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
January 14,2020

New Delhi, Jan 14: One of the four Nirbhaya gang rape convicts, who are scheduled to be hanged on January 22, moved a mercy plea before President Ram Nath Kovind to set aside the death sentence issued against him.

He also moved the Delhi High Court to set aside the death warrant issued by a trial court. This hearing is scheduled for Wednesday before a bench of Justices Manmohan and Sangita Dhingra Sehgal.

The petition, filed through advocate Vrinda Grover, seeks setting aside of the January 7 order issuing the warrant of his execution.

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News Network
June 10,2020

New Delhi, Jun 10: Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision. Petrol price in Delhi was hiked to Rs 73.40 per litre from Rs 73, while diesel rates were increased to Rs 71.62 a litre from Rs 71.17, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the fourth daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In four hikes, petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.

Latest petrol, diesel prices in top cities:

New Delhi: Petrol ₹73.40. Diesel ₹71.62

Gurgaon: Petrol ₹72.86. Diesel ₹64.90

Mumbai: Petrol ₹80.40. Diesel ₹70.35

Chennai: Petrol ₹77.43. Diesel ₹70.13

Hyderabad: Petrol ₹76.20. Diesel ₹70b

Bengaluru: Petrol ₹75.77. Diesel ₹68.09

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News Network
May 7,2020

United Nations, May 7: An average of 80,000 COVID-19 cases were reported each day in April to the World Health Organization, the top UN health agency has said, noting that South Asian nations like India and Bangladesh are seeing a spike in the infections while the numbers are declining in regions such as Western Europe.

WHO Director-General Tedros Adhanom Ghebreyesus said on Wednesday that countries must also be able to manage any risk of the disease being imported into their territories, and communities should be fully educated to adjust to what will be a "new norm".

He said as the countries press forward in the common fight against COVID-19, they should also lay the groundwork for resilient health systems globally.

"More than 3.5 million cases of COVID-19 and almost 250,000 deaths have now been reported to the WHO. Since the beginning of April, an average of around 80,000 new cases have been reported to the WHO every day," Ghebreyesus said in Geneva yesterday.

Asserting that the virus cases were not just numbers, he said: "every single case is a mother, a father, a son, a daughter, a brother, sister or friend".

He said while the numbers are declining in Western Europe, more cases are being reported every day from Eastern Europe, Africa, South-East Asia, the Eastern Mediterranean and the Americas. Even within regions and within countries, there are divergent trends, the agency added.

While some countries are reporting an increase in COVID-19 cases over time, many have seen caseloads rise because they have ramped up testing, the WHO official said.

"We've also seen in Europe and Western Europe a fundamental decrease in the number of cases, but we have seen an associated increase in the number of cases reported in places like the Russian Federation. Southeast, the Western Pacific areas are relatively on the downward trend like Korea and others, but then we do see in South Asia, in places like Bangladesh, in India, some trends towards increase.

"So it's very difficult to say that any particular region is improving or (not improving). There are individual countries within each region that are having difficulties getting on top of this disease and I am particularly concerned about those countries that have (an) ongoing humanitarian crisis," WHO's Executive Director Michael Ryan said.

The death toll due to COVID-19 in India rose to 1,783 while the number of cases climbed to 52,952 on Thursday, registering an increase of 89 deaths and 3,561 cases in the last 24 hours, the Union Health Ministry said.

The number of active COVID-19 cases stood at 35,902 while 15,266 people have recovered, it said.

Noting that while seeing an increase in the number of cases is not good in terms of transmission, WHO's Emerging Diseases and Zoonoses Unit head Maria Van Kerkhove said: "but I don't want to equate that with something (being) wrong".

"I want to equate that with countries are working very hard to increase their ability to find the virus, to find people with the virus, to have testing in place to identify who has COVID-19, and putting into place what they need to do to care for those patients," Kerkhove said.

With more countries considering easing restrictions implemented to curb the spread of the coronavirus, the WHO has again reminded the authorities of the need to maintain vigilance.

"The risk of returning to lockdown remains very real if countries do not manage the transition extremely carefully, and in a phased approach," Ghebreyesus said.

He urged countries to consider the UN agency's six criteria for lifting stay-at-home measures.

That advice includes ensuring surveillance is strong, cases are declining and transmission is controlled. Health systems also must be able to detect, isolate, test and treat cases, and to trace all contacts.

Additionally, the risk of outbreak in settings such as health facilities and nursing homes needs to be minimised, while schools, workplaces and other public locations should have preventive measures in place.

"The COVID-19 pandemic will eventually recede, but there can be no going back to business as usual. We cannot continue to rush to fund panic but let preparedness go by the wayside," he said.

He said the crisis has highlighted the importance of strong national health systems as the foundation of global health security: not only against pandemics but also against the multitude of health threats that people across the world face every day.

"If we learn anything from COVID-19, it must be that investing in health now will save lives later," Ghebreyesus said.

While the world currently spends around USD 7.5 trillion on health annually, the WHO believes the best investments are in promoting health and preventing disease.

"Prevention is not only better than cure, it's cheaper, and the smartest thing to do," he said.

The deadly coronavirus, which originated from the Chinese city of Wuhan in December last year, has infected over 3.7 million people and killed 263,831 people globally, according to a tally by Johns Hopkins University.

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