The Evening Wrap: Samajwadi Party founder Mulayam Singh Yadav passes away; leaders pay tribute

A previous version of this newsletter was inadvertently sent earlier. The error is regretted. Samajwadi Party founder and former Uttar Pradesh CM Mulayam Singh Yadav passed away on Monday at Medanta Hospital, Gurugram, his son and party president Akhilesh Yadav said. Mulayam Singh Yadav was 82-years old. He was undergoing treatment at the Medanta Hospital since August 22 and was shifted to the ICU on October 2 and remained quite critical since then. He was being treated by a comprehensive team of specialists. An astute politician, Mulayam Singh Yadav blazed a new trail by putting backward castes at the centre of Uttar Pradesh politics and served as the Uttar Pradesh Chief Minister three times (1989-91, 1993-95, and 2003-2007). He is survived by two sons, Akhilesh and Prateek. A strong votary of secular politics, Yadav suffered electoral losses after he ordered the firing on the Kar Sevaks at the peak of the Ram Janmabhoomi movement in 1990, but he pitted himself as the saviour of the spirit of the Constitution and returned to rule the State by forging a strong Muslim-Yadav combination that paid rich dividends at the hustings. He also held the Defence portfolio during the United Front government in 1996, after he came tantalisingly close to occupying the Prime Minister’s chair when coalition politics was the order of the day and regional parties wanted to be more than just kingmakers. President Droupadi Murmu, Vice-President Jagdeep Dhankar, Prime Minister Narendra Modi, Union Ministers, Chief Ministers and political leaders across parties expressed their condolences. Meanwhile, the body of Samajwadi Party patron Mulayam Singh Yadav arrived at his native Saifai village in Uttar Pradesh’s Etawah on Monday evening. It has been kept at Saifai Mela Festival for darshan and the cremation will take place on Tuesday afternoon. Uttar Pradesh CM Yogi Adityanath, Jal Shakti Minister Swatantra Dev Singh and BJP State president Bhupendra Singh Chaudhary arrived and paid their tributes. ECI gives new names for Thackeray, Shinde factions; rejects alternative party symbols proposed by Shinde camp After hours of hectic deliberation, the Election Commission of India (ECI) allotted new party names to the rival Shiv Sena factions led by Uddhav Thackeray and Eknath Shinde, but rejected all proposed alternatives of the party symbol submitted by the Shinde camp while giving the mashaal (torch) symbol to the Thackeray group. The ECI, which has frozen the party name as well as the Shiv Sena’s bow and arrow symbol as an interim measure, has now decreed that the Uddhav Thackeray faction would be called the ‘ShivSena (Uddhav Balasaheb Thackeray)‘ while the Shinde faction is to be known as ‘Balasahebanchi Shiv Sena’. The poll body has asked the Shinde camp to submit three new party symbol alternatives by Tuesday. Shinde camp spokesperson Naresh Mhaske said they would be pondering upon fresh alternatives which will be submitted to the ECI by Tuesday morning. Earlier in the day, the Eknath Shinde faction had submitted three alternative party names and symbols to the ECI, with one name and two of the symbols being the same as the ones being submitted by Mr. Thackeray’s group on Sunday. The Shinde faction’s proposed alternative party names were the Shivsena (Balasaheb Thackeray), ‘Balasaheb’s Shivsena’ and the ‘Shivsena of Balasaheb’. Their three proposed symbols – which the ECI rejected - were the trishul (trident), the ‘rising sun’ and ‘the mace’. However, the Uddhav Thackeray-led Sena has already proposed Shivsena (Balasaheb Thackeray) as its alternative name while suggesting ‘the trident’ and ‘rising sun’ as two of their three symbols, their third option being the torch which they have finally secured. Nonetheless, the Thackeray camp claimed the ECI’s decision to be “a victory” of sorts with Uddhav faction leader Bhaskar Jadhav remarking that both Uddhavji and Balasaheb’s name was part of their new party name, which proved that Uddhav Thackeray was the true legatee of Bal Thackeray’s ideals. The Shinde camp, too, expressed satisfaction that their new party name – Balasahebanchi Shivsena – underscored that they had Bal Thackeray’s blessings and that their faction was the one carrying forward the Sena founder’s ideals. Economic Sciences Nobel for trio’s research on banks and financial crises The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.” The work for which Ben Bernanke, Douglas Diamond and Philip Dybvig are being recognised has been crucial to subsequent research that has enhanced our understanding of banks, bank regulation, banking crises and how financial crises should be managed, the academy said in its announcement. Ben Bernanke analysed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged. Using historical sources and statistical methods, Bernanke’s analysis showed which factors were important in the drop in gross domestic product. He found factors that were directly linked to failing banks accounted for the lion’s share of the downturn. The 2022 economic sciences laureates Douglas Diamond and Philip Dybvig developed theoretical models that explain why banks exist, how their role in society makes them vulnerable to rumours about their impending collapse and how society can lessen this vulnerability. Diamond and Dybvig presented a solution to bank vulnerability, in the form of deposit insurance from the government. When depositors know that the state has guaranteed their money, they no longer need to rush to the bank as soon as rumours start about a bank run. Diamond also showed how banks perform a societally important function. As intermediaries between savers and borrowers, banks are better suited to assessing borrowers’ creditworthiness and ensuring that loans are used for good investments. Unlike the other prizes, the economics award wasn’t established in Alfred Nobel’s will of 1895 but by the Swedish central bank in his memory. The first winner was selected in 1969. Last year, half of the award went to David Card for his research on how the minimum wage, immigration and education affect the labour market. The other half was shared by Joshua Angrist and Guido Imbens for proposing how to study issues that don’t easily fit traditional scientific methods. Russian imports | West did not supply weapons to India for decades: S. Jaishankar India has a substantial inventory of Soviet and Russian-origin weapons because the Western countries opted a military dictatorship in the region as its preferred partner and did not supply weapons to India for decades, External Affairs Minister S. Jaishankar said, in an apparent reference to Pakistan. During a joint press meet with his Australian counterpart Penny Wong in Canberra, Jaishankar also said that India and Russia have a long-standing relationship that has certainly served New Delhi’s interests well. “We have a substantial inventory of Soviet and Russian-origin weapons. And that inventory actually grew for a variety of reasons. You know, the merits of the weapons systems themselves, but also because for multiple decades, Western countries did not supply weapons to India, and in fact, saw a military dictatorship next to us as the preferred partner,” he said, in an apparent reference to Pakistan, which was a close ally of the U.S.-led West during the Cold War. “We all in international politics deal with what we have, we make judgments, judgments which are reflective of both our future interests as well as our current situation. And my sense is, in terms of this current conflict, like every military conflict, there are learnings from it, and I am sure my very professional colleagues in the military would be studying it very carefully,” he added. He made the remarks when asked by an Australian reporter whether India should reduce its reliance on Russian weapons systems and rethink its relationship with Russia, given the war in Ukraine. The EAM also said that the war in Ukraine doesn’t serve anyone’s interests. “...And as a country of the Global South, we have been seeing first-hand how much it has impacted low-income countries, the challenges that they are facing in terms of fuel and food and fertilisers,” he added. Many killed as Russia strikes Kyiv, other Ukrainian cities; Putin vows more ‘severe’ attacks Russia unleashed a lethal barrage of strikes against multiple Ukrainian cities, smashing civilian targets including downtown Kyiv. At least eight people were killed and 24 were injured in just one of the Kyiv strikes, according to preliminary information, said Rostyslav Smirnov, an adviser to the Ukrainian ministry of internal affairs. The intense, hours-long attack marked a sudden military escalation by Moscow. Russian President Vladimir Putin said the strikes on Ukraine came in response to Kyiv’s “terrorist” action, including an attack on a bridge to the Moscow-controlled Crimean Peninsula, which he said was masterminded by Ukrainian special services. He also warned that if Ukraine continues to mount “terrorist attacks” on Russia, Moscow’s response will be “tough and proportionate to the level of threats.” The sustained barrage on major cities hit residential areas and critical infrastructure facilities alike, portending a major surge in the war amid a successful Ukrainian counteroffensive in recent weeks. Some of the strikes hit near the government quarter in the symbolic heart of the capital, where Parliament and other major landmarks are located. Ukrainian President Volodymyr Zelenskyy said Russian forces launched dozens of missiles and Iranian-built drones against Ukraine. The targets were civilian areas and energy facilities in 10 cities, Zelenskyy said in a video address. The General Staff of the Ukraine Armed Forces said 75 missiles were fired against Ukrainian targets, with 41 of them neutralised by air defences. The morning strikes sent Kyiv residents back into bomb shelters for the first time in months. The city’s subway system stopped train services and made the stations available once more as bomb shelters. Meanwhile, Putin vowed even more “severe” retaliation against Kyiv. “Let there be no doubt,” he said in televised comments addressed to his security council, “if attempts at terrorist attacks continue, the response from Russia will be severe.” In Brief: Sardar Vallabhbhai Patel resolved issues of the merger of other princely states, but “one person” could not resolve the Kashmir issue, Prime Minister Narendra Modi said, in a veiled attack on India’s first PM Pandit Jawaharlal Nehru. Addressing a rally in Gujarat’s Anand district ahead of the State Assembly elections due this year-end, Modi said he was able to resolve the long-pending Kashmir issue as he is walking in the footsteps of India’s first Home Minister Sardar Patel. “Sardar saheb persuaded all the princely states to merge with India. But another person handled this one issue of Kashmir,” he said, without naming Nehru. “As I am following in the footsteps of Sardar saheb, I have values of the land of Sardar and that was the reason I resolved the problem of Kashmir and paid true tributes to Sardar Patel,” he further said. Evening Wrap will return tomorrow. [logo] The Evening Wrap 10 OCTOBER 2022 [The Hindu logo] Welcome to the Evening Wrap newsletter, your guide to the day’s biggest stories with concise analysis from The Hindu. [[Arrow]Open in browser]( [[Mail icon]More newsletters]( [Privacy Info]( Samajwadi Party founder Mulayam Singh Yadav passes away; several leaders pay tribute A previous version of this newsletter was inadvertently sent earlier. The error is regretted. Samajwadi Party founder and former Uttar Pradesh CM [Mulayam Singh Yadav passed away]( on Monday at Medanta Hospital, Gurugram, his son and party president Akhilesh Yadav said. Mulayam Singh Yadav was 82-years old. He was undergoing treatment at the Medanta Hospital since August 22 and was shifted to the ICU on October 2 and remained quite critical since then. He was being treated by a comprehensive team of specialists. [Family members and Samajwadi Party leaders pay their last respects to the party founder Mulayam Singh Yadav in Saifai on October 10, 2022.] An astute politician, Mulayam Singh Yadav blazed a new trail by putting backward castes at the centre of Uttar Pradesh politics and served as the Uttar Pradesh Chief Minister three times (1989-91, 1993-95, and 2003-2007). He is survived by two sons, Akhilesh and Prateek. A strong votary of secular politics, Yadav suffered electoral losses after he ordered the firing on the Kar Sevaks at the peak of the Ram Janmabhoomi movement in 1990, but he pitted himself as the saviour of the spirit of the Constitution and returned to rule the State by forging a strong Muslim-Yadav combination that paid rich dividends at the hustings. He also held the Defence portfolio during the United Front government in 1996, after he came tantalisingly close to occupying the Prime Minister’s chair when coalition politics was the order of the day and regional parties wanted to be more than just kingmakers. President Droupadi Murmu, Vice-President Jagdeep Dhankar, Prime Minister Narendra Modi, Union Ministers, Chief Ministers and political leaders across parties expressed their condolences. Meanwhile, the body of Samajwadi Party patron Mulayam Singh Yadav arrived at his native Saifai village in Uttar Pradesh’s Etawah on Monday evening. It has been kept at Saifai Mela Festival for darshan and the cremation will take place on Tuesday afternoon. Uttar Pradesh CM Yogi Adityanath, Jal Shakti Minister Swatantra Dev Singh and BJP State president Bhupendra Singh Chaudhary arrived and paid their tributes. ECI gives new names for Thackeray, Shinde factions; rejects alternative party symbols proposed by Shinde camp After hours of hectic deliberation, the [Election Commission of India (ECI) allotted new party names to the rival Shiv Sena factions]( led by Uddhav Thackeray and Eknath Shinde, but rejected all proposed alternatives of the party symbol submitted by the Shinde camp while giving the mashaal (torch) symbol to the Thackeray group. The ECI, which has frozen the party name as well as the Shiv Sena’s bow and arrow symbol as an interim measure, has now decreed that the Uddhav Thackeray faction would be called the ‘ShivSena (Uddhav Balasaheb Thackeray)‘ while the Shinde faction is to be known as ‘Balasahebanchi Shiv Sena’. The poll body has asked the Shinde camp to submit three new party symbol alternatives by Tuesday. Shinde camp spokesperson Naresh Mhaske said they would be pondering upon fresh alternatives which will be submitted to the ECI by Tuesday morning. Earlier in the day, the Eknath Shinde faction had submitted three alternative party names and symbols to the ECI, with one name and two of the symbols being the same as the ones being submitted by Mr. Thackeray’s group on Sunday. The Shinde faction’s proposed alternative party names were the Shivsena (Balasaheb Thackeray), ‘Balasaheb’s Shivsena’ and the ‘Shivsena of Balasaheb’. Their three proposed symbols – which the ECI rejected - were the trishul (trident), the ‘rising sun’ and ‘the mace’. However, the Uddhav Thackeray-led Sena has already proposed Shivsena (Balasaheb Thackeray) as its alternative name while suggesting ‘the trident’ and ‘rising sun’ as two of their three symbols, their third option being the torch which they have finally secured. Nonetheless, the Thackeray camp claimed the ECI’s decision to be “a victory” of sorts with Uddhav faction leader Bhaskar Jadhav remarking that both Uddhavji and Balasaheb’s name was part of their new party name, which proved that Uddhav Thackeray was the true legatee of Bal Thackeray’s ideals. The Shinde camp, too, expressed satisfaction that their new party name – Balasahebanchi Shivsena – underscored that they had Bal Thackeray’s blessings and that their faction was the one carrying forward the Sena founder’s ideals. Economic Sciences Nobel for trio’s research on banks and financial crises The Royal Swedish Academy of Sciences has decided to award the [2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel]( to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.” The work for which Ben Bernanke, Douglas Diamond and Philip Dybvig are being recognised has been crucial to subsequent research that has enhanced our understanding of banks, bank regulation, banking crises and how financial crises should be managed, the academy said in its announcement. Ben Bernanke analysed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged. Using historical sources and statistical methods, Bernanke’s analysis showed which factors were important in the drop in gross domestic product. He found factors that were directly linked to failing banks accounted for the lion’s share of the downturn. [From left, Tore Ellingsen, Hans Ellegren, and John Hassler -- members of the Royal Swedish Academy of Sciences announce the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022, during a press conference at the Royal Swedish Academy of Sciences in Stockholm, Sweden on October 10, 2022.] The 2022 economic sciences laureates Douglas Diamond and Philip Dybvig developed theoretical models that explain why banks exist, how their role in society makes them vulnerable to rumours about their impending collapse and how society can lessen this vulnerability. Diamond and Dybvig presented a solution to bank vulnerability, in the form of deposit insurance from the government. When depositors know that the state has guaranteed their money, they no longer need to rush to the bank as soon as rumours start about a bank run. Diamond also showed how banks perform a societally important function. As intermediaries between savers and borrowers, banks are better suited to assessing borrowers’ creditworthiness and ensuring that loans are used for good investments. Unlike the other prizes, the economics award wasn’t established in Alfred Nobel’s will of 1895 but by the Swedish central bank in his memory. The first winner was selected in 1969. Last year, half of the award went to David Card for his research on how the minimum wage, immigration and education affect the labour market. The other half was shared by Joshua Angrist and Guido Imbens for proposing how to study issues that don’t easily fit traditional scientific methods. Russian imports | West did not supply weapons to India for decades: S. Jaishankar India has a substantial inventory of Soviet and Russian-origin weapons because the [Western countries opted a military dictatorship in the region as its preferred partner and did not supply weapons to India for decades]( External Affairs Minister S. Jaishankar said, in an apparent reference to Pakistan. During a joint press meet with his Australian counterpart Penny Wong in Canberra, Jaishankar also said that India and Russia have a long-standing relationship that has certainly served New Delhi’s interests well. “We have a substantial inventory of Soviet and Russian-origin weapons. And that inventory actually grew for a variety of reasons. You know, the merits of the weapons systems themselves, but also because for multiple decades, Western countries did not supply weapons to India, and in fact, saw a military dictatorship next to us as the preferred partner,” he said, in an apparent reference to Pakistan, which was a close ally of the U.S.-led West during the Cold War. “We all in international politics deal with what we have, we make judgments, judgments which are reflective of both our future interests as well as our current situation. And my sense is, in terms of this current conflict, like every military conflict, there are learnings from it, and I am sure my very professional colleagues in the military would be studying it very carefully,” he added. He made the remarks when asked by an Australian reporter whether India should reduce its reliance on Russian weapons systems and rethink its relationship with Russia, given the war in Ukraine. The EAM also said that the war in Ukraine doesn’t serve anyone’s interests. “...And as a country of the Global South, we have been seeing first-hand how much it has impacted low-income countries, the challenges that they are facing in terms of fuel and food and fertilisers,” he added. Many killed as Russia strikes Kyiv, other Ukrainian cities; Putin vows more ‘severe’ attacks Russia unleashed a lethal [barrage of strikes against multiple Ukrainian cities, smashing civilian targets including downtown Kyiv](. At least eight people were killed and 24 were injured in just one of the Kyiv strikes, according to preliminary information, said Rostyslav Smirnov, an adviser to the Ukrainian ministry of internal affairs. The intense, hours-long attack marked a sudden military escalation by Moscow. Russian President Vladimir Putin said the strikes on Ukraine came in response to Kyiv’s “terrorist” action, including an attack on a bridge to the Moscow-controlled Crimean Peninsula, which he said was masterminded by Ukrainian special services. [Cars are on fire after Russia’s missile attack in Kyiv, Ukraine on October 10, 2022.] He also warned that if Ukraine continues to mount “terrorist attacks” on Russia, Moscow’s response will be “tough and proportionate to the level of threats.” The sustained barrage on major cities hit residential areas and critical infrastructure facilities alike, portending a major surge in the war amid a successful Ukrainian counteroffensive in recent weeks. Some of the strikes hit near the government quarter in the symbolic heart of the capital, where Parliament and other major landmarks are located. Ukrainian President Volodymyr Zelenskyy said Russian forces launched dozens of missiles and Iranian-built drones against Ukraine. The targets were civilian areas and energy facilities in 10 cities, Zelenskyy said in a video address. The General Staff of the Ukraine Armed Forces said 75 missiles were fired against Ukrainian targets, with 41 of them neutralised by air defences. The morning strikes sent Kyiv residents back into bomb shelters for the first time in months. The city’s subway system stopped train services and made the stations available once more as bomb shelters. Meanwhile, [Putin vowed even more “severe” retaliation against Kyiv](. “Let there be no doubt,” he said in televised comments addressed to his security council, “if attempts at terrorist attacks continue, the response from Russia will be severe.” In Brief: Sardar Vallabhbhai Patel resolved issues of the merger of other princely states, but “one person” could not resolve the Kashmir issue, Prime Minister [Narendra Modi said, in a veiled attack on India’s first PM Pandit Jawaharlal Nehru](. Addressing a rally in Gujarat’s Anand district ahead of the State Assembly elections due this year-end, Modi said he was able to resolve the long-pending Kashmir issue as he is walking in the footsteps of India’s first Home Minister Sardar Patel. “Sardar saheb persuaded all the princely states to merge with India. But another person handled this one issue of Kashmir,” he said, without naming Nehru. “As I am following in the footsteps of Sardar saheb, I have values of the land of Sardar and that was the reason I resolved the problem of Kashmir and paid true tributes to Sardar Patel,” he further said. Evening Wrap will return tomorrow. 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