REFORM MOMENTUM SHALL CONTINUE: FM NIRMALA SITHARAMAN

Finance Minister Nirmala Sitharaman said on Monday the government will

continue the momentum on economic reforms that has gathered pace during the

times of the Covid-19 pandemic. She said the financial sector is being

professionalized and the government will continue with disinvestment agenda.

“Even at the time (of) COVID pandemic, the Prime Minister has not lost an

opportunity to take deep reforms, to undertake those kinds of reforms which

have not seen the light of the day over the decades…The momentum for reform

shall continue. Several more active reform-related steps are being taken

up,” she said while addressing the National MNCs conference organised by

industry chamber CII.

Leading global investors have expressed interest in bringing long-term

capital into India, especially in the infrastructure sector. The Finance

Minister assured investors that continued reforms push along with tax

incentives make India an attractive investment destination.

Sitharaman said the government, as part of the Atmanirbhar Bharat

initiative, encouraging the setting up of dedicated special manufacturing

zones for the production of pharma, medical devices and APIs in several

states. The government would continue its focus on disinvestment and

privatisation. “Disinvestment agenda continues. We shall go with greater

momentum in getting privatisation—that which has been cleared by the Cabinet

— to go forward,” she said.

The government has set a target of Rs 2.1 lakh crore of receipts through

disinvestments, including the LIC IPO and stake sale in IDBI Bank. As part

of the privatisation plans, the government has cleared plans for complete

sale of its equity in Air India, BPCL, SCI.

JeM BID ON DDC POLLS: INDIA BRIEFS ENVOYS ON ‘PAK HAND’

In a playbook adopted after the Uri and Pulwama terror attacks, New Delhi on

Monday began a diplomatic offensive against Pakistan over the four

Jaish-e-Mohammad terrorists killed in Nagrota district of Jammu while

reportedly on their way to Kashmir to disrupt the coming District

Development Council (DDC) polls. Sources said the Foreign Secretary briefed

envoys on “the implications of the November 19 incident on security,

diplomacy and the battle against terrorism”.

Given the Covid-19 situation, the Ministry of External Affairs will be

holding several small briefings for envoys, and the first batch included

Heads of Missions of the US, UK, Russia and Japan, among others.

The foreign envoys were said to have been provided “a detailed information

docket giving details of the incident as well as the list of items and

munitions that were recovered from the terrorists, clearly indicating their

Pakistani origins”, and also about the discovery of an underground tunnel

that is believed to have been used by the four to come across the border.

The envoys were “sensitised about our concerns regarding Pakistan’s

sustained efforts to destabilize the situation in J&K and to subvert local

elections and democracy”. It was pointed out how the incident is part of

Pakistan’s ongoing terror campaign in J&K and that in 2020 itself we have

seen 200 incidents of terrorist violence and neutralisation of 199

terrorists.

SUPREME COURT PULLS UP DELHI, GUJARAT OVER WORSENED COVID SITUATION

As the COVID-19 situation worsened in many parts of the country, the Supreme

Court on Monday pulled up Delhi and Gujarat governments over poor handling

of the pandemic.

A Bench headed by Justice Ashok Bhushan asked all states and union

territories to file status reports along with measures steps and

contemplated as also the help needed from Centre to deal with the pandemic.

Noting that the situation was likely to further worsen in December, the top

court said all states and the Centre must take adequate steps and be

well-equipped to deal with COVID-19.

"We are hearing huge spike in the current month. We want a latest status

report from all states. Worse things may happen in December if states aren't

well prepared," the top court said while seeking status reports from all

states, and union territories on patient management and other issues

relating to the pandemic.

On behalf of the Delhi government, senior advocate and Additional Solicitor

General Sanjay Jain said everything was completely in place in the national

capital. He said beds have been reserved for COVID-19 patients in all

hospitals now.

But Solicitor General Tushar Mehta said Delhi needed to do a lot more. He

said the Home Minister had a meeting on November 13 and various directives

were been issued and steps taken to improve the situation in Delhi. Mehta

said the Centre will file an affidavit on COVID-19 situation in the country,

especially Delhi.

CONGRESS HITS OUT HARD AT SENIOR LEADERS FOR SPEAKING OUT

The crisis within the Congress deepened on Monday with the party choosing to

hit out at “senior leaders” for speaking out in public after its poor

performance in Bihar and the Assembly bypolls even as CWC member and Haryana

leader Kuldeep Bishnoi launched a no holds barred attack on Leader of the

Opposition in Rajya Sabha, Ghulam Nabi Azad, accusing him of betraying the

Gandhi family and indulging in a conspiracy with the opposition parties to

break the party.

Addressing an AICC press conference, Congress spokesperson Pawan Khera said

“as regard to the comments made by some senior leaders, I would say as a

young man in the party that these senior leaders, who we have grown up

learning from, should teach us the right lesson of not going public with any

of their concerns particularly when they can just pick up the phone and talk

to anyone.”

“Particularly when they are members of the CWC…nominated members of the CWC,

particularly when they have occupied important positions of power in the

government and in the party… in the party well nominated positions…raising

such concerns publicly, I would certainly feel that it needs to be avoided

because there are fora available within the party and these fora are

acceptable to these leaders.”

Senior leaders such as Azad, P Chidambaram and Kapil Sibal have spoken out

in the last one week, analysing the party’s defeat in Bihar and Assembly

bypolls and talking about the party’s revival. Azad and Chidambaram are

members of the CWC. It is not known who Khera was referring to when he

mentioned “nominated members of the CWC”.

Khera said, “The responsibilities that our colleagues have…each one of them

should just look within instead of just talking about the others…just talk

about oneself.” He said it was also condemnable that some party leaders are

responding to these senior leaders in public.

Without naming Azad, who has demanded party elections at various levels,

Khera said, “I will not discuss whether the demand is right or wrong…but

they should also say what is their view on internal elections in the Youth

Congress…It can’t be that elections in one place is wrong and right in other

places.”

INTERNATIONAL AFFAIRS

======================

WITHOUT SAYING AS MUCH, TRUMP CONCEDES

The General Services Administration has informed President-elect Joe Biden

that the Donald Trump administration is ready to begin the formal transition

process, according to a letter from Administrator Emily Murphy sent Monday

afternoon.

The letter is the first step the administration has taken to acknowledge

President Donald Trump's defeat, more than two weeks after Biden was

declared the winner in the election.

“In the best interest of our Country, I am recommending that Emily and her

team do what needs to be done with regard to initial protocols, and have

told my team to do the same,” Trump tweeted.

The letter marks Murphy's formal sign off on Biden's victory, a normally

perfunctory process known as ascertainment. The move will allow the

transition to officially begin, permitting current administration agency

officials to coordinate with the incoming Biden team, and providing millions

in government funding for the transition.

The Biden team has not waited for the formal transition process to begin

preparing for the presidency, as Biden announced several Cabinet picks on

Monday. But the delay in ascertainment meant that Biden's team was locked

out from government data and could not make contact with federal agencies,

nor could it spend $6.3 million in government funding now available for the

transition. A Biden official said the most urgent need was for the

transition to be given access to Covid-19 data and the vaccine distribution

plans.

The Biden team will now have access to additional office space inside the

agencies and the ability to use federal resources for background checks on

Biden's White House staff appointments and Cabinet picks.

US, CHINA SHOULDN’T FORCE OTHERS TO CHOOSE SIDES, AUSTRALIAN PM MORRISON

SAYS

Australian Prime Minister Scott Morrison has warned that intensifying

competition between the U.S. and China is pressuring other nations to choose

sides, and urged the superpowers to give governments “more room to move.”

Morrison, who has long tried to balance Australia’s close trading ties with

China and enduring security alliance with the U.S., said the ongoing rivalry

had created challenges for Indo-Pacific nations that could spread further

west.

“Like other sovereign nations in the Indo-Pacific, our preference in

Australia is not to be forced into any binary choices,” Morrison said in a

speech to a U.K.-based think tank on Monday night. “Our present challenge in

the Indo-Pacific though is a foretaste for so many others around the world,

including the United Kingdom and Europe.”

Australia is the world’s most China-dependent developed economy and

deteriorating diplomatic ties with Beijing have led to a string of its

commodities exports being targeted. China has accused Australia of siding

with the U.S. after Canberra blocked Huawei Technologies Co. from building

its 5G network and called for a probe into the origins of the coronavirus.

Similar tensions are playing out in Europe, as Beijing seeks to keep the

continent from aligning more closely with the U.S. on disputes ranging from

market access to human rights.

Morrison rejected any notion that Australia needs to pick sides. “Australia

desires an open, transparent and mutually beneficial relationship with

China,” he said. “Equally we are absolutely committed to our enduring

alliance with the U.S., anchored in our shared world view, liberal

democratic values and market-based economic model.”

Since Canberra’s call for the virus probe in April, Beijing has placed

crippling tariffs on Australia’s barley exports, halted beef imports from

several large meat plants, warned its citizens against holidaying or

studying in Australia and ordered traders to stop buying at least seven

commodities including coal, copper and wine. China has become increasingly

vocal in recent weeks in saying Australia is to blame for strained ties.

THE REST

========

LONGEST-SERVING ASSAM CM TARUN GOGOI PASSES AWAY

Tarun Gogoi, the octogenarian three-time Chief Minister of Assam, breathed

his last on Monday evening. He was one of northeast India's tallest

statesmen who changed the face of Assam from a terrorism-ravaged state to a

land with opportunities for trade, business and economy during his 15-year

reign.

When other leaders were hesitant, Gogoi led the Congress to victory and

became the Chief Minister for the first time in 2001, leading the state at a

very difficult time with terrorism at its peak and brutal killings

dominating the headlines.

Between 2001 and 2016, the 15 years he was in power, Gogoi scripted history

by taming the decades' old insurgency as terror outfits and militants came

forward to talk with the government.

UNDER FIRE, KERALA GOVT HOLDS BACK SOCIAL MEDIA LAW

Facing A hailstorm of criticism from across the political spectrum,

including the ruling CPM and its LDF alliance, the Kerala government Monday

said it will “not go ahead with implementing” the controversial amendment to

the Kerala Police Act to mandate a jail term for any “offensive” social

media post.

Taking a U-turn within 24 hours of claiming that the law would not be used

against “free speech” or “impartial journalism”, Chief Minister Pinarayi

Vijayan said: “The amendment evoked varied responses from several corners.

Apprehensions were aired by those who support the LDF and profess to defend

democracy. In these circumstances, the government will not go ahead with

implementing the amendment.”

Vijayan said that “a detailed discussion” will be held in the Assembly on

the ordinance and “future course of action will be decided after duly

considering opinions from all quarters”.

The Congress and BJP had slammed the LDF for the “harsh and draconian” move

to “gag the media”. The move had also led to unease within the CPM’s central

leadership, and ally CPI had expressed concern.

FORMER MINISTERS, OFFICERS IN LIST OF ILLEGAL LAND DEAL BENEFICIARIES IN J&K

Former PDP leader Haseeb Drabu and three of his relatives; Congress

treasurer K K Amla and three of his family members; and four National

Conference leaders, including Sajjad Kichloo and Haroon Chaudhary, figure in

a list of around 400 alleged illegal beneficiaries prepared by the J&K

administration in relation to the Roshni land scam.

Under the Act, undue concessions were allegedly given for regularisation of

land conversion at rates far below those stipulated and the cut-off year

kept getting shifted.

The list, prepared on the directions of the Jammu and Kashmir High Court,

also names former Congress minister and ex-Doda MLA Abdul Majid Wani and

former chairman of J&K Bank M Y Khan. The court had directed the names to be

put in the public domain, and more are expected to come out.

Last month, the High Court ordered a CBI probe into the allocation of land

under the Jammu and Kashmir State Lands (Vesting of Ownership to the

Occupants) Act 2001– commonly known as the Roshni Act. The CBI has

registered multiple FIRs in the matter. The court also asked for a list of

beneficiaries.

OXFORD VACCINE ‘HIGHLY EFFECTIVE’; PUNE LAB SAYS IN INDIA VERY SOON

Announcing a major breakthrough in the global fight against Covid-19, Oxford

University and AstraZeneca today said their vaccine candidate Covishield was

90 per cent effective in combating the disease when administered as a halved

first dose and a standard second dose after a month.

The developers made another major claim based on interim results from

late-stage phase-3 trials on 24,000 participants across the UK, Brazil and

South Africa, saying “early indication is that the vaccine could reduce

virus transmission from an observed reduction in asymptomatic infections.”

This is the first time any global Covid vaccine developer has said trials

were helpful in preventing not only the disease, but also its transmission.

The developers said they aimed to supply three billion doses globally during

2021. The announcement bodes well for India where phase-3 trials of the

Oxford vaccine are underway, so is the production.

Adar Poonawalla, CEO of Serum Institute of India, manufacturing partner in

the global collaboration, said, “I am delighted to hear that Covishield, a

low-cost, logistically manageable and soon to be widely available Covid-19

vaccine, will offer up to 90 per cent protection in one type of dosage

regime and 62 per cent in the other dosage regime.”

The preliminary data shows the vaccine is 70.4 per cent effective when

combining data from two dosing regimens (90 per cent effective if

administered at a half dose and then at a full dose and 62 per cent

effective if administered in two full doses). There were no hospitalisations

or severe cases in anyone who received the vaccine.

The developers said the vaccine could be easily administered in existing

healthcare systems, stored at ‘fridge temperature’ (2-8°C) and distributed

using existing logistics.

SIT PROBE INTO ‘LOVE JIHAD’ RULES OUT CONSPIRACY ANGLE, OUTSIDE FUNDING

A Special Investigation Team (SIT) set up in September to probe alleged

cases of ‘love jihad’ has ruled out any conspiracy angle in the 14 such

cases it investigated and also found no evidence that the Muslim youths

involved got any funding from abroad. The SIT, which submitted its report on

Monday, also dismissed charges that the youths had the backing of any

organisation.

The SIT’s findings come two days after the Uttar Pradesh government

announced that it would bring an ordinance to check unlawful conversions in

the state, primarily aimed at alleged cases of ‘love jihad’.

The SIT was formed by Inspector General (Kanpur Range) Mohit Agarwal after

members of right-wing Hindu organisations, including the VHP, met him and

alleged a conspiracy in which Muslim youths were luring Hindu girls into

marriage in a bid to convert them. They also claimed that the youths, who

are being funded from abroad, had hid their identities from the girls.

The SIT, headed by Deputy Superintendent of Police Vikas Pandey, submitted

its report to Agarwal on Monday after probing 14 cases lodged in police

stations across Kanpur district over the last two years involving Hindu

girls and Muslim men.

RBI INTERNAL WORKING GROUP FOR BANK LICENCE TO LARGE CORPORATE HOUSES

The Reserve Bank of India’s internal working group (IWG) reviewing corporate

structure of private sector banks has suggested sweeping changes in bank

ownership in its report released on Friday, including allowing large

corporate and industrial houses to own banks by amending the Banking

Regulation Act, 1949.

The other significant proposal is to allow large non-banking financial

companies (NBFCs) with asset size of Rs 50,000 crore and above (including

those within the fold of corporate houses), and with a decade’s track

record, to convert to banks.

Comments on the IWG’s report are to be submitted by January 15, 2021.

If the recommendations are accepted, this will mark the re-entry of India

Inc into commercial banking 40 years after the last round of bank

nationalisation in 1980. Many of the biggest industrial groups had aspired

for this ever since private players were allowed into banking after 1993.

NBFCs backed by large industrial houses — like Bajaj Finserv, M&M Finance,

Tata Capital, L&T Financial Holdings, Aditya Birla Capital, Shriram

Transport, Cholamandalam Investments and Finance, and Muthoot Finance — had

evinced interest for banking licences in 2012, and will be encouraged by the

developments.

THOUGHT FOR THE DAY

Brilliant men are often strikingly ineffectual; they fail to realize that

the brilliant insight is not by itself achievement. They never have learned

that insights become effectiveness only through hard systematic work. -

Peter Drucker

OFF TRACK

A Professor was addressing an 8 am Lecture:

"I've found the best way to start the day which is to exercise for 5

minutes, take a deep breath of air and then a cold shower. Then I feel rosy

all over."

A sleepy voice from the back of the room:

"Tell us more about Rosy."