$ Foreign institutional investors are exiting India as they find US and European markets, with rising interest rates, more attractive HIGHEST EVER SALE BY FOREIGN INVESTORS ■ Source: NSDL SELLING SPREE LIKELY TO CONTINUE So far in 2022 (calendar year), FIIs have pulled out a whopping $21.3 billion (`1.62 lakh crore) from India, making it the highest ever net sale by foreign investors in Indian stock markets in less than five months. It has also dragged half the Nifty 50 shares into a bear market. A financial asset slips into a bear market when it falls more than 20% from its recent highs May* 17,144 * Till May 24 April March February HYDERABAD  WEDNESDAY  MAY 25, 2022  `9.00  PAGES 16  LATE CITY EDITION FIIs PULL OUT $21 BILLION FROM INDIA SO FAR IN 2022 January BIG PULLOUT 34,966 41,123 35,592 Outflow (H crore) 33,303 Total 1,62,128 ■ Analysts expect FIIs to continue their selling spree, at around `32,000-33,000 crore a month, till the US Fed pauses rate hikes Meanwhile, fund flows into domestic equities via participatory notes (P-notes) rose to `90,580 crore in April from `87,979 crore in March as investors shifted base from China to India | P10 `52,987 cr AMOUNT PULLED OUT BY FIIs FROM INDIA DURING THE 2008 FINANCIAL CRISIS CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Will TS be allowed to raise FRBM loans? Politics will decide V V BA L A K R I S H N A @ Hyderabad BJP fumes as Rahul meets known India baiter Corbyn NOW, it is politics that would decide whether or not Telangana could go in for open market borrowings for this year. The Union Finance Ministry officials, after hearing the arguments of the State Finance officials for allowing the State to borrow, left the matter to Union Finance Minister Nirmala Sitharaman to take a call. After the Union Finance Ministry denied the permission for Telangana to raise Fiscal Responsibility and Budget Management Act (FRBM) loans, Special Chief Secretary (Finance) K Ramakrish- na Rao left for Delhi on Friday and stayed put there for five days. He submitted necessary letters and required pieces of evidence to substantiate his argument for permission to go in for open market borrowings. According to sources, the Union Finance Ministry officials are ‘convinced’ with his arguments. However, the Union Finance Ministry officials were non-committal on the State’s FRBM loans. The sources said that the Ministry officials would now refer the matter to the Union Finance Minister. “Officials are convinced. But, THE POSSIBILITIES  If the ‘political decision’ is positive, the State would be able to raise some portion of the `53,000 crore market borrowings it proposed in the 2022-23 Budget. If not, then it may take legal recourse  Till date, no TRS leader has made any official comment on the Centre’s denial to State to raise FRBM loans they cannot take any decision. A political decision is required to allow TS to raise the FRBM loans,” Finance Ministry officials reportedly informed the State government officials. “Telangana’s case may not go up to PM Narendra Modi’s level. The Union Finance Ministry will take a decision,” the Union Finance Ministry officials had told the State government honchos. But, in the present political scenario, especially after Chief Minister K Chandrasekhar Rao began attacking the BJP-led Central government, it remains to be seen if the ‘political decision’ on borrowings will be in the State’s favour or not. There is also a likelihood of the entire issue going to the Prime Minister as both the TRS and BJP are locked in an intense political war in the State. India-US thrust Amalapuram burns over renaming of dist on critical and emerging tech EXPRESS NEWS SERVICE @ Kakinada E X P R E SS N E WS S E R V I C E @ New Delhi CONGRESS leader Rahul Gandhi’s meeting with British MP Jeremy Corbyn, who is known for his ‘anti-India’ views, in London has snowballed into a controversy back home. Rahul, who is on a visit to the UK, had met Corbyn on Monday and the Indian Overseas Congress shared a photo of the two along with Sam Pitroda, a close aide of the Gandhis. Demanding a clarification from the Congress, the BJP on Tuesday alleged the photo is Rahul’s endorsement of Corbyn’s position on Kashmir. “Rahul Gandhi meets UK MP and Labour leader Jeremy Corbyn who is known for his hatred and dislike for India, advocates Kashmir’s secession. Or how long and how much one can go on against one’s own country tweeted Union minis,” ter Kiren Rijiju. BJP’s national spokesperson Gaurav Bhatia said Rahul is a leader whose statement was once quoted by Pakistan in the dossier submitted to the UN against India. “The picture in which Rahul Gandhi is seen with Corbyn shows how Gandhi scion loves to be with those who nurture anti views against India”, Bhatia said. Defending the meeting, Congress chief spokesperson Randeep Surjewala said there is nothing unsual in political leaders having divergent meeting. Surjewala also shared a picture of Corbyn with PM Modi and asked, “Does it mean PM has endorsed Jeremy Corbyn’s views on India?” NATIONWIDE MAY 23 MAY 24 Fresh cases Recoveries Deaths 2,022 2,099 46 1,675 1,635 31 TELANGANA MAY 23 MAY 24 Fresh cases Recoveries Deaths 27 52 0 50 45 0 Want our ties to be closest on earth: Biden committed to make the IndiaUS partnership the closest on AMID US President Joe Biden earth,” Biden said. assuring Prime Minister Both leaders reviewed the Narendra Modi during their progress made in the India-US meeting in Tokyo that he is Comprehensive Global Stratecommitted to make the bilat- gic Partnership wherein they eral partnership the closest on are committed to strengthen earth, the two sides announced their defence partnership and the launch of a new initiative collaborate on health and panon critical and emergdemic preparedness. i n g t e c h n o l o g i e s China-Russia “Even though trade air drama (iCET) by their respecand investment betive National Security tween the two counChinese and Councils. tries is expanding it Russian India also joined the still is much below our warplanes on Combined Maritime potential, the India-US Tuesday Forces (CMF) based in conducted joint Strategic Partnership Bahrain as an associis a partnership of air patrols over ate member. The CMF the Sea of Japan, trust. Our shared valis a naval coalition of ues and our common the East China over 30 countries that i n t e re s t s. . . h ave Sea and the upholds rules-based strengthened the West Pacific order by countering Ocean during the bonds of this trust,” non-state actors on the Quad summit in Modi said adding that high seas and promotwith the India-US InTokyo, in a ing security, stability message of unity vestment Incentive and prosperity across Agreement he hoped the world’s most important to see concrete progress. shipping lanes. “The US has overlooked InA White House readout of dia’s stand on Russia, primarithe talks said both also noted ly to strengthen its position in the establishment of the Indo- the Indo-Pacific where they Pacific partnership for mari- want to counter China and the time domain awareness, which threat it is posing to countries plays a critical role in econom- like Taiwan. Indo, too, has been ic security and responding to putting forth its point on the humanitarian crises. Chinese military built up “There is so much our coun- around the LAC,’’ said an exP7 tries can do together and I am pert on India-US ties. Y E S H I S E L I @ New Delhi JAB-O-METER TAKE YOUR SHOT May 23 11,91,382 doses May 24 11,38,116 doses TOTAL DOSES 1,92,65,52,757 Prime Minister Narendra Modi and US President Joe Biden during a bilateral meeting on the sidelines of the Quad Summit, in Tokyo on Tuesday | AFP Govt lifts import duty on sunflower oil and soybean, curbs sugar exports to cool prices E X P R E SS N E WS S E R V I C E @ New Delhi AS part of its efforts to tackle mounting inflationary pressure, the Centre on Tuesday exempted import levy and cess on crude soybean oil and sunflower oil on a quantity of 20 lakh tonnes a year for two years. At the moment, there is a 5% agricultural infrastructure and development cess for importing these items. The latest move could bring relief to consum- ers as it will cool cooking oil prices. The government has already scrapped base customs duty on almost all edible oils, including palm oil and soybean oil, and imposed inventory limits to curtail hoarding. The decision comes in the backdrop of oil prices jumping as much as 17% last month. The overall retail inflation in April stood at a high 7.8%. India is one of the top importers of vegetable oil in the world. Prices of edible oils skyrocketed after the Ukraine-Russia war started and Indonesia put a ban on palm oil exports. In another development, the Centre also restricted sugar exports to 100 lakh tonnes to maintain enough domestic supply and prevent rise in prices. “Sugar mills and exporters need to take approvals in form of Export Release Orders from Directorate of Sugar, Department of Food and Public Distribution,” a government statement read. A protest against renaming Konaseema after Dr B R Ambedkar turned violent when a mob set ablaze the residences of Transport Minister P Viswarup and M Mummidavaram MLA P Satish in Amalapuram town a n d s eve r a l ve h i cl e s o n Tuesday . The violent incidents left 20 police personnel, including a DSP, injured. A protestor was also injured. Hundreds of youngsters reportedly belonging to a newlyformed outfit, ‘Konaseema Parirakshana Samithi defied prohibitory orders and took to the streets, indulging in arson and rioting. The organisation Protesters set Minister P Viswarup’s house on fire in Amalapuram on Tuesday was formed after the State government issued an order on May 19, proposing to rename Konaseema district and invit- ing objections, if any in 30 days. The men took out a rally from Subakalasam Centre to the district collectorate, but were pre- vented by the police citing the Section 144 CrPC that was promulgated on Monday A heated ar. gument ensued between the police and the agitators, broke through the barricades and continued their rally . The mob resorted to stone pelting when the police took some of the protestors into custody and shifted them to a bus. The policemen were injured in the incident. The mob also targeted the vehicle of district Superintendent of Police Subba Reddy . Police resorted to lathicharge but the agitators continued pelting stones and their march. At the district collectorate, three private buses and two APSRTC buses were set P5 on fire. Mann sacks his corrupt minister H A R P R E E T B A J W A @ Chandigarh GIVING a dramatic push to probity in public life, Punjab Chief Minister Bhagwant Mann on Tuesday sacked his health minister Dr Vijay Singla and got him arrested for seeking cut money for awarding government contracts and clearing payments. Singla was later produced before a local court, which remanded him in threeday police custody For his part, . Singla said, “It is conspiracy to defame the AAP and Bhagwant Mann government.” Both Singla and his Officer on Special Duty (OSD) Pardeep Kumar were booked by the police under the Prevention of Corruption Act based on a complaint from Rajinder Singh, Superintending Engineer in the Punjab Health Systems Corporation. The FIR said Singla’s OSD Kumar had demanded that the officer fetch 2% commission for a construction contract worth `41 crore the minister had already cleared and for a separate payment of `17 crore made to contractors in March. Since the total amount involved was `58 crore, 2% works out to `1.16 crore. When Rajinder Singh brought the harassment to Mann’s notice, he was asked Whistleblower’s dramatic complaint About a month ago, Rajinder Singh, Superintending Engineer in Punjab Health Systems Corporation, was called by Pardeep Kumar, OSD to Singla (pic), to room number 203 of Punjab Bhavan Singla was in a hurry to leave, but told the officer to fully trust Kumar. “Whatever Kumar says is what I intend to say,” he assured and left Kumar mentioned allotments of construction works worth L41 crore and a separate L17 crore already paid to contractors in March 2% of the total L58 crore or `1.16 crore should be paid as bribe, they said THE OFFICER REFUSED AND REQUESTED THAT HE BE SENT BACK TO HIS PARENT DEPARTMENT. HE IS DUE TO RETIRE ON NOVEMBER 30 to gather proof. The officer then taped a meeting he had with Singla and Kumar, where they reiterated their demand for bribe and said the cut money should be paid to his nephew. The officer handed over the explosive tape to the Chief Minister’s Office. Mann is learnt to have then confronted the minister with the recording and asked if the voice on the tape was his. Singla reportedly replied in the affirmative and was sacked. He is a first-time MLA and minister, as are most ministers in the Punjab ministry . Mann put out a video mes- sage making the announcement. “We found substantial proof of his corruption. I do not care if the opposition wants to use this to hit out at us,” he nonchalently claimed. Mann also sought to take the high moral ground saying this is the second time in the country’s history that a minister has been sacked by his own party for graft. The first one, he added, was in 2015 when AAP founder and Delhi CM Arvind Kejriwal chucked his own food supplies minister Asim Ahmed Khan on charges of corruption and handed him over to the CBI for questioning. STUDENTS UNDER SCANNER FOR PM VISIT? ISB ADMIN SAYS NO P I N T O D E E PA K @ Hyderabad AHEAD of Prime Minister Narendra Modi’s visit to ISB Hyderabad tomorrow, the Bschool’s students are reportedly under the scanner. Social media posts of the students criticising the Prime Minister, Central government etc are being verified by security agencies. Officials associated with the PM’s security arrangements, as a precautionary measure are carrying out background and antecedent verification. These steps in- clude verifying social media accounts of all those attending the convocation, including the students. Only after a clearance in this verification process, attendees including students would be allowed to enter the premises. Meanwhile, around 2,000 security personnel including police and State and Central agencies will be deployed for the event. Close to 1,500 personnel will be deputed inside the ISB campus, while others would be deputed for bandobast in the sur rounding areas. Denying the said allegation, an official spokesperson from ISB said that no such checks were being conducted on their students. “It is mere speculation and no such checks are being done. All the students who are graduating will attend the graduation ceremony and no one will be denied permission. Only a few students have already informed us that due to personal and medical emergencies they may not be able to make it, but apart from that, 900+ students will be in attendance at the event,” the spokesperson said. HELLO BRO Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and Telangana IT Minister KT Rama Rao meet on the sidelines of WEF summit in Davos on Tuesday Ashirvad Pipes of Aliaxis to invest `500 cr in TS E N S @ Hyderabad TELANGANA has attracted another major investment at the ongoing World Economic Forum (WEF) in Davos. The latest to join the list of global companies to invest in the State is Ashirvad Pipes of Aliaxis. As per an MoU signed between Aliaxis and Government of Telangana, in the presence of IT & Industries Minister KT Rama Rao on Tuesday, the world’s largest manufacturer of plastic pipes for construction and industry will set up a greenfield facility with an investment of `500 crore and it will also create 500 jobs. The deal is inked after Aliaxis CFO Koen Sticker met Rama Rao on the sidelines of WEF. Ashirvad Pipes is also in talks with the State government to set up a Centre of Excellence for Manufacturing in the State.