MUMBAI | 6 OCTOBER 2019 ECONOMY & PUBLIC AFFAIRS 5 . <

SLOWDOWN WOES HC denies stay as MMRCL Trade credit insurance claims begins to cut Aarey trees rise 38%, premiums jump 14% SUBRATA PANDA have approached insurance reg- Activists move 2nd application on MMRCL’s action of chopping 2,656 trees Mumbai, 5 October ulator the Insurance Regulatory PRESS TRUST OF Development Authority of India Mumbai, 5 October Slowdown in the economy has (Irdai) for widening the scope adversely impacted the trade of the product,” said Mondal. reen activists suffered a second credit insurance segment of “The regulator has taken cog- jolt in two consecutive days when general insurers. nizance of the same and consti- G the Bombay High Court on This is because claims in this tuted a working group to delib- Saturday refused to stay ongoing felling of segment have seen a 38 per cent erate on a time-based manner,” trees at Mumbai’s prominent green lung, year-on-year rise in FY19 while he added. Aarey Colony, to make way for a proposed the premium growth was only Recently, the Irdai decided metro car shed. 14 per cent during the same to review its three-year old A few green activists moved a fresh period. guidelines on trade credit insur- application on Saturday seeking stay for a Trade credit insurance cov- ance in line with the changing week on the Mumbai Metro Rail ers a seller against the risk of requirements of the market. Corporation Ltd (MMRCL’s) action of chop- non-payment by its customers It has set up a nine-mem- ping 2,656 trees in the area, a day after the arising due to wilful default or ber working group headed by HC dismissed four petitions filed by NGOs insolvency. The repaying capa- New India Assurance chair- and activists challenging the decision of bility of the customer depends man and managing director Tree Authority of the Mumbai civic body on various macro and micro Atul Sahai to review the March allowing felling of trees. economic factors. The insurers feel that various initiatives taken by the government 2016 guidelines. The activists have sought the stay so that “During the last few quar- such as recapitalisation of PSBs and their mergers will boost the According to the terms of they can approach the supreme court. ters, we have witnessed a spurt liquidity situation in the market reference given to the panel, it The action of MMRCL, which began cut- in claims, primarily due to stress would also suggest suitable ting trees late Friday night, has met up with in terms of liquidity in certain rise and hence increase loss Gautam Murkunde, Vice- amendments to guidelines that stiff resistance from green activists who segments,” said Subrata ratio of trade credit insurance,” President, Global Insurance add value to the policyholders have been protesting at the Aarey Colony. Mondal, Executive Vice- he added. Brokers. and stakeholders such as banks The activists argued that an appeal Police detain activists protesting against the tree-cutting at President, IFFCO Tokio General In FY19, claims in the credit While the claims have gone and factoring companies. would be filed in the apex court on Monday Aarey colony in Mumbai on Saturday PHOTO: PTI Insurance. insurance segment were to the up, the insurers say regulatory The insurers feel that various but by then the MMRCL would have com- Subramanyam tune of ~373 crore compared to hurdles have hampered growth initiatives taken by the central pleted cutting all the trees in the colony. Brahmajosyula, Head – ~269.57 crore in FY18. On the in this segment. Among the var- government like recapitalisation The application was taken up for "The high court has decided and ruled Underwriting and contrary, the premiums collect- ious hurdles that insurers face, of public sector banks and their urgent hearing by Justices S C yesterday that it is not a forest" Reinsurance, SBI General ed saw a 14 per cent rise at ~670 disallowing banks to buy a pol- mergers will boost the liquidity Dharmadhikari and A K Menon in their Insurances – said, “Claims in crore compared to ~586.11 crore icy is a major impediment. situation in the market. chamber in the high court. Union Environment Minister trade credit insurance mirror in FY18. Moreover, disallowing to cover “We are hopeful that the Advocate Akshay Shinde, appearing the economy and higher “Liquidity challenges, lower bill discounting, channel government’s initiatives will for the MMRCL, told the judges that they claims experience point to liq- growth rate, southward trend in financing and factoring is also improve the current liquidity initiated action of cutting trees only after uidity crunch in the economy.” top line and profitability result- an obstacle. crisis and eventually lead few- the HC on Friday dismissed the petitions 29 held; cops accused of “In times of economic dis- ed in increased defaults by buy- “In recent times, various er defaults in the market,” challenging the approval granted by the tress, such defaults are likely to ers to their suppliers,” said stakeholders from the industry Mondal added. Tree Authority. The bench, after hearing brief arguments, said it would not interfere with the Friday’s order and refused to grant high-handedness stay on the MMRCL action. The drama over cutting of trees in part of of Tree Authority of the Mumbai civic body Opposing felling of trees, activists have Mumbai's Aarey Colony for a proposed to allow felling of trees. been demanding that Aarey be declared as metro car shed shifted from the corridors Meanwhile, the police official said some forest. The issue has taken a political hue in of the Bombay High Court to the protesters had beaten up the men in the run-up to Assembly polls, with the prominent green lung over Friday night, uniform on duty in Aarey Colony. Opposition parties blaming ruling BJP and resulting into clashes between protesters "We have arrested 29 protesters. Six of Shiv Sena for their "failure" to save trees. and police who have arrested 29 persons them are women. Some of them had The MMRCL had clarified that the felling on Saturday. manhandled and beaten the police of trees was restricted only to a small area in Some protesters have accused police personnel deployed in Aarey Colony and the colony, and that it was necessary to personnel of high-handed behaviour. obstructed them from discharging their ensure smooth transport for Mumbaikars. However, Mumbai Police have denied duty," the official said. After the high court dismissed the peti- these allegations. On Friday night, around 200 people tions on Friday, several activists gathered Those arrested, including six women, are gathered and started protesting near Picnic outside the colony in suburban Goregaon among the 60 people who were detained Point in the colony, he said. when the MMRCL began chopping trees. by police earlier, a police official said, "While the protests were on, a group of Police on Saturday arrested 29 persons adding that some of them are students. people roughed up two police personnel, and detained several others for "obstruct- The entire Aarey Colony was cordoned who sustained injuries," he said. ing" the MMRCL work. off by police on morning after hundreds of A case has been registered under The proposed rake depot for the metro- green activists tried to stop felling of trees in sections 332 (Voluntarily causing hurt to 3 line (Colaba- Bandra-Seepz) will occupy 33 the area by the Mumbai Metro Rail deter public servant from his duty) and353 hectares in the southern part of the colony. Corporation Ltd (MMRCL) for the Metro-3 (Assault or criminal force to deter public The high court, while dismissing the line rake depot. servant from discharge of his duty) of the petitions, had noted that the tree authority’s The MMRCL action began hours after the Indian Penal Code (IPC) on complaint of a decision-making process was fair, trans- high court dismissed four petitions filed by 28-year-old woman police constable who parent and based on reason. NGOs and activists challenging the decision was injured in the alleged attack. PTI

Will meet Modi GODS ARE NOT TO BLAME President Ram Nath Kovind being presented a plant by ICSI President C S Ranjeet Kumar Pandey as Minister of State for Finance to seek more Anurag Thakur and Minister of State for Heavy Industries & Public Enterprises look on, during a function on funds for flood the 51st Foundation Day of the Institute of Company Secretaries of India (ICSI), at Vigyan Bhavan in , Saturday PHOTO:PTI in K’taka: CM A day after the Centre sanc- tioned ~1,200 crore as initial President calls for responsible biz relief for flood ravaged Karnat- aka, Chief Minister B S Yediyu- PRESS TRUST OF INDIA with larger socio-economic goals. nance system forms a key component of rappa on Saturday said he New Delhi, 5 October “And they must deliberate on issues our nation-building matrix, and company would meet PM Narendra where we need to improve, so that mis- secretaries have a seminal responsibility Modi and seek more funds. President Ram Nath Kovind on Saturday takes or limitations of the past are ade- to fulfil on this account. “About ~35,000 crore is our said company secretaries must ensure quately addressed,” he said. Their integrity and honesty deter- rough (damage) estimate. We that stakeholders understand the differ- The president further said that the mines our commitment to a just society, are yet to know the actual ence between profit and profiteering, concept of corporate governance is com- he said. amount. Our state has suf- while fostering responsible business and plex, but the principles on which it is Minister of State for Parliamentary fered more losses than any balance economic objectives with larger based are clear and well marked. Affairs and Heavy Industries and Public other state due to floods this socio-economic goals. Transparency, accountability, integrity Enterprises Arjun Ram Meghwal and time. I will meet the Prime Addressing the 51st Foundation Day and fairness are its four pillars. Minister of State for Finance Anurag Minister and seek more funds of the Institute of Company Secretaries of He stressed that company secretaries Thakur too were present at the event. to be released from the centre. India (ICSI), he said, “we have seen how should responsibly determine how these ICSI is a premier professional body set As immediate measure in the some business enterprises have broken principles are put into practice. up under an Act of Parliament for the reg- first stage ~1,200 core has been the trust of the people. Companies have India has drawn a blueprint to ulation and development of the profes- released by the central gov- either faltered or have come to a standstill. enhance its brand value as a destination sion of company secretaries in India. ernment,” Yediyurappa said. In the process, common people have had for international business and invest- It has over 59,000 members and about Speaking to reporters in to suffer.” Kovind said company secre- ment, he said, and that in this effort, how 3.5 lakh students on its roll. Alamatti, Yediyurappa taries play the role of a governance pro- they implement company laws in a trans- The institute focuses on best and top- expressed the hope that fessional and an internal business partner parent manner has a critical bearing. quality education to students of company An idol of Durga, shown with a mask on to raise awareness against environment pollution more funds would be and they must foster “responsible busi- Kovind also told the gathering that an secretaries course and best quality set and plastics, at a community puja pandal in Kolkata on Saturday PHOTO: PTI released at the earliest. ness and balance economic objectives” efficient, fair and just corporate gover- standards for its members.

Maha Youth Cong promises Here’s how to type faster on your phone monthly ~5K for unemployed remarkable typist hit 85 words ergonomics researcher at Get those index fingers off your screen per minute on a mobile device. Northeastern University’s PRESS TRUST OF INDIA higher education. HEATHER MURPHY ence in Taipei on Wednesday. Pedro Lopes, a professor of Bouvé College of Health Mumbai, 5 October Maharashtra Youth Congress 5 October The study focused on the human-computer interaction Sciences, said the study rein- President Satyajeet Tambe told stubbornly persistent Qwerty at the University of Chicago, forced what other studies have Monthly allowance of ~5,000 reporters that as many as 30 For many of us, our approach keyboard, which was originally who was not involved in the shown: Two-handed typing is for educated unemployed million youth got connected to to typing on a smartphone is designed to minimize mechan- study, said the results sig- faster than one-handed typing. youths and statutory 80 per its platform as part of “Wake something we stumble upon. ical typing jams in typewriters. naled a “paradigm shift.” That But the limits on speed cent reservation in jobs for Up Maharashtra, Act Today for Unlike composing words on a Despite questions about its util- change is even more evident involve more than the kind of local youths are some of the your Tomorrow” programme. typewriter or computer key- ity and the emergence of alter- among young people. On keyboard or the dexterity of the prominent promises made by “Thousands of suggestions, board, there is no widely nate systems, much of the average, subjects between the individual. There is also the Maharashtra Youth Congress views, ideas and solutions taught, proper way. world still relies on the setup. ages of 10 and 19 were about element of imagination, said in its “first-of- its-kind” mani- received so far were shortlist- If speed is the goal, however, To conduct the study, 10 words per minute faster on Dr. Kristensson, who is an festo for the October 21 assem- ed and consolidated to create a study of around 37,000 people researchers asked volunteers smartphones than people in inventor of gesture typing, a bly polls, which was released one-of-its kind ‘Youth suggests that one particular from around 160 countries to their 40s. swiping technique intended to on Saturday. Manifesto’,” he said. approach is better than others: memorize a series of sentences One unexpected finding save time. No matter the sys- It also promises govern- He said education loans writing with two thumbs and and write them both on desktop was that a significant number tem, people cannot exceed 120 ment scholarships for merito- availed till September 30, 2019 embracing autocorrect, but keyboards and mobile phones. of subjects used a two-finger words a minute, he said, rious local students pursuing will be waived. avoiding predictive text. There has never been typing system on full-size com- because they cannot come up higher education in foreign Tambe promised increase “That is basically the trick another typing study on this puter keyboards. However with what to say that quickly. universities, waiver of educa- in intake in government hos- of typing quickly,” said Per Ola scale, according to the they approached typing, those “Typing rates are bounded by tional loan and providing free tels for the needy youths and Kristensson, a professor of researchers, but they said that who used predictive text gen- our creativity,” he said. of cost higher education to dif- free higher education for all dif- interactive systems engineer- when they compared their typed about 20 to 25 words per age 37 to 40 words per minute, erally wrote more slowly. Regardless of speed, most ferently abled youths. ferently abled youths. ing at the University of findings with smaller studies, minute, said Anna Feit, a she said. Examining word predictions of us are not that original. Half The document states that if “Educated unemployed Cambridge and one of the the gap in speed between the researcher in human-com- As the authors write in their and making a choice is far of the words people text are the elected to power the Congress- youth will receive an allowance authors of the study, which two devices appeared to be puter interaction at ETH study, the average person is slower than using autocorrect, most frequently used 200 led government will stand of ~5,000 per month and statu- was presented at a human- shrinking. When smart- Zurich and another author of nearly 70 percent as fast on a Dr. Kristensson said. words in English, he said. guarantor for loans taken by tory 80 per cent reservation in computer interaction confer- phones first came out, people the study. Now people aver- phone as on a laptop. One Jack Dennerlein, an ©2019 The New York Times News Service wards of farmers for pursuing jobs for local youth,” he said.