Commitment to peace as strong as commitment to territory: PM Modi

Agencies
April 12, 2018

Thiruvidanthai, Apr 12: Prime Minister Narendra Modi on Thursday said India's commitment to peace is just as strong as its commitment to protecting the country's territory and asserted that his government is ready to take all necessary measures to equip the armed forces to bolster their strength.

The prime minister's comments, after formally inaugurating the Defence Expo here, comes in the backdrop of increasing Chinese activities along the nearly 4,000 km border with India as well as Beijing's efforts to expand its influence in the Indo-Pacific region.

Listing his government's initiatives to promote defence production in India, Modi also accused the previous UPA government of policy paralysis in the defence sector, which he said affected the country's military preparedness.

"There was a time when the critical issue of defence preparedness was hampered by policy paralysis. We have seen the damage such laziness, incompetence or perhaps some hidden motives can cause to the nation. Not now, not anymore, never again," Modi said in the presence of top executives of foreign as well as domestic defence firms.

Though the four-day Defence Expo, India's biennial exhibition of military platforms and weapons, began yesterday, it was formally inaugurated by the prime minister today. The event was also attended by Defence Minister Nirmala Sitharaman, Tamil Nadu Governor Banwarilal Purohit, state Chief Minister Edappadi K Palaniswami, Deputy Chief Minister O Panneerselvam and representatives of a number of countries.

"Our commitment to peace is just as strong as our commitment to protecting our people and our territory. For this we are ready to take all necessary measures to equip our armed forces," the prime minister said.

The prime minister -- whose visit to Tamil Nadu comes amid widespread protests in the state over the Cauvery river waters issue -- also discussed modernisation of the armed forces and the long-drawn but unsuccessful initiative of the previous UPA regime to procure 126 Medium Multi-Role Combat Aircraft (MMRCA) .

"You would recall the long-drawn process of procurement of fighter aircraft that never reached any conclusion. We've not only taken bold action to meet our immediate critical requirements but have also initiated a new process to procure 110 fighter aircrafts," Modi said.

The government last week began the process to procure around 110 fighter jets by issuing an RFI (Request for Information) or initial tender. It is the first mega procurement initiative for fighter jets after the government scrapped the process to acquire 126 MMRCA for the IAF around five years ago.

Referring to India's quest for peace and stability, Modi discussed the sacrifices of Indian soldiers in World War II and said the country had always contributed towards global peace, unity and harmony.

"India has believed in winning hearts," he said.

Emphasising the government's focus on military modernisation, Modi said the government has launched the 'Innovation for Defence Excellence' scheme" under which 'Defence Innovation Hubs' will be set up throughout the country to provide necessary incubation and infrastructure support to start-ups in the defence sector.

"In May 2014, the total number of defence export permission granted stood at 118, for a total value of 577 million dollars. In less than four years, we have issued 794 more export permissions, for a total value of over 1.3 billion dollars," he said.

He also said the 'Defence Procurement Procedure' has been revised with many specific provisions for stimulating growth of the domestic defence industry. "We have also de-notified some items earlier made exclusively by ordnance factories, so that the private sector, especially MSMEs (micro, small and medium enterprises) can enter this space," he said.

"Over the last few years, we have made a humble beginning. On defence manufacturing licenses, on defence offsets, on defence exports clearances, on Foreign Direct Investment in defence manufacturing, and on reforming our defence procurement, we have taken many steps," he added.

The prime minister said his government was "conscious" that defence manufacturing is unique in terms of government involvement.

"You need the government to grant a license to manufacture. Since the government is almost the only buyer, you need the government to grant an order. You need the government to even to grant permission to export."

It is wonderful to see that over 500 Indian companies and over 150 foreign companies were participating in the exhibition, he said. More than 40 countries had also sent their official delegations as well, he pointed out.

Modi described Thiruvidanthai and the near-by region as the land of India's "glorious maritime legacy".

"This is the land from where India Looked East and Acted East thousands of years ago," he said.

"I am delighted and overwhelmed to see an enthusiastic gathering in this historic region of Kanchipuram in the great state of Tamil Nadu. I am very happy to be here in the land of the great Cholas who established India's historical civilization links through trade and education," he said.

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News Network
March 16,2020

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

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News Network
January 7,2020

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.

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News Network
April 22,2020

Thiruvananthapuram, Apr 22: Eleven more people tested positive for COVID-19 in Kerala with totalpositive cases in the State touching 437on Wednesday.

Two house surgeonsof the Kozhikode Medical college are among those who have tested positive for the virus.

The two had travelled outside the state,Chief Minister Pinarayi Vijayan told reporters.

Kannur reported seven cases, Kozhikode two, while one case each was reported from the districts of Kottayam and Malappuram.

Only one person tested negative.

The state has 127 active cases and 29,000 people are under observation, including 346 in hospitals.

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