PM to meet Sharif, have summit with Obama in US

September 25, 2013
New Delhi, Sep 25: Prime Minister Manmohan Singh Wednesday said he will be meeting his Pakistan counterpart Nawaz Sharif in New York on the sidelines of the UN General Assembly (UNGA), setting at rest all speculations about the meeting. Before that he meets President Barack Obama on Sep 27 in Washington. Indo_Pak

In his departure statement before embarking on a five-day visit to the US, Prime Minister Singh said his summit meeting with President Obama would be an opportunity to review bilateral cooperation and chart a course for future cooperation.

The much-anticipated Manmohan-Sharif meeting is expected to be over breakfast on Sep 29 on the sidelines of the UNGA. The Pakistan prime minister is already in New York. The Indian leader will also have an important meeting with Bangladesh Prime Minister Sheikh Hasina to share views and iron out issues between the two neighbours.

"During my visit to New York, I also look forward to bilateral meetings with the leaders of some of our neighbouring countries, including Bangladesh, Nepal and Pakistan," the prime minister said in his statement.

This is the first confirmation of the meeting between the two prime ministers. India has maintained there are certain "harsh realities" on the ground. Foreign Secretary Sujatha Singh has said that "we continue to face acts of terrorism by groups operating from Pakistan and territories under the control of Pakistan. There are also many persons engaging in hostile propaganda against India, who continue to roam freely in Pakistan."

Sartaj Aziz, adviser to the Pakistan prime minister on National Security and Foreign Affairs, has in an interview to an Indian TV channel said last week that he has "low expectations on the outcome" of the meeting between the two prime ministers.

Manmohan Singh, who will hold his third summit meeting with Obama, said India-US ties "which is one of our most important relationships, has transformed into a global strategic partnership". The meeting is expected to focus on implementation of the landmark India-US civil nuclear deal, on enhancing defence cooperation and Afghanistan.

President Obama has described India-US relations as one of the "defining partnerships of the 21st century". Vice President Joe Biden and US Secretary of State John Kerry visited India earlier this year to set the stage for Manmohan Singh's working visit.

The prime minister said India and the US have "registered impressive progress in our cooperation across the full spectrum of the relationship".

India views the US as "a long-term partner in our development efforts, and in fostering a global environment that is conducive to our growth".

"For India, the US remains a key source of technology, investment, innovation and resources, and one of the most important destinations for our goods and services. We have productive and deepening partnerships in trade and investment, defence, counter-terrorism, intelligence, internal security, cyber security, civil nuclear energy, environment, health, higher education, space, science and technology and culture. People-to-people contacts are a strong feature of our engagement. We have also launched development partnership in third countries," said the departure statement.

In his address to the UNGA on Sep 28, the prime minister said he would "emphasize the importance of maintaining poverty eradication and inclusive development at the core of the post-2015 development agenda".

"The Sustainable Development Goals that are expected to be drawn up as part of the follow-up to the Rio+20 Conference should ensure a holistic approach to sustainable development objectives, ensuring a balanced treatment of its economic, social and environmental dimensions as well as universal applicability".

The prime minister said he would also convey India's "strong conviction that global challenges are best addressed through multilateral approaches, with the United Nations at its centre".

India would also press for early reform of institutions of global political and economic governance, particularly the United Nations Security Council, he said.

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News Network
July 17,2020

Thiruvananthapuram, Jul 17: A gunman posted at the United Arab Emirates (UAE) Consulate in Thiruvananthapuram allegedly attempted suicide on Friday, the police said.

"A gunman who was working at the United Arab Emirates (UAE) Consulate in Thiruvananthapuram allegedly attempted to commit suicide today. He is currently admitted to a hospital. 

The police were searching for him after his relatives had filed a missing complaint on Thursday night. A case has been registered and a probe is underway," said Police.

The person is identified as Jayagosh. He is attached to the police Armed Reserve (AR) camp and was reported missing since last night. Later, his relatives had filed a missing complaint with the police.

Jayagosh was later found lying in a pool of blood near his house in Akkulam and was taken to the hospital.

A police investigation is underway and more details are awaited.

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News Network
June 5,2020

New Delhi, Jun 5: Shares of Reliance Industries on Friday gained over 2 per cent to hit their one-year high level after the company announced sale of 1.85 per cent stake in its digital unit, Jio Platforms, to Abu Dhabi-based sovereign investor Mubadala.

On BSE, the heavyweight stock jumped 2.38 per cent to Rs 1,617.70 -- its 52-week high.

It surged 2.41 per cent to its one-year high of Rs 1,618 on NSE.

Earlier in the day, Reliance Industries announced the sale of 1.85 per cent stake in its digital unit to Mubadala for Rs 9,093.60 crore, the sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt.

"Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," the company said in a statement.

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company.

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News Network
May 25,2020

New Delhi, May 25: Realtors' apex body CREDAI has written a letter to Prime Minister Narendra Modi, seeking immediate relief measures to tide over the crisis caused by the COVID-19 pandemic.

The association, which has around 15,000 developer members, has sought one-time debt restructuring, lower interest rate on home loans and tax sops to boost liquidity and demand in the sector.

In an open letter to the prime minister, the Confederation of Real Estate Developers' Associations of India (CREDAI) said, "In this distressful situation arising out of the COVID-19 calamity, we in the real estate sector seek immediate relief for our survival."

Stating that the sector contributes substantially to the country's GDP and has backward and forward linkages with almost 250 industries, CREDAI said, "Our survival, therefore, is not just desirable, it is rather crucial for the economy."

Liquidity crunch, stagnant demand and cartelization of raw materials are major impediments for the industry to kickstart, it added.

CREDAI made seven recommendations to revive the sector and sought immediate intervention from the prime minister.

Pointing out that the situation is "much worse" than global financial crisis in 2008, CREDAI said "a one-time restructuring scheme as was permitted by RBI in 2008 may be quickly instituted by all lending institutions."

Since real estate was already reeling under a cyclical downturn before COVID-19, debt restructuring needs to be allowed for all accounts which were standard as on December 31, 2019, it added.

CREDAI demanded that all banks, non-banking financial companies (NBFCs) and housing finance companies (HFCs) should be directed to provide additional credit equal to 20 per cent of the existing real estate project related advances with no additional security and without the classification of project as NPA.

The penal interest charged by banks and financial institutions should be suspended for a period of one year or until such time as it takes for the pandemic to abate.

To revive housing demand, CREDAI suggested that "government should reduce the maximum rate of interest on new home loans to 5 per cent by subsidizing the interest component of EMIs for next five years."

The limit of principal deduction on housing loan under Section 80C should be increased to 2.5 lakh.

Interest deduction under Section 24 on housing loan for homebuyers may be increased to Rs 10 lakh, it said.

There should be no capital gains for residential properties held for a period longer than one year.

CREDAI also demanded that the subvention scheme be allowed again by National Housing Bank (NHB) and the Reserve Bank.

Under the scheme, builders used to pay EMIs on behalf of homebuyers during construction of projects.

"The economic uncertainty and job insecurity at the moment would not allow purchase of residential property at this time. A scheme whereby a homebuyer would need to pay only margin money with no EMI for 24 months will address this insecurity," the letter said.

The association pointed out that prices of cement and steel have been increased during the lockdown period, and asked for crackdown on cartelisation by manufacturers.

On the GST front, CREDAI said that the current regime of GST provides a rate of 1 per cent  for affordable housing.

"The limit of Rs 45 lakh serves as a criterion of affordability for the purpose of GST. On all other housing, GST is applied at the rate of 5 per cent without input tax credit. It has been felt that the criterion of Rs 45 lakh is too low an index of affordability anywhere across the country, and especially so in the metros," the letter said.

It will serve as an inducement to buyers in the metros if the benefit of GST at the rate of 1 per cent is extended to units costing up to Rs 75 lakh, the association said.

CREDAI pointed out that the flat rate of 5 per cent GST for under construction residential housing is causing cost build up and is acting as a deterrent for sale of under construction projects since there is no GST on completed units.

It suggested that GST rate of 1 per cent and 5 per cent, without input tax credit, should continue.

"However, an option of GST @12 per cent for normal housing/ 8 per cent for affordable housing (with 1/3rd deduction for land i.e. effective GST rate of 8 per cent for normal housing and effective GST rate of 5 per cent for affordable housing) with input tax credit (ITC) benefits in line with the scheme applicable for the works contracts for government may be revived and made applicable to the real estate," the letter said.

Lastly, CREDAI demanded that a Rs 25,000 crore stress fund for completing stalled housing projects should be deployed at the earliest.

"We shall be grateful for your much-needed intervention for the above mentioned measures required to revive the real estate sector," CREDAI said in the letter to the PM.

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