Cartoonist held in TN for caricature on CM over usury: Police
A freelance cartoonist was arrested today for a cartoon depicting Tamil Nadu Chief Minister K Palaniswami allegedly in a distasteful manner over a recent family suicide related to usury. Cartoonist G Bala alias Balakrishnan was arrested in Chennai by a special Tirunelveli District Crime Branch Police team led by an inspector, a police release said. Bala, 36, was arrested on the basis of a complaint filed by Tiruneveli District Collector Sandeep Nanduri, who was also caricatured in the cartoon along with the city police chief. Earlier, police sources had said the chief minister was also depicted allegedly in a distasteful manner in the cartoon whih was uploaded on a website on October 26.
As Defence Minister, tried to work on issues faced by disabled jawans: Manohar Parrikar
Former defence minister Manohar Parrikar today said that during his tenure, he tried to address the problems faced by the soldiers disabled due to injuries received in the line of duty, but “what we did was nothing” as many issues were long-pending. Parrikar, who was the defence minister between November 2014 and March this year, when he resigned to become the chief minister of Goa, was speaking at a run organised. He also said it was great to sacrifice one’s life for the country, but the spirit should be to kill the enemy and not to get killed. He also lauded the sacrifices and contributions made by soldiers and their families, including war widows, in protecting the country’s borders.
Big setback for techies, hiring trend loses pace at IT companies IRC, Infosys, Wipro, others
Employee additions at the country’s top IT firms are slowing with the quarterly increase in headcounts having come off to below 5% year-on-year at the end of September. Two years back, double-digit growth in hiring was par for the course but the pace of hiring has slackened considerably. The September quarter saw the hiring increase at the slowest in the last four fiscals and at the end of it, the top three firms collectively had about 7,51,412 people on their rolls compared with 7,31,139 in September 2016. Tough market conditions, rising costs and an eye on automation seem to have prompted IT majors, including Tata Consultancy Services (TCS), Infosys and Wipro, to rein in their workforces.
Narendra Modi government turns to Gujarat model to fast-track investments, mulls mega SPV to bring efficiency
The government is considering parking a large chunk of the central public sector enterprises’ (CPSEs) “reserves and surpluses” with a special purpose vehicle (SPV), with the twin objectives of imparting more efficiency to the process of investing these funds and enabling the firms to fetch higher returns on their surpluses. At last count, the CPSEs’ reserves and surpluses stood at around `8 lakh crore. Most of these are currently parked in banks and mutual funds. The latest proposal takes cue from a model successfully followed by Gujarat over the last few years: the state government-owned Gujarat State Financial Services (GSFS) manages the surplus funds of state-level agencies and PSUs, pays a 6.5% annual interest on deposits of up to three years and lends from the corpus to the needy state PSUs at rates lower than banks do, by doing away with a large part of intermediation costs.
Black money no longer cool due to demonetisation, but real issue is plight of SMEs hit by note ban, GST combo
A year after demonetisation, while the anticipated windfall of Rs 2-3 lakh crore—tax evaders were expected to not deposit their black money—did not materialise, the focus now shifts to the taxman being able to tax this black money that got deposited in bank accounts. Most of the demonetised cash came back into the banks, but there is now a record of individual wealth, by way of balances in bank accounts, and that should help to track black income. The taxman’s track record in catching tax thieves is poor, but given the numbers put out on suspicious deposits, it looks as if this time may just be different. Even if the success rate is poor, certainly tax collections will rise.
India a currency manipulator? Why US thinking is laughable
Enough Indian economists will tell you the rupee is overvalued and needs to be at around 68-70 to the dollar to be at its true value. The over-valuation, it goes without saying, hurts India’s exports; and its origins lie in the massive FPI flows into the country to take advantage of the booming stock market and high interest rates on government securities. High flows, in turn, make the rupee stronger and that gives a further fillip to FPI since they make money on both the higher interest rates as well as on the exchange appreciation—that makes India the darling of the global carry trade. And, as long as RBI doesn’t lower interest rates, it is difficult to see how the rupee’s appreciation can be stemmed—the central bank is trying to buy dollars, but that doesn’t seem to be helping.