$ Highest ever sale by foreign investors Foreign institutional investors are exiting India as they find US and European markets, with rising interest rates, more attractive ■ 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 BHUBANESWAR l wednesday l may 25, 2022 l `9.00 l PAGES 16 l 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 India-US thrust on critical and emerging tech Y e s h i S e l i @ New Delhi Amid US President Joe Biden assuring Prime Minister Narendra Modi during their meeting in Tokyo that he is committed to making the bilateral partnership the closest on earth, the two sides announced the launch of a new initiative on critical and emerging technologies (iCET) by their respective National Security Councils. India also joined the Combined Maritime Forces (CMF) based in Bahrain as an associate member. The CMF is a naval coalition of over 30 countries that upholds rules-based order by countering non-state actors on the high seas and promoting security, stability and prosperity across the world’s most important shipping lanes. A White House readout of the talks said both also noted the establishment of the Indo-Pacific partnership for maritime domain awareness, which plays a critical role in economic security and responding to humanitarian crises. “There is so much our countries can do together and I am committed to make the India-US partnership the closest on earth,” Biden said. Both leaders reviewed the progress made in the India-US China-Russia air drama Strategic Partnership is a partnership of trust. Our shared values and our common interests... Chinese and Russian have strengthened the bonds of warplanes on Tuesday this trust,” Modi said adding conducted joint air that with the India-US Investpatrols over the Sea ment Incentive Agreement he of Japan, the East hoped to see concrete progress. China Sea and the “The US has overlooked InWest Pacific Ocean dia’s stand on Russia, primarily Prime Minister Narendra Modi and US President Joe Biden during the Quad to strengthen its position in the during a bilateral meeting on the sidelines of the Quad summit in Tokyo, in a Indo-Pacific where they want to Summit, in Tokyo on Tuesday | AFP message of unity counter China and the threat it is posing to countries like TaiComprehensive Global Strategic preparedness. wan. Indo, too, has been putting Partnership wherein they are “Even though trade and invest- forth its point on the Chinese milcommitted to strengthen their de- ment between the two countries itary built up around the LAC,’’ fence partnership and collabo- is expanding it still is much be- said an expert on India-US P7 rate on health and pandemic low our potential, the India-US ties.  mann sacks his Corrupt minister Govt lifts import duty on 2 edible oils H a r p r e e t B a j w a @ Chandigarh sacked. He is a first-time MLA and minister, as are Giving a dramatic push to most ministers in the About a month ago, Rajinder Singh, Superintending Engineer in Punjab probity in public life, Punjab Punjab ministry . Health Systems Corporation, was called by Pardeep Kumar, OSD Mann put out a video Chief Minister Bhagwant to Singla (pic), to room number 203 of Punjab Bhavan message making the anMann on Tuesday sacked his Singla was in a hurry Kumar mentioned 2% of the nouncement. “We found health minister Dr Vijay Singla to leave, but told the allotments of total substantial proof of his and got him arrested for seekofficer to fully trust construction works L58 crore corruption. I do not care ing cut money for awarding Kumar. “Whatever worth L41 crore or `1.16 crore if the opposition wants to gover nment contracts and Kumar says is what and a separate I intend to say,” he L17 crore already should be use this to hit out at us,” clearing payments. paid as bribe, assured and paid to contractors he nonchalently claimed. Singla was later produced bethey said left in March Mann also sought to fore a local court, which reThe officer refused and requested that he be sent back to his take the high moral manded him in three-day police parent department. He is due to retire on November 30 ground saying this is the custody. For his part, Singla second time in the counsaid, “It is conspiracy to defame the AAP and Bhagwant Mann total amount involved was `58 crore, try’s history that a minister has been sacked by his own party for government.” 2% works out to `1.16 crore. Both Singla and his Officer on When Rajinder Singh brought the graft. The first one, he added, was in Special Duty (OSD) Pardeep Kumar harassment to Mann’s notice, he 2015 when AAP founder and Delhi were booked by the police under the was asked to gather proof. The of- Chief Minister Arvind Kejriwal Prevention of Corruption Act based ficer then taped a meeting he had chucked his own food supplies minon a complaint from Rajinder Singh, with Singla and Kumar, where they ister Asim Ahmed Khan on charges Superintending Engineer in the reiterated their demand for bribe of corruption and handed him over P u n j a b H e a l t h S y s t e m s and said the cut money should be to the CBI for questioning. Kejriwal, of course, was suitably Corporation. paid to his nephew. The officer The FIR said Singla’s OSD Kumar handed over the explosive tape to impressed. “Your action has brought tears to my eyes,’’ he told Mann. But had demanded that the officer fetch the Chief Minister’s Office. 2% commission for a construction Mann is learnt to have then con- the Opposition mocked Kejriwal for contract worth `41 crore the minis- fronted the minister with the re- claiming earlier that corruption ter had already cleared and for a cording and asked if the voice on had been completely eradicated in separate payment of `17 crore made the tape was his. Singla reportedly Punjab within just 10 days of the to contractors in March. Since the replied in the affirmative and was Mann government in the saddle. BJP fumes as Rahul meets known India baiter Corbyn 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 min,” ister 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 P5 against India. Whistleblower’s dramatic complaint Youth shot dead near Sri Jagannath Temple E x p r e s s N e w s S e r v i c e @ Bhubaneswar/Puri IN A shocking incident, a 21-year-old youth was shot dead barely a hundred metres from the Lion’s Gate of Sri Jagannath Temple on Tuesday evening, indicating a dipping law and order situation in Puri ahead of the Rath Yatra. At about 8 pm, the miscreant opened fire at the victim, later identified as Sibar- am Patra, in front of Kakudikhai Temple. Hearing the gun shots, people ran helter skelter as it is a crowded area. Police and locals rushed Patra to Puri district headquarters hospital where doctors declared him brought dead. Preliminary reports said two bullets hit him. One hit him on the head, the other on his chest. Patra was a resident of Taluchha Sahi, a bylane of CONTINUED ON: P5 Harchandi Sahi. 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 consumers 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. Expressions SPECIAL FEATURE 16 pages, including 4 of expressions