TheIndian EXPRESS LATE CITY, 16+4 (NEWSLINE) PAGES, PUNE, `4.00 ● MONDAY, OCTOBER 9, 2017 ● WWW.INDIANEXPRESS.COM DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE ‘INFLATION ON THE RISE’ RBI surveys show general economy in ‘pessimistic zone’, jobs big worry Consumer confidence, growth and business sentiment have fallen, show surveys GEORGE MATHEW MUMBAI, OCTOBER 8 A SERIES of surveys undertaken bytheReserveBankofIndia(RBI) have indicated that more people seeconsumerconfidencedeclining,businesssentimentinmanufacturingdipping,inflationonthe riseandgrowthsliding.ThefindingsareinsyncwiththeRBI’sposition in its monetary policy reviewonOctober4,whichslashed growthforecastfrom7.3percent to 6.7 per cent for fiscal 2017-18. The current perceptions of households on the general economic situation remained in the pessimistic zone for four successive quarters, with the outlook worsening, the RBI said. The Consumer Confidence Survey, released by the RBI on October 4 soon after it unveiled thebi-monthlymonetarypolicy, says the response for the current perception on the general economicsituationshowed34.6per cent saying “improved” as of September 2017, down from 44.6percentinSeptember2016. According to the survey, 40.7 per cent of respondents say the economic situation has worsened in September 2017 as against25.3percentinthesame periodlastyear.Theresponsefor “one year ahead expectation” shows a decline to 50.8 per cent on the issue of economy “will improve” — down from 66.3 per cent in December 2016. The Consumer Confidence Survey was conducted in six metropolitancities—Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi — and obtained 5,100 responses on household perceptions and expectations on the general economic situation, the employment scenario, the overall price situation and their own income and spending. “The Current Situation Index (CSI) — a sub-index of the RBI’s consumer confidence survey that measures overall consumer sentiments toward the present economic situation — slipped furtherintothepessimisticzone, reflecting deterioration in sentiments on the employment sce- nario, the price level and income,” the RBI said. The same set of parameters caused the Future Expectations Index (FEI) — a sub-index that measuresoverallconsumersentiments toward the short-term (six-month)futureeconomicsituation — to slip further in the September 2017 round relative to its reading in the June 2017 round, the RBI said. Employment prospects have been the biggest cause of worry for respondents, with sentiment CONTINUED ON PAGE 2 With blessings of Bhole Baba, able to digest poison: Modi PARIMAL DABHI VADNAGAR, OCTOBER 8 EXPRESS NETWORK ● 4-MONTH-OLD RESCUED AFTER KIDNAPPING: ‘HIS SMILE IS WORTH EFFORT’, PAGE 5 3 DAYS BURNING Smoke over Butcher Island off Mumbai Sunday, 3 days after a fire broke out in fuel storage tanks. Ganesh Shirsekar REPORT, P 3 PRIME MINISTER Narendra Modi Sunday continued his indirect attackonthesocialmediacampaign, Vikas Gando Thayo Che, which mockstheclaimsofdevelopment madebytheGujaratgovernment andtheCentre.Hededicatedtwo medical colleges and hospitals — one each in Vadnagar and HimmatnagarofSabarkanthadistrict—andabusstationandatown hallinVadnagar,tothepeople. Modi also launched the Centre’s Intensified Mission Indradhanush, a programme to achieve full immunization by 2018, and a mobile phone application for workers in the health sector. This was Modi’s first visit to Vadnagar, his home town, after becoming PM. Addressing a CONTINUEDONPAGE2 Remove ‘M’ from AMU, ‘H’ from BHU, says UGC panel Names of central universities should reflect secular character, suggests audit report on AMU RITIKA CHOPRA NEW DELHI, OCTOBER 8 AGOVERNMENTauditof central universities has suggested that the words ‘Muslim’ and ‘Hindu’ be dropped from the names of Aligarh Muslim University (AMU) and Banaras Hindu University(BHU),respectively,to reflect their secular character, The Indian Express has learnt. The suggestion is contained in an audit of AMU by one of five committees set up by the University Grants Commission (UGC) on April 25 at the behest of the HRD Ministry to probe complaints of irregularities against 10 central universities. The AMU audit did not cover BHU but referred to the institution’s name in its report. Apart from AMU, the institutions that were subjected to an “academic, research, financial and infrastructure audit” by the committees include: Pondicherry University, Allahabad University, Hemwati Nandan Bahuguna Garhwal University in Uttarakhand, Central University of Jharkhand, Central University of Rajasthan, Central University of Jammu, MahatmaGandhiAntarrashtriya Hindi Vishwavidyalaya in Wardha, University of Tripura and Hari Singh Gour University in Madhya Pradesh. AMU and Pondicherry University were inspected by a committee comprising IITMadras professor Shripad Karmalkar, Maharshi Dayanand SaraswatiUniversityV-CKailash Sodani, Guwahati University Maharashtra minister’s firm leases land to garment unit funded by his own dept VISHWAS WAGHMODE MUMBAI, OCTOBER 8 A COMPANY belonging to Maharashtra Textile Minister Subhash Deshmukh’s LokmangalGroupwillearnlease rent from a cooperative society’s garment unit being set up through a financial scheme operated by the Textile Department, according to records obtained by The Indian Express under the Right to Information (RTI) Act. Records show that CONTINUED ON PAGE 2 3 MAHARASHTRA E AN XPRESS RTI APPLICATION Deshmukh approved financial assistance to the unit under his government’s scheme despite red flags being raised by his officials that contrary to norms governing the scheme, the society did not own the land on which the unit would come up. Deshmukh is the Planning textile hub in the area: Subhash Deshmukh MaharashtraBJP’svice-president and became Textile Minister on July 8, 2016. The society that leased his company’s land — Preshak Mahila Textile Garment CONTINUED ON PAGE 2 MUMBAI, OCTOBER 8 ● CHAVAN FACES LITMUS TEST ON HOME TURF BY SYED ATA HASNAIN What Gujarat did yesterday The state extended the best technologies to farmers, gave them access to markets. THEIDEASPAGE 9 Report on Shah’s son: Cong wants a probe, he says will sue for defamation EXPRESS NEWS SERVICE NEW DELHI, OCTOBER 8 A REPORT in the online news portal The Wire about the business dealings of BJP president Amit Shah’s son Jay triggered a political storm Sunday, with the Congress asking whether Prime Minister Narendra Modi would order an inquiry by the CBI or Enforcement Directorate, and the BJP calling the report “false” and “defamatory”. AmitShah’ssonsaidhewould sue the author of the report and the editors and owners of the websiteforcriminaldefamation. “We finally found the only beneficiary of Demonetisation. It's not the RBI, the poor or the farmers. It’s the Shah-in-Shah of Demo. Jai Amit,” Congress vice presidentRahulGandhitweeted. TheCPI(M),AAP,SamajwadiParty andRJDtoousedthereporttoattacktheBJP,AmitShahandModi. The report in The Wire said the turnover of Temple Enterprise Private Ltd, a company owned by Jay Shah, grew from Rs 50,000 in March 2015 to Rs 80.5 crore in 2015-16, a year in which it got access to an unsecuredloanof Rs15.78crorefrom financial services firm KIFS. In response, Jay Shah’s lawyer wrote to The Wire, “Jay Shah, Jitendra Shah and their associates invested share capital andunsecuredloansinthiscompany [Temple Enterprise]. Since working capital facilities were not available to a new business/company, interest bearingInterCorporateDeposits (ICD) were taken from time to time from KIFS Financial Services Ltd., a registered NBFC, torunthisbusiness.Taxhasbeen deducted on the interest paid (TDS)regularlyandtheprincipal and interest amount has been repaid in full.” While the report questioned “Absolutely false, baseless, malicious, derogatory, defamatory and hollow (report)... It’s all in (Jay Shah’s) account books, and his income-tax returns and all transactions are (in order)... PIYUSH GOYAL RAILWAY MINISTER We want to ask our Prime Minister, what do you have to say about crony capitalism now? Will you direct the CBI to probe? Will you direct the ED to probe?... I can... tell you that the Prime Minister will remain silent KAPIL SIBAL CONGRESS the sharp rise in turnover of Temple Enterprise in 2015-16, Shah’s lawyer said the company is in the business of import and CONTINUED ON PAGE 2 Kingfisher tweaked its accounts to understate losses by Rs 7,151 cr: SFIO KHUSHBOO NARAYAN HUMIDITY,PESTICIDE COCKTAILSREASONS FORCOTTONFARMER DEATHS:EXPERTS THEEDITORIAL PAGE Pakistan, storyteller A PROBE by the government’s Serious Fraud Investigation Office (SFIO) has alleged that Kingfisher Airlines understated losses to the extent of Rs 7,151.18 croreforfinancialyears2008-09 to2011-12bychangingaccounting practices, some of which were in violation of Accounting Standards. By presenting better than actual financials, Kingfisher was able to obtain higher bank loans, some of which were used to meet continuing cash losses, the report alleged. The government agency, whichprobesfinancialfraud,has stated in the report that the airline changed its accounting policy after consulting professors from the Indian Institutes of Management, Bangalore and Calcutta, instead of the apex accounting body, the Institute of Chartered Accountants in India (ICAI). The SFIO report has listed a coupleof areaswheretheairlines changed accounting methods. One,Kingfishershowedvariable lease rentals under “loans and advances” and showed them as “advance payments” underthecategoryof currentassets. Variable lease rentals are payments made by the airline to the lessor of the aircraft. Such payments are used to meet major maintenance expenses and depend upon the usage of the aircraft.Typicalaccountingpracticecallsforsuchpaymentstobe shown as revenue expenditure in the profit and loss account for the period. Till 2007-08, Kingfisher followed the correct accounting policy, the report said. From 2008-09 onwards, the airline charged these expenses to the balance sheet instead and also “reversed a sum of Rs 530.82 crore” variable lease rental charged to the profit & loss CONTINUED ON PAGE 2 ● PAGE ONE ANCHOR 10 WORLD YOUR RIGHT TO KNOW BY UNNY professor Mazhar Asif and IIMBangalore professor Sankarshan Basu. The panel’s mandate was limited to infrastructure and its academic,researchandfinancial operations in these universities. In its audit of AMU, the committee suggested that the institution should either be called just ‘Aligarh University’ or be Officials red-flag project on leased land; no conflict of interest, says Deshmukh AudhyogikUtpadakCooperative Society Ltd Solapur — is chaired byVidyaLolge,whoisalsoavicepresident of the Opposition NCP’s women’s wing. Government records show that on March 31, 2017, the last day of the financial year, the Maharashtra government sanctionedRs58.40lakhasassistance tothesocietyasafirstinstallment, under a National Cooperative Development Corporation (NCDC)-sponsored scheme for development of powerloom cooperatives. BUSINESS AS USUAL 8 TO ENTER INDIAN CRICKET TEAM, A NEW HURDLE: YO-YO TEST ISLAMICSTATE FACESFINAL ASSAULTIN SYRIA’SRAQQA NUKES A DETERRENT ENSURING N KOREA'S SOVEREIGNTY: KIM BHARAT SUNDARESAN & SANDEEP DWIVEDI NEW DELHI, OCTOBER 8 IT’S OFFICIAL. Every cricketer — not just those who play the energy intensive shorter versions, but even Test cricketers — will now need to have a basic level of aerobicenduranceprescribedby the Indian team management. According to BCCI CEO Rahul Johri, even if a cricketer happens tobeinjury-freeandinform,failure to meet the mandatory fitness parameters would result in him making way for a fitter player. “The captain, coach and chief selector, along with the other members of the selection committee in consultation with the support staff (trainer and physio),havesettheparameters. Thefitnessparameterssetbythe team management for athletes to be eligible for selection are non-negotiable,” Johri told The Indian Express. He said that the present set of players — who were part of India’s limited overs series against Sri Lanka and those involved in the ongoing home series against Australia — had all cleared the first of the management-approvedparameters:the yo-yo test, the globally-recognised cardio drill for international athletes. In the days to come, before the team for next month’s home Test series against Sri Lanka is announced, those in contention for the longest format will travel to the National Cricket Academy in Bengaluru to test their lung power. The yo-yo test requires players to pace themselves methodically — starting with a modest jog to the eventual gut-busting sprint—astheyshuttlebackand forthbetweentworowsof cones kept 20 metres apart. Each run needstobetimedwiththethree BCCI says test of running within 20-m mark ‘non-negotiable’ beeps that are played in the background. These are the signals for start, turn and finish. With the timing between the beeps constantly decreasing, each subsequent 40m circuit requires more speed. Getting beaten twice by the beep means theendof thetest.Thefinalscore is determined by the laps completed and the speed gathered. Johrisaidthatforstarters,the Indian cricketers have been asked to achieve a basic score, but gradually the fitness bar will be raised. “On the yo-yo scale, the grade needed to be achieved is 16.1, which is the minimum standard set for an elite interna- tional sportsman. The players have been informed of such parametersandmostcurrentplayers have already achieved this standard. In case of any exceptions, we’ve given them sufficient time to raise their fitness levels,” he said. While most see this as a necessary change considering the demands of modern cricket, therearethosewhosaythatcautionneedstobeexercisedbefore making such tests mandatory. A former member of the Indian coaching staff said the team management should keep in mind that aerobic endurance CONTINUED ON PAGE 2
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