India pledges to give $13.5 million for UN development

News Network
November 15, 2019

United Nations, Nov 15: India has pledged to contribute USD 13.5 million for various operational activities of development across the UN agencies for the year 2020.

Counsellor at India's Permanent Mission to the UN Anjani Kumar announced India's pledges at the UN General Assembly Pledging Conference for Development Activities.

Kumar said India's pledges of contributions for operational activities of development for the year 2020 is to the tune of USD 13.5 million, in line with the country's long-standing tradition of supporting development activities across the UN system.

Outlining contributions to the various UN agencies, Kumar said on Wednesday that India will contribute USD 5 million to the UN Relief and Works Agency for Palestine Refugees in the Near East, USD 4.5 million to the UN Development Programme.

The World Food Programme will get USD 1.92 million, USD 900,000 to the UN Children's Fund, USD 500,000 to the UN Population Fund, USD 200,000 dollars to the UN Voluntary Fund for Technical Co-operation and USD 150,000 dollars to the UN Commission on Human Settlements Programme.

India will also be contributing USD 100,000 each to the UN Voluntary contribution for Financial and Technical Assistance for the implementation of Universal Periodic Review, UN Environment Programme and UN Office on Drugs and Crime.

Kumar noted that India would be undertaking further commitments to other entities over the course of time.

"India has been a regular contributor to the UN since its inception. India believes that the UN should have the necessary resources to finance its activities, in an appropriate and balanced manner," he said.

Kumar, however, pointed out that sustainable and predictable funding remains the key challenge in achieving the 2030 Development Agenda.

He added that the Official Development Assistance as a percentage of Gross National Income remains low; commitment to Least Developed Countries is far from being met by most of Development Assistance Committee members and financing for small island developing states and country programmable aid continues to decline.

Around USD 50 billion are channelised every year through the UN System, but around 65 per cent of these resources are earmarked and as a result, less than 35 per cent of the resources are utilised for development and technical cooperation, he said.

Highlighting India's leadership towards development activities and initiatives at the UN, Kumar said India, in association with the UN Office for South-South Cooperation, established the India-UN Development Partnership Fund in 2017 under which USD 150 million have been committed for development assistance over the next decade for need-based developmental projects.

"In the spirit of sustained and predictable funding for the SDGs and South-South Cooperation, the funds under the India-UN development Partnership are non-earmarked," he said, adding that since its establishment, more than 35 member states from Africa, Latin America and the Caribbean and, Asia and the Pacific regions have partnered with the India-UN Development Partnership Fund.

Kumar told the pledging conference that India is also engaging with the global South more than ever before and the country's historic relations with Caribbean nations witnessed a new momentum with the meeting of Prime Minister Narendra Modi and 14 leaders of the Caribbean Community and Common Market (CARICOM) group of countries on sidelines of the high-level General Assembly session in September.

Modi had announced a 14 million dollar grant for community development projects in the CARICOM and another 150 million dollar Line of Credit for solar, renewable energy and climate-change-related projects.

Taking forward India’s close partnership with the Pacific Islands Developing States (PSIDS), the India-PSIDS Leaders' Meeting was also held on the sidelines of the General Assembly and Modi had announced allocation of 12 million dollars grant (one million dollars to each PSIDS) towards implementation of high impact developmental projects in an area of their choice.

In the last decade, India has extended Lines of Credit of about USD 26 billion to more than 60 developing countries.

About 16 countries pledged a total of USD 516 million at the 2019 United Nations Pledging Conference for Development Activities, representing a considerable increase over 2018 which saw USD 425.69 million promised.

Highlighting total contributions to the United Nations development system, Zina Mounla, the Chief of the Operational Activities Policy Branch in the Department of Economic and Social Affairs, said they amounted USD 33.6 billion in 2017, an increase of 13 per cent over 2016. The upturn continued a longer-term trend that has seen contributions increase by 77 per cent over the past 10 years.

Core contributions increased for the second consecutive year, she said, totalling USD 6.9 billion in 2017, an increase of 3 per cent over 2016. At the same time, the share of core resources dropped to an all-time low of only 20.6 per cent of total funding due to the rise in non-core funding, which has doubled over the past decade.

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News Network
February 24,2020

New Delhi, Feb 24: The shared values between India and the US are "discrimination, bigotry, and hostility towards refugees and asylum seekers", Amnesty International USA said in a joint statement with Amnesty International India ahead of US President Donald Trump's visit to India on Monday.

Trump, accompanied by his wife Melania, daughter Ivanka and son-in-law Jared Kushner as well as senior officials of his administration, landed in Ahmedabad on the first leg of his two-day visit to India.

"Anti-Muslim sentiment permeates the policies of both U.S. and Indian leaders. For decades, the U.S.-India relationship was anchored by claims of shared values of human rights and human dignity. Now, those shared values are discrimination, bigotry, and hostility towards refugees and asylum seekers,” Margaret Huang, Amnesty International USA’s executive director, was quoted as saying in the statement.

It was a reference to the anti-CAA protests in India, the internet lockdown in Jammu and Kashmir and the Muslim ban expansion by President Trump affecting Nigeria, Eritrea, Myanmar, Kyrgyzstan, Sudan and Tanzania, the statement said.

It added that Amnesty International USA’s researchers travelled to Lebanon and Jordan to conduct nearly 50 interviews with refugees that as a result of the previous version of the ban have been stranded in countries where they face restrictive policies, increasingly hostile environments, and lack the same rights as permanent residents or citizens.

The statement also came down hard on the Indian government, hitting out at the Citizenship (Amendment) Act (CAA) 2019 and saying it legitimises discrimination based on religious grounds.

It criticised statements such as “identify them (the protestors) by their clothes” or “shoot the traitors” by Prime Minister Modi and his party workers. Such remarks "peddled the narrative of fear and division that has fuelled further violence", it said.

“The internet and political lockdown in Kashmir has lasted for months and the enactment of CAA and the crackdown on protests has shown a leadership that is lacking empathy and a willingness to engage. We call on President Trump and Prime Minister Modi to work with the international community and address our concerns in their bilateral conversations,” Avinash Kumar, executive director, Amnesty International India said in the statement.

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Agencies
July 24,2020

Mumbai, Jul 24: Reliance India Limited (RIL) on Friday overtook ExxonMobil to become the world's second most valuable energy company and 46th among the world's largest companies by market capitalisation.

RIL's market capitalisation stood at Rs 14.16 lakh crore (USD 189.3 billion) at market close on Friday. ExxonMobil's current market value is USD 184.77 billion.

"Reliance Industries, with a market capitalisation of USD 189.3 billion now is the second-most valuable energy company in the world. Reliance Industries now stands at 46th among the world's largest companies by market capitalisation ahead of well-known names like ExxonMobil, Abbott Laboratories, Oracle Corp, Chevron and Unilever Plc, and just below PepsiCo," RIL said in an official release.

RIL continued its rally on Friday, notwithstanding overall weak market conditions.

RIL shares made a new all-time high of Rs 2,163 and were last traded at Rs 2,148.8 on NSE with a gain of 4.4 per cent. The market capitalisation of fully paid-up shares stands at Rs 13.62 lakh crore (USD 182.06 billion), the release said.

Reliance partly paid-up shares gained 9.33 per cent on NSE today to last trade at Rs 1289.95. The partly paid-up shares now have a market capitalisation of Rs 0.55 lakh crore (USD 7.29 billion).

"Reliance's share price had touched a bottom of Rs 867 on March 23, 2020, when the total market value of the company stood at Rs 5.5 lakh crore or $73.5 billion. Thus, RIL has added $115.9 billion to shareholder wealth within just four months - one of the highest value creation feats in the world in such a short time," the release said.

Reliance had earlier raised Rs 212,809 crore through Rights Issue, combined investments in Jio Platforms and investment by bp.

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Agencies
July 7,2020

New Delhi, Jul 7: Diesel price in the national capital on Tuesday touched an all-time high following a rate hike after a week-long hiatus.

Diesel price on Tuesday was increased by 25 paise per litre, according to a price notification of state-owned oil marketing companies.

This took the retail selling price of diesel to Rs 80.78 per litre in the national capital - the highest ever.

There was no change in petrol price for the 8th straight day, and it continues to be priced at Rs 80.43 per litre.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

Petrol and diesel price were last revised on June 29.

In the last one month, diesel price has been increased on 23 occasions while petrol rates have risen 21 times.

The cumulative increase since the oil companies started the cycle on June 7, totals to Rs 9.17 for petrol and Rs 11.39 in diesel.

In Mumbai, petrol is priced at Rs 87.19 - unchanged since June 29, while diesel was hiked to Rs 79.05 a litre from Rs 78.83.

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