Business & Economy

Navy planning to buy
French submarines

What is India News Service, Friday, 29 October 2004, 2000 hrs IST

Despite allegations of middlemen being involved in the Mirage fighter aircraft deal, the Indian Navy will get clearance to ink the multi-billion dollar deal for the purchase of Scorpene submarines from French firm DCN international. 

Chief of Naval Staff Admiral Arun Prakash today said the $ 1.5 billion deal to acquire six French Scorpene submarines was \93under very close examination at the highest level of the government\94.

Speaking to reporters on the sidelines of the ongoing Naval Commanders conference, he said, \93We have received assurance that the deal will see the light of the day soon\94.

However, Defence Minister Pranab Mukherjee refused to go into specifics of individual deals and in his interaction with the visiting French Foreign Minister Michel Barnier said the issue of overall defence cooperation between the two countries had figured prominently.

Incidentally, the previous NDA Government had almost cleared the Scorpene deal and only the Cabinet Committee on Security had to give a final go ahead for it.

'Fast-track clearance for airline passengers': A fast-track clearance facility for airline passengers at all international gateways is expected to be in place in six months' time, according to Tourism Minister Renuka Chowdhury. 

Incentives to strengthen TPDS: The Centre today announced a series of incentives for decentralised procurement of foodgrains and a Rs. 200-crore commission for fair price shops to strengthen the Targeted Public Distribution System (TPDS). 

Business papers:

Business Standard
Economic Times