Morning Brief: EPFO Data Shows Job Creation More Than Doubled In September; First Muslim Litigant In Ayodhya Dispute Case Backs Law For Temple; And More


Good morning, dear reader! Here’s your morning news brief for today.

EPFO Data Shows Job Creation More Than Doubled In September

Latest payroll data released by the Employees’ Provident Fund Organisation (EPFO) suggests that ‘job creation’ in the country more than doubled to 9.73 lakh in September compared to 4.11 lakh in the same month last year. This is the highest monthly addition since September 2017, when the government started releasing EPFO data. The previous peak was achieved in July, when 9.32 lakh additions to the payroll count were reported. In September 2018, maximum number of jobs were created in the 18-21 years age group.

From September 2017 to September 2018, around 79.48 lakh new subscribers were added to social security schemes of the EPFO. The lowest number of subscribers were added in March. As the data put out by EPFO is subject to revisions in successive months due to irregularities, figures often change.

Also Read: Are We Creating 6.2 Million Formal Jobs A Year? EPFO Payroll Data Is Improving, But Nowhere Near Credible

Muslim Litigant In Ayodhya Dispute Case Backs Law For Temple

Iqbal Ansari, son of late Hashim Ansari who was the first litigant in the Ayodhya dispute case, has said that he would welcome any law brought by the government to facilitate the construction of a Ram temple in Ayodhya. Currently representing his father in the case, Iqbal Ansari said that he does not have any problem if the government brings an ordinance. According to the Business Standard, he said, “We want good of this country and if ordinance route is the way, I support the BJP”.

This development comes ahead of the ‘Dharma Sabha’ being held in Ayodhya on Sunday. Recently, Iqbal Ansari had said that he would not support the idea of an ‘out-of-court’ settlement of the vexed issue nor would he favour an ordinance for the temple construction. “We will abide only by the order delivered by the Supreme Court to settle the dispute,” he had claimed a week ago.

Police Excesses Continue At Sabarimala Despite High Court’s Rap

Police excesses continued at Sabarimala on Tuesday despite the Kerala High Court’s warning to the state government, led by the Communist Party of India (Marxist). Cops took eight people into preventive custody from the temple complex Tuesday night based on what they said were “intelligence report”. According to the police, reports said that they were at the hill shrine to create trouble.

This development came a day after the Kerala High Court asked the state government why it had deployed 15,000 cops. It had criticised the government for using excessive police force against devotees under the guise of implementing the Supreme Court’s verdict regarding the entry of women of reproductive age into the shrine. The High Court had said the heavy-handedness must stop and warned against denying devotees their rights. It said the police “should normally be confined to their barracks instead of trespassing into spaces reserved for pilgrims”.

NHAI To Raise Rs 10,000 Crore Via Bonds

The National Highways Authority of India (NHAI) is planning to raise as much as Rs 10,000 crore by issuing bonds, the Economic Times has reported. According to the daily, the proceeds from this exercise will be used to finance the ambitious Bharatmala Project. The sale is likely to open for subscription in the next two weeks. The bonds may offer 8.5 to 9 per cent interest, with maturity periods of three, five and 10 years.

Earlier, NHAI has sold Rs 29,000 crore of bonds to institutional investors, such as the Life Insurance Corporation of India and the State Bank of India, at an average coupon rate of around 8 per cent. AK Capital, Axis Bank, Edelweiss and Trust Capital will help NHAI in the process of issuing bonds.

Also Read: Gadkari’s Mala Of Roads Will Connect India Like Never Before

Banks Get Rs 3.7 Trillion Lending Boost With RBI-Government Ceasefire

Extension of the timeline to meet the capital conservation buffer norms under Basel III regulations by 31 March 2020 has freed up nearly Rs 3.7 trillion for potential lending by banks, Mint has reported. The decision to extend the timeline beyond March 2019 was taken by the board of the Reserve Bank of India during a marathon meeting amid an stand off between the bank and the Finance Ministry. Under the capital requirements rule, banks are supposed to and build up capital buffers at times when credit is growing, which can be drawn down when losses are incurred.

From Swarajya

While We Wait For Verdict On Ram Mandir, Here’s Another Temple That Needs Reclaiming: Like Ayodhya, Vidisha in Madhya Pradesh is battling to reclaim the grand Vijay Mandir. Since it is not an election issue, will it get the attention it needs?

Why The RBI Had To Blink, And What It Can Learn From Needlessly Taking On The Finance Ministry: Here’s hoping that the RBI and the government have emerged wiser from this eyeball-to-eyeball. They need each other more than they think they do. In any confrontation, the RBI loses first, but the economy loses either way.

Why You Should Be Concerned About The Hate Speech Bill: As if existing laws are not enough, there is scope for more laws to stifle free speech and soon weaponise political correctness. Overzealous laws can get anyone, and it could be you, next.

We hope you enjoyed reading our morning brief. Have a great day ahead!