India offers $1 billion loan for development of Russia’s Far East

Agencies
September 5, 2019

Vladivostok, Sept 5: Prime Minister Narendra Modi on Thursday said India will walk shoulder-to-shoulder with Russia in its development of the Far East and announced a $1 billion line of credit for the development of the resource-rich region.

Addressing the plenary session of the 5th Eastern Economic Forum here, Prime Minister Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities, but was about people and close business relations.

"India's connection to Russia's Far East go back a long way. India was the first country to open a Consulate in Vladivostok," he said.

"For the development of Far East, India will give line of credit worth $1 billion. My government has actively engaged East Asia as part of its 'Act East' policy. I firmly believe that today's announcement will add a new dimension to the economic diplomacy of the two countries," Modi said at a packed house here.

The Prime Minister, in the presence of Russian President Vladimir Putin, also unveiled the "Act Far East" policy to boost India's engagement with Russia's Far East region.

"Let us deepen the bond between India and Russia even further. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region's progress," Modi said.

"India is a proud and active participant in the various activities of the Eastern Economic Forum. Participation has come from top levels of government and industry," he said.

Indian firms have invested over $7 billion in taking stake in Russian oil and gas fields. India ventured into Russia when its flagship overseas firm ONGC Videsh in 2001 acquired a 20 per cent stake in Sakhalin-1 oil and gas field in Far East Russia.

OVL later bought Imperial Energy, which has fields in Siberia, as also stakes in Vankor oilfield in eastern Siberia.

IOC and its partners have picked up 29.9 per cent stake in a separate Taas-Yuryakh oilfield in East Siberia.

Russian oil firm Rosneft in 2017 bought Essar Oil, which operates in Vadinar oil refinery in Gujarat and some 5,500 petrol pumps, for $12.9 billion.

Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the President has opened up investment opportunities for India in the region.

"By declaring the development of the Russian Far East a 'national priority for the 21st century', President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication," he said.

Prime Minister Modi also emphasised on India's commitment to become a five trillion dollar economy by 2024.

Modi, who arrived in Russia on a two-day visit on Wednesday, is the first Indian prime minister to visit to the Russian Far East Region.

He arrived here to participate in the 20th India-Russia annual summit with President Putin and the fifth meeting of the Eastern Economic Forum (EEF).

The forum focuses on development of business and investment opportunities in the Russian Far East Region, and presents enormous potential for developing close and mutually beneficial cooperation between India and Russia in the region.

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Well Wisher
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Thursday, 5 Sep 2019

LOL. Naave muluguttiruvaaga yaake beku maaraya inthaha saahasa.

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News Network
June 18,2020

New Delhi, Jun 18: Prime Minister Narendra Modi on Thursday said he is "deeply grateful" for the overwhelming support shown by the global community for India''s membership of the UN Security Council.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

India garnered 184 votes out of the 192 ballots cast in the General Assembly to win the election for the non-permanent seat in the powerful Security Council.

India''s two year term will begin on January 1, 2021.

This is the eighth time that India will sit at the UN high-table, which comprises five permanent members and 10 non-permanent members.

"Deeply grateful for the overwhelming support shown by the global community for India''s membership of the UN Security Council," the prime minister wrote on Twitter.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

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coastaldigest.com news network
May 6,2020

Mangaluru, May 6: Three more coronavirus positive cases have been reported in Dakshina Kannada district. 

According to fresh bulletin of health and family welfare department, an 11-year-old girl and a 36-year-old woman from Boloor in Mangaluru and a 16-year-old girl from Bantwal tested positive for the covid-19. 

All of them are undergoing treatment at Wenlock Hospital. Their condition is said to be stable. 

With this the total number of cases in the district reached 28 including 22 residents of Dakshina Kannada, 4 from Kasaragod, 1 from Udupi and 1 from Uttara Kannada.

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News Network
March 4,2020

Beijing/Zurich, Mar 4: China has approved the use of Swiss drugmaker Roche's anti-inflammation drug Actemra for patients who develop severe complications from the coronavirus as it urgently hunts for new ways to combat the deadly infection that is spreading worldwide.

China is hoping that some older drugs could stop severe cytokine release syndrome (CRS), or cytokine storms, an overreaction of the immune system which is considered a major factor behind catastrophic organ failure and death in some coronavirus patients.

Actemra, a biologic drug approved in 2010 in the United States for rheumatoid arthritis (RA), inhibits high Interleukin 6 (IL-6) protein levels that drive some inflammatory diseases.

China's National Health Commission said in treatment guidelines published online on Wednesday that Actemra can now be used to treat coronavirus patients with serious lung damage and high IL-6 levels.

Separately, researchers in the country are testing Actemra, known generically as tocilizumab, in a clinical trial expected to include 188 coronavirus patients and running until May 10.

Roche, which donated 14 million yuan ($2.02 million) worth of Actemra during February, said the trial was initiated independently by a third party with the aim of exploring the efficacy and safety of the drug in coronavirus patients with CRS.

It added that there was currently no published clinical trial data on the drug's safety or efficacy against the virus.

More than 3,000 people have died and 93,000 have been infected by the novel coronavirus thought to have originated in Wuhan, China, before spreading to around 90 countries including the United States, Italy, Switzerland, France and Germany.

The Swiss company, for which China is its No. 2 market behind the United States, also makes diagnostic gear to detect the coronavirus.

Since Actemra's approval a decade ago, it has become a go-to drug against other inflammatory conditions, including cytokine storms in cancer patients receiving cell therapies from Novartis and Gilead Sciences.

In 2012 it helped save the life of a young U.S. girl, the first child to be treated for leukaemia with Novatis' Kymriah, from a post-treatment rush of IL-6.

Priced at between $20-30,000 annually for RA according to SSR Health, Roche's medicine is also used for rare juvenile arthritis and giant cell arteritis, or inflammation of the blood vessels.

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