OPINION, P2 EXPRESS ADDA Shewantedreasons, hereare10 IDEA EXCHANGE VISHAL BHARDWAJ Indu Bhushan ‘As artistes, we take no sides. We take the side of what’s right’ Page 8 ‘Ultimately, goal is universal health coverage... where rich subsidise poor, healthy the ailing’ Page 4 ACROSS THE AISLE, P CHIDAMBARAM Vol 11 No. 32 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM ‘LUXURYBRANDS ATTRACTED BY STABILITYOFINDIA’ MUMBAI SUNDAY, OCTOBER 7, 2018 12 Pages, `10 WORDSWORTH INDIAVIA GANDHI Gandhi: The Years That Changed the World reveals the many shades of the Mahatma, the people associated with him and the making of an independent India Page 5 ASSEMBLY POLL DATES November 12 and 20 ■ Chhattisgarh November 28 ■ Madhya Pradesh ■ Mizoram December 7 ■ Rajasthan ■ Telangana Counting of votes All 5 states December 11 QuickPick FB task force for India polls SOCIAL NETWORKING platform Facebook on Saturday said it will encourage engagement between people and political leaders on its platform for 'free and fair election' and deploy a task force to check hate speeches during polls, reports PTI. P12 ‘Banks, telcos could be allowed to use Aadhaar’ ● FM says legislation can restore linking with mobile phones, bank accounts; more steps likely to narrow CAD ‘No going back on deregulation of oil prices’ AGENCIES New Delhi, October 6 FINANCE MINISTER ARUN PRESS TRUST OF INDIA New Delhi, October 6 Finance minister Arun Jaitley FINANCE MINISTER ARUN Jaitley on Saturday said a Parliament-approvedlegislationcan restore mandatory linking of biometric ID Aadhaar with mobile phones and bank accounts, but did not say if the government will bring a new law for it. TheSupremeCourthadlast month upheld the constitutional validity of Aadhaar, the 12-digit, biometric-based unique identity number, but restricted its use by private entities like telecom operators forverifying identityof mobile phone users. Jaitleysaid theverdictwas a “very sound judgment”, as the court accepted that there is legitimate state aim in Aadhaar.“Aadhaar is not a citizenshipcard,”hesaidataneventin the national capital.“Because, after all, you have a system where you give a lot of governmentmoneyinformofvarious support and subsidies to all kinds of people. That was the principleobjectiveofAadhaar.” TheSupremeCourt,hesaid, upheld most of what Aadhaar does. “What had not been upheld falls in two categories. One is the principle of proportionalitythatAadhaarwillhelp in these cases and then do it by an appropriate law. So the whole argument which was given that private companies can’t use it, there is Section 57 that says you can authorise otherseitherbylaworcontract. So what has been struck down is by contract,”he said. He said a legal provision through a legislation can restorelinkingofAadhaarwith mobile phones and bank accounts.“By law it can still be done,provided you do it under the adequate provision of law and do it on the basis of that in thisfielditisnecessary,”hesaid. Continued on Page 12 Gold exports shine again after last year’s debacle BANIKINKAR PATTANAYAK New Delhi, October 6 AFTER AN ALMOST 18% slump last fiscal, exports of gold products regained some of the lost glitter to record a 24% jump in the first five months of 2018-19 from a year before, while the import of the precious metal dropped 1.5% during the period,albeit on a much larger base. Consequently, the share of exports of gold products in imports of the bullion rose to 35.4% in the April-August period, from 34.6% in the last fiscal, showed the latest data. Of course, the share of exports in total domestic productionwould be much lower, as a lot of jewellery is made of recycled gold. Higher gold exports come as a welcome relief at a time when policymakers are mulling steps to curb imports of the precious metal to trim current account Regaining lustre? Gold imports Gold exports ($ mn) Gold exports as % of imports (RHS) 40,000 30,000 20,000 10,000 0 39.8 56 35.4 2013-14 2015-16 2017-18 2014-15 2016-17 2018-19 (Apr-Aug) Source: Ministry of commerce; GJEPC deficit and ease pressure on the rupee that has flirted with new lows against the greenback almost each day of this week. Analysts sayhigherexports in 2018-19 suggests a slowdown in domestic demand, caused mainly by an 8% rise 42 28 15,046 5,320 The J&J compensation in India for faulty hip implants is meagre compared to the US. Why this discrepancy? Why compensation amounts to millions of dollars in the West, but in India, patients get a pittance? Page 7 IDENTITY CRISIS 28,704 COMPENSATION MATTERS 14 0 in local prices in the June quarter from a year earlier due to aweak rupee.India usually imports bullion and exports products after value addition, apart from using recycled gold. Continued on Page 12 Alibaug to be Mumbai's Hampton? With better connectivity soon, real estate players have big plans for area MANISHA SINGHAL Mumbai, October 6 COMING UP SO FAR CONSIDERED the weekend retreat of the wellheeled, Alibaug, off Mumbai’s coast, could soon be open to a larger crowd once infrastructure projects offering better connectivity with the mainland are completed. Dotted with sprawling bungalows,the area is consequently all set for bigger realty play. Foremost among the infrastructure projects currently underway is the roll-on-roll-off (RORO) jetty water transport system linking south Mumbai, Navi Mumbai and Alibaug to provide all-weather boat connectivity,makingtheareaaccessible even during monsoons. AlsofromsouthMumbai,itwill be possible to reach Alibaug in 40 minutes flat. “The new infrastructure development plan is going to change a lot for Alibaug, espe- READ TO LEAD PUBLISHED FROM:AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI, PUNE 11,436 SPOTLIGHT FINANCIALEXPRESS ON SUNDAY Dinaz Madhukar of DLF Emporio on luxe trends Page 9 ■ Roll-on-roll-off jetty water transport system linking south Mumbai, Navi Mumbai and Alibaug ■ Rewas-Karanja Creek Link; Mandwa Marina; Mumbai- Trans Harbour Link; 140-km Virar-Alibaug corridor likely to be completed within 5-7 years cially as RORO becomes operational. There are established developers betting big on Alibaug,whichincludeHiranandanis, Mahindra Lifespaces, Neelkanth Developers, and whichhaveacquiredlargetracts oflandamountingtohundreds of acres,” says Anuj Puri, chairman,ANAROCK Property Consultants. A gated community developmentkeepinginmindsecond homebuyers, not only for high net worth individuals, but also young executives and professionals, is the target segment, with facility management and maintenance of these apartmentsthrowninasanincentive forbuyers. Alookattheseinfrastructure projects will make it clear why developers are seeing value in buying and building atAlibaug. To begin with there is the Rewas-KaranjaCreekLink,an8km road over the creek; then there is the Mandwa Marina whichisahigh-techinlandpassenger water transport terminal; Mumbai-Trans Harbour Link, a 21.8-km freeway grade road bridge,and a multi-modal corridor that is the 140-km Virar-Alibaugcorridorconnecting towns across Mumbai metropolitan region with Alibaug. All these projects are likelyto be completed within five to seven years from now. Continued on Page 12 Jaitleyon Saturdaysought toassureinvestorsthatthe governmentwould not go back to regulating fuel prices,a day after oil company shares tumbled on concernsaboutareturnto a regime that has hurt theirprofits in the past. “Let me categorically assure all that there is no going back on deregulation of oil prices,” the FM said in a Facebook post, ‘The oil prices and the hypocrisy of the opposition’.Jaitleyaccusedcritics of doing a ‘volte face’ by terming the cut in petrol and diesel prices by the Centre as‘bad economics’. Continued on Page 12 377: Disagree sexuality part of free speech,says Jaitley ● Differs with SC on adultery, Sabarimala as well PRESS TRUST OF INDIA New Delhi, October 6 FINANCE MINISTER ARUN Jait- ley on Saturday said he did not agreewiththeportionofthehistoric Supreme Court judgment decriminalisingconsensualgay sexthatcalledsexualityapartof free speech, as he felt it raises questions on restraining any formofhomosexualorbisexual activityinaschoolhostel,prison orarmyfrontier.Speakingatthe HT Leadership Summit, Jaitley said the judgment decriminalising gay sex was fine but “the problem comes when writing these historical judgments,you get carried awayand want to be part of history and, therefore, you go a step further”. He said he fairlyagreedwith thereasoninggivenbythecourt in the judgment that sexual activityispartofArticle21ofthe Constitution that guarantees rightoflifeandthatnodiscrimination on the basis of sex should be there,but added that he completely disagrees with the reasoning that sexual activity is part of free speech. “Because I think that’s little The SC recently delivered several landmark judgments excessive and consequences of thatmaynotbeondecriminalisation. Free speech is entirely a different gambit, it can be restrainedonthereasonsofsovereignty, security, public order and so on.And mind you,there istendencyofcreatingnewfundamental rights everyday. So when you convert this into a fundamental right and say it’s free speech, then how do you restrain any form of sexual activity, homosexual or bisexual, in a school hostel, prison, army frontier,” he said. Stating thatthisrequiresfurtherdebate, he said this reasoning was not necessary for deciding the case of Section 377,which decriminalised gaysex. ADULTERY:Healsodiffered on a portion of the apex court rulingonadultery,sayingitmay end up converting the Indian family system into a western family system. He said some of the judges said these are matrimonial offences and personal wrongs and not public wrongs. “So, therefore, it is outside the purview of criminal law.Would that cover bigamy or polygamy also,whicharepersonalwrongs? Wouldthatcovercruelty?Would thatcoverdowryoffences?Now with this logic covering them, then it would be a wholly antiwomen judgment,” he said, adding that he was not in dispute that the “very badlyworded section” on adultery needed to be quashed, but“the later view may find a reference in some western journals very favourably, but it may end up converting Indian family systemintowesternfamilysystem where the fragility of marriage as an institution itself will increase”.“Therefore,you probably require to debate the second part of the observation, which again was not necessary fordeciding this case,” he said. SABARIMALA: On the Supreme Court allowing women’s entry into the Sabarimala shrine,he said such a ruling cannot happen on select practices, as it may have many social consequences. Continued on Page 12
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