Rajan Crackdown On NPAs, Exports Slide, Scholar Suicide: Morning Brief, January 19, 2016

Good morning, Swarajya readers!

Here’s what you need to know today

Rajan Firm on NPAs. With RBI Guv setting March 2017 as the deadline to clean up banks’ balance sheets, lenders have been handed over 3 lists: First two with names of borrowers who haven’t paid their dues and whose loans have become non-performing. The 3rd list is for 2016-17, where banks have to identify loans that could become NPA and accordingly provide for.

Exports Slide continue. Total exports shrank 18.06% while imports contracted 15.87%. Trade deficit lowered to $99.207 bn from $111.685 bn.

Union Minister Dattatreya Booked. A Scholar in the University of Hyderabad hanged himself on Sunday after he and four others were expelled from the hostel for their political activism. Union Minister, University Vice Chancellor and an ABVP worker have been booked under SC&ST (prevention of atrocities) act 1989 and 306 (abetment of suicide). The old media is playing up this tragedy and trying desperately to pin the blame on Hindutva groups including the BJP. It’s a matter of time before they drag the Prime Minister into this.

Friendly Direct Tax Laws. Easwar Panel in its report to the government has suggested a slew of tweaks to make direct taxes friendlier to improve the ease of doing business, reduce litigation and accelerate the resolution of tax disputes. Some of these recommendations may be a part of the upcoming budget.

Other Notables

Uma objects, Javadekar rejects. The green ministry has filed an affidavit in the Supreme Court allowing construction of hydel projects despite objections flagged by Uma Bharati.

Submarine Hunters in Andamans. To fight off China’s forays into Indian Ocean Region, India has started deploying its latest long-range maritime patrol aircraft as well as spy drones at its forward military base in Andaman and Nicobar islands.

Emergency in France. President Hollande has declared a state of economic emergency in France. The first measures proposed include loosening of some worker-friendly measures to encourage companies to hire, and new training for half a million workers.

3 Opinion pieces you shouldn’t miss today

Prenups: Building a safety net around assets: The agreements should detail the provision of property financial assets, liabilities, as well as division of personal possession clearly.

Startup Policy: A flipped Cart: Splurging taxpayer funds in venture capital to boost startup India initiative is illogical and a travesty to the ‘minimum government’ idea.

Re-imagining the Middle East: Delhi needs to liberate its policy from narrow political domestic considerations, look beyond oil and diaspora, and embark on a substantiative strategic engagements with the region.

Swarajya Special

West Bengal May be headed for a Kosovo-like situation with the rise of Islamism: The recent events in Malda should be a warning for those who are still in denial.