VILLUPURAM TUESDAY JULY 21, 2020 `7.00 PAGES 12 CITY EDITION INDIA HOLDS NAVAL DRILL WITH U.S. AMID TENSIONS WITH CHINA Navies of India and the US carried out a swift exercise close to the Andaman and Nicobar islands on Monday NIMITZ SUPERCARRIER TAKES PART INDIA STEPS UP MILITARY DIPLOMACY The exercise involved a US Navy strike force, led by supercarrier USS Nimitz CVN-68, which was returning after a deployment to the South China Sea. From the Indian side, warships of the Eastern Naval Command and the Andaman and Nicobar Command took part in the quick drill whose aim was to boost coordination between forces of the two countries ■ ■ It comes as India seeks to strengthen its military diplomacy through the Navy to take on Chinese expansionism in the seas For instance, India has expressed its readiness to include Australia in the upcoming Malabar naval exercises, alongside the US and Japan, despite strong objection from Beijing Nimitz IS A CLASS OF NUCLEAR-POWERED U.S. AIRCRAFT CARRIERS CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Cut-off date could be built into Covid loan restructuring ANURA DHA SH UKLA @ New Delhi WITH the Reserve Bank of India (RBI) expected to come up with a one-time loan restructuring by August first week to help businesses bogged down by the Covid-19 pandemic, the finance ministry has proposed a time-frame for loans to be elible for the scheme. According to informed sources, the ministry is in favour of allowing loans taken up to six months before the lockdown to be restructured by banks. The proposal will be sent to the banking regulator for taking the final call. “In the last meeting, RBI wanted loan restructuring to exclude already stressed sectors such as real estate, telecom and power to avoid misuse of the restructuring scheme. One solution discussed was to narrow down the timeframe of loans,” a senior official from ` the finance ministry said, who was part of the discussion with RBI, told TNIE. According to the ministry’s proposal, the scheme will cover loans from companies that have defaulted between October 2019 and December 2020 and such accounts will continue as standard accounts, the official explained. While the timeframe may exclude some businesses, the official claimed it will include Why banks want it Restructuring allows banks to modify the terms of loans such as repayment period, repayable amount, number of instalments, or rate of interest to help borrowers undergoing financial stress sectors that have been directly impacted by the pandemic such as travel, hospitality, large manufacturing, consumer Name-calling at whole new level in Rajasthan row Sub-text of Gehlot’s attack is he will be OK with rapprochement if Pilot stays off state mand to take the rebel leader out of Rajasthan if they want any rapprochement. Sources IN his sharpest attack on oust- said Gehlot is aware that the ed state Congress unit chief leadership is still in touch Sachin Pilot yet, Chief Minis- with Pilot, much against his ter Ashok Gehlot called him wishes. Indications are Gehlot worthless and idle, who was would not mind if Pilot is acout to topple his government. commodated in some party po“I knew he was nikamma sition in New Delhi. “The par(worthless) and nakara (idle). ty high command is of the He was just creating view that a lot has enmity among peobeen invested in Piple,” Gehlot alleged, lot and he cannot be adding Pilot had sacrificed because of been conspiring with a rift between two the BJP since the last leaders. But Gehlot six months to unseat does not want any him. “ No one could compromise on Rabelieve he was capajasthan turf,” said a ble of doing it. With senior party leader. Worthless, an innocent face and There was further idle slurs good command over mudslinging as ConEnglish and Hindi, “Rajasthan is the gress MLA Giriraj he impressed the meSingh Malinga alonly state where dia. Though the peoleged he was offered no demand was ple of Rajasthan `35 crore by Pilot to raised to change knew the truth, we the PCC president join the BJP Malinga . never questioned is amongst the six in seven years him, keeping party BSP MLAs who dethough we knew interest in mind,” fected to the Conhe is nikamma Gehlot said. gress last year. For (worthless) and “Nobody believed his part, Pilot threatnakara (idle),” me when I said there ened to sue Malinga. Gehlot said was a plot to topple In the Rajasthan the government. He High Court, hearing (Pilot) even used to say he has resumed on the rebels’ petinot come here to sell vegeta- tion challenging the disqualibles, but to become the CM,” fication notices issued to 19 Gehlot went on. them by Speaker C P Joshi last Gehlot’s vicious attack on week. The court will continue Pilot is being seen as an at- its hearing on Tuesday and tempt by him to send a mes- subsequently pronounce its sage to the party high com- order. RAJESH ASNANI & RICHA S H A R M A @ Jaipur/New Delhi Tirumala: Former chief priest Tirumala Tirupati Devasthanams P Srinivasa Murthy Dikshitulu breathed his last at a hospital in Tirupathi on Monday. He was 73. He had been suffering from pneumonia, diabetes and kidney ailments. He was brought to the hospital due to a fever on Saturday and tested Covid positive EXPRESS NEWS SERVI CE @ Chennai Representatives of Vikram Solar and the TN government exchanging an investment MoU in the presence of CM Palaniswami at the Secretariat The new industrial units with an investment outlay of `10,399 crore are expected to provide jobs to around 13,500 people - A statement from TN government INVESTMENT J5,423 crore J4,000 crore J250 crore J250 crore J200 crore J200 crore JOBS 500 400 600 1,500 2,500 The State government has already signed 17 MoUs with job prospects to 7,500 Vikram Solar Hiranandani Group CGD Sathari Pvt Ltd ELGI Equipments Aquasub Ductile Iron Foundry NDR Infrastructure 47,150 people Most-favoured destination for investors A report by Projects Today had mentioned that TN topped the states as the most-favoured investment destination even though investments fizzled out during the first quarter of the financial year due to the pandemic. In May, 2020, alone, 17 MoUs worth `18, 236 crore were signed by the State government, cornering around 18.63 per cent of the total fresh investment during the first quarter. IN yet another step towards strengthening the industrial profile of the State, amid the slump induced by the Covid-19 pandemic, the Tamil Nadu government on Monday signed eight memoranda of understanding (MoUs) with various industries to set up units in Kancheepuram, Chengalpattu, Ranipet, Coimbatore, Villupuram and Erode districts. The MoUs, with a total investment prospect of `10,399 crore, were signed in the presence of Chief Minister Edappadi K Palaniswami. These new units are expected to provide jobs to around 13,500 people. Of the eight MoUs, three were signed through a video-conference from the Secretariat. According to a press statement, energy firm Vikram Solar will establish a unit at Indospace Industrial Park in Oragadam with an investment of `5,423 crore. The unit is likely to provide jobs to around 7,500 people. The Hiranandani Group will establish a data centre in Chengalpattu district at a cost of `4,000 crore, and this is expected to provide jobs to 2,500 people. Similarly CGD Sathari Pri, vate Limited will establish a u n i t a t Wa l a j a b a d i n Kancheepuram with an investment of `250 crore and the unit is expected to provide jobs to 1,500 people; ELGI Equipments will establish a unit in Coimbatore at a cost of `250 crore and the facility will offer jobs to 600 people; Aquasub Ductile Iron Foundry will also establish a unit in Coimbatore by pumping in `200 crore and is likely to give jobs to 400 people; NDR Infrastructure will establish a unit in Ranipet district by investing `200 crore and the unit is expected to provide jobs to 500 people; GI Agro Tech will establish a cashew processing unit at Marakkanam in Villupuram district by investing `36 crore and it will offer jobs to 465 people. Also, JS Auto Cast will establish a unit at Perundurai SIPCOT in Erode district at a cost of `40 crore. Industries Minister MC Sampath, Chief Secretary K Shanmugam and officials were present on the occasion. New drug with loads of promise SU MI SU KANYA DU TTA @ New Delhi A British biotech company on Monday claimed that its respiratory drug remarkably improved clinical outcomes in hospitalised Covid-19 patients and reduced their chances of slipping to severe stage of the disease by 79%. Though it’s a small study involving only 101 patients and results of the trial are yet to be published in a peer reviewed scientific journal, Synairgen, the company said , the results related to the drug SNG001 could signal a “major breakthrough.” As per a statement released by the firm, founded by academics from the University of Southampton in the UK, patients who received SNG001 at nine trial sites saw their risk of requiring ventilation or dying reduce by 79% compared to those who received a placebo. The drug works by administering high concentrations of interferon beta, a naturally occurring antiviral protein, in order to restore the lung’s defence against the virus. OXFORD VACCINE PROMPTS IMMUNE RESPONSE Scientists at Oxford University say their experimental coronavirus vaccine has been shown in an early trial to prompt a protective immune response KEY TAKEWAYS Neutralising antibodies are produced — molecules which are key to blocking infection Vaccine causes reaction in body’s “killer” T-cells which help to fight off the coronavirus 2 MONTHS the immune response lasted in people aged 18 to 55 after they were immunised | P9 Proposal to conduct LS, RS sessions separately for physical distancing R I C H A S H A R M A @ New Delhi IPL gets a window after ICC defers World T20 Chennai: After days of speculation, the International Cricket Council on Monday decided to defer the World T20 scheduled in Australia in October-November. This gives the BCCI a much-needed window to host the lucrative IPL. The UAE is expected to be the venue subject to government clearance. September to November is the slot | P11 According to the recent study by CLSA, 70% of restructuring during the FY08-FY18 decade turned NPAs and only 25-30% recovered to standard loans. “We believe a 1-2 year repayment period extensions rather than deep restructuring as in the last cycle would help balance the interests of borrowers and shareholders,” the CLSA report had added. This is the reason the RBI wanted to restrict the timeframe of loan restructuring. STATE INKS 8 MOUS WORTH `10,399 CR WITH INDUSTRIES EXPRESS READ Former Tirumala head priest dies of Covid goods, and aviation. However, all this is subject to the central bank’s approval. The one-time restructuring will also exclude MSMEs, for which the Centre has announced separate schemes. According to sources, RBI is cautious about one-time restructuring because of its past experience with such plans. During the 2008 crisis, RBI had offered similar restructuring but it led to shooting up of non-performing assets. CLINICAL TRIAL SUBMERGED An aerial view shows the extent of flooding in Patna’s Bind Toli area following heavy rain on Monday. Floods have displaced eight lakh people in the state | PTI BOTH Houses of Parliament may be convened separately during the upcoming monsoon session and chambers of both could be used to seat members to ensure physical distancing at the time of the Covid pandemic. Rajya Sabha Chairman M Venkaiah Naidu and Lok Sabha Speaker Om Birla met on Monday and discussed a new option for accommodating MPs for the monsoon session, which is to be held either late August or early September. They inspected the chambers and galleries of both the Houses to assess the seating capacity as per the physical distancing norm. “The proposal considered was that members of Lok Sabha would be seated in the chambers of both the Houses while Lok Sabha is in session. Ditto Raj ya S a b h a , ” s a i d sources. The Rajya Sabha’s chamber and its galleries can accommodate 127 members with physical distance while Lok Sabha’s chambers and its galleries can seat about 290. “Members of each of the two Houses who can’t be accommodated in the chambers and galleries of their respective House would be seated in the chambers and galleries of the other House,” they added. Various logistical and technical issues were identified that need to be addressed if this option were to be exercised, like enabling participation of the members of a House seated in the other House through audiovisual connectivity, audio facilities for members seated in galleries, simultaneous interpretation, taking vote if required, enabling live telecast and arrangements for media. Spaceport shut down as coronavirus sneaks into Sriharikotta Cash-rich IndiGo decides S V K R I S H N A C H A I TA N YA & S I N D U J A J A N E @ Chennai THE ISRO on Monday temporarily closed down the Satish Dhawan Space Centre at Sriharikotta (SDSC Shar) after a few employees of the spaceport tested positive for Covid-19 in the last few days. Official sources told TNIE that the decision to this effect was taken by the Centre’s director, in consultation with the ISRO headquarters in Bengaluru. While two people — an employee in the Solid Propellant Space Booster Plant and a CISF personnel — tested positive on Monday five cases had already , been reported from the Centre’s housing colonies. A circular from the senior a d m i n i s t r a t i v e o f f i c e r, A Dhanalakshmamma, stated FRESH CASES DEATHS that the SDSC Shar will function only with minimum staff until further orders. “All the employees except those engaged in essential services shall work from home,” said the circular. More cases come up in IMH Meanwhile, Tamil Nadu’s daily TOTAL CASES TOTAL TOLL 4,985 70 1,75,678 2,551 caseload continued to hover around the 5,000-mark as 4,985 fresh cases were reported on Monday. As many as 70 more deaths were also reported on the day . The Institute of Mental Health, Chennai, reported two more cases on Monday. Seven new cases have been reported from the IMH after the Madras High Court had issued an order on last Thursday to subject all inmates and staff of the instiP4 tute to Covid test. TWO MINISTERS LEAVE HOSP AFTER RECOVERY Chennai: Ministers KP Anbazhagan and P Thangamani were discharged from hospitals after treatment for Covid-19 on Monday. A statement from MIOT hospital said Higher Education Minister Anbazhagan was discharged after fully recovering. Meanwhile, Apollo Hospital said Electricity Minister P Thangamani has been discharged after successful treatment. to fire 10% of its employees A R S H A D K H A N @ New Delhi INDIA’s largest private airline IndiGo said on Monday it will lay off 10% of its 24,000-odd employees to mitigate the financial crisis due to the Covid-19 pandemic. With this, IndiGo, India’s only cash-rich airline, has become the first major carrier to formally announce lay-offs even as others have been quietly reducing their headcount since March. A senior IndiGo official told TNIE the move will affect pilots as well as managerial staff. The impacted employees will get three months’ gross salary plus benefits including gratuity, leave encashment and longevity bonus.
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