House panel summons defence chiefs

April 10, 2012

New Delhi, April 10: The three defence service chiefs have been summoned by the Parliamentary Standing Committee on Defence, which asked them to appear before it and apprise on the level of the armed forces’ preparedness in case of an enemy attack.

The three chiefs may appear before the panel on April 20, though the date may be changed to ensure their presence.

The committee took this unprecedented step after Army Chief Gen V K Singh's letter to Prime Minister Manmohan Singh, depicting the sorry state of affairs in the Army, found its way to the media.

tank

New Delhi, April 10: The House panel on Monday took the decision of calling the chiefs after it heard Defence Secretary Shashi Kant Sharma, who clarified the government's stand on a newspaper report on the movement of two Army units towards the national capital on the same day when Gen Singh moved the Supreme Court challenging the government's stand on his date of birth controversy.

The Army does not need the government's permission to move units, Sharma reportedly informed the committee headed by Congress member Satpal Maharaj. The defence secretary said that the inference drawn in the report – an attempt to stage a coup or muscle flexing by the Army – was completely wrong. Sharma underlined that no standard operating procedures were violated by the Army.

The media report was “misleading” and drew “wrong inferences,” she added. While a some MPs wanted more details, many wanted a closure of the controversy as it dealt with the Army.

Quizzed by the Parliamentarians on the involvement of retired officers in arms deals, Sharma suggested a moratorium of five years for service officers before they were allowed to take up a job in the private sector, BJP MP Uday Singh, who attended the meeting, told Deccan Herald. The MPs wondered why the Defence ministry lowered the cool-off period for service officers from two years previously to one year, which is in vogue at the moment. The Army Chief claimed recently that a retired Lt Gen offered him a bribe of Rs 14 crore to clear a tranche of sub-standard vehicles.

Besides the defence secretary, the House panel also heard Vice-Chief of the Army Lt Gen S K Singh and officials from the Indian Air Force, Defence Research and Development Organisation and Bharat Earth Movers Ltd, to understand the status of preparedness of the armed forces as the committee was discussing the budgetary proposals for defence. Last month the Centre increased the military budget by 17.63 per cent aiming to improve border infrastructure, purchase new equipment and raise new forces. The rise is possibly the highest since Kargil conflicts.

Munition shortage

Deposing before the panel, the Army vice-chief said the force was facing a shortage of certain anti-tank munitions - an issue flagged by the Army chief in his letter. Though there were reports that tank ammunition might be exhausted in 20 days due to poor reserve rather than the buffer period of 40 days, there was no official confirmation on the extent of shortage.

Following the vice-chief's deposition, the committee decided to call all three service chiefs for an ‘interaction’ which may lead to a separate report on defence preparedness, a member said.

This is an extraordinary step as in the recent past, the three service chiefs have appeared before a House panel only once. In January, 2011, the Army and IAF chiefs and the Navy vice-chief appeared before the Public Accounts Committee when it was examining a CAG report on ration supply to soldiers. BEML chief V R S Natarajan informed the panel that the company dealt with the original manufacturer of Tatra trucks and not an agent. All standard processes were followed.

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News Network
January 1,2020

New Delhi, Jan 1: The new Army chief Lieutenant General MM Naravane on Wednesday said that India needs to pay more attention to its border along China and asserted that the force is capable of dealing with any security challenge.

"We have been giving attention to our western front in the past. The northern front now also requires an equal amount of attention... The Army is capable of tackling any dangers to the country," General Naravane told reporters after receiving the first Guard of Honour as the Army chief.

"In that context, we are now going in for capability development and enhancement of our capacities even in our northern borders which includes the northeastern part of our country," he said.

On the border dispute with China, the Army chief said that continuing peace along the border will pave the way for a solution.

He said: "We have been able to maintain peace and tranquility along borders and I'm sure that situation will prevail. By maintaining this, we will be able to set the stage for the eventual solution."

General Naravane said that operational readiness and modernisation will be among the top priorities of the Army under his leadership.

"Our priority will be to be ready to meet any challenge and to be operationally prepared at all times. This will happen as a result of modernisation. We will continue to build our capability especially in the North and Northeast region of our country," he said.

He said that the Indian Army will pay special attention to respect human rights. "We will also pay special emphasis on raising security awareness among ranks and file and pay special attention to respect human rights," the Army chief said.

Assuring the country on security, he said, "All three services — the Army, the Navy and the Air Force — are ready to defend the country."

He extended wishes to people in the new year and hoped that the country will make huge progress in this decade.

General Naravane took over as the 28th Chief of the Army Staff (COAS) on Tuesday, succeeding General Bipin Rawat who has become India's first Chief of Defence Staff (CDS).

General Naravane was previously the Vice Chief of Army Staff.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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Agencies
August 5,2020

Ayodhya, Aug 5: Every street in Ayodhya was seen illuminated with earthen lamps ahead of the foundation stone laying ceremony of the Ram Temple on Wednesday.

People also lit diyas on the banks of Saryu river as part of the 'deepotsava' celebrations in the temple town which will see Prime Minister Narendra Modi and other dignitaries arrive today for the 'bhoomi pujan' ceremony of the Ram Temple.

The entire Ayodhya has been decked up and massive preparations have been made for this occasion with a festive air.

Earlier chief minister Yogi Adityanath had said that 11,000 diyas will be lit at Ram Ki Paidi on the banks of the Saryu river and that all houses and temples in Ayodhya will be celebrating with a 'deepotsava' (festival of lights) on the nights of August 4 and 5.

Adityanath burst firecrackers and lit earthen lamps at his official residence on in Lucknow as part of 'deepotsava'.

The construction work of Ram temple will begin after the foundation stone laying ceremony, in which dignitaries from various political and religious fields have been invited to participate.
Apart from Ayodhya other cities in like Kanpur were also illuminated to celebrate the grand event. Vishva Hindu Parishad (VHP) workers light earthen lamps in the city, as part of 'deepotsava'.

Chief Minister's residence in Uttarakhand will be decorated with 5100 diyas filled with Ghee on Wednesday evening to celebrate the occasion of the 'bhoomi pujan' of the Ram Temple in Ayodhya today by Prime Minister Narendra Modi.

Uttrakhand Chief Minister Trivendra Singh Rawat has said that Lord Ram Temple being built in Ayodhya is associated with "our belief". He also appealed to people in the state to light diyas at their homes on the occasion.

Earthen lamps were lit at Ujjain's Mahakaleshwar Temple in Madhya Pradesh and in Punjab too people lit lamps as part of 'deepotsava'.

Prime Minister Narendra Modi will perform 'pooja' at Hanumangarhi and Shree Ramlala Virajman before performing 'bhoomi pujan' of the Ram Temple in Ayodhya on Wednesday, informed Prime Minister's Office (PMO) on Tuesday.

He will unveil a plaque to mark the laying of the foundation stone and also release Commemorative Postage Stamp on 'Shree Ram Janmabhoomi Mandir'.

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