For representative purposes.
| Photo Credit: iStockphoto

Producer bias refers to the bias that economic policymakers have to frame policies that are in favor of the interests of producers rather than in the general interest of consumers. Producer bias adversely affects economic growth of a country as policies that are favorable towards producers adversely affect the living standards of the general population.

It should be noted that the ultimate aim of economic production is to satisfy the needs of consumers, who benefit from better products and cheaper prices, rather than the interests of producers who would ideally want to benefit by offering inferior products at high prices. Moreover, even producers are ultimately consumers and will thus suffer in the long-run from policies that have a producer bias. In other words, a country that strictly sticks to policies that protects producers from competition would produce very little for people to consume, affecting the living standards of everyone in the long-run. This is the reason why good economic policy is one that tries to enhance the interests of consumers even though it can often come at the cost of the short-term interests of certain producers.

Take the case of a government policy that restricts the entry of new producers into a certain industry in order to protect existing producers. The policy would stop the entry of new producers into the industry who could increase the overall supply of the product in the market, or maybe even offer better products, and lead to a drop in prices. Removing such a restriction on the entry of new producers would help consumers enjoy more and better products, improving their living standards.

The most clear-cut example of producer bias in today’s world is that of tariffs imposed by policymakers against foreign imports in order to protect domestic producers and jobs. The U.S. and the EU, for example, have threatened China with tariffs against its cheap electric vehicles. Even though cheap and better electric cars from China flooding the Western market would be great for American and European consumers, it could turn out to be disastrous for vehicle manufacturers in the EU and U.S. and lead to the loss of a significant number of jobs. This has pushed Western governments with a bias towards producers to threaten tariffs against China. Similarly, when a government stops even domestic producers from entering a certain industry, it can lead to the accrual of benefits for incumbent producers at the cost of consumers who will have to pay when it comes to the quality and the price of products available to them.

There are of course various other methods that governments can use to favor incumbent producers, affecting the interests of consumers. These could be in the form of regulations such as licensing that serve as a deterrent to the entry of new producers.

Public choice economists have attributed the prevalence of producer bias in policymaking to the greater lobbying power that producers have as compared to consumers. The economic benefits of lobbying generally accrue to a small group of producers, with each individual producer having a lot to gain from government policies that favor them. As a result, each producer has a huge incentive to invest the resources required to influence government policy to his or her favor. Individual consumers, on the other hand, have relatively little to lose at least in the short-term as the cost of government policies with a producer bias is diffused among millions of consumers. So big companies that produce vehicles, for instance, are likely to heavily lobby the government to impose tariffs on foreign vehicles because they stand to lose a lot due to foreign competition. Most individual vehicle buyers, on other hand, are unlikely to even be aware of government policy towards foreign vehicle manufacturers because the price they pay for such ignorance in the short-run is usually small.

Interestingly, policies that favor producers are often cloaked as necessary to save jobs or to protect the interests of consumers (in the case of product standard regulations, for example) in order to increase their political appeal.

“At least three schools hit by bomb threat emails have turned out to be a victims of their own students,” Delhi Police has discovered.

One of the several schools that received bomb threats was Venkateshwar Global School, which received a threatening email a day after a mysterious blast occurred at the Rohini Prashant Vihar PVR Multiplex on November 28.

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A police officer said the email was sent by two siblings enrolled in the school because they wanted the exams to be postponed.

“During counselling, both students revealed that they had got the idea from previous incidents of bomb threats being made to schools,” the officer said. They were allowed to go after their parents were given a warning.

After the email was reported, police conducted a thorough check of the school and declared the threat to be a hoax. According to another police officer, two more schools located in Rohini and Paschim Vihar were sent threatening emails by their students. The reason was same — the students wanted schools to be shut.

In both matters, the students were allowed to go after counselling and warning their parents. Bomb threats have sent more than 100 Delhi schools into chaos over the past 11 days.

Police have found that the emails were sent through a VPN (Virtual Private Network), making it tough for them to locate the perpetrators. Since May this year, more than 50 bomb threat emails have targeted not only schools but hospitals, airports and airline companies in Delhi. Police are yet to make any breakthroughs in these cases.

416 people have been arrested in the third phase of the crackdown against child marriage in Assam, Chief Minister Himanta Biswa Sarma said. File
| Photo Credit: The Hindu

Four hundred and sixteen people have been arrested in the third phase of the crackdown against child marriage in Assam, Chief Minister Himanta Biswa Sarma said on Sunday, December 22, 2024.

The crackdown was launched on the night of December 21-22, he said. The police have registered 335 cases and the arrested will be produced in court on Sunday.

“Assam continues its fight against child marriage. In Phase 3 operations launched on the night of Dec 21-22, 416 arrests were made and 335 cases registered. The arrested individuals will be produced in court today. We will continue to take bold steps to end this social evil”, the chief minister posted on X.

The State government had launched a drive against child marriage in two phases in February and October in 2023.

In the first phase in February 2023, 3,483 people were arrested and 4,515 cases registered while 915 people were arrested and 710 cases registered in the second phase in October 2023.

The Karnataka Health Department, in association with Aaladamara Foundation, launched Manovruksha, a mental health care initiative for homeless, mentally-ill persons, in C.V. Raman Hospital in October 2024.
| Photo Credit: The Hindu

Recently, a 65-year-old woman was found wandering in Frazer Town by social workers from a non-governmental organisation (NGO) during their field work.  The homeless woman, who exhibited signs of mentally duress, was admitted at the Emergency Care and Recovery Centre (ECRC) at the State-run Sir C.V. Raman General Hospital. 

The woman was not just treated and counselled at the Centre for over a month, but also provided rehabilitation and reunited with her family under Manovruksha, a mental health care initiative for homeless, mentally-ill persons.

She is one of the over 60 persons who have undergone treatment and rehabilitation at the hospital in the last two months. Most of them have been reunited with their families. The State Health Department, in association with Aaladamara Foundation, a city-based NGO dedicated to providing holistic mental healthcare to homeless individuals with severe mental illness, launched the initiative in C.V. Raman Hospital in October this year.

22-bed mental health ward

Hospital Medical Superintendent Rajesh K.S. said a 22-bed mental health ward has been set up in the hospital. “While we are providing medicines, food and other required consumables for the patients admitted here, the Aaladamara Foundation has deployed manpower, including a psychiatrist and three nurses apart from psychiatric social workers and healthcare workers,” the doctor said.

“Besides, the Foundation is also providing outreach services wherein social workers go and recover/rescue persons from public places/streets. It is also supporting their rehabilitation and providing them skills to integrate into the society upon recovery,” Dr. Rajesh said.  

Health Minister Dinesh Gundu Rao said this public-private partnership is the first of its kind in Karnataka and many more such centres will be started to respond to the needs of the vulnerable population.

“The idea is to provide comprehensive psychiatric care and holistic recovery services in addition to social care. This initiative is expected to set the standard for future collaborations between the government and other like-minded NGOs in Karnataka,” the Minister told The Hindu.

Other facilities

The 250-bed C.V. Raman Hospital sees around 800 patients in the out-patient department (OPD) daily. The facility has a 13-bed geriatric ward and 12-bed palliative care ward. Dr. Rajesh said a proposal to set-up a satellite centre of the Sri Jayadeva Institute of Cardiovascular Sciences and Research (SJICSR) — similar to the one functioning in K.C. General Hospital — has been submitted to the Health Department and is under consideration. “We do not have a cardiac facility in this part of the city,” he said.

Stating that another NGO, Child Health Foundation, has come forward to set up a super-speciality hospital adjoining the C.V. Raman Hospital, Dr. Rajesh said the hospital caters to residents of five Assembly constituencies and around 17 slums. 

“We have submitted a proposal to the government and are awaiting approvals,” Dr Rajesh said. “The Child Health Foundation in association with Coal India has agreed to run the facility free-of-cost with their manpower. We just need to provide them 10,000 square feet of land on our hospital premises. The proposal is to start cardiology, neurology, gastroenterology, endocrinology, nephrology and urology and other related speciality units here.

Image of Enforcement Directorate. File
| Photo Credit: PTI

The Enforcement Directorate (ED) has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited (BPSL) under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC).

The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of BPSL had cheated lending banks and siphoned off funds for private investments.

The ED’s probe is based on a First Information Report dated April 5, 2019 registered by the Central Bureau of Investigation, which alleged that BPSL had cheated banks of about ₹47,204 crore. As alleged, BPSL and its promoters diverted bank funds to private investments in the form of shares and properties. The books of accounts were fudged to show fake expenses/purchases/capital assets, and thereby bank funds were taken out in the form of cash.

“The cash was brought into the books of various beneficially owned companies — held through employees/ dummy directors — and the same was utilised for investments in the form of shares and immovable properties. The ED had attached properties (land, building, machinery, etc.) worth ₹4,025 crore on October 10, 2019,” the agency said.

The main promoter, Sanjay Singal, was arrested by the ED on November 22, 2019, and the prosecution complaint was filed against him and other key employees on January 17, 2020. The case is pending trial.

The agency attached further assets worth ₹427 crore held by various entities, which were beneficially owned by Mr. Singal. The prosecution complaint against such beneficially owned entities is to be filed and the said assets may also be restored to the banks, it said.

The creditor banks had initiated the CIRP under the IBC, and JSW was the Successful Resolution Applicant for an amount of about ₹19,350 crore.

“As against the outstanding loans of ₹47,204 crore, banks were getting merely about ₹19,350 crore. The Resolution plan though was approved on September 5, 2019, by the National Company Law Tribunal, the same was under challenge by JSW and others. The ED had attached properties amounting to ₹4,025 crore…so as to restitute the same to the victims (which in the present case were banks),” the ED said.

The resolution plan was finally approved by the National Company Law Appellate Tribunal on February 17, 2020. The committee of creditors (victim banks) challenged the attachment order of the ED before the Supreme Court. The ED had also challenged the NCLAT order before the Supreme Court on various issues. Since the banks…challenged the attachment order of the ED and wanted the properties to be restored to JSW, the ED took a pragmatic view and decided to restitute the properties to the SRA, it said.

In this regard, the agency filed an affidavit before the Supreme Court, where it was accepted, and on December 11, the restitution of assets was ordered.

“On the issues of the powers of ED to attach property of corporate debtors under CIRP, interpretation of Section 32A (2) of IBC or any other connected issues, the Hon’ble Supreme Court has not expressed any opinion and has left the issues open,” the agency said.

नई द‍िल्‍ली. आपने अपने आसपास ही ऐसे लोगों को देखा होगा, ज‍िन्‍होंने अपनी नौकरी करते हुए या नौकरी छोड़कर YouTube पर वीड‍ियो बनाना शुरू कर द‍िया है. जी हां इंफ्लुएंसर. लेक‍िन इस प्‍लेटफॉर्म पर इतनी भीड़ है क‍ि क्र‍िएटर्स, ज्‍यादा से ज्‍यादा व्‍यूज और लाइक पाने के ल‍िए कुछ ऐसी हेड‍िंंग या टाइटल का इस्‍तेमाल करने लगे हैं, जो व्‍यूअर्स को म‍िसगाइड या म‍िसलीड कर सकते हैं. क्‍ल‍िकबेट का खेल करने वाले क्र‍िएटर्स पर अब YouTube सख्‍ती द‍िखा रहा है और ऐसे वीड‍ियोज को प्‍लेटफॉर्म से ड‍िलीट कर दे रहा है, ज‍िसमें क्‍ल‍िकबेट वाली हेड‍िंग का इस्‍तेमाल क‍िया गया है.

एक ब्लॉग पोस्ट में गूगल ने कहा है कि क्लिकबेट टाइटल या थम्बनेल वाले वीडियो, खासतौर से ब्रेकिंग न्यूज या समसामयिक घटनाओं से संबंधित वीडियो हैं, वो हटा दिए जाएंगे.

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टेक दिग्गज का कहना है क‍ि कई क्रिएटर आकर्षक और भ्रामक शीर्षकों का उपयोग करते हैं, जैसे क‍ि ब्रेकिंग न्यूज या द प्रेसिडेंट स्टेप्स डाउन. ये अक्सर गलतफहमी पैदा करते हैं. ऐसे कंटेंट भ्रामक होते हैं. YouTube के अनुसार, ऐसे टाइटल, दर्शकों को धोखा दे सकते हैं और निराश कर सकते हैं, खासकर तब जब व्‍यूअर्स उस वीड‍ियो में महत्वपूर्ण जानकारी की उम्‍मीद कर रहे हों.

YouTube उठाएगा सख्‍त कदम
इस समस्या को हल करने के लिए YouTube ने घोषणा की है कि वह ऐसे वीडियो को हटा देगा जो इस तरह की क्लिकबेट रणनीति का इस्तेमाल करते हैं और इसके लिए वह क्रिएटर के चैनल के खिलाफ स्ट्राइक भी जारी नहीं करेगा. हालांकि, कंपनी कंटेंट क्रिएटर्स को YouTube के नए नियमों के मुताबिक अपने वीडियो को ठीक करने का समय देगी.

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वैसे ये पहली बार नहीं है जब YouTube ने प्लेटफॉर्म पर क्लिकबेट की समस्याओं को हल करने की कोशिश की है. इससे पहले भी टेक दिग्गज ने क्रिएटर्स के लिए क्लिकबेट से बचने में मदद करने के लिए एक शैक्षिक कार्यक्रम शुरू किया था. लेक‍िन इस बार प्‍लेटफॉर्म सख्‍त कदम उठाते हुए ऐसे टाइटल का उपयोग करने पर वीडियोज को हटा देने का फैसला क‍िया है.

Tags: Business news, Technology

December 9 began as a routine day for North Block mandarins, with questions pertaining to the Finance Ministry to be answered in the Lok Sabha. But for avid observers of the economy and financial markets, the big question of the day was neither starred nor unstarred. It revolved around the Governorship of the Reserve Bank of India (RBI). The incumbent Shaktikanta Das, in his sixth year at the RBI, had just delivered a monetary policy that disappointed a government rooting for an interest rate cut, particularly after GDP growth slipped to just 5.4% between July and September.

Mr. Das, whose tenure was to expire on December 10, said the growth-inflation balance was off but asserted persistently high inflation also hurt consumption and growth. By Monday, reporters who had been running stories about another extension for him, had changed course in the absence of any official communiqué, floating names of senior bureaucrats who may replace Mr. Das. None had an inkling that name would turn out to be Union Revenue Secretary Sanjay Malhotra.

Unknown factor

They were not the only ones surprised — even Mr. Malhotra is learnt to have been informed just hours before his appointment was made public. The Rajasthan cadre, 1990-batch IAS officer is not the usual Finance Ministry insider picked for the top role at Mint Street. Like his predecessor, most such appointees had handled departments such as Economic Affairs, or held the Finance Secretary’s role, like the late R.N. Malhotra, who was the 17th RBI Governor.

Mr. Malhotra, who has spent almost all his life in North India, is a computer engineering graduate from IIT Kanpur, with a Master’s degree in Public Policy from Princeton University. His new role brings him to the heart of India’s financial markets Mumbai for at least three years.

“Not a whole lot is known about Mr. Malhotra’s views on current economic issues, so he is a relatively unknown figure from that perspective,” economists at Nomura Securities said. Others echoed the sentiment, chiming in with stuff like ‘we don’t know how he feels about growth and inflation but if the government has chosen him at this juncture, he could oblige them with a quicker and bigger rate cut cycle’.

Soft-spoken, inquisitive

A cricket and coffee aficionado, Mr. Malhotra is one of the most affable and soft-spoken, yet no-nonsense officials in service, known not just for his crystal-clear responses to questions, but also for his inquisitiveness. In media interactions, after one’s queries are done and dusted and if time permits, he would extend the chat over a cup of Coffee Board brew to glean some ground-level feedback on issues and perceptions doing the rounds.

On his Day One in office, Governor Malhotra revealed no bias towards either growth or inflation, saying he does not like to start playing his shots from the first ball of a match. But he promised to “put the best foot forward in public interest” once he gets a clear sense of the pitch, with an eye on the four policy pillars that mattered for people — growth, stability, certainty and trust, he noted.

Mr. Malhotra may be a mystery for Mint Street watchers, but having served as the Department of Financial Services Secretary, he has been on the central bank’s board, and is an authority of sorts on banking and financial sector reforms. Moreover, his Revenue role probably affords him a unique vantage point of the economy’s growth and consumption impulses, having overseen not just direct tax flows from corporates and households, but also the trends in goods and services trade that only granular details of GST, Customs and Excise trends can reveal. It is then not for nothing that the Centre’s revenue math (that hinges on growth assumptions) he has worked on in recent Budgets, has generally been spot on.

Mr. Malhotra knows a lot more about the economic terrain than many realise, and in his new innings, where constant communication plays an important role, the world is about to find that out — with or without rate cuts.

File picture of Congress president Mallikarjun Kharge.
| Photo Credit: PTI

Congress president Mallikarjun Kharge on Sunday (December 22, 2024) hit out at the government for tweaking an election rule to prevent public inspection of certain electronic documents, alleging it is part of the Modi government’s “systematic conspiracy” to destroy the institutional integrity of the Election Commission.

Mr. Kharge also said the Modi government’s “calibrated erosion” of the ECI’s integrity is a frontal attack on the Constitution and democracy.

The government has tweaked an election rule to prevent public inspection of certain electronic documents such as CCTV camera and webcasting footage as well as video recordings of candidates to prevent their misuse.

Based on the recommendation of the Election Commission of India (ECI), the Union law ministry on Friday (December 20, 2024) amended Rule 93(2)(a) of the Conduct of Election Rules, 1961, to restrict the type of “papers” or documents open to public inspection.

Reacting to the development, Mr. Kharge said, “Modi government’s audacious amendment in the Conduct of Election Rules is another assault in its systematic conspiracy to destroy the institutional integrity of the Election Commission of India.”

“Earlier, they had removed the Chief Justice of India from the Selection panel which appoints Election Commissioners, and now they have resorted to stonewall electoral information, even after a High Court order,” he said in a post on X.

Every time the Congress party wrote to the ECI, regarding specific poll irregularities such as voter deletions and lack of transparency in EVMs, the ECI has responded in a condescending tone and chosen not to even acknowledge certain serious complaints, Mr. Kharge said.

“This again proves that the ECI, even though it is a quasi-judicial body, is not behaving independently,” he said.

“The Modi government’s calibrated erosion of ECI’s integrity is a frontal attack on the Constitution and Democracy and we will take every step to safeguard them,” Mr. Kharge said.

Congress general secretary in-charge communications Jairam Ramesh had said the party would legally challenge the amendment.

Lok Sabha MP and Congress general secretary (organisation) K.C. Venugopal said the poll panel had chosen opacity and a pro-government attitude in its dealings thus far.

According to Rule 93, all “papers” related to elections shall be open to public inspection.

The amendment inserts “as specified in these rules” after “papers”.

Law Ministry and ECI officials separately explained that a court case was the “trigger” behind the amendment.

While documents such as nomination forms, appointment of election agents, results and election account statements are mentioned in the Conduct of Election Rules, electronic documents such as CCTV camera footage, webcasting footage and video recording of candidates during the Model Code of Conduct period are not covered.

“CCTV coverage, webcasting of polling stations are not carried out under Conduct of Election Rules but are the result of steps taken by the ECI to ensure a level playing field,” a former ECI official explained.

Hyderabad’s Dr. B.R. Ambedkar Vegetable Market Yard, or Bowen pally market, has always been a hive of activity. But recently, the buzz was not just about the arrival of a variety of vegetables from near and far. The noise and bustle of customers and tractors moving goods blends with the whirring motors of a waste-to-power plant located within the market.

The anaerobic gas lift reactor-based plant was developed by the CSIR-Indian Institute of Chemical Technology (IICT), the State Department of Marketing, and Ahuja Engineering Services at a cost of ₹3 crore.

It has a capacity to produce up to 800-1,000 units of electricity a day using 10 tonnes of waste.

The market produces three or four tonnes of organic waste every day. This waste is first placed on conveyor belts which carry it to shredders. After shredding, the waste is converted into a slurry and is put into large containers or pits. These are high-rate biomethanation technology-based reactors.

The reactors start the process of anaerobic digestion, where organic waste is converted into biofuel. The fuel is then put into biogas generators that converts it into electricity.

The electricity generated from the plant powers more than 100 street lights, 170 stalls, an administrative building, and the market’s water supply network — giving the market committee substantial savings in power bills.

The plant produces biogas, which is being used to replace LPG cylinders in canteens. Bio manure generated is sold separately as organic fertilizer.

Currently, the plant produces 300 units of power and 60 kg of biogas every day.

Photo:
Nagara Gopal

Circle of power: The Bowenpally market produces three or four tonnes of organic waste every day, which drives production at the waste-to-power plant in a win-win situation.

Photo:
Nagara Gopal

Right pick: Vegetable wholesalers separate rotten tomatoes from fresh ones.

Photo:
Nagara Gopal

Perennial operation: The massive vegetable market ensures round-the-clock flow of raw materials to the waste-to-power plant.

Photo:
Nagara Gopal

Nothing goes waste: Workers remove leaves from vegetables to be sold at Bowenpally market.

Photo:
Nagara Gopal

New purpose: Rotten vegetables from the wholesale market being dumped at the waste-to-power plant.

Photo:
Nagara Gopal

Power supply: Workers feed stale vegetables into the conveyor belt at the waster-to-power plant.

Photo:
Nagara Gopal

Safety check: Engineers monitor a reactor at the waste-to-power plant. Careful checks are done to curb breakdowns.

Photo:
Nagara Gopal

Thriving business: A market yard canteen that is fuelled and powered by the waste-to-power plant.

Photo:
Nagara Gopal

Self-reliant: Electricity from the waste-to-power plant lights up a yard at the market.

Report says increase in expenditure is fuelled only by the rise in prices.
| Photo Credit: NIHARIKA KULKARNI

In November, 88.6% respondents in urban households said that their spending on essential items had increased from a year ago, the highest such share in the last nine years. In the same month, 30% of respondents said that their spending on non-essential items too had increased from a year ago, the highest in the last five years and six months.

These responses are a consequence of the consistent rise in prices. Close to 95% of urban respondents continued to feel in November this year that prices of commodities have increased from a year ago. The last time that less than 90% of respondents felt the same was in January 2021 — during the COVID-19 pandemic, when demand was low.

While a higher share of respondents felt that the prices and as a consequence, their expenditure had increased, less than 25% of them said that their income levels had increased compared to a year ago. This is the lowest such share in over a year and seven months.

So, more and more urban consumers are saying their spending levels are increasing, while fewer and fewer of them are reporting an increase in their income levels. This means that the increase in expenditure is fuelled only by the rise in prices and not because their purchasing power has improved.

Due to this, in the second half of 2024, a higher share of respondents were pessimistic about the Indian economy than those who were optimistic. This was not the case during many months of the first half of the year.

These conclusions are based on the Reserve Bank of India’s bi-monthly Consumer Confidence Survey, conducted across 19 major cities in November.

Chart 1 shows the share of respondents who said that the prices of commodities had increased/decreased/stayed the same in November compared to a year ago. The share of respondents who reported an increase in prices in November this year (94.3%) was the sixth highest in over a decade.

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Less than 1% of the respondents said that the prices had declined. A decreasing share said that the prices had continued to remain the same.

Chart 2 shows the spending perception on essential items. The 88.6% who said that spending on essential items had increased was the second highest in over a decade (it was even higher in June 2015) and the highest in the last nine years. Under 2% of the households felt that spending on essential items had declined and less than 10% of them felt that it had remained the same.

Chart 3 shows the spending perception on non-essential items. During the pandemic, consumers reported a sharp decline in spending on non-essential items — due to the sharp dip in demand and supply. However, post the pandemic, the share of households which reported a rise in non-essential spending consistently increased, reaching a peak of over 30% in the second half of 2024.

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Chart 4 shows perceptions on income levels. There was a consistent rise in the share of respondents who reported an increase in their income levels since the sharp dip observed during the pandemic. In the first half of 2024, a higher share of consumers reported an increase in income compared to a year-ago period, pointing to the reversal of the pandemic and its after effects on income. However, in the second half of the year, a higher share of consumers reported a decrease in income levels.

Chart 5 shows perceptions on employment, which mimic Chart 4, showing that job opportunities have shrunk. 

Chart 6 shows the perception of the overall economic conditions, which also mimic the trends in Charts 4 and 5.

Source: RBI’s Consumer Confidence Survey – November 2024

vignesh.r@thehindu.co.in

samreen.wani@thehindu.co.in

Also read: Confidence about economy declines after consistent recovery