Speaker, Lok Sabha Presents ‘National Tourism Awards for 2014-15’ to Various Segments of Travel, Tourism and Hospitality Industry

“National Tourism Awards for the year 2014-15” to various segments of the travel, tourism and hospitality industry were presented by the Speaker, Lok Sabha Smt. Sumitra Mahajan at a function organized by M/o Tourism here today. Shri Mahesh Sharma, Minister of State (Independent Charge) for Tourism & Culture presided over the function. Tourism Ministers of many States, Central and State Government Officials, Members from the Travel and Hospitality Industries, including leading Hoteliers, Travel Agents and Tour Operators and Travel Media attended the function.

 

 

The Chief Guest Smt. Sumitra Mahajan extended her heartiest congratulations to all the award recipients and wished all of them a most rewarding journey ahead as they and their colleagues continue to bring the tourism industry to greater heights through your outstanding service and excellence. The selection of Awardees is very perfect and all the persons involved in Tourism industry are the Flag Bearers of our country.

She said that in our childhood, we had read about Gulliver Travels and Vasco De Gama to know about new places of Tourism. But now through the spread of Tourism industry, it has become very easy. She expressed her happiness that the Rural Tourism has also been accorded due importance in this Award ceremony and cited the example of rich Rural tourism in Konkan region.

Smt. Sumitra Mahajan opined that the Tourists are the Brand Ambassadors of their respective countries and Tourism is a mode of improving the image of their countries abroad. She quoted the Prime Minster Shri Narendra Modi describing the African nationals, who studied in India, as the ‘Alumini of India’. It is a unique gesture. She also said that Tourist Guides play a pivotal role in Tourism industry as they play an important role in promoting tourism. She called for positive news reporting about our country so that good image of our country can be portrayed abroad.

She said that the continuous strive for service excellence is all the more important as India’s Tourism Sector is on an upward growth track. She opined that we should look to tourism as a way of transforming not just the economy, but the lives of its people, within and outside the sector. The idea of transformation goes so much wider. It is about creating opportunities, through tourism, for each and every individual of the destination to play a direct role.  

Dr. Mahesh Sharma in his address, lauded the roles played by various segments of the travel, tourism and hospitality industry in our country and said that our focus is to encourage the tourism industry to deliver positive and unforgettable travel experience to all visitors and countrymen by embracing the highest standards of service excellence. The National Tourism Awards ceremony recognises the best service providers in each of their service domains. The objective of recognising and rewarding the tourism sector Stakeholders, State Govts & UTS is intended to set and consistently raise the standards of what is attainable and desirable in the competitive global tourism market, thereby helping to raise overall standards in the industry over time. The categories of these Awards are being updated from time to time.

 

He said that few travel destinations in the world can equal the diversity, exhilaration, and wonder of our Country’s tourism product.  The combination of our landscape, people, culture, attractions and experiences provide a travel package that is hard to match. At the outset it is important for us to recognise how much the industry in India has grown and its many successes and accomplishments. Our combined efforts and hard work is making an impact. 

 

The Minister opined said that the path breaking initiative of our Government has been the easing of the Visa regime. The e- tourist visa is reality today. It is now available for nationals of 150 countries. The Ministry of Tourism is also continuously working with MHA to make the e-tourist visa more tourist friendly. A Welcome Kit to all foreign tourists arriving at Indian airports is being planned by the Ministry.

 

He informed that Ministry of Tourism is in consultation with Ministry of Railways for exclusive Tourist coaches for Tourists on select routes as well as for the development of 50 Railway stations as “Adarsh Railway Stations”. Simultaneously, talks are going on with Ministry of Civil Aviation to develop 65 airports as ‘Adarsh Airports’ and a low air fare scheme of Rs. 2500/- for passengers will boost Tourism industry.

 

Dr. Mahesh Sharma said that a slew of measures taken by Government of India in last two years viz. Swadesh Darshan; PRASAD; Toll Free Helpline Number in 12 foreign languages; Medical Tourism Promotion Board; Ramayan Circuit; Krishna Circuit; Buddha Circuit; and Swachchh App. etc have helped the tourism industry move on the path of growth. He urged all stake holders in Tourism sector to promote these new tourist friendly initiatives. He also said that without involving private sectors, our goal of Tourism development can not be achieved.

 

He emphasized that while the tourism sector in India continues to grow and develop, it is essential to remain true to the core values of ‘Athithi Devo Bhav’ of providing consistent, exceptional service to our valued travellers, both local and international. The National Tourism Awards will prove to be an invaluable tool in ensuring that the tourism sector in India is not only encouraged, but recognised to deliver on-the-ground, as we work collectively towards mutual objectives.

 

Shri Vinod Zutshi, Secretary, M/o Tourism in his welcome address said that the Tourism sector has now been accorded very high priority world over. Our GDP has grown with the development of Tourism. Foreign Tourists Arrival has now touched a new height and our Domestic Tourism is also booming. Many new initiatives of Ministry of Tourism in past two years are remarkable.

 

Shri Uday Pratap Singh, Addl. Secretary, M/o Tourism proposed the Vote of Thanks.

The different categories under which awards were presented this year (2016), for excellence in performance during the financial year 2014-15 are:

 

NATIONAL TOURISM AWARDS (2014-15) AWARD WINNERS

Sl. No.	Category	Award Winner
	TRAVEL AGENTS / INBOUND TOUR OPERATORS
Foreign Exchange Earnings of Rs. 100 crore and above (Category I)
1	First Prize	M/s SDU Travels Private Limited, New Delhi
2	Second Prize	Le Passage Tours & Travels Pvt Ltd.
3	Third Prize	SOTC Travel Services Pvt. Ltd.
	Foreign Exchange Earnings of Rs. 50 crore and above but less than Rs.100 crore (Category II)
4	First Prize	Creative Travel Pvt. Ltd.
5	Second Prize	Caper Travel Company Pvt. Ltd.
6.	Third Prize	Trail Blazer Tours India Pvt. Ltd.
Foreign Exchange Earnings of Rs. 25 crore and above but less than Rs. 50 crore (Category III)
7	First Prize	G.B. Morrison Travels Pvt. Ltd.
8	Second Prize	Indian Legend Holidays Pvt. Ltd.
9	Third Prize	Indo Asia Leisure Services Ltd.
Foreign Exchange Earnings of Rs.10 crore and above but less than Rs.  25 crore (Category IV)
10	First Prize	Indian Trails Sourcing Services Pvt. Ltd.
11	Second Prize	GeTS Holidays Pvt. Ltd.
12	Third Prize	Travelite (India)
Foreign Exchange Earnings of Rs. 5 crore and above but less than Rs.10 crore (Category V)
13	First Prize	Magadh Travels & Tours Pvt. Ltd.
14	Second Prize	Maxxfun Holidays Pvt. Ltd.
15	Third Prize	HEAT Travels & tours (India) Private Limited.
Foreign Exchange Earnings of Rs.2.50 crore and above but less than Rs. 5 crore (Category VI)
16	First Prize	Kalypso Adventures (P) Ltd.
17	Second Prize	Asiad Holidays (P) Ltd.
18	Third Prize	Dravidian Trails Holidays Pvt. Ltd.

DOMESTIC TOUR OPERATORS
19	Promoting the North East Region including Sikkim	Club Side Tours & Travels Pvt. Ltd., Darjeeling
20	Promoting Jammu & Kashmir		Kesari Tours Pvt. Ltd.
Promoting the Rest of India
21	First Prize		Yatra Online Pvt. Ltd.
22	Second Prize		Leisure Corp Pvt. Ltd.
23	Third Prize		HEAT Travels & Tours (India) Private Ltd.
TOURIST TRANSPORT OPERATORS
Turnover of Rs.1.50 crore and above (Category I)
24	First Prize		Eco’s India Mobility & Hospitality Pvt. Ltd.
25	Second Prize		HEAT Travels & Tours (India) Private Ltd.
26	Third Prize		Bakshi Transport Service (P) Limited
Turnover of Rs. 50 lakh & above but less than Rs.1.50 crore (Category II)
27	First Prize		Delhi Airport Service Pvt. Ltd.
28	Second Prize		Panicker’s Travel (India) Pvt. Ltd.
29	Third Prize		Alwar Tourist Transport Service
30	Best Adventure Tour Operator		Active India Holidays Pvt. Ltd.
31	Best MICE Operator		SOTC Travel Services Pvt. Ltd.
32	Tour Operator promoting Niche Segments other than MICE and Adventure		Lotus Destinations Pvt. Ltd.
33	Most Innovative Tour Operator		K B Enterprises, Imphal
33	Best Tourist Guide		Mr. Jiwan Jyoti Pateriya, Tourist Guide from Khajuraho.

 

AWARDS FOR PUBLICITY AND PROMOTION
34	Excellence in Publishing in English	Department of Tourism, Government of Kerala for their Coffee Table Book - “Kerala & The Spice Routes”.
35	Excellence in Publishing in Foreign Language other than English	Department of Tourism, Government of Kerala for their Brochure “ The Great Backwaters (Das Faszinierendste Gewässer der Erde)” in German Language.
36.	Best Tourism Film	Department of Tourism, Union Territory Administration of Daman & Diu for their film “Ilha De Calma”.
37	Best Tourism Promotion Publicity Material by States and Union Territories	Department of Tourism, Govt. of Telangana for their coffee Table Book “Ancient Temples of Telangana”.

 

 

	OVERSEAS AWARDS
38.	Best Foreign Journalist for India	Ms. Stephanie Pearson, USA for “The Green Heaven” a feature on Kerala.
S No.	Category	Award Winner
39	Most Innovative use of Information Technology – Social Media / Mobile App (JOINT WINNERS)	Department of Tourism, Govt. of Kerala.
40		Tourism Corporation of Gujarat Limited.
	Convention Centres
41	Best Hotel Based Meeting Venue	The Ashok, New Delhi.
42	Best Stand Alone Convention Centre	Hyderabad International Convention Centre, Hyderabad.
	Hospitality Segment
43	Best Chef (In 4 star, 5 star, 5 star Deluxe, Heritage Classic & Grand category  Hotels)	Chef Machindra Umakant Kasture Executive Chef, The Ashok, New Delhi.
44	Best Chef (In 1 to 3 Star, Heritage Basic and Stand alone  Restaurants)	Chef Muruganandham Executive Chef, Confluence Banquets & Resorts, Mahabalipuram, Chennai.
45	Best Lady Chef	Chef Amninder Sandhu Chef – De-Cuisine, Masala Bay, Taj Lands End, Mumbai.
46.	Incredible India Bed & Breakfast Establishments approved by the Ministry of Tourism, Govt. of India	House of Kapaali, NOIDA
47	Incredible India Bed & Breakfast Establishments approved by the State Governments UT Administrations	Coconut Creek Farm and Homestay, Kumarakom, Kottayam
	HOTELS
48	Best Eco Friendly Hotel	Jaypee Vasant Continental, New Delhi.
49	Hotel providing best facilities for the differently abled guests	The Lalit, New Delhi
	BEST HERITAGE HOTELS
50	Heritage Basic Category	Gajner Palace, Gajner, Bikaner
51	Heritage Classic Category	Coconut Lagoon, Kottayam, Kerala
52	Heritage Grand Category	Fateh Prakash Palace, Udaipur
	BEST HOTELS
53	3 Star	Minerva Grand, Tirupati
54	4 Star	Quality Hotel DV Manor, Vijayawada
55	5 Star	Turtle on the Beach, Kovalam, Kerala
56	5 Star Deluxe	Taj Exotica, Salcette, Goa
	Niche Tourism Awards
57	Best Responsible Tourism Project   (JOINT WINNERS)	“Edge of India” – Yes Bank Limited, New Delhi.
58		“Responsible Tourism in Wayanad”  - Department of Tourism, Government of Kerala.
59	Best Rural Tourism Project	“Sargaalaya Arts & Crafts Village, Iringal, Kerala”  - Department of Tourism, Government of Kerala.
60	Tourism Friendly Golf Course	Jaypee Green Golf Course, NOIDA.
61	Best Wellness Centre	Somatheeram Research Institute & Ayurveda Hospital Pvt. Ltd., Trivandrum
62	Best Film Promotion Friendly State	Gujarat
63	Most Innovative and Unique Tourism Project   (JOINT WINNERS)	Heritage Transport Museum, Gurgaon
64		Madhya Pradesh Tourism for “Art Ichol, Maihar”.
	Other Awards
	Best Airport
65	Class X Cities	Chhatrapati Shivaji International Airport, Mumbai.
66	Best Tourist Friendly Railway Station	Sawai Madhopur Railway Station, Rajasthan
67	Best Heritage Walk   (JOINT WINNERS)	India City Walks for the Built Legacy of Mughals (Old Delhi Heritage Walk).
68		Heritage Walk of Bhopal, Madhya Pradesh.
69	Best Heritage City	Warangal, Telangana

 

70

Best Maintained and Disabled Friendly Monument

Monuments of Amarkantak in Madhya Pradesh

 

Best State / Union Territory For Comprehensive Development of Tourism
72	Third Prize	Karnataka
73	Second Prize	Gujarat
74	First Prize	Madhya Pradesh

Plane disappearance: Govt says scope of sabotage 'very less'

 New Delhi, Jul 29 (PTI) Government today said in Rajya Sabha that the possibility of sabotage in the mysterious disappearance of AN-32 aircraft of IAF was "comparatively very less" and informed that the help of the US has also been sought in locating the plane.

All types of techniques are being used to locate the aircraft, Defence Minister Manohar Parrikar said while replying to clarifications sought by members on his suo motu statement on the disappearance of the aircraft on July 22.

As members expressed concern and raised questions over how the plane went missing, he said, "I can't speculate because we are searching for it and I will not like to speculate. But I can say only this much. The possibility, although we are checking all angles, of any sabotage is comparatively very less because they have standard operating procedures."

While sharing the concern of the members, he gave details of the operation being carried out for the last one week in trying to locate the plane, carrying 29 people, which went missing during a flight from Tambaram in Tamil Nadu to Port Blair.

"I appreciate anxiety of members. I am also disturbed at the sudden disappearance of the plane. I have spoken to several experts and former air chiefs who were also puzzled by the sudden disappearance," Parrikar said.

The Minister said that at the time of disappearance, the aircraft was on "secondary/passive radar" and that "There was no SOS or transmission of any frequency. It just disappeared so that is the worrying part".

The Government has sought help from the US for detection of images and is seeking help from American defence forces to ascertain whether their satellites had picked up any signal before the disappearance of the plane.

"It is total blank. There was not even a single signal recorded. That is the reason we are contacting American defence forces to ascertain whether their satellites picked up any signal," Parrikar said.

"Besides our own satelleite imagery, we have asked the US for their imagery for the detection of emergency frequency to space based assets. Foreign countries we have already asked. I only hope that our efforts succeed," he added while replying to queries whether foreign help has been sought.

Queried about the age of the aircraft, the Defence Minister said it was "almost as good as new aircraft".

Elaborating he said, "I don't know exact age but it is well within lifetime. It has undergone first overhauling. Lot of replacement has been done.... They are considered as one of the safest aircraft."

He said the accident rate of Indian Air Force is 0.23 out of 10,000 hours of flying against the global rate of 0.023 and assured the House that maximum efforts would be made to ensure that the mishaps come down.

"If aircraft is not fit for flying we don't fly it. We have decided to check up whether we can improve the signalling system," he added. .

Sensex adds to gains for 2nd day, Nifty hits 15-mth high

 Mumbai, Jul 28 (PTI) Stocks kept their winning run going for a second session as the BSE Sensex gained over 184 points to 28,208.62 -- a nearly one-year high -- on more positive signals on GST bill and improvement in corporate earnings.

Besides, the broader NSE Nifty perked up by 50.50 points to touch a fresh 15-month high at 8,666.30.

Shares of Asian Paints hit record high after rising 6.14 per cent to Rs 1,126.95 following 18.46 per cent jump in consolidated net profit to Rs 552.56 crore.

Automaker Maruti Suzuki India surged 4.47 per cent to Rs 4,762.70 after it announced plans to have 250 Nexa outlets by March and said the premium sales and service outlets to contribute 15 per cent of the company's sales by 2020.

The government meanwhile reached out to leaders of several opposition parties, including Congress and Samajwadi Party, over the contentious GST bill which is likely to be taken up by Rajya Sabha next week.

Traders said covering-up of short positions on expiry of July series of derivative contracts and participants carrying positions to new series also boosted sentiment.

"But low F&O rollovers suggest that sharp spikes recently may have prompted a wait-and-watch approach, especially with the outcome of both GST and RBI monetary policy out in less than a fortnight," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.

After opening strong, the Sensex rose further to hit a high of 28,240.20 before settling 184.29 points or 0.66 per cent higher at 28,208.62 -- its highest closing since August 7 when it had ended at 28,236.39.

The 50-share Nifty after shuttling between 8,674.70 and 8,625.25, settled 50.50 points or 0.59 per cent higher at 8,666.30. This is the highest closing since April 16 last year at 8,706.70.

Shares of Multi Commodities Exchange of India (MCX) rose 0.84 per cent to Rs 1,068.30 after the government raised the foreign investment limit in stock exchanges to 15 per cent.

Overseas, the US Federal Reserve yesterday kept interest rates at ultra-low level after the conclusion of a two-day monetary policy meeting. The ultra-loose policy is expected to encourage heavy investments into emerging markets.

Asian stocks ended largely lower with Japan's Nikkei falling by 1.13 per cent, while other indices like China, Hong Kong, Singapore and South Korea moved down by 0.20 per cent to 0.62 per cent.

European markets were mixed with London's FTSE falling 0.19 per cent, Paris' CAC down 0.14 per cent and Frankfurt up 0.02 per cent. .

Cabinet increases the limit for foreign investment in Stock Exchanges from 5% to 15%

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising foreign shareholding limit from 5% to 15% in Indian Stock Exchanges for a stock exchange, a depository, a banking company, an insurance company, a commodity derivative exchange. The Cabinet has also approved the proposal to allow foreign portfolio investors to acquire shares through initial allotment, besides secondary market, in the stock exchanges.

The move will help in enhancing global competitiveness of Indian stock exchanges by accelerating/facilitating the adoption of latest technology and global best practices which will lead to overall growth and development of the Indian Capital Market.

The approval is in pursuance of implementation of the Budget Announcement made by the Finance Minister Shri Arun Jaitley while presenting the Union Budget 2016-17 regarding reforms in FDI Policy with respect to enhancement of investment limit for foreign entities in Indian stock exchanges from 5% to 15% on par with domestic institutions.


Allowing 74 Per Cent FDI in Pharma Sector

FDI in Brownfield pharma sector has been permitted upto 74% under automatic route; and FDI beyond 74% and upto 100% is allowed under Government approval route. The move to permit 74% FDI under automatic route in Brownfield pharmaceutical sector is aimed at attracting required capital, international best practices and latest technologies in the sector. Further, 100% FDI under automatic route is permitted for Greenfield pharma sector.

The Government while reviewing FDI policy on pharma sector has put in place necessary safeguards by providing that non-compete clause would not be permitted. This will enable Indian promoters to operate in the same line of business in new ventures. Further, to ensure domestic availability of essential medicines and drugs; and to maintain deployment of adequate capital in R&D, extant FDI policy on the sector mandates specified level of production of National List of Essential Medicine drugs and extent of R&D expenditure to be maintained by the investee company.

Both Greenfield and Brownfield investments are in line with the initiative of ‘Make in India’ and thus there is no proposal under consideration of Government to restrict such investments only to Greenfield project.

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.

Modi calls for 'stronger and closer' ties with new British PM

 New Delhi/London, Jul 27 (PTI) Prime Minister Narendra Modi has spoken to Britain's new Prime Minister Theresa May congratulating her on her assumption of office and discussed with her "stronger and closer" bilateral ties, including in trade and defence.

During the telephonic conversation yesterday, Modi also appreciated the UK's consistent support to India in various global fora, the MEA spokesperson said today.

Thanking Prime Minister Modi, May said she looked forward to working closely with him for developing stronger bilateral ties and enhancing cooperation in tackling pressing global challenges.

Modi also recalled his memorable visit to the UK last November.

A statement from Downing Street in London said that trade and investment formed the central feature of the discussions between the two leaders during their conversation.

"Trade and investment featured strongly in the conversation with Prime Minister Modi who expressed his hope that the relationship would become even stronger and closer in the future, particularly given the shared values and common interest," the statement said.

May took over after the resignation of David Cameron following the UK s vote to leave the European Union (EU) in a referendum on June 23.

She sought to highlight London and the UK s continued importance within the India-UK relationship during her first official conversation with Modi.

"The Prime Minister [May] pointed out that the launch next month of the first rupee-denominated bond in London is a concrete example of our close and growing economic cooperation and underlines that the city remains a global hub for innovative finance," Downing Street said.

"The Prime Minister also emphasised the UK s continued commitment to our defence and security partnership and support for India's increasing role in international fora. Finally, both welcomed the valuable contribution of the Indian diaspora to the UK," the statement added.

Talks on restoration of Russia-Turkey relations to start immediately on ministerial level

A wide range of issues of trade and economic cooperation was discussed at the meeting of Russian and Turkish ministers Alexei Ulyukayev and Nihat Zeybekci on Tuesday

Turkey’s Economy Minister Nihat Zeybekci and Russian Economic Development Minister Alexei Ulyukayev

MOSCOW, July 26. /TASS/. The negotiations on the restoration of Russian-Turkish relations will begin today at the level of ministries, Economic Development Minister Alexei Ulyukayev said after the meeting with Turkey’s Economy Minister Nihat Zeybekci.

"We had a break in formation of the contractual framework for further development of our relations such as mid-term program of trade and economic cooperation, a draft agreement on liberalization of services and investments and the agreement on establishing a joint Russian-Turkish Investment Fund. We have agreed to give orders to our subordinates, our colleagues to resume the negotiating process already today to resume the interrupted negotiating process," the Russian minister said.

According to the ministers, a wide range of issues of trade and economic cooperation was discussed at the meeting on Tuesday.

In particular, the parties discussed mutual access to markets of agricultural products, resumption of tourist exchange, opening of customs checkpoints.

"We defined the starting point where we are now and what possibilities we have to remove the current obstacles. It concerns a wide range of issues, not only those that emerged in relation to the events that darkened our relations last November. It concerns the access to the markets, air shipments, visa regime, terms of customs information exchange," Ulyukayev said.

Russia’s Economic Development Minister will meet his Turkish counterpart in Turkey on August 6, Turkey’s Economy Minister Nihat Zeybekci told reporters.

"It was decided to meet with the Economic Development Minister once again in Turkey on August 6. At this meeting we will discuss what was done and what should be done," he said.

According to him the ministers will meet every three months.

The Russian-Turkish intergovernmental commission will meet in Turkey in October, Turkey’s Economy Minister also said.

"The decision was made to hold the intergovernmental commission meeting this October in Turkey. We agreed to hold meetings every three months with Russian Minister of Economic Development Alexey Ulyukayev," Zeybekci said.

The Russian Government suspended the activity of the intergovernmental Russian-Turkish commission on trade and economic activity on December 1, 2015. The Russian part of the commission is headed by Energy Minister Alexander Novak.

Relations between Russia and Turkey deteriorated after the incident on November 24, 2015, when a Turkish F-16 fighter jet brought down a Russian Sukhoi Su-24M bomber, which, Ankara alleges, violated the country’s airspace near the Syrian border. The Russian Defense Ministry said the warplane was flying over Syrian territory and had never violated Turkey’s airspace.

President Putin warned that the incident would have serious consequences for the bilateral relations.

In late June, Turkish president Recep Tayyip Erdogan sent a letter to Russian President Vladimir Putin in which he apologized for the downed plane.

Sensex slips from 11-month high ahead of Fed, BoJ meets

 Mumbai, Jul 26 (PTI) Market benchmark Sensex broke below the 28,000-mark today after sliding 119 points as investors booked profits in recent winners amid caution ahead of key meetings of central banks in the US and Japan.

The broader NSE Nifty also failed to maintain the key 8,600-level.

Shares of the country's largest carmaker Maruti Suzuki plunged 1.44 per cent to Rs 4,485.25 despite reporting a 23 per cent jump in profit for June quarter to Rs 1,486.2 crore.

Drug major Dr Reddy's Laboratories plummeted 4.37 per cent to Rs 3,322.85 after its consolidated net profit declined by 80 per cent to Rs 126.3 crore for the June quarter.

Offloading of positions by participants on upcoming July derivatives expiry on Thursday also influenced sentiment.

"With earnings season failing to sizzle so far and GST poised to face hurdles, stocks faced a confidence crunch and came off the lofty peaks seen yesterday," said Anand James Chief Market Strategist Geojit BNP Paribas Financial Services.

"With a string of firm US economic data and positive surprises on the earnings front, the chances of rate hike, though less likely in July, have also vastly improved, putting global equities under a cloud of caution ahead of FOMC rate decision," he added.

The US Federal Reserve is due to conclude a two-day meeting tomorrow and the Bank of Japan will meet on Friday.

On the day, the 30-share BSE Sensex after opening a shade higher at 28,121.37, slipped into the negative zone to touch a low of 27,927.13, before settling 118.82 points or 0.42 per cent down at 27,976.52.

The 50-issue NSE Nifty also dropped by 45 points or 0.52 per cent to end at 8,590.65 after shuttling between 8,644.90 and 8,577.15.

Broader markets, however, depicted a mixed trend with BSE small-cap index falling by 0.69 per cent and mid-cap gaining 0.17 per cent.

Overseas, Japan edged lower as expectations receded with regard to the government's soon-to-be announced fiscal stimulus package. The Nikkei 225 Average ended 1.43 per cent lower. Other Asian indices like China, Hong Kong, Singapore, South Korea and Taiwan firmed up by up to 1.14 per cent.

European markets were also mixed as indices in Germany and the UK moved up by up to 0.25 per cent, while France's CAC was down 0.22 per cent. .

Response to arbitration

In the UNCITRAL arbitration between GoI and Mauritius based investors of M/s Devas Multimedia Private Limited, under the Indo – Mauritius BIPA (Treaty), the Arbitral Tribunal have issued their award on Jurisdiction and Merits on July 25, 2016. 

The Tribunal has said that GoI's essential security interest provisions of the Treaty do apply in this case to an extent. The limited liability of compensation shall be limited to 40% of the value of the investment. The precise quantum has not been determined as yet.

The Tribunal has dismissed the Claims as regards violation of other provisions of the Treaty viz., (i) unreasonable or discriminatory measures; as also (ii) Most Favoured Nation treatment. 

The Government of India reiterates that it had invoked the essential security interests through a well reasoned, valid and proper CCS decision. The award of the Tribunal is being examined and legal recourse, as deemed fit, will be taken. We also remain committed to pursue our larger national interests including sovereign strategic security interests in this matter. 

Meanwhile, the Enforcement Directorate, has issued a show cause notice to Devas for violation of FEMA, 1999 and are further investigating the case under Prevention of Money Laundering Act, 2002. Enforcement Directorate have issued show cause notice to Devas for contravention to the provisions of FEMA, 1999. 

The CBI have filed an FIR against, inter-alia, M/s Devas Multimedia Pvt. Ltd, Bangalore; and other unknown public servants of M/s Antrix/ISRO/DOS. This case is presently under investigation.