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THE
HINDU: A wave of awe and opportunity
The detection of ripples in space-time,
known as gravitational waves, here on Earth marks a watershed moment for
astronomy and for science as a whole.
The detection at once improves our
understanding of the workings of the universe and, more important, throws open
a big opportunity to study it from completely new angles. It opens the way to
get information about the evolution of galaxies and black holes. There is also
a symmetry to the timing of the discovery: it comes a century after Albert
Einstein’s general theory of relativity held that acceleration of massive
bodies should produce gravitational waves, which travel through the universe at
the speed of light. The gravitational waves detected, and announced to the
world on Thursday, were produced more than a billion years ago by a cataclysmic
collision of two black holes, one of them with a mass 36 times that of the Sun
and the other slightly smaller at 29 times, into one black hole. The
gravitational waves give scientists insights into the final moments before the
merger. The signals of gravitational waves were detected on September 14, 2015
by twin Laser Interferometric Gravitational-wave Observatory (LIGO) detectors
located about 3,000 km apart at Hanford, Washington and in Livingston,
Louisiana, in the United States. Though the observatory is capable of picking
up gravitational waves produced by binary neutron stars colliding and merging,
signals from such a collision from the same distance would have been extremely
weak for LIGO to pick up; neutron stars are much smaller in size than black holes
and produce weaker signals. The successful capture of gravitational waves by
LIGO is a testimony to humankind’s scientific and engineering expertise to
build extraordinarily sensitive instrumentation capable of detecting variations
of the order of a thousandth of the diameter of a proton.
Fittingly,
this giant step for science is the result of truly global cooperation. About 60
researchers from more than a dozen institutions in India were part of the
over-1,000-strong army of scientists in the collaboration. Nearly 35 Indian
scientists are co-authors of the landmark scientific paper that describes the
results. The way to find the signal buried in the noise came from an Indian
scientist. Similarly, the oscillation of cosmic bodies after a collision was predicted
by an Indian scientist back in 1971. Several observatories widely separated
from one another will help in determining the direction of any event with
greater accuracy and also confirm the genuineness of the signal. Quick approval
to construct the proposed Rs.1,260-crore gravitational wave observatory in
India could help obtain unique information about the universe; unlike light,
gravitational waves can pass through the universe unobstructed and hence carry
otherwise unobtainable information. The facility would also provide a
much-needed technological boost and immensely benefit researchers based in
India. And for years to come, we will continue to listen to the ‘chirp’ sound
produced by the gravitational waves, and marvel at science’s capacity to detail
ever more minutely the place of humankind in the vastness of space and time.
awe
A feeling of
reverential respect mixed with fear or wonder.
wa·ter·shed
An area or
ridge of land that separates waters flowing to different rivers, basins, or
seas.
sym·me·try
The quality of
being made up of exactly similar parts facing each other or around an axis.
cat·a·clys·mic
Relating to or
denoting a violent natural event.
col·li·sion
An instance of
one moving object or person striking violently against another.
tes·ti·mo·ny
A formal
written or spoken statement, especially one given in a court of law.
os·cil·la·tion
Movement back
and forth at a regular speed.
un·ob·struct·ed
Not obstructed.
un·ob·tain·a·ble
Not able to be
obtained
chirp
(typically of a
small bird or an insect) utter a short, sharp, high-pitched sound.
mi·nute·ly
With great
attention to detail; meticulously.
vastness
Enormousness:
unusual largeness in size or extent or number
THE HINDU: Banks ultimately
need autonomy
Banks,
it is often said, are the fulcrum of a robust economy. Healthy banks are an
essential prerequisite for placing the economy on a higher growth orbit. The
banking scene in India, however, presents
an absolutely scary picture. A combination of factors ranging from poor credit
appraisal to political interference and mismanagement by borrowers have
conspired to push the banking industry into a messy cobweb. Bank after bank,
especially the government-owned, has come out with poor third-quarter results.
The stressed assets (comprising gross non-performing assets plus written-off
assets and restructured assets) account for 14.1 per cent of total bank loans
as of September 2015, up from 13.6 per cent in March 2015. For public sector banks,
the stressed assets were in the vicinity of 17 per cent at the end of
September, while the figure for private sector banks stood at 6.7 per cent. The
rising stress level, or increase in bad loans, has yielded a twin fallout — of
declining profitability at banks and poor credit disbursal. The double effect
is already telling on the economy in various ways. For long, banks have either
managed to, or rather been allowed to, keep the stress invisible, giving the
outside world very little clue as to the happenings inside the industry. The
Reserve Bank of India under Raghuram Rajan’s stewardship, however, has decided to clean up banks’ books
rather than letting them camouflage the real picture. “There are two polar
approaches to loan stress,” he said at the CII Banking Summit in Mumbai this
week. “One is to apply band-aids to keep the loan current, and hope that time
and growth will set the project back on track. Sometimes this works. But most
of the time, the low growth that precipitated the stress persists. The fresh
lending intended to keep the original loan current grows. Facing large and
potentially un-payable debt, the promoter loses interest, does little to fix
existing problems, and the project goes into further losses.” Indeed, legacy
problems should be given a burial, and should not be allowed to persist. So
hinting, Dr. Rajan articulated the need for surgical action to retrieve the
health of the industry.
Forcing
banks to recognise a problem is one thing, and finding a viable long-term
solution to it is quite another. That requires not just holistic thinking but
an out-of-the-box approach as well, especially in the evolving global context.
A meaningful fix can happen only if banks are given functional autonomy at
various levels. Restricted freedom inevitably leads to a blame game, making it
even more difficult to fix responsibility. The concept of arm’s- length
relationship especially needs to be clearly defined and implemented in letter
and spirit in the banking industry. It is not just about how much money the
Central government will freshly pump into stressed banks. The litmus test for
the government lies in its ability, and capacity, to let go of control. The
banking system indeed needs a change in the way it is managed.
au·ton·o·my
(of a country
or region) the right or condition of self-government, especially in a
particular sphere.
ful·crum
The point on
which a lever rests or is supported and on which it pivots.
ro·bust
Strong and
healthy; vigorous.
pre·req·ui·site
A thing that is
required as a prior condition for something else to happen or exist.
ap·prais·al
An act of
assessing something or someone.
cob·web
A spider's web,
especially when old and covered with dust.
vi·cin·i·ty
The area near
or surrounding a particular place.
disbursal
Expense:
amounts paid for goods and services that may be currently tax deductible (as
opposed to capital expenditures)
per·sist
Continue firmly
or obstinately in an opinion or a course of action in spite of difficulty,
opposition, or failure.
ar·tic·u·lat·ed
Having two or
more sections connected by a flexible joint.
re·trieve
Get or bring
(something) back; regain possession of.
vi·a·ble
Capable of
working successfully; feasible.
ho·lis·tic
Characterized
by comprehension of the parts of something as intimately interconnected and
explicable only by reference to the whole.
e·volve
Develop
gradually, especially from a simple to a more complex form.
in·ev·i·ta·bly
As is certain
to happen; unavoidably.
INDIAN EXPRESS: Keep the focus
Ever since he took
over as coach, Rahul Dravid has been trying to hammer one point home — that
this Under-19 World Cup campaign is just one of the many means to an end. It’s
been a lovely ride so far in the tournament for the boys. Some wins have been
comprehensive; others have been snatched by pluckiness and skill. The absence
of Australia and the brittleness of a few other teams have helped. This is also
an event that has been shadowed by age-fudging, an accusation that has often
engulfed subcontinental teams. The run to the final has to be placed in this
context, but in this IPL age of glitz, other pressing matters too must be
addressed.
It’s not just the
concern of young heads being swelled by these wins and rewards. It is also the
possibility that unrealistic aspirations could leave them under-equipped to
face harsh realities. History has shown that many boys who have won a U-19
World Cup have not quite re-visited similar success in the world of adult
cricket, while some who hadn’t even made it to the squad have tasted success.
Unmukt Chand, captain
of a winning team from an earlier edition, featured in an advertisement with
M.S. Dhoni and Virat Kohli that catches the impatient teenage hope: “I can come into
the Indian team soon but you can’t come to my team” was the cheeky ad line
hinting at the tribulations and discipline needed to make it. To ask the kids
to rein in their aspirations would be cruel. But good examples can be pointed
out. Kohli, who reflects this post-millennial generation, has shown that one
can balance cricket and commerce. Even as he is hailed as a celebrity, he has
kept an undeterred focus on the game. The maturity came after getting carried
away, of course. But that it can be done is a good thing for the kids to know.
That much is left to be done is what they should be taught.
ham·mer
A tool with a
heavy metal head mounted at right angles at the end of a handle, used for jobs
such as breaking things and driving in nails.
snatch
Quickly seize
(something) in a rude or eager way.
pluckiness
Gutsiness: the
trait of showing courage and determination in spite of possible loss or injury
brittleness
Firm but easily
broken
shad·ow
Envelop in
shadow; cast a shadow over.
ac·cu·sa·tion
A charge or
claim that someone has done something illegal or wrong.
en·gulf
(of a natural
force) sweep over (something) so as to surround or cover it completely
glitz
Extravagant but
superficial display.
taste
Perceive or
experience the flavor of.
im·pa·tient
Having or
showing a tendency to be quickly irritated or provoked.
trib·u·la·tion
A cause of
great trouble or suffering.
rein
A long, narrow
strap attached at one end to a horse's bit, typically used in pairs to guide or
check a horse while riding or driving.
hail
Call out to
(someone) to attract attention.
un·de·terred
Persevering
with something despite setbacks.
FINANCIAL EXPRESS: Union
Budget: Meeting Automotive
Mission Plan 2026
growth targets
Efforts to strengthen norms on safety and emissions are
among the top priorities of the government for the automotive sector. The year
2016 may continue to see policy interventions that have a medium- to long-term
impact on shaping of the Indian automotive industry. In addition, the AMP 2026
(Automotive Mission Plan 2016-26) vision is to get India amongst the top three
countries in the automotive industry for engineering, export and manufacturing
of auto components and vehicles. Keeping this in mind, the pre-Budget talks
from industry bodies continue to be in tune with creating demand. Lower excise
duty, infrastructure spending and revival of the rural economy remain on the
list from last year.
Steps
such as increased spending on infrastructure, augmented industrial output,
improvement in allied industries and overall economic growth are expected to
have a significant impact on the commercial vehicle segment. Last year, the
highways sector witnessed a 48% increase in outlay in the Union Budget; a
similar increase in allocation of funds towards development of highways can be
beneficial this year as well. There could be additional investments to
introduce environment-friendly vehicles, if an accelerated depreciation is
provided to the industry. However, the concern with reference to overloaded
trucks has been ignored for a while now, which needs to be addressed to improve
safety on national highways. The government should work on enforcing stricter
norms on loads carried by trucks.
On
the other hand, if the ‘end of life’ policy is announced in the Budget with
favourable incentives, the demand for commercial vehicles is likely to improve.
The policy could pro-actively and voluntarily help recycle older vehicles that
breach new emissions and safety norms. With the phasing out of older diesel
vehicles, the government has to allocate funds to improve their bus fleets with
better and green technologies, positively impacting sales. Though the ‘end of
life’ policy may only apply to commercial vehicles in the beginning, it can
eventually apply to passenger vehicles as well as the two-wheeler segment. The
Society of Indian Automobile Manufacturers (SIAM) has urged the retirement age
of vehicle to be 15 years, with temporary incentives on the purchase of a new
vehicle. It estimates that 30 million vehicles fall in this bracket, of which
about 80% are two wheelers. Replacement of these can directly impact sales in
the two-wheeler segment. It is the rural economy that mainly drives the
domestic two-wheeler and tractor segment. Spend in the rural sector may also
boost the demand for farm equipment. The agrarian economy has suffered from bad
monsoon rains in the past two years. It is critical to expedite modernisation
of agriculture by leveraging high-yielding seeds and bringing in robust
irrigation systems to equip farmers to tackle irregular monsoon rains and
maintain a regular flow of income.
The
excise duty levied on SUVs, mid- and large-sized cars has proved to be a
disadvantage for the segment. If addressed, it could boost demand, as sales in
this segment are largely based on the cost of ownership sentiment.
Rationalisation of the excise duty rate in just two brackets and merging of
multiple taxes can provide some tax relief to the industry. The implementation
of a unified GST is a much-awaited reform. Road tax, which is controlled
largely by the state governments, and other indirect taxes which include
R&D cess and octroi, if brought under the purview of GST, might provide cost
benefits. However, the industry requires clarity on the implementation of GST
and requests no further levy of taxes as it is already a highly taxed sector.
The industry also lacks clarity on the corporate tax front, which was reduced
from 30% to 25% during the previous Union Budget.
As
the government moves towards green technologies, it is essential to support the
hybrid and electric vehicles segment. Lack of electric vehicle infrastructure
in the country is a dominant factor that affects consumer sentiment in this
segment. The industry and the government have to work together to develop this
segment, apart from granting substantial incentives. During the previous Union
Budget, the government announced R75 crore towards electric vehicle adoption
and manufacturing, and concession from customs and excise duties on specified
parts for manufacturing electric vehicles and hybrid vehicles was extended to
March 2016. But these measures alone are not substantial for the required
growth and development of this sector.
Vehicle
manufacturers are embracing more efficient and lightweight technologies.
Component manufacturers may have to invest heavily in R&D to keep up with
the changes. The auto component sector may also be impacted on account of
policy interventions that impact vehicle manufacturers. This can potentially
benefit component manufacturers if the 200% weighted deduction on in-house
R&D facilities is extended to outsourced facilities. There could be an
addition to capital investments in the industry if depreciation rates are
enhanced, as requested by the Automotive Component Manufacturers Association of
India (ACMA). To add to these, lack of power has forced manufacturers to set up
gensets which involve diesel inputs increasing the cost of production, while
the request for allowing input credit on diesel has been pending for a while.
For
the automotive industry to meet the AMP 2026 growth targets, substantial
support and policy interventions are required from the government across
different levels of manufacturing right from original equipment manufacturers
(OEMs) to suppliers. The government should continue to provide a stable
platform for growth and development of the sector.
aug·ment·ed
Having been
made greater in size or value
breach
An act of
breaking or failing to observe a law, agreement, or code of conduct.
ex·pe·dite
Make (an action
or process) happen sooner or be accomplished more quickly.
le·vy
Impose (a tax,
fee, or fine
em·brace
Hold (someone)
closely in one's arms, especially as a sign of affection.
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