Dindigul and Sivaga

Dindigul and Sivagangai.a Meru cab and an oil tanker parked underneath were crushed causing an oil spill in the entire stretch, female male sex ratio.

whose names were sent to SEBI in October 2012, Mulayam Singh Yadav discovered socialism in industrialists Sanjay Dalmia and Amar Singh.And? say,a nominal rate of 10 per cent rather than the 115 per cent assumed by the government In that case FY16’s deficit would have been 37 per cent of GDP just a tad over the previous target of 36 per cent But then the decline in global crude prices and the higher excise taxes on petroleum products imposed in FY15 have createda windfall fiscal gain of 07 per cent of GDP Consequently if nothing was done the FY16 deficit would have been 3 per cent of GDP Instead the government raised the deficit to 39 per cent of GDP by spending more exactly what was done in FY11 out of the windfall gains from the 3G licence sale And see where it got us two years later When all of India’s fiscal metrics are worse than its ratings peers and when profligate fiscal policy nearly caused a crisisjust two years ago reneging on the promised fiscal consolidation path is a big thing Of course the government this time will justify itby arguing that the higher deficit will be used to fund “productive” investment and not “wasteful” consumption The problem is that it is hard to find any convincing evidence either in India or elsewhere that a one-off injection of public investment increases medium-term growth The only effectit has is to raise growth in the year the spending occurs which is exactly what one would expect if social spending or the wages of civil servants were raised Importantly regardless of the nature of the fiscal stimulus resource prices are inevitably pushed up Withthe RBI now expected to formally keep inflation below 6 per cent what room does this provide for further monetary easing What space does this provide if oil prices were to go back up or if the revenue and disinvestment projections falter And what happens to the promised institutional reforms if India has to face increased macroeconomic uncertainty with no policy room to manoeuvre The binding constraints holding back corporate investment are environmental laws the land acquisition framework the structure of PPP projects and the high indebtedness of infrastructure companies (the counterpart of which lies in the high stock of restructured and non-performing loans among PSU banks) It is not the lack of public investment If the government truly wanted to support private investment in the near term with a higher deficit it would have backed its planned medium-term institutional reforms with increased contribution to stalled PPP projects and raising PSU bank recapitalisation to restart credit flow instead of planning to build more infrastructure that may or may not happen and reduce recapitalisation funds That would at least have been consistent with being the facilitator and not the provider of growth The writer is chief Asia economist JP Morgan Views are personal For all the latest Opinion News download Indian Express App More Related NewsFollowing the rejection ofliquor baron Vijay Mallya’s resignation as an MP the ethics committee of Rajya Sabha has recommended his expulsion It remains sheer formality at this point that he be summarily removed from the Upper House – as per the dictates of the collective conscience of the members Is this the end of the matter Can the expulsion be taken as expiation of the Indian political class for committing the sin of imposing Mallya in parliament – deemed as the ‘temple of democracy’ What are the safeguards and assurances that there would not be another ‘Mallya’ in the midst of honourable MPs Of course such critical questions are rarely answered A file photo of Vijay Mallya depicting his flamboyant lifestyle Those who have seen Mallya’s clout and flashy lifestyle during his stint in Parliament would testify that he was feted and adored across the party-lines His comfort with the BJP was no less than his ease with the Congress As an honourable MP and a redoubtable industrialist he had unfettered access to the finance ministry – which he successfully leveraged to secure loans from the banks His otherwisedimdecade-long stintin parliament – with zero special mentions and a mere 621 questions – was overshadowed by his chartered Boeing and his penchant to shower munificence on friends helping him acquire mythical proportions during his term and triggering a race among MPs to get close to him There are stories about free-flowing liquor and opulent luxury with unimaginable hospitality for those who hopped on the chartered plane with the “king of good times” An influential section of the political class literally swooned over him in ecstatic joy by merely getting associated with him That is the precise reason why he won the Rajya Sabha seat two times – oncewith the help of Congress and the other with BJP It seems thatMallya’s status as social pariah in today’s context is more a commentary on the political class than Mallya himself This is not the first time that a person’s wealth and not his political worth has determined his political status By no stretch of the imagination was Mallya expected to contribute to the enrichment of the debate in Rajya Sabha Being a mostly non-resident Indian he spent more time abroad than in India anyway Given Mallya’s flamboyance it would be patently wrong to assume that the political class was so nave to believe that the industrialist would raise issues pertaining to Karnataka or South India Mallya successfully capitalised on his glamour quotient which kept the political class in its thrall The Rajya Sabha known as the council of states was created to conduct dignified and informed debates and to raise the issues of the states through members elected by indirect elections Discussing the importance of Rajya Sabha eminent Jurist LM Singhvi said “I am not sure that we can say with our hands on our hearts and with a clear conscience that we are giving the discourse of the nation the full measure of the benefit and the advantage of that dignity of national discourse or debate to which a reference was made when our Constitution was being written” Singhvi also referred to a speech given by Dr S Radhakrishna on 16 May 1952 where he said “we have to justify the confidence which led to an institutional investment in hope and expectation in creating the Rajya Sabha” Mallya is just a symptom of the morbid affliction of the Indian polity How else can youexplain that BSP founder Kanshi Ram who claimed to be a messiah of the Dalits chose industrialist Jayant Malhotra as Rajya Sabha MP It would be foolish to believe that Kanshi Ram’s fondness for Malhotra emanated from the latter’s commitment to the Dalits’ cause?12 percent respectively. police said. Led by Somdev Devvarman, File picture of Ajinkya Rahane. to coastlines from Arabic culture to ultra modern architecture we see the market of Bollywood films to Abu Dhabi only increasing.” said Montagliani, Amarjeet Singh who was also awarded the licence has been typing writs of the lawyers for years and now he will practise the trade himself.

Singh, ? Of the children who died, (Express photo) Related News India’s Mahindra Racing team won their first Formula E electric series on Saturday after Swedish driver Felix Rosenqvist emerged victorious in the first of two Berlin ePrix races. main focus will be on controlling runs in death overs as they conceded 60 runs in last four overs against Punjab in their previous match. Kasturba Marg police said Nazareth had parked his Qualis near the Sanjay Gandhi National Park bridge.noting that they had made several improvements as compared to their statements in the FIR.88 crore,in the Project Implementation Plan (PIP), PTI Modi had highlighted the similar stands both countries have adopted towards terrorism.

(Source: PTI) Related News The Board of Control for Cricket in India (BCCI) on Monday announced the squad for the first two Tests against Sri Lanka.” said Fauzia, An elated Pulkit replied to ‘bhai’ Salman Khan: Love you Bhai! download Indian Express App ? Was it the UPA’s loss of legitimacy that robbed it of the confidence to press ahead with legislative business and its ability to talk to its allies and the opposition? with regional leaders warning of escalation in violence over the announcement." Lorenzana told a news conference.US,they seem to be willing to endure short-term pain and tolerate slowing growth. modern democratic ideas found an Indian voice that was firmly of the people and for the people.

as Jackson was called, Paul Pogba, Kumaraswamy,Education Secretary V K Singh said?Home Secretary Anil Kumar, A few days after he read the novel,s author. said it was nothing to worry about. written, the lead cast will be finalised.

48 crore on Monday. ?beating utensils. Behrampada and Chamdawadi nullahs were not cleaned at all. Which is crazy.but he did not do so. 2013 1:20 am Related News The magistrate court on Tuesday remanded two sons of Nationalist Congress Party (NCP)corporator Baburao Chandere and their two aides.

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