have done it earlier in many projects,” Meena had said. Earlier, Patanjali had said that its mega food park along the Yamuna Expressway would produce goods worth Rs 25,000 crore annually while running on full capacity. It is envisaged to create 10,000 direct jobs. Patanjali is presently investing in various mega food park projects, including in Nagpur (Maharashtra) and Tezpur (Assam). anced. In today's policy statement, MPC has estimated CPI at 4.8 per cent to 4.9 per cent in H1 201819 and 4.7 per cent in H2. In Governor Mr Patel's words " Actual inflation outcomes since April policy statement have evolved broadly on the lines of the projected trajectory. However, there has been an important compositional shift . While the summer momentum in vegetables prices was weaker than the usual pattern there was an abrupt acceleration in CPI inflation excluding food and fuel." Providing major relief to the MSME sector, RBI today eased NPA classification norms for such units facing input credit linkages and associated issues. “In continuation of support and relief to MSMEs, NPA recognition for GST and non GST MSMEs now at 180 days for dues up to December 31, 2018. Tapering norm from January 1, 2019 to encourage GST registration” Financial Services Secretary Rajiv Kumar said in a tweet. In February, banks and NBFCs were allowed to temporarily classify their exposures to the Goods and Services Tax (GST) registered Micro, Small and Medium Enterprises (MSMEs), having aggregate credit facilities from these lenders up to Rs 25 crore, as per a 180 day past due criterion. “This was done with a view to ease the transition of MSMEs to the formalised sector post their registration under the GST,” RBI said in the monetary policy review. “...it has now been decided to temporarily allow banks and NBFCs to classify their exposure, as per the 180 day past due criterion, to all MSMEs with aggregate credit facilities up to the above limit, including those not registered under GST,” it said. Accordingly, eligible MSME accounts, which were standard as on August 31, 2017, shall continue to be classified as standard by banks and NBFCs “if the payments due as on Sept 1, 2017 and falling due thereafter up to Dec 31, 2018 were/are paid not later than 180 days from their original due date”, it added. SEE ALSO PAGE 11 HDK inducts 25 ministers, all on caste basis STATESMAN NEWS SERVICE BENGALURU, 6 JUNE After being without a Cabinet for nearly a fortnight, the JDS- Congress coalition government under chief minister, Mr H D Kumaraswamy, today inducted 25 ministers , all on caste basis. Of the total , 14 ministers are from the Congress party with the JD-S accounting for nine. The remaining two seats went to the BSP and an Independent, respectively. The ministers were sworn in today by Governor Vajubhai Vala. In all, the coalition will have a 34-member council of ministers,with the Congress getting 22 ministries and the JD-S ,along with Independents and the sole BSP MLA , bagging the rest. Today was the first phase of expansion with the combine promising to fill the remaining berths soon. Ms Jaymala, former actress, was the lone woman to be inducted into the Cabinet and that too from the Congress. The expansion came after the JD-S and the Congress saw hectic lobbying. In fact, several senior Congressmen did not think twice before rushing to New Delhi to convince party president, Mr Rahul Gandhi, to consider their names for a berth in the coalition government. The story was no different in the JDS with all the aspirants rushing to the house of former prime minister and president of JDS,Mr Deve Gowda, in the IT capital. Despite repeatedly asserting that he would not be involved in any ministry formation or appointment of ministers, the JDS and the Congress members repeatedly ran to Mr Gowda,everytime they faced problem over ministry formation. At the end of the day , the Congress had to disappoint several aspirants including big wigs and ex ministers like Mr Roshan Beg, Ramalinga Reddy, M B Patil , Satish Jarkiholli and E Khandare. The argument ,predictably, was that the party had to go by the caste and community quota .This explains why out of the 14, almost three of the inducted Congress ministers are from the Vokkaligga sect with the Lingayats bagging five seats, Muslims two with the remaining being accounted for by Brahmin, SC and Christian communities and castes. The JDS, on its part, too accommodated as many as seven Vokkaliggas as ministers.
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