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Ahead of the 70th Independence Day, Prime Minister Narendra Modi today invoked the Quit India Movement and exhorted the countrymen to use the same spirit to expel problems of communalism, casteism, corruption, terrorism, poverty and dirt from the country by 2022.


He asked the people to take a pledge to contribute in some way or the other to create a "New India".


In his monthly radio programme "Mann Ki Baat", Modi referred to the Quit India Movement launched on August 9,1942 by Mahatma Gandhi and the subsequent developments which resulted in the Britishers leaving India and the country getting freedom on August 15,1947.


"Just like five years between 1942 and 1947 became the decisive period, I can see another five-year period from 2017 to 2022 to make a resolve to end the problems of our nation," he said.


He identified these problems as communalism, casteism, corruption, terrorism, poverty and dirt and asked people to work for their removal in the same spirit of "Quit India".


"It is 70 years since we got Independence. Governments came and went, systems emerged and developed. Everyone contributed in own way to end the problems, raise employment, remove poverty and make the country progress. Successes were achieved but the expectations were also raised," the prime minister said.


He said this Independence Day should be celebrated as one of resolve to end the problems in next five years.


"If 125 crore people, remembering August 9, 1942, make a pledge on August 15 to contribute something as an individual, as a citizen, as a family person, as a person from a city or a village, as a member of a government department, there will be crores of pledges," Modi said.


He exhorted the citizens to use all kinds of fora to undertake this task, including through the online mode.


The prime minister also sought ideas from the public which could be incorporated in his Independence Day speech that he will deliver from the ramparts of the historic Red Fort.


Interestingly, he said he has heard about "complaints" that his previous Independence Day addresses were long and that he will try to keep it short this time.


"I will try to finish it in 40-45-50 minutes. I have tried to make a rule for myself. I don't know whether I will be able to do it or not," he added.


He also referred to the upcoming season of festivals like Raksha Bandhan, Janam Ashtami, Ganesh Chaturthi and Diwali and urged the people to use the items made by the poor people of the country as it is relates to their economic empowerment.


"Our festivals are not only for celebrations. Our festivals are also an instrument of societal improvement. Also, it has direct relation to the economic condition of the poor people," Modi said.


"This is the time when the poor people get an opportunity to make an earning," he said.


Giving the example of Diwali, he said the people should use environment-friendly 'diyas' (small oil lamps) only.


Such things, he said, will give work to the poor people and help in their empowerment.


Source:Business Standard

Tata Steel plans to focus more on India as it expects global markets to face headwinds due to geopolitical issues.


N Chandrasekaran, Chairman, Tata Steel said the global steel industry continues to witness challenging times though the performance of the industry has been better this fiscal.


According to the World Steel Association, global steel output would taper next year and the slowdown is expected to continue through 2035 as countries around the world start to rein in output while demand retreats, he said in the 110th annual report released on Saturday.


Given the current stage of development and the likely growth path for India’s economy in the next decade, steel demand in India will witness significant growth in future.


While the steel sector in India is financially stressed, the government has outlined its intent to ensure the long-term viability of the sector through the recently announced National Steel Policy 2017, said Chandrasekaran.


Going forward, he said, Tata Steel’s priorities will be to focus on the Indian market, achieving operational excellence and delivering value-added and differentiated products to its customers.


T.V. Narendran, Managing Director, Tata Steel, said the global economy today is confronted with increased geopolitical risks and fast-paced disruptions in technology. This trend increases the risk of protectionism, unemployment and a global trade war that could have a material impact on the global economy and the financial markets.


In the year gone by, while the broad economic parameters have shown signs of stability, the underlying fragility of the global economy continues to be high. Policy-makers, regulators and the political eco system both in developing and developed economies will have to address the imminent challenges of inequality, job creation and climate change through a sharper and sustainable policy framework, he said.


The global steel industry continues to face structural overcapacity but we see recovery in developed economies such as Europe, gradual improvement in demand in India and better industry conditions in China. At the same time, risk of uncertainty is likely to remain at elevated levels due to structural issues such as geo-political uncertainty, especially in the US and UK, and the rising trend of protectionism, said Narendran.


Source:Business Line

Imaging giant Canon today said it will strengthen its position in the country's professional camera market, driven by demand from emerging segments like wedding photography and enthusiasts looking to upgrade their equipment.


"India is one of the most important markets for Canon. We are seeing strong demand from wedding photographers, who are looking for better cameras. Besides, there are many who are looking to upgrade as well," Canon India President and CEO Kazutada Kobayashi said.


He added that while the demand for these high-end cameras is coming from metro and tier I cities now, gradually it would pick up from the smaller cities as well.


The company has launched a new range of cameras -- EOS 6D Mark II -- priced between Rs 1.32 lakh-2.03 lakh.


Featuring a full-frame CMOS sensor, the cameras support 26.2 megapixels (effective) and has a shutter speed of 6.5 frames per second (under constant shooting mode). These devices have a DIGIC 7 image processor.


The company is also looking at wooing customers through experiential marketing through its Canon Image Squares.


Currently, the company has 233 such outlets where consumers can experience the products before buying them.


"We want people to experience the products before they make a decision. We will have 260 such Canon Image Squares by the end of the year. These are present across cities, including tier II and below," he said.


Canon India currently holds the leading position in DSLR segment and has around 50 per cent market share.


"Our target is to maintain number one position in DSLR segment and capture more than 50 per cent in terms of market share by the end of 2017.


Source:Money Control

The Indian Navy has begun its process of acquiring 110 light utility helicopters after rejecting Russia's Kamov Ka-226T, which are being built for the Air Force and Army, according to a Ministry of Defence official.


"The Kamov 226T does not have blade folding and cannot be fitted inside a ship's hangar. Moreover, it is not suitable to carry the torpedoes, which is the mandatory requirement," said an Indian Navy official.


The light utility helicopters, or LUH, will be procured under the strategic partnership policy India's government approved last month, under which a private-sector defence company will be selected as a strategic partner, which, in turn, will tie up with an overseas original equipment manufacturer, or OEM, shortlisted by the MoD.


In the next two months, an expression of interest will be given to domestic companies, including Bharat Forge, Reliance, Larsen & Toubro, Mahindra Aerospace and Tata Advanced Systems. The domestic companies will partner with overseas OEMs to compete for the contract worth $5 billion.Under the proposal, 30 helicopters will be procured off the self and the remaining 80 will be manufactured in India by the selected private company. The Indian Navy wants to begin induction of the LUH within eight years.


However, the response for technology transfer of LUH from OEMs is not expected to be enthusiastic due to the lower number of order, the Indian Navy official said.


Airbus helicopters from Europe, Russian helicopters from Sikorsky and Bell helicopters from the U.S. are likely to compete in the LUH program.


The MoD has yet to decide whether to ask AgustaWestland, a subsidiary of Leonardo of Italy, to participate in the program because of pending alleged corruption against AgustaWestland in its 2010 contract for VVIP helicopters, which was finally cancelled in 2014.The contract will be awarded to the best technical offer and lowest price offer, the MoD official added.


The Indian Navy's LUH will be a twin-engine helicopter weighing 4.5 tons and can be used for both shore-based and offshore operations and operate from ship decks in all weather during the day and at night.


Source:Defense News

India is expected to achieve the projected growth rate of 7.4 percent in 2017 and further up 7.6 percent next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said today.


"India, the sub-region's largest economy, is expected to achieve previous growth projections of 7.4 percent in 2017 and 7.6 percent in 2018, primarily from strong consumption," the supplement of Asian Development Bank (ADB) Outlook 2017 said.According to the report, South Asia will be the fastest growing of all sub-regions in Asia and the Pacific, with growth on track to meet original projections of 7 percent in 2017 and 7.2 percent in 2018.


The growth prospects in developing Asia for 2017 have improved on the back of stronger than expected export demand in the first quarter of this year, it said.


In the supplement, ADB has upgraded its growth outlook in the Asian region to 5.9 percent in 2017 from 5.7 percent and to 5.8 percent for 2018 from 5.7 percent.


The smaller uptick for the next year reflects a cautious view on this sustainability of this export push, it added. "Developing Asia is off to a good start this year with improved exports pushing growth prospects for the rest of 2017," said Yasuyuki Sawada, ADB's Chief Economist.


"Despite lingering uncertainties surrounding the strength of the global recovery, we feel that the region's economies are well placed to face potential shocks to the outlook.