Govt. proposes to strip RBI chief of veto power on monetary policy: The Union government has proposed to strip the Reserve Bank Governor’s veto vote on India’s monetary policy by appointing a Monetary Policy Committee, whose remit will include decisions on setting interest rates to maintain inflation at the targeted level. The revised draft proposes that the Reserve Bank “Chairperson” shall head the committee on monetary policy, with mo mention to the RBI Governor.
Delays dog highway projects: The delays have been for various reasons including weather, violence and, often, truancy by contractors.
Opinion/Editorial
Undervaluing privacy: The Attorney General’s contention in the Supreme Court that privacy is not a fundamental right is disquieting because although the Constitution does not specify ‘right to privacy’ as a fundamental right, the law on the subject has evolved considerably in India, and privacy is now seen as an ingredient of personal liberty.
India and the IS: The Islamic State has managed to draw recruits from all over the world. One reason for this is the radicalisation of some alienated Muslims even in countries that promote multiculturalism. Another is the spread and reach of exclusivist ideologies such as Wahhabism and Salafism that are being promoted by West Asian state actors. There is the distinct possibility of IS targeting or influencing disaffected youth among the Indian Muslim community. India’s ability to hold true to its secular fabric and to its Constitution will determine how far disaffection in that community can be stemmed.
The Iran deal, a triumph for diplomacy: Till a few years ago, it was difficult to even imagine that a diplomatic solution would be found to the Iranian nuclear problem. But a confluence of factors made the nuclear deal possible. While in Iran it was the factor of popular protests against the regime, in the U.S., it was the ascendance of Barack Obama (who was ready to engage with Iran) to presidency.
Justice or vengeance: Constitutional safeguards allow prisoners sentenced to death to exhaust all legal remedies. Yakub Memon cannot be denied the opportunity to exercise his legal options, and it would be a dangerous precedent to preclude him from doing so just because he committed a ghastly crime. The taking of life by the state must be subject to the highest levels of constitutional scrutiny. The state cannot deny someone fundamental rights on the basis of public demands for a speedy execution.
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
Centre, RBI differ on debt management body: The Reserve Bank has rejected the Union Finance Ministry’s “diluted” proposal for a non-statutory Public Debt Management Authority in the revised draft of the Indian Financial Code, and instead has proposed a public debt management cell to be headed by the Finance Secretary.
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