Pak seeks more evidence on 26/11; says no talks without Kashmir

July 13, 2015

Islamabad, Jul 13: In a turnaround, Pakistan today asked for "more evidence and information" from India on the Mumbai attack case and asserted that talks cannot take place without Kashmir being on the agenda, barely three days after the two countries agreed to re-engage.pak ind

Going back to its oft-repeated stand, Pakistan Prime Minister's Adviser on National Security and Foreign Affairs Sartaj Aziz made it clear "no dialogue will take place with India unless Kashmir issue is included in the agenda."

Aziz, who was present in the meeting between Prime Minister Nawaz Sharif and his Indian counterpart Narendra Modi in Ufa, Russia last week, came out with a two-page statement before reporters here and took a few questions.

While a joint statement issued after the Sharif-Modi talks said the two sides will find ways and means to expedite the Mumbai trial, Aziz today indicated that it will take some time, putting the onus on India.

"We need more information and evidence to conclude the (Mumbai) trial. The reference to 'additional information' (in the Ufa statement) is a recognition of the need that more information is needed to expedite the trial," he said.

India has been upset over the almost non-existent trial in the 2008 Mumbai attack case, with even the mastermind Zaki-ur Rahman Lakhvi being released by the court as the Pakistan government failed to furnish the required evidence before the anti-terrorism court.

New Delhi has maintained that it has supplied sufficient information and evidence to nail the accused in the 2008 attack in Mumbai that left 166 people dead.

In remarks seen as assuaging domestic concerns after Sharif came under sharp attack over omission of Kashmir in the joint statement, Aziz said the Pakistan Prime Minister "affirmed our principled position in clear and unequivocal terms during his annual speech at the UN General Assembly. We would continue to extend political, moral, and diplomatic support to our Kashmiri brethren."

Aziz also made it a point to rake up Samjhauta blast and Balochistan issues over which India has made strong rebuttals. Sharif "sought information on the progress made on the trial of Samjhauta express terrorist incident," he said.

While stating that Sharif and Modi had "frank" discussion on each other's concerns, Aziz said, "Pakistan has been deeply concerned, not only about hostile statements from Indian Ministers but also about Indian interference in Pakistan, including continuing support for insurgency in Balochistan."

He said to address these "acrimonious concerns" the two sides agreed that their National Security Advisers would meet, first in New Delhi and then in Islamabad.

Aziz said the joint statement clearly recognises that "India and Pakistan have a collective responsibility to ensure peace and promote development. To do so, they are prepared to discuss all outstanding issues".

"And we all know which are those outstanding issues. Kashmir of course tops the list of outstanding issues, but there are also other important issues like Siachen, Sir Creek, Interference and Water," he said.

He said Pakistan stays firms on its principled stance on the issue with dignity and honour and "no compromise" will be made on it.

Aziz said India has been repeating its traditional accusations of cross border terrorism while overlooking the decisive counter-terrorism campaign launched by Pakistan in the past two years.

Noting that all the issues will now be followed up through different channels, he said Sharif-Modi "meeting served to achieve one major objective, i.e. reduce tensions and create environment for meaningful talks on all issues of importance to both countries."

The adviser said the Ufa meeting was not the formal start of any dialogue process but it served an important purpose to achieve an understanding that both neighbours must reduce tensions and hostility in order to constructively engage in a structured dialogue on all issues of bilateral and regional interest, including the core issue of Jammu and Kashmir.

The meeting provided an opportunity to identify some areas where the two countries could promote cooperation right away in order to reduce tensions and hostility, he said, adding that peace and tranquility on the LoC and Working Boundary is in the interest of both countries.

He said even though at present ceasefire is by and large being maintained, there have been occasions when this ceasefire was violated causing casualties and injuries to people inhabiting those areas.

Aziz said both leaders agreed that the existing mechanism of regular meetings between DG Rangers, DG BSFs and DG MOs should be held to ensure full compliance with the 2003 Ceasefire Understanding.

He said the two sides have also agreed to revive Track II dialogue to explore ways of resolving issues that are lingering for a long time and need to be resolved in order to give peace a chance. Modalities for this track will be worked out through diplomatic channels, he added.

The adviser also said that Prime Minister Modi shared the over-arching vision of Pakistan Prime Minister that peaceful and good neighbourly relations are imperative to create the necessary space in which both countries should focus on the economic welfare of their peoples.

The two Prime Ministers agreed that cooperation in promoting religious tourism will help ameliorate the difficulties faced by visitors, Aziz said. He said that the agreement on the early release of fishermen is a humanitarian gesture.

Aziz said Prime Minister Sharif's desire of peaceful neighbourhood is the centre-piece of his foreign policy vision because this would best promote "our national interests" and also create the conditions wherein the government can focus its resources on the socio-economic uplift of our people.

Modi and Sharif, in their first bilateral talks in over an year, met for nearly one hour on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Ufa, Russia last week.

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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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News Network
July 16,2020

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

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Agencies
May 26,2020

The Shopping Centres Association of India (SCAI) on Monday said the sector has lost over Rs 90,000 crore in the last two months, owing to the lockdown, and market players need much more than the repo rate cut and the loan moratorium extended by the RBI.

In a statement, the industry body said that the Reserve Bank of India's (RBI) relief measures are not adequate to support the liquidity needs of the industry.

According to the SCAI, there is a common misconception that the shopping centres' industry is centred around metros and large cities with investments only from large developers, private equity players and foreign investors.

"However, the fact is that most malls are part of the SMEs or standalone developers. i.e. more than 550 are single owned by standalone developers out of the 650-odd organised shopping centres across the country and there are 1,000+ small centres in smaller cities," it said.

Amitabh Taneja, Chairman of SCAI said: "The organised retail industry is in distress and has not earned anything since the lockdown and their survival is at stake. While the extension of the loan moratorium talks about some relief on repayment but won't help the industry in liquidity."

He said that a long term beneficial plan from the government is much required to revive the sector.

"Being the most safe, accountable, and controlled environment, unfortunately, malls have not been permitted to open which will lead to job losses and might even shut shops for a lot of mall developers," Taneja said.

In its representations to the Centre and the Reserve Bank of India, the association has also pointed out that, in absence of financial package and stimulus from the RBI, over 500 shopping centres may go bankrupt, that may lead to the banking industry staring at NPAs of Rs 25,000 crore.

The industry body has put forward its recommendations and requests to the government. It had sought moratorium till March 2021 at the least in terms of repayment of bank loans, interest, EMI and so on, without levy of any penalties or penal interest.

It has also sought a one-time loan restructuring with lower rates of interest, permitted for shopping centres and a facilitative and forward-looking support provision of short-term financing options for a period of six to 12 months, at lower interest rates, to meet the increased working capital requirements.

Among other relaxations, it had also appealed for GST rebates to offset the losses on account of and for the period of closure of business.

It also said that interest rates should be brought down to "manageable levels" of 5-6% in view of the precarious financial situation.

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