vijayawada l saturday l june 05, 2021 l `7.00 l PAGES 12 l late city EDITION BIDEN TAKES tRUMP Legacy FORWARD, TARGETS cHINA US President on Thursday issued an executive order prohibiting Americans from investing in as many as 59 Chinese companies Satellite firms, ic chip makers On blacklist Stakeholders have one year to divest On the blacklist are manufacturers of integrated circuits, optical components, satellite communications equipment and software. These firms are suspected to have close ties with the Chinese military or are providing surveillance services, such as face-recognition technology. The aim is to prevent such companies from accessing US capital ■ ■ ■ American investors already holding shares in the 59 prohibited companies have one year to offload their stake US firms have also been prohibited from transferring technology to Chinese companies without permission from the government There were 44 Chinese firms on the blacklist under Trump regime August 2 Day President Biden’s executive order will come into effect 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 Make in India DAC’s nod to `43,000-cr project to build six subs M AYA N K SI N G H @ New Delhi In one of the largest Make in India projects in the naval sector, the Defence Acquisition Council (DAC) on Friday approved a Request for Proposal (RFP) to build six conventional submarines at an estimated cost of `43,000 crore. The project will be under the strategic partnership model, P 75 (I), which means the whole process will be led by an Indian manufacturer. The submarines will be equipped with the state-of-theart Air Independent Propulsion system, the defence ministry said. The DAC meet was chaired by Defence Minister Rajnath Singh. On January 21 last year, two domestic shipyard companies — Mazagon Dock Shipbuilders Ltd (MDL) and Larsen & Toubro (L&T) — were identified as strategic partners for the P 75 (I) programme. These two strategic partners will now get the RFP in about a month and do the legwork. Contract signing can happen by 2022-end assuming the project is on the fast track. It’s a 30-year project and its first submarine ought to be ready in about 10 years. The DAC also approved Army’s `6,000 crore plan to procure air defence guns and ammo under the Buy & Make (Indian) category . AP Amul project launched in West Godavari Chief Minister YS Jagan Mohan Reddy launched the Jagananna Palavelluva - AP Amul Project in West Godavari district on Friday, which will cover 153 villages | P4 RBI cuts growth projections, pauses rates Ongoing 2nd Covid wave derails central bank’s estimates for revival of economy s E S A s E N @ New Delhi an explicitly dovish-toned RBI on Friday chose to keep interest rates unchanged as it lowered GDP growth projection for the current financial year to 9.5%, dashing hopes of a double-digit economic growth. The downward revision highlights the economy-wide stress. Even as RBI Governor Shaktikanta Das was convinced a normal monsoon and business resilience can E x p r e s s N e w s Se r v i c e @ New Delhi In what is expected to further ease the supply of raw materials to vaccine manufacturers in India, the United States has decided to lift the Defense Production Act (DPA) ratings on three Covid vaccines — AstraZeneca, Novava and Sanofi. AstraZeneca and Novavax are being man- ufactured by the Serum Institute of India (SII). “While the manufacturers will continue to make these three vaccines, this action will allow US-based companies that supply these vaccine manufacturers to make their own decisions on which orders to fulfill first,” White House Covid-19 response aid economic recovery he ad, mitted there were risks to the growth. The central bank was also mindful of the inflation, which it estimates to be at a moderate 5.1% for FY22 despite the recent rise in commodity prices, which the monetary policy committee feels is driven by supply-side constraints. Announcing a slew of liquidity measures, Das said RBI’s focus is now shifting to equitable distribution of liP10 quidity . E XPR E SS N E WS S E RVIC E @ New Delhi RBI has lowered the growth estimate for 2021-22 from 10.5% forecast earlier to 9.5% as “sudden rise in Covid-19 infections and fatalities has impaired the nascent recovery that was underway”. According to RBI’s revised estimates, Q1 growth is now pegged at 18.5% against 26.2% projected earlier. Q2 growth was lowered marginally to 7.9% from 8.3% good monsoon to temper Inflation “A normal south-west monsoon along with comfortable buffer stocks should help to keep cereal price pressures in check,” Das said. However, rising commodity prices, especially crude, together with logistics costs could pose serious challenges to the outlook. Das pegged quarter-wise inflation projections for FY22 at 5.2% in Q1; 5.4% in Q2; 4.7% in Q3; and, 5.3% in Q4, with risks broadly balanced pOLICY RATES KEPT AT RECORD LOW The six-member Monetary policy committee decided to keep repo rate (at which banks borrow from RBI), unchanged at a record low of 4% and the reverse repo rate (at which RBI borrows from banks) at 3.35%. RBI had slashed the repo rate by 115 bps since March 2020, to soften the blow from the pandemic. It was last revised in an off-cycle policy review in May Targeted regulatory measures RBI introduced a liquidity window of `15,000 crore for contact-intensive sectors such as hotels & restaurants, transport, tourism, event management companies and beauty salons that have been disproportionately targeted in the latest round of lockdowns. The window is available till March 2022. RBI has also enhanced the threshold exposure for availing its restructuring programme for small businesses and loans to individuals for business from `25 crore to `50 crore `1.2 lakh crore Bond buying RBI has announced the second phase government bond-buying scheme – G-SAP 2.0 – under which it will buy `1.2 lakh crore worth of bonds in July-September G J ana r d hana Ra o @ Visakhapatnam K a l i pat nam Rama Ra o 1924-2021 Ka.Ra. Master believed short stories reflect complex human relations and life in a way that is at once arresting and thought-provoking. After having worked in the district court as a reader in the copying department, typist in the receivers’ office at Kotauratla Pages from the original manuscript of Yagnam, gifted by KaRa master to Dr Narendranath, former NIMS director and as a clerk in the staff royal engineering company, he joined the Naval Armaments Depot for a salary of `80 per month in 1946. He quit the comfortable job as he couldn’t find time to read and pen stories. Following his marriage with Lakshmi in 1948, he took a teacher training course and later joined St Anthony School in Vizag as a math teacher for `40 a month and worked till his retirement in 1979. “Aa ‘Lekkala Master’ (math teacher) later became popular as ‘Kathala Master’,” says former UPSC member and V-C of AKNU KS Chalam. Rama Rao Master used to offer free coaching in maths to poor and P4 backward students. coordinator Jeff Zients said. The DPA gives the US president powers to allocate materials, services, and facilities and award contracts that are prioritised over others to promote national defence. Former President Donald Trump had invoked the Act last February saying it will be used to protect America from coronavirus. The law prevents companies from exporting certain goods to keep them within the US. Of the 350-odd ingredients used for vaccine manufacture, the US is the source for 70% of them. The issue of the DPA bar was first flagged by SII’s Adar Poonawalla, which created an uproar, forcing the Biden administration to partially lift it. ‘3rd wave will peak early if Covid code is ignored’ FY22 GDP GROWTH LOWERED TO 9.5% Telugu literature loses its ‘Lekkala master’ Champion of Telugu short stories and recipient of Kendra Sahitya Academy Award Kalipatnam Rama Rao (97), popular as Ka.Ra Master, breathed his last at his residence in Srikakulam Friday. His death is an irreplaceable loss to the Telugu literary world, for, his contribution to its evolution, enrichment and survival is unmatched. Kathanilayam library, the one-stop centre for Telugu stories, is a standing testimony to his love for the language. Born out of his ambition to preserve Telugu literature for generations to come, Kathanilayam is the most significant contribution anyone could have ever made to the cause of the Telugu short story . Advantage for SII as US raw material bar off life-saver Two youths carry an oxygen cylinder on a two-wheeler during heavy rain in Vijayawada on Friday | P Ravindra Babu NATIONWIDE Fresh cases Recoveries Deaths june 3 june 4 1,34,154 1,32,364 2,11,499 2,07,071 2,887 2,713 statewide Fresh cases Recoveries Deaths june 3 11,421 16,223 81 june 4 10,413 15,469 83 express read Krishna district gets new Collector Vijayawada: The State government has transferred 20 IAS officers. Krishna District Collector A Md Imtiaz has been transferred and posted as Special Secretary of Minorities Welfare Department. In his place, J Nivas, currently serving as Srikakulam Collector, has been posted. P4 Vizagite conquers Mt Everest, aims to scale new peaks E x p r e s s N e w s Se r v i c e @ Visakhapatnam A youth from Vizag has conquered Mt Everest. Anmish Varma Bhupati Raju (25) reached the peak of the world’s highest mountain at 5 am on June 1. “This is the biggest achievement in my life. I cannot express in words how happy I am. Being on top of the world is a feeling like no other. I feel very relieved as the expedition to Mt Everest is finally successful. Our team climbed 8,848.86 metres to reach the summit. I thank each and every individual and company who have supported me morally emotionally and finan, cially said Anmish. ,” Speaking to TNIE over phone from the mountaineering expedition site on Friday, Anmish said, “Conquering all seven summits in all continents is my aim. Already, I have conquered three of them. I am planning to climb the remaining four at the earliest.” He said he was the only mountaineer from South India who Anmish Varma Bhupati climbed the summit Raju on Mt Everest this season. He conquered Mt Everest in his second attempt after he failed in the first attempt in 2019 from the China side. Anmish is very much interested in adventure sports. His tryst with mountaineering came in 2017. As he was at a high level of fitness due to his several years of training in martial arts, he was looking for something more challenging. He was initially trained by Adventure Sports Academy at Gandikota. Later, he did a basic mountaineering course at Himalayan Mountaineering Institute at Darjeeling and advanced course at Jawahar Institute of Mountaineering at PahalP5 gam, Jammu and Kashmir. Chances of a third wave of the coronavirus pandemic are pretty high and the next phase could turn out to be as bad as the current wave if people let their guard down, a top official warned on Friday . Talking to reporters during a press briefing by the health ministry on Friday, Dr V K Paul, member (health), Niti Aayog, underlined that the pandemic situation had improved not because of the virus behaviour but because of the measures taken to curb its spread. “If we again start doing what we were doing as a society in December 2020 and January 2021, the situation can again go into a difficult phase,” added Paul, who also heads the country’s national Covid task force. The more people neglect following Covid-appropriate behaviour, the more intense will be the next wave, he warned. “But if we proceed slowly and continue the tightrope walk, the wave will be small… Maybe, there will be no waves at all,” he noted. Dr Paul, however, insisted that improvement in the pandemic situation will not happen automatically . “There are no crowds... a price that we pay but we have made it difficult for the virus to travel. We have to remember that when the peak is declining, if we start doing what we were doing in January, it will Ready for worst-case scenarios, says govt The Central government is prepared for the worst-case scenario and guidelines on upgrading medical infrastructure for kids will soon be shared with states, Dr Paul said come back again. This is mathematically valid and also valid by c o m m o n s e n s e, ” h e stressed. Many experts have said that while a third wave of the pandemic is a real threat and is very likely to occur given the large number of people susceptible to the virus, it is difficult to predict its timing and intensity .
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