In Focus by The Hindu

Western sanctions had initially threatened to derail the Russian economy ever since the country invaded Ukraine. However, Russia has shown a resilience that has surprised observers, and which has the potential to realign the global economic order. In a recent article for Business Line, Biswajit Dhar, Professor of Economics at the JNU, points out how observers’ projections for Russia’s GDP contraction and the rouble’s sharp fall have had to be revised as the year progressed.

He points out that in its April forecast, the IMF had predicted Russia’s economy would contract by 8.5% in 2022, an improvement over what was anticipated when the sanctions were imposed. The update in July indicated that the economy would shrink by a lower 6%.

The market has been more optimistic; JP Morgan predicted in July that the country’s GDP would contract only 3.5%. The rouble too, after falling from 76 to 120 versus the dollar, has now stabilised at 60.

What has driven this recovery? 

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The Ukraine war has been raging for nearly seven months, and the dominant pattern so far has been Russia making slow and incremental gains in territory. But this pattern was abruptly broken over the past week as Ukraine made rapid gains in the north and north-east. Russian troops have been driven out of cities like Kupyansk and Izyum, which are critical from the perspective of military logistics and supply lines.

How would the loss of these logistical hubs affect Russia’s military campaign? What enabled Ukraine to make these rapid gains, and do they signify a turning point in the war? How will these losses impact President Vladimir Putin politically back in Russia?

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The Union Power Ministry introduced the Electricity (Amendment) Bill, 2022 in Lok Sabha on August 8. The Power Minister said at the stage of introduction that the Bill could be moved to the Energy Standing Committee of Parliament for broader consultations. But the Opposition has questioned the introduction of the Bill, saying that the Centre has broken the promise made to the farmers that this Bill will not be brought to Parliament. Opposition MPs have also said that the Bill is not only anti-farmer, but also anti-constitutional, and against the spirit of federalism. There are also concerns that the Bill may lead to the end of subsidies for farmers and poor consumers.

In the second part of this two-part Deep Dive podcast, we take a closer look at why state-owned power distribution companies (DISCOMs) are forever making losses– is it purely because they are inefficient, or have they been set up for failure, thanks to an irrational regulatory framework and unrealistic expectations? What would a sustainable and fair model of privatisation that doesn’t encroach on state governments’ sovereignty look like?

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The Union Power Ministry introduced the Electricity (Amendment) Bill, 2022 in Lok Sabha on August 8. The Power Minister said at the stage of introduction that the Bill could be moved to the Energy Standing Committee of Parliament for broader consultations. But the Opposition has questioned the introduction of the Bill, saying that the Centre has broken the promise made to the farmers that this Bill will not be brought to Parliament. Opposition MPs have also said that the Bill is not only anti-farmer, but also anti-constitutional, and against the spirit of federalism. There are also concerns that the Bill may lead to the end of subsidies for farmers and poor consumers.

In the first part of this two-part Deep Dive series, we take a detailed look at the history of the Electricity Bill and power sector reforms going back to the 1990s, and decode the implications of the key provisions of the Electricity (Amendment) Bill, 2022.

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Managing a difficult relationship has brought dividends to both India and Bangladesh. By all accounts, Prime Ministers Narendra Modi and Sheikh Hasina have transcended many barriers and rapids to take their relationship in a direction that benefits both countries. 

Mr. Modi appears to have put some distance between his Home Minister Amit Shah’s use of the term “termite” when referring to Bangladeshi immigrants and the potential of bilateral ties. 

Sheikh Hasina’s visit shows that with due preparation even an agreement to share the river waters of the Kushiyara is possible even as an accord on the Teesta proves elusive. There’s little doubt that Hasina’s statement that “as long as Prime Minister Modi is here, Bangladesh and India will resolve” problems between them is significant. 

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This year’s U.S. Open is being viewed as a ‘farewell tour’ – more or less – of the Williams sisters as the curtains come down on what has been described as “the greatest sibling act in sports history”.

With both Serena and Venus Williams exiting the U.S. Open early, the two sisters, who between them account for 30 singles Grand Slam titles, 14 doubles Grand Slams titles, and eight Olympic gold medals, are easing out of the pro tour, leaving behind a unique legacy that transcends tennis. In this episode, we take a look at their impact on the sport: how they changed women’s tennis, what their success did for the African-American community, their impact on how women’s tennis is treated by the entertainment industry, and other aspects.

Guest: The Hindu’s Ziya Us Salam, a passionate tennis aficionado who has closely followed the career of the Williams sisters right from the 1990s.

Host: G. Sampath, Social Affairs Editor, The Hindu

Edited by Ranjani Srinivasan

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Liz Truss has become Britain’s third woman Prime Minister. She defeated Rishi Sunak to become leader of the Tory party – the fourth leader in six years. Truss becomes Prime Minister with fewer than half of eligible voters in the party’s electoral college voting for her. She replaces the very flamboyant Boris Johnson.

Truss is faced with multiple issues, especially a looming energy crisis as gas prices hit the roof in the country. Some observers are even warning of potential blackouts this winter. So, what sort of leader will Liz Truss turn out to be? Is she up to the challenge?

Guest: Andrew Whitehead, former editor of the BBC’s Word Service.

Host: Amit Baruah, Senior Associate Editor, The Hindu.

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Mikhail Gorbachev, general secretary of the Communist Party of the Soviet Union from 1985 to 1991, died in Moscow on August 30 after a long illness. He was 91. Gorbachev not only tried to introduce reforms and change in the erstwhile Soviet Union, he presided over its demise in 1991. 

Loved by the West, Gorbachev made two Russian words – glasnost or openness and perestroika or restructuring – popular in the rest of the world. Multiple obituaries have been written on him – evaluating his position as a leader central to ending the Cold War between the West and the Soviet Union. 

So, what was Gorbachev? A reformer who didn’t know how to wield power? A leader who lost control of his own party? A man who was ahead of his times? A statesman who ended up altering the balance of forces in the world to the advantage of the West? 

To discuss Gorbachev’s legacy, I am joined by P.S. Raghavan, who was India’s Ambassador to Russia. He is currently Chairman of the National Security Advisory Board.

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In November 2021, the Delhi government rolled out a new excise policy. The new policy effectively took the government out of the liquor retailing business and handed it over to private players. But within a few months, it came under CBI scrutiny following allegations of favouritism and corruption. The Delhi government withdrew the policy and announced that from September 1, the state would revert to the old regime for a period of six months until a fresh policy is in place.

The whole saga has thrown up interesting questions concerning public policy, regulatory principles, and public finance. For instance, what exactly was the logic of Delhi’s old liquor policy? What was the new one trying to do? And what ought to be the primary outcomes of a sustainable liquor policy that is fair to all the stakeholders? 

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Late last month, the Adani Group acquired Vishvapradhan Commercial Pvt. Ltd. (VCPL) which held warrants convertible to 29.18% stake in NDTV. As per SEBI rules, the Adani Group – having exercised the option to convert the warrants into equity stake – made an open offer to acquire 26% shares from public shareholders, offering Rs. 294 per share. On the date of the announcement, the shares were trading on the BSE at about Rs. 370. It is unlikely any shareholder would tender their shares at a discount to the market price. So, if there is no visibility to gaining majority control over the media firm, why did the Adani Group move to acquire the 29% stake? 

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