US companies consider India their next FDI frontier: Gadkari

 Washington, Jul 20 (PTI) US companies consider India their next FDI frontier and are keen to pump in billions of dollars into the country's infrastructure and transportation sector, Union Minister Nitin Gadkari has said.

"There is overwhelming enthusiasm among American companies and investors to invest in India. Results could be seen soon," Road Transport and Highways Minister Gadkari told PTI as he concluded his week-long trip to the US that took him to Washington, New York, St Louis, San Francisco and Los Angeles.

Acknowledging that India's infrastructure sector is lagging behind and it has a long way to go to match the international standards, Gadkari said that the modernisation and upgradation of the transport infrastructure has the potential to become driver of the country's growth.

Now that the Modi Government has taken several steps to facilitate smooth and hassle-free foreign direct investment in the infrastructure sector, Gadkari said based on his interaction and meetings in the US he is confident that billions of dollars would soon start flowing into India.

Gadkari said in addition to construction of a road network across the country, the ambitious Sagarmala project along with promoting use of green fuel and clean energy vehicles would create a large number of jobs in the country and provided an unprecedented boost to the Indian economy.

During his week-long trip, Gadkari held a series of productive interactions with investment bankers, fund managers and captains of trade and industry in infrastructure sector.

These meetings, he noted, helped in dispelled apprehensions with regard to bottlenecks and red-tape in the Indian government.

"Prime Minister Modi has made the infrastructure development top-most priority of his government, I told them," he said, adding that the US companies now consider India their next frontier of foreign direct investment.

"The Prime Minister remains committed to improving the country's road, highways, and port connectivity in a time-bound, result-oriented, corruption-free and transparent manner through e-governance and fast-tracking decision-making process," he said.

"I am returning home fully satisfied with his visit which has broken new grounds in the bilateral ties between India and the US and given the much needed impetus to cooperation in the field of infrastructure, particularly road transport, highways and shipping sectors," Gadkari said.

In his talks with the US Transportation Secretary Anthony Foxx, he sought cooperation in sharing intelligent traffic systems and transfer of technology in road engineering, use of IT in reducing road accidents, centrally controlled traffic light surveillance systems for road safety.

During his visit to Tesla, Gadkari asked it to make India their Asia manufacturing hub and offered land near major Indian ports to facilitate export of their vehicles to South and South East Asian countries.

Gadkari said India is committed to encouraging alternate pollution free transport in the country by providing incentives to bio-fuel, CNG, Ethanol and electric vehicles.

Govt releases Rs 23,000 cr to recapitalise 13 PSU banks

SBI gets the biggest chunk of Rs 7,575 cr followed by Rs 3,101 crore for Indian Overseas Bank

The government on Tuesday said it is releasing Rs 22,915 crore to recapitalise 13 public sector banks, including the biggest lender State Bank of India. The sum is about 92% of the budgeted provision of Rs 25,000 crore.

The highest sum of Rs 7,575 crore is being released for SBI, followed by Rs 3,101 crore for Indian Overseas Bank and Rs 2,816 crore for Punjab National Bank, a government statement said on Tuesday. 

The yardstick for allocation was capital requirements of the banks based on compounded annual growth rate for the last five years, banks' own projections of credit growth and an objective assessment of the potential for growth of each PSU bank.

Consequent upon the above exercise, 75% of the amount collected for each bank is being released now to provide liquidity support for lending operations as also to enable banks to raise funds from the market, the statement said.  

The remaining amount, to be released later is linked to performance, with particular reference to greater efficiency, growth of both credit and deposits and reduction in the cost of operations.  

In line with the announcements made under Indradhanush and the Budget, the government undertook an exercise to assess the capitalization needs of PSU Banks for 2016-17.  

Finance minister Arun Jaitley had said the government might release higher sum than provided in the Budget, if resources permit it.
 

S. No.	Name of Bank	Amount (in Rs crore)
1.	Allahabad Bank	44
2.	Bank of India	1,784
3.	Canara Bank	997
4.	Central Bank of India	1,729
5.	Corporation Bank	677
6.	Dena Bank	594
7.	Indian Overseas Bank	3,101
8.	Punjab National Bank	2,816
9.	State Bank of India	7,575
10.	Syndicate bank	1,034
11.	UCO Bank	1,033
12.	Union Bank of India	721
13.	United Bank of India	810
	Total	22,915

Merger of Nationalised banks

The guiding principle for the consolidation process of banking in India was suggested by Narasimham Committee. According to which any initiative with respect to merger of public sector banks has to come from the Boards of the banks concerned, the extant legal framework, keeping in view the synergies and benefits of merger and their commercial judgment. Government’s / Reserve Bank of India’s role in the merger of banks would be that of a facilitator. 

The Cabinet in its meeting on dated 15th June 2016 has approved the proposal of acquisition of assets and liabilities of subsidiary banks i.e. State Banks of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bhartiya Mahila Bank (BMB). 

The benefits for attempting the merger of 5 subsidiary banks and BMB with SBI include rationalization of resources, reduction of costs, better profitability, lower cost of funds leading to better rate of interests for public at large, improved productivity and customer services. Merger will also ensure that due to size and scale of economy, SBI will be able to better handle ensuing competition from new Banks. 

This information was given by Minister of State for Finance Shri. Santosh Kumar Gangwar today in reply to a Rajya Sabha question. 

Ex-Air Force chief Akin Ozturk takes responsibility for coup attempt in Turkey — Anadolu

General Ozturk was detained on July 16 at the Akinci air base near Ankara

Akin Ozturk

ANKARA, July 18. /TASS/. General Akin Ozturk, former commander of the Turkish Air Force, has confessed to prosecutors to plotting the military coup, Anadolu news agency said on Monday.

A group within the Turkish military attempted to stage a coup d’etat on Friday night, using tanks and helicopters. The attempt was botched as the plotters failed to seize any senior government officials and to gain major support among the Turkish military.

At least 208 people were killed and some 1,500 injured in the failed coup.

General Ozturk was detained on July 16 at the Akinci air base near Ankara.

Sidhu jolts BJP amidst talk of joining AAP

 New Delhi: In a jolt to BJP in Punjab, Navjot Singh Sidhu today resigned from Rajya Sabha, only about three months after his nomination by the government, as speculation raged that he could join Aam Aadmi Party and be its face in the Assembly polls next year. The resignation of 52-year-old Sidhu, who was nominated on April 22, has been accepted by Chairman Hamid Ansari with immediate effect, the House was informed today.While he was not available for comments, there is talk of Sidhu joining the AAP ahead of the state elections and may be made the party''s face in the state. Sidhu did not answer calls made to him.

FPIs invest Rs 9,700 cr in capital markets in two weeks

New Delhi, Jul 17 (PTI) Foreign investors have brought in over Rs 9,700 crore into the Indian capital markets in the first two weeks of this month on improving prospects for the economy and hopes of better corporate earnings.

Interestingly, most of the incoming investments are in the debt markets during the period under review.

The investment in July is followed by an outflow of Rs 4,373 crore in the preceding two months (April-May). The pull out was mainly due to outflow in debt markets.

According to the depositors' data, the net investment of foreign portfolio investors (FPI) stood at Rs 4,464 crore in the stock market during July 1-15, while it Rs 5,304 crore in the debt markets during the same period taking the total inflow to Rs 9,768 crore (USD 1.45 billion).

A slew of steps taken by the government to turn around the economy including relaxing FDI rules, approval of new mineral exploration policy as well as model law on shops and establishments. All this cheered investors, market experts said.

Besides, there was good news on the monsoon front and experts are hoping for better corporate earnings numbers for the quarter, which helped in boosting investors' sentiments.

So far this year, FPIs have invested Rs 23,630 crore in equities, while withdrawing Rs 6,265 crore from the debt market. This resulted in a net flow of Rs 17,365 crore.

President, PM congratulate Vijender on clinching Asia title

 New Delhi, July 17 (PTI) President Pranab Mukherjee and Prime Minister Narendra Modi today congratulated Vijender Singh on clinching the WBO Asia Pacific Super Middleweight title, saying that the star boxer has made the country proud with his feat.

Vijender scored a dominating win over Welsh-born Australian Kerry Hope in a 10-round bout here last night.

"Hearty congratulations @boxervijender, you have made whole nation proud with victory in WBO Asia Pacific championship," President Mukherjee wrote on his official twitter handle.

PM Modi lauded Vijender for his immense skill, strength and stamina while dismantling his opponent to win the Asia Pacific title.

"Congratulations @boxervijender for a hard fought and well deserved win. It was yet another display of immense skill, strength & stamina," Modi wrote on his personal Twitter handle.

Indian cricket limited overs captain Mahendra Singh Dhoni, star boxer Mary Kom, former India cricketers Virender Sehwag and V V S Laxman, and Haryana and Delhi Chief Ministers Manohar Lal Khattar and Arvind Kejriwal were among those who congratulated Vijender on his achievement.

"Saw a full mch of boxing after yrs. thks @boxervijender for mkg INDIA proud, it's just the start ur hrd wrk, dedication and sacrifice paid off," Dhoni tweeted.

"Congratulation@boxervijender," tweeted Olympics bronze medallist Mary Kom, who also watched the bout last night.

"Congratulations to the talented @boxervijender for winning the WBO Asia Pacific Super Middleweight title.

#Haryana is proud of you!," Haryana CM Khattar tweeted.

"Congrats @boxervijender," wrote Delhi CM Kejriwal.

Sehwag, who himself was present at the Thyagaraj Stadium last night, was effusive in his praise of Vijender.

"Many congratulations #VijenderSingh, Thok Daala Tau! Australia ka Hope fuss in front of our Tope @boxervijender," he tweeted.

He tweeted earlier, "Mukkon ki dhardhar Barsaat happening by our #RingKaKing @boxervijender."

Laxman, said, "Congratulations @boxervijender ??You deserve every bit of the WBO title??Great sporting news for India."

IPL chairman Rajeev Shukla, who also watched the bout last night, tweeted, "Great Spirit. @boxervijender once again made India proud. Congrats for winning the WBO Asia Pacific Championship.

Pema Khandu sworn in as Arunachal Chief Minister

 Itanagar, Jul 17 (PTI) Pema Khandu was today sworn in as the new Chief Minister of Arunachal Pradesh heading a Congress government, a day after the party pulled off a dramatic success winning back all its rebels by choosing a new leader, marking the culmination of fast-paced political developments.

Chowna Mein was sworn in as the Deputy Chief Minister.

Son of late Chief Minister Dorjee Khandu, 37-year-old Pema, who became the youngest chief minister in the country and the ninth in the tiny northeastern state, and Mein were administered the oath of office and secrecy by Governor Tathagata Roy at the Rajbhavan here. Dorjee Khandu had died in an air crash in 2011.

Addressing a press conference shortly after he was sworn in, Pema said an expansion of his ministry would take place only after the Governor returned to the state. Roy, who is Governor of Tripura, is holding additional charge as Arunachal Pradesh Governor.

Pema said he would inculcate a 'Team Arunachal spirit among elected leaders irrespective of party affiliations for overall development of his state. "All elected leaders of the state would be made a part of the development process cutting across political lines."

From assisting his father in politics to working for social transformation, Pema has come a long way to occupy the coveted post.

Hours ahead of the scheduled floor test in the Assembly yesterday which Chief Minister Nabam Tuki was directed by the governor to take, the Congress Legislature Party had elected Pema, in place of Tuki, in a dramatic turnaround. Tuki was restored to the Chief Minister's post on Wednesday by the Supreme Court.

Pema then staked claim to power on the basis of the support of 45 party MLAs along with two independents.

In a volte-face, ousted chief minister Khaliko Pul also returned to the party fold with 30 dissident MLAs, a move that stunned the BJP which had supported his government.

In the 60-member House with an effective strength of 58, Congress now claims the support of 47 MLAs, including two independents.

Eldest son of the family, Pema, a graduate from Delhi's prestigious Hindu College, had an early entry into governance after his father's demise.

Pema, who hails from Tawang, first entered the Arunachal Pradesh assembly in 2011 to fill the vacancy caused by his father's death.

His election as MLA from Mukto (ST) constituency was uncontested and he was soon included in the state government as Cabinet Minister for Water Resources Development and Tourism in the Jarbom Gamlin ministry.

He also became the cabinet minister for Rural Works Department (RWD) and Tourism since November 21, 2011 in Nabam Tuki government and thereafter served the state as cabinet minister for Tourism, Civil Aviation and Art & Culture.

He was re-inducted as the Urban Development Minister on June 1, 2014 in the Tuki government after the general elections.

He quit as minister in October last year and had sided with dissident Kalikho Pul.

On eve of Parliament session, PM reaches out to opposition

On eve of Parliament session, PM reaches out to opposition
 New Delhi, Jul 17 (PTI) Reaching out to the opposition, Prime Minister Narendra Modi today sought its cooperation in the passage of GST bill even as it asserted that government will be targeted over developments in Arunachal Pradesh and Kashmir during Parliament's Monsoon Session starting tomorrow.

As sparks are set to fly in Parliament over a range of issues, Modi also urged all the political parties to keep national interests above any other considerations. "We represent both the people and parties and there is a need to keep national interests above anything else".

At an all-party meeting convened by the government a day before Parliament meets, Congress said it will support bills but based on merit but offered no assurance on the GST, saying it can take a stand only after the government gives it a "written draft" over concerns raised by it.

Noting that important Bills including the GST will be taken up during the session, Modi expressed the hope that there would be meaningful discussions and outcomes.

"The issue is not about which government would get the credit for introduction of GST but what was important is the passage of the Bill," he said.

With the continuing protests in Kashmir following the killing of Hizbul Mujahideen commander Burhan Wani expected to generate heat in Parliament, Modi commended political parties for speaking in "one voice" over the issue.

"Various parties have given statements on Kashmir events which benefitted the country. This has sent a right message and I thank all the parties for the same," he said.

The Leader of the Opposition in the Rajya Sabha Ghulam Nabi Azad said there should be a discussion in Parliament on the tense situation in Kashmir and that Government should provide an anwser.

The government's unsuccessful NSG bid, floods in some states, agrarian crisis and terrorism were among the other main issues raised by opposition leaders at the meeting.

Azad accused the government of using every trick to destabilise states ruled run by other parties and referred to Arunachal developments and various chief ministers targeting the Centre at the Inetr-State Council meeting yesterday.

Though he did not refer to GST directly, he said the Congress will offer support to bills on merit.

"We have not taken any decision that we have to stop a bill. We will support on merit. We will support any bill which is in support of people, progress and growth," he said.

Another Congress leader Jyotiraditya Scindia said his party can take a stand only after it receives a written response from the government as he played down talks between its leaders and union ministers over the GST.

Parliamentary Affairs Minister Ananth Kumar said the government will talk to all parties to evolve a consensus on the GST.

"Our legislative business, including GST, is a priority.

We want to see to that we pass the GST bill with consensus. We are going to take every party on board," he said.

Turkish forces try to crush last remnants of coup after Erdogan returns

Forces loyal to Turkey's government fought on Saturday to crush the last remnants of a military coup attempt which collapsed after crowds answered President Tayyip Erdogan's call to take to the streets and dozens of rebels abandoned their tanks.

More than 160 people were killed, including many civilians, after a faction of the armed forces tried to seize power using tanks and attack helicopters. Some strafed the headquarters of Turkish intelligence and parliament in the capital, Ankara, and others seized a major bridge in Istanbul.

Erdogan accused the coup plotters of trying to kill him and launched a purge of the armed forces, which last used force to stage a successful coup more than 30 years ago.

"They will pay a heavy price for this," said Erdogan, who also saw off mass public protests against his rule three years ago. "This uprising is a gift from God to us because this will be a reason to cleanse our army."

A Turkish broadcaster reported that a purge of the judiciary was also underway.

One government minister said some military commanders were still being held hostage by the plotters. But the government declared the situation fully under control, saying 161 people had been killed and 2,839 had been rounded up from foot soldiers to senior officers, including those who had formed "the backbone" of the rebellion.

A successful overthrow of Erdogan, who has ruled the country of about 80 million people since 2003, would have marked one of the biggest shifts in the Middle East in years, transforming a major U.S. ally while war rages on its border.

However, a failed coup attempt could still destabilize a NATO member that lies between the European Union and the chaos of Syria, with Islamic State bombers targeting Turkish cities and the government also at war with Kurdish separatists.

Erdogan, who had been holidaying on the southwest coast when the coup was launched, flew into Istanbul before dawn on Saturday and was shown on television outside Ataturk Airport.