There will be no delay in supply of Rafale jets to India: France
New Delhi: There will be no delay in delivery of 36 Rafale jets to India as the timeline finalised for the supply of the fighter jets will be strictly respected, French Ambassador Emmanuel Lenain has said.
India had signed an inter-governmental agreement with France in September 2016 for the procurement of 36 Rafale fighter jets at a cost of around Rs 58,000 crore.
"The contractual delivery schedule of the Rafale jets has been perfectly respected till now, and, in fact, a new aircraft was handed over to the Indian Air Force in end-April in France, in keeping with the contract," Lenain told PTI.
Defence Minister Rajnath Singh received the first Rafale jet at an airbase in France on October 8.
"We are helping the Indian Air Force in arranging for the ferry flight of their first four Rafales from France to India as soon as possible. So there's no reason today to speculate that the schedule will not be maintained," the envoy said.
France is reeling under swelling cases of coronavirus and has emerged as one of the worst-hit in Europe. Over 1,45,000 people were infected by the virus while the death toll stood at 28,330.
There were apprehensions that the delivery of Rafale jets could be delayed due to the pandemic. However, Lenain asserted that the original timeline for delivery of the jets will be adhered to.
The aircraft is capable of carrying a range of potent weapons. European missile maker MBDA's Meteor beyond visual range air-to-air missile and Scalp cruise missile will be the mainstay of the weapons package of the Rafale jets.
Meteor is the next generation of BVR air-to-air missile (BVRAAM) designed to revolutionise air-to-air combat. The weapon has been developed by MBDA to combat common threats facing the UK, Germany, Italy, France, Spain and Sweden.
Besides the missile systems, the Rafale jets will come with various India-specific modifications, including Israeli helmet-mounted displays, radar warning receivers, low band jammers, 10-hour flight data recording, infra-red search and tracking systems.
The IAF has already completed preparations, including readying required infrastructure and training of pilots, to welcome the fighter aircraft.
The first squadron of the aircraft will be stationed at Ambala air force station, considered one of the most strategically located bases of the IAF. The Indo-Pak border is around 220 km from there.
The second squadron of Rafale will be stationed at Hasimara base in West Bengal. The IAF spent around Rs 400 crore to develop required infrastructure like shelters, hangars and maintenance facilities at the two bases.
Out of 36 Rafale jets, 30 will be fighter jets and six will be trainers. The trainer jets will be twin-seater with almost all the features of the fighter jets.
The Congress raised questions about the deal, including on rates of the aircraft, and alleged corruption, but the government has rejected the charges.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rupee falls 11 paise to 94.27 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 11 paise to 94.27 against US dollar in early trade on Monday driven by persistent dollar demand and a broader shift toward safe-haven assets.
Forex traders said the Indian rupee has hit a rough patch, falling for five consecutive sessions, weighed down by a combination of factors such as the RBI loosening its grip on currency rules and rising oil prices caused by global tensions.
Moreover, investors are becoming cautious again, with foreign institutions pulling money out of the market after a brief period of buying amid rising geopolitical uncertainty.
At the interbank foreign exchange market the rupee opened at 94.25 against the US dollar, then lost some ground and touched 94.27 against the US dollar in initial trade, registering a fall of 11 paise over its previous close. On Friday, the rupee had settled at 94.16 against the American currency.
ALSO READ: Death toll in Mundathikode fireworks explosion rises to 16
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.09 per cent at 98.44.
Brent crude, the global oil benchmark, was trading higher by 1.16 per cent at USD 106.55 per barrel in futures trade.
A mix of softer economic signals and renewed, even if fragile, hopes of diplomacy pulled the dollar lower again, CR Forex Advisors MD Amit Pabari said, adding that for Rupee, on one hand, a softer dollar offers relief. On the other, uncertainty remains the dominant force.
Meanwhile, India’s forex reserves have crossed USD 703 billion as of April 17, reflecting a consistent build-up of buffers.
"For now, the rupee continues to lean toward gradual weakness. Uncertainty remains the dominant force, shaping both global flows and local reactions," Pabari said.
He further noted that any dips are likely to be bought into, with the 92.80–93.20 zone acting as a strong support. On the upside, 93.50 to 94.50 is expected to define the near-term range.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 518.96 points or 0.68 per cent higher at 77,183.17, while the broader Nifty was trading up 131.30 points or 0.55 per cent at 24,029.25.
Foreign Institutional Investors offloaded equities worth Rs 8,827.87 crore on Friday, according to exchange data.
