Kashmir may not be major topic in Modi-Xi summit: China

Agencies
September 18, 2019

Beijing, Sept 18: China on Tuesday said the Kashmir issue may not be a “major topic” of discussion during the planned 2nd informal summit between Prime Minister Narendra Modi and President Xi Jinping, notwithstanding the high voltage campaign by its close ally Pakistan over India revoking the special status of Jammu and Kashmir.

Tension between India and Pakistan escalated after New Delhi revoked Jammu and Kashmir's special status on August 5. Reacting to India's move on Kashmir, Pakistan downgraded diplomatic ties with New Delhi and expelled the Indian High Commissioner.

A senior Chinese official said it should be left to Modi and Xi on the issues they would like to discuss.

"As for Kashmir will be on the agenda, I'm not sure because this is kind of informal summit and leaders' meeting I think better we need to give the leaders much time to discuss whatever they would like to discuss," Chinese Foreign Ministry spokesperson Hua Chunying told a media briefing here.

"For this kind of informal summit, I think it is better to leave the leaders much time to discuss whatever they would like to discuss," she said.

Hua said Kashmir may not be a major topic of discuss between the two leaders.

"I think for those things like Kashmir, I don’t think it will be a major topic occupying the talks, that is my understanding,” she said.

"But for the leaders, they will be free to talk about whatever they like,” Hua said, responding to a question.

China, the all-weather ally of Pakistan, already tried to take the Kashmir issue to the UN Security Council last month. But a closed-door meeting of the UNSC, in a snub to both Beijing and Islamabad, ended without any outcome or statement.

On China's stand on the resolution of the Kashmir issue, Hua reiterated that “we always take Kashmir as a problem between India and Pakistan.

"And we know there was the UN resolutions regarding Kashmir, so we hope this issue could be resolved through friendly and peaceful negotiations between India and Pakistan according to the relevant UN Charter and UN resolutions,” she said.

China hopes that “since both India and Pakistan, a good neighbour of China, of course, we hope our great neighbours could be in peaceful terms with each other, she said.

"And both India and Pakistan can try their best, maybe our best efforts to resolve the issue peacefully through negotiations,” she said.

On President Xi’s visit to India next month, Hua said both sides are keeping very close contact with each other but declined to reveal the date and venue.

"I'm not in a position to announce the details yet. But I think you will know, very soon. But we are looking forward to the visit. Both China and India are both great countries,” she said.

A lot of significance is attached to the 2nd informal summit between Modi and Xi that was expected to take place next month much on the same lines of the first such meeting at Wuhan last year, which normalised relations between the two countries after the 73-day standoff at Doklam.

On the India-China border question, Hua said both sides at all levels have very fruitful, and smooth channels for communications.

"China always keeps its words, we always kept our words, and we never intended to do anything that could harm the mutual trust between China and India. And we hope to see the same good willingness from the Indian side,” she said.

"Both sides can work together to safeguard to maintain to make sure the border, the border areas be kept in peace and stability, so that we can increase the mutual trust and stay focused on those kind of things, such as even broaden our cooperation,” she said.

India and China have held 21 rounds of Special Representatives talks so far to resolve the boundary dispute. The India-China border dispute covers 3,488-km-long Line of Actual Control. China claims Arunachal Pradesh as part of southern Tibet while India contests it.

On China’s One Belt and One Road (OBOR), she said there is a sense of reluctance on India’s part.

India has protested to China over the China-Pakistan Economic Corridor (CPEC) as it is being laid through Pakistan-occupied Kashmir, (POK). CPEC is the flagship project of the OBOR.

“This is up to Indian side to decide when and how they could join one belt one road that as you can see, one belt one road has been enjoying more and more support understanding from all of the countries around the world,” Hua said.

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News Network
March 4,2020

New Delhi, Mar 4: The government on Wednesday permitted NRIs to own up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government is looking to sell 100 per cent stake sale in the national carrier.

Union minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in Air India.

Allowing 100 per cent investment by Non-Resident Indians (NRIs) in the carrier would also not be in violation of SOEC norms. NRI investments would be treated as domestic investments.

Under the Substantial Ownership and Effective Control (SOEC) framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals.

Currently, NRIs can acquire only 49 per cent in Air India. Foreign Direct Investment (FDI) in the airline is also 49 per cent through the government approval route.

As per the existing norms, 100 per cent FDI is permitted in scheduled domestic carriers, subject to certain conditions, including that it would not be applicable for overseas airlines.

In the case of scheduled airlines, 49 per cent FDI is permitted through automatic approval route and any such investment beyond that level requires government nod.

On January 27, the government came out witha Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.

Under the latest disinvestment plan, the successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction.

This is the second attempt by the government in as many years to divest Air India, which has been in the red for long.

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Agencies
July 7,2020

India's COVID-19 tally raced past the seven lakh-mark with 22,252 fresh infections on Tuesday, five days after crossing the six lakh post, while the death toll climbed to 20,160 as 467 more people succumbed to the disease, according to the Union health ministry.

With this, the country has recorded over 20,000 cases of the infection for the fifth consecutive day.

India's coronavirus infection caseload stands at 7,19,665, the ministry's data updated at 8 am showed.

With a steady rise, the number of recoveries stands at 4,39,947, while there are 2,59,557 active cases of coronavirus infection in the country.

"Thus, around 61.13 % of patients have recovered so far," an official said.

The total number of confirmed cases also includes foreigners.

Of the 467 deaths reported in the last 24 hours, 204 are from Maharashtra, 61 from Tamil Nadu, 48 from Delhi, 29 from Karnataka, 24 from Uttar Pradesh, 22 from West Bengal, 17 from Gujarat.

Telangana and Haryana reported 11 deaths each; Madhya Pradesh nine; Andhra Pradesh seven; Jammu and Kashmir six; Rajasthan and Punjab five each; Bihar, Kerala and Odisha two each; and Arunachal Pradesh and Jharkhand one each.

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Agencies
March 9,2020

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

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