Today's News in Media:Inflation At 22-month High; Govt Notifies Aadhar Act; Sanders Endorses Clinton fw ERI BOI
Inflation At 22-month High; Govt Notifies Aadhar Act; Sanders Endorses Clinton Your Wednesday Morning Briefing
By Arihant Pawariya | | | Good Morning, Swarajya Readers! Here's What You Need To Know Today. | | INFLATION WATCH
Consumer price index-based (CPI-based) inflation increased marginally to 5.77 percent in June from 5.76 percent in May on account of higher food prices. This means one can probably say goodbye to the chances of a rate cut by the outgoing RBI governor Raghuram Rajan. The central bank and the government have set a target of 5 percent retail inflation by March 2017.
The Index of Industrial Production (IIP) aka India's factory output rose 1.2 percent in May on the back of a pick-up in manufacturing activity. Bloomberg had predicted a contraction of 0.3 percent. | | SOUTH CHINA SEA RULING
An international tribunal in The Hague has ruled in favour of the Philippines in a maritime dispute, concluding that China doesn't have the right to resources within its "nine-dash line," which covers some 90 percent of the disputed South China sea. $5 trillion worth of shipborne trade passes through this area each year.
China which had boycotted the proceedings has vowed to reject the ruling by the Permanent Court of Arbitration. President Xi Jinping said that China will never accept any claim or action based on those awards.
Without naming China, India's Ministry of External Affairs issued a statement last night urging all parties involved in the dispute to show the utmost respect for the UN-backed tribunal's ruling. Though it is highly unlikely that China will play ball. | | CAGED PARROT
A Supreme Court-appointed panel headed by former CBI special director M L Sharma has concluded its probe into the accusations that former CBI director Ranjit Sinha interfered with the investigation in 2G and coal scam cases. The panel informed the apex court that the controversial visitors' register of Sinha's residence was genuine which shows that Sinha, when he was CBI director, had met people accused in the 2G and coal scandals at his official residence without the presence of investigating officers.
The Supreme Court has given a copy of the report to attorney general Mukul Rohatgi and asked him to suggest further action. | | REVOLUTION TO STATUS QUO
A month after losing the Democratic Presidential primary and a lot of dilly-dallying, Socialist Bernie Sanders finally endorsed his rival Hillary Clinton in a rally in New Hampshire saying it was critical that Democrats come together to defeat Republican presumptive nominee Donald Trump.
Sanders was able to win concessions from Clinton for language in the Democratic party platform, aka party manifesto last weekend, including a provision calling for a $15-an-hour federal minimum wage. He has also forced her to reverse positions on the Trans-Pacific Partnership trade deal and the Keystone XL Pipeline. She earlier supported these two issues. Now, she opposes it. Last week, she proposed tuition-free enrollment in public in-state colleges for families making up to $85,000. During the primaries, she had opposed Sanders on this issue.
After the endorsement, Donald Trump lashed out at Sanders and called him a sellout to the establishment and Clinton. | | AADHAR OPERATIONALISED
The Centre has notified the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 and operationalised some of its provisions, giving a legal shape to UIDAI. The bill was passed in the last session of the Parliament.
The government separately notified the UIDAI (Terms and Conditions of Service of Chairperson and Members) Rules, 2016, paving the way for the appointment of its chairperson and members. The next chairperson will be selected on the recommendation of a committee headed by the cabinet secretary. The post has been lying vacant since Nandan Nilekani resigned over two years ago. | | ED IN ACTION
The Enforcement Directorate has arrested founder and former chairman of Financial Technologies (India) Ltd (FTIL) Jignesh Shah in the Rs 5,574.35 crore National Spot Exchange Ltd (NSEL) commodity exchange scam. Reportedly, he was not cooperating with the investigative processes.
The investigative agency had found evidence of money laundering against Shah under the Prevention of Money Laundering Act, 2002 (PMLA). Shah will be produced before the special PMLA court today. ED has so far attached properties worth Rs.600 crore in the case. | | PS: CABINET RESHUFFLE
The Union Minister for Minority Affairs Najma Heptullah tendering her resignation last night. Her deputy, Mukhtar Abbas Naqvi has now been given independent charge of the ministry. Heptullah recently turned 75, an undeclared retirement age in the current Modi dispensation.
G M Siddheswara, MoS for heavy industries has also put in his papers. Minister of state for Urban Development, Babul Supriyo has been assigned the Ministry of Heavy Industries, after being divested of his former charge. | | MUST READ OP-EDS
Stagnant Manufacturing [Ajit Ranade]: The dismantling of the licence raj was supposed to unleash the industrial sector, but if anything, its share in the GDP has fallen just a bit.
Towards A Continental Drift [Harsh V. Pant]: India's sustained and systematic outreach to all parts of Africa is a welcome move after years of only intermittent attention.
Inflation Targeting And Credibility [Rajeev Malik]: Instead of further compromising the credibility of the monetary framework and adopting a liberal inflation target to facilitate lower interest rates, the government should step up its supply-side efforts to deliver low and stable inflation. | | SWARAJYA SPECIAL
The Questions We Should Be Asking About AMU As A Minority Institution: Why should a publicly funded university established by the government of India be run as a minority institution? If you want to run it as such, fund it from community resources. Do not expect the taxpayers to foot the bill. | | We hope you enjoyed reading our morning brief. Please reply to this mail to give your feedback. Have a great day ahead!
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