DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE SATURDAY, OCTOBER 9, 2021, NEW DELHI, LATE CITY, 22 PAGES Namaste, Tata MAHARAJA RETURNS TO BOMBAY HOUSE AFTER 68 YEARS EXPLAINED PEACE NOBEL FOR JOURNALISTS MARIA RESSA, DMITRY MURATOV PAGE 15 4,400 1,800 MUMBAI, OCTOBER 8 CONTINUED ON PAGE 2 WELCOME BACK, AIR INDIA... WILL REGAIN REPUTATION: RATAN TATA PLANE NUMBERS GEORGE MATHEW THERESERVEBankof India(RBI) Fridaykeptkeyinterestratesunchanged for the eighth time in a row, slashed the inflation target for 2021-22 to 5.3 per cent, and indicated the unwinding of the accommodative policy as the economy shows signs of emergingfromtheimpactof theCovid19 pandemic. Interest rates in the banking system are expected to remain steady as the Monetary Policy Committee (MPC) kept the repo rate unchanged at 4 per cent, reverse repo rate at 3.35 per cent, and the marginal standing facility (MSF) rate and bank rate at 4.25 per cent in the bi-monthly monetary policy review. On unwinding of the accommodative monetary policy, RBI Governor Shaktikanta Das said “this process has to be gradual, calibrated and nondisruptive, while remaining supportive of WINNING BID OF Rs 18,000 CRORE, Rs 2,700 CRORE IN CASH domestic slots 141 international landing and parking slots at domestic airports 900 slots at airports overseas aircraft* 30 lakh+ frequent fliers Letterof intenttobeissued,transaction settoclosebyendof December:Govt PRANAV MUKUL NEW DELHI, OCTOBER 8 TATA SONS will regain control of Air India as it takes over 100 per cent of the government’s stake in the national carrier, marking the end of a protracted struggle to sell the airline and the first stepintheCentre’smegaprivatisation push. The Mumbai-based conglomerate placed a winning bid of Rs 18,000 crore, of which Rs 2,700 crore will be paid in cash and the remaining Rs 15,300 crore will be the absorbed from theoverRs60,000croredebtthe airline had as of August 31, 2021. The government, in 1953, had taken control of the airline from the Tata Group, which founded the carrier as Tata Airlines in 1932. Talace Pvt Ltd, a unit of Tata Sons, the holding company for the conglomerate, will acquire CONTINUED ON PAGE 2 BUSINESS AS USUAL BY UNNY domestic market share (AI only) employees* *(AI & AIXL) ‘Landmark in economic policy’: Why this could signal a new takeoff PRANAV MUKUL & SUNNY VERMA NEW DELHI, OCTOBER 8 EXPLAINED WHAT DEAL MEANS FOR THE GOVT AND THE TATAS PAGE 15 ECONOMY WHAT NEXT: RESTRUCTURING OF WAGES, VRS PAGE 19 13.2% 13,500 THE PRIVATISATION OF Air India is a message from the Government to the markets and global investors that it has the political will to bite the reform bullet. Itsdemonstrativeeffect gets amplified because Air India was alwaysahardsellgivenits colossal losses and debt despite continuous infusion of funds. The process was a labour of nine months for officers in the Union FinanceMinistry who encountered multiple obstacles, and had to shed the “over-conservatism” that is typical of bureaucracy, said an official involved in the process. Speaking to The Indian Express, Finance Secretary TV Somanathan said: “It is an important landmark in the evolution of our economic policy.” Officials said a transaction as “tough and complex” as Air India’s in an open, transparent andcompetitivebiddingprocess, will boost future privatisation. “Definitely, there will be a fillip because bidders will get more confidence in the government’s capacity to ● close transactions,” said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM). Senior officials said this sale will help push other tough decisions the government is keen on taking. “Even during E EXPLAINED RBI keeps same rates for 8th time, hints end of easy money `6.00 (`8 BIHAR & RAIPUR, `12 SRINAGAR) WWW.INDIANEXPRESS.COM SINCE 1932 CONTINUED ON PAGE 2 LAKHIMPUR KHERI Not satisfied with steps taken by UP govt: Supreme Court MoS son skips summons; Yogi vows to punish guilty EXPRESS NEWS SERVICE NEW DELHI, OCTOBER 8 MAKING ITS displeasure clear, the Supreme Court Friday said it was “not satisfied with the steps taken” by the UP government in the investigation into the deaths of eight persons in Lakhimpur Kheri, including four farmers who were mowed down by a convoyof vehiclesincludingone owned by Union MoS for Home Ajay Mishra. The three-judge bench headed by Chief Justice of India N V Ramana and including Justices Surya Kant and Hima Kohli, also criticised the makeup of the Special Investigation Team (SIT) in the case, saying it wascomprisedof “local people”, and that it is the state government’s responsibility to “vindi- Mishra going to meet Yogi in Lucknow Friday. Express cate the faith reposed in it”. Responding to Senior Advocate Harish Salve, who appeared for thestateandsaidthat AshishMishra,theMinister’sson whoisallegedtohavebeendriving one of the vehicles, had been summoned for questioning, CJI Ramana said: “This is the opinion of the bench. We expect CONTINUED ON PAGE 2 ASAD REHMAN LAKHIMPUR KHERI, OCTOBER 8 EVEN AS UP Chief Minister Yogi Adityanathdescribedthedeaths of eight persons, including four farm protesters, in Lakhimpur Kheri as “sad and tragic” and vowed to punish the guilty, UP Police Friday issued a second summons to Union MoS Ajay Mishra’s son Ashish, who is alleged to have driven the vehicle belonging to his father that CONTINUED ON PAGE 2 Ahead of LAC talks, a near clash in Tawang KRISHN KAUSHIK NEW DELHI, OCTOBER 8 INDIANANDChinesetroopsjostled with each other before disengaging last week near the Sino-IndianboundaryintheEast Tawang sector of Arunachal Pradesh. Details of the incident near the Yangtse area emerged Friday as the two countries preparedforthenextroundof Corps Commander-level talks to resolve the military standoff in Ladakh,thewesternsectorof the CONTINUED ON PAGE 2 TEACHER’S DEATH, SRINAGAR At the cremation of Supinder Kaur, the principal shot at school along with a teacher, in Srinagar on Friday. Shuaib Masoodi REPORT, PAGE 9
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