China pushes India to the wall on Brahmaputra

August 8, 2015

New Delhi, Aug 8: On July 30, the usually combative Uma Bharti, the union minister for water resources, exhibited a diffident demeanor in the Lok Sabha when she gave out that China may construct three more hydropower projects on the Brahmaputra in Tibet (called Yarlung Tsangpo there) under its recently announced 12th Five Year Plan.

UmaBhartiThe minister added two other important facts. First, she indicated that an earlier such power project at Zangmu, other than the proposed three, is a run-of-the-river type. Secondly their effects and significance cannot be judged at the moment due to non-availability of data.

The minister's statement, instead of clearing the air of confusion and apprehension, is however likely to cause more doubts. There is an existing agreement between India and China which covers exchange of hydrological data between the two countries on the Brahmaputra. Has this agreement fallen into disuse? Secondly, the said projects being run-of-the-river type does not hold out any assurance because even these types of projects entail creation of storage dams.

The aforementioned hydro power projects will be located at Dagu, Jiexu and Jiacha, all in the middle reaches of the Brahmaputra. Another one at a place called Zangmu, whose existence was long denied by China but ultimately conceded in 2010 after repeated Indian protestations, has already been partly commissioned. In spite of Uma Bharti's apparent calm and nonchalance in the Lok Sabha, doubt persists in New Delhi's corridors of power. During the time of the previous UPA government it was decided that the ministries of defence, external affairs and the department of space would take up the matter jointly with China. Was it really done? An answer is necessary.

Ominous warnings are close at hand. On March 1, 2012, the river Siang (the local name of the Brahmaputra in Arunachal Pradesh) had run completely dry at a place called Pasighat where it normally used to be very wide. Although the river picked up momentum later on, it has not yet attained its former virility.

Moreover, all the four hydro projects will be situated very close to each other and this complicates the matter further as large amounts of water will be stored within a narrow geographical expanse leading to the possibility of depriving northeastern India of not only water but also the much-needed silt which makes the Assam plains fertile. There may also be floods in the region if China decides to arbitrarily release water from these dams during the monsoon.

How many hydroelectric dams has China been constructing in Tibet? There is a great divergence of opinion on the matter. Some say the number adds up to more than 100. However Jana Jagriti, an Assam based NGO, thinks that 26 are coming up. According to its estimate, Assam will get 64 percent less water during the monsoon season and 85 percent less water during in the rest of the year due to China's dam building activities.

But the real cause of concern for India is the widespread report that China would construct a giant hydro power project at a place called Medog which is very near the Great Bend, a great U turn which the mighty Brahmaputra takes before entering India after a 2,000-metre fall. It is slated to generate 38-49 gigawatts of electricity, which is more than India's installed hydro capacity of 33 gigawatts. If it materializes, the dam will be twice as big as the Three Gorges Dam on the Yangtze river. That China is serious about the Medog plant is borne out by the development and upgradation of the Bome-Medog highway, a kind of infrastructural development which generally precedes beginning of such projects. There are reports that China has constructed two huge water reservoirs at the Great Bend area with storage capacities of 42 million and 31 million cubic metres.

All these projects are situated in an earthquake-prone area and very close to the geological fault line where the Indian Plate collides with the Eurasian Plate. According to many experts, the massive earthquake in 2008 breaching parts of the Three Gorges Dam was caused by the stupendous weight of water of the nearby Zipingpu Dam which was just half-a-kilometre from the geological fault line. If such a catastrophe occurs again, vast areas of Assam and Arunachal Pradesh will go under water.

The crux of the problem is that there is no water sharing treaty between India and China covering trans-national rivers and using the international law that existing usage of water will determine respective shares of countries, Beijing has pushed New Delhi to the wall. India has only itself to blame.

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News Network
June 19,2020

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

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News Network
May 7,2020

New Delhi, May 7: Prime Minister Narendra Modi on Thursday hailed people leading the fight against coronavirus and said India is standing firmly with those facing difficult times during the pandemic, both in the country and abroad.

He also said India's development will always aid global growth.

Speaking at a global virtual Buddha Purnima event, Modi said, "People world over working selflessly for others in these difficult times are worthy of praise."

"India is standing strong and selflessly in these difficult times with those facing trouble in India or abroad. India's growth will always be aiding global growth," he said.

Buddha Purnima celebrations are being held virtually due to the COVID-19 pandemic.

The event is being organised in the honour of COVID-19 victims and frontline warriors.

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News Network
July 20,2020

New Delhi, Jul 20: Alleging that 2,426 companies have "looted" people's savings to the tune of Rs 1.47 lakh crore from banks, Congress leader Rahul Gandhi has asked if the Prime Minister Narendra Modi led government will conduct a probe into it to punish those guilty.

"2,426 companies looted 1.47 lakh crore rupees of people's savings from banks. Will this government investigate this loot and punish the culprits?" Gandhi said on Twitter, without elaborating.

"Or will it allow them to flee like Nirav and Lalit Modi?" he asked.

Gandhi's attack came after media reports claimed that the All India Bank Employees Association (AIBEA) had released a list of 2,426 borrower accounts that have been categorised as “wilful defaulters” with dues amounting to Rs 1,47,350 crore to the banking system.

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