VISAKHAPATNAM l TUESDAY l SEPTEMBER 08, 2020 l `7.00 l PAGES 12 l LATE CITY EDITION INDIA TEST-FIRES HYPERSONIC TECH DEMONSTRATOR VEHICLE India on Monday joined a select group of countries that can develop the next-generation hypersonic cruise missiles WILL HELP IN FUTURISTIC SPACE ASSETS SCRAMJET ENGINE VS RAMJET ENGINE The indigenously developed HSTDV, developed by the Defence Research and Development Organisation, will help India develop futuristic space assets like long-range missile systems, officials said. The HSTDV is capable of powering missiles to attain a speed of around Mach 6 or six times the speed of sound. Only the US, Russia and China have such a capability ■ The HSTDV operates on a scramjet (supersonic combustion ramjet) engine, against the ramjet engine used on most missiles ■ A scramjet is a variant of a ramjet airbreathing jet engine in which combustion takes place in supersonic airflow. Scramjet powered vehicles can operate at speeds up to Mach 15 | P7 20 seconds TIME TAKEN BY THE HSTDV TO REACH AN ALTITUDE OF 32.5 KM 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 26 sectors picked for loan recast RBI accepts recommendations of Kamath panel that suggests formula for lenders EXPRESS NEWS SERVICE @ New Delhi A month after it announced a loan restructuring plan to help relieve Covid stress on industry, Reserve Bank of India on Monday released the K V Kamath panel’s report suggesting financial parameters for 26 pandemic-hit sectors. RBI said it has broadly accepted the panel’s suggestions. According to the report, lenders must mandatorily consider total outstanding liabilities/ adjusted tangible net worth, total debt/Ebitda, current ratio, debt service coverage ratio, and average debt service coverage ratio while finalising loan resolution plans. Only those companies whose loans accounts are in default for not more than 30 days as on March 1, 2020 will be eligible for one-time restructuring. RBI said the panel will vet resolution plans for all accounts where the exposure is more than `1,500 crore. For sectors where ratios have not been specified, lenders can make their own assessment. THE CHOSEN ONES Power; construction; iron and steel manufacturing; roads; real estate; wholesale trading; textiles; chemicals; consumer durables/FMCG; non-ferrous metals; pharma manufacturing; logistics; gems and jewellery; cement; hotels, restaurants, tourism; mining; plastic products manufacturing; auto manufacturing; auto components; auto dealership; aviation; sugar; port and port services; shipping; building materials; and corporate retail outlets The central bank said the resolution framework needs to be invoked by December 31 this year. Plus, the plan must be implemented within 180 days from the date of invocation. RBI had on August 7 constituted the panel led by veteran banker Kamath to suggest financial parameters to be factored in while offering resolut i o n fo r C ov i d 1 9 - re l at e d economic stress. While banks are yet to ascertain the amount that will be restructured, India Ratings pegs the restructuring quantum from the corporate sector in FY21 at `3.3-6.3 lakh crore. DETAILED COVERAGE: P10 ‘Optics of fiscal deficit can hurt Centre-state ties’ Scan the QR code or watch the full YouTube video on bit.ly/2ZfdTQy EXPRESS NEWS SERVICE MONEY often is at the root of all ugly family squabbles. The lack of it is now threatening to fracture the giant, but fragile, Indian GST family The Centre, . which missed payments, proposed two options, both involving state borrowals, causing cracks in the One Nation, One Tax reform. But there is across the board agreement that the Centre must provide for the shortfall, else it could endanger the spirit of Centre-state cooperation, as underscored in TNIE’s ex- EXPRESS READ 75% of KPCL shares divested to Adani Ports Vijayawada: The Andhra Pradesh government on Monday consented for divestment of 75 per cent shareholding in Krishnapatnam Port Company Limited (KPCL) in favour of M/s Adani Ports and Special Economic Zone Limited (Adani Ports), with a condition that the shareholders, post divestment, shall jointly honour all obligations due to the government as per the covenants of the Revised Concession Agreement. NATCO Genomik Private Limited holds the remaining 25 per cent of shares | P3 T M Thomas Isaac T Harish Rao For transcript on TNIE site, go to bit.ly/3i89w0Z Basavaraj Bommai clusive group-chat with three state finance ministers. Dr T M Thomas Isaac, Minister of Finance, Kerala was emphatic that states cannot sacrifice GST compensation. According to him, the Centre must borrow, but if it’s too afraid of the ‘optics of fiscal deficit going up’, the least it should do is to empower the GST Council to borrow, while it stands guarantee. Concurring with Isaac, T Harish Rao, Minister of Finance, Telangana put forth the elementary logic of lower borrowing costs for the Centre and access to overseas capital. “We were told, if Centre bor- P U S H K A R B A N A K A R @ New Delhi rows economy will go down, but if states borrow it won’t. How can it be?” he wondered. On the other side of the spectrum, Basavaraj Bommai, Minister of Finance (Additional Charge), Karnataka, said such confrontationist attitudes won’t offer solutions and urged states to be prudent. AP second state after Maharashtra to record five lakh coronavirus cases EXPRESS NEWS SERVICE @ Vijayawada ANDHRA Pradesh on Monday became the second state in India to record more than five lakh Covid-19 cases. It is only behind Maharashtra, which has reported 9.07 lakh cases. The first case in Andhra Pradesh was recorded on March 12, when a youngster who returned to Nellore from Europe tested positive for coronavirus. The number of cases rose to one lakh in about VIRAL WATCH 70 8,368 new deaths new cases 10,055 new recoveries 58,187 new samples tested four months (by July 27), touched the two lakh mark within the next 11 days (August 7), and the three lakh mark in the subsequent 11 days (August 18). The tally touched four lakh by August China accuses Indian troops of crossing LAC 28, and took 10 more days to reach five lakh. The state has a positivity rate of 12.16 per cent — the third-highest in the country. Maharashtra has the highest (19.49 per cent), followed by Chhattisgarh (16.33 per cent). Andhra Pradesh has conducted 41 lakh tests — the fourth-highest in the country . The top three spots are occupied by Uttar Pradesh (65 lakh), Tamil Nadu (52 lakh) and Maharashtra (46 lakh). CONTINUED ON P5 CHINA late on Monday night accused Indian troops of illegally crossing the Line of Actual Control (LAC) and firing warning shots. The midnight allegation did not evoke an immediate reaction from the Indian side. “The Indian Army again illegally crossed the Line of Actual Control in Shenpao mountain near the south bank of Pangong Tso Lake on Monday The Global Times tweet,” ed quoting the spokesperson of the Western Theatre Command as saying. According to the paper, the Chinese spokesperson said PLA was forced to take countermeasures to stabilise the situation after Indian troops ‘outrageously’ fired warning shots at Chinese troops who were about to negotiate. CHANDA KOCHHAR’S HUSBAND DEEPAK ARRESTED The Enforcement Directorate has arrested Deepak Kochhar in connection with a money laundering case | P10
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08-09-2020 of The New Indian Express-Vishakapatnam