As part of #Rafale deal,#Dassault investing around €100 million in JV with #RelianceDefence (RD),as part of Offset obligations,which is less than 3% of total #Offset obligations
RD,not getting US$20 billion or even US$4 billion as liar Rahul Gandhi claimed,but less than $120mn
Reliance Defence,was formed after purchase of #PipavavDefence,which was in business of building warships &other vessels for Indian navy for years
So Reliance Defence,not a new company,as alleged by #Congress troll #RahulGandhi&his foolhardy acolytes #Rafale deal,completely clean
During earlier round of bidding for #MMRCA,under @INCIndia led #UPA govt,#Dassault tied up with Reliance Aerospace,which was newly formed company,without any experience in defence or aircraft business
List of Indian Offset Partners of Dassault includes other Indian business groups like L&T,Mahindra Group,Kalyani Group,Godrej&Boyce, Tata group,etc
As per Offset clause,Dassault is free to select partners as per its need
So targetting @narendramodi govt is both futile&juvenile
It is not necessary that #Offset partners would have to work on #Rafale project only,they could work on any project by Dassault
Dassault was negotiating with tens of other firms for contracts;A jet plane is a complex machine,with hundreds of parts,each manufactured to perfection
Aircraft manufacturers therefore, source components from all over the world
Even if there was no #Offset obligation,#Dassault would still have to source parts from numerous firms
Offset obligation in fact,ensured that some of those companies were from India,so why the hue&cry?
Rural Broadband project, #BharatNet,rolled out by @narendramodi govt,to be implemented via PPP model,will ensure,every inhabited village in 16 States will have Optical Fibre Connectivity,with overall cost at 19041 Cr
3.61 lakh villages will get broadband,OTT&Multi media Services
On economic front,good news is,for FY21,India saw Current Account Surplus (CAS) of 0.9% of GDP,versus Current Account Deficit (CAD) of 0.9% in FY20
Under inept #Congress,#CAD rose to 6.8% in 2013 but it has been less than 2% in last 7yrs,under @narendramodi govt,which bodes well
Just look at the kind of transformative work being done by @narendramodi &his team
PM Matsya Sampada Yojana to boost #Pisciculture,with a Rs 20000 Cr corpus &subsidy in the range of 40%-60%,is a huge boost to agri&allied services sector
Of Rs 18170 Cr worth of assets attached,Rs 9371Cr will be transferred to PSBs
This is a huge achievement,thx to Fugitive Economic Offenders Act,brought in by @narendramodi that gives banks power to monetise assets of fugitives,who fled India
.@INCIndia used to evergreen bad loans which means,once a loan came up for repayment,terms of repayment were changed repeatedly, due to which repayment kept getting postponed
Zombies are firms with interest coverage ratio of less than one;it is ratio of a firm’s profit after tax to its total interest expense;Such firms cannot meet interest obligations from their income
So #FOMC decides to keep rates unchanged at 0%-0.25%
Interest on excess reserves raised by 5bps from 0.10% to 0.15%
Inflation forecast raised by 100bps from 2.4% to 3.4%,though #Fed says long term goal is 2%
No #RateHike before 2023,says Powell;In March,he said,not before 2024
So called overnight #Repo operations where banks exchange high-end collateral for reserves,have been seeing record demand lately,as institutions look for any yield above the negative rates they are seeing in some markets
No plans to stop $120bn of monthly Bond purchases by #Fed
In separate matter,#FOMC announced,it would extend dollar-swap lines with global central banks through end of the yr
Currency program is the last #Covid-era initiative,Fed took to keep global markets flowing
Basically,Fed decides to stay with liquidity glut&easy money policy
Globally #Inflation is rising because of co-ordinated fiscal stimulus,that has led to asset prices,zooming;For instance,annualized inflation in USA is 9.7%;2yrs back,US was in throes of #Disinflation
$6 trillion stimulus by #Biden has led to too much money chasing too few goods
For those wanting to know why the difference in #WPI&CPI,figures well,weights of items in CPI are based on average household expenditure,taken from consumer expenditure surveys
Weightage of Primary articles in #CPI is 55%+,with Food group alone having weight of 39.06% #Inflation
Global Food Index in May is up 39.7% YoY,due to drought in many parts of the globe
#GlobalFoodIndex is measured by #FAO Food Price Index,#FFPI,which is a measure of monthly changes in international prices of a basket of #food commodities;It consists of average of five commodity group price indices,weighted by average export shares of each group over 2014-2016