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
May 21,2020

Canberra, May 21: Australian Prime Minister Scott Morrison and his Indian counterpart, Narendra Modi, are looking forward to deepening the countries' strategic relationship, with both sides expected to sign a range of pacts from defence to trade in strategic sectors amid heightened tensions with China over Beijing's response to coronavirus pandemic.

During a virtual summit, scheduled to take place on June 4, both leaders are expected to ramp up efforts to diversify Australia's export markets and find trusted suppliers of vital products and components, a local newspaper, The Australian reported on Tuesday.

The new agreements will focus on reliable supply chains in key strategic sectors, including medical goods, technology and critical minerals, amid heightened tensions with China over Beijing's response to coronavirus pandemic.

The leaders will seal a new defence agreement allowing reciprocal access to bases and co-operation on military technology projects, while a new education partnership will be on the table to help overcome Australian university reliance on Chinese students.

The talks in terms of strategic convergence, now have greater significance as COVID-19 exacerbates the strategic contest between the US and China, and forces like-minded countries to seek out reliable partners.

Australian farmers could also benefit, with talks underway on expanding agricultural exports to India, including barley, as China throws up new trade barriers, media reports stated.

The virtual summit follows the cancellation of Morrison's planned state visit to India in January due to the bushfires.

Morrison said last year, ahead of his planned visit, that India was "a natural partner for Australia", referring to the countries' "shared values" -- a point of differentiation with China.

Former Department of Foreign Affairs and Trade secretary Peter Varghese, who wrote a landmark report on the bilateral relationship in 2018, was quoted by the newspaper as saying that India would be even more important to Australia in the post-COVID world. "If one of the lessons from COVID is that countries need to spread their risk, then finding new markets or building up existing markets is a crucial part of that," he added.

Varghese noted that India, a member of the Quadrilateral Security Dialogue along with Australia, Japan and the US, was a vital strategic partner to Australia in helping "constrain China's ambitions to be the predominant power".

"That shared objective between Australia and India of not wanting to see the region dominated by China is a key component of building up our geopolitical relationship," he told The Australian.

The summit also follows recent talks between Australian Foreign Minister Marise Payne and Indian counterpart Subrahmanyam Jaishankar on the pandemic response and Australia's call for an independent inquiry, which was overwhelmingly backed at the World Health Assembly on Tuesday.

Australia wants to support India to develop a domestic critical minerals processing industry, which would provide Western nations with an alternative to sourcing the materials from China.

Meanwhile, India has strong expertise as a manufacturer of drugs and medical equipment, while Australia is a centre of biomedical research, opening the possibility for closer co-operation in the key sector, the media reported further.

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News Network
May 28,2020

New Delhi, May 28: With 6,566 more coronavirus cases and 194 deaths reported in the past 24 hours, India's COVID-19 tally reached 1,58,333 on Thursday, according to the Union Ministry of Health and Family Affairs.

The number of active coronavirus cases stands at 86,110, while 67,692 people have recovered and one patient has migrated, it said. The death toll due to the infection has reached 4,531 in the country.

Maharashtra is the worst affected state with 56,948 cases. Tamil Nadu has recorded as many as 18,545 cases while Gujarat and Delhi have recorded 15,195 and 15,257 coronavirus cases respectively.

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News Network
January 10,2020

New Delhi, Jan 10: One woman reported a rape every 15 minutes on average in India in 2018, according to government data released on Thursday, underlining its dismal reputation as one of the worst places in the world to be female.

The highly publicised gang rape and murder of a woman in a bus in New Delhi in 2012 brought tens of thousands onto the streets across India and spurred demands for action from film stars and politicians, leading to harsher punishments and new fast-track courts. But the violence has continued unabated.

Women reported almost 34,000 rapes in 2018, barely changed from the year before. Just over 85% led to charges, and 27% to convictions, according to the annual crime report released by the Ministry of Home Affairs.

Women's rights groups say crimes against women are often taken less seriously, and investigated by police lacking insensitivity.

"The country is still run by men, one (female prime minister) Indira Gandhi is not going to change things. Most judges are still men," said Lalitha Kumaramangalam, former chief of the National Commission for Women.

"There are very few forensic labs in the country, and fast-track courts have very few judges," said Kumaramangalam, a member of Prime Minister Narendra Modi's Bharatiya Janata Party (BJP).

The rape of a teenager in 2017 by former BJP state legislator Kuldeep Singh Sengar gained national attention when the accuser tried to kill herself the following year, accusing the police of inaction.

Five months before Sengar was convicted last December, the accuser's family had to be provided with security after a truck crashed into the car she was in, injuring her and killing two of her relatives.

A 2015 study by the Centre for Law & Policy Research in Bengaluru found that fast-track courts were indeed quicker, but did not handle a high volume of cases.

And a study in 2016 by Partners for Law in Development in New Delhi found that they still took an average of 8.5 months per case - more than four times the recommended period.

The government statistics understate the number of rapes as it is still considered a taboo to report rape in some parts of India and because rapes that end in the murder are counted purely as murders.

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