India Hot Topics
Modi’s key reforms stall as pandemic upends economy
India’s delay in appointing a new central bank committee to decide interest rates is just the latest of Prime Minister Narendra Modi’s key economic reforms that are failing to gain traction during the nation’s worst crisis in decades.
Three of his major policies — the goods and services tax, a bankruptcy and insolvency law and the Monetary Policy Committee — have been mired in problems since the Covid-19 outbreak upended economic activity.
Modi’s administration has delayed payments it promised India’s 28 states as compensation under the new consumption tax regime, increasing tension between the two tiers of government.
The bankruptcy law has been suspended, frustrating the loan recovery efforts of lenders already saddled with one of the world’s worst bad-loan problem. And on top of that, the government didn’t appoint members to the central bank’s MPC in time for its scheduled policy decision last week, delaying possible stimulus that the economy desperately needs.
Record Slump
Modi has been hailed by investors for his business-friendly reforms, which had been under discussion for years but pushed through in the first three years when he first took office in 2014. The stalling of those programs is weighing on the outlook for Asia’s third-largest economy, which has gone from one of the fastest-growing in the world to among the worst hit during the pandemic. India’s gross domestic product contracted a record 23.9% in the June quarter from a year ago, and Goldman Sachs Group Inc. is predicting the economy will shrink 14.8% in the fiscal year through March 2021. The government is still pushing through policy reforms in the farm sector and seeking changes to the nation’s rigid labour rules.
MPC Delay
The Insolvency and Bankruptcy Code “is the most effective instrument available to banks for recovering their defaulted loans to the best extent possible,” Subhash Chandra Garg, a former top bureaucrat at the Finance Ministry in the Modi government, told businessmen recently. “Suspension of IBC should be revoked,” he said, adding that the code had created an “institutional path and a shift in the effectiveness of dispute resolution.”
Finance Minister Nirmala Sitharaman said last week the delay in appointments to the MPC wasn’t by design, and the names of three new external members would be announced shortly. She is due to meet her counterparts from states Monday on the GST compensation matter.
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Movie
The Madras High Court has granted early screenings of Vijay’s Leo movie from 7 AM, requesting the TN government to resolve any issues.
Madras High Court Grants Early Screenings of Vijay’s “Leo” Movie at 7 AM, Urges TN Government to Address Concerns
The Madras High Court has made a landmark decision in favor of the much-anticipated Tamil film “Leo,” starring actor Vijay. In a significant move, the court has granted permission for early screenings of the movie from 7 AM, urging the Tamil Nadu government to swiftly address any issues and facilitate the smooth release of the film. This decision marks a pivotal moment in the realm of Tamil cinema and the entertainment industry at large.
Historical Context:
The Indian film industry, particularly the Tamil film industry, has seen its share of controversies and challenges related to film releases. Issues such as censorship, political disputes, and public sentiment have often played a significant role in shaping the release schedules and screening times for films. Vijay, one of Tamil cinema’s most prominent actors, has been at the center of such controversies in the past. This decision by the Madras High Court is, therefore, particularly noteworthy.
The Ruling:
The Madras High Court’s decision to permit early screenings of “Leo” comes as a response to a plea filed by the film’s producers. The court, while considering the plea, took into account various factors, including the film’s anticipated popularity and the prevailing circumstances. The court emphasized the importance of accommodating the audience’s interests and allowing them to enjoy the film without disruptions.
A Step Towards Normalization:
The court’s decision signifies a positive shift in the film industry, where release dates and screening times are often mired in controversy. By allowing screenings to commence at 7 AM, the court aims to reduce the chances of public unrest and congestion near theaters, especially in the wake of high-profile film releases.
The Role of the Tamil Nadu Government:
The Madras High Court, in its ruling, also called upon the Tamil Nadu government to cooperate in ensuring a seamless release for the film. This cooperation extends to providing necessary security measures to maintain law and order around theaters during the early screenings.
Implications for the Entertainment Industry:
The decision is expected to set a precedent for the release of other highly anticipated films, not just in Tamil cinema but also in the broader Indian film industry. The court’s emphasis on the importance of accommodating the audience’s interests could lead to more flexible screening times for movies in the future.
The Audience’s Perspective:
For moviegoers and fans of Vijay, this decision comes as a welcome relief. They can now look forward to enjoying the film without any undue delays or disruptions, ensuring a memorable cinematic experience.
In conclusion, the Madras High Court’s ruling to allow early screenings of Vijay’s “Leo” at 7 AM while urging the Tamil Nadu government to resolve any issues paves the way for a more audience-centric approach in the film industry. It is a landmark decision that highlights the importance of balancing the interests of filmmakers and the movie-loving public. This judgment is poised to make a positive impact on the release of future films, ushering in a new era of flexibility and convenience for cinema enthusiasts.
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