Faced with an unprecedented downturn, India needs to continue with critical reforms to reverse the sudden and steep impacts of Covid-19 pandemic on its economy, said <keyword id="255944" type="COMPANY" weightage="20" keywordseo="The-World-Bank">the World Bank</keyword> in its twice-a-year-regional update. The latest South Asia Economic Focus relaxed on Thursday forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping 6 per cent annually in the past five years. India's economy, the region's largest, is expected to contract by 9.6 per cent in the fiscal year that started in March 2020. The country's growth is projected to rebound to 5.4 per cent in FY22, mostly reflecting base effects, assuming Covid-related restrictions are completely lifted by 2022. Weak activity, domestically and abroad, is also likely to depress both Indian imports and exports. "The response of the government of India to the <keyword id="8782118" type="UNKNOWN" weightage="20" keywordseo="COVID-19-Outbreak">Covid-19 outbreak</keyword> was swift and comprehensive. The government implemented a national lockdown to contain the health emergency. This was followed by a comprehensive policy package to mitigate the impact on the poorest through various social protection measures as well as liquidity and financial support for small and medium enterprises. The <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword> is partnering with the government to strengthen policies, institutions, and investments for building back better," said <keyword id="10072520" type="PERSON" weightage="20" keywordseo="hartwig-schafer">Hartwig Schafer</keyword>, World Bank Vice President for the South Asia Region Three-quarters of all workers in South Asia depend on informal employment. While the poor have faced rising food prices, the Covid-19 crisis has also affected informal workers in the middle of the income distribution who experienced sharp drops in earnings. Informal workers are not generally covered by social insurance and few have savings or access to finance. Recognizing these challenges, India is reworking its social protection architecture to protect its workers, particularly informal sector workers, hit hard by the Covid-19 pandemic. Government is creating a safety net platform that caters to the diverse needs of both rural and urban population, is portable and ensures food, social insurance and cash support across state boundaries, the regional update of WB said. "India is undertaking far-reaching reforms in its safety nets programme. This will help the country to preserve its hard-won gains against poverty as nearly half of all households are vulnerable and the majority of the workforce lacks formal social security benefits. We are also encouraged by the recent amendments to India's social security laws that will help provide coverage to groups of people who were earlier left out from government-assisted programs," said Junaid Ahmad, World Bank Country Director in India. The pandemic has also brought to the forefront new economic opportunities where digital technologies can play an essential role, providing new growth levers for South Asian countries, including India. "Covid-19 will profoundly transform South Asia for years to come and leave lasting scars in its economies. But there is a silver lining toward resilient recovery: the pandemic could spur innovations that improve South Asia's future participation in global value chains, as its comparative advantage in tech services and niche tourism will likely be in higher demand as the global economy becomes more digital," said Hans Timmer, <keyword id="599298" type="ORGANIZATION" weightage="20" keywordseo="World-Bank-Chief-Economist">World Bank Chief Economist</keyword> for the South Asia Region. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/iaf-displays-its-might-with-rafale-apache-tejas-and-others-during-the-annual-air-force-day-airshow/slidelist/78549506.cms">IN PICS: IAF displays its might with Rafale, Apache, Tejas, and others during the annual Air Force Day airshow</a>

India should continue critical reforms to reverse COVID-19 impact on economy, says World Bank

India and Israel have signed mega defence deals worth over $2 billion for advanced surface-to-air missile (SAM) systems, designed to destroy hostile aircraft, missiles and drones within 70 km range. 
 
Also read: <a href="http://www.businessinsider.in/politics/national-security/These-Israeli-drones-will-help-India-identify-and-destroy-terror-camps/articleshow/48914582.cms">These Israeli drones will help India identify and destroy terror camps!</a> 
 This would strengthen the bilateral strategic partnership that both countries share. PM <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> is scheduled to visit <a href="http://www.businessinsider.in/small-business/Start-Tel-Aviv-selects-2-women-entrepreneurs/articleshow/53681969.cms">Tel Aviv</a> in July this year. 
 
As per defence sources, the deal took place between India’s <a href="http://www.businessinsider.in/small-business/tech/drdo-wants-to-weed-out-human-errors-in-security-heres-what-it-is-planning-to-do/articleshow/56373987.cms">DRDO </a>and <keyword id="621699" type="COMPANY" weightage="100" keywordseo="Israel-Aerospace-Industries">Israel Aerospace Industries</keyword> (IAI) for the Barak-8 medium-range SAM systems to initially include one regiment of 16 launchers and 560 missiles for the <a href="http://www.businessinsider.in/military-defense/finally-indian-army-is-going-modern-with-its-ammo/articleshow/57407027.cms">Indian Army</a>. 
 
Another deal was done for a similar SAM system to be fitted on board India’s 40,000-tonne indigenous aircraft carrier <a href="http://www.businessinsider.in/military-defense/INS-Vikramaditya-going-away-for-eight-months/articleshow/53411731.cms">INS Vikrant</a>, which is being built at the Cochin Shipyard. 
 
Also read: <a href="http://www.businessinsider.in/India-is-fast-tracking-the-development-of-its-new-aircraft-carrier-in-order-to-compete-with-China/articleshow/46363332.cms">India is fast-tracking the development of its new aircraft carrier in order to compete with China</a> 
 Two similar DRDO-IAI programmes are already underway for the next-generation SAMs for Indian warships and nine air defence squadrons for the <keyword id="15141" type="ORGANIZATION" weightage="100" keywordseo="Indian-Air-Force">Indian Air Force</keyword>. These projects are worth Rs 2,606 crore for Rs 10,076 crore, respectively. 
 
These Barak-8 systems, with their MF-STARs (multi-function surveillance and threat alert radars) as well as weapon control systems with data links will be able to detect and track hostile aerial threats within a range of 100 kms, while being able to destroy them within 70 km range. 
 
Thus, they will be helping in filling the existing holes in India's air defence coverage. 
 
However, these SAM systems have been questioned in the past, both for their exorbitant costs as well as long delays in their delivery schedules, taking years to be delivered. 
 
Also read: <a href="http://www.businessinsider.in/military-defense/india-to-get-rafale-jets-by-2019/articleshow/57180556.cms">India to get Rafale jets by 2019</a> 
 
Israel is among the top three defence suppliers to India and both countries have inked deals and projects worth around $10 billion over the last 15 years. Over the past two years, Israel has bagged seven contracts from Indian defence sector. 
 
(Image source AIN Online)

India has signed defence deals worth over $2 billion with Israel

India has finally decided to take forward its negotiations with Russia about the mega projects that were stalled in the past. 
 
As per TNN sources, the talks about jointly developing a futuristic fifth-generation fighter aircraft (FGFA) and upgrading the existing <a href="http://www.businessinsider.in/Sukhoi-wants-Tata-to-manufacture-parts-for-SSJ100/articleshow/51026262.cms">Sukhoi</a>- 30MKI jets into 'Super Sukhois' with advanced avionics and weapons have begun amidst India and Russia. 
 
However, India and France are also close to inking a deal worth 7.8 billion euro deal for 36 Rafale jets, but the defence ministry has acknowledged that these 36 fighters will not be enough for India’s air combat power which is on a down track. 
 
Also read: <a href="http://www.businessinsider.in/Defence-Manufacturing-Is-India-Inc-ready/articleshow/50738348.cms">Defence Manufacturing: Is India Inc. ready?</a> 
 As of now, the <keyword id="15141" type="ORGANIZATION" weightage="100" keywordseo="Indian-Air-Force">Indian Air Force</keyword> just has 33 fighter squadrons, which includes 11 obsolete MiG-21 and MiG-27 squadrons that are up for retirement. However, to safeguard the border from the evil intentions of China and Pakistan, IAF requires at least 42 jets. 
 
The defence ministry is also considering a "multi-pronged strategy" so that it can up its airpower. This includes introducing the <a href="http://www.businessinsider.in/Made-in-India-light-combat-aircraft-Tejas-inducted-in-Air-Force/articleshow/53002316.cms">home-made </a>light combat aircraft, called <a href="http://www.businessinsider.in/10-things-you-should-definitely-know-about-the-brand-new-Made-in-India-fighter-jet-Tejas/articleshow/53007047.cms">Tejas</a>, and look out for a second line of producing fighter jets in the country, including the American F/A-18, F-16, and Swedish Gripen-E. 
 
Talking of these 5th-generation fighters, the final R&amp;D design contract is almost ready to be inked, for the Indian "perspective multi-role fighter", which is a variant of Sukhoi T-50 or PAK-FA, the Russian single-seat FGFA. 
 
"Apart from resolving technical and cost issues, Russia has also agreed to allow IAF test pilots to fly its prototypes now," a source told <a href="http://economictimes.indiatimes.com/news/defence/india-pushes-talks-with-russia-for-5th-generation-fighters-and-super-sukhois/articleshow/53147669.cms">TNN</a>. 
 
Also read: <a href="http://www.businessinsider.in/Defence-minister-considering-purchases-worth-Rs-1-lakh-crore/articleshow/52882935.cms">Defence minister is considering purchases worth Rs 1 lakh crore</a> 
 
The first contract was signed in 2007, which was then followed up in 2010 with a $295 million preliminary design contract. 
 
The contract involves producing 127 such fighters in India would cost about $25 billion. 
 
"The technical requirements should be finalised this year, with the contract being inked next year," said the source. 
 
<a href="http://2.bp.blogspot.com/-tYyuEbZJlH4/TlC4v-GJZqI/AAAAAAAAAOI/vwT5Y3WCu7A/s1600/SU-30MKI_Super+Sukhois_1.jpg">Image source</a>

India begins final talks with Russia over fighter jets and Super Sukhois

<keyword id="15141" type="ORGANIZATION" weightage="20" keywordseo="Indian-Air-Force">Indian Air Force</keyword> (IAF) got the first squadron of ‘Made in India’ fighter jets ‘<keyword id="6376012" type="COMPANY" weightage="100" keywordseo="Tejas">Tejas</keyword>’, now named 'Flying Daggers 45'. 
 
Hindustan Aeronautics Limited (HAL) handed over two Tejas aircrafts, which were inducted in Bengaluru, and seven more will be added by 2017 to become fully operational. 
 
All squadrons of Tejas will be made up of 20 planes in total, including four in reserve. 
 
These Light Combat Aircrafts (LCA) entered Air Force 33 years after the project was conceived, giving a major boost to Indian defence aviation system. 
 
Tejas will eventually replace the ageing fleet of MiG-21 planes. 
 
Here are the other details about Tejas that you should not miss 
 1. The name Tejas, which means radiance, was given by former Indian Prime Minister <keyword id="47100" type="PERSON" weightage="20" keywordseo="Atal-Bihari-Vajpayee">Atal Bihari Vajpayee</keyword>. 
 
2. The first Commanding Offier of the ‘Flying Daggers 45’ will be Group Captain M Rangachari. He will have seven officers under him 
initially, 42 air warriors and about 20 non-commissioned officers. 
 
3. IAF's squadron number 45, 'Flying Daggers', has to its credit the shooting down of a Pakistani naval surveillance aircraft in 1999, some 300 km northeast of Karachi, killing all 16 people on board. 
 
4. Tejas is far superior to Pakistan's JF-17 built jointly with China. 
 
5. While the idea to have an indigenous fighter aircraft was conceptualised in 1970s, actual work started on the aircraft only in the 1980s and the first flight took place in January 2001. 
 
6. It is pegged as the world's smallest and lightest supersonic fighter, a project which was started in 1983 with Rs 560 crore funds. Now, the total cost stands at around Rs 55,000 crore. 
 
7. The upgraded version of Tejas, with Active Electrically Scanned Array Radar, Unified Electronic Warfare Suite, mid-air refuelling capacity and advanced beyond the vision range missiles, will cost between Rs 275 crore and Rs 300 crore. 
 
8. Due to its small size and the extensive usage of carbon composits, Tejas’ radar cross section is very less compared to other aircrafts like MiG-29, F-16. 
 
9. Tejas will have a reach of at least 400-km and will mostly be used for close air-to-ground operations. For any strikes which happen deep into enemy territory will have to be undertaken by Russian-origin Sukhoi-30MKIs or the Rafales. 
 
10. IAF plans to induct over 80 aircraft with better specifications known as Tejas 1A. 
 
(Image: Reuters)

10 things you should definitely know about the brand new ‘Made in India’ fighter jet ‘Tejas’

<ul class="summary-list"><li>Russia's sole aircraft carrier, Admiral Kuznetsov, has been out of action for years for repairs.</li><li>Russia's navy and its Soviet predecessor both struggled to keep their aircraft carriers operational.</li></ul>In July, Russian state media <a href="https://www.reuters.com/world/europe/russias-sole-aircraft-carrier-may-re-enter-service-by-2024-end-tass-2023-07-04/" target="_blank" rel="noopener">reported</a> that Russia's sole aircraft carrier, <a href="https://www.businessinsider.com/russia-navy-struggles-with-kuznetsov-aircraft-carrier-kirov-battlecruisers-2023-5" target="_top">Admiral Kuznetsov</a>, could return to active service by the end of 2024.Kuznetsov has been undergoing repairs since 2017, and its return to duty has been delayed repeatedly <a href="https://www.businessinsider.com/russian-aircraft-carrier-admiral-kuznetsov-delayed-again-2022-6" target="_blank" rel="noopener">by mishaps and malfunctions</a>.The carrier has done only one combat deployment in its nearly 30-year career, and its return would be a milestone, but even if the Kuznetsov passes its planned sea trials, equipping the ship with a fully functioning air wing will probably remain a significant task for Russia.Despite <a href="https://www.businessinsider.com/soviet-union-aircraft-carriers-are-still-influencing-other-navies-2020-12" target="_top">operating aircraft-carrying ships</a> for more than a half-century, Russia has struggled to build effective fixed-wing jets for those ships to carry into action.<h2>Yakovlev Yak-38</h2><div type="image" title="Russian Soviet navy Yak-38 aircraft carrier" height="1211" width="2000" msid="105245820" hostid="261"></div>The dawn of the jet age after World War II <a href="https://www.businessinsider.com/history-of-us-navy-aircraft-carriers-supercarriers-to-ford-class-2020-10" target="_top">ushered in advances in carrier aviation</a> as well.The Soviets had seen the advantages in the vertical/short-takeoff-and-landing design, or V/STOL, used by Britain's <a href="https://airandspace.si.edu/collection-objects/hawker-siddeley-xv-6a-kestrel-fga-mk-1/nasm_A19740943000" target="_blank" rel="noopener">Hawker Siddeley Kestrel</a> — the precursor to the now-renown Harrier "jump jet" — in the 1960s and opted to use that design for their first carrier jets.The result, the <a href="https://www.militaryfactory.com/aircraft/detail.php?aircraft_id=189" target="_blank" rel="noopener">Yak-38</a>, was introduced in 1976 — three years before the British navy's <a href="https://www.militarytoday.com/aircraft/bae_sea_harrier.htm" target="_blank" rel="noopener">Sea Harrier</a> entered service — as the Soviet Union's first fixed-wing aircraft for its <a href="https://www.businessinsider.com/soviet-union-aircraft-carriers-are-still-influencing-other-navies-2020-12" target="_top">first true aircraft carriers, the Kiev-class</a>.The Yak-38 had two lift jets behind the cockpit and a single vectored-thrust turbofan engine with two adjustable nozzles that could be pointed downward for vertical flight. Its stub wings, which could be folded to save space, had four hardpoints, enabling the jet to carry about 2,000 pounds of ordnance.A total of 231 Yak-38s were eventually built. Despite its novelty, however, the jet was mostly a failure.<div type="image" title="Russian Soviet navy Yak-38 aircraft carrier" height="1574" width="2000" msid="105245821" hostid="261"></div>It was prone to mechanical issues, especially in hot and humid environments. By the end of Kiev's first cruise in 1976, for instance, only one of its six Yak-38s was still operational. The jet also had trouble with its automatic ejection system, which was activated by accident on multiple occasions and wrecked the jets.The Yak-38 had many other shortcomings. Its range, payload, and speed were less than that of rival militaries' aircraft. Even the updated Yak-36M, with a longer range and double the payload, was underpowered compared with NATO carrier aircraft.The inefficiency of the Yak-38's lift engines meant the jet rarely took off vertically, as it consumed too much fuel and limited the jet's already small payload. The Yak-38 didn't have its own radar, meaning its pilot was reliant on visual sightings or on other Soviet forces for guidance. The jet could carry Kh-23 anti-ship missiles, but since it was a single-seater, the pilot would have to fly the jet and guide the missile at the same time.The Yak-38 only saw combat in landlocked Afghanistan. At least four Yak-38s operated alongside other Soviet jets from a base in the country's southwest in 1980. While it conducted several airstrikes during its monthlong deployment, the jet still struggled with the heat and dust, and its performance was not particularly noteworthy.Soviet leaders decided against further upgrades and retired the Yak-38 shortly after the Soviet collapse in 1991.<h2>Su-33</h2><div type="image" title="Russia Su-33 fighter takeoff Admiral Kuznetsov aircraft carrier" height="1288" width="2000" msid="105245822" hostid="261"></div>Even as the first Kiev-class carriers and Yak-38s began to enter service in the mid-1970s, the Soviets were planning their replacements. By that time, the Soviet military's thinking about the value of sea control and naval air dominance had changed, and its commanders saw that V/STOL jets and the Yak-38, in particular, had limited utility for either.The Soviets sought a larger carrier and a jet capable of conventional takeoffs and landings — like those of the major NATO powers — to provide greater range and payload and more reliability in dogfights. The result was the <a href="https://www.militarytoday.com/navy/kuznetsov_class.htm" target="_blank" rel="noopener">Kuznetsov-class carrier</a> and the <a href="https://www.militarytoday.com/aircraft/su_33.htm" target="_blank" rel="noopener">Su-33</a>.The Su-33 was effectively a naval variant of the <a href="https://www.militarytoday.com/aircraft/sukhoi_su27_flanker.htm" target="_blank" rel="noopener">Su-27</a> air-superiority fighter with several differences, including a reinforced undercarriage and landing gear for carrier landings, forward canards to reduce takeoff distance, a larger wing area for extra lift, foldable wings, and more powerful engines.<div type="image" title="Russia Su-33 fighter landing on Admiral Kuznetsov aircraft carrier" height="1280" width="2000" msid="105245824" hostid="261"></div>The new jet had a top speed of more than 1,400 mph and a range of more than 2,000 miles, along with a 30mm cannon and 12 hardpoints that could carry 14,000 pounds of ordnance.Despite the jet's improvements over the Yak-38, <a href="https://www.businessinsider.com/russian-plans-for-su33-as-carrier-based-fighter-fell-apart-2021-9" target="_blank" rel="noopener">it was also of limited effectiveness</a>. Because the jet was exceptionally large, the Kuznetsov, which was smaller than US carriers, couldn't carry many of them. The jet's size also made it difficult to move around on the carrier. The Su-33 was also meant to be capable of ground-attack missions, but its takeoff weight, and thus the weaponry it could carry, were limited by Kuznetsov's ski-jump ramp.The Su-33 didn't enter service until after the Cold War, and only about 22 were built. Three have been lost in crashes, and only 17 are believed to still be in service today.<h2>MiG-29K</h2><div type="image" title="MiG 29K aircraft INS Vikramaditya indian navy aircraft carrier" height="586" width="1000" msid="105245825" hostid="261"></div>While the Sukhoi design firm was working on the Su-33 in the 1980s, the Mikoyan Design Bureau was working on its own carrier aircraft, the MiG-29K, a <a href="https://www.businessinsider.com/combat-jets-russia-and-ukraine-are-using-in-ukraine-war-2022-7" target="_blank" rel="noopener">naval variant of the MiG-29</a>.Work on the MiG-29K was halted in 1991 when the Russian navy selected the Su-33 for its carriers, but the project was revived in 2004 for the Indian navy, which was <a href="https://nationalinterest.org/blog/buzz/all-reasons-why-india-hates-aircraft-carrier-it-bought-russia-92076" target="_blank" rel="noopener">acquiring</a> the Kiev-class carrier Admiral Gorhskov from Russia and wanted the jet for the carrier's air wing.With a top speed of about 1,300 mph and the ability to carry 9,900 pounds of ordnance, the MiG-29K was better suited for ground strikes than the Su-33. India also chose the MiG-29K because its air force already operated the MiG-29 and was familiar with the airframe.<div type="image" title="Indian navy MiG-29 fighter jet aircraft carrier INS Vikrant" height="1331" width="2000" msid="105245826" hostid="261"></div>New Delhi placed two orders, in 2004 and 2010, for 45 aircraft and related equipment for $2.2 billion. Its first MiG-29Ks were delivered in 2009, and the first squadron became operational in 2013. The MiG-29K also underperformed, however.A 2016 <a href="https://cag.gov.in/webroot/uploads/download_audit_report/2016/Union_Defence_Services_Navy_and_Coast_Guard_Report_No_17_of_2016.pdf" target="_blank" rel="noopener">report</a> from India's Comptroller and Auditor General said that between 2009 and 2015, the MiG-29Ks that had been delivered were only available for service between 15.93% and 47.14% of the time. In addition to issues with the jet's airframe and avionics, the report said 62% of the engines delivered by Russia had been withdrawn from service or were rejected because of defects and deficiencies.At least five of the Indian navy's MiG-29Ks were lost in <a href="https://www.janes.com/defence-news/news-detail/indian-navy-reports-crash-of-fifth-mig-29k-in-four-years#:~:text=Of%20the%20five%20MiG%2D29K,during%20the%20last%2010%20years.&amp;text=in%2Dfour%2Dyears-,An%20Indian%20Navy%20Mikoyan%2DGurevich%20MiG%2D29K%20crashed%20in%20the,Arabian%20Sea%20on%2012%20October." target="_blank" rel="noopener">crashes</a> between 2018 and 2022 — a far higher rate than for the Indian air force's MiG-29s. The problems were compounded by the fact that India was wholly reliant on Russia for major support issues, as Moscow refused to transfer jet-engine technology or allow India to build its own MiG-29Ks.The Indian navy <a href="https://www.defense-aerospace.com/india-says-mig-29-serviceability-issues-now-solved-admiral/" target="_blank" rel="noopener">said</a> in 2018 that all serviceability issues had been resolved. It even <a href="https://www.forbes.com/sites/davidaxe/2020/07/24/india-gets-desperate-for-mountain-fighters-sends-navy-migs-north/?sh=746a6d3878b9" target="_blank" rel="noopener">deployed</a> some MiG-29Ks to the Sino-Indian border at the height of tensions between the countries in 2020. But Delhi appears ready to move on to other jets.<div type="image" title="Russia aircraft carrier Admiral Kuznetsov" height="1288" width="2000" msid="105245827" hostid="261"></div>Despite designing the country's first domestically built <a href="https://www.businessinsider.com/first-jet-landing-on-vikrant-reflect-indian-aircraft-carrier-ambitions-2023-2" target="_top">aircraft carrier, INS Vikrant</a>, around the Russian-made jet, India has opted to retire all its MiG-29Ks by 2035 rather than extend their service lives or buy more. India's navy says it instead <a href="https://www.firstpost.com/india/indian-navy-to-replace-mig-29k-fleet-after-2035-due-to-quality-concerns-12439122.html" target="_blank" rel="noopener">plans</a> to buy <a href="https://www.thehindu.com/news/national/india-communicates-to-france-decision-to-procure-26-rafale-marine-jets/article67468034.ece" target="_blank" rel="noopener">26</a> French-built Rafale-M jets, which will require redesigning Vikrant's aircraft elevator, and eventually use a <a href="https://www.thehindu.com/news/national/twin-engine-carrier-based-fighter-for-navy-could-be-inducted-by-2031-32/article66124792.ece" target="_blank" rel="noopener">domestically developed</a> carrier-based jet.After the MiG-29K program was restarted for India, Russia's navy ordered 25 of the jets in 2009 to be used aboard Kuznetsov. The fighter made its combat debut in 2016, flying from the carrier during a deployment to Syria.Neither the jet nor the ship emerged unscathed. In one incident, a MiG-29K broke the carrier's arresting cable during landing. As the crew cleared debris from the deck, another MiG-29K circling overhead crashed into the sea after its engines unexpectedly shut off.Russia had planned to replace its Su-33s with MiG-29Ks but later decided that the MiGs would supplement its Su-33 fleet instead. Since Kuznetsov began its refit in early 2017, however, no jet has flown from the ship.

Aircraft carriers aren't the Russian navy's only problem. It has also struggled for decades to build jets for them.

<ul><li>The French defence deal gives a boost to HAL, but the opportunity is yet to be visible for Mazagon Dock.</li><li>HAL’s already-developed products have an order pipeline of around $48 billion over 10 years, says PhillipCapital.</li><li>The deal for submarines which can benefit Mazagon Dock needs more clarity, says ICICI Securities. </li></ul>Indian defence sector stocks have been on a bull run in the last few months with Hindustan Aeronautics (HAL) and Mazagon Dock Shipbuilders turning multibaggers. Both these stocks received another big boost from the defence agreements signed by India and France, as part of Prime Minister Narendra Modi’s two-day visit to the European nation for Bastille Day. Apart from the procurement of Rafale jets, the agreements covered co-operation on the joint development of high-thrust engines for Advanced Medium Combat Aircraft (AMCA) and joint development of turboshaft engines for Indian Multi-Role Helicopter (IMRH). HAL: Up in the air To action the deal, French company Safran and HAL will form a joint venture (JV) company to co-design and produce new generation helicopter engines in India. “The first objective is to build the most adequate solution for the future 13-ton IMRH and its naval version Deck Based Multi-Role Helicopter (DBMRH),” said a report by ICICI Securities. In addition, the French defence deal includes a transfer of technology to HAL, for forging and casting for Shakti engine, which powers almost the entire indigenous helicopter fleet of India including ALH Dhruv, Rudra, light combat helicopters (LCH) and Light Utility Helicopter (LUH). As per ICICI Securities, these developments enable the execution of critical orders of 140 AMCAs, 175 LUHs and 145 LCHs, which the company is expecting to get in the medium term. Thanks to the positive fallouts from the French agreements and a deal signed with GE earlier in June – for F-414 engines and co-development of high-thrust engines for AMCA – HAL’s stock has a long run-up ahead. “We believe there is a possibility of ramp up in manufacturing revenue for HAL beyond FY26. As a result, we raise our manufacturing revenue growth estimates to 12% (from 8% earlier) beyond FY26,” says ICICI Securities. India’s ageing defence fleet also provides the public sector company with many more opportunities ahead. HAL has an order pipeline of $48 billion spread over the next ten years – for products that it has already developed like LCA Tejas, a supersonic combat aircraft. “The company also benefits from the repair and overhaul programme, which heavily depends on the Sukhoi aircraft fleet, the ALH (advanced light helicopter) fleet, and the recently introduced Hawk aircraft, along with upgrades to the Jaguar and Mirage platforms,” said a report by PhillipCapital. PhillipCapital has placed a target price of ₹3,975 on HAL stock with a neutral rating, but ICICI Securities revised its target price upwards to ₹4,350 after factoring in the latest French deal advantage. The stock is currently trading at ₹3,857. Mazagon Dock Shipbuilders: The submarine opportunity not visible yet Investments in Mazagon Dock Shipbuilders (MDSL) shares have shot up 6.5 times in the last one year. Like HAL, this Mumbai-based company has a reason to gain from the France deal as it includes ambitious projects to explore the development of the Indian submarine fleet. The Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, approved the proposal to acquire three French-designed Scorpene-class submarines. These submarines will be constructed by MDSL While the acceptance of necessity (AoN) has been granted, there was no specific mention of three Scorpene submarines in the joint statement issued by PM Modi and French President Emmanuel Macron. An AoN is accorded by the Defence Ministry for a particular weapon system or equipment at the beginning of the procurement process. “Currently, we do not have clarity on the ordering timeline for the new Scorpene submarines. We would keep a tab on further development in this regard. In our view, the actual construction work on the submarine might commence around 18 months after the contract has been signed,” said ICICI Securities. The brokerage has maintained a ‘sell’ rating on the stock with an unchanged target price of ₹600. MDSL is currently trading at ₹1,728. Apart from the possible deal, the company, which has a competitive edge in the sector, has a major overhang. It’s involved in a rent lease disagreement with Mumbai Port Trust, which has raised a demand from the company for four of its plots after finalising its land lease policy. It has sought as much as ₹272 crore plus applicable taxes as upfront payment towards the lease premium and ₹40 crore plus applicable taxes towards the arrears of rent FY06 onwards. MDSL has contested Mumbai Port Trust’s proposal and has recognised an estimated reasonable lease rent in its financial statements. The matter is under discussion at the ministry level between the Department of Defence Production and the Ministry of Ports, Shipping and Waterways. SEE ALSO <a href="https://www.businessinsider.in/india/news/few-indians-are-giving-up-on-tomatoes-despite-red-hot-prices-subsidies-arent-helping-much-shows-survey/articleshow/101920571.cms">Few Indians are giving up on tomatoes despite red hot prices, subsidies aren’t helping much, shows survey</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-first-quarter-show-points-to-multiple-battles-ahead/articleshow/101753530.cms">Wipro's first quarter show points to multiple battles ahead</a>

The French connection: HAL has most to gain; submarines yet to surface for Mazagon Dock

Lucknow, Feb 7 () US defence giant Lockheed Martin on Friday inked an agreement with the state-run Bharat Electronics Limited to explore opportunities in the F-21 fighter jet programme. Lockheed Martin has exclusively offered its F-21 military aircraft to India, with an eye to bag the Indian Air Force's USD 18 billion dollar deal to procure 114 jets. "Lockheed Martin signed a memorandum of understanding (MoU) with Defence PSU Bharat Electronics Limited (BEL) to explore industrial opportunities in the F-21 programme today at DefExpo 2020," the company said in a statement. Lockheed Martin said it is strengthening and growing its partnerships with the Indian industry to support the company's F-21 proposal for the IAF. "We are excited to begin exploring F-21 opportunities with BEL, one of India's leading aerospace and defence companies," said Dr Vivek Lall, Vice President of Strategy and Business Development, Lockheed Martin Aeronautics. He said if India goes for F-21, then it will be plugging into the world's largest fighter plane ecosystem. "An F-21 partnership with India integrates Indian industry, including BEL, into the world's largest and most successful fighter aircraft ecosystem and demonstrates Lockheed Martin's commitment to India," Lall said. In April last year, the IAF issued an RFI (Request for Information) or initial tender to acquire 114 jets at a cost of around USD 18 billion, which is billed as one of the world's biggest military procurement in recent years. The top contenders for the deal include Lockheed's F-21, Boeing's F/A-18, Dassault Aviation's Rafale, the Eurofighter Typhoon, Russian aircraft MiG 35 and Saab's Gripen. "We are happy to collaborate with Lockheed Martin which is a global major in the aerospace sector. We are eagerly looking forward to cash in on this co-operation to address domestic and international market needs in this sector," said Anandi Ramalingam, Director (Marketing), BEL. Lockheed Martin has projected F-21 as the ideal aircraft to address the IAF's capability needs and deliver unparalleled industrial opportunities in India. It said the single-engine F-jet will have the most optimal life cycle cost for the Indian Air Force, besides ensuring longest service life of 12,000 flight hours. "In concert with India's Rafale and Tejas, the F-21 will fill a critical operational role for the Indian Air Force," the company said. It said the F-21 programme will also provide unmatched opportunities for Indian companies of all sizes, including micro, small &amp; medium enterprises (MSMEs) and suppliers throughout India, to establish new business relationships with Lockheed Martin. MPB SMN

Lockheed Martin inks pact with BEL to explore opportunities in F-21 fighter jet programme

<keyword id="6354785" type="COUNTRY" weightage="20" keywordseo="France">France</keyword> has offered to help India revive the unsuccessful <keyword id="6402104" type="PERSON" weightage="20" keywordseo="Kaveri">Kaveri</keyword> engine project for indigenous <keyword id="6376012" type="COMPANY" weightage="20" keywordseo="Tejas">Tejas</keyword> aircraft and a host of other high-end collaborations as part of the offsets in the 7.87 billion euro Rafale fighter plane deal. 
 
The deal comes with a 50 % offset clause which means that Indian companies, big and small, will get businesses worth over 3 billion euros, confirmed a news agency report. 
 
Defence sources said that one main point of the offset was that 74 % of it has to be imported from India. 
 
This means a lot of business and job opportunities in India, sources said. 
 
They added that the offset, spread over a period of seven years, will be finalised soon. 
 
"The offset clause of 50 per cent in the Rafale deal will provide a great opportunity for indigenous manufacturers such as us who have put in years of effort in developing world class technology within the country. 
 "It further outlines the commitment made by the Indian government to promote the Indian manufacturing industry and support indigenisation of defence needs of the country," <keyword id="3683287" type="UNKNOWN" weightage="20" keywordseo="samtel-avionics-md">Samtel Avionics MD</keyword> and CEO <keyword id="235215" type="PERSON" weightage="20" keywordseo="Puneet-Kaura">Puneet Kaura</keyword> said.

French love: There are more goodies in Rafael deal than just military weapons

<ul><li>India’s President’s address was full of praises for <keyword id="6387077" type="UNKNOWN" weightage="20" keywordseo="narendra-modi-government">Narendra Modi government</keyword>. </li><li>However, some of the accolades may be exaggerated or not in sync with facts.</li></ul>Ram Nath Kovind, India’s President for eighteen months, took the lead to give the country’s Parliament a report card on behalf of the four-and-a-half year old Narendra Modi government. Kicking off the <keyword id="105431" type="ORGANIZATION" weightage="20" keywordseo="budget-session">budget session</keyword> of Parliament, Kovind, in a speech that lasted over an hour, gave a glowing tribute to the incumbent government that will be seek re-election in less than 100 days from now. The following are some of the highlights of Kovind’s laudatory speech, each followed by facts that may question the President’s conviction about the Modi government’s performance. 1. “Compromising with security needs is not in interest of present &amp; future of country. New deals in last year, purchase of defence equipment raised morale of defence. After decades, Indian Air Force will use ultramodern Rafale aircraft in coming months &amp; strengthen itself.” The government auditor – the Comptroller and Auditor General of India – is yet to <a href="https://www.news18.com/news/india/only-3-copies-of-cags-rafale-report-likely-to-reveal-pricing-details-parliament-may-get-redacted-version-2018409.html" data-type="tilCustomLink" target="_blank">submit</a> its report on the government’s deal to purchase 36 Rafale aircraft for an undisclosed sum of money. Giving a clean chit to the government on the <a href="https://economictimes.indiatimes.com/news/defence/all-you-need-to-know-about-the-rafale-deal-controversy/jet-set-go/slideshow/65079741.cms" data-type="tilCustomLink" target="_blank">alleged irregularities</a> may be premature. 2. “Youth are the greatest strength of our nation. India has the largest number of young people in the world, and the policy decisions of my Government have been inspired by the aspirations and dreams of young Indians of 21st century.” The President said this on the day a report revealed that employment in the Indian economy was at its <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">worst</a> in 45 years, a labour survey that the government has not made public yet. 3. “GST has benefited businesses by bringing in more honesty and transparency." In December 2018, the All India Manufacturers’ Organisation (AIMO), <a href="https://www.businessinsider.in/indias-micro-and-small-enterprises-saw-a-whopping-32-drop-in-jobs-in-the-last-4-years-survey/articleshow/67123219.cms" data-type="tilCustomLink" target="_blank">said</a> small businesses across the country lost over 3.5 million job losses since 2014. The job losses were attributed to a 70% drop in operational profits in the MSME sector since 2014, according to K E Raghunathan, president of AIMO. 4. “By decreasing the burden of income tax and keeping the rate of inflation under control, the government has created new opportunities for expanding the savings of the middle class.” Despite the government’s best intentions, the “current (consumer) sentiment on the general economic situation dipped further into the pessimistic zone” – this is the finding from a consumer confidence <a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=18729"></a><a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=18729" data-type="tilCustomLink" target="_blank">survey</a> conducted in six Indian cities by the Reserve Bank of India. In fact, the consumer confidence is at its lowest it has been since Modi government took charge. Indeed inflation has been low for much of the current government’s tenure, jobs have been scarce and income growth very tepid, making middle class consumers penny wise. 5. “Demonetisation was a defining moment in the govt’s war on corruption and black money. This decision struck at the very root of the parallel economy thriving on black money; and the money outside the formal system was brought within the ambit of nation’s economy.” One of the defining steps against black money taken by the Modi government, by its <a href="https://www.financialexpress.com/economy/modi-says-demonetisation-forced-nirav-modi-vijay-mallya-to-flee-curbed-black-money/1431229/"></a><a href="https://www.financialexpress.com/economy/modi-says-demonetisation-forced-nirav-modi-vijay-mallya-to-flee-curbed-black-money/1431229/" data-type="tilCustomLink" target="_blank">own admission</a>, was demonetisation. However, contrary to the hope that a big chunk of unaccounted cash stashed away will be left worthless, nearly all the <a href="https://economictimes.indiatimes.com/news/economy/finance/after-almost-two-years-of-counting-rbi-says-99-3-of-demonetised-notes-returned/articleshow/65589904.cms"></a><a href="https://economictimes.indiatimes.com/news/economy/finance/after-almost-two-years-of-counting-rbi-says-99-3-of-demonetised-notes-returned/articleshow/65589904.cms" data-type="tilCustomLink" target="_blank">banned notes</a> have returned to the system. What came to a grinding halt was the <a href="https://economictimes.indiatimes.com/news/economy/policy/demonetisation-hit-growth-by-2-percentage-points-us-study/articleshow/67154320.cms"></a><a href="https://economictimes.indiatimes.com/news/economy/policy/demonetisation-hit-growth-by-2-percentage-points-us-study/articleshow/67154320.cms" data-type="tilCustomLink" target="_blank">Indian economy</a> leading to job losses. 6. “Government has approved ₹25,500 crores for ‘Namami Gange Mission’. By stopping the flow from dozens of big drains into the river, by stopping the industrial waste, and by setting up sewer treatment plants, my government has shown proactiveness to clean up Ganga.” Indeed the money has been allotted and a lot has been spent, but is it working? India’s waterman <a href="https://www.businessinsider.in/why-indias-waterman-thinks-the-governments-3-5-billion-plan-to-clean-up-ganga-is-not-working/articleshow/67672185.cms"></a><a href="https://www.businessinsider.in/why-indias-waterman-thinks-the-governments-3-5-billion-plan-to-clean-up-ganga-is-not-working/articleshow/67672185.cms" data-type="tilCustomLink" target="_blank">Rajendra Singh</a> believes that a clean Ganga may still be a distant dream. 7. "Government's digital plan is helping rural India." Once again, one of the stated goals of demonetisation was to make India a cashless society and push people towards digital payments. It seemed to work in the initial days of the cash crunch, but soon after, people were back to using cash, and in fact, it is <a href="https://www.livemint.com/Money/Oxohtwl6CBCWjnfjdbHCEL/Cash-transactions-up-after-demonetisation-but-Indias-ATM-ne.html"></a><a href="https://www.livemint.com/Money/Oxohtwl6CBCWjnfjdbHCEL/Cash-transactions-up-after-demonetisation-but-Indias-ATM-ne.html" data-type="tilCustomLink" target="_blank">now more than before</a> demonetisation. 8. “In 2014, only 59 village panchayats in the country had digital connectivity. Today, 1 lakh 16 thousand village panchayats are connected with optical fibre and about 40 thousand village panchayats have been provided with wi-fi hotspots.” The other big pillar of the Digital India dream is to allow millions of Indian villagers access to internet through a broadband network that spans the length and breadth of the country. The network has been laid for the first phase covering one lakh villages, but only 10% of the network is getting utilised. This has <a href="https://www.deccanchronicle.com/business/in-other-news/220119/rs-42000-crore-bharatnet-projects-face-delay-cost-overrun.html"></a><a href="https://www.deccanchronicle.com/business/in-other-news/220119/rs-42000-crore-bharatnet-projects-face-delay-cost-overrun.html" data-type="tilCustomLink" target="_blank">reportedly</a> led to the department of telecom warning the two implementing agencies, as recently as last week. India is ranked 91st among 139 countries on the Networked Readiness Index 2016, according to the <a href="http://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/"></a><a href="http://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/" data-type="tilCustomLink" target="_blank">World Economic Forum (WEF)</a>). 9. “By enacting RERA law, my govt has ensured that construction of houses is completed and they are handed over to the buyers as scheduled. After enactment of this law, about 35,000 real estate projects have been registered where lakhs of houses are being constructed.” The Real Estate Regulation Act is a potential game changer for India’s tainted real estate industry, infamous as a haven for ill-gotten wealth, but the reform measure has made little progress since it was rolled out in May 2017. “States have notified the act but, unfortunately, the structures of the RERA machinery in most of the states have not been put in place,” Samantak Das told the <a href="https://economictimes.indiatimes.com/wealth/real-estate/poor-implementation-of-rera-across-states-poses-a-challenge-to-home-buyers/articleshow/66375451.cms"></a><a href="https://economictimes.indiatimes.com/wealth/real-estate/poor-implementation-of-rera-across-states-poses-a-challenge-to-home-buyers/articleshow/66375451.cms" data-type="tilCustomLink" target="_blank">IANS</a> in October 2018, adding that, “"After constituting a model act at the central level, the Union government has a role to look at whether the states are adhering to the central legislation and implementing it in true letter and spirit.” 10. “Be it cities or villages, the government is working at a fast pace to strengthen healthcare related infrastructure.” The government last year set a target of raising annual health spending to 2.5% of India’s gross domestic product (GDP) by 2025, from 1.15% now-- which is one of the lowest proportions in the world. Nepal (2.3%) and Sri Lanka (2%) spend more on healthcare than the government in India does. 11. “Thirty four crore bank accounts have been opened in the country because of ‘Jan Dhan Yojana’ and almost every family is now connected to the banking system. Today, Rs 88,000 crore deposited in Jan Dhan accounts is a testimony to the changing saving habits.” While it is true that the government pushed millions of Indians to have a bank account for the first time in their lives, it is still not a universal phenomenon. According to an August 2018 report from NABARD, nearly 190 million people still do not have access to a bank. Only “49% households reported that at least one of their members had saved any money in an institution (banks, post office etc.),” according to the report. 12. "Our daughters are making remarkable contribution in every field today and have brought laurels to the country. It is for the first time since independence that the policies &amp; programmes of the Govt have created numerous new opportunities for enterprise for women" It is true that there are more conversations about ending the discrimination against women today than ever before, but it is a global phenomenon too. However, presidential speeches have little impact unless it is forced into practice, particularly among public personalities like members of Parliament. In India’s political sphere, there is more sexism than oxygen in the air. Most recently the newly-appointed Congress general secretary <a href="https://www.indiatoday.in/elections/story/pretty-face-no-other-talent-bihar-minister-s-sexist-remark-about-priyanka-gandhi-1438935-2019-01-25" data-type="tilCustomLink" target="_blank">Priyanka Gandhi </a>was at the receiving end of jibes that called her ‘chocolate face’ and ‘Surpanakha’ (a demon from Hindu mythology). But is not BJP’s forte <a href="https://www.timesnownews.com/india/article/bjp-up-chiefs-sexist-joke-on-mayawati-akhilesh-and-mulayam-over-1995-guest-house-incident-raises-a-storm/355537" data-type="tilCustomLink" target="_blank">alone.</a> It’s something that unites the country’s <a href="https://www.newsbytesapp.com/timeline/Politics/39755/176209/congress-and-bjp-can-t-be-absolved-of-sexist-remarks" data-type="tilCustomLink">political class</a> more than anything else. Meanwhile, in India’s booming private sector, 40% of <a href="https://www.businessinsider.in/a-whopping-40-of-indias-women-engineers-dont-have-jobs-because-of-rampant-sexism-at-workplace/articleshow/67486684.cms">women engineers </a>in India do not have a job because the country’s corporate culture has a gender bias. See Also: <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">Unemployment in India is at its highest in 45 years – says an Indian daily citing an undisclosed jobs survey</a> <a href="https://www.businessinsider.in/indian-government-commits-to-increasing-public-health-spending-to-2-5-of-gdp-by-2025but-is-that-enough/articleshow/67086285.cms">Indian government commits to increasing public health spending to 2.5% of GDP by 2025—but is that enough?</a>

Here’s a fact check after Indian President's glowing tribute to the Narendra Modi government

Pakistan and China’s diplomatic brotherhood is once again in focus. And this time Pakistan has put forward an order of its JF-17 'Thunder' fighter. The lethal fighter jet might give the Indian Air Force (IAF) a bit of nightmare, given India's home-grown light combat aircraft <a href="http://www.businessinsider.in/Tejas-A-Rs-50000-crore-bird-for-India/articleshow/27650203.cms">Tejas</a> will take another year to become fully combat-ready, confirms a news report by The Economic Times. 
 
Tejas has been <a href="http://www.businessinsider.in/Indo-Russian-5th-Generation-Fighter-Aircraft-program-Delays-and-the-possible-outcomes/articleshow/47655536.cms">a much delayed project for IAF</a> since many years. Tejas Mark-II, with a more powerful engine, is likely to need a strong infusion of foreign collaboration if the first prototype has to take to the skies by 2018-19 as per already much-revised deadlines, informs the ET report. 
 
"Tejas Mark-II is still on the drawing board, with only the preliminary design review being completed till now. The critical design review is far off," a source told the ET. 
 
This has become a cause of major concern, since IAF is down to just 35 fighter squadrons, when at least 44 are needed to handle a "collusive threat" from Pakistan and China. Moreover, only half of the fighters in the 35 squadrons are operationally available at any given point of time due to obsolescence, poor serviceability and maintenance. 
 
Even if the ongoing commercial negotiation to directly acquire 36 expensive twin-engine Rafale fighters - IAF is pushing for double that number – has been sealed within a month, it will take well over two years for the deliveries of the French jets to begin. 
 
With older MiG-21s and MiG-27s being progressively retired, the single-engine Tejas is needed fast to make up for the fall in numbers. But it will get the final operational clearance (FOC) only by mid-2016 now, missing the revised December 2015 deadline set for it earlier. The FOC basically implies the jet is now capable of firing guns, rockets, laser-guided bombs and BVR (beyond visual range) missiles as well as undergo mid-air refuelling. 
 
IAF, DRDO and Aeronautical Development Agency are now getting set to seek the Cabinet Committee on Security's approval for the initial design and development phase for AMCA. The plan is to conduct the first flight of the twin-engine AMCA, with advanced stealth, super-cruise capability, super-maneuverability and multi-sensor integration, by 2023-2024, as was earlier reported by TOI. 
<a href="http://www.businessinsider.com/r-indian-pakistani-troops-exchange-gunfire-not-sweets-on-eid-2015-7?IR=T">While Pakistan is almost everyday violating the ceasefire and even the day of Eid</a> marked a violent exchange of bullets, the delay in procurement of high profile fighter jet remaining in question is a serious concern. 
 
(Image: Reuters)

​Pakistan is importing fighter jets while Indian Tejas is still on drawing board

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>France is sending its aircraft carrier to the Persian Gulf to serve a support role in the country's bombing campaign against ISIS in Iraq, the AFP <a href="http://news.yahoo.com/france-deploy-aircraft-carrier-gulf-fight-170259457.html">reported</a> on January 6.
The decision to deploy the Charles de Gaulle was made before the attack on the satirical magazine Charlie Hebdo and the subsequent hostage crises that claimed 17 lives and shook the nation last week.
But in light of French <keyword id="6354810" type="ORGANIZATION" weightage="100" keywordseo="Defense">defense</keyword> minister Jean Yves Le-Drain's <a href="http://www.independent.co.uk/news/world/europe/france-prepares-to-fight-back-defence-minister-says-isis-international-army-must-be-wiped-out-9975218.html">assertion this week</a> that "ISIS must be wiped out," the deployment looks to be part of a long-term engagement in the Middle East for what is Europe's largest military force.
"Thanks to the Charles de Gaulle we will have intelligence ... we may also conduct operations in Iraq," President François Hollande told military personnel in the annual presidential address from aboard the 38,000-ton carrier on Wednesday.
<h3>Here's a look at the French navy's flagship.</h3>
<h3><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div></h3>
Construction on France's first nuclear-powered carrier began in 1987. Budget constraints halted the process on four occasions in the early '90s until the Charles de Gaulle's inauguration in 1994. But the ship would only be launched in 2001.
During final seaworthiness tests in the Bermuda triangle in November 2000, part of the blade from one of the carrier's 19-ton propellers (below on the left) broke off. The Telegraph <a href="http://www.telegraph.co.uk/news/worldnews/europe/france/1325965/French-calamity-carrier-heads-for-sea-again.html">called</a> the incident a "further twist" in one of "the most embarrassing sagas in French maritime history," considering the ship's dragged-out operational record.
The repair took months to complete, during which critics of the project pointed out that for the first time since World War II, France was left without a functioning aircraft carrier.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
But the Charles de Gaulle soon saw action with a deployment to the Indian Ocean in 2001. It was accompanied by a French nuclear attack submarine and a frigate.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
For the next 6 months, the carrier played a support role for the US-led invasion of Afghanistan.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
The flattop has a capacity of forty aircraft, and is <a href="http://www.defense.gouv.fr/marine/decouverte/equipements-moyens-materiel-militaire/batiments-de-combat/porte-avions/charles-de-gaulle-r-91">capable of launching a plane every thirty seconds</a>. At 860 feet in length, France's carrier is smaller than those of the United States, which are almost 1,100 feet long. It can carry up to 30 aircraft, along with a crew of nearly 2,000.
The ship has two aircraft strips for takeoff in the front and one for landing in the back. Here's a Reuters breakdown of the vessel published when it deployed to assist the NATO mission in Libya in 2011:
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>
In 2004, the French navy organized seafaring maneuvers to mark the 60th anniversary of Operation Dragoon, a post-D-Day campaign that saw the Allies land troops on the Mediterranean coast of occupied France.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
The Charles de Gaulle plays a central role in the Varuna series - naval exercises periodically held between France and India.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
In 2005, the Charles de Gaulle joined ships from 35 countries in Portsmouth Harbour, England, to mark the 200th anniversary of the Battle of Trafalgar, a decisive naval engagement of the Napoleonic Wars.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
In 2007, the Charles de Gaulle docked at its home port in Toulon for a tune up that lasted over a year.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
In January 2014, the carrier made a port call in Abu Dhabi.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
France sent its flagship off the coast of Libya to support the bombing campaign that contributed to the ousting of Libyan president Muammar Gaddafi in 2011.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
The carrier has been ordered into the Persian Gulf, <a href="http://www.janes.com/article/47824/charles-de-gaulle-to-sail-for-gulf-possible-participation-in-islamic-state-air-strikes">along with a French nuclear submarine</a>, putting it back in action in the Middle East.

Here's The Aircraft Carrier France Is Sending To Chase Down ISIS In Iraq

Closely after making a five-day three-nation tour to Seychelles, Mauritius and <keyword id="6355572" type="COUNTRY" weightage="60" keywordseo="Sri-Lanka">Sri Lanka</keyword>, to reinvigorate the country’s ties with the Indian Ocean economies, Prime Minister <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword> is about to embark on a five-day Europe-Canada tour, which is eagerly watched by observers world over. The tour assumes significance on several counts. 
 First, it is a continuation of the successful visits to <keyword id="6355311" type="COUNTRY" weightage="60" keywordseo="Japan">Japan</keyword>, Australia and the US over the last year, which not only enabled Modi to translate into trade, technology and defence pacts, but helped him market the ‘Make in India’ campaign that aims to position India as the ‘world’s factory’, in addition to being the top ‘services hub’ globally. Second, it points to the fact that the <keyword id="6360789" type="ORGANIZATION" weightage="60" keywordseo="Modi-Government">Modi government</keyword> is keen on strengthening its foreign policy framework that aims at building and maintaining closer partnerships with not only global leaders such as the US and China, but strategic regional countries such as Japan in addition to key neighbourhood nations. 
 Significantly, <keyword id="87" type="COUNTRY" weightage="80" keywordseo="Germany">Germany</keyword> and France—two of EU’s most powerful countries that have been India’s strong trade partners—are a key part of Modi’s travel itinerary. In Germany, Modi is expected to inaugurate the Hannover Messe 2015 fair along with German Chancellor Angela Merkel on April 12 (India is a partner country in the fair). The fair will provide an ideal platform for Modi to showcase India as an emerging manufacturing hub as part of his government’s Make in India campaign. Germany is the eighth-largest foreign direct investor in India—German <keyword id="44528" type="ORGANIZATION" weightage="60" keywordseo="FDI">FDI</keyword> in India during 1991-2014 stood at $7.57 billion. Modi government’s focus on wind power, science, technology and engineering is expected to further enhance India’s trade with Germany. 
 <keyword id="6354785" type="COUNTRY" weightage="60" keywordseo="France">France</keyword> is an equally important trade partner for India. Extending the civilian nuclear pact signed by India and France in 2008 with Areva—a French multinational group specialising in nuclear and renewable energy—selling 300 tonnes of nuclear fuel to <keyword id="79802" type="COMPANY" weightage="80" keywordseo="Nuclear-Power-Corporation">Nuclear Power Corporation</keyword> of India (NPCIL), the Modi government seeks to explore the possibility of a commercial agreement on supply of European pressurised reactors (EPR) for NPCIL’s proposed 9,900-MW Jaitapur Nuclear Power Project in Ratnagiri district in Maharashtra, though such as pact would depend mainly on economic and technical viability. 
 Modi and <keyword id="24935" type="POSITION" weightage="60" keywordseo="French-President">French President</keyword> Francois Hollande are also expected to hold talks on the proposed $23-billion deal involving sale of 126 Dassault Rafale medium range multi-role combat aircraft to India. Also, with foreign direct <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword>ment in the <keyword id="35450" type="COMPANY" weightage="60" keywordseo="insurance">insurance</keyword> sector being raised to 49% from 26%, France is likely to invest $5 billion in the sector. 
 
The European leg of Modi’s trip is also important considering EU is India's largest trading partner, accounting for around 20% of India’s trade globally. Trade between India and the EU was $57.25 billion between April and October 2014 and stood at $101.5 billion for fiscal 2014-15, a major part of which was accounted for by Germany, France and the UK, while other partner countries including Denmark, Finland and the Netherlands too contributed. 
 Modi will be in Canada from April 14 to 16, making stops at <keyword id="29196" type="COMPANY" weightage="60" keywordseo="Toronto">Toronto</keyword>, <keyword id="82333" type="CITY" weightage="60" keywordseo="Ottawa">Ottawa</keyword> and <keyword id="72145" type="CITY" weightage="60" keywordseo="Vancouver">Vancouver</keyword>. The highlight of his three-day visit to Canada will be a public meeting at Toronto that is expected to be attended by a huge NRI crowd. India is Canada's largest trading partner in South Asia and continues to be a priority market under Canada's Global Markets Action Plan. 
 On the flip side, Modi’s proposed stopover at <keyword id="59706" type="COMPANY" weightage="60" keywordseo="Brussels">Brussels</keyword> stands cancelled after EU failed to respond to India’s proposal to include the EU capital in his itinerary. While it is not clear what led to EU’s muted response, there are those who believe the slow progress of the trial of two Italian marines accused of killing two Indian fishermen in 2012 is one of the reasons, given the fact that EU foreign policy chief Federica Mogherini has been vocal in criticising India’s stance on the issue. India’s refusal to toe the line of the Western countries over the Ukraine crisis and Russia’s role in the conflict is also said to be one of the reasons. However, many European countries see dropping Brussels from Modi’s travel itinerary as a lost opportunity for providing a fillip to India-EU ties. 
 
Notwithstanding the political significance of the tour considering the changing global geopolitical climate, one key question is whether Modi will be able to take the trip beyond the realm of rhetoric and translate it into actionable trade and investment opportunities like what he achieved during the Japan visit which resulted in commitment for close to $40 billion Japanese investment in India. 
 
(Image: Reuters)

Will Modi’s Europe-Canada tour translate into measurable gains?

Full text of President Ram Nath Kovind's first address to the Parliament as the 17th Lok Sabha gets underway

Modi Government is about to complete one year in office and one year is a significant time for understanding the intent and to some extent the performance of any government. <keyword id="2403978" type="ORGANIZATION" weightage="80" keywordseo="The-Modi-government">The Modi government</keyword> had won the election on the plank of development and its promise to bring ‘acche din’. The article tries to trace some of the promises that were made and the performance of the government during the previous year under various broad themes. 
 
Economy- The government has been helped by what a prominent editor termed ‘acche sitare’, ‘good luck’. It is no doubt true that fall in commodity prices in general and crude oil, in particular, helped the government reign in the <keyword id="6365485" type="UNKNOWN" weightage="80" keywordseo="fiscal-deficit">fiscal deficit</keyword> and give it headway to make fiscal policies for the country. The fiscal deficit target for 2015-16 has been the pegged by the budget to 3.9%. While this is little above than recommendations of the Fourteenth <keyword id="74136" type="ORGANIZATION" weightage="80" keywordseo="finance-commission">Finance Commission</keyword> ( which recommended it to be 3.6 percent of the <keyword id="35050" type="CITY" weightage="80" keywordseo="gdp">GDP</keyword>), the government has understandably batted for growth. The government still is slowly but surely moving towards the limit set by FRBM (Fiscal Responsibility and Budgetary Management) Act, 2003 that pegged the target at a maximum level of 3% of the GDP. The government has also tried to help the <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> gain momentum by enabling legislation for reforms. These included trying to go in for a major reform in the indirect taxation regime as well as accepting the recommendations of Fourteenth <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">Finance</keyword> Commission in respect to revenue sharing with states. It was ostensibly done to ensure a spirit of ‘cooperative federalism’ between states and center, as well as greater financial devolution to states. The figure now stands at 42% of the total revenue collection up from the earlier 32%. Also, the year saw growth forecasts been revised for India by a number of International Bodies and agencies. The IMF revised its forecasts to 7.5 % In 2015 in its WEO April 2015 forecast. It was up from the 6.4 projected for 2015 in the WEO April 2014 forecast. Similarly, the Asian Development Bank in its Asian Development Outlook 2015, indicated a bettering economy with less than 5 percent core <keyword id="22195" type="COMPANY" weightage="80" keywordseo="Inflation">inflation</keyword>. They also alluded to the new monetary policy framework according to which RBI, India's central bank is to play the role of price stabilization primarily while being mindful of growth. With the policy framework in place, the central bank will be maintaining the inflation target of 4±2 % from FY 2016 onwards. Thus with an overall bettering situation a total score of 7.5 out of 10. 
 
Foreign Engagement and Defence- Foreign engagement was by far the area where the most vigorous activity and keen intent were observed. The sphere saw initiatives undertaken by the PM himself to make India more noticeable as well as more integrated with the International sphere. It included among many things, trips to foreign countries both in the neighbourhood as well as to countries like Germany, France, Australia, US, Canada and most recently beginning May 14, 2015 his trip to China. The engagement also saw a large number of foreign dignitaries coming to India from across the world. The engagement also saw bilateral agreements as well as plans to invest in India's development by countries and companies abroad, most notably by Japan, US and China. Also, steps to resolve contentious issues have been undertaken pertaining to the border areas with neighbours. It includes the recently passed Bangladesh Land Accord Bill that envisages transferring enclaves and demarcation of the boundary along the present porous borders. Also, in the broad sphere of defence the decision to acquire 36 Rafale fighter jets is a welcome step. More such acquisitions will have to be made since these 36 planes would add just two squadrons to thirty-five squadrons that IAF has. It is below an authorized strength of forty-two which will be down to twenty- five by 2022. It means we must speed up the process of defense acquisitions since there is urgent need to upgrade and modernize the armed forces and security apparatus in India. Overall a score of 8.5 out of 10 foreign engagement and 7.5 out of 10 on defence. 
 
 
Agriculture- Here the government has not been able to do that well, and it is understandable because there has been erratic weather accentuated by some mismanagement by the government. The sector is critical as most people are dependent on it for employment. Added to the weather were the issues of land acquisition and urea availability to farmers. Land Acquisition Bill though being blocked by the opposition on the farmer rights plank is linked directly to the development of clusters and employment of youth for especially rural areas. The focus of the government seems to be the development of irrigation facilities under its Pradhanmantri Krishi Sinchai Yojana. A fund was proposed to be set up for marginalized farmers with a corpus of Rs. 25000 crores in NABARD. An overall score of 6.5 on 10. 
 
Industrial policy and power- Industrial policy saw a continuity from the previous regime. The National Manufacturing Policy (NMP) was hailed by the 'Make in India' as the 'most comprehensive and significant policy initiative of the government'. The 'Make in India' is an initiative that is critically dependent on other factors. These include availability of land, ease of doing business as well as removal of inverse duty structures that make imports of finished products cheaper than finished products. Apart from this labour policies that favour flexibility in hiring and firing are also seen to be the main bottlenecks. While the government has taken some steps to rectify, these bottlenecks outcomes are yet to be seen. Similarly, the <keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword> policy has seen incremental reforms with the opening up of <keyword id="35450" type="COMPANY" weightage="80" keywordseo="insurance">insurance</keyword> and defence sectors further to 49% from the earlier limit of 26%. Both these are positive steps for the economy. Greater structural changes could have been undertaken in these spheres especially with the mandate, but nonetheless significant work is been done. In the power sector, much has been achieved. It included the successful auction of the coal mines, which is slated to rope in a massive 15 lakh crore over the 30-year timeframe if all the mines are auctioned and are working at optimum output. Apart from this coal production was at an all-time high as well as the government seems on track to meet the power requirements of the country. Overall a score of 6.5 for industries and a score of 8 for power out of 10. 
 
Education- The countries' education system can broadly be classified under two broad areas- higher education and school education. There are several schemes that are operational under these. The government in the past one-year has come up with several new initiatives including the Beti-Bachao Beti Padhao Abhiyan, Swachh Vidyalaya and GIS Mapping of schools and has opened several new institutions. However, the fact remains that despite all government’s initiatives most people if given a choice, prefer private schooling since it gives their children a competitive edge later on in their careers. The governments of the past have failed in this and correcting this anomaly will take time. Also, in respect to higher education the government seems keen to have holistic development with several new AIIMS, IIM and IIT like institutions being opened in states that have a paucity of these. What remains to seen is how quality and not just quantity is pursued within these institutions while ensuring regional development. An overall score of 6.5 on 10. 
 
Infrastructure- The primary focus of the government in this sphere is up-gradation of existing and quick development of new infrastructure. The first can be observed in the push for railway up-gradation and improvement in customer service. The second can be observed more in the highways sector with the minister setting himself a target of 30 km a day by 2017. In March this year 11 km of roads were being laid. The broad ambit of infrastructure covers the development of roads, highways, ports, airport, waterways, canals, and railways. It is too early to judge the government's progress on the same however the fact that there is clearance for projects worth close to Rs. 6 lakh Crore across 10 key sectors. It shows intent on the part of government for infrastructure development. Overall a score of 7.5 on 10. 
 
Social Schemes- The social schemes of the government have been particularly impressive. These include the <keyword id="2494045" type="UNKNOWN" weightage="80" keywordseo="jan-dhan">Jan Dhan</keyword> Yojana, Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY) Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana and many other social missions like the <keyword id="6562839" type="UNKNOWN" weightage="80" keywordseo="Swacch-Bharat-Mission">Swacch Bharat Mission</keyword> and the Clean Ganga Mission. For the Jan Dhan Yojana already around 12.5 crore accounts have been opened along with a capital infusion of Rs 10,500 crore into the system. The three recently launched social security schemes (namely the (PMJJBY), Pradhan Mantri Suraksha Bima Yojana ) and Atal Pension Yojana) have got nearly 6.5 crore subscriptions. It is because (PMJJBY) scheme offers Rs. 2 lakh cover for a mere 330 Rs. Per year (provided bank account holders are from age 18-50). Under the (PMSBY), renewable one-year accident cum disability cover of Rs. 2 lakh is provided for Rs.12 premium every year. The Atal Pension Yojana is aimed at those people who work in the unorganised sector and do not fall under the ambit of regular pension. The scheme offers pension under various brackets depending on the contribution made over a period. The scheme is for people in the age bracket 18-40 years. The social focus of the government is also evident from the fact the government has continued with previous schemes and linked them with technology for targeted interventions. The JAM (Jan Dhan Account, Aadhaar Cards and Mobiles) number Trinity as mentioned in the budget speech is an example of the same. The government seems to have a social focus for benefit to poor. An overall score of 8 on 10. 
 
Urbanization and Urban development- The urbanization and urban development received an increased thrust under the 100 Smart City project. The thrust of the present government is not only on up gradation of brownfield cities but also development of new greenfield cities. Traditionally, India has been slow to urbanize, and at present 32 percent of people reside in urban areas. However, the quality of urban life has seen a precipitous decline in the past few decades. The government's smart city initiative is a step aimed at understanding and absorbing the migration of people from rural to urban areas. However, the implementation of the project holds the key. Success in greenfield development is critically linked to land acquisition. Also, will the 'smart cities' improve liveability for the ever-burgeoning population remains to be seen? The project is ambitious in scope and the past year has seen some activity with the launch of the GIFT city in Gujarat and work on cities of DMIDC. An overall score of 6.5 on 10. 
 
Health and Environment- Health along with education have been two areas where successive governments have faltered. The system in India needs a drastic overhaul and increased spending by the government. Also there is a severe shortage of trained personnel in the sector. Add to this the decrepit facilities in rural areas that forces one to look at ways and means to better delivery. The activity in the health ministry was seen to be rather subdued. However, the taxation on cigarettes ensures that a majority of population reconsiders decision to buy cigarettes. The quality of air and the general pollution levels in Indian cities pose serious health issues for all residents. Disease patterns are also changing and this calls for a comprehensive approach to healthcare access and delivery. Not much has been done in this regard. An overall score of 6 on 10. 
 
<keyword id="107737" type="ORGANIZATION" weightage="80" keywordseo="Entrepreneurship">Entrepreneurship</keyword> and Employment- For the first time a separate ministry for entrepreneurship has seen the light of the day. This fact along with the fact that skilling are the main thrust areas of the ministry make it clear that the government is in sync with the present ground reality. A million people will enter the workforce every month over the next decade. So it becomes imperative that India produces jobs for its burgeoning workforce. That will not just come from formal and informal sector but will require a thrust for entrepreneurship. Similarly, thrust for skilling is imperative. Further, a draft policy on skill development and entrepreneurship has already been made and put out for public consultation. Though much remains to be seen in terms of its impact the direction and intent, in this case, seems to be spot on. An overall score of 7.5 on 10. 
 
Overall, in assessing the performance, the government seems to have taken cognizance of the major challenges facing India in multiple spheres and taken requisite steps. It seems to be headed in the right direction. It augurs well for India in the medium to long term. Much will depend on the speed of legislation, decision-making and implementation over the next four years. 
 
(Dr. Amit Kapoor is President and CEO of India Council on Competitiveness and Honorary Chairman of Institute for Competitiveness, India. He tweets @kautiliya and can be contacted at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a>. The article is co-authored with Sankalp Sharma who is Senior Researcher at Institute for Competitiveness)

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