Time for misguided youth to shun violence, return home: Modi
Srinagar, May 19: Prime Minister Narendra Modi on Saturday appealed to those Kashmiri youth who have joined violence to return to their homes and live a life of dignity and peace.
Addressing an official function at Sher-i-Kashmir International Convention Centre (SKICC) in Srinagar where he inaugurated the 330mw Kishanganga Hydel Project and also laid foundation of Srinagar Ring Road, Modi said: "The PDP-BJP government is trying its best to bring back the misguided youth who have left their homes and families."
"It is time that these youth return to their families. Each stone thrown by a misguided youth hurts the hearts and minds of the people in Jammu and Kashmir.
"Those who have been helping violence in the state from across our borders are themselves disintegrating this time," he said.
"Atalji (Atal Bihari Vajpayee) always advocated and supported 'Kashmiriyat' and Modi is also the disciple of the same 'Kashmiriyat'."
The Prime Minister said the people of state know how they have been deceived by forces inimical to peace. The Central government has appointed a special representative to speak to all elected people to find a way out of these difficult times, he said.
"There is only one solution to all problems and that is development. All those countries in the world who followed violence are finding ways and means to shun it and save their people.
"Time will come soon when J&K will re-emerge as the crown and coronet of peace and progress for the entire country."
Modi said it is the love and affection of the people that brings him here so often.
"The holy month of Ramadan is the time when we re-dedicate ourselves to the teachings of Prophet Muhammad. It's an honour that I am here during the holy month of Ramadan."
The Prime Minister said everybody associated with the Kishanganga project needs to be complimented because it was a difficult task.
Modi said: "The 42km-long Srinagar Ring Road, whose foundation I have laid today (Saturday), will go a long way in providing connectivity that is vital for progress and development.
"Jammu Kashmir of the 21th century is going to be a model of progress and prosperity. It was said in the past that waters and vitality of mountains does not help the people living in these mountains. But this saying is being proved wrong here as the waters and vitality of your mountains is now being used for your betterment and progress."
The Prime Minister said tourism has been a part of J&K's development, but today's tourism has changed fast. "Today's tourist wants a better eco-system and cleanliness, and the more you address these issues, the more number of tourists would be coming here."
Pointing out that connectivity is very essential to improve the eco-system, he said: "Before coming here, I started the work on Asia's longest tunnel. Whether it is the Srinagar Ring Road or any other connectivity project, the completion of these road projects will save you time and increase your earnings."
"Better roads will definitely add to the beauty of the state. I am happy that the people of state are helping themselves. I recently saw a video in which a five-year-old girl, Jannat, is shown cleaning the Dal Lake."
Modi said one lakh local youth are being trained under the "Himayat" programme, adding that around 16,000 youth have been given scholarships to study outside the state. He said the J&K Police would soon complete the recruitment process of 5,000 youth."Security forces have lent a helping hand to mitigate the sufferings of the people during floods and natural calamities."Every sacrifice made by our security forces is remembered and respected by every citizen of the country."
Modi is now scheduled to address the convocation of Sher-i-Kashmir University of Agricultural Sciences and Technology (SKUAST) in Jammu city.
He will also lay the foundation stone for 58.2km-long Jammu Ring Road before flying back to New Delhi.
The 330mw power project has been constructed by the HCC Ltd on an Engineering, Procurement and Construction (EPC) basis for the National Hydroelectric Power Corporation Ltd (NHPCL), said HCC's Group CEO Arjun Dhawan in Mumbai.
The project, construction on which started in January 2009, has several firsts to its credit in Indian infrastructure, besides overcoming major geological and engineering challenges, at a cost of around Rs 5,750 crore, Dhawan said.
While 12 per cent of the power generated from this project will go to Jammu & Kashmir, the rest will go to several other states, he added.
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Investors become poorer by Rs 12 lakh cr in three days of market fall
New Delhi, Jan 10: Investors' wealth tumbled Rs 12 lakh crore in three days of market slump due to uninterrupted foreign fund outflows and concerns over quarterly earnings.
Also, rising crude oil prices and a strengthening dollar index added to investors' pessimism.
In three days, the BSE benchmark Sensex tanked 820.2 points or 1.04 per cent.
On Friday, the 30-share BSE benchmark declined 241.30 points or 0.31 per cent to settle at 77,378.91. During the day, the benchmark gyrated 820.15 points between the day's high of 77,919.70 and low of 77,099.55.
The NSE Nifty dropped 95 points or 0.40 per cent to 23,431.50.
The market capitalisation of BSE-listed firms diminished by Rs 12,07,314.99 crore to Rs 4,29,67,835.05 crore (USD 5 trillion) in the three days.
From the 30-share blue-chip pack on Friday, IndusInd Bank, NTPC, UltraTech Cement, State Bank of India, Sun Pharma, Axis Bank, Tata Steel and Power Grid were among the major laggards.
Tata Consultancy Services jumped nearly 6 per cent after the IT services company reported an 11.95 per cent surge in the December quarter net profit to Rs 12,380 crore.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "Strong quarterly earnings from TCS drove the IT index up 3.4 per cent, helping the market withstand a sharp sell-off."
However, despite broad gains across IT stocks, the Nifty fell for the third consecutive session, Vakil added.
Tech Mahindra, HCL Tech, Infosys and Bajaj Finserv were the other big gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,170.87 crore on Thursday, according to exchange data.
"Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector's resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations.
"Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance," Vinod Nair, Head of Research at Geojit Financial Services, said.
The BSE smallcap gauge dropped 2.40 per cent and midcap index declined 2.13 per cent.
Among BSE sectoral indices, power tanked 3.07 per cent, utilities (2.86 per cent), realty (2.64 per cent), industrials (2.08 per cent), commodities (2.05 per cent) and consumer durables (1.98 per cent).
BSE Focused IT jumped 3.17 per cent, IT (2.65 per cent) and teck (2.24 per cent) were the biggest gainers.
As many as 3,167 stocks declined while 827 advanced and 84 remained unchanged on the BSE.
"Markets continued its downward trajectory as the rupee dropping to new lows against the strengthening dollar has further dampened investors' sentiment. Amid concerns of subdued economic growth and expectations of a slowdown in the quarterly earnings, investors cut their bet on banking and mid & small cap stocks.
"With expensive valuations of Indian markets at large still a concern, investors would mostly resort to stock-specific activities," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
