US raises arms sales pitch to India to 'contain' China

July 24, 2012

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New Delhi, July 24: After describing India as "a linchpin" in its new strategic policy to "re-balance" military forces towards Asia-Pacific, in what is seen by many to be an unfolding grand design to "contain" China, the US is now cranking up its arms sales pitch to New Delhi.

From ballistic missile defence (BMD) and aeronautics to robotics and micro-UAVs (unmanned aerial vehicles), the US is eager to collaborate with India in top-end defence technology in a bid to displace countries like Russia, Israel and France as the pre-eminent defence supplier to India.

India plans to spend upwards of $100 billion in acquiring weapon systems and platforms over the next decade. Having already bagged defence deals worth over $8 billion over the last few years, the US is obviously hungry for more.

"As a country committed to enduring peace and security in the Asia-Pacific region, India deserves the best military equipment available... India is a top priority in our export considerations," said visiting US deputy secretary of defence Ashton B Carter on Monday.

"Practically, we want to be India's highest-quality and most trusted long-term supplier of technology...We trust India and know India is not a re-exporter or exploiter of our technologies," he added, speaking at a CII function.

Carter, who held talks with defence minister A K Antony, national security advisor Shiv Shankar Menon, defence secretary Shashikant Sharma and foreign secretary Ranjan Mathai during the day, said New Delhi had emerged Washington's second largest FMS ( foreign military sales) customer in 2011 with imports worth $4.5 billion.

India has certainly shed its long-held suspicions about the US not being a reliable long-term defence supplier to India, in part due to continuing problems with Russian propensity to jack-up costs mid-way through projects and not provide proper transfer of technology and product support.

But it still remains wary about whether the US will really provide cutting-edge defence technology.

Carter stressed US and India will move beyond mere defence trade, or a buyer-seller relationship, to joint R&D and co-production in the years ahead. He identified BMD as a potential area for this defence cooperation but said the two nations should first discuss it at the "strategic" level before engaging in technical discussions.

"We want to knock down any remaining bureaucratic barriers in our defence relationship, and strip away the impediments...Buying American systems, whether through direct commercial sales or FMS, will get India exceptionally high-quality technology, a high degree of transparency, and no corruption (this is mandated by our legal system)," he said.

The Indian defence ministry, too, seems to favour the direct government-to-government agreement under the American FMS system. India, for instance, is now close to inking $647 million contract for the acquisition of 145 M-777 ultra-light howitzers from the US in a FMS deal. This comes after the finalization of another such deal worth $4.1 billion for 10 C-17 Globemaster-III strategic airlift aircraft.

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News Network
January 23,2020

Patna, Jan 23: "They should go wherever they want," Bihar Chief Minister and JDU supremo Nitish Kumar said on Thursday when asked of Prashant Kishor and Pavan Verma's repeated questions about the party's stand's on the newly enacted Citizenship Act.

"It is their personal decision. They should go wherever they want. We don't have an objection. Don't look at JDU in the context of statements by some people. JDU works with determination. We have a clear stand and don't have any confusion," the Chief Minister told reporters here.

"If they have something to tell, they should come and discuss it within the party. They should go wherever they want. They have my good wishes," he said.

JDU spokesperson and national general secretary Pavan Verma has questioned his party's alliance with the BJP in Delhi Assembly polls while Kishor has more than once made his differences with the party known on the issue of the amended Citizenship Act, and National Register of Citizens.

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News Network
July 12,2020

Gurugram, Jul 12: Union Home Minister Amit Shah on Sunday said that the whole world was appreciating India's successful fight against the COVID-19 pandemic.

Speaking ahead of the mega tree plantation drive of the Central Armed Police Forces (CAPFs) at the Central Reserve Police Force (CRPF) Officers' Training Academy in Kadarpur village here, the Home Minister also lauded the contribution of security forces in the battle against COVID-19 in the country.

"India is one of the most populous countries. Everyone thought how will a country like India battle COVID-19, there were apprehensions but today the whole world is witnessing how one of the most successful battles against COVID-19 has been fought here," the Home Minister said.

"In India's battle against COVID-19, all of our security forces are playing a huge role, nobody can deny it. Today, I salute these corona warriors. They have proved that they not only know how to fight terrorism but also against COVID with help of people," he added.

The Union Home Minister said that many jawans have given up their lives during the COVID-19 crisis phase and paid tributes to them.

"I have talked to families of those jawans and today once again I thank them, your sacrifice will not go waste. Whenever the history of the human race's fight against COVID-19 is written, the contribution of India's security forces will be mentioned in golden ink," he said.

He also hailed the plantation drive and said that trees planted today should be taken care of by the jawans till they reach maturity, he added the trees chosen for plantation today consisted mostly those which had a long life and would help the generations to come.

Together the CAPFs have targeted to plant around 10 lakh tree saplings across the country today. Heads of all the CAPFs or their representatives were present in the event held at Gurugram. 

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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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