kalaburagi l Saturday l February 15, 2025 l `9.00 l PAGES 18 l city EDITION `45 lakh crore wiped out from equity markets so far this year The decline, driven by weak quarterly earnings, high valuations, and FII outflows, saw `24 lakh crore loss in the past week alone indices in the red eight times in a row On Friday, the BSE Sensex and NSE Nifty closed in the red for the eighth consecutive session, with the Sensex dropping 199.76 points to 75,939.21 and the Nifty falling 102.15 points to 22,929.25. The decline has been much steeper in the midcap and smallcap segments, mostly owing to FII sell-off, as they shifted focus to other emerging markets 1.5% market cap dips below $4 trillion mark ■ Market capitalisation of BSE firms, which was B479 lakh crore on September 27, 2024, fell to B401 lakh crore by February 14 ■ Bloomberg data (which excludes ETFs and ADRs) shows India’s market cap dipped below the $4 trillion for the first time in over 14 months. President Trump’s tariff policies, too, is a factor in the dip by which Rupee depreciated against the U.S. dollar year-to-date 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 Def, trade deals to ease tariff sting 10-year defence partnership framework, $500-billion mega trade deal in the works; India to get F-35 fighter jets from US Trump told a joint news conference with Modi. “We’re also INDIA and the US on Friday de- paving the way to ultimately cided to bolster their ties provide India with the F-35 through a mega trade deal that stealth fighters,” he said. will see bilateral trade hit an “The leaders pledged to accelunprecedented $500 billion in erate defence technology coopfive years and a new defence eration across space, air deframework that will rekindle fense, missile, maritime and cooperation across space, air undersea technologies, with the defence, missile, maritime, and US announcing a review of its undersea technologies. policy on releasing fifth generaNotably India will get the cov- tion fighters and undersea sys, eted F-35 fighter jets from tems to India,” the joint the US, which is keen to statement said. expand defence sales In the wake of Trump and co-production with announcing reciprocal India. New Delhi will tariffs, a major part of also consider importing the discussion was oil and gas from the US around trade issues and to narrow the trade defitaking measures to have cit to a large extent. a road map for a bilaterSpeaking to the media al trade agreement. We believe at a joint press meet af“Today, we have set a that ter talks with US Presi- collaboration target of more than douand dent Donald Trump, bling bilateral trade to cooperation Prime Minister Naren$500 billion by 2030. Our dra Modi said India and between India teams will work on an and America the US can have a MEGA early conclusion of a can shape a partnership for prospermutually beneficial better world ity by aligning Trump’s Trade Agreement. We Prime Minister MAGA (Make America will strengthen the oil Narendra Modi Great Again) with his and gas trade to ensure own MIGA (Make India India’s energy security. Great Again). Investment in energy inReflecting the tone and sub- frastructure will also increase,” stance of their nearly four-hour Modi said. meeting, which included formal President Trump acknowltalks, dinner, and a press confer- edged India’s decision to reduce ence, the joint statement issued tariffs on certain imports and after the meeting mentioned expressed his intention to begin “cooperation” 18 times, “collab- discussions on trade disparioration” 11 times, and “trade” ties, aiming to reach an agree16 times. ment. He also suggested that the “Starting this year, we’ll be trade deficit with India could be increasing military sales to In- addressed through the sale of dia by many billions of dollars,” oil and gas. India rejects offer to mediate on China row JAYANT H JACO B @ New Delhi JAYANT H JACO B @ New Delhi Prime Minister Narendra Modi with US President Donald Trump at the White House, in Washington, DC, on Friday | PTI KEY HIGHLIGHTS US to sell more military hardware, including F-35 stealth combat jets, to India 10-yr defence framework 2008 US to fast-track extradition of 2008 Mumbai terror attack accused Tahawwur Rana to facilitate easier trade of defence goods and services between the US and India Joint weapons production, defence technology transfer on the cards India to buy P-8I long-range maritime surveillance and antisubmarine plane India to buy more oil and gas from U.S. Target set to double bilateral trade to $500 billion by 2030 U.S. to back India’s bid to join Int’l Energy Agency as a full member INDIA on Friday rejected Donald Trump’s offer to mediate in the ongoing tensions between India and China, after the US president expressed his willingness to help stop what he called the “vicious skirmishes” along the India-China border. Speaking to reporters, Foreign Secretary Vikram Misri said India always addresses issues with neighbouring countries through bilateral discussions and this approach remains unchanged in the case of China. “We have always adopted a bilateral approach to dealing with these issues. It’s no different between India and China. We have been discussing any issues that we have with them on a bilateral plane, and we will continue to do so,” Misri said. The foreign secretary’s comment was in response to a question during a media briefing about Trump’s proposal that he could mediate between India and China o ve r t e r r i t o r i a l d i s p u t e s a n d skirmishes. Earlier, at the joint presser with Modi, Trump had said: “I look at India, I do see the skirmishes on the border, which are quite vicious, and I guess they continue to go on. If I could be of help, I’d love to help, because that should be stopped.” Trump said he enjoyed a “very good relationship” with China in his first term and that he got along with Chinese President Xi Jinping very well. “We were very close, as leaders go,” he said. 2nd plane with deportees lands in Amritsar today H a r p r ee t B a j w a @ Chandigarh A US aircraft carrying 119 illegal immigrants is likely to land at the Amritsar airport on Saturday, the second such batch of Indians deported by the Donald Trump dispensation as part of its crackdown against illegal immigration. According to official sources, the aircraft is expected to land at the Guru Ram Dass International airport in Amritsar around 10 pm on Saturday Among the 119 Indi. an immigrants, 67 hail from Punjab, 33 from Haryana, eight from Gujarat, three from Uttar Pradesh, two each from Goa, Maharashtra and Rajasthan and one each from Himachal Pradesh and Jammu and Kashmir, officials said. A third US plane carrying deportees is also expected to land on February 16. The development came days after a US aircraft carrying 104 deportees landed at the Amritsar airport last week. Of them, 33 each were from Haryana and Gujarat and 30 from Punjab. Political leaders in Punjab have questioned the choice of Amritsar for the the US flight’s touchdown. Punjab Chief Minister Bhagwant Singh Mann launched a tirade against the Centre, calling it a conspiracy to defame Punjab. Mann questioned why Amritsar was chosen for the landing, as there are hundreds of airports in the country “ I l . legal immigration is not only Punjab’s problem, but is a national issue,” Mann fumed. @ Bengaluru Karnataka is at the top in the devolution index ranking after a 2023-24 study by the Indian Institute of Public Administration (IIPA) found that Panchayats in the state demonstrated exemplary financial management practices and accountability, besides working fairly and efficiently . The IIPA’s report, ‘Status of Devolution to Panchayats in States — An Indicative Evidence Based Ranking’, was released by Union Minister of State in the Ministry of Panchayati Raj Prof SP Singh Baghel, in New Delhi on Thursday States/Union Ter. ritories were ranked according to the overall Panchayat devolution index and six dimensions: Framework; Functions; Finances; Functionaries; Capacity Enhancement and Accountability Karnataka topped . the chart in the Devolution Index and in the key sub-indices of ‘Finances’ and ‘ ccountability’. A The report states that the overall analysis of indicators demonstrates the state’s commendable performance across nearly all identified metrics. According to the report, Karnataka delegates a significant number of functions to Panchayats while assigning them substantial roles in vertical schemes designed by the Union government. As per the report, the state is among the front-runners in re- The four-day Global Investors’ Meet (GIM), Invest Karnataka 2025, has attracted Rs 10.27 lakh crore investment commitment, and it is likely to generate over six lakh jobs. The event, which concluded on Friday saw major con, tribution (about 41% of total investments), in the renewable energy space, followed by manufacturing -- core (15%), sunrise sectors (14%), infrastructure and industrial/logistics parks (11%), general manufacturing (10%), and startup capital (9%). Of the total investments, Rs 4.03 lakh crore comprises commitments that are recognised or announced and the rest -- Rs 6.23 lakh crore -- are based on MoUs signed, Industries Minister MB Patil told reporters. Patil said over 45% of these investments are in North Karnataka. This year, close to 75% of the total investments are outside Bengaluru. “Several companies have shown keen interest in large-scale investments. If these discussions bear fruit, the final investment figure could be even higher,” he said. He expects that 70% of these investment commitments will be realised in the next few years. Patil said JSW Group committed Rs 1,20,000 crore investments across renewable energy cement, steel and affiliate businesses, , and Baldota Steel and Power announced Rs 54,000 crore investment for an integrated steel plant. P4 Clean chit to Siddu, wife in MUDA case? Mysuru: Lokayukta police have reportedly given a clean chit to CM Siddaramaiah, his wife and relatives in the alleged scam in allotment of sites by MUDA under the 50:50 scheme. According to sources, in the final probe report submitted to the central office, the Lokayukta police stated that MUDA officials were responsible for lapses in the allotment of sites and the CM or his wife and relatives had no role in it | P5 Luxe watches in Jaya’s kitty shock court staff engines down An Indian Air Force EADS CASA C-295 tactical airlifter waits on the tarmac at Yelahanka Air Force Station, as the Sun sets on Aero India 2025 in Bengaluru on Friday | allen egenuse j | P4 leasing and utilizing the grantsin-aid of the 15th Finance Commission in time. On account of the State Finance Commission recommendations, the money is released to Panchayats in a timely manner. Panchayats in the State enjoy maximum power to levy taxes and non-taxes, the report stated. The report states that Karnataka topped in the ‘ ccountability’ dimension and A the highest score in the indicator of ‘Social Audit’ and ‘Gram Sabha’. Under the ‘Functionaries’ dimension, the state has one of the maximum number of Panchayat officials working as per the sanctioned positions prescribed by the state. P5 According to the report, Karnataka delegates a significant number of functions to Panchayats while assigning them substantial roles in vertical schemes designed by the Union government IIPA Report E x p r e s s n e w s s e r v i c e @ Bengaluru express read Karnataka tops in devolution index ranking, says IIPA report Express news service Invest K’taka 2025 attracts `10.27L cr commitment Bengaluru:Those in the special court were left dumbstruck after finding three luxury watches, which were not even opened from their boxes, while carrying out valuation and documentation of valuables seized from former Tamil Nadu chief minister J Jayalalithaa in the disproportionate assets (DA) case. These watches were part of around 468 confiscated items documented in the court on Friday | P5 all for msp Farmers meet Central team, to talk on Feb 22 H a r p r ee t B a j w a @ Chandigarh A meeting between a Central team led by Union Minister Pralhad Joshi and farmers’ representatives to discuss their demands, including a legal guarantee for MSP on crops, was held here cordially on Friday followed by a consensus on the next round of talks slated for February 22. Union Agriculture Minister Shivraj Singh Chouhan is likely to take part in the next meeting The over two-and-ahalf-hour meeting with the 28-member delegation from the Samyukta Kisan Morcha (Non-Political) and the Kisan Mazdoor Morcha was held after a year-long protest by farmers. The two outfits have been spearheading the ongoing farmers’ protest at Shambhu and Khanauri on the PunjabHaryana border for the past one year. Following the meeting at the Mahatma Gandhi State Institute of Public Administration here, Joshi said the talks were held in a cordial atmosphere. “Details about the steps taken by the Narendra Modi government for farmers’ wel- fare were shared with their leaders in today’s meeting,” he added. Farmer leader Jagjit Singh Dallewal, who is on an indefinite fast, said that the meeting was held in a positive atmosphere. He was brought to the meeting venue from Khanauri protest site in an ambulance. Dallewal, the Samyukta Kisan Morcha convenor, has been on an indefinite hunger strike at the Khanauri border point since November 26 to press the Centre for a legal guarantee for MSP on crops, among other demands. Farmer leader Abhimanyu Kohar said that the central team urged Dallewal to end his fast. trump tariffs face firm response from eu The European Union said Trump’s plans were a step in the wrong direction that heightened economic uncertainty and disrupted the efficiency of global markets; the EU will react firmly and immediately with reciprocal duties | P9