Li arrives; to hold talks with PM on boundary, water issues

May 19, 2013

li

New Delhi, May 19: Nearly 27 years after he made his last trip to India, Chinese Premier Li Keqiang arrived here today on his first overseas official visit and will hold talks with his Indian counterpart Manmohan Singh on all contentious issues, including the boundary dispute later this evening.

Li, accompanied by a senior-level delegation comprising government officials and businessmen, arrived around 3 PM and was received by Minister of State for External Affairs E Ahamed and senior ministry officials including Foreign Secretary Ranjan Mathai.

Shortly after his arrival on a three-day visit to India, which is his first overseas stop after assuming office in March, Li will be holding restricted talks with Singh, who will also host a dinner for the visiting dignitary at his official residence which will be attended by among others members of major political parties, including BJP and SP.

Ahead of his visit, Li had said the fond memories from the visit, which he made 27 years back, also made him choose India for his first overseas visit.

Recalling his visit to India over two-and-a-half decades ago, he said, "What I saw and felt during that trip, visiting the Taj Mahal and prestigious Indian universities, research institutes, and the warmth and hospitality of the Indian people, left a lasting impact on me."

"In a few days' time I will make India the first stop of my first overseas visit as a premier of China. I have made this decision not just because India is an important neighbour and one of the populous countries of the world but also because of the seeds of friendship sown during my own youth," he had said.

Asserting that India thinks "very highly" of Li's gesture of making the country his first overseas stop after assuming charge, Spokesperson in the Ministry of External Affairs Syed Akbaruddin said such high-level exchanges are aimed at enhancing trust and understanding as well "exhibit sensitivity" to each other's concerns.

Earlier:

Chinese premier to hold talks with PM on contentious issues

New Delhi, May 19: On his first overseas visit after assuming office, Chinese Premier Li Keqiang will arrive here today and will hold talks with Prime Minister Manmohan Singh on all contentious issues, including the boundary dispute.

Shortly after his arrival, Li will be holding restricted talks with Singh, who will also host a dinner for the visiting dignitary at his official residence which will be attended among others by members of major political parties, including BJP and SP.

Asserting that India thinks "very highly" of Li's gesture of making the country his first overseas stop after assuming charge, Spokesperson in the Ministry of External Affairs Syed Akbaruddin said such high-level exchanges are aimed at enhancing trust and understanding as well as "exhibiting sensitivity" towards each other's concerns.

Giving details of Li's programme, he said the Chinese Premier, who will arrive in the afternoon, will hold restricted meeting with Singh followed by dinner.

Tomorrow, the two leaders, accompanied by high-level delegations, will hold comprehensive talks on key international, regional and bilateral issues.

On the specific issues to be discussed between the leaders of the two countries, which

are witnessing differences on various crucial matters including boundary, water and on market access under economic ties, JS (East Asia) Gautam Bambawale said, "Everything is on the table."

"The two Prime Ministers would talk about these subjects. Since it (incursion) being the recent occurrence (will be discussed)," Bambawale said.

Sources said the issue of breach of status quo in Ladakh region will also be discussed and India will press that the Special Representatives of India and China, who are scheduled to meet in next few months, take it up the matter in detail to avoid such occurrences in future.

India has been pressing for clarification and confirmation on LAC in the India-China border areas pending a final settlement.

Noting that in the agreements worked out in 1993 and 1996 there were clarifications on the differing perceptions on LAC and exchanges on it, the sources said somehow in later years, this went off the table from the Chinese side, probably because there was a sense that it may be taken as a default boundary.

"There is a need to revive this particular subject to prevent incidents of this nature. Clarifications we really seek are imperative and are required. (Otherwise) this (Depsang incursion) kind of incident could recur. This is something we would certainly flag," the sources said.

Asked if there was any progress made on the Chinese proposal on Border Defence Cooperation Agreement, to which India has also submitted a counter proposal, Bambawale said that these proposals were currently being discussed but refused to divulge further details.

On the economic front, Bambawale said India will continue to press for access to the Chinese market.

In 2012, bilateral trade was USD 66 billion, a decline over the USD 74 billion mark in 2011. The two countries have set a target of USD 100 billion by 2015 for bilateral trade.

India faces a growing trade deficit vis-a-vis China. By the end of 2011, India's trade deficit was USD 27 billion. According to Chinese trade figures released in January 2013, the figure had expanded to USD 29 billion by 2012.

Apart from trade, India is also the largest market for project exports from China. Currently, projects under execution are estimated at over USD 55 billion. As per Chinese figures, cumulative Chinese investments in India till December 2011 stood at USD 575.70 million while Indian investments in China were USD 441.70 million.

Another issue which is expected to be raised by India is its concern over the Chinese proposal to construct three more dams across the Brahmaputra river. India has been pressing China to have either a water commission or an inter- governmental dialogue to deal with water issues as under the current Expert Level Mechanism (ELM), the two countries only share hydrological information.

On his second-leg of journey,, officials said Li will attend a meeting with business leaders in Mumbai and visit Tata Consultancy Services facility.

The Chinese Premier will also meet family members of late Dwarkanath Shantaram Kotnis, an Indian physician dispatched to China to provide medical assistance during the Second Sino-Japanese War in 1938.

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News Network
May 6,2020

New Delhi, May 6: Taking a cue from states, the Centre announced one of the steepest hikes in duties on petrol and diesel in the recent past, by raising it by Rs 10 and Rs 13 per litre, respectively, in a notification issued late on Tuesday.

Retail prices, however, will see no change as the price hike will be absorbed by oil marketing companies against the fall in crude prices.

Road and infrastructure cess was hiked by Rs 8 for petrol and diesel and the special additional excise duty (SAED) was hiked by Rs 2 per litre and Rs 5 per litre, respectively. While the road cess will only go into the Centre’s coffers, the hike on account of SAED will be passed on to states via devolution at 42 per cent. Hence, the states will get only Rs 0.84 per litre in case of petrol and Rs 2.1 in case of diesel.

The decision comes after several states increased the value added tax (VAT) on petrol and diesel making use of the lower price regime. The Delhi government on Tuesday increased VAT on petrol and diesel to 30 per cent each, from 27 and 16.75, respectively. As a result, the price of petrol in Delhi increased by Rs 1.67 to Rs 71.26 a litre and diesel by Rs 7.10 to Rs 69.29 in Delhi on Tuesday.

Amid falling international crude oil prices, the Centre introduced an enabling provision in March to raise excise duty on petrol and diesel by Rs 8 per litre in the Finance Act. The government had on March 14 raised excise duty on petrol and diesel by? 3 per litre each, which was to help raise an additional ?39,000 crore in revenue annually.

This duty hike included Rs 2 a litre increase in SAED and Rs 1 in road and infrastructure cess. It raised SAED to Rs 10 for petrol and Rs 4 for diesel. The limit has now been increased to Rs 18 a litre in case of petrol and Rs 12 in case of diesel by way of amendment of the Eighth Schedule of the Finance Act.

Economists said the move would impact retail inflation by over half a percentage point at least. “With lower consumption, there was loss of revenue for Centre and states, who earn Rs 6 trillion annually or Rs 50,000 crore monthly from fuel. Amid lockdown in April, the collection must have come down to just Rs 5,000 crore, and this will hold for May.

This means that Centre and states have lost 20 per cent of annual revenue from fuel. Hence, they have hiked duties to recover losses,” said Madan Sabnavis, chief economist, CARE Ratings. He added that the hike will impact inflation by at least 0.6-0.7 percentage points.

According to industry experts, an estimate of the additional government revenue cannot be made as the consumption of petrol and diesel has dropped to 40 per cent of what it was before the lockdown. The duty hike comes following a drop in international crude oil prices in April, owing to lower consumption figures globally. At 11.50 pm on Tuesday, Brent was priced at $30.67 a barrel, while West Texas Intermediate (WTI) crude was seen at $24.36 a barrel. On Monday, the Indian basket of crude oil was priced at $23.38 a barrel, after touching a 15-year low last month.

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News Network
June 13,2020

New Delhi, Jun 13: Petrol price on Saturday was hiked by 59 paise per litre and diesel by 58 paise as oil companies for the seventh day in a row adjusted retail rates in line with costs since ending an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 75.16 per litre from Rs 74.57, while diesel rates were increased to Rs 73.39 a litre from Rs 72.81, 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 seventh 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 seven hikes, petrol price has gone up by Rs 3.9 per litre and diesel by Rs 4.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.

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News Network
March 4,2020

New Delhi, Mar 4: The Supreme Court on Wednesday revoked the ban of cryptocurrency imposed by the Reserve Bank of India (RBI) in 2018.

Pronouncing the verdict, the three-judge bench of the apex court said the ban was 'disproportionate'.

The bench included Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian.

The Internet and Mobile Association of India (IAMAI), whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies.

Advocate Ashim Sood, appearing for IAMI, submitted that Reserve Bank of India lacked jurisdiction to forbid dealings in cryptocurrencies. The blanket ban was based on an erroneous understanding that it was impossible to regulate cryptocurrencies, Sood submitted.

The petitioners had argued that the RBI's circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry.

IAMAI had claimed the move of RBI had effectively banned legitimate business activity via the virtual currencies (VCs).

The RBI on April 6, 2018, had issued the circular that barred RBI-regulated entities from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".

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