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Drastic measures needed to arrest free fall of economy

Ajay Shukla

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Reserve Bank of India (RBI) Governor Shashikanta Das agreed that the growth rate of GDP in the present FY (2020-21) is expected to be negative, thereby endorsing the audit report of the International Monetary Fund (IMF) and the World Bank.

Undoubtedly, it will take long time to put the economy back on tracks so that it could be restored to normalcy, given the Covind-19 pandemic impacting all the sectors in India. A high-level committee has also been set up to draft a plan for corporate loans.

There is a plan framed for loans for the small businesses which are facing financial distress. While the RBI governor was blaming Covid-19 epidemic for the flagging economy, what he forgot was that the GDP rate was at its lowest in 6 years in the second quarter of 2019. The unemployment rate had broken all records of the last 45 years.

 Apparently going by the assessment made by his economic advisors, Shaktikana Das claimed to turn around the economic scenario to the extent of achieving economy of $5 trillion by 2024, while the global economists stated that 4.5 % growth rate of GDP cannot fulfill this dream. What they mean is that the country’s economy won’t lift by then.

What is visible is that the efforts are being made to cover up the failure vis-àvis economic development, and the excuse for that is Covid-19 pandemic.

As a matter of fact, the economy, which was already in a bad shape, took turn to worse on account of Covid-19. On the contrary, Government is concealing the statistics of NSSO instead of dealing with the situation. The government is doing so for the reason that compared to the last 40 years there is a considerable decrease in consumer expenditure during current FY.

Now the Governor of RBI, historian Shashikant Das has also admitted that the country’s economy is going through a bad phase. The plans made by the Government to deal with this situation are not sufficient as the facts emanating from the appraisal meetings indicate a big disaster waiting to happen in the banking sector. According to them, the bad loans have peaked to Rs 12 lakh crore. Global economist and former RBI Governor Raghuram Rajan has estimated that the bad loans shall peak beyond Rs 20 lakh crore in the current FY.

What does it mean? It means that all the banks of the country are on the verge of collapse and they are looking for relief from the government but what it has done it has merged a few more banks and is moving forward for privatisation of the banks. This is not any solution as the MSMEs have clarified that they are not in a position to repay their loans for want of a credible policy. This sector will take a long time to recover on account of Covid-19 and this shall have a definite impact on other sectors.

 Media sector is also passing through a severe financial distress, with advertisements having shrunk. It can be understood that the distress of the MSME sector indicates massive decline in employment opportunities and people’s spending power.

The effects of bank being in distress and the negative GDP are destined to have a disastrous impact. Inflation has doubled compared to the returns on the investment in the banking and non-banking sector. More than 3000 companies have filed for bankruptcy and such is the number of companies waiting to file for bankruptcy. Meanwhile the Government has stopped this process.

It is clear that the foundation of the banking sector has collapsed. The policy makers are pressing RBI to keep minting currency. Whenever currencies are minted unreasonable inflation is bound to rise. There was a time when the nationalization of banks has instilled confidence in citizens, which is fading away now. Privatization of the public sector banks is underway resulting in failure of optimal returns on investments. You are bound to be stressed when the banking sector is on the verge of collapse and your money unsafe. You cannot keep money at home and there is no reliable place for investment. This is the reason for the rise in investments in gold.

RBI has decided to grant 90% loan against gold. In these times of distress your requirements of loans against other assets are not forthcoming. This is pushing the industry in the worst situation. Selfreliant plan is confined to the desk only. Employment of a general worker is being snatched away. Government has admitted before the Parliamentary Committee that 10 crore jobs have been lost due to this pandemic. Expectedly the purchasing power of people will be reduced drastically. Sale of passenger vehicles has fallen to 49.59 percent.

 You might remember that when the Union budget was passed on 23 March wherein the outlay for the income and expenditure showed the crumbling economy to be resulting from Covid-19 epidemic. Now all the Government estimates of incomes are being proved baseless. Reduction in expenditure is also not showing results. Government funds are being spent more on lavish expenditures and functions than on public welfare. Steps to sell revenue generating public sector companies are underway to garner funds. Public sector Insurance companies, which provided safety insurances to the public, are also being sold. In these circumstances it is imperative that people shall avoid investing in these companies. On the other hand, Finance Secretary has clarified that he is not in a position to provide the state’s shares of the revenue in the first quarter and the states are in a predicament as they use this revenue to pay salaries to their employees. If they do not receive their share of revenue then they shall be forced to reduce the employees and their salaries, a step that will increase unemployment and poverty rapidly. Works of public welfare and development shall cease and the governments will be forced to sell their properties to garner funds for income and the public will be stuck in quicksand of poverty and corruption.

The need of the hour is that the government should not blow estimates but should draft foresightedly reliable plans. Transparency and accountability in government function should be ensured. This is the testing time for economy and development. The government should increase the spending power of the common man by providing incentives and drafting plans so that the industry may be revived and if steps are not taken well in time then we should be ready to face disastrous results. For want of farsightedness and in pursuit of personal agendas the plans of the government create troubles not solutions.

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When Anil Kapoor gave ‘jhakkas’ twist to dandiya

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Actor Anil Kapoor extended heartfelt Navratri greetings to everyone in a filmy way. Taking to Instagram, Anil posted a particular sequence from his 1988 film Tezaab in which he is seen performing dandiya.
Recalling how the particular sequence was filmed “smoothly and effortlessly” in just one night, he wrote, “Happy Navratri to one and all! This time of year always takes me back to this scene from Tezaab, conceptualised so beautifully by N. Chandra. I’ll never forget how smoothly and effortlessly we shot this entire dandiya scene in one night. One of my favourite memories of this happy festival. “
Tezaab featured Anil Kapoor in the lead role alongside Madhuri Dixit.
Reacting to Anil’s video of performing dandiya, filmmaker and choreographer Farah Khan commented, “Papaji tussi great ho.”
“Ekdum jhakkas,” a social media user wrote.
Meanwhile, on the work front, Anil recently wrapped up his shoot for the much-awaited Indian remake of ‘The Night Manager’, which is an espionage thriller that has a tense cat-and-mouse chase between a covert agent and a secret arms dealer.
The 2016 series features Tom Hiddleston in the lead role. In the remake, Anil will essay the role that was originally played by Hugh Laurie. It will also feature Aditya Roy Kapur and Sobhita Dhulipala in lead roles. The original British series became a massive hit across the globe and earned several awards at the 74th Golden Globe Awards.
Anil will also be seen sharing screen space with Hrithik Roshan and Deepika Padukone in the action-packed ‘Fighter’.  

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Research says Family ties give animals reasons to ‘help or harm’ as they age

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New research shows that the structure of family groups gives animals an incentive to help or harm their social group as they age.
A team of scientists from 17 institutions in six countries, led by the University of Exeter, examined how “relatedness” (strength of genetic links to members of a social group) changes over a lifetime in seven mammal species. This varies from species to species, depending on whether male or female offspring (or both) leave the group into which they are born.
For example, male and female killer whales both stay in the same group as their mother, so females have a growing number of close relatives (their children and grandchildren) around them as they age.
Other animals, such as female spotted hyenas, usually live among fewer close relatives as time passes.
Given that all animals have evolved to ensure their genes-and those of close relatives-survive, these long-term changes in relatedness to the family group give animals different incentives to engage in “helping and harming behaviour across the lifespan”.
“We wanted to know how an individual’s relatedness to their group changes as they age, and what consequences this might have for behaviour,” said lead author Dr Sam Ellis, from Exeter’s Centre for Research in Animal Behaviour.
“We made a model to predict these changes and then tested it using data on banded mongooses, chimpanzees, badgers, killer whales, spotted hyenas, rhesus macaques, and yellow baboons. Our model fitted the real data. This is exciting because it allows us to predict how and why social behaviours can change with age.”
The “ultimate payoff” of behaviour for animals depends on how each behaviour affects an individual and her relatives. When living in a group of close genetic relatives, it might be in an animal’s interest to behave in a way that helps the whole group.
However, when living among less related or unrelated individuals, the best strategy could be selfish or even harmful behaviour.
“Our findings suggest that incentives to help or harm the group change with age, depending on the social structure of each species,” Dr Ellis said.
Professor Darren Croft said: “Across a wide range of species, we see age-related changes in helping and harming behaviour, which can also differ between males and females. Our new work shows that understanding how relatedness to the family group changes with age is key in understanding how the incentives to help or harm the group change across the lifespan, which can potentially explain these differences across species and between the sexes. This research opens the door for future studies by providing testable predictions for how patterns of helping and harming will change across the lifespan, and we eagerly anticipate new work testing these predictions.”
Among the species included in the study, male spotted hyenas, rhesus macaques, and yellow baboons usually leave their birth group once they reach maturity.
In chimpanzees, female offspring leave the group, while in killer whales and mongooses, both sexes usually stay in the group into which they were born.  

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Silicon Durga idol depicting lives of sex workers created

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Furthering a tradition of presenting new themes during the Durga Puja in Kolkata, pandals and idols depicting the lives of sex workers under the ‘Parichai’ (identity) theme have been created for the celebrations during this year’s festival. The pandal has been brought up by the Nawpara Dadabhai Sangh Puja Committee in the city, which was inaugurated by Lok Sabha MP and actor Shatrughan Sinha on Monday.
The preparations for the puja in West Bengal are in full swing, with new and innovative themes on display. The sculptors in Kolkata present various themes while preparing the Durga idols.
One such pandal showing the lives of the sex workers has been brought up, which also shows the society they live in and the way people see them, and the manner in which they remain anonymous in a different world without an identity.
In a first for the city, a silicon idol of Maa Durga has been installed in the pandal, which has never been seen before. The idol has been given the form of a mother, through which an attempt has been made to show that even a sex worker has the form of a mother.
Sinha said, “It is a boon by Maa Durga. The entire state of West Bengal is drenched in the colours of the festival. I have been coming to Durga Puja for years, but it is a matter of fortune for me that I am inaugurating this pandal. I am grateful to Saugata ji and Mamata Banerjee.”
The concept and theme designer, Sandip Mukherjee, expressed his perspective on the work of the sex workers and said that there is a need to bring about a change in the perspective of people.
“Prostitution is a profession, but for the common people, is it a profession? We can say which profession we are in, but can they say so? Because we see them from a different perspective. We should change this perspective. Our project is to bring about change in society. We corner them because of what they do. We do not let them enter society. Why can’t they come when they are also doing their job?” he said.
“We have attached the ambience of a mother in the idol which depicts the sex workers. We gave them the silicon form to make it attractive and touching to the people. This is for the first time that an idol of Maa Durga has been made of silicon,” Mukherjee added.
Describing the essence behind the pandal, he said that the sex workers’ lives have been displayed, which seems like a film when a visitor visits the place.

“If we see the pandal from the front, it will seem like a movie. The lives of sex workers have been displayed in the theme. I had this concept for many years, and presented it before other organisers, but they could not show the courage to give it a nod until this time,” he said.
Madan Mitra, TMC MLA, said, “The celebration is showing not only the pride of Bengal but also the magic of Mamata Banerjee.”
Anjan Paul, Organiser and Councillor Baranagar, said, “It was challenging for me to represent the theme. A lot of people are coming to see the pandal. I hope people in lakhs will throng the place in the coming days. I have made this pandal to give a message that they should be included in society. I do not collect money. Our target is to invest Rs 30 lakh in the making of the pandal. However, the exact number will be known only after the completion of the puja.”

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Asha Parekh to become 52nd recipient of Dadasaheb Phalke Award

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Asha Parekh to be conferred with Dadasaheb Phalke Award

The 68th national film awards will be presented on September 30 in accordance with the more than 60-year-old tradition by President Droupadi Murmu and Information and Broadcasting Minister Anurag Thakur, two years after the Covid-19 outbreak put the coveted event on hold.

As the recipient of the Dadasaheb Phalke award for 2020, veteran actress Asha Parekh becomes the 52nd recipient of the honour. The previous Dadasaheb Phalke award was given to the star of southern cinema Rajinikanth.

“Honoured to announce that the Dadasaheb Phalke selection jury has decided to recognise and award Asha Parekh ji for her exemplary lifetime contribution to Indian cinema,” Thakur said.

Industry icons Asha Bhosle, Hema Malini, Udit Narayan, Poonam Dhillon, and TS Nagabharana are members of the Dadasaheb Phalke committee.

She worked in more than 95 films and was the chairperson of the Central Board of Film Certification from 1998-2001,” Thakur added. Parekh was also conferred with Padma Shri in 1992.

The National Film Development Corporation (NFDC), which was founded in 1954, is now in charge of organising the awards, which fall under the purview of the I&B ministry, for the first time.

The government consolidated four film organisations in March of this year, giving the NFDC full authority over all matters relating to the production of documentaries and short films, the management of film festivals, and the preservation of films.

In keeping with tradition, Hon’ble President Draupadi Murmu will be conferring the National Film awards this year,” NFDC MD Ravinder Bhakar said. “It is an honour for the winners and I congratulate them.”

Eminent leaders and figures from the film industry make up the national awards jury, which is chaired by Vipul Shah and includes Dharam Gulati, Sreelekha Mukherjee, GS Bhaskar, S Thangadurai, Sanjeev Rattan, Karthik Raja, VN Aditya, Viji Thampi, Thangadura, and Nishigandha as members.

The ceremony is taking place four years after President Ram Nath Kovind only delivered 11 of the 137 awards, breaking with convention, which saw more than 50 award recipients skip the 65th National Film Awards ceremony in protest.

The remaining prizes were given out by former information and communication minister Smriti Irani and minister of state Rajyavardhan Rathore.

In 2018, 70 award recipients had expressed their intention to boycott the event in an open letter to protest the cancellation of the award presentation. However, a number of the letter’s signatories, including the singer KJ Yesudas and the filmmaker Prasad Oak, later turned up. The honorees clarified in their letter that their action was not a “boycott,” but rather a demonstration of their displeasure with the President’s choice.

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Supreme Court live-streaming hearings for first time today

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The Supreme Court went live for the first time on Tuesday when the cases’ hearings, which were planned to be livestreamed during the day, could be viewed online. One of the three cases slated for live streaming was from Maharashtra and pitted Team Uddhav Thackeray against Team Eknath Shinde over a dispute over the Shiv Sena’s symbol, with the Election Commission already involved. This was the second live hearing where the attorney, Kapil Sibal, could be seen arguing.

Live broadcasting was recommended by the Supreme Court around four years ago.

The former chief justice of India, Dipak Misra, had passed the landmark ruling on September 27 on the live telecast of important proceedings, saying “sunlight is the best disinfectant”.

Following discussion on the issue by the whole top court on September 20, it was decided to begin live-streaming constitutional bench hearings this week. Chief Justice of India (CJI) Uday Umesh Lalit presided over the whole court meeting, and all the judges agreed that constitutional matters should be the first to be streamed live on a regular basis.

A bold plan to integrate the use of information and technology with India’s judiciary, the e-courts project’s third phase included the proposal to have an exclusive platform for live-streaming Supreme Court sessions.

The high courts in Gujarat, Orissa, Karnataka, Jharkhand, Patna, and Madhya Pradesh are some of the high courts that broadcast hearings live as well.

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Some Royal staff used to call Meghan Markle ‘narcissistic sociopath’

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Some Royal staff used to call Meghan Markle ‘narcissistic sociopath’

Author Valentine Low has written a book about the staff who work for the royal families called ‘Courtiers: The Hidden Power Behind the Crown’. In the book, she quoted many staff who worked for Meghan Markle and Prince Harry during their term as senior royals in the UK.
According to the New York Post, the book details the alleged bad behaviour by Meghan and her husband, Prince Harry, towards their staff. In the book, the author even quoted a royal staffer calling Meghan, a “narcissistic sociopath”
Staff members coined the epithet for the Duchess of Sussex, according to a report in The Sun citing excerpts from the explosive tome, according to the New York Post.
According to Page Six, “There were a lot of broken people,” an insider claimed to author Valentine Low.
“Young women were broken by their behaviour,” the palace source added.
Valentine Low cites one alleged occasion in her book in which Markle scolded a young female coworker in front of other co-workers.
“Don’t worry. If there was literally anyone else I could ask to do this, I would be asking them instead of you,” Markle allegedly told the staffer, with whom she had been working to execute a plan of sorts.

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