tirupati l tuesday l june 21, 2022 l `9.00 l PAGES 12 l anantapur EDITION gotabaya one step away from losing unfettered powers Sri Lankan cabinet on Monday passed the 21st Amendment to the Constitution to empower Parliament over the executive president Prez to be answerable to Parliament IMF begins talks to bail out colombo The latest amendment, which will soon be tabled in Parliament, seeks to annul the 20th Amendment to the Constitution, which gave unfettered powers to the President. Under the 21A, the President will be held accountable to Parliament. When passed by Parliament, the 21A will also bar dual citizens from contesting elections to hold public office ■ ■ The development comes on a day when the IMF began bailout talks with Prime Minister Ranil Wickremesinghe The 21st amendment was supposed to be taken up in cabinet on June 6 but was delayed after President Gotabaya Rajapaksa reportedly asked the minister of justice not to take it up then $51 billion Sri Lanka’s total foreign debt. Of this, Colombo plans to repay $5 bn this year 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 faces $100 billion capital outflow: RBI E x p r e ss N e ws Se r v i c e @ New Delhi Sinha’s name in Prez play after Gandhi, too, opts out E x p r e s s N e w s Se r v i c e @ New Delhi/Kolkata A day before the second meeting of the Opposition over the upcoming Presidential elections, attention turned towards ex-finance minister Yashwant Sinha possibly entering the ring after retired diplomat and former West Bengal governor Gopalkrishna Gandhi declined to be their candidate for the polls. Trinamool Congress chief Mamata Banerjee had tossed up the names of National Conference’s Farooq Abdullah and Gandhi for the high post after NCP leader Sharad Pawar opted out last week. But Abdullah threw in the towel a couple of days ago. With Gandhi, too, conveying his disinclination, the Trinamool quietly injected the name of Sinha, a BJP import into its party, who has been ascerbic about the Modi government’s functioning. For the record though, Mamata’s nephew Abhishek Banerjee said, “Nothing has been decided yet. Decision on who will be the candidate of Opposition parties will be taken unanimously in Tuesday’s meeting.’’ But the buzz around Sinha started building up after a senior Trinamool leader claimed that three to four parties have already seconded his candidature. As for Gandhi, he said, “having considered the matter deeply I see that the Opposition candidate should be one who will generate a national consensus and national atmosphere besides Opposition unity. I feel there will be others who will do this far better than I.” INDIA may witness $100 billion worth of foreign portfolio investment (FPI) outflows in the event of extreme adverse shocks, a recent research paper by the Reserve Bank of India (RBI) shows. According to the paper, there is a 5% chance of capital outflows from India of the order of 3.2% of GDP or $100.6 billion in a year, owing to extreme adverse shocks such as a Covid-type contraction in real GDP growth or in a global financial crisis situation such as in 2008. The RBI research paper, co-authored by RBI Deputy Governor Michael Debabrata Patra, also warns that in a very extreme risk scenario or in a black swan event (in which there is a combination of all these shocks), the capital outflow could be as high as $240 billion, or 7.7% of the GDP . The research paper says that these estimates are significant given the fact that India’s total stock of portfolio investment and short-term trade credit stand at ‘Potential portfolio outflows can rise to 7.7% of GDP’ The article, titled ‘Capital Flows at Risk: India’s Experience’ published in the RBI’s latest bulletin, further said in a ‘black swan’ event comprising a combination of shocks, potential portfolio outflows can rise to 7.7 per cent of GDP, highlighting the need for maintaining liquid reserves to quell such potential bouts of instability. Intelligence officials raid ex-serviceman’s offices P h a n i n d r a Pa pa s a n i @ Vijayawada Three days after the Narsaraopet police detained Avula Subba Rao—an ex-serviceman and director of Sai Defence Academy— for his alleged role in the June 17 violence at Secunderabad Railway Station against the Agnipath scheme, teams of Central intelligence agencies and Income Tax (IT) Department reportedly raided the academy office, his residence, and a lodge at Narasaraopet town in Palnadu district on Monday . Three separate teams, comprising intelligence and IT officials, arrived at Narasaraopet town on Monday morning and took Subba Rao into custody for questioning. During their raids, they reportedly seized incriminating documents from his office pertaining $288 billion and $110.5 billion, respectively, at the end of December 2021. When the interest rate differential between India and the US decreases, Indian papers become less attractive for foreign investors, who shift out their portfolio i nve s t m e n t s t o d eve l o p e d economies. Foreign portfolio investors are also sensitive to risks and higher to the students who took coaching at his academy in Narasaraopet and Secunderabad branches. Sources said, the intelligence officials are gathering details of the students who underwent coaching at the academy so that , they can verify the accused, who had participated in the arson, arrested by the Secunderabad railway police. Speaking to TNIE, a senior official said, “Intelligence officials are verifying all the YouTube videos posted by Sai Defence Academy to check for any provocative content. Based on the probe by Secunderabad railway police, it has been learnt that students of various defence academies had participated in the riot. The investigation will now focus on the role of Subba Rao and his students who particiP4 pated in the riot.” volatility shown in the emerging markets drives outflow of capital from these markets to safer developed economies. India has been witnessing major outflow of foreign capital since the beginning of 2022. In the current calendar year alone, FPIs have taken out $28 billion from the country as the US increased policy interest rates due to 41-year high inflation. Aggressive rate hike by the US Federal Reserve, coupled with elevated inflation and high valuation of equities continued to keep foreign investors at bay from the Indian stock market as they pulled out `31,430 crore in this month so far. PM Modi hard-sells reform amid Agnipath stir, govt stands firm Army issues notification for recruitment of soldiers under Agnipath recruitment scheme E x p r e s s N e w s Se r v i c e @ Bengaluru/New Delhi Apparently alluding to the ongoing protests against the short-term Agnipath military recruitment scheme, Prime Minister Narendra Modi on Monday said any reform may seem unpleasant temporarily , but in the long term it would benefit the country . In his address at Kommaghatta where he laid the foundation stone for Bengaluru’s Suburban Rail and other infrastructure projects, Modi said, “The path of startup and innovation is not the one with ease, and taking the country on this path for the last eight years was also not easy. Sev- Security personnel at Tirupati railway station continued to be on high alert in the backdrop of a call for nationwide shutdown on Monday | MADHAV K eral decisions and reforms may be unpleasant temporarily, but with time their benefits can be experienced by the Expedite works at TIDCO houses, CM to officials E x p r e s s N e w s Se r v i c e @ Vijayawada exam anxiety Employees appear for departmental exams for promotions conducted by APPSC in Tirupati on Monday. Over 55,000 people took the test | Madhav K Chief Minister YS Jagan Mohan Reddy on Monday chaired a review meeting and directed officials to expedite the ongoing construction works at TIDCO houses and hand them over to the beneficiaries within stipulated time by completing the registration process. During the meeting, Jagan discussed issues with officials of the Municipal Administra- tion and Urban Development (MA&UD) department regarding sewage water treatment, beautification of roads and Capital Region Development Authority (CRDA) works. Asserting that the basic infrastructure works at TIDCO houses were progressing rapidly the , officials informed the Chief Minister that over `4,500 crore was spent in the last three years to improve amenities in YouTube motivation led man to sacrifice daughter for wealth: Cops GREED and superstition reportedly prompted a 37-yearold man to perform a ritual that killed his four-year-old daughter at Perareddypalle in Atmakur, Nellore, police said after arresting the man and his mother on Monday . Identifying the accused as Kandra Venugopal and K Dorasanamma (56), investigators said YouTube videos motivated the man to conduct the rituals. He heard about the video from some people in his locality . Disclosing the details of the case, Atmakur Police Circle Inspector G Venugopala Reddy said the videos made Venugopal believe that sacrificing a child would bring him huge wealth. Convinced, the man decided to sacrifice one of his twins, Punarvika, so that would become rich. Venugopal discussed the plan with his mother Dorasanam- ma, who reportedly supported his move to gather wealth. Motivated by the YouTube videos he asked his mother to take his other child, Purvika, to a temple on June 15 morning. Once Dorasanamma left for 4-yr-old breathed her last in a Chennai hosp Achyut, a relative of Venugopal, rushed the fouryear-old to a private hospital in the town. Later, she was shifted to a hospital in Chennai, where she breathed her last on June 16 the temple with Purvika, Venugopal began the rituals inside his house. He asked Punarvika to lie down before an idol, and allegedly told her to consume vermilion and turmeric power as part of his alleged the TIDCO houses. They said another `6,000 crore would be spent. Re f e r r i n g t o t h e progress of construction of roads in the State, the officials explained that the government has been spending `1,826.22 crore for developing 4,396.65 km of 16,762 roads. They informed the Chief Minister that 55.15 per cent of the work has already been com- pleted. Besides, repair works are being carried out on the pothole-ridden roads and will be completed by July 15, the officials said, adding that so far, 51.92 per cent of the work has been completed. Directing the authorities to pay special attention to the treatment of waste water and prepare a report on the same, Jagan pointed out that Krishna and Godavari rivers and irrigation canals are polluted by sewP4 age. express read horror E x p r e s s N e w s Se r v i c e @ Nellore country He did not mention .” Agnipath explicitly . With the government firm on executing the scheme, the Army on Monday issued its first notification on Agnipath. It made online registration mandatory for all candidates, using the Army’s website www.joinindianarmy .nic.in to do so. The registration window will open in July . The streams for which candidates can apply include General Duty Agniveer Technical, , Agniveer Technical (aviation/ ammunition examiner), Agniveer Clerk/ Store Keeper Technical, Agniveer Tradesman 10th Pass and Agniveer Tradesman 8th Pass. The government announced Agnipath, on Tuesday, allowing youth aged between 17.5 years and 21 to join the Indian Armed Forces for four years. plan to strangle her. Meanwhile, Dorasanamma returned from the temple after leaving her granddaughter there. She tried to prevent the neighbours, who responded to Venugopal’s loud chants and the child’s screams, from entering their house. The woman reportedly told them that a puja was being held to end their poverty . The neighbours, however, barged in, and found the girl unconscious. Achyut, a relative of Venugopal, rushed the girl to a private hospital in the town. Later, she was shifted to a hospital in Chennai, where she breathed her last the next day. Police registered a case and launched a search operation for the accused, who were arrested from A S Peta Crossroad in Atmakur town on Monday. The police officer added that Venugopal was not welleducated, and had been manufacturer of cement blocks. High Court stays demolition drive at Ayyanna’s residence Vijayawada: The Andhra Pradesh High Court late on Sunday issued interim orders staying the demolition of a compound wall at the residence of former minister Ayyanna Patrudu in Narsipatnam. The court asked the government why it failed to implement the Supreme Court guidelines stipulating that demolitions cannot be taken up after sunset. Vedanta group invites bids to sell copper smelting plant Enforcement Directorate to grill Rahul for fifth day today Thoothukudi: Vedanta Group has invited bids for the sale of its copper smelting plant at Thoothukudi, Sterlite Copper, which has been entangled in various legal and political issues in Tamil Nadu. The copper major’s sudden decision to sell the entire plant has evoked confusion and mixed responses. The firm has invited EoI from competent parties | P5 New Delhi: The Enforcement Directorate has asked Congress leader Rahul Gandhi to join investigation for the fifth day on Tuesday and record his statement in the National Herald money laundering case. Rahul has spent around 38 hours at the ED headquarters over four sittings since his first appearance on June 13 | P7 Six severely injured in bear attack in Srikakulam A screen grab of the bear that has been wandering in Kindisingi village. It killed a farmer in Vajrapukottur mandal of Srikakulam on Sunday | Express Elusive tiger 6 km inside reserve forest: Officials Kakinada: The elusive male adult tiger, which has been on the prowl for over 15 days, reportedly entered the Lododdipalem-Gowravaka reserve forest, which is 6 km away from Sarabhavaram village. Forest officials said it was spotted near the Patti Chinthala (Dharakaluva) project and is actively moving in the area between 5 pm and 6.30 am | P3 E x p r e s s N e w s Se r v i c e @ Srikakulam At least six people were injured in a bear attack at Kidisingi village in Vajrapukotturu mandal, Srikakulam on Monday The attack comes a day af. ter the sloth bear killed a farmer at the cashew orchards, here, on Sunday . While the injured were given first aid at a government hospital in Palasa, they were later shifted to RIMS, Srikakulam. Five of them sustained severe injuries and were moved to a private hospital in the city . Koushik, a resident of Vajrapukotturu, said a bear has been wandering in the cashew orchards on the outskirts of the mandal, attacking people and livestock for the past two days. The bear killed Kalamata Kodanda Rao of Kidisingi village while he heading towards the cashew orchards on Sunday Later, it trampled two cows . to death early on Monday . The wild animal attacked one Tamada Shanmukha Rao while he was working at his cashew orchard on Monday. Three youngsters Kalisetti — Appalaswamy, Ch Chalapathi Rao and Upparapalli Santosh— rushed to the spot and tried to rescue him, but the bear atP4 tacked them as well.
Express Network Private Limited publishes thirty three E-paper editions of The New Indian Express newspaper , thirty two E-paper editions of Dinamani, one E-paper edition of The Morning Standard, one E-paper edition of Malayalam Vaarika magazine and one E-paper edition of the Indulge - The Morning Standard, Kolkatta.