vijayawada l tuesday l june 21, 2022 l `9.00 l PAGES 12 l late city 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 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 the one in 2008. The RBI research paper, co-authored by RBI Deputy Governor Sinha’s name in Prez play after Gandhi, too, opts out 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 assume significance when assessed against the country’s total stock of portfolio ‘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 higher 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 after its consumer inflation raced to a 41-year high. “Applying a capital flows at risk approach, it is observed that in an adverse scenario, potential portfolio outflows can average up to 3.2 per cent of GDP,” said the article authored by Michael Patra and Harendra Behera and Silu Muduli. Modi hard-sells reform amid stir 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.” investment of $288 billion and short-term trade credit of $110.5 billion 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 investments to developed economies. Foreign portfolio investors are also sensitive to risks and 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 precarious ride A family of six rides a moped, flouting rules, in Vijayawada | Prasant Madugula 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 Special forces deployed at Vijayawada Railway station in the wake of the nationwide bandh | Prasant Madugula 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- 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 registrations. During the meeting, Jagan discussed issues with officials of the Municipal Administration and Urban Development 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 CM that over `4,500 crore was spent in the last three years to improve amenities in the TIDCO houses. They said another `6,000 crore would be spent. Referring to the progress of construction of roads in the State, the officials explained that the government was spending `1,826.22 crore for developing 4,396.65 km of 16,762 roads. They informed the CM that 55.15% of the work has already been completed. 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% of the work has been completed. Directing the authorities to pay special attention to the treatment of sewage water and prepare a report for the same, Jagan pointed out that Krishna and Godavari rivers and irrigation caP4 nals are polluted by sewage.  S r een u B a b u Pat i v a d a @ Srikakulam An alleged delay of 24 years in clearing a file denied a man his fundamental “right to live with human dignity” and a family life. Allaka Kedareswara Rao of Pedda Sidhi in Pathapatnam here, had been begging on the streets to stay alive, despite clearing the test for a government teacher’s post at the age of 33. Rao, now 57, is on the verge of joining his dream job after the District Selection Committee (DSC)-1998 file was cleared. After successfully completing his Bachelor of Education, Rao took the DSC test for selecting government teachers in 1998. Though he scored good marks, the final selection was delayed due to legal issues. He did odd jobs in the village, before going to Hyderabad with his mother in search of a job, Allaka Kedareswara Rao but failed to find a suitable one. Unemployment and his mother’s death pushed him into depression. He decided to stay single since he was without a job to take care of a family . Rao returned to Pedda Sidhi eight years ago. His relatives reportedly refused to take him into their homes. His physical appearance changed, and he started seeking alms and ate whatever food that was offered to him. People thought he was mentally unsound. Little did he expect that the DSC-1998 file would be cleared. Videos of Rao speaking in excited disbelief went viral on social media. As the word spread, those who had been ignoring his very existence, offered him new clothes and food. Rao soon became a star in Pedda Sidhi. Villagers even honoured him with a shawl. Speaking to TNIE, Rao said, he had completed SSC from Pedda Sidhi ZP School in 1981. “I pursued B.Ed from Annamalai University in 1992 and appeared for DSC in 1994 and 1996. Unfortunately, I did not get a job both times. I appeared for DSC once again in 1998 and cleared the interview. However, the final selection was delayed due to various legal issues,” Rao recalled. On Sunday, the other candidates, who appeared along with me for DSC-1998, and neighbours informed me that I have been selected for a teaching job. “I am happy to get the job at 57,” he merrily said, without any hint of complaint. The path of startup and innovation is not the one with ease. Several decisions and reforms may be unpleasant temporarily, but with time their benefits can be experienced by the country Narendra Modi, Prime Minister P h a n i n d r a Pa pa s a n i @ Vijayawada Salaries of sanitation staff hiked to `18,000 from `12,000: Jagan Directing the authorities to pay special attention to the treatment of waste water, Jagan pointed out that Krishna and Godavari rivers were polluted by sewage. Recognising the efforts of the sanitation staff, the CM noted that their salary had been increased to `18,000 from `12,000. He recalled that their salary was only `10,000 from 2015 to 2018. 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, including intelligence and IT officials, arrived at Narasaraopet on Monday and took Subba Rao into custody for questioning. During their raids, they reportedly seized incriminating documents from his office pertaining 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. A senior official told TNIE, “Intelligence officials are verifying all the YouTube videos posted by the 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 participated in the riot.” Meanwhile, the Income Tax sleuths verified how much revenue Subba Rao was making through the Academy and whether he was paying taxes. P4 express read case of ‘forgotten’ file After 24 years’ wait & uncertainty, Kedareswara Rao lands a govt job! 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, Agniveer Clerk/ Store Keeper Technical, Agniveer Tradesman 10th Pass and Agniveer Tradesman 8th Pass. intel agencies, it dept raid ex-army man’s office Speed up works at TIDCO houses, CM tells officials E x p r e s s N e w s Se r v i c e @ Vijayawada eral decisions and reforms may be unpleasant temporarily, but with time their benefits can be experienced by the 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, 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 Kidisingi 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 was 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 atP5 tacked them as well.