Page no. 1
U.S. backs sale of fighters to India:
Congress told of strategic importance
Page no. 1
Where Kerala’s birds go for higher studies
Page no. 6
Heritage building demolished
Page no. 7
‘Develop IP locally or we are doomed’
Air Marshal’s caution against imports
Page no. 7
Focus on ‘impactful’ Smart City projects: Centre:
States ask to prioritise 370 schemes, to be completed at a cost of Rs. 30,000 crore
Page no. 10
India keeps of ‘Bali Declaration’
Page no. 12
Hurricane Irma turns Caribbean islands into rubble
9 killed as St. Martin and St. Barthelemy see widespread destruction of property
Page no. 13
Crystal clear’ on moving to alternative auto fuels: Gadkari
: Says Cabinet note on electric vehicles ready, exhorts industry to pursue research
Page no. 13
State laws repugnant to IBC are void: SC
‘Entrenched managements not allowed to continue if they cannot pay their debts
Page no. 18
African wild dog democracy is nothing to sneeze at:
Scientists who studied a pack in Botswana found that the canines displayed fascinating voting behaviour when getting ready for a hunt
Page no. 18
NASA captures images of strong solar flares:
Among the most intense this sun cycle
Page no. 8
Social revolution in a JAM:
Equality in the digital space is different from empowering Indians in the bricks-and-mortar world What is JAM? JAM is derived from JanDhan, Aadhaar and Mobile. It combines bank accounts for the poor, who barely had the money to deposit in them, direct transfer of benefits into these accounts and the facility of making financial payments through mobile phones. Aadhaar is the main part of JAM. It is allowing the government to ensure that benefits reach the poor and enabling them to make payments through ordinary mobile phones. Government created the Bharat Interface for Money (BHIM) app for digital payment. Equality in the digital space v/s in the bricks-and-mortar world Government declared JAM as a ‘social revolution’. However, Pulapre Balakrishnan viewed that it is more exaggerated and simplest view to understand equality and economic inclusion in the ‘bricks-and-mortar world’. He argued that a financial inclusion, in the sense of everyone having a bank account and access to reliable and free electronic payments system, is not the same as economic inclusion. At its most basic level, economic inclusion would entail equal access to opportunities for earning a livelihood. The potential workers must be endowed with the capabilities to take advantage of the opportunity offered. The JAM offered a little in this part because it functions in the digital space while much of our life is lived in the brick and mortar world. In the latter space we have seen very little improvement, not just recently but since economic reforms were launched over 25 years ago. Indian would have achieved a social revolution when all individuals are equipped with the essential capabilities. This happens when a society has, at a minimum, universal health and education infrastructure accessible to all. However, India is facing many challenges in the provision of public infrastructure ranging from health and education to drainage and sewerage. Empowerment in the brick and mortar space would require public infrastructure on a gigantic scale. JAM may Undoubtedly, JAM ensures seamless transfer of welfare payments and facilitates the making payments in real time and may have achieved equality in the digital space, which are worthy objectives. But it is far from having empowered Indians in spheres of their daily life. The social revolution of India will arrive when all Indians are empowered through an equality of capabilities.
Page no. 8
Editorial: Vigil on vigilantes:
The Supreme Court’s stern message about checking aggressive gau rakshaks is welcome. For over a year, instances of groups beating up and even killing persons allegedly suspected of transporting cattle or bovine meat have become commonplace. The Supreme Court had issued notices to the Centre and some States in April on a writ petition that demanded action against such cow protection groups. The Supreme Court has asked the States and Union Territories to appoint nodal police officers in each district to crack down on cow protection or gau-rakshaks mobs. The order came after the counsel for Haryana, Gujarat, Maharashtra and Rajasthan offered to appoint such district nodal officers to check vigilante groups and act promptly whenever offences take place. Curbing cow vigilantism requires an immediate change in the police approach towards the cases. In more than one State, cow ‘protectors’ have legal recognition as local laws provide immunity to them if they were acting in good faith. The validity of such provisions in laws aimed at banning or regulating slaughter of animals and protecting the cow may be decided in the course of these proceedings. Article 256 empowers Centre to issue directions to the States, to put an end to the activities of vigilantes. Union Government should use this power instead of shirking its responsibility on the ground that this is essentially a law and order issue to be addressed by the States.
Page no. 8
Editorial: The next supercycle?
A weakening American dollar stokes a rebound in commodities prices. Global commodities have witnessed a bull run over the last 12 months, reviving hopes of the beginning of the next supercycle in commodity prices. Aluminium, copper, zinc and nickel recorded multi-year highs in the price recently. Many of these commodities have risen in the range of 30% to 40% over the last year. The previous commodities supercycle in 2014 is followed by a steep fall in prices in the next two years. Signs of economic recovery, driven substantially by stimulus investment in Chinese infrastructure, have had a significant impact on commodity prices for now.The dollar strengthened in the last quarter of 2016 even as commodity prices shot up due to market euphoria after the election of Mr. Trump. This was in direct contrast to the historical relationship between the dollar and commodity prices, which saw a stronger dollar associated with weaker commodity prices. The new relationship between the dollar and commodities continued into the first half of 2017; this time around, however, the dollar weakened by as much as 5% while commodity prices dropped concurrently.
Page no. 9
Left, right Centre: Demonetisation: now a proven failure?
Left, right, centre is a debate forum of opinions on an issue through three angles by different specialists. Today’s debate topic is Demonetisation: now a proven failure?Arun Kumar, Professor of Institute of Social Science, recognises demonatisation as as a means of tackling the black economy is a total failure. He argued that if extinguishing black money was the intention of the move, not even 0.01% of that has been achieved. Black money is a result of black income generation. This is produced by various means which are not affected by the one-shot squeezing out of cash. Cash is only one component of black wealth, only about 1% of it. He argued that any black cash squeezed out by demonetization would then quickly get regenerated. So, there is little impact of demonetisation on the black economy, on either wealth or on incomes.Dhiraj Nayyar, officer on special duty and Head, Economics, Finance and Commerce, Niti Aayog point out that critic overlook the significant gains of demonetization. He argued that for a prosperous India, three ingredients are essential: a transparent, effective government, flourishing of competitive free markets, and huge investment in the poor. He said that the very foundation of future prosperity was under threat because of corruption in government, flourishing crony capitalism at the expensive of honest entrepreneurs, and rampant tax evasion meant that the state did not have enough money to invest in uplifting the capabilities of its most vulnerable citizens. India needed a major and clear break-up from this entire situation and demonetization, according to him, is the essential clear break-up.Pronab Sen, former Chairman of the National Statistical Commission and country director, India Central Programme of the International Growth Centre, comments that any policy has to be judged in terms of its original intention. The original intent of demonetisation was to address the issue of black money. There is enough work that suggests that people with black money hold a very small proportion of it in cash. Most of it is usually invested in gold or real estate or in the stock market or abroad. The share of black cash is 6% of the total black economy. Hence, according to him, the original intent of the demonetization is failed. However, he object on the approach of the RBI and the banking system that had not given any prior warning about what was going to happen and common people are vilified by this action.
Page no. 10
India keeps of ‘Bali Declaration’:
Reference to Rakhine inappropriate. An Indian Parliamentary delegation, led by Lok Sabha Speaker Sumitra Mahajan, dissociated itself from the ‘Bali Declaration’ adopted at the ‘World Parliamentary Forum on Sustainable Development’ to show solidarity with Myanmar. The part of the declaration to which India objected is expressing deep concern on the ongoing violence in the Rakhine State of Myanmar. India said that it is an “in appropriate” reference to the violence in Rakhine State from where 1, 25,000 Rohingya have fled to Bangladesh.