WEDNESDAY www.thestatesman.com 12 SEPTEMBER 2018 FIND US ONLINE Scan this with your smartphone twitter.com/TheStatesmanLtd facebook.com/thestatesman1875 Pages 16 |` 5.00|LC KOLKATA | NEW DELHI | SILIGURI | BHUBANESWAR P5 P6 Generally cloudy sky with a few spells of rain/thundershowerlikely.Max-min temp likely to be 34-26 degree celsius, resp. RAINFALL: 16.3 mm RELATIVE HUMIDITY Max.94% Min. 66% TEMPERATURE Min: 27.5°C (+1.4) SUN SETS 17:44 hrs MOON SETS 19:51 hrs First quarter of moon on 20 September STATESMAN NEWS SERVICE NEW DELHI, 11 SEPTEMBER The already record-high petrol and diesel prices in the country are likely to scale new highs in coming days since crude oil prices in the international market and the US dollar against the Indian currency continue to cost more, even as the Centre is not expected to cut excise duty on fuels for now. Going by several petroleum ministry officials' views, the finance ministry is in no mood to cut excise duty on fuels until there is "some major spike" in international crude oil prices. "At least there would be no relief in coming days," said a senior petroleum ministry official. Similar indications have come from many state governments barring a few such as the Assembly election-bound Rajasthan, Andhra Pradesh and now West Bengal, where their governments have slashed their state taxes marginally. The petrol and diesel prices today reportedly rocketed to fresh highs, sharpening their blow on common people and their household budgets. Sensex plunges 509 points INJURED INNOCENCE MUMBAI, 11 SEPTEMBER THUMBNAILS Sharif's wife passes away: Begum Kulsoom Nawaz, wife of deposed and now jailed Pakistan Prime Minister Nawaz Sharif, passed away in a hospital in London on Tuesday after months of battle with cancer, the family said. She is survived by her husband and four grown up children: Hassan, Hussain, Maryam and Asma. Nawaz Shairf and Maryam are serving a jail sentence in Rawalpindi for graft. P9 PM announces hike in rural health workers’ wages: Fulfilling a long-standing demand Prime Minister Narendra Modi on Tuesday announced a hike in remuneration of ASHA and Anganwadi workers across the country. An announcement to this effect came during Modi's interaction with ANM (Auxiliary Nurse Midwife), ASHA and Anganwadi workers over audio-video bridge from Delhi. Doctorate of Science CNR Rao and Doctorate of Literature Soumitra Chjatterjee during the 6th annual convocation of Presidency University in Kolkata on Tuesday. n DILIP DUTTA An Afghan wounded boy receives treatment at a hospital following multiple explosions in Jalalabad on Tuesday. A boy was killed and four others were wounded in a double bombing outside a girls school in eastern Afghanista, officials and witnesses said. AFP Amid mounting apprehension of equity markets being pushed into bearish phase on account of myriad domestic and internal factors, Kotak Securities has come out with a report that counts on the benefits of falling partially convertible rupee for information technology or IT shares for financial years 2018-19 and 2019-20. The agency has decided to upgrade nine IT shares that are being traded regularly on the Bombay Stock Exchange and the National Stock Exchange. SNS P8 Large number of bad loans originated in 2006-2008, says RBI ex-governor Rajan IANS NEW DELHI, 11 SEPTEMBER A larger number of bad loans or NPAs originated in 2006-2008 when Indian economic growth was strong as the banks made mistakes, former RBI Governor Raghuram Rajan has said. He said that global slowdown, project cost overruns and government decision-making were among the factors that contributed to the process. "A larger number of bad loans originated in 2006-2008 when economic growth was strong, and previous infrastructure projects such as power plants had been completed on time and within budget. It is at such times that banks make mistakes. They extrapolate past growth and performance to the future. So, they are willing to accept higher leverage in projects, and less promoter equity," he said. In a note to Parliament's Estimates Committee on Non-Performing Assets (NPAs) of public sector banks, Rajan called for examining MUDRA loans and Kisan Credit Cards more closely for potential cred- it risk. In the note prepared on request of committee Chairman and BJP leader Murli Manohar Joshi, the former RBI chief said that the Credit Guarantee Scheme for MSME run by SIDBI is a growing contingent liability and needs to be examined with urgency. Rajan pointed out that the loan waivers vitiate the credit culture and an all-party agreement to this effect would be in the country's interest in view of impending elections. The Congress and Bharatiya Janata Party have traded charges over mounting NPAs and the Congress has been pressing the Modi government to announce loan waiver to farmers. The ex-RBI Governor said that sometimes banks signed up to lend money based on project reports by the promoter's investment bank without doing their own due diligence. Rajan said that years of strong growth before the global financial crisis were followed by a slowdown which extended to India and demand projections for various projects were shown to be increasingly unrealistic. Grand alliance in T’gana to take on TRS IANS HYDERABAD, 11 SEPTEMBER In a major development, opposition Congress, TDP and CPI on Tuesday joined hands to form a grand alliance to take on the ruling TRS in Telangana in the ensuing Assembly elections. The leaders of these parties announced after first round of talks that they are forming the alliance. This is the first time in Telugu Desam Party's 35-year-old history that it is joining hands with the Congress in a state. State Congress chief Uttam Kumar Reddy said they would try to bring together all opposition parties to defeat Telan- gana Rashtra Samithi (TRS). The alliance will also seek support of all people's organisations, employees, unemployed and women's groups. The leaders of Congress, Telugu Desam Party (TDP) and Communist Party of India (CPI) met at a star hotel in the city. This was their first meeting to form an alliance. Chief Minister K. Chandrashekhar Rao last week dis- With the toll increasing ever so often he directed his son and IT minister Mr KT Rama Rao and his daughter and MP, Mrs Kavita to rush to the spot. When their helicopter was taking off at Begumpet he asked them topet he asked them solved the Assembly to go for early elections. The polls are likely in November. The opposition parties have termed TRS chief's action as undemocratic. Uttam Kumar Reddy, TDP's Telangana unit president L. Ramna and CPI's state secretary Chada Venkat Reddy and other leaders of the three parties held the talks. Later, they joined leaders of other opposition parties to meet Governor E.S. L. Narasimhan and demand President's rule in the state. They said that free and fair elections were not possible in Telangana with Chandrashekhar Rao as the caretaker Chief Minister. The state Congress chief later told reporters that the opposition parties have expressed their concern over KCR abusing power for the benefit of TRS. They said KCR had openly claimed that he had dis- SILVA CLINCHES IT FOR PORTUGAL AS ITALIANS SLIP P2 Fuel prices to scale new highs WEATHER Max: 34.4°C (+2.2) SUN RISES 05:23 hrs MOON RISES 07.43 hrs LYNCH MOBS GO ON THE RAMPAGE IN BIHAR A POLITICAL GOVERNOR CONGRESS EQUALLY RESPONSIBLE FOR FUEL PRICE HIKE cussed with Central Election Commission to hold the elections in November. "This is against the principles of democracy and against the Constitution. Holding of elections and formation of government is the duty of Election Commission and not the ruling party's," he said. Uttam Kumar Reddy said that Prime Minister Modi, CM KCR and Election Commission appear to be in connivance to suppress people's democratic rights. He said that the Election Commission had announced the schedule for revision of electoral rolls on September 1. The entire process was to be completed by January 4. P11 57 killed as bus falls into gorge Tuesday’s accident is the worst in the history of RTC STATESMAN NEWS SERVICE HYDERABAD, 11 SEPTEMBER F ifty seven persons, including six children, were killed when the state owned Road Transport Corporation Bus skidded off a hill road into a valley near Jagityal. Today’s accident is the worst in the history of the RTC, which dates back to the Nizam who began the services in 1932. The accident took place between 11.45 am and noon when the bus was returning from the Anjaneya Swamy temple to Jagityal. Police sources say that primarily the brakes of the bus failed as it was negotiating a sharp curve on the hill road. The bus was carrying over 80 passengers. When police and rescue teams reached the spot they found that 20 passengers died. Most of them died of suffocation as they fell on each other. But the toll steadily rose and reached the alarming figure towards evening as the victims died of their injuries at the Jagityal Area Hospital. Chief minister Mr K Chandrashekar Rao expressed deep shock and announced Rs 5 lakh to the next of the kin who died in the accident. With the toll increasing ever so often he directed his son and IT minister Mr KT Rama Rao and his daughter and MP Mrs Kavi, ta to rush to the spot. When their helicopter was taking off at Begumpet he asked them to take along transport minister Mr Mahender Reddy who was at Vikarabad. Prime Minister Mr Narendra Modi, Union home minister Mr Rajnath Singh and Andhra Pradesh chief minister Mr N Chandrababu Naidu were among the several leaders who tweeted their anguish at the accident and offered condolences.
The Statesman is one of India's oldest English newspapers. It was founded in Kolkata in 1875 and is directly descended from The Friend of India (founded 1818). The Englishman (founded 1821) was merged with The Statesman in 1934. The Delhi edition of The Statesman began publication in 1931. The Statesman Weekly is a compendium of news and views from the Kolkata and Delhi editions. Printed on airmail paper, it is popular with readers outside India. The Statesman (average weekday circulation approximately 180,000) is a leading English newspaper in West Bengal. The Sunday Statesman has a circulation of 230,000.