PM warns Pakistan Uri attack will not be forgotten

Kozhikode, Sep 24 (PTI) Launching a blistering attack on Pakistan, Prime Minister Narendra Modi today warned its leadership that the Uri terror attack will not be forgotten and the sacrifice of 18 jawans will not go in vain.

In his first public address after last Sunday's deadly attack by terrorists from across the border, he said India will mount an all out offensive to isolate Pakistan diplomatically to expose its activities in exporting terror, killing of innocent people and spilling blood.

"Terrorists should hear out clearly that India will never forget the Uri attack.... I want to tell the leadership of Pakistan that the sacrifice of our 18 jawans will not go in vain," Modi told a largely-attended public meeting on the Kozhikode beach held on the sidelines of the BJP national council meet. .

GST threshold fixed at Rs 20 lakh, rate to be decided in Oct

New Delhi, Sep 23 (PTI) In a big step forward on GST implementation, the Centre and states today reached an agreement on keeping traders with annual revenue of up to Rs 20 lakh out of the new national sales tax regime that will subsume all cesses.

While the two sides, at the meeting of the GST Council, agreed on the contentious issues of revenue threshold - below which traders will be exempted from GST, and sharing of administrative powers, the all crucial GST rates will be decided in the meeting to be held on October 17-19.

The newly constituted Council decided to keep the revenue exemption limit at Rs 20 lakh for all states with the exception of north eastern and the hill states where the limit will be Rs 10 lakh, Finance Minister Arun Jaitley said here.

Resolving issues over dual control over small traders, it decided that states will have exclusive control over all dealers up to a revenue threshold of Rs 1.5 crore in a year.

A mechanism would be worked out for traders above Rs 1.5 crore to ensure that a dealer is regulated either by the Central government or the state government and not both.

Broad principles for compensating states for any loss of revenue when the new regime is rolled out from April 1, 2017 were also discussed at the two day meeting of the panel that is headed by Union Finance Minister and includes representatives of all states.

On service tax, it was decided that in absence of expertise with states, the Centre will continue to exercise control over all the 11 lakh service tax registered dealers irrespective of their revenue levels, he said.

Jaitley said the next meeting on September 30 will finalise the draft rules regarding implementation of exemptions.

While 2015-16 will be the base year for calculating revenue compensating to states for any loss of revenue arising from rollout of GST, the final methodology will be worked out in next meetings, he said.

The exemption threshold fixed is lower than Rs 25 lakh that most states had demanded. Some states were pitching for Rs 10 lakh limit to limit their revenue loss.

The same for North-Eastern states is twice of the Rs 5 lakh that was under deliberation till yesterday.

The exemption list has also been cut down to 90 items from the current 300 goods and services. Also, the meeting decided that all cesses will be subsumed in the GST, Jaitley said. .

India-Russia Joint Military Exercise Indra-2016 Begins in Vladivostok

The eighth edition of India-Russia Joint Military Exercise ‘INDRA-2016’ has begun in the Ussiriysk District in Vladivostok, Russia. Main focus of this edition of the joint exercise is on ‘Counter-Terrorism Operations in semi mountainous and jungle terrain under United Nations Mandate’. To achieve interoperability in joint operations, troops from both sides would acquaint themselves with the respective approach to such operations. A comprehensive training programme spanning eleven days has been drawn up for the purpose.
The troops of Indian Army marched smartly alongside the Russian Army in an impressive opening ceremony of Exercise Indra 2016. Both Contingents marched in unison, past the saluting dais, exhibiting their resolve to further the Indo-Russian friendship. Brigadier Sukrit Chadah, Indian Contingent Commander addressed the two contingents and highlighted the need for jointness between the two nations to defeat terrorism. Mr Loz, Vice Governer Primosski krai Province and Maj Gen Andrei Ivanovich Sichevoe, COS 5th Army from the Russian Army also addressed the contingents.
250 soldiers of the KUMAON Regiment are representing the Indian Contingent and the Russian army is being represented by 250 soldiers from the 59th Motorized Infantry Brigade. Indra series of bilateral exercises is one of the major bilateral defence cooperation initiatives between India and Russia since 2003. The Indian contingent is scheduled to return to India on termination of the Exercise in the first week of October ‘16.

India, France ink deal for 36 Rafale fighter jets

New Delhi, Sep 23 (PTI) India today inked a Euro 7.87 billion (approx Rs 59,000) deal with France for purchase of 36 Rafale fighter jets capable of carrying nuclear weapons and equipped with latest missiles that will give the IAF greater "potency" over arch rival Pakistan.

The Rafale combat aircraft to be manufactured by French aviation company Dassault will come with various India- specific modifications including Israeli helmet mounted displays, radar warning receivers, low band jammers, 10 hour flight data recording, infra-red search and tracking, towed decoy systems among others.

The Inter Governmental Agreement was signed by Defence Minister Manohar Parrikar and his visiting French counterpart Jean Yves Le Drian 16-months after Prime Minister Narendra Modi announced India's plans to buy 36 Rafale fighter aircraft in fly away condition during his trip to France.

The contracts for the deal were also signed earlier today.

The 'vanilla price' (just the aircraft alone) will cost about 91.7 million Euros each for a single seater and about 94 million Euros for a two-seater trainer aircraft.

"Pleased to inform that India has signed an agreement for procurement of 36 Rafale aircraft with weapon systems, five years complete spares and maintenance, performance based logistics, India specific special provisions. This is an achievement which will give the IAF the required potency in terms of penetration and capability," Parrikar told reporters at the South Block.

The deal, first fighter plane contract in 20 years, comes with an immediate saving of 328 million Euros over the one struck during the previous UPA government, which was scrapped by the Narendra Modi government, besides a 50 per cent offset clause.

The 50 per cent offset clause means that Indian businesses, both big and small, will gain work to the tune of over three billion Euros.

With the Rafale deal clinched, Dassault Aviation CEO Eric Tappier said the French company is ready to be part of 'Make in India' initiative and open to manufacturing the fighters in India if the plane is shortlisted for a bigger order.

These combat aircraft, delivery of which will start in 36 months and will be completed in 67 months from the date the contract is inked, comes equipped with state-of-the-art missiles weaponry that will give IAF a capability that had been sorely missing in its arsenal.

The features that make the Rafale a strategic weapon in the hands of IAF, which is currently down to 34 squadrons as against a sanctioned strength of 44, includes its Beyond Visual Range (BVR) Meteor air-to-air missile with a range of 150 KM.

Its integration on the Rafale jets will mean IAF can hit targets inside both Pakistan and across the northern and eastern borders while staying within India's territorial boundary. The Rafales will be stationed at two bases--Sarsawa in Haryana and Hasimara in West Bengal.

Pakistan at present has only a BVR with 80 km range.

During the Kargil war, India had used a BVR of 50 km range while Pakistan had none. However, Pakistan later acquired 80- km-range BVR.

Defence experts said that with 'Meteor' the balance of power in the air has again tilted in India's favour.

BSE Sensex paces up 266 pts as Fed holds fire

Mumbai, Sep 22 (PTI) Market benchmark Sensex rebounded by 266 points today to close at over two-week high of 28,773.13 and the NSE Nifty went past the 8,800-mark, tracking upbeat global cues after the US Federal Reserve left rates unchanged.

Moreover, trading sentiment got a boost after the current account deficit (CAD) narrowed sharply to just USD 300 million, or 0.1 per cent of GDP in the June quarter, driven by lower trade deficit on deeper import contraction.

The rally in domestic equities was largely in line with the upmove seen in global stocks driven by the US Federal Reserve's decision not to lift interest rates.

Aurobindo Pharma surged over 6 per cent as the company received tentative approval from the USFDA to manufacture and market Dolutegravir, used for the treatment of HIV, in the US.

However, select software exporter stocks, like TCS and Wipro, saw selling pressure following weakness in the dollar against the rupee. Software exporters' almost 60 per cent revenue comes from the US and European markets.

"Markets praised Fed's decision as the global bond yield reverted and rupee strengthened. Due to a neutral statement, the market believe that the risk for December 16 rate hike is roughly balanced adding positive sentiment," said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.

The 30-share Sensex after scaling the day's high of 28,871.92, closed 265.71 points or 0.93 per cent higher at 28,773.13, a level last seen on September 9, when it had closed at 28,797.25.

The 50-share NSE Nifty reclaimed the key 8,800-mark to hit a high of 8,893.35 before winding up at 8,867.45 points, up by 90.30 points, or 1.03 per cent.

Both the indices, Sensex and Nifty, posted their biggest single day gains since September 6.

Meanwhile, the government today appointed three members on the Monetary Policy Committee (MPC), who along with RBI nominees are likely to set the benchmark interest rate in the upcoming monetary policy review with a view to contain retail inflation at the targeted level of 4 per cent.

Broader markets too displayed a bullish trend with mid-cap and small-cap indices rising 1.39 per cent and 1 per cent, respectively, as investors widened their portfolios.

Asian stocks ended up with key indices like China, Hong Kong, South Korea and Taiwan rising by 0.07 per cent to 0.67 per cent. Europe was higher too as indices in France, Germany and the UK jumped by up to 1.65 per cent. .

Pak carrying out war crimes using terror as state policy:India

United Nations, Sep 22 (PTI) In its sharpest attack on Pakistan, India today called it a "terrorist state" which carries out "war crimes" by using terrorism as an "instrument of state policy", after Pakistani Prime Minister Nawaz Sharif glorified Hizbul commander Burhan Wani at the United Nations.

India also strongly rejected Sharif's call for "a serious and sustained" bilateral dialogue "without any conditions", saying that Pakistan, which "seems to be run by a war machine rather than a government", wants talks with a "gun in its hand".

Strongly reacting to Sharif's remarks at the UN General Assembly session, Minister of State for External Affairs M J Akbar described them as full of "threat, bluster and complete disregard of facts" as he said glorification of Wani by him at the world forum is an act of "self-incrimination" by Pakistan.

He said it is "shocking" that a leader of a nation can "glorify a self-declared self-advertised terrorist" at a forum such as the United Nations General Assembly.

"We heard the glorification of a terrorist. Burhan Wani was a self-declared commander of the Hizbul Mujahideen, this organisation is widely acknowledged internationally as a terrorist group," Akbar said at a briefing to Indian reporters here responding to Sharif's General Debate address at the UN.

"This is self-incrimination by the Pakistan Prime Minister. We just heard a speech full of threat, bluster and what can only be described as rising immaturity and complete disregard of facts," he said.

In his nearly 20-minute speech, almost half of which was focussed on Kashmir, Sharif had hailed Wani - who was killed on July 8 by the Indian forces resulting in tensions in the Valley - as a "young leader" and the "symbol" of the Kashmiris' freedom movement.

Exercising India's Right of Reply to Sharif's "long tirade" about the situation in the Indian state of Jammu and Kashmir, First Secretary in the Permanent Mission of India to the UN Eenam Gambhir made a strong rebuttal.

"The worst violation of human rights is terrorism.

"When practiced as an instrument of state policy it is a war crime," she said.

"What my country and our other neighbours are facing today is Pakistan's long-standing policy of sponsoring terrorism, the consequences of which have spread well beyond our region," she added.

Gambhir said India sees in Pakistan "a terrorist state" which channelises billions of dollars, much of it diverted from international aid, to training, financing and supporting terrorist groups as militant proxies against it neighbours.

In a reference to JeM chief Masood Azhar and Mumbai terror attack mastermind Zaki-ur-Rehman Lakhvi, she said terrorist entities and their leaders, including many designated by the UN, continue to roam the streets of Pakistan freely and operate with State's support. .

Successful Flight Tests of LRSAM

Long Range Surface to Air Missile System (LRSAM) for Indian Navy successfully flight tested against Pilotless Target Aircraft (PTA) on 20th Sept 2016 at 10:10 hrs and again at 14:25 hrs from Interim Test Range (ITR) at Balasore, Odisha, yesterday. The LRSAM has been developed through a joint venture between DRDO India and IAI of Israel. The naval version of the SAM system, this time was tested from land and the earlier was flight tested from Naval Ships, at ITR. Both missiles directly hit their respective targets at different ranges and altitudes. The trajectory of the flight of missiles was throughout tracked and monitored by the radars and electro-optical systems installed at ITR.

Many industries viz. BDL, MIDHANI, TATA, GODREJ, SEC, PEL, ADITYA and others have contributed towards the development of Missile systems. Both Israel and Indian scientists and technicians have been involved in the launch campaign. The Israel team was led by Mr. Boyes Levy, Vice President, IAI of Israel, whereas the Indian Team by Mr Patrick D’Silva, Project Director, Mr. MSR Prasad, Director DRDL and Dr. BK Das, Director ITR. Dr. G Satheesh Reddy, DG (MSS) & SA to RM witnessed the launches.

No separate rail budget from next fiscal; Union Budget early

New Delhi, Sept 21 (PTI) Ending 92-year-old tradition, the Cabinet today decided to merge rail budget with the general budget and agreed in-principle to advance the date of its presentation in Parliament from the usual February end.

The actual date for presentation of the general budget for 2017-18 will be decided by the government after taking into account the ensuing assembly elections, Finance Minister Arun Jaitley said while briefing the media about the Cabinet decisions.

The Cabinet has also decided to do away with the Plan/ Non-Plan expenditure classification in Budget 2017-18 and replace with 'capital and receipt'.

The government, Jaitley said, was in favour of advancing the budgetary exercise to that it could be completed before March 31 and expenditure on public-funded schemes could begin from April 1.

He said: "While we in-principle are in favour of advancing the budget date and finishing the entire financial business before March 31...the actual dates will be decided after consultations depending on calendar of the state elections."

The government, he added, is keeping itself in a "state of readiness" to advance the Budget presentation.

As per tradition, the Budget is presented on the last working day of February. A separate railway budget was started by the British in 1924.

Economic Affairs Secretary Shaktikanta Das said the Central Statistical Organisation (CSO) will provide provisional Advance Estimates of national income or GDP by January 7 so that the data can be incorporated in preparation of Budget.

The provisional advance estimates, he hoped, would be in line with the one normally released by February 7.

Das said the government will issue Budget circular in a day or two.

Rail Minister Suresh Prabhu said the merger of rail and general budgets will not impact the functional autonomy of the railways but help in enhancing capital expenditure.

"One single budget will mean railway and general budget will work in harmony," Prabhu said, adding Railways will not have to pay dividend to the Government. .

Sensex dips 111 pts as BoJ, Fed verdicts loom

Mumbai, Sep 20 (PTI) Mirroring global weakness, the Sensex fell 111 points on Tuesday, halting its four-day winning run, and the NSE Nifty broke below the 8,800-mark as investors turned cautious ahead of key policy meetings of the US Federal Reserve and Japanese central bank.

Meanwhile, the consensus is that the Fed will leave rates unchanged, but investors are looking for commentary and the guidance for the next interest rate hike.

"Investors are widely expecting status quo on interest rate, however, any hawkish commentary from the Fed may divert the liquidity to safe haven assets and add volatility to the domestic market," said Vinod Nair, Head of Research Geojit BNP Paribas Financial Services.

Meanwhile, calling the reform process slow and gradual with muted private investment and NPAs posing a challenge, Moody's said it could upgrade India's rating in 1-2 years if it is convinced that reforms are "tangible".

In stock specific action, Jubilant FoodWorks plunged 6.08 per cent to Rs 944.15 following news that its CEO and Whole- time Director Ajay Kaul will resign to pursue opportunities outside the company.

The 30-share index declined by 111.30 points or 0.39 per cent to 28,523.20 after shuttling between 28,698.81 and 28,480.53. The gauge had gained 281 points in the previous four sessions on positive global cues.

The wider NSE Nifty slipped below the 8,800-mark and hit a low of 8,759.30 before settling 32.50 points or 0.37 per cent to 8,775.90. Intra-day, it touched a high of 8,816.45.

Market stayed in the negative almost throughout the day as participants were seen trimming positions to book profits in recent gainers coupled with caution across the global ahead of Fed and Bank of Japan policy meets this week.

In line with the overall trend, the small-cap index shed 0.26 per cent, while the mid-cap lost 0.09 per cent.

Other Asian markets too closed lower and European shares were down as sentiment across the globe remained muted.

Japan's Nikkei fell 0.16 per cent, while China's Shanghai Index shed 0.10 per cent and Hong Kong's Hang Seng closed 0.08 per cent down.

London's FTSE was down 0.20 per cent, Frankfurt's DAX was flat, while France Paris CAC 40 was 0.30 per cent lower.

India will respond at a time, place of its choosing: Army on Uri attack

New Delhi, Sep 19 (PTI) As clamour for strong action against Pakistan over the Uri attack grew, the Army today said it reserves the right to respond at a time and place of its choosing even as various options were discussed in a flurry of high-level meetings.

Prime Minister Narendra Modi met President Pranab Mukherjee to brief him on the developments related to yesterday's cross-border terror attack, hours after he discussed the issue with senior ministers and top officials at a high-level meeting.

The death toll in the pre-dawn attack yesterday, meanwhile, rose to 18 with Sepoy K Vikas Janardhan, who was airlifted to the Army Research and Referral Hospital here after being critically injured, succumbing to injuries.

"The Indian Army has displayed considerable restraint while handling the terrorist situation both along the Line of Control and in hinterland. However, we have the desired capability to respond to such blatant acts of aggression and violence as deemed appropriate by us," Director General of Military Operations Lt Gen Ranbir Singh told reporters.

"We reserve the right to respond to any act of the adversary at the time and place of our own choosing."

The total recoveries from the four slain terrorists was four AK 47 rifles, four Under Barrel Grenade Launchers, 39 Under Barrel Grenade Launcher grenades, five hand grenades, two radio sets, two GPSs, two map sheets, two matrix sheets, one mobile phone and a large number of food and medicine packets having Pakistani markings, he said.

Home Minister Rajnath Singh, Defence Minister Manohar Parrikar, Finance Minister Arun Jaitley, National Security Advisor Ajit Doval, Army Chief General Dalbir Singh Suhag besides other senior officials attended the meeting convened by Modi. External Affairs Minister Sushma Swaraj was conspicuous by her absence.

As the worst ever attack on the Army in many years continued to spark outrage and triggered calls for Pakistan's diplomatic isolation, Union Information and Broadcasting minister M Venkaiah Naidu said India will have to respond and punish the perpetrators of the attack and "can no more take it lying down".

Key BJP ally Shiv Sena while needling Modi on the Uri attack said if he does not have the "courage to strike Pakistan" like the US did to eliminate Osama Bin Laden, there is no use of building an international image.

Union Minister and former army chief Gen V K Singh, however, advised the Indian Army to decide on its response "coolly" with proper planning and not to get emotional.

"...from the army's side, alertness is required. The Kashmir situation needs to be thought about. The action has to be taken without getting influenced by emotions, anger. It has to be taken coolly and with proper planning," Singh said.

The assertion by Modi yesterday that those behind the Uri attack will not go unpunished had triggered considerable speculation about the options that India could exercise in the current situation.

A swift, surgical strike on terror camps in Pakistan- occupied Kashmir(PoK) was among the options that figured in the speculation but experts also cautioned against consequences and the damages that an escalation could pose if it goes out of hand.

Separately, Home Minister Rajnath Singh, Defence Minister Manohar Parrikar and the top security brass met to review the security situation in Jammu and Kashmir, particularly in the border areas.