India reconsidering 5th gen fighter programme

Agencies
July 8, 2018

New Delhi, Jul 8: India has conveyed to Russia its unwillingness to go ahead with the joint development of a fifth-generation fighter aircraft (FGFA) primarily due to the high cost involved in the project, official sources said.

They, however, said the negotiations between the two countries on the much ambitious project have not yet been shelved as India was ready to have a re-look at co-development of the jet if an appropriate cost sharing formula between the two countries was arrived at.

India and Russia had signed an inter-governmental agreement for the mega project in 2007, vowing to take the military ties between the two strategic partners to the next level.

However, the project has been stuck for the last 11 years as there have been serious differences between the two sides on sharing the cost of developing the jet, technologies to be used in it and number of aircraft to be produced.

The sources said the cost of the project has been estimated at around USD 30 billion or Rs 2 lakh crore.

"Our position on various aspect of the project, including the cost component, has been conveyed to the Russian side and there has been no resolution to the issues yet," a top official involved in the negotiations with Russia over the project said.

In December 2010, India had agreed to pay USD 295 million towards the preliminary design of the fighter jet. Later, both sides had expressed intent to contribute each USD 6 billion for final design and production of the aircraft in the first phase. However, they could not come out with a final agreement on it.

"We have not closed our door on the project," the sources said.

It is learnt that India was insisting on equal rights over the technology to be used in the aircraft but Russia was not ready to share all the critical technologies of the plane with New Delhi.

In the negotiations for the project, India had insisted that it must get all the required codes and access to critical technology so that it can upgrade the aircraft as per its requirements, sources said.

In February 2016, both the countries had revived talks on the project after a clearance from then Defence Minister Manohar Parrikar.

Sources said both sides were attempting to thrash out the sticky issues but added that India was not optimistic that the project will fructify due to the cost involved in the project.

Interestingly, state-run aerospace behemoth Hindustan Aeronautics Ltd (HAL) is strongly pitching for the fifth-generation fighter jet project. The HAL feels the multi-billion dollar project will provide India with a significant opportunity to encourage its aerospace sector as no country has ever offered such critical technologies to India.

There have been indications from the Indian Air Force that it was not very keen to pursue the project in view of the high cost.

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News Network
January 27,2020

Kolkata, Jan 27: The West Bengal government on Monday tabled a resolution against the Citizenship (Amendment) Act in the Assembly.

The resolution appeals to the Union government to repeal the amended citizenship law and revoke plans to implement NRC and update NPR.

As per reports, state Parliamentary Affairs Minister Partha Chatterjee introduced the resolution in the House around 2 pm.

Three states - Kerala, Rajasthan and Punjab - have already passed resolutions against the new citizenship law.

The law has emerged as the latest flashpoint in the state, with the TMC opposing the contentious legislation tooth and nail, and the BJP pressing for its implementation.

The new citizenship law has emerged as the latest flashpoint in the state, with the TMC opposing the contentious legislation tooth and nail, and the BJP pressing for its implementation.

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News Network
May 21,2020

New Delhi, May 21: Prime Minister Narendra Modi on Thursday paid tributes to Rajiv Gandhi on his death anniversary.

Former prime minister Gandhi was assassinated on this day in 1991 in Tamil Nadu's Sriperumbudur by a suicide bomber during an election campaign.
 
"On his death anniversary, tributes to former PM Shri Rajiv Gandhi," Modi tweeted.

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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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