Yup, guys. This is yesterday’s news. Today’s will come later in the evening.

The Hindu

• Give the RBI its independence: The revised draft of the Indian Financial Code seems to be trying to push too much of government into monetary matters. Seen in tandem with the Centre’s earlier bid to remove from the RBI the public debt management function, this move only appears intended to undermine the RBI’s autonomy.

• A subsidy and some questions: The Central government’s decision this week to extend the interest subvention scheme on bank loans given to land-owning farmers at 7 per cent is essentially a welcome move. But it is unclear as to what purpose many of these loans are being utilised by the farmers. It is quite rampant for farmers to pay out loans to money lenders by using these govt loans. (Why are farnmers still going to money lenders when loans are available from banks? Because at certain points of the cropping cycle farmers need large amounts of money and money-lenders, who are already known to them, provide ready money without the hassles of signing out bank forms etc. The ease with which they get money from money-lenders is the single most important reason which forces them to keep going to money-lenders, thus institutionalising the practice).

• The missing conservative intellectuals: A look into the effect of religion on the country’s politics. An article by Ramchandra Guha, where he had said that the conservatives in India are simply ideologues driven by religious considerations and not intellectualls driven by rationl thought and reasoning, forms the backdrop of this analysis. After the ascension to power of the current govt, which is strongly influenced by Hindu conservative forces, there is a great chance that democratic forces can become undermined, and we are seeing the first examples of this through debatable appointments for positions to head various academic and cultural institutions based on just the candidates’ religious outlooks. Must read, especially for essay preparation. (Click here for Ramchandra Guha’s article).

• Left stranded on strange shores: Even though India’s migrants send home more amount in remittances than any other country, we do not have a good migration policy. We need to make migrating easier, need to take better care of our migrants in foreign countries, and also need a good rehabilitation policy when they return home.

• Constitutional conversations on Adivasi rights: Clause 5 of Article 19 deals specifically with the protection of interests of Scheduled Tribes, categorising them as distinct from other marginalised groups. There are limitations on the right to freedom of movement and the right to freedom of residence in any part of India (provided by Clause 1 of Article 19) that apply only in Scheduled Areas.

Economy/Business

• Landmark trade pact on slashing tech tariffs: Major trade powers have reached a deal to cut tariffs on around 200 technology products, a decision that should pave the way for lower prices for consumers.

• Cap on premature PF withdrawals likely: The Labour Ministry is all set to cap premature provident fund withdrawal at 75 per cent of total deposits in case an EPFO subscriber goes without a job for two months. The rest 25 per cent would be paid to the subscriber at the age of 58 years. This will help the govt in creating more capital for its activities. (At present, Employees Provident Fund Organisation (EPFO) subscribers can withdraw the entire amount prematurely by showing not employed anywhere for two months).