China moving ahead, talking about temples and mosques will waste our time: Ex-Navy chief

Agencies
August 12, 2019

New Delhi, Aug 12: China is moving ahead in areas like artificial intelligence (AI) and robotics and it would be a waste of time if India distracts itself by talking about temples and mosques, former Navy chief Arun Prakash said on Sunday.

However, Arun Prakash expressed hope that the abrogation provision of Article 370 and the change in the status of Jammu and Kashmir will bring peace and help foster integration and economic development in the region.

"For our whole existence as an independent nation, we have seen and suffered from these fissures - linguistic, religious, caste, etc. These conflicts have continued throughout our independent existence," Admiral Arun Prakash (Retd), while delivering Prem Bhatia Memorial Lecture in New Delhi, said.

"What we need to do is to try and tamp them rather than to exploit them. China is talking about artificial intelligence, robotics and machine learning and all that. And if we are going to talk about temples and mosques and so on, then obviously we are going to waste time," Arun Prakash added.

Curious to know whether anyone from the 'Raghuvansha' (descendants of Lord Ram) was still residing in Ayodhya, the Supreme Court on Friday had put this query to 'Ram Lalla Virajman', the deity and one of the parties in the politically sensitive Ram Janmabhoomi-Babri Masjid land dispute case.

Fourteen appeals have been filed in the apex court against the 2010 Allahabad High Court judgment, delivered in four civil suits, that the 2.77-acre land in Ayodhya be partitioned equally among the three parties -- the Sunni Waqf Board, the Nirmohi Akhara and Ram Lalla.

Arun Prakash, who served as the chief of Naval staff from July 2004 to October 2006, said on Sunday, "It is in key interest of national security to ensure peace and tranquillity domestically before even looking outside."

"So to take away the half front, which the Army Chief [Bipin Rawat] mentions, we need to ensure domestic peace, harmony, etc. Therefore, the issues that are of a divisive nature need to be minimised rather than exploited," Arun Prakash added.

In June this year, Army Chief Bipin Rawat said that Indian armed forces are ready for a "two-and-a-half-front war". Bipin Rawat was referring to Pakistan and China as two fronts and internal security threats as the half front.

Arun Prakash said Sunday, "Our actual preparation should have been to ward off Chinese pressure. They don't have to fire a bullet. There are many other ways of pushing India. And if we prepare to counter China, then Pakistan would automatically be taken care of."

Talking about recent situation in Jammu and Kashmir, Arun Prakash said, "One hopes that the recent abrogation of Article 370 and the changes in the status of erstwhile J&K [Jammu and Kashmir] will bring peace and help foster integration and economic development."

Earlier this week, the government revoked provisions of Article 370 of the Constitution, withdrawing special status to Jammu and Kashmir, and split the state into two Union Territories -- Jammu and Kashmir, and Ladakh.

"If we are to debunk Jinnah's two-nation theory and convince the Muslim majority Union Territory (UT) of J&K that they made the right choice in 1947, then we need to reflect seriously on some larger issues," Arun Prakash said.

"One, whether the pursuit of majoritarianism of any kind is a good idea for a multi-religious, multi-ethnic and multi-lingual country like India. Two, whether in generating insecurity amongst any section of our people will enhance India's security or undermine it," Arun Prakash added.

Comments

Mr Frank
 - 
Tuesday, 13 Aug 2019

When china products in every field available globally India is lagging far behind filled with hate crime and polarisation and rapings..development remains only a slogan.

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News Network
May 22,2020

New Delhi, May 22: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.

Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months.

As a result of this moratorium, individuals’ EMI repayments of loans taken were not deducted from their bank accounts, providing much-needed liquidity.

The EMI payments will restart only once the moratorium time period expires on August 31.

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News Network
May 7,2020

New Delhi, May 7: Air India has opened bookings for eligible foreign nationals and valid visa holders of the UK, the USA and Singapore for outbound repatriation flights that will be operated between May 7 and May 14 under the Vande Bharat mission, officials said.

Foreign nationals or valid visa holders will be charged the same fare as Indian nationals who want a seat on the inbound repatriation flights, they said.

For all flights between India and the USA under the Vande Bharat mission, Air India is charging a fixed fare of Rs 1 lakh per passenger.

For flights between India and Singapore, the charge is Rs 18,000-20,000 per passenger, and it is Rs 50,000 per person for India-UK flights.

On Tuesday, the Ministry of Home Affairs had clarified that a person who has an Overseas Indian Citizenship (OCI) card, or citizenship of a foreign country, or a valid visa of more than one year of that country, or the green card of that country can travel on repatriation flights leaving India under the Vande Bharat mission.

Air India will be conducting 64 flights to 12 countries between May 7 and May 13 to bring back approximately 15,000 Indians stranded due to the coronavirus-induced lockdown, Civil Aviation Minister Hardeep Singh Puri had announced on Tuesday.

However, some flights have been delayed and therefore, this set of 64 flights will be operated between May 7 and May 14, the airline officials said.

On Wednesday, an Indian businessman and his cook landed at Delhi airport from Lusaka in Zambia in a plane that was supposed to come without any passengers, senior government officials said.

The private chartered aircraft was scheduled to come empty and take around 40 Zambian nationals to Lusaka in a repatriation flight, they added.

"We had not permitted any incoming passengers. We will seek explanation from the airline (private operator) as to how it happened. BOI (Bureau of Immigration) has a very stringent protocol for dealing with such deviations, which must have been acted upon," said a senior official of aviation regulator DGCA.

It is not clear if the businessman and his cook were deported or sent to a quarantine facility within India.

India has been under a lockdown since March 25 to curb the spread of the novel coronavirus. All scheduled commercial passenger flights have been suspended during the lockdown.

However, cargo flights, medical evacuation flights and special flights permitted by Directorate General of Civil Aviation (DGCA) have been allowed to operate during this time.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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