FOLLOW US: @TheStatesmanLtd @thestatesmanltd thestatesman1875 www.thestatesman.com People’s Parliament, Always in Session India’s National Newspaper since 1818 | Pages 12 | ` 5.00 | KOLKATA | NEW DELHI | SILIGURI | BHUBANESWAR | Friday, 02 January 2026 SPORTS WORLD Zohran Mamdani takes oath as NYC’s first Muslim mayor EDITORIAL Unbuilt Cities Govt hikes tobacco excise, industry ‘shocked and surprised’: New Delhi: The government has imposed a fresh and comprehensive excise duty framework on cigarettes and other tobacco products, signalling a decisive tightening of its taxation and regulatory stance on the sector. Industry reacted with dismay, saying it was “shocked and surprised” at the move. A series of Central Excise notifications issued on Thursday here revise duty rates, clarify product classification and strengthen compliance norms, significantly increasing the tax burden on tobacco manufacturers. Under the revised structures, cigarettes will attract a specific excise duty ranging from Rs 2,050-8,500 per 1000 sticks, depending on their length and characteristics. Page 10 New Delhi, 1 January Railway Minister Ashwini Vaishnaw on Thursday announced that the first-ever Vande Bharat Sleeper Train will operate between Guwahati in Assam and Howrah in West Bengal. The semi-high-speed train with design speed up to 180 kmph will have 16 coaches, including 11 three-tier AC coaches, 4 two-tier AC coaches, and 1 Page 8 Indian economy well-placed to withstand shocks: Reserve Bank STATESMAN NEWS SERVICE New Delhi, 1 January T he Reserve Bank of India (RBI) has said that India’s economy and financial system remain resilient despite heightened global uncertainties, elevated asset valuations and rising geopolitical risks. The RBI’s Financial Stability Report (FSR) for PM to flag off first Vande Bharat Sleeper Train this month STATESMAN NEWS SERVICE K'taka minister denies providing houses to B'deshi encroachers Page 9 Page 6 BRIEFLY NATION first-class AC coach, with a total capacity of around 823 passengers. Mr Vaishnaw told the media in New Delhi that the trial, testing, and certification of the Vande Bharat Sleeper Train have been successfully completed and the first service will be flagged off by Prime Minister Narendra Modi this month. On the fare, the Minister said in the Vande Bharat Sleeper, the 3AC fare from Guwahati to Howrah has been set at approximately Rs 2,300, the 2AC fare at Rs 3,000 and the First AC fare at approximately Rs 3,600. Mr Vaishnaw added that by the end of this year, about 12 Vande Bharat Sleeper trains will be ready and inducted into the rail network. Following this, their expansion will be scaled up rapidly next year. December 2025 noted that global growth has shown greater resilience than anticipated, supported by fiscal measures, front-loaded trade, and strong investment in artificial intelligence (AI). However, it cautioned that risks to global financial stability remain elevated due to high public debt, stretched asset prices, the growing interconnectedness of non-bank financial intermediaries, and the rapid expansion of private credit and stablecoins. On the domestic front, the RBI stated that India continues to grow at a robust pace, driven by strong domestic demand, easing inflation, and prudent macroeconomic policies. The financial system remains healthy, supported by strong balance sheets of banks and non-bank lenders, comfortable capital and liquidity buffers, and low market volatility. The Financial System Stress Indicator (FSSI) remains at relatively low levels, indicating limited systemic stress. The report highlighted that India’s near-term risks stem largely from external factors, including the potential escalation of geopolitical and trade tensions, as well as volatility in global financial markets. A sharp correction in US equity markets could spill over to domestic markets, impacting investor confidence and financial India, Pak swap lists of nuke installations, civilian prisoners STATESMAN NEWS SERVICE New Delhi, 1 January Despite heightened tensions following four days of hostilities between them in May last year, India and Pakistan exchanged on the New Year the lists of nuclear installations and facilities and civilian prisoners and fishermen in each other’s custody. The two countries exchanged the lists through diplomatic channels simultaneously in New Delhi and Islamabad. The Ministry of External Affairs said the lists on nuclear installations and facilities are covered under the bilateral pact on the Prohibition of Attack against Nuclear Installations and Facilities. This agreement, which was signed on 31 December 1988 and entered into force on 27 January 1991, provides, inter alia, that India and Pakistan inform each other of the nuclear installations and facilities to be covered under the pact on the first January of every calendar year. This is the 35th consecutive exchange of such lists between the two countries, the first one having taken place on 1 January 1992. The lists of civil prisoners and fishermen are covered under the provisions of the bilateral agreement on consular access 2008. Key provisions of National Sports Governance Act come into force Indian players celebrate during the final match of Hockey Asia Cup 2025 against Korea, in Rajgir, in September 2025. FILE PHOTOGRAPH TRIDIB BAPARNASH New Delhi, 1 January The Union government has brought into force select provisions of the National Sports Governance Act, 2025, marking the formal beginning of a statutory framework to regulate the functioning of national sports bodies in the country. The Act, notified in the Official Gazette on 18 August 2025, has come into effect from 1 January 2026, in accordance with a government notification issued under Section 1(2) of the legislation, which allows different provisions to be enforced on different dates. As per the notification, provisions relating to Sections 1 to 3, sub-sections (1), (2) and (4) of Section 4, sub-sections (1) and (2) of Section 5, sub-section (5) of Section 8, sub-section (1) of Section 11, Sections 14 and 15, sub-sections (1) to (7) and (10) of Section 17, Sections 30 and 31, and Sections 33 to 38 of the Act have come into force from January 1. These provisions lay down the establishment and governance framework for National Sports Bodies, including the National Olympic Committee, National Paralympic Committee, National Sports Federations and Regional Sports Federations. The notified sections also cover the constitution of the National Sports Board, compliance obligations for recognised sports organisations, their rights, duties and privileges, the establishment of a National Sports Tribunal, and the rule-making powers of the central government. The government said the phased implementation of the Act is intended to ensure a smooth transition to the new statutory sports governance regime. The Act aims to promote transparency, accountability, ethical conduct and good governance in sports administration, safeguard the welfare of sportspersons, and enable effective and timely resolution of sports-related disputes. The Act is aligned with the Olympic Charter, Paralympic Charter and international best practices. With the enforcement of the notified provisions, the institutional mechanisms envisaged under the law have become operational from 1 January 2026. conditions. India’s external sector remains resilient, with manageable current account deficit levels and strong foreign exchange reserves of over USD 693 billion, sufficient to cover around 11 months of imports. External vulnerability indicators, including external debt and short-term debt ratios, continue to show improvement. The RBI also flagged emerging global risks such as rising leverage in hedge funds, increased reliance on shortterm sovereign borrowing in advanced economies, and growing concentration in AI-driven equity markets, which could amplify market corrections. Overall, the RBI said strong domestic growth drivers, fiscal consolidation efforts and adequate buffers across the financial and corporate sectors place India in a better position to withstand adverse global shocks, even as it remains vigilant to evolving macrofinancial risks. Cummins, David in Australia’s T20 WC squad despite injury Page 12 ‘Several dozens’ killed, around 100 injured in fire at Swiss resort UNITED NEWS OF INDIA Geneva, 1 January ‘Several dozens’ of people are feared killed and around a hundred injured in a fire that followed an explosion in a bar at the Crans-Montana ski resort in Switzerland less than two hours into the new year, police said. The fire took place at about 1:30 a.m. local time (00:30 GMT) in a bar called Le Constellation during New Year's celebrations, Valais Canton police said on Thursday. Valais Canton police commander Frédéric Gisler said work is underway to identify the victims and inform their families, but “that will take time and for the time being, it is premature to give you a more precise figure.” Mr Gisler said that the community is “devastated.” Beatrice Pilloud, Valais Canton attorney general, said it was too early to determine the cause of the fire. Experts have not yet been able to go inside the wreckage. “At no moment is there a question of any kind of attack,” Ms Pilloud said. Local police said they cannot immediately provide precise figures on the number of dead and injured, but an Italian Foreign Ministry statement said around 40 people are believed to have died. Helicopters and ambulances rushed to the scene to assist victims, including some from different countries, officials said. The scale of the tragedy overwhelmed local medical resources. “The injured were so numerous that the intensive care unit and operating theatre at the regional hospital quickly hit full capacity,” regional councillor Mathias Renard said.