OPINION, P2 MIND & GAMES Gujaratwinnerand economyare limping IDEA EXCHANGE A CUTE TOY JUST BROUGHTA HACKER INTO YOUR HOME Dr Devi Shetty Amid the holiday shopping season, cybersecurity researchers warn that new, interactive toys are vulnerable to many hacking threats Page 10 ACROSS THE AISLE , P CHIDAMBARAM Vol XVII No 9 Follow us on Twitter & Facebook. App available on App Store & Play Store ‘We have made medical education elitist, out of reach of poor families. It will have consequences’ Page 4 WWW.FINANCIALEXPRESS.COM LEISURE RIYAS KOMU NEW DELHI SUNDAY, DECEMBER 24, 2017 14 Pages, `8 (Patna `11, Raipur `10) SPOTLIGHT THE GREEN WARRIORS FINANCIAL EXPRESS ON SUNDAY ‘If you save art, art will save you’ Page 8 READ TO LEAD PUBLISHED FROM:AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI, PUNE Lalu convicted in fodder scam ● Taken into custody; sentencing on Jan 3; Mishra acquitted PTI FODDER TRAIL There is a breed of entrepreneurs who are creating sustainable products to replace everyday things like cosmetics, sanitary napkins, tableware, clothing, etc Page 7 WORDS WORTH DEBUNKING CONVENTION Lalu Prasad being escorted by the police after his conviction Is ‘Make in India’ faulty? Could bank NPAs be better managed? Are voters being misled? Economics of India: How to Fool all People for all Times answers these and more Page 5 IN A MAJOR setback to the Rashtriya Janata Dal (RJD),a special CBI court on Saturday convicted former Bihar chief ministerLalu Prasad and 15 others in a fodder scam case 21years after it hadsurfaced,whileacquittingsix others,including anotherformer chiefminister,JagannathMishra. Special judge Shivpal Singh pronounced the verdict in a packed courtroom in the case PRESS TRUST OF INDIA Ranchi, December 23 ODD & EVEN ROHNIT PHORE pertaining to fraudulent withdrawal of `89.27 lakh from the Deoghar Treasury between 1991 and 1994. The court will pronounce the quantum of sentence on January 3. The copy of the judgment was not immediately available. Sixty-nine-year-old Lalu Prasad, who heads the RJD, and other convicts were taken into custody immediately after the pronouncement of the verdict. Jan 1996: Fodder scam unearthed after Chaibasa DC Amit Khare raids animal husbandry dept March 1996: Patna HC asks CBI to investigate. CBI registers FIR in Chaibasa treasury case July 1997: After Lalu Prasad is named as accused, he quits as CM, anoints Rabri. Surrenders before CBI court, sent to judicial custody Oct 2001: SC transfers case to Jharkhand HC March 2012: Charges framed against Lalu and Jagannath Mishra Sept 2013: Lalu, Mishra convicted in another fodder scam case. Lalu jailed, disqualified as LS member; debarred from contesting polls Dec 2013: Lalu gets bail May 2017: Trial revives after SC order on May 8 Dec 23, 2017: Lalu, 15 others guilty. Lalu guilty in 2 out of 6 cases Continued on Page 11 QuickPicks Govt to file review petition against SC order on MRP issue THE GOVERNMENT will file a review petition in the Supreme Court against an order allowing hotels and restaurants to charge more than the maximum retail price (MRP) on mineral water, consumer affairs minister Ram Vilas Paswan said on Saturday, reports PTI. Earlier this month, the apex court had said the government cannot enforce sale of mineral water on their MRPs in hotels and restaurants as the Standards of Weights and Measures Act, 1976 does not apply. Air Deccan takes wings again, flies to Jalgaon Stakeholders send fresh feelers to exit Continuum Wind VIKAS SRIVASTAVA Mumbai, December 23 A file photo of an Air Deccan aircraft Relaunched after ceasing operations post acquisition by Kingfisher in 2008 PRESS TRUST OF INDIA Mumbai, December 23 INDIA’S FIRST LOW-COST carrierAir Deccan,which ceased operations after being acquired by erstwhile Kingfisher Airlines in 2008,tookwings again as a commuter airline with its maiden flight taking off for Jalgaon from Mumbai on Saturday. The flight, DN 1320, took off for Jalgaon,around 400 km from Mumbai from the Chhatrapati Shivaji International Airport (CSIA) in the afternoon. “It’s a sense of great beginning.A sense ofbeingfortunatethatAirDeccan is taking off again,” Air Deccan chairmanCaptGRGopinathsaid. There was a dream of taking flying to everypossible corner of the country,which did not come to fruition because of Air Deccan’s mergerwith the Kingfisher Airlines in 2008, he said.“Now I have the opportunity to relaunch operations across the country,”said the pioneerof lowcost aviation in India. Theflightwasinauguratedby Maharashtra PWD minister Chandrakant Patil, along with Gopinath. However, the maiden flight was marred by delays,with the aircraft taking off around 2.55pminsteadofthescheduled departure of 1.20 pm. Air Deccan’s strategic partners Shaishav Shah of Ahmedabad-based GSEC and Himanshu Shah of Monarch Networth Capital, as well as senior Directorate General of Civil Aviation (DGCA) officials, were on board the inaugural flight. Air Deccan received the scheduled commuteroperatorpermit from reg- ulator DGCA on Friday. In the first phase of operations,AirDeccan plans to provide connectivity to Jalgaon, Nashik and Kolhapur from Mumbai and Pune.Air Deccan had bagged 34 routes in the first phase of bidding for the Udan scheme,which caps fares at `2,500 for a flight under an hour’s duration. For the Jalgaon flight, the airlinehaspeggedfaresat`2,250for 50% of the seats, to be operated under the regional connectivity scheme,while the ticket price for theremainingninewillbe`4,500 perseat,an official said. Air Deccan has deployed a 19-seater plane, Beachcraft B1900D, (18 passengers and one crew member) on the MumbaiJalgaon route. Flight operators, awarded routes under the scheme,are entitled to a subsidy to keep fares low for the passengers. An airline has to set aside 50% of its seating capacity at the discounted fares. CONTINUUM WIND, THE Singapore-headquartered and India-focused renewable power producer, is back in the market for a buyout, with its existing stakeholders looking for an exit, sources told FE. The fresh feelers come two years after SunEdison backed-off from a deal. The company, which has 1,850 MW of wind assets, is majority owned by Morgan Stanley Infrastructure Partners, an infrastructure PE investment fund with close to 85% stake in the company. The benchmark cost for setting up wind units is estimated at `4 crore per MW.At this rate, the replacement cost for a 1,850 MW capacity would be `7,400 crore, and it is likely that the assets of Continuum Wind would fetch bids thatwould be at a premium to this valuation. Continued on Page 11 A clarification A photograph of NITI Aayog vice-chairman Rajiv Kumar was published instead of financial services secretary Rajeev Kumar along with the report, ‘Govt, RBI deny any bank faces closure’, published in the edition dated December 23. The error is regretted. The Indian Express film critic Shubhra Gupta in conversation with actor Rajkummar Rao at the Express Adda held in Mumbai on Saturday EXPRESS PHOTO: NIRMAL HARINDRAN ‘Aadhaar’s tech to evolve; public interest supreme’ FE BUREAU New Delhi, December 23 AS BIOMETRIC UNIQUE identity Aadhaar gets rolled out to cover morewelfare schemes,the government will be able to plug more leaks and save substantial amount of revenue, finance ministerArun Jaitleysaid on Saturday at a book-launch func- tion.He added that the technological infrastructure around Aadhaar will continue to evolve with firewalls to protect privacy. “You have to build adequate firewalls, but, at the same time, the larger public interest will always have to prevail over personal interests,”Jaitleysaid.In an affidavit filed with the Supreme Court earlier this year, the gov- ernment had said it had saved nearly `50,000 crore during FY15 and FY16 by using Aadhaar-based direct benefit transfers (DBT) for various welfare schemes. Linking beneficiaries of government schemes had helped the administration eliminate fake benefit claimants. Continued on Page 11 Finance Minister Arun Jaitley
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.