India, Myanmar to explore new initiatives to boost ties: PM

May 27, 2012

pm


New Delhi, May 27: Prime Minister Manmohan Singh today said India and Myanmar would explore new initiatives and define a roadmap for further boosting of bilateral ties with focus on trade, investment and connectivity as he begins a three-day visit to that country.

Pointing out that India attaches the highest importance to its relations with Myanmar, a "close friend and neighbour", Singh said in a statement shortly before his departure for Nay Pyi Taw, Myanmar's new capital, that "recent years have witnessed significant strengthening and expansion of our bilateral relations" and his coming visit "will provide an opportunity to review the progress in implementation of decisions" taken during the "highly successful visit" of Myanmar President Thein Sein to India in October last year.

"We will also consider new initiatives and define a roadmap for the further development of our cooperation in the years ahead," said Singh who will be the first Indian Prime Minister to visit Myanmar in quarter of a century since Rajiv Gandhi's trip to that country in December, 1987.

The Prime Minister, who will hold talks with Sein tomorrow at Nay Pyi Taw, said that during his visit to Myanmar he hopes to focus on "stronger trade and investment links, development of border areas, improving connectivity between our two countries and building capacity and human resources".

"We also hope to sign a number of agreements and MoUs to further strengthen our bilateral cooperation in these areas, besides promoting people-to-people contacts," Singh said.

Singh, who will also meet leader of the opposition and Nobel Laureate Aung San Suu Kyi in Yangon on Tuesday, said India welcomes Myanmar's "transition to democratic governance and the steps taken by the government of Myanmar towards a more broad-based and inclusive reconciliation process and offered to share "democratic experiences" with that country. Since taking office more than a year ago, President Thein Sein has surprised many critics by releasing Suu Kyi from 15 years of house arrest and allowing her National League for Democracy (NLD) to contest and win parliamentary elections in April this year, freeing other political prisoners, opening talks with ethnic rebels and easing media censorship and restoring labour unions right to strike.

Singh said he was looking forward to address a cross- section of Myanmar society and interact with the Indian and Indian-origin community in Yangon on the final day of his visit.

The Prime Minister said the "shared history and culture" of India and Myanmar "provides a strong basis for the enhancement of contacts between the people of our two countries" and India remains "committed to a close, cooperative and mutually beneficial partnership with the government and people of Myanmar".

Singh said he is looking forward to visiting the historic Shwedagon Pagoda, a testament to 2600 years of Buddhist heritage, and the mazar (the grave) of the last Emperor of India, Bahadur Shah Zafar, in Yangon.

The Pagoda houses the hairs of Lord Buddha who had given them to two merchant brothers in return for a honey cake they offered to him.

High on Singh's agenda of talks with Myanmar President Thein Sein, a former army general heading a quasi-civilian government, will be deepening ties in energy, security, connectivity, trade and information technology.

The two countries are expected to sign a number of agreements in energy sector and connectivity during the visit.

The high-points among the slew of agreements will be the ones relating to an offshore gas block awarded to private Indian company Jubilant Energy in global competition and a passenger bus service between Imphal and Mandalay, Myanmar's second largest city after Yangon.India will be flagging its interests in getting more opportunities in both offshore and onshore energy sources in Myanmar. GAIL and OVL already have minority stakes in energy sector from where the gas is being transported to China.

India expects that the visit of the Prime Minister, who will be accompanied by his wife Gursharan Kaur and External Affairs Minister S M Krishna, will take bilateral relations to a "new level" given the new political environment in Myanmar which has seen remarkable political reforms that have seen that country emerging from decades of diplomatic isolation.

As Myanmar transitions towards democracy after more than five decades of often repressive military rule, its resource- rich but impoverished economy is also opening up holding out immense potential in virtually all areas.

The Prime Minister's engagements include a public address on "India and Myanmar: A Partnership for Progress and Regional Development" where the leading think-tanks of Myanmar and the business captains of the two countries will be present.

Reflecting the importance of the economic content of the bilateral relations, a group of captains Indian business and industries representing energy, telecom, IT, steel and agriculture sectors will be in Myanmar during Singh's visit.

As the gateway to South East Asia, Myanmar has been of considerable strategic significance to India and central to its Look East policy, given its energy reserves, and 1640km border with insurgency-hit four northeastern states--Mizoram, Nagaland, Manipur and Arunachal Pradesh.

Security concerns have prompted New Delhi to remain engaged with the military junta in Myanmar despite criticism from Western countries. During a visit to New Delhi in 2010, President Barrack Obama had chided India for not speaking out over human rights abuses in Myanmar.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
June 26,2020

New Delhi, Jun 26: The Road Transport and Highways Ministry has issued a notification to enable citizens with mild to medium colour blindness to obtain a driving licence.

An official release said that the Ministry has been taking measures to enable divyangjan citizens to avail transport-related services, especially driving licence.

It said the ministry received representations that the colour blind citizens are not able to get a driving licence due to requirements in the declaration about physical fitness (Form I) or the medical certificate (Form IA).

The release said that the issue was taken up with expert medical institution and advice sought.

The recommendations received were that mild to medium colour blind citizens be allowed to drive and restrictions should only be on the severe colour blind citizens.

"This is also allowed in other parts of the world," the release said.

The notification seeks to amend Form 1 and Form 1A pertaining to Central Motor Vehicles Rules 1989.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.