The Survey of India is planning to remeasure the height of Mount Everest, the world’s tallest peak.
The project is being undertaken to determine whether the peak as per the doubts of some sections of the scientific community has indeed shrunk following the devastating earthquake that hit Nepal two years ago.
Highlights : The Survey of India would be sending an expedition to Nepal in two months to conduct the exercise.
Some scientists have expressed doubts regarding the current height of the towering peak. They feel that it has shrunk post the Nepal earthquake.
Officially, according to the available data, the Mount Everest currently stands at a height of 8,848 metres (29,028 feet) above the sea level.
According to Surveyor General of India, Swarna Subba Rao, the exercise is also being conducted to help scientific studies and plate movements.
The peak has been measured several times by different countries but the height established by the 1955 Indian survey is taken as the correct height even today.All necessary approvals for the expedition have already been taken.
This method is based on an observation process called triangulation, where tracing and measurement of a series of triangles determines the distances and relative positions of points spread over an area.The height can be calculated from ground.
Overall, the total time estimated to complete the entire exercise is around two months including a month for observation and 15 days for computation and then finally the declaration of data.
Researchers exploring the Western Ghats have found two new endemic genera and a new species of songbird.
Undertaken by V.V Robin, C K Vishnudas, Sushma Reddy, Frank E. Rheindt, Pooja Gupta, Daniel M.Hooper and Uma Ramakrishnan, the research was published in the latest issue of BMC Evolutionary Biology.
Highlights : The research team has designated two new genera, the Western Ghats shortwings as Sholicola and the laughing thrushes as Montecincla.
While Sholicola are closely related to the flycatchers, the Montecincla are closely related to babblers.
The Sholicola are confined to Agasthyar Malai mountain ranges.
Montecincla genera include species such as Montecincla jerdoni, Montecincla fairbanki and Montecincla cachinnans. Montecincla meridionalis belongs to Montecincla genus.Sholicola major and Sholicola albiventris belong to Sholicola genus.
Though many people had noted the difference in feather patterns of these birds across populations in different mountain tops, they were still bracketed under a single species. It was the genetic data that proved otherwise.
The ‘Winners of Excellence’ under the state category of the eGovernance Awards for the year 2017 are Rajasthan and Telangana.
The awards, instituted by Computer Society of India’s (CSI) Special Interest Group in sponsorship with Nihilent Technologies, are aimed to recognise the efforts of eGovernance practitioners spread across state and central departments, projects as well as in district administrative units.
The eGovernance Award of Recognition was given to Odisha and Nagaland.
This year, the awards drew a greater response due to Centre’s heavy focus on promoting Digital India.
Under the Project’s category, around 34 projects belonged to government departments and organisations from across the country. The projects were chosen for their innovative and inclusive eGovernance initiatives.
Overall, there were over 180 nominations for projects.
CSI -Nihilent e-Governance AWARDS
The awards were initiated in the year 2004 with three main objectives:To become an independent focal point for the assessment of e-Governance initiatives in the country
To take charge in recording appreciation of the effort put in by government officials at different levels to implement e-Governance initiatives, going against all the odds.
To provide a channel to those Indians who have mastered e-Governance techniques to share their knowledge with interested shareholders in the country as well as abroad.
Over the years, the awards have received thousands of nominations under its various categories, a large number from which have been reported as case studies that have shared their experiences globally through inclusion in the Annual Compendium released by CSI SIG e-Gov.
The Union Ministry of Women & Child Development has clarified that Beti Bachao Beti Padhao (B3P) Scheme has no provision for individual cash transfer component.
It has warned the unauthorised websites/organisations, NGOs, individuals that are distributing forms in the name of cash incentives under B3P Scheme.
It also has mentioned that it is illegal and serious matter as there is no cash incentive associated in any form. Government’s clarification came following reports that certain unauthorised sites, organisations, NGOs and individuals were found distributing forms in the name of cash incentive under the scheme.
Beti Bachao Beti Padhao (B3P) Scheme : The B3P scheme was launched in January, 2015 by Prime Minister Narendra Modi at Panipat in Haryana. The scheme is aimed at promoting gender equality and the significance of educating girls.
It is a social campaign that aims to generate awareness and improve the efficiency of welfare services meant for girls.
It focuses on changing mindsets and deep rooted patriarchy in the societal system, advancing education of the girl child, strict enforcement of PC&PNDT Act and on issues of women empowerment. It is targeted at improving the Child Sex Ratio (CSR) through multi sectoral interventions including prevention of gender biased sex selection and promoting girls’ education and her holistic empowerment.
India and Russia have held high-level consultations on counter-terrorism issues in New Delhi. Both sides shared views and assessment on the threats posed by increasing terrorist activities including India’s concern on state-sponsored, cross-border terrorism.
The Indian delegation was led by Preeti Saran, Secretary (East) in the Union Ministry of External Affairs (MEA) while the Russian delegation was headed by Deputy Foreign Minister Mr. Oleg V. Syromolotov.
Highlights : Both sides shared views and assessment on the threats posed by the scourge of terrorism, including state-sponsored, cross-border terrorism faced by India.
They also shared concerns regarding the emergence of Afghanistan-Pakistan (AfPak) region as the epicentre of terrorism. They discussed successful experiences in countering radicalisation and curbing terrorism.
Both sides agreed that the UN Security Council (UNSC) Sanctions List 1267 processes for blacklisting various terrorist individuals and entities must be stringently complied. They also emphasized on prospects for deepening engagement on counter-terrorism under the United Nations, BRICS and SCO (Shanghai Cooperation Organisation) mechanisms. They also agreed to frame joint action plan to focus on enhancing capacity building, frequent expert-level meetings, sharing of insights, exchange of best practices in curbing terrorism and countering radicalization.
The 2017 Union Budget, presented by Finance Minister Arun Jaitley on Wednesday, was broadly focused on 10 themes — the farming sector, the rural population, the youth, the poor and underprivileged health care, infrastructure, the financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest.
Following are the highlights of Mr. Jaitley's Budget speech:
Demonetisation is expected to have a transient impact on the economy.
It will have a great impact on the economy and lives of people .
Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
The effects of demonetisation will not spillover to the next fiscal.
Agriculture sector :
Sowing farmers should feel secure against natural calamities.
A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
NABARD fund will be increased to Rs. 40,000 crore.
Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.
Dairy processing infrastructure fund wlll be initially created with a corpus of Rs. 2000 crore.
Issuance of soil cards has gained momentum.
A model law on contract farming will be prepared and shared with the States.
Rural population :
The government targets to bring 1 crore households out of poverty by 2019.
During 2017-18, five lakh farm ponds will be be taken up under the MGNREGA.
Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers' income.
Will take steps to ensure participation of women in MGNREGA up to 55%.
Space technology will be used in a big way to ensure MGNREGA works.
The government proposes to complete 1 crore houses for those without homes.
Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.
The country well on way to achieve 100% rural electrification by March 2018.
Swachh Bharat mission has made tremendous progress; sanitation coverage has gone up from 42% in Oct 13 to 60% now.
For youth :
Will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
Focus will be on 3,479 educationally-backward blocks.
Colleges will be identified based on accreditation.
Skill India mission was launched to maximise potential. Will set up 100 India International centres across the country.
Courses on foreign languages will be introduced.
Will take steps to create 5000 PG seats per annum.
For the poor and underprivilege health care
Rs. 500 crore allocated for Mahila Shakthi Kendras.
Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
A sum of Rs. 1,84,632 crore allocated for women and children.
Affordable housing will be given infrastructure status.
Owing to surplus liquidity, banks have started reducing lending rates for housing.
Elimination of tuberculosis by 2025 targeted.
Health sub centres, numbering 1.5 lakh, willl be transformed into health wellness centres.
Two AIIMS will be set up in Jharkhand and Gujarat.
Will undertake structural transformation of the regulator framework for medical education.
Allocation for Scheduled Castes is Rs. 52,393 crore
Aadhaar-based smartcards will be issued to senior citizens to monitor health.
Infrastructure and railways
A total allocation of Rs. 39,61,354 crore has been made for infrastructure.
Total allocation for Railways is Rs. 1,31,000 crore.
No service charge on tickets booked through IRCTC.
Raksha coach with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
Unmanned level crossings will be eliminated by 2020.
3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
SMS-based ''clean my coach service'' is put in place.
Coach mitra facility will be introduced to register all coach related complaints.
By 2019 all trains will have bio-toilets.
Five-hundred stations will be made differently-abled friendly.
Railways to partner with logistics players for front-end and back-end solutions for select commodities.
Railways will offer competitive ticket booking facility.
Rs. 64,000 crore allocated for highways.
High speed Internet to be allocated to 1,50,000 gram panchayats.
New Metro rail policy will be announced with new modes of financing.
Energy Sector :
A strategic policy for crude reserves will be set up.
Rs. 1.26,000 crore received as energy production based investments.
Trade infra export scheme will be launched 2017-18.
Financial sector :
FDI policy reforms - more than 90% of FDI inflows are now automated.
Shares of Railway PSE like IRCTC will be listed on stock exchanges.
Bill on resolution of financial firms will be introduced in this session of Parliament.
Foreign Investment Promotion Board will be abolished.
Revised mechanism to ensure time-bound listing of CPSEs.
Computer emergency response team for financial sector will be formed.
Pradhan Mantri Mudra Yojana lending target fixed at Rs 2.44 lakh crore for 2017-18.
Digital India - BHIM app will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App - referral bonus for the users and cash back for the traders.
Negotiable Instruments Act might be amended.
DBT to LPG consumers , Chandigarh is kerosene-free, 84 government schemes are on the DBT platform.
Head post office as the central office for rendering passport service.
Easy online booking system for Army and other defence personnel.
For big-time offences - including economic offenders fleeing India, the government will introduce legislative change or introduce law to confiscate the assets of these people within the country.
Total expenditure is Rs. 21, 47,000 crore.
Plan, non-plan expenditure to be abolished; focus will be on capital expenditure, which will be 25.4 %.
Rs. 3,000 crore under the Department of Economic Affairs for implementing the Budget announcements.
Expenditure for science and technology is Rs. 37,435 crore.
Total resources transferred to States and Union Territories is Rs 4.11 lakh crore.
Recommended 3% fiscal deficit for three years with a deviation of 0.5% of the GDP.
Revenue deficit is 1.9 %
Fiscal deficit of 2017-18 pegged at 3.2% of the GDP. Will remain committed to achieving 3% in the next year.
Funding of political parties
The maximum amount of cash donation for a political party will be Rs. 2,000 from any one source.
Political parties will be entitled to receive donations by cheque or digital mode from donors.
An amendment is being proposed to the RBI Act to enable issuance of electoral bonds .A donor can purchase these bonds from banks or post offices through cheque or digital transactions. They can be redeemed only by registered political parties.
The defence sector gets an allocation of Rs. 2.74,114 crore.
India’s tax to GDP ratio is not favourable.
Out of 13.14 lakh registered companies, only 5.97 lakh firms have filed returns for 2016-17.
Proportion of direct tax to indirect tax is not optimal.
Individuals numbering 1.95 crore showed an income between Rs. 2.5 lakh to Rs. 5 lakh.
Out of 76 lakh individual assessees declaring income more than Rs. 5 lakh, 56 lakh are salaried.
Only 1.72 lakh people showed income of more than Rs. 50 lakh a year.
Between November 8 to December 30, deposits ranging from Rs. 2 lakh and Rs. 80 lakh were made in 1.09 crore accounts.
Net tax revenue of 2013-14 was Rs. 11.38 lakh crore.
Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
1.95 crore individuals showed income between Rs. 2.5 lakh to Rs. 5 lakh.
Rate of growth of advance tax in Personal I-T is 34.8% in the last three quarters of this financial year.
Holding period for long term capital gain lowered to two years
Proposal to have a carry-forward of MAT for 15 years.
Capital gains tax to be exempted for persons holding land from which land was pooled for creation of the state capital of Andhra Pradesh.
Under the corporate tax, in order to make MSME companies more viable, there is a proposal to reduce tax for small companies with a turnover of up to Rs 50 crore to 25%. About 67 lakh companies fall in this category. Ninety-six % of companies to get this benefit.
The government proposes to reduce basic customs duty for LNG to 2.5% from 5%.
The Income Tax Act to be amended to ensure that no transaction above Rs 3 lakh is permitted in cash.
The limit of cash donation by charitable trusts is reduced to Rs 2,000 from Rs 10,000.
Net revenue loss in direct tax could be Rs. 20,000 crore.
Personal income tax
Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh is reduced to 5% from 10%.
All other categories of tax payers in subsequent brackets will get a benefit of Rs 12,500.
Simple one page return for people with an annual income of Rs. 5 lakh other than business income.
People filing I-T returns for the first time will not come under any government scrutiny.
Ten % surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.
Individual tax payers
Up to Rs 2,50,000
Rs 2,50,001 to Rs 5,00,000
Rs 5,00,001 – 10,00,000
More than Rs 10,00,000
Senior citizens who are 60 years old and above but less than 80 years
Up to Rs 3,00,000
Rs 3,00,001 to Rs 5,00,000
Rs 5,00,001 to Rs 10,00,000
More than Rs 10,00,000
Senior Citizens who are 80 years old and above
Up to Rs 5,00,000
Rs 5,00,001 to Rs 10,00,000
More than Rs 10,00,000
Rupak Kumar Dutta was on 31 January 2017 appointed as the Director General of Police (DGP) of Karnataka. Dutta succeeds Om Prakash, who retired from his service as Director General and Inspector General of Police on superannuation.
Prior to this appointment, Dutta was on a central posting as Special Secretary (Internal Security) in the Union Ministry of Home Affairs. Dutta will hold the post for a period of 9 months as he will superannuate in October 2017.
Dutta was in the race for this top post along with the other IPS officers including Neelamani Raju, M N Reddi and H C Kishore Chandra.
Rupak Kumar Dutta : Dutta also served as the Additional Director General of Police (ADGP) of Karnataka Lokayukta Police.
He had also spearheaded several investigations that unravelled widespread corruption involving senior ministers in the BJP government between 2008 and 2013.
He also served multiple stints in the Central Bureau of Investigation including the posts of Special Director and Additional Director.
Dutta was also considered for the post of Director, Central Bureau of Investigation recently.He is a 1981-batch IPS officer from the Karnataka cadre.
The 31st Surajkund International Crafts Mela is scheduled to begin today on 1 February 2017 in Faridabad, Haryana.
The event will be inaugurated by the Chief Minister of Haryana, Manohar Lal. This year Jharkhand has been chosen as the theme state and the partner nation will be Egypt.
The mela will be open for public from 10.30 am in the morning till 8.30 pm in the evening till 15 February 2017.
Highlights : Help desks have been set up by the organisers at all the six entry gates, in order to make it easy for the public to obtain all relevant information.
Along with this, the organisers have also deployed a team of volunteers called Mela Mitra to assist and guide visitors in case of any emergency.
This year’s edition is also being termed as ‘Cashless Mela’, as all stakeholders have been given the option of opting for cashless transactions.The public can buy the entry tickets to the mela online.
The 15-days long event will witness participation from over 400 artists who will exhibit the art, culture, handicrafts, heritage and cuisine of their respective states.Besides this, the mela will also see participation from over 21 countries.
Among the installations at the mela is an18-feet tall statue of Birsa Munda, greatest freedom fighter of Jharkhand.
Organisers are expecting over 15 lakh visitors this year and elaborate arrangements have been made to accommodate such a huge number.
Veteran journalist Devdutt passed away. He was 88. He was Gandhian since his early days and was present at Birla House in the lawn when Mahatma Gandhi was assassinated on January 30, 1948.
He was seasoned political commentator, who had brought out a journal of political opinion called Point of View.
Union finance Minister Arun Jaitley tabled the Economic Survey 2016-17 in Parliament budget session. The survey prepared by chief economic adviser in the finance ministry Arvind Subramanian. The survey projects the economy to grow in the range of 6.75% to 7.25% in fiscal year 2017-18 in the post-demonetisation year. It says that the adverse impact of demonetisation on GDP growth will be transitional.
Growth Forecast: Gross domestic product (GDP) growth in 2016-17 pegged at 6.5%, down from 7.6% in last fiscal 2015-16. Economic growth to rebound to 6.75 to 7.5% in 2017-18. Farm sector to grow at 4.1% in 2016-17, up from 1.2% in 2015-16. Growth rate of industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% in 2015-16. Service sector is estimated to grow at 8.9% in 2016-17 GST, other structural reforms should take the growth rate trend to 8-10%.
Taxation: Prescribes cut in individual Income Tax rates, real estate stamp duties. IT net could be widened gradually by encompassing all high income earners. Time table for cutting corporate tax should be accelerated. Tax administration could be improved to reduce discretion and improve accountability.
Goods and Services Tax (GST): Fiscal gains from GST will take time to realise.
Fiscal Deficit: Implementation of muted tax receipts, wage hike to put pressure on fiscal deficit in 2017-18. For fiscal health of the economy fiscal prudence for both centre and states is needed.
Inflation: The average consumer price index (CPI) inflation rate declined to 4.9% in 2015-16 from 5.9% in 2014-15. CPI-based core inflation remained sticky around 5% in the 2016-17. Oil prices, seen rising by one-sixth in 2017-18 over the previous fiscal 2016-17 prices which could dampen India’s economic growth.
Monetary Policy: monetary easing headroom may be capped due to sharp rise in prices in 2017-18. Market interest rates seen lower in 2017-18 due to demonetisation.
Banking: Suggests setting up public sector asset rehabilitation agency (PSARA) to take charge of large bad loans in banks. With government backing, PSAR can overcome coordination and political issues on bad loans.
Demonetisation: The adverse impact of demonetisation on GDP growth will be transitional. It will affect growth rate by 0.25-0.5%, but to have long-term benefits It may affect supplies of certain agricultural products like sugar, milk, potatoes and onions. Remonetisation will ensure that the cash squeeze is eliminated by April 2017.
Universal Basic Income (UBI): Advocates the concept of UBI as an alternative to the various social welfare schemes in an effort to reduce poverty. It will be alternative to plethora of state subsidies for poverty alleviation. UBI would cost between 4 and 5% of GDP
E Ahamed, former Union Minister passed away in the early hours of 1 February 2017 after suffering from a heart attack. He was 78.
The veteran leader had collapsed yesterday during President Pranab Mukherjee’s address to the joint sitting of the Parliament, following which he was rushed to Delhi’s Ram Manohar Lohia (RML) hospital and was placed on artificial life support. He breathed his last at 2.15 am.
His body has been taken to his residence at 9 Trimurti Marg and in the afternoon, his remains will be flown to his hometown in Kannur, Kerala.
E Ahamed : He was born on 29 April 1938.He had graduated from Brennen College in Tellicherry in Kerala and had a law degree from the Government Law College in Thiruvananthapuram, Kerala.
He had served as the Minister of State for External Affairs under the Manmohan Singh government during the period 2004-14. He represented the Malappuram Lok Sabha constituency of Kerala.
He was also the National President of the Indian Union Muslim League.During his tenure in the Parliament, he had been associated with several parliamentary committees including External Affairs, Railways, Public Undertakings, Tourism, Science and Technology, Civil Aviation and Environment and Forests.He had also served as the Chairman of the Government Assurance Committee.
He had also represented India in the United Nations almost 10 times between 1991 and 2014.He had also written four books in Malayalam and English.
The Indian Prime Minister Narendra Modi expressed his deep condolences towards the late minister and stated that Ahamed had played a significant role in Kerala’s progress, in the empowerment of the Muslim community and in the deepening of ties between India and West Asia.
Based on the latest Economic Outlook Survey report released by FICCI on January 30, 2017, the India’s GDP is projected to grow 6.8 percent this fiscal which is 0.5 percent points less than FICCI’s previous estimate of 7.3 percent.
FICCI conducted the last round of survey between December 2016 and January 2017 and collected responses from leading economists representing industry, banking and financial services sectors.
A slowdown in the estimate is due to the decrease in services and infrastructure sectors post demonetization.
FICCI estimated that the agriculture sector may witness slight increase in the current fiscal due to good monsoon while the industry and services sector have been expected to grow moderately by 5.7 percent and 8.5 percent, respectively.
Earlier, the Central Statistical Organisation (CSO) had estimated a GDP growth of 7.1 percent for 2016-17.
Lakshmi Vilas Bank has tied up with Fisdom, a Bangalore-based fin-tech startup, to launch financial planning and wealth management services based on robo-advisory platform.
The platform called Mission FINFIT will also include services like getting the KYC done, investing money in various platforms, viewing the account summary, withdrawing the invested money, etc.
Going cash less and digital is the way to the future and hence our bank has introduced this online platform to our retail customers.
We recently launched our mobile app which has been a huge success and with this collaboration with Fisdom, the bank will enhance its bouquet of banking products and services offered to its customer base. In this partnership, Fisdom will be our product and service delivery partner .
This will help us offer digital and smart investment options and advisory to a very loyal base of customers
Ireland has become the first country in the world to divest coal, oil and gas investments from Ireland Strategic Investment Fund.
The bill was passed in the Irish parliament by gaining 53 votes out of 90. It was introduced by Deputy Thomas Pringle.
The law regarding fully divest public money from fossil fuels expected in the upcoming month.
If the bill is enacted, it would force the Ireland Strategic Investment Fund to sell its investment in fossil fuel industries over the next five years.
Income Tax Department (ITD) lead by Sushil Chandra has launched Operation Clean Money on January 31, 201 to verify the cash deposited in the banks during November 9th to December 30th 2016.
An online Verification process will be carried out by comparing the demonetisation datawith information in ITD databases.
This information will be available at the portalhttps://incometaxindiaefiling.gov.in.The PAN holder can view the information using the link ‘Cash Transactions 2016’ under ‘Compliance’ section of the portal.
Email and SMS will be sent to the taxpayers if any case they found in the database. The taxpayers should submit their online response on the portal within 10 days.
The verification will be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).
The Income Tax Department or IT Department is a government agency in charge of monitoring the income tax collection by the Government of India.
The Union Minister for Panchayati Raj and Rural Development, Narendra Singh Tomar announced on January 31, 2017 that the Ministry of Defence is set to open its Defence
Unit in Morena district of Madhya Pradesh.
The unit would be set up in Kailaras and Sabalgarh tehsil areas and span over 969.735 hectare of land at a cost of Rs. 1500 crore.
The Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan has already allotted 334.584 hectare revenue land for the purpose free of cost.
The state cabinet has also acquired 34.745 hectare private land and has send a proposal to acquire 600.406 hectare forest land in exchange of equal revenue land.
Meghalaya’s first ever Apparel and Garment Making Centre was inaugurated on January 30, 2017 jointly by Union Textiles Minister Smriti Zubin Irani and Chief Minister of Meghalaya Dr. Mukul Sangma near Ampati in South West Garo Hills.
The centre would enable to create job opportunity for both men and women of the region and make them economically empowered.
The facility has been set up in an area of 45,000 sq feet at an approximate cost of Rs 14.26 crore. It has been set up under North East Region Textiles Promotion Scheme (NERTPS).
Union Ministry of Textiles is working to implement projects worth Rs 70 crore in the Secriculture & Weaving sector for Meghalaya alone to boost investment in the region as well as generate employment prospects.
The Ministry has already sanctioned Rs 32 crore out of Rs 53 crore for promotion of handlooms of the region.
Reliance Defence and Engineering Ltd (RDEL), a wholly owned arm of Reliance Infrastructure Ltd (RInfra), has signed a contract worth Rs. 916 crore with the Ministry of Defence to design and construct 14 Fast Patrol Vessels for the Indian Coast Guard.
The medium range, high speed vessels would be deployed for patrolling within the exclusive economic zone, costal surveillance, anti-smuggling, anti-piracy, search and rescue operations. It will also provide support as front-line warships during emergencies.