FM seeks to allay depositors’ fears, hints a review of Bill
Banks depositors' fears about the safety of their savings- once the Centre enacts the proposed new law for resolving financial entities' bankruptcy- may be premature as the legislation is still at the drafting stage and could see several 'corrections' before its passage, Finance and Corporate Affairs Minister Arun Jaitley said on Friday.
Triple talaq law: States views sought
The Centre of Friday wrote to the States asking for their views on a draft law that imposes a maximum of three-year jail term on a Muslim man for giving instant triple talaq- or talaq e biddat- to his wife.
India must sustain tolerance: Obama
Unvieling his new role as a social reformer at a townhall and media event in Delhi, the former US President Barack Obama on Friday highlighted the issues of religious tolerance, LGBT commmunity rights and the importance of non-governmental organizations (NGOs).
Suu Kyi meets Xi in Beijing as Rohingya censure grows
Myanmar's civilian leader Aung San Suu Kyi, facing growing international criticism over her country's persecution of Rohingya Muslims, said on Friday her government had made progress in creating a peaceful society but acknowledged that 'much still remains to be done'.
Pope greets Rohingya in Dhaka
Pope Francis met a group of Rohingya refugees in Dhaka on Friday and called for a 'decisive international action' to end the refugee crisis.
Turning the Corner
After the second quarter GDP data was released by the Central Statistics Office (CSO), there was a heave of relief among the forecasters and economists. The government too was relieved that the earlier declining trend of four consecutive quarters of growth has finally come to a stable count. Industry officials and business people were also holding on to the hope that the first instance of a sustained rise in growth would remain the same. the GDP growth recorded at 6.3% for the good quarter ending in September month. This is higher than 5.7%- the record in the previous quarter and also lower than 7.5%, which is the record of the previous year. The Government and the Finance Minister took solace stating that the effects of both demonetization and GST went way behind us and we are in a growth spurt. However, these data can be comforting only if positive results from the GDP data would be seen. In celebrating the growth rates, the Indian economy should also see that other sectors of employment and output in terms of industry revival be worked upon. Like the portion of GDP growth acquired from capital formation declines from 27.5% to 26.4%. This needs to be closely observed and needs high policy priority. The improvements in the Ease of Doing Business would be futile unless a substantial pick-up in the private sector investment occurs. India also need to be concerned about its exports. Currently, there is a strong growth scenario prevailing across the world. In such a time, Indian economy should boost its exports to bring in more growth to the economy. Though there are few factors like GST, rise in prices of oil, Real Estate Act and the Insolvency Code which caused long pauses in the growth, they are behind now and the economy needs to get a good grip to earn more profits and growth.
The best way of ensuring the roads are safe is to enforce rules which have zero tolerance for violations. However, this is an anomaly and not an administrative priority. The court has earlier set up the Committee on Road Safety and appointed an amicus curiae for helping in implementing the recommendations. This is, however, mostly business for both police, the engineers entrusted with creating roads and pavements as well as for the transport officials who are indulged in licensing. The court order also brings with it actionable points with deadlines for implementation. The state governments should be accountable for these and the society must look that the points are followed without any compromise. It is more important considering there were 1,50,785 deaths in accidents in the year 2016, which is a 3.2% rise over the previous year- a challenging task indeed. A lack of scientific approach to accident investigation in India is one of the crucial drawbacks in implementing road safety. This was well highlighted by the Sundar Committee of the Ministry of Road Transport in the year 2007 which stated that other than the attempt at creating a National Road Safety and Traffic Management Board no other efforts have been made. The recent orders by the Supreme Court includes a roadmap where it directed the States to form up a District Road Safety Committee as headed by the Collector and should ensure that a person is always accountable when any citizen file a complaint on hazardous conditions. The Court also directed the States that there is a need to prosecute any and every case of drunk driving and driving on the influence of drugs imposing both fine and imprisonment for them. Also, any person driving on the wrong side of the carriageway should be treated as an offense liable for imprisonment under Section 279 of IPC rather than as a Motor Vehicles Stringent penalty. These rules and policies should be implemented well to ensure proper road safety in the country.