DAC clears projects worth over Rs. 13,000 cr.
The government cleared the purchase of 48 additional Mi-17 V5 helicopters and seven squadrons of Akash short range Surface to Air Missiles for the Air Force. These were part of the projects worth over Rs. 13,000 crore cleared by the Defence Acquisition Council (DAC) chaired by Defence Minister Manohar Parrikar on 1st September.
While the four squadrons of 48 Mi-17’s from Russia would cost Rs. 6,966 crore, the Akash missiles will be indigenously built by Bharat Electronics Limited (BEL) for Rs. 4,790 crore. The Air Force had previously ordered 139 M-17 helicopters in two batches. BEL will build four Air Traffic Control (ATC) radars at Avantipur, Bhita, Panagarh and Purnia for Rs. 228 crore.
The Navy which is critically short of helicopters will get eight Chetak utility helicopters from Hindustan Aeronautics Limited (HAL) for Rs. 322 crore. BEL will set up two dockyard maintenance facilities for Revathi surveillance radars and electronic warfare systems.
For the Army the DAC has cleared 102 short span mobility bridges for Rs. 490 crore under Make in India and 120 Anti-Tank Trawls, used to clear landmines, for T-72 and T-90 tanks to be procured from Russia. Additional units will be manufactured in India.
On the Rafale fighter deal, the DAC was briefed by the negotiation committee -- set up to work out the direct purchase contract for 36 aircraft -- on the progress of talks so far and was inturn asked to continue the process. “The negotiation committee briefed the DAC about the progress made so far. DAC has given the go-ahead to them,” said a defence ministry official without getting into the specifics.
MAT to be waived for FIIs
The decision will be carried out through an amendment to the Income Tax Act.
Union Finance Minister Arun Jaitley announced on 1st September that the Narendra Modi government had decided to waive the controversial minimum alternate tax (MAT) on capital gains made by Foreign Institutional Investors, (FIIs) prior to April 1, 2015. The decision, to be carried out through an amendment to the Income Tax Act, is likely to come as a big relief to FIIs that pulled out more than Rs. 17,555 crore ($2.65 billion) from India during August.
Monthly season tickets, platform tickets to go paperless
Paperless monthly season tickets and platform tickets in cities such as Mumbai, Delhi, Chennai and Kolkata are to be launched in next few days, Railway Minister Suresh Prabhu here on Tuesday said while launching the Unreserved Ticketing System (UTS) for Delhi-Palwal suburban section here.
Mr. Prabhu also launched two other IT-based initiatives â cash/smart card-operated ticket-vending machine at the New Delhi Railway Station and a mobile app for freight operation monitoring named as ‘Parichaalan’.
China’s missiles set to challenge U.S.
The weapon first acquires a ballistic trajectory and then reenters the atmosphere, attacking its target at a 10 times the speed-of-sound, defeating most known anti-ship defences.
China appears set to signal to the United States that it is now ready with a credible military deterrent by demonstrating its DF-21D missiles, widely seen as an aircraft carrier killer, at the grand parade on 3rd September at Tiananmen Square, marking the 70th anniversary of the end of World War II.
The DF-21D is a unique ballistic missile with an anti-ship role. The weapon first acquires a ballistic trajectory and then reenters the atmosphere, attacking its target at a 10 times the speed-of-sound, defeating most known anti-ship defences.
Analysts say the missile has been specifically designed to counter the US advantage in aircraft carriers, and is therefore a strategic weapon because of its potential role in shifting the balance of military power in the Pacific.
Obama clinches vote to secure Iran nuke deal
U.S. Senate Democrats have rallied the 34 votes they need to keep the Iran nuclear deal alive in Congress, handing President Barack Obama a major foreign policy victory.
Senator Barbara Mikulski became the crucial 34th vote Wednesday, declaring the agreement is the best way to curb Iran’s nuclear ambitions. Congress is to vote later this month on a resolution disapproving the deal, which is unanimously opposed by Republicans, who call it a dangerous giveaway to Iran.
Obama has vowed to veto the resolution if it passes. It would take 34 votes in the 100-member Senate to uphold his veto, and Democrats now have those in hand.
The deal signed by Iran limits Iran’s nuclear program in exchange for hundreds of billions of dollars in relief from sanctions.
Snapdeal acquires Reduce Data
Indian e-commerce company Snapdeal.com has acquired Silicon Valley-based advertising technology start-up Reduce Data.
The acquisition will help Snapdeal to build a discovery platform and tools for brands and over two lakh sellers on the marketplace. The financial details of the transaction were not revealed by the company.
The engineering team at Reduce Data spread across the U.S., the U.K. and India will now be part of Snapdeal.
Founded in 2012 by tech entrepreneur Asif Ali, the firm has built an artificial intelligence platform that helps advertisers deliver advertising strategies for consumers across devices. This includes delivering return on investment for advertising campaigns.
Over 90 p.c. entrepreneurs oppose order on giving land on 99-year lease: survey
More than 90 per cent of small and medium entrepreneurs have opposed the State government’s order on granting land for industries on 99-year lease.
A survey, of 500 entrepreneurs in the State, conducted by Karnataka Small Scale Industries Association (KASSIA) said, “There are no takers for land on 99-year lease period. More than 90 per cent of entrepreneurs prefer to take land on 10-year lease-cum-sale term.”
‘Only asset’
Entrepreneurs said land allotment should continue to be on the basis of 10-year lease-cum-sale as earlier because land is the “only asset that remains with the small entrepreneur and the only insurance against any adverse eventuality.”
Under the new Industrial Policy (2014&ndash19), Karnataka Industrial Area Development Board (KIADB) has decided to allot land to industries on 99-year lease and it banned sale of land after expiry of the lease period. Under the new policy, entrepreneurs have to pay 90 per cent of the land cost to the KIADB for allotment of land. After allotment, industrialists also have to pay monthly maintenance charges.
The government has implemented 99-year lease policy to prevent sale of land and conversion of land for other purposes such as marriage halls.
Granting land on lease basis would deny title deeds for entrepreneurs and they would be left with no assets in case their industries incur losses, said J. Crasta, entrepreneur and the former FKCCI president.
Present demand
The survey noted that “there is an immediate demand for 10,000 small industrial plots” measuring 3,000, 5,000 and 10,000 sq. ft by industries across Karnataka on 10-year lease-cum-sale terms.
Tharindu Kaushal reported with suspected illegal action
ri Lanka off-spinner Tharindu Kaushal has been reported with a suspected illegal bowling action during the third Test against India, which concluded at the Singhalese Sports Club in Colombo, yesterday.
“The match officials’ report, which was handed over to the Sri Lanka management, cited concerns about the legality of the 22-year-old’s bowling action,” an ICC media release stated.
Kaushal had a reasonably good series against India with 13 wickets from three Test matches including eight wickets in the home team’s victory at Galle.
2022 Commonwealth Games awarded to Durban
Durban will host the 2022 Commonwealth Games, becoming the first African city to be awarded the multi-sports event.
The 71 nations and territories of the Commonwealth Games Federation made the decision unanimously on Wednesday after receiving Durban’s final candidate city briefing at the general assembly in Auckland. Durban was the only candidate left when Edmonton withdrew its bid in February, citing costs.
The general assembly also voted to increase the number of compulsory sports at the games from 10 to 16.
Scotland’s Louise Martin was elected the first female president of the federation, deposing incumbent Prince Tunku Imran of Malaysia who held the role for four years.
Durban’s final pitch to Federation members included contributions from South Africa’s Minister for Sport Fikile Mbalula and Durban mayor James Nxumalo. The announcement was broadcast live in South Africa.
Members of the South African delegation said while Durban was the lone candidate, it was not a certainty to be awarded the games. It still had to demonstrate it had the ability and the infrastructure to host games which would be financially viable.
South Africa’s record in hosting the football World Cup in 2010 and the Rugby World Cup in 1995 demonstrated its organisational ability but it has not yet hosted a multi-sports event of the scale of the Commonwealth Games.
Now, yoga is a sport
Following a review of the categorisation of various sports disciplines, the Union sports ministry has decided to include yoga in the list.
The ministry has also decided to retain the ‘general’ category.
Sports disciplines which have obtained rankings up to eighth in individual events and 10th in team events in Olympics/ Asian Games/ CWG or their respective Asian and World Championships shall be placed in ‘general’ category, said the release.
For this category, the ministry will fund the National championships, one international event in India per year and a maximum of one foreign exposure each for seniors and juniors.
Meanwhile, fencing has been upgraded from ‘others’ to ‘general’, while ‘university sports’ has been placed in ‘priority’ category.
Join The Discussion