✌✌✌✌ THE HINDU ✌✌✌✌
✌✌ The Reserve Bank of India’s big surprise ✌✌
The Reserve Bank of India has surprised markets by opting to keep benchmark interest rates unchanged and cutting the outlook for full-year growth in the wake of last month’s decision to withdraw legal tender status to high denomination currency notes. In the fifth bimonthly monetary policy statement, the RBI cited a “backdrop of heightened uncertainty.” It listed global factors including the imminent tightening of U.S. monetary policy and the rise in oil prices, and “disconcerting” domestic inflation trends that could potentially endanger its price stability goals. Expectations that the U.S. Federal Reserve will resume its normalisation of policy by raising interest rates on December 14 have combined with a homeward-bound flight of capital from emerging markets in the wake of Donald Trump’s win in the presidential election to buoy the dollar at the expense of other currencies. The rupee has not been spared, forcing the RBI to intermittently intervene to reduce volatility. Given that the exchange rate has the potential to exert upward inflationary pressure as a bulk of the country’s commodity imports, including crude oil, are largely paid for in dollars, the RBI had little choice but to ensure that at least interest rates don’t end up being another alibi for capital outflows. On the domestic front, food prices other than those of vegetables are showing sustained firmness. More worryingly, inflation excluding food and fuel has stubbornly displayed a “downward inflexibility” that could, coupled with volatile energy costs and further financial market turbulence, jeopardise the RBI’s end-March retail inflation target of 5 per cent.
That the central bank has adopted a “wait and watch” approach in the wake of the liquidity shock to the banking system sparked by the withdrawal from circulation of about 86 per cent of the bank notes, is instructive. Trimming its Gross Value Added (GVA) growth projection for 2016-17 by 50 basis points to 7.1 per cent, the RBI cited an unexpected loss of momentum in the second quarter, particularly in industrial activity, and the impact from the withdrawal of currency. The RBI observed that the currency replacement exercise was likely to have the biggest impact on cash-intensive sectors. The resultant disruptions could drag down growth in this fiscal and more data are needed before conclusions can be drawn on the full impact and persistence of such an impact. It is understandable therefore that the RBI has opted for caution. Observing that economic growth could rebound strongly if the impact is “transient” as widely expected, the central bank has for now chosen to hedge its bets by reiterating an “accommodative policy stance”.
✌✌ Cho Ramaswamy, wit and analyst ✌✌
It was the eighteenth century satirist Joseph Addison who said his task was “to enliven morality with wit, and to temper wit with morality”. For veteran journalist, satirist and playwright ‘Cho’ Ramaswamy, the task may well have been “to enliven politics with wit, and to temper wit with political analysis”. Cho was a lawyer, writer, dramatist, comedian, journalist and commentator, but will chiefly be remembered as a playwright for his 1968 satire Muhammad bin Tughlaq, and as the editor of Thuglak magazine for his refusal to be cowed down by the Emergency. Many looked up to him for political analysis and even voting guidance. Often moving beyond the journalistic role, he utilised his numerous political friendships to bring together parties and leaders and sought to influence major developments. Seen as an upstart when he founded Thuglak in 1970, Cho managed to reflect the unspoken angst of the middle class, which held a dim view of politics and politicians, especially because of the ease with which political loyalties would swing from one end to another. His early years in journalism coincided with the authoritarian phase of the ruling Congress. Therefore it was no surprise that his brand of journalism, somewhat unique at the time in south India, had an anti-establishment resonance for many years.
Cho Ramaswamy: a comical critic and a long-standing friend to Jayalalithaa
It is easy to sum up Cho’s political views: he was a committed nationalist, a right-of-centre analyst, and a firm believer in a strong Central government. He tended to be disdainful of regional parties and their aspirations. He was a fierce critic of the Liberation Tigers of Tamil Eelam, and the misuse of Article 356 of the Constitution for political ends. With a readership that strongly echoed his own worldview, Thuglak shaped the thinking of the middle class for many years. However, with the rise of other political forces to take on the dominant and unpopular ones, Cho’s appeal was later limited to the right-wing middle and upper classes. Being a strong critic of the Emergency and a spirited lampooner of authority, he could have been a liberal. However, there was a streak of conservatism in his political outlook, which influenced the manner in which he addressed the issues before the country, both as an analyst and as a playwright. But ultimately, what will remain in memory is his inimitable humour, withering sarcasm and vigorous espousal of democracy against authoritarian intervention. His journalism was rooted in ethics, rarely allowing scope for gossip or baseless charges. His Tamil readers will definitely miss his sharp analysis and their weekly fix of middle-class wisdom.
✌✌✌✌ THE ECONOMIC TIMES ✌✌✌✌
✌✌ Sustained solutions needed to tackle pollution ✌✌
Delhi’s air quality has taken a turn for the worse, yet again. But now, thanks to the Supreme Court’s efforts, the National Capital Region will have an action plan: a series of measures that clearly designated authorities will take, as pollution levels spike. These measures, such as banning garbage burning when air quality is “moderate to poor”, or banning construction work when it is “severe”, while welcome, are not a long-term solution.
Improving air quality cannot be just about addressing spikes; it must be focused on reducing the total quantum of pollutants in the air by addressing the major contributors to the pollution base load. Biomass burning, soil and road dust, construction, solid waste burning, coal and fly ash, vehicular pollution contribute to poor air quality. Their contribution varies across region and seasons. While high-cost, high-visibility measures like cloud seeding or reversing atmospheric inversion using jet engines might have an immediate impact, they are no substitute for sustained measures to reduce pollution. Air pollution has been treated as a problem unique to Delhi, or at best a handful of metros. This metro-centric focus is detrimental to addressing what is a public health problem across the country. Poor air quality is a pan-India problem, the variation is in degree.
Improving air quality requires a concerted effort. Impact on air quality must be an important consideration in planning industrial projects, and emission norms need to be strictly implemented. Air quality has direct economic and developmental impacts, via its severe effects on health, mortality and productivity, with the poor bearing the brunt. India’s continued poor air quality could well derail its dreams of sustained and inclusive growth.
✌✌ The Reserve Bank of India’s big surprise ✌✌
The Reserve Bank of India has surprised markets by opting to keep benchmark interest rates unchanged and cutting the outlook for full-year growth in the wake of last month’s decision to withdraw legal tender status to high denomination currency notes. In the fifth bimonthly monetary policy statement, the RBI cited a “backdrop of heightened uncertainty.” It listed global factors including the imminent tightening of U.S. monetary policy and the rise in oil prices, and “disconcerting” domestic inflation trends that could potentially endanger its price stability goals. Expectations that the U.S. Federal Reserve will resume its normalisation of policy by raising interest rates on December 14 have combined with a homeward-bound flight of capital from emerging markets in the wake of Donald Trump’s win in the presidential election to buoy the dollar at the expense of other currencies. The rupee has not been spared, forcing the RBI to intermittently intervene to reduce volatility. Given that the exchange rate has the potential to exert upward inflationary pressure as a bulk of the country’s commodity imports, including crude oil, are largely paid for in dollars, the RBI had little choice but to ensure that at least interest rates don’t end up being another alibi for capital outflows. On the domestic front, food prices other than those of vegetables are showing sustained firmness. More worryingly, inflation excluding food and fuel has stubbornly displayed a “downward inflexibility” that could, coupled with volatile energy costs and further financial market turbulence, jeopardise the RBI’s end-March retail inflation target of 5 per cent.
That the central bank has adopted a “wait and watch” approach in the wake of the liquidity shock to the banking system sparked by the withdrawal from circulation of about 86 per cent of the bank notes, is instructive. Trimming its Gross Value Added (GVA) growth projection for 2016-17 by 50 basis points to 7.1 per cent, the RBI cited an unexpected loss of momentum in the second quarter, particularly in industrial activity, and the impact from the withdrawal of currency. The RBI observed that the currency replacement exercise was likely to have the biggest impact on cash-intensive sectors. The resultant disruptions could drag down growth in this fiscal and more data are needed before conclusions can be drawn on the full impact and persistence of such an impact. It is understandable therefore that the RBI has opted for caution. Observing that economic growth could rebound strongly if the impact is “transient” as widely expected, the central bank has for now chosen to hedge its bets by reiterating an “accommodative policy stance”.
✌✌ Cho Ramaswamy, wit and analyst ✌✌
It was the eighteenth century satirist Joseph Addison who said his task was “to enliven morality with wit, and to temper wit with morality”. For veteran journalist, satirist and playwright ‘Cho’ Ramaswamy, the task may well have been “to enliven politics with wit, and to temper wit with political analysis”. Cho was a lawyer, writer, dramatist, comedian, journalist and commentator, but will chiefly be remembered as a playwright for his 1968 satire Muhammad bin Tughlaq, and as the editor of Thuglak magazine for his refusal to be cowed down by the Emergency. Many looked up to him for political analysis and even voting guidance. Often moving beyond the journalistic role, he utilised his numerous political friendships to bring together parties and leaders and sought to influence major developments. Seen as an upstart when he founded Thuglak in 1970, Cho managed to reflect the unspoken angst of the middle class, which held a dim view of politics and politicians, especially because of the ease with which political loyalties would swing from one end to another. His early years in journalism coincided with the authoritarian phase of the ruling Congress. Therefore it was no surprise that his brand of journalism, somewhat unique at the time in south India, had an anti-establishment resonance for many years.
Cho Ramaswamy: a comical critic and a long-standing friend to Jayalalithaa
It is easy to sum up Cho’s political views: he was a committed nationalist, a right-of-centre analyst, and a firm believer in a strong Central government. He tended to be disdainful of regional parties and their aspirations. He was a fierce critic of the Liberation Tigers of Tamil Eelam, and the misuse of Article 356 of the Constitution for political ends. With a readership that strongly echoed his own worldview, Thuglak shaped the thinking of the middle class for many years. However, with the rise of other political forces to take on the dominant and unpopular ones, Cho’s appeal was later limited to the right-wing middle and upper classes. Being a strong critic of the Emergency and a spirited lampooner of authority, he could have been a liberal. However, there was a streak of conservatism in his political outlook, which influenced the manner in which he addressed the issues before the country, both as an analyst and as a playwright. But ultimately, what will remain in memory is his inimitable humour, withering sarcasm and vigorous espousal of democracy against authoritarian intervention. His journalism was rooted in ethics, rarely allowing scope for gossip or baseless charges. His Tamil readers will definitely miss his sharp analysis and their weekly fix of middle-class wisdom.
✌✌✌✌ THE ECONOMIC TIMES ✌✌✌✌
✌✌ Sustained solutions needed to tackle pollution ✌✌
Delhi’s air quality has taken a turn for the worse, yet again. But now, thanks to the Supreme Court’s efforts, the National Capital Region will have an action plan: a series of measures that clearly designated authorities will take, as pollution levels spike. These measures, such as banning garbage burning when air quality is “moderate to poor”, or banning construction work when it is “severe”, while welcome, are not a long-term solution.
Improving air quality cannot be just about addressing spikes; it must be focused on reducing the total quantum of pollutants in the air by addressing the major contributors to the pollution base load. Biomass burning, soil and road dust, construction, solid waste burning, coal and fly ash, vehicular pollution contribute to poor air quality. Their contribution varies across region and seasons. While high-cost, high-visibility measures like cloud seeding or reversing atmospheric inversion using jet engines might have an immediate impact, they are no substitute for sustained measures to reduce pollution. Air pollution has been treated as a problem unique to Delhi, or at best a handful of metros. This metro-centric focus is detrimental to addressing what is a public health problem across the country. Poor air quality is a pan-India problem, the variation is in degree.
Improving air quality requires a concerted effort. Impact on air quality must be an important consideration in planning industrial projects, and emission norms need to be strictly implemented. Air quality has direct economic and developmental impacts, via its severe effects on health, mortality and productivity, with the poor bearing the brunt. India’s continued poor air quality could well derail its dreams of sustained and inclusive growth.
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