Leisure, Lifestyle & Wellness
Jagmohan Dalmiya returns as BCCI President

The road for Jagmohan Dalmiya was cleared after Sharad Pawar failed to get a proposer from east zone, prompting the NCP chief to pull out of the race for BCCI top post


Jagmohan Dalmiya was on Monday unanimously elected President of the Board of Control for Cricket in India (BCCI). However the N Srinivasan camp suffered a huge setback with their rival faction’s Anurag Thakur beating Sanjay Patel for the post of Secretary at the board’s Annual General Meeting in Chennai. Dalmiya is returning as BCCI president after a 10-year gap replacing Srinivasan.
Barring Himachal Pradesh Cricket Association chief Thakur’s surprise win, ruling camp loyalists swept the elections for the other posts at the much-postponed annual general meeting (AGM), where Srinivasan himself could not contest for the President’s post owing to a Supreme Court directive.
Jharkhand Cricket Association’s Amitabha Chodhary was elected the Joint Secretary beating Goa’s Chetan Desai, belonging to the anti-Srinivasan faction, while Haryana’s Anirudh Choudhary won the treasurer’s position by defeating Rajiv Shukla.
While three Vice-Presidents were elected unopposed, the two other positions also went to the Srinivasan faction with TC Mathews (Kerala, west zone) and CK Khanna (Delhi, central zone) winning the polls. Khanna defeated the influential Jyotiraditya Scindia, while Mathews edged past Ravi Sawant.
The three, who were elected unopposed are Andhra’s Gokaraju Gangaraju (south zone), Assam’s Goutam Roy (east), with ML Nehru of Jammu and Kashmir, representing the north zone.
The road for Dalmiya was cleared after Pawar failed to get a proposer from east zone, prompting the Maratha strongman to pull out of the race.
BJP leader Thakur, it is learnt, won by just one vote over Srinivasan loyalist Patel, a scenario unlikely to have emerged had there not been cross-voting during the election process.
However, the fact that other anti-Srinivasan camp candidates lost the elections proved that cross-voting took place only for Thakur. 
In the 2005 BCCI board elections, Dalmiya’s candidate Ranbir Singh Mahendra was ousted by Sharad Pawar, then a union minister, as the head cricket official of India. Late the following year, Dalmiya was expelled from BCCI for alleged misappropriation of funds and refusing to provide certain documents.
However, in May 2007, when he challenged the decision in the Bombay High Court and then the Supreme Court of India he was exonerated as the BCCI was unable to prove their charge of financial irregularities against him.
In July 2007, the Calcutta High Court dismissed charges against Dalmiya, and allowed him to contest for the presidency of the Cricket Association of Bengal, which he subsequently won.
In June 2013, Dalmiya was appointed as the interim president of the BCCI after Srinivasan stepped aside till the probe on Srinivasan's son-in-law's alleged involvement in spot-fixing in the 2013 Indian Premier League (IPL) was completed. Srinivasan resumed the presidency in October 2013. 


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RBI to target inflation to 6% by January next

As per the monetary policy framework agreement between Finance Ministry and RBI, the monetary policy will now target inflation to be 6% by January 2016


The Finance Ministry and the Reserve Bank of India (RBI) have agreed to inflation rate targeting under which the apex bank will aim to lower retail inflation to 6% by January 2016 and further to around 4% by March next year.
The monetary policy framework agreement as signed on 20th February is to "primarily maintain price stability while keeping in mind the objective of growth".
"The Reserve Bank will aim to bring inflation below 6% by January 2016. The target of financial year 2016-17 and all subsequent years shall be 4% with a band of (+/-) 2%," the agreement said.
While the agreement gives a free hand to the RBI Governor to decide on the monetary policy measures to achieve the inflation target, it also requires the RBI to give out to the Central Government a report in case the target is missed for a period of time.
The RBI is also required to make public every six months a document explaining the sources of inflation and the inflation forecast for the period between six-eight months.
In the Budget, Finance Minister Arun Jaitley had said a monetary policy framework would be put in place to keep inflation below 6%.
"To ensure that our victory over inflation is institutionalised and hence continues, we have concluded a monetary policy framework agreement with the Reserve Bank of India. The framework objective is to keep inflation below 6% and we will move to amend the RBI Act this year and provide for monetary policy committee," he had said.
Retail inflation in January stood at 5.11%.



MG Warrier

2 years ago

This move will infuse transparency in the thought process of policy makers. At this stage of economic development, when analysts and economists dissect and find reasons or attribute motives for every utterance by the Finance Minister or RBI Governor, such transparency will give some relief and make debates more focussed.
Having said that, it would be too soon to expect Monetary Policy to have inflation targeting as its sole or primary objective. In the Indian context, unlike other central banks, for historic reasons, RBI has taken on itself several responsibilities in relation to economic development. It will take time to put in place systems/institutions to take over all of them.
Let us not worry too much about responsibility and accountability of either finance ministry or RBI. This is an issue which can be debated along with improvement in approach to governance.
Like Railway Time Table tells you about late running of trains, Inflation Target will tell you what was the aim of the policy makers at a given time. Aberrations will be explained from time to time.
M G Warrier, Thiruvananthapuram

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