CABINET PAVES WAY FOR RAISING FDI LIMIT IN INSURANCE SECTOR TO 74%

In less than six weeks since Finance Minister Nirmala Sitharaman announced major financial sector reforms in the Budget for 2021-22, the Union Cabinet has approved a proposal to amend the Insurance Act, 1938, paving the way for increasing the FDI limit in the sector to 74 per cent from 49 per cent.

A Bill to amend the Act is expected to be introduced in the ongoing Budget session of Parliament itself. Raising the foreign investment limit in the insurance sector is expected to improve capital availability and foster competition in the sector.

The Cabinet’s move reflects the political resolve to push through decisions which have faced stiff opposition in the past. A Bill to raise FDI in the insurance sector to 49 per cent from 26 per cent was introduced by the UPA government in Parliament in 2008. However, it could not be passed due to opposition from Left parties and some others.

MANOHAR LAL KHATTAR GOVERNMENT WINS TRUST VOTE IN HARYANA ASSEMBLY

The BJP-Jannayak Janata Party government led by Manohar Lal Khattar won the trust vote in the Haryana Assembly against the no-confidence motion moved by the Opposition on Wednesday, 10 March.

The motion was supported by 32 members and opposed by 55 members.

The motion was moved by Leader of Opposition BS Hooda earlier in the day over the government’s stand on the three contentious farm laws of the Centre.

While the Congress-led Opposition had been slamming the government through the day in the Assembly for its alleged failures to address farmers’ issues over the three contentious farm laws, CM Khattar in his address accused the Congress of spreading mistrust and having “no confidence” in any institution when it’s in the Opposition.

Soon after the trust vote, Leader of Opposition BS Hooda said, had the trust vote been a secret one as the party had requested, the government would not have won it.

Political observers say that the no-trust motion was a calculated move to embarrass Deputy CM Dushyant Chautala’s JJP, the crucial post-electoral coalition partner with the BJP-led government, which is supporting the saffron party despite claiming to be an outfit of a rural Jat-centric party with the farmers as its core vote bank.

The JJP has also been facing criticism within the party for not walking out of the alliance on the issue of farmers and ‘clinging to power’.

Farmer leaders said the development would not affect the stir and only spur them to continue to struggle. “It will not have any negative impact on the farmers’ movement, but it will add to the farmers’ anger and their resolve to continue the struggle,” said activist Yogendra Yadav, a member of Samyukta Kisan Morcha. He said: “Basically, the MLAs had a very clear choice today. They had to choose between kursi and kisaan. Clearly, they (BJP-JJP and their allies) chose the kursi. Now it is for the kisaan to teach them a lesson. I am sure that kisaan of Haryana shall never forget their betrayal, especially by those whom they had chosen and who had even vowed to work in their interest.”

COVAXIN USE NO LONGER IN CLINICAL TRIAL MODE, CAN BE USED LIKE COVISHIELD

India’s indigenous COVID-19 vaccine COVAXIN is no longer to be used in clinical trial mode and has got the nod of national experts to be used under the normal restricted emergency use authorisation route, just like the Serum Institute manufactured Covishield.

The move entails a huge boost to the indigenous Covid vaccine sector and the ICMR and Bharat Biotech, the joint developers of COVAXIN.

The restricted emergency use authorisation to COVAXIN had been held up in early January as the vaccine’s phase 3 efficacy data was unavailable till then and its efficiency was yet to be established though the vaccine was safe and immunogenic in early phase 1 and 2 trials.

The drug regulator had at that time approved the use of COVAXIN in clinical trial mode until efficacy data came.

With Bharat Biotech presenting interim phase 3 data showing 81 per cent efficacy for COVAXIN and Lancet also declaring the vaccine safe and immunogenic with minimum side effects based on phase 2 trial data published yesterday, the subject experts at the Central Drug Standard Control Organisation yesterday reviewed COVAXIN data for two hours and recommended that the vaccine be brought out of the use in clinical trial mode and placed in the category of restricted emergency use.

This means beneficiaries of COVAXIN would not need to be followed up closely after administration of the jab, something that was mandatory when the vaccine was permitted for use in clinical trial mode.

US PROVIDED SOME INFO, EQUIPMENT TO INDIA DURING ITS BORDER CRISIS WITH CHINA: PENTAGON COMMANDER

The US provided some information, cold-weather clothing and some other equipment to India during its recent border crisis with China, which has adopted an increasingly assertive military posture to exert pressure and expand its influence across the region, a top Pentagon commander has told American lawmakers.

Admiral Philips Davidson, Commander of the US Indo-Pacific Command, also told the powerful Senate Armed Services Committee on Tuesday that China’s recent activities along the Line of Actual Control have opened India’s eyes to what cooperative effort with others might mean for their own defensive needs as he observed that New Delhi, in the very near term, will deepen its engagement with the Quad.

“India has long had an approach called strategic autonomy, you know, a nonaligned approach with others, but I think certainly the activities along the Line of Actual Control with China has opened their eyes to what cooperative effort with others might mean for their own defensive needs,” Admiral Davidson told lawmakers during the Congressional hearing.

The Admiral was responding to a question from Senator Angus King. “That would be a geopolitical major development if India more closely aligned with those other countries,” King said responding to the answer from the admiral.

INTERNATIONAL AFFAIRS

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BIDEN’S $1.9TN COVID-19 RELIEF BILL WINS FINAL APPROVAL IN US HOUSE

The House of Representatives gave final approval on Wednesday to one of the largest economic stimulus measures in US history, a sweeping $1.9 trillion Covid-19 relief bill that gives President Joe Biden his first major victory in office. The president praised the passage of the bill moments after it passed the House on Wednesday and vowed to sign it on Friday. “This legislation is about giving the backbone of this nation — the essential workers, the working people who built this country, the people who keep this country going — a fighting chance,” Biden said in a statement. “On Friday, I look forward to signing the American Rescue Plan into law at the White House — a people’s law at the people’s house,” Biden said.

VANITA GUPTA’S CONFIRMATION TO KEY JUSTICE DEPT POST IN JEOPARDY

Vanita Gupta, President Joe Biden’s nominee to a senior post at the US justice department, has expressed regret for using “harsh rhetoric” in the last several years over social media as she faced sharp criticism from Republicans during her confirmation hearing, becoming the second Indian-American to face trouble over her past Twitter outbursts. Gupta, 46, has been nominated to serve as the associate attorney general at the department of justice. If confirmed, she would be the first woman of colour to serve No. 3 position in the justice department.

“I regret the harsh rhetoric that I have used at times in the last several years. I can pledge to you today that if I am confirmed, you won’t be hearing that kind of rhetoric for me,” Gupta told members of the Senate Judiciary Committee during her confirmation hearing on Tuesday.

Last week, in a major setback to President Joe Biden, Indian-American Neera Tanden withdrew her nomination as director of the White House office of management and budget, after the ruling party and the administration failed to muster enough votes in the Senate to secure her confirmation.

U.N. SECURITY COUNCIL 'STRONGLY CONDEMNS' MYANMAR MILITARY'S VIOLENCE

The U.N. Security Council unanimously agreed on a statement Wednesday condemning the Myanmar military's use of violence against peaceful anti-coup protesters. It was the second time in just over a month that the council's 15 members, including China, a traditional ally of the former Burma, made a rare show of unity over Myanmar.

The new statement criticizes the military in Myanmar, saying the council "strongly condemns the use of violence against peaceful protesters, including against women, youth and children."

It does not use the word "coup" or mention the possibility of international sanctions if the generals who seized power last month do not halt their repression, as featured in earlier versions of the statement that has been under discussion since Friday.

Still, the text goes hard against the generals who overthrew Myanmar's democratically elected government on February 1.

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MAMATA INJURED, SAYS ‘4-5 PEOPLE PUSHED ME’; POLL PANEL SEEKS REPORT

Hours after she filed nomination papers for the Assembly elections in Nandigram Wednesday, Chief Minister Mamata Banerjee said that she was targeted by a group of “four or five people, who pushed her” outside a temple where she had stopped to offer prayers, causing injuries to her right leg and head.

Shortly after the incident, Banerjee cut short her visit to Nandigram and returned to Kolkata, where she was admitted to the SSKM Hospital. The Chief Minister and her Trinamool Congress party alleged a conspiracy while the BJP alleged that this was “tactics to gain sympathy.”

Sources said the Election Commission has sought a report from West Bengal Chief Secretary Allapan Bandyopadhyay.

“This is a conspiracy. Some people intentionally pushed me. No administration was there to protect me. The police superintendent was also not there. They basically came here to hurt me. I have decided to return to Kolkata right now,” Banerjee said.

The BJP, however, said Banerjee was trying to turn a “simple accident” into a “pre-planned conspiracy”, and demanded a probe.

BJP 'CHOOSES' GARHWAL MP TIRATH SINGH RAWAT AS NEXT UTTARAKHAND CM

The BJP on Wednesday “chose” Garhwal MP Tirath Singh Rawat as the successor for Trivendra Singh Rawat, who resigned as the Chief Minister on Tuesday.

Rawat’s name was announced by the outgoing CM during the meeting of the Uttarakhand BJP party.  Later, the 56-year-old was sworn-in by Governor Baby Rani Maurya.

Since names of at least half a dozen state ministers and MPs—which included Dhan Singh Rawat, Ramesh Pokhriyal Nishank, Satpal Maharaj, Ajay Bhat, Anil Baluni—were doing the rounds, the selection of the low-profile Rawat came as surprise for many party leaders.

PC CHACKO RESIGNS FROM CONGRESS, ALLEGES GROUPISM IN KERALA UNIT

Senior Congress leader from Kerala and former party in charge for Delhi PC Chacko on Wednesday quit the party saying it lacked internal democracy.

Chacko, a former MP, considered close to the Gandhis, also said the party was ridden with factionalism and there was no place for merit and capabilities.

He said the Kerala unit of the party stood divided between Oomen Chandy and Ramesh Chennithala groups and no resolution was happening in larger party interest.

He’s the second senior Kerala Congress leader to quit after Tom Vadakkan who went on to join the BJP.

Chacko has not yet revealed his future plans but is expected to join the NCP.

AFTER COVID STRUCK, PM TOOK CALL TO SAVE LIVES FIRST, ECONOMY LATER: PIYUSH GOYAL

When the Covid-19 pandemic hit India last year, Prime Minister Narendra Modi decided to prioritise saving lives over the economy, Union Minister Piyush Goyal said on Wednesday.

The decision was aided by studying past global pandemics and their responses by countries and their consequences, he said.

He said the PM told him that in the history of pandemics, studies on the various global responses showed that saving lives by stopping the spread of the disease first went a long way in the bouncing back of the economy. “Studies showed that in the Spanish flu of 1918, for instance, US states which stopped the spread of the infection first moved faster towards economic recovery afterwards. Those that tried to save the economy first, could neither save lives nor the economy,” he said.

One of the studies the government perused was “Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu” by Sergio Correia, Stephan Luck, and Emil Verner published in the US in early 2020 in the wake of the Covid-19 outbreak. It said that during the Spanish Flu non-pharmaceutical interventions (NPIs), like wearing masks, closure of schools, limiting public gatherings, social distancing, staggered opening of businesses etc reduced mortality rate significantly and flattened the curve in the US. “Our findings indicate that NPIs can reduce disease transmission without necessarily further depressing economic activity,” it said.

SENA SEEN SOFTENING OVER SAUDI ARAMCO'S $44-BILLION REFINERY PROJECT

Oil and gas giant Saudi Aramco's $44-billion refinery project at Nanar in Ratnagiri has become a bone of contention between the Maharashtra government and the Centre, with the Shiv Sena opposing the project and the Modi government pushing to expedite it.

Last week, in a U-turn, the Maharashtra Navnirman Sena supported the project, joining the ranks of the main opposition party, BJP and the Sharad Pawar-led NCP, which is part of the ruling coalition government in the state. The Congress, the other partner in the government, has “no position on it”, said a top party source, adding that the Sena would be under pressure now with Covid-19 having affected revenues and making every new dollar of investment more valuable than ever before.

According to government sources, while some of the local people have now decided to support the project, citing employment potential and adequate compensation, others are still opposing, with the Shiv Sena leading the agitation.

The Sena’s objections are the environmental impact the project will have on farming and fishery in the area. However, in a news conference on Wednesday, Chief Minister Uddhav Thackeray said the refinery would be started in Maharashtra only and the state would not allow the project to go out. “We will find an alternative location for this refinery project,” he said. The Sena, he said, was opposing the project due to agitation by local people. “Ïf they are okay with the project, then we have no issues,” he added.

INDIA WILL DEFEND STAND IN CAIRN ARBITRATION ROW

India is confident that it can strongly defend its interests if Cairn Energy starts proceedings to enforce a $1.4 billion arbitration award it has won against the country, said official sources on Wednesday, reacting after the company told New Delhi it is identifying for seizure assets belonging to the Indian government in 160 countries.

India is in the process of filing an appeal at The Hague over the $1.4 billion arbitration award.

According to the Indian argument, Cairn set up a tax abusive structure and did not pay taxes anywhere in the world on the gains that it made in India. India belioevess it is well within its  sovereign powers to redress the situation of double non taxation and tax abuse.

Cairn CEO Simon Thomson met top finance ministry officials last month for three days to negotiate a solution, but sources said the company was yet to respond after the discussions.

Cairn had on Tuesday said that the company would go to court to seize the assets if its arbitration award is not honoured. The company could also monetize the award with a potential to transfer the award to third party funds.

EARN GOODWILL WITHIN COUNTRY, THEN OUTSIDE: DELHI HC TO GOVT ON COVID VACCINES

Observing that the government was now exporting Covid-19 vaccines even to “not-so-friendly countries”, the Delhi High Court on Wednesday told the Centre that it needs to earn goodwill within the country first and then earn it outside.

The observation was made by the division bench of Justices Vipin Sanghi and Rekha Palli during the hearing of a suo motu petition regarding the demand by lawyers for vaccination of all members of the judiciary, including judges, court staff, and advocates on priority.

Addressing Solicitor General of India Tushar Mehta, who argued before the court that the government has decided the prioritization for vaccination drive on the basis of age, vulnerability and co-morbidity, the bench observed: “Mr Mehta, today’s newspapers show that you are exporting to not-so-friendly countries also… that will deprive the Indian population… earn the goodwill within the country and then earn it outside.”

However, it declined to pass any order against exports of vaccines being manufactured in India.

FARMER UNIONS CALL FOR BHARAT BANDH ON MARCH 26

Farmer unions on Wednesday called for a Bharat bandh on March 26, when their protest at Delhi’s borders against the Centre’s three new farm laws completes four months.

Farmer leader Buta Singh Burjgill said farmers along with trade unions will protest the hike in fuel prices and privatisation of railways on March 15.

“We will observe a complete Bharat bandh on March 26, when our protest against the three farm laws completes four months. The peaceful bandh will remain effective from morning till evening,” he told reporters at the Singhu border.

On March 19, the farmers will observe “Mandi Bachao-Kheti Bachao” day, he said.

The farmer unions have also decided to celebrate ‘Shaheedi divas’ of Bhagat Singh, Rajguru and Sukhdev, Burjgill added.

Farmers’ leaders also said that copies of the new farm laws will be burnt during ‘Holika Dahan’ on March 28.

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THOUGHT FOR THE DAY

Though they seem at opposite poles, fanatics of all kinds are actually crowded together at one end.  It is the fanatic and the moderate who are poles apart and never meet. - Eric Hoffer

OFF TRACK

The wife left a note on the fridge. "It's not working!! I can't take it anymore, I've gone to stay at my Mom's place!!"

The Husband opened the fridge, the light came on and the beer was cold...

"What the hell was she talking about?. The fridge is fine."