Morning Brief: India To Conduct First Test Launch Of New Missile Wrapped In Secrecy; Amid Liquidity Crunch, Banks Pile Up Cash Due To Lending Curbs; And More
Good morning, dear reader! Here’s your morning news brief for today.
India To Conduct First Test Launch Of New Ballistic Missile Pralay
India is all set to conduct the maiden launch of Pralay, a tactical Short Range Ballistic Missile (SRBM) developed by the Defence Research and Development Organisation (DRDO) under a classified project, Livefist has reported. The missile, which has remained wrapped in secrecy till now, is reportedly capable of carrying a 1000 kg payload to a distance of 350 km. Its range can be increased to 500 km if the payload is halved. Work on it started in 2015 after the Army sought a 500-km range SRBM to go head-to-head against China's rocket force.
DRDO recently postponed the missile's maiden test launch due to Cyclone Phethai. According to a report in The New Indian Express, the missile will be launched from a mobile canister launcher. The Ministry of Defence may evacuate people residing in three km area of the launching complex.
Banks Under Lending Restrictions See Deposits Grow
The banks under the prompt corrective action (PCA) framework of the Reserve Bank of India are piling up cash even as the banking system faces a liquidity crisis, The Hindu has reported. Under the PAC framework, banks are facing restrictions on lending. The RBI has put 11 public sector banks under the PCA framework, which have a market share of 25 per cent among commercial banks.
Two senior officials from different banks quoted in the report said their bank had Rs 25,000 crore and Rs 40,000 crore excess cash daily, respectively. In one case, the bank’s statutory liquidity ratio was about 27-28 per cent, higher than the 19.5 per cent mandated by the RBI. In December, data shows the year-on-year deposit growth is 9.7 per cent compared with 2.7 per cent a year ago.
Triple Talaq Bill To Face Lok Sabha Test On 27 December
The Triple Talaq bill is likely to be put to vote after a discussion in the Lok Sabha on 27 December, Hindustan Times has reported. According to the daily’s report, the Bharatiya Janata Party has issued a whip to its Lok Sabha members to be present in Parliament on the day. A bill to replace the ordinance issued in September this year had been introduced in the Lok Sabha on 17 December.
The bill will make the practice of instant triple talaq among Muslims a penal offence. It is likely to attract a jail term of three years for the husband. The new bill will also supercede an earlier bill passed in the Lok Sabha and pending in the Rajya Sabha. If the bill fails to get through Parliament, the government can re-promulgate the ordinance.
Andaman Island To Be Named After Subash Chandra Bose
Andaman’s Ross Island will be renamed Netaji Subhas Chandra Bose Island during Prime Minister Narendra Modi’s trip to Port Blair on 30 December to mark the 75th anniversary of Bose’s historic visit to the islands. Two other islands, Havelock and Neil, will be renamed Swaraj and Shaheed, respectively.
Bose had hoisted the national flag at the Gymkhana Ground (now Netaji Stadium) in Port Blair on 30 December 1943 after the islands were captured by the Japanese during World War II. He had renamed Andaman Island as Shaheed and Nicobar Island as Swaraj. The decision was taken after West Bengal BJP vice-president Chandra Kumar Bose, who is related to the freedom fighter, had written to the Prime Minister urging him to rename the Andaman islands.
Defence PSU Orders Down 33 Per Cent Amid Push For Private Sector
The quantum of contracts awarded to Defence PSUs by the government and the armed forces has seen a nearly 33 per cent decline, both in number and value. While the number of contracts awarded to Defence PSUs has come down to 15 in 2017-18 from 22 in 2015-16, the total value of contracts has come down to Rs 10,475 crores in 2017-18 from Rs 15, 617 crore in 2015-16. In 2016-17, eight contracts with a total value of Rs 12,374 crore were signed.
This development comes amid the government’s push to increase the private sector’s participation in the manufacturing of defence equipment. According to The Tribune’s report, the government has reduced the number of items requiring an industrial licence. The government has also allowed up to 49 per cent Foreign Direct Investment through the automatic route in the sector.
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