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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

[vc_row][vc_column][vc_column_text]RBI Deputy Governor Viral V Acharya has resigned from his post, six months before the scheduled end of his term citing “unavoidable personal circumstances”, said media reports.

Confirming the resignation, the Reserve Bank of India in a statement said, “Due to unavoidable personal circumstances, Viral Acharya is unable to continue as deputy governor beyond July 23. Consequential action arising from his letter is under consideration of the competent authority.”

Acharya was not expecting his term to be renewed in any case, The Indian Express (IE) reported, citing source-based information.

Since Acharya was appointed by Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi, the resignation would also be accepted by the panel.RBI Dy Governor Viral Acahrya resigns 6 months before term

Acharya, 45, joined the central bank in January 2017 and was RBI’s youngest deputy governor, post economic liberalisation. He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.

Also Read: AES deaths in Muzaffarpur: Supreme Court notice to Bihar govt to respond within a week

His term was scheduled to end in February next year, said media reports. Acharya will be returning to New York University as CV Starr Professor of Economics. Acharya was called as the poor man’s Rajan over the many similarities with the former Governor Raghuram Rajan, who also left RBI against his wishes to continue.[/vc_column_text][/vc_column][/vc_row][vc_row css=”.vc_custom_1561367870691{border-top-width: 10px !important;border-right-width: 10px !important;border-bottom-width: 10px !important;border-left-width: 10px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #dbdbdb !important;border-radius: 10px !important;}”][vc_column][vc_column_text]

Economists/Experts who quit:

June 2019 – RBI Dy Governor Viral Acharya resigns

Jan 2019 – The last two non-official members of National Statistical Commission resign over job data differences

Dec 2018 – RBI Governor Urjit Patel resigns amid tension with government

June 2018 – Chief Economic Advisor Arvind Subramanian resigns, recently claimed GDP growth rate was way below that claimed

Aug 2017 – NITI Aayog vice chairman Arvind Pangaraiya resigns

June 2016 – RBI Governor Raghuram Rajan resigns[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]This is the second high profile resignation in the past six months at the Reserve Bank of India (RBI) and the third under Modi government (including the previous term). The first to go was RBI governor Raghuram Rajan. In December 2018, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government. The RBI is now left with three deputy governors NS Vishwanathan, BP Kanungo and MK Jain.

Acharya, in a speech just a couple of months before Patel’s resignation over differences with Modi government, had warned of “risks of undermining the central bank’s independence” as “potentially catastrophic”.

“Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution,” Acharya had said.

Acharya had also warned of a talent crisis at a central bank if its independence is seen to be compromised. When the governance of the central bank is undermined, it is unlikely to attract or be able to retain the brightest minds that thrive on the ability to debate freely, think independently, and effect changes, attrition of central bank powers results in attrition of its human capital and deterioration of its efficiency and expertise over time, he had said.

An expert in credit risk, Acharya recently differed with Reserve Bank Governor Shaktikanta Das in the monetary policy announced on April 4, according to minutes released by the bank. Das favoured focussing on economic growth with a repo rate cut. Acharya cautioned on another rate cut in the wake of high inflation excluding food and fuel. The six-member Monetary Policy Committee (MPC) decided to reduce the policy repo rate by 25 basis points to 6 per cent in a 4-2 majority decision.

Also Read: Skeletal remains of 108 children found outside Muzaffarpur Hospital

Acharya’s resignation is the latest in the string of high-profile exits of economic policy makers — Raghuram Rajan, Urjit Patel, Arvind Subramanian and now Viral Acharya and, said Financial Times (FT), calls into question the government’s ability to stomach independent advice. “But that is unlikely to unfaze the government, which no doubt has its own agenda,” FT said.[/vc_column_text][/vc_column][/vc_row]

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Government set to table One Nation, One Election bill in Lok Sabha on December 16

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Parliament Winter Session: Lok Sabha speaker warns opposition, No-Confidence motion against Rajya Sabha Chairman

The stage is set for a major legislative push by the central government as two bills related to the ambitious “One Nation, One Election” initiative are scheduled for introduction in the Lok Sabha on Monday, December 16.

Union Law Minister Arjun Ram Meghwal is expected to present The Constitution (129th Amendment) Bill and The Union Territories Laws (Amendment) Bill, marking a significant step towards implementing simultaneous Lok Sabha and state legislative assembly elections.

On Thursday, the Union Cabinet, chaired by Prime Minister Narendra Modi, gave its nod to the constitutional amendment bill that seeks to align elections for the Lok Sabha and state assemblies. This decision underscores the ruling Bharatiya Janata Party’s commitment to its long-standing agenda of electoral synchronization, aimed at reducing the frequency of polls and associated costs.

The Cabinet also approved a supplementary bill to amend specific provisions related to three Union territories with legislative assemblies—Delhi, Puducherry, and Jammu & Kashmir. This aligns their governance framework with the overarching constitutional amendments proposed under the “One Nation, One Election” initiative.

The constitutional amendment bill aims to streamline the electoral calendar by establishing a legal framework for conducting Lok Sabha and state assembly elections simultaneously. However, the government has, for now, opted to exclude local body polls, such as those for municipalities and panchayats, from this framework. A high-level committee chaired by former President Ram Nath Kovind had earlier suggested a phased approach to include local elections in the future.

The concept of “One Nation, One Election” has been a focal point in political discourse, with proponents arguing it will enhance governance by reducing electoral disruptions and fostering policy stability. Critics, however, have raised concerns about the logistical and constitutional challenges of synchronizing diverse electoral cycles across India’s federal structure.

This legislative development will undoubtedly dominate parliamentary discussions as political parties prepare to deliberate on the feasibility and implications of reshaping India’s electoral landscape.

The introduction of these bills is expected to spark robust debate, with the government emphasizing the potential benefits of reduced administrative burdens and streamlined governance, while opposition parties scrutinize its impact on India’s democratic fabric.

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Pushpa 2 The Rule continues strong box office run on day 9, collects Rs 758.93 crore

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Allu Arjun Pushpa The Rule

Sukumar’s highly anticipated film Pushpa 2: The Rule, featuring Allu Arjun, Rashmika Mandanna, and Fahadh Faasil, remains a force at the box office, even nine days post-release. The action-packed sequel has struck a chord with audiences, achieving remarkable earnings on its second Friday.

According to reports, Pushpa 2: The Rule garnered 32.63 crore on its second Friday in India, bringing its domestic collection to Rs 758.93 crore net within nine days. During its first week, the movie earned a staggering Rs 725.8 crore, with Rs 10.65 crore coming from its premiere and Rs 164.25 crore collected on the opening day.

Despite a slight drop to Rs 93.8 crore on its first Friday, the film rebounded over the weekend, raking in Rs 119.25 crore on Saturday and Rs 141.05 crore on Sunday. Throughout the week, the collection remained steady, adding Rs 64.45 crore on Monday, Rs 51.55 crore on Tuesday, Rs 43.35 crore on Wednesday, and Rs 37.45 crore on Thursday.

Incident at Hyderabad theatre premiere

The excitement surrounding Pushpa 2: The Rule took a tragic turn during its premiere at Sandhya Theatre in Hyderabad, where Allu Arjun, Rashmika Mandanna, and the team joined fans to celebrate the release. Overwhelming crowds led to a stampede-like situation, resulting in the death of one fan and critical injuries to another.

Following the incident, police arrested Allu Arjun, alleging negligence for failing to inform authorities about the gathering. However, a leaked document suggested the theatre management had alerted the police beforehand, requesting adequate security measures.

The Telangana High Court granted interim bail to Arjun for four weeks after the Nampally Court had initially ordered a 14-day judicial remand. The incident has sparked outrage across the industry, with several celebrities, including Varun Dhawan, Nani, Rashmika Mandanna, and Vivek Oberoi, voicing their support for the actor.

Steady success despite challenges

While the controversy has added a somber note to the film’s journey, Pushpa 2: The Rule continues to perform exceptionally well, solidifying its place as one of the highest-grossing films of the year. Fans are expected to continue flocking to theatres, keeping the film’s momentum alive in the coming weeks.

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BJP leader LK Advani, 97, hospitalized again due to health concerns

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Lal Krishna Advani, a towering figure in Indian politics and one of the founding members of the Bharatiya Janata Party (BJP), has been admitted to Apollo Hospital in Delhi after his health deteriorated late last night. The 97-year-old veteran leader has been grappling with persistent health issues, marking this as his fourth hospital visit since July.

According to sources, Mr. Advani has been undergoing treatment intermittently at both Apollo Hospital and the All India Institute of Medical Sciences (AIIMS) in Delhi over the past few months. His hospitalization comes as he continues to face age-related ailments that require specialized medical attention.

BJP spokesperson K Krishna Sagar Rao expressed concern and extended wishes for Mr. Advani’s recovery. “I pray for a good, healthy recovery for our tallest leader, Shri LK Advani, as he is admitted into Apollo Hospital, Delhi,” Mr. Rao wrote on X, formerly Twitter.


Born on November 8, 1927, in Karachi, then part of undivided India, LK Advani’s political journey began during the tumultuous era of pre-Independence India. He joined the Rashtriya Swayamsevak Sangh (RSS) in 1942 and later became instrumental in shaping the BJP into a national political force.

Known for his political acumen and ideological commitment, Mr. Advani served as the longest-tenured National President of the BJP. He played a central role in the BJP’s rise, particularly through his leadership during the Ayodhya movement in the 1990s, which redefined the party’s trajectory.

During the Atal Bihari Vajpayee-led NDA government, Mr. Advani held significant positions, including Home Minister and Deputy Prime Minister, from 1999 to 2004. His leadership was marked by decisive policymaking and efforts to bolster India’s internal security.

In March this year, Mr. Advani was awarded the Bharat Ratna, India’s highest civilian honor, by President Droupadi Murmu. The award recognized his immense contributions to Indian politics and his role in shaping the modern political landscape of the country.

As news of his hospitalization spread, prayers and well-wishes poured in from party leaders, colleagues, and admirers. Many credit Mr. Advani for laying the foundation of the BJP’s political philosophy and for his unwavering dedication to the nation.

While Mr. Advani remains under medical observation, his resilience continues to inspire generations of leaders. Updates on his health are being closely monitored, with hopes for his speedy recovery.


LK Advani’s journey in Indian politics spans over seven decades, reflecting a life dedicated to public service, ideological conviction, and national progress. His influence on the BJP and the broader political spectrum of India remains unparalleled, making him one of the most revered figures in contemporary Indian history.

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