'Rajan among probables for Nobel Prize for economics'

Agencies
October 7, 2017

Former RBI Governor Raghuram Rajan features in the list of probables for this year's Nobel Prize in Economics, The Wall Street Journal has reported.

He is one of the six economists on the list of probable winners complied by Clarivate Analytics, a company that does academic and scientific research and maintains a list of dozens of possible Nobel Prize winners based on research citations.

The entry to the list does not guarantee that Rajan is a front-runner but he is a probable who stands a chance to win.

Rajan, whose three year term as Reserve Bank Governor ended on September 4, 2016, is considered a candidate for his "contributions illuminating the dimensions of decisions in corporate finance", Clarivate said.

The Nobel Prize in Economics will be announced on Monday.

According to Clarivate Analytics, the list of possible Nobel Prize winners based on research citations include Colin Camerer of the California Institute of Technology and George Loewenstein of Carnegie Mellon University (for pioneering research in behavioural economics and in neuroeconomics); Robert Hall of Stanford University (for his analysis of worker productivity and studies of recessions and unemployment); and Michael Jensen of Harvard, Stewart Myers of MIT and Raghuram Rajan of the University of Chicago (for their contributions illuminating the dimensions of decisions in corporate finance).

Rajan, who at 40 was the first non-western and the youngest to become the chief economist at the International Monetary Fund, shot to big fame three years after he predicted a financial crisis at an annual gathering of economists and bankers in the US in 2005.

He was appointed RBI Governor by the previous UPA government in 2013 and although he wanted a second term he was not offered an extension, which most of his predecessors got, by the current NDA regime.

He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business, University of Chicago.

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May 4,2024

New Delhi: Congress leader Rahul Gandhi has written to Karnataka Chief Minister Siddaramaiah, urging him to extend all possible help to the victims of JD(S) leader Prajwal Revanna's alleged sexual abuse.

In a letter to Siddaramaiah, Gandhi condemned the actions of Revanna, an MP from Hassan in Karnataka, and accused him of enjoying immunity with the blessings of Prime Minister Narendra Modi and Union Home Minister Amit Shah.

In a veiled attack on Modi, the Congress leader said he has never come across a senior public representative who has constantly chosen silence in the face of untold violence against women.

"I request you to kindly extend all possible support to the victims," Gandhi said in his letter to the Karnataka chief minister.

"They deserve our compassion and solidarity as they fight their battle for justice. We have a collective duty to ensure that all parties responsible for these heinous crimes are brought to book," he added.

Describing the incidents as "horrific sexual violence" unleashed by the incumbent Member of Parliament, Gandhi alleged that Revanna sexually assaulted and filmed hundreds of women over several years.

"Many who looked up to him as a brother and son were brutalised in the most violent manner and robbed of their dignity. The rape of our mothers and sisters warrants the strictest possible punishment."

"I am deeply shocked to learn that as far back as December 2023, our Home Minister Shri Amit Shah was informed by Shri G Devaraje Gowda about Prajwal Revanna's antecedents, especially his history of sexual violence and the presence of videos filmed by the perpetrator," the former Congress chief said.

He said what is even more shocking is that despite these gruesome allegations being brought to the notice of the seniormost leadership of the ruling Bharatiya Janata Party (BJP) at the Centre, Modi campaigned and canvassed for a "mass rapist".

"Furthermore, the Union government wilfully allowed him to flee India to derail any meaningful investigation. The deeply perverse nature of these crimes and the absolute immunity enjoyed by Prajwal Revanna with the blessings of the Prime Minister and Home Minister deserves the strongest condemnation," Gandhi said.

"In my two decades in public life, I have never come across a senior public representative who has constantly chosen silence in the face of untold violence against women. From our wrestlers in Haryana to our sisters in Manipur, Indian women are bearing the brunt of the Prime Minister's tacit support for such criminals," he alleged.

In this backdrop, Gandhi said the Congress has a moral duty to fight for justice for "our mothers and sisters".

"I understand that the Karnataka government has constituted a Special Investigation Team (SIT) to investigate the grave allegations, and a request has been made to the Prime Minister to cancel Prajwal Revanna's diplomatic passport and get him extradited to India at the earliest," he said.

H D Revanna, the Janata Dal (Secular) MLA from Holenarasipura in Karnataka's Hassan district, is the son of former prime minister and JD(S) patriarch H D Deve Gowda and elder brother of former chief minister H D Kumaraswamy. He is facing allegations of sexually abusing women.

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News Network
May 14,2024

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Comedian Shyam Rangeela on Tuesday that he was barred from filing his nomination papers for the 2024 Lok Sabha Elections. He intended to challenge Prime Minister Narendra Modi from the Varanasi seat by contesting as an Independent candidate.

Despite attempts to file his papers since May 10, Rangeela alleged he was denied entry to the district magistrate's office on the day Prime Minister Modi filed his nomination. He also said that he is not taking any team from Sriganganagar to contest the Lok Sabha elections in Varanasi. 

Shyam Rangeela further claimed that he has received several phone calls from Varanasi and people are willing to join him. "Winning or losing is a different matter, but I will contest the elections against the Prime Minister at any cost. I am not contesting elections to become famous, I am already very famous among the public."

The Congress party also waded into the controversy. Congress leader Surendra Rajput told news agency PTI that everyone is free to file a nomination including Prime Minister Modi. Rajput claimed that Rangeela was not getting nomination papers from the administration. 

"Everyone is free to file a nomination including PM Modi. However, other people are not allowed to file their nominations from the constituency. A YouTuber named (Shyam) Rangeela, who wished to file a nomination from Varanasi, isn’t getting nomination papers from the administration. Why PM Modi is afraid of people? Let them contest against you," he said. 

PM Modi, contesting for a third term, previously won the Varanasi seat by 4.8 lakh votes in 2019 and by 3.72 lakh votes in 2014. So far, 14 individuals, including mainstream political party candidates and independents, have filed their nominations for the Varanasi constituency.

Congress candidate Ajai Rai and Bahujan Samajwadi Party's Athar Ali Lari are among them. Rangeela, a YouTuber and mimic from Rajasthan’s Hanumangarh, rose to fame in 2017 with his act impersonating PM Modi. He has been critical of the Prime Minister and his policies, as evident in his videos.
 

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May 17,2024

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In scorching heat on a busy Kolkata street last month, commuters sought refuge inside a glass-walled bus shelter where two air conditioners churned around stifling air. Those inside were visibly sweating, dabbing at their foreheads in sauna-like temperatures that were scarcely cooler than out in the open.

Local authorities initially had plans to install as many as 300 of the cooled cabins under efforts to improve protections from a heat season that typically runs from April until the monsoon hits the subcontinent in June. There are currently only a handful in operation, and some have been stripped of their AC units, leaving any users sweltering.

“It doesn’t work,” Firhad Hakim, mayor of the city of 1.5 crore, said on a searing afternoon when temperatures topped 40C. “You feel suffocated.”

Attempts in Kolkata and across India to improve resilience to extreme heat have often been equally ill-conceived, despite a death toll estimated at more than 24,000 since 1992. Inconsistent or incomplete planning, a lack of funding, and the failure to make timely preparations to shield a population of 140 crore are leaving communities vulnerable as periods of extreme temperatures become more frequent, longer in duration and affect a wider sweep of the country.

Kolkata, with its hot, humid climate and proximity to the Bay of Bengal, is particularly vulnerable to temperature and rainfall extremes, and ranked by the Intergovernmental Panel on Climate Change as among the global locations that are most at risk.

An increase in average global temperatures of 2C could mean the city would experience the equivalent of its record 2015 heat waves every year, according to the IPCC. High humidity can compound the impacts, as it limits the human body’s ability to regulate its temperature.

Even so, the city — one of India's largest urban centres — still lacks a formal strategy to handle heat waves.

Several regions across India will see as many as 11 heat wave days this month compared to 3 in a typical year, while maximum temperatures in recent weeks have already touched 47.2C in the nation’s east, according to the Indian Meteorological Department. Those extremes come amid the Lok Sabha election during which high temperatures are being cited as among the factors for lower voter turnout.

At SSKM Hospital, one of Kolkata’s busiest, a waiting area teemed last month with people sheltering under colorful umbrellas and thronging a coin-operated water dispenser to refill empty bottles. A weary line snaked back from a government-run kiosk selling a subsidized lunch of rice, lentils, boiled potato and eggs served on foil plates.

“High temperatures can cause heat stroke, skin rashes, cramps and dehydration,” said Niladri Sarkar, professor of medicine at the hospital. “Some of these can turn fatal if not attended to on time, especially for people that have pre-existing conditions.” Extreme heat has an outsized impact on poorer residents, who are often malnourished, lack access to clean drinking water and have jobs that require outdoor work, he said.

Elsewhere in the city, tea sellers sweltered by simmering coal-fired ovens, construction workers toiled under a blistering midday sun, and voters attending rallies for the ongoing national elections draped handkerchiefs across their faces in an effort to stay cool. The state government in April advised some schools to shutter for an early summer vacation to avoid the heat.

Since 2013, states, districts and cities are estimated to have drafted more than 100 heat action plans, intended to improve their ability to mitigate the effects of extreme temperatures. The Centre set out guidelines eight years ago to accelerate adoption of the policies, and a January meeting of the National Disaster Management Authority pledged to do more to strengthen preparedness.

The absence of such planning in Kolkata has also meant a failure to intervene in trends that have made the city more susceptible.

Almost a third of the city’s green cover was lost during the decade through 2021, according to an Indian government survey. Other cities including Mumbai and Bengaluru have experienced similar issues. That’s combined with a decline in local water bodies and a construction boom to deliver an urban heat island effect, according to Saira Shah Halim, a parliamentary candidate in the Kolkata Dakshin electoral district in the city’s south. “What we’re seeing today is a result of this destruction,” she said.

Hakim, the city’s mayor, disputes the idea that Kolkata’s preparations have lagged, arguing recent extreme weather has confounded local authorities. “Such a kind of heat wave is new to us, we’re not used to it,” he said. “We’re locked with elections right now. Once the elections are over, we’ll sit with experts to work on a heat action plan.”

Local authorities are currently ensuring adequate water supplies, and have put paramedics on stand-by to handle heat-induced illnesses, Hakim said.

Focusing on crisis management, rather than on better preparedness, is at the root of the country’s failings, according to Nairwita Bandyopadhyay, a Kolkata-based climatologist and geographer. “Sadly the approach is to wait and watch until the hazard turns into a disaster,” she said.

Even cities and states that already have heat action plans have struggled to make progress in implementing recommendations, the New Delhi-based think tank Centre for Policy Research said in a report last year reviewing 37 of the documents.

Most policies don’t adequately reflect local conditions, they often lack detail on how action should be funded and typically don’t set out a source of legal authority, according to the report.

As many as 9 people have already died as a result of heat extremes this year, according to the meteorological department, though the figure is likely to significantly underestimate the actual total. That follows about 110 fatalities during severe heat waves during April and June last year, the World Meteorological Organization said last month.

Even so, the handling of extreme heat has failed to become a “political lightning rod that can stir governments into action,” said Aditya Valiathan Pillai, among authors of the CPR study and now a fellow at New Delhi-based Sustainable Futures Collaborative.

Modi's government has often moved to contain criticism of its policies, and there is also the question of unreliable data. “When deaths occur, one is not sure whether it was directly caused by heat, or whether heat exacerbated an existing condition,” Pillai said.

In 2022, health ministry data showed 33 people died as a result of heat waves, while the National Crime Records Bureau – another agency that tracks mortality statistics – reported 730 fatalities from heat stroke.

Those discrepancies raise questions about a claim by the Centre that its policies helped cut heat-related deaths from 2,040 in 2015 to 4 in 2020, after national bureaucrats took on more responsibility for disaster risk management.

Local officials in Kolkata are now examining potential solutions and considering the addition of more trees, vertical gardens on building walls and the use of porous concrete, all of which can help combat urban heat.

India’s election is also an opportunity to raise issues around poor preparations, according to Halim, a candidate for the Communist Party of India (Marxist), whose supporters carry bright red flags at campaign events scheduled for the early morning and after sundown to escape extreme temperatures.

“I’m mentioning it,” she said. “It’s become a very, very challenging campaign. The heat is just insufferable.”

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