PM Modi compares Indo-Bangla LBA with fall of Berlin Wall, accuses Pak of creating 'nuisance'

June 8, 2015

Dhaka, Jun 8: Prime Minister Narendra Modi said that the Land Boundary Agreement ratified between India and Bangladesh was an agreement to join hearts and lessen the distances between the two nations that are not just "paas-paas" but also "saath saath".

PM Modi

Addressing intellectuals in Dhaka University at the end of his two-day visit on Sunday, Modi said if in one sentence he is to describe ties: "People think that we are 'paas-paas' but now the world will have to accept that we are not just 'paas paas' but 'saath-saath'," he said to loud applause.

On the LBA, Modi also quoted a newspaper editorial that said that the agreement was equivalent to the fall of the Berlin Wall. He asserted that the world will have to acknowledge that "we are people who find ways to move ahead."

Prime Minister also attacked Pakistan accusing it of creating "nuisance" and "constantly" troubling India by promoting terrorism.

The Prime Minister's sharp criticism came during the course of his address at the Bangabandhu International Convention Centre here when he vowed to jointly combat with Bangladesh terrorism in the region.

"Pakistan aaye din (constantly) disturbs India, jo naako dum la deta hai (creates nuisance), terrorism ko badhawa (deta hai)...Ki ghatnaayein ghatthi rehti hain (promotes terrorism and such incidents keep recurring)," Modi said in his address to Dhaka University.

Recalling that 90,000 Pakistani prisoners of war were in India's captivity during the 1971 Bangladesh Liberation War, Modi said, "if we had a diabolic mindset, we don't know then what decision we would have taken."

"Terrorism has no boundaries. India has been troubled by it for the last 40 years. So many innocent people have died and what did those associated with terrorism gain and what have they given to the world...Terrorism has no values, no principles, no traditions and it has only one motive and that is enmity against humanity," he said.

A Joint Declaration issued on the last day of Modi's maiden two-day visit to Bangladesh reaffirmed the two countries' "unequivocal and uncompromising position against extremism and terrorism in all forms and manifestations."

The two sides also committed to cooperate with each other by sharing information about groups and persons indulging in terrorism.

"They reiterated their commitment that their respective territories would not be allowed to be used for any activity inimical to the other," the declaration said.

In his address, the Prime Minister came out strongly against expansionism, saying there is no place for it in today's world.

"The World has changed, there was a time when may be expansionism was used to be the symbol of a country's power as to which one is expanding how much and reaching which place...But times have changed. Now in this era there is no place for expansionism and the world wants development not expansionism and this is the basic vision.

Making a strong pitch for reforms of the UN and its Security Council, Modi said India has still not got a permanent seat in the UNSC.

"India is a country which never fought to gain land. 75,000 Indian soldiers had sacrificed their lives for others in the First World War, and 90,000 in the Second World War," he said.

The Prime Minister also referred to India's role in peacekeeping operations across the world, noting that Indian soldiers had fought alongside 'Mukti Jodhas' (freedom fighters) as well for Bangladesh.

"Yet India has still not got a permanent seat on the UN Security Council," Modi said.

The Prime Minister said that the return of Pakistani PoWs itself should have been enough to convince the world that India should get a permanent seat in the UNSC.

On the settlement of the 41-year-old land boundary dispute by swapping of documents regarding the Land Boundary Agreement (LBA), he said, "If people feel LBA is a pact of few kilometres of the land it is not true, it is a meeting of hearts rather than just an agreement in the world where all battles were fought for land.

On the long-pending Teesta water-sharing deal, Modi said the issue has to be solved with a humanitarian perspective.

"Water issues need to be resolved from humanitarian perspective. I am confident we will be able to do so," he said, adding that, "It is the responsibility of both sides to ensure that a solution is found."

The Prime Minister, who held bilateral talks with his Bangladeshi counterpart Sheikh Hasina after which 22 pacts were signed on Saturday, said, "while people thought we were just near (paas-paas) to each other, now the world would have to acknowledge that we are not just paas-paas but also saath-saath (together)."

Winding up his two-day visit, Modi said though his present trip has ended, he felt the "real journey begins now."

His hour-long address, heard with rapt attention by members of the Indian community, eminent Bangladeshis including political personalities, cultural personalities, business persons, academicians and Dhaka University students here, was repeatedly applauded.

Modi said he was happy that Prime Minister Hasina had declared zero tolerance for terrorism. He said terrorism is an enemy of humanity and therefore all humanitarian forces had to unite to fight it.

The Prime Minister said his vision and Premier Hasina's vision matched perfectly -- that of development.

Modi said many states in India could learn from Bangladesh on several social indicators, such as infant mortality rate.

Modi also congratulated Hasina for her "single-minded focus on economic development." He said a firm foundation is being laid for Bangladesh's economic progress.

The Prime Minister said SAARC countries were keen to establish connectivity at the last SAARC summit -- but then -- not every country is Bangladesh. He said India, Bangladesh, Nepal and Bhutan had now decided to move ahead in this direction.

Noting that no country could work alone as the whole world had become interdependent, Modi said the European Union had developed a lot because of better connectivity.

He said India and Bangladesh had recognised this fact, and this was reflected in the 22 agreements that had been signed during his visit here.

The Prime Minister, in his address, also spoke of shared potential in sectors such as solar energy and space.

Talking about cooperation in SAARC, the Prime Minister said on the first day itself, his government had invited SAARC leaders and indicated his intention to progress.

"The dream I have for India is the same I have for Bangladesh. I will return to Bangladesh," Modi said, concluding his speech.

After the address, Modi left for India after the two-day hectic visit.

"Dhonnobad Bangladesh. History has been created. Now onwards to the future!" Ministry of External Affairs Spokesperson Vikas Swarup tweeted along with a picture of Modi waving before emplaning for Delhi.

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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News Network
April 28,2020

New Delhi, Apr 28: Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till September 30, 2019, the Reserve Bank of India said in a RTI reply.

Absconding dimantaire Choksi's company Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 5,492 crore, according to the list.

This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore.

Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies.

Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.

Forever Precious Jewellery and Diamonds Private Limited has loans of Rs 1,962 crore written off while Deccan Chronicle Holdings Limited have Rs 1915 crore written off loans.

Choksi's other firms Gili India and Nakshatra Brands also have loans of Rs 1,447 and Rs 1109 crore respectively written off.

REI Agro of Jhunjhunwala brothers is already under the scanner of ED. The CBI and ED are also probing alleged fraud by the owners of Winsome Diamonds.

Vikram Kothari's Rotomac is the fourth in the list. He and his son Rahul Kothari were arrested by the CBI for bank loan default.

In the last Parliament session, Rahul Gandhi had asked the government to provide a list of top 50 bank loans defaulters in the country, leading to sharp exchanges and uproar in the Lok Sabha.

"The information on top 50 wilful defaulters and their sum of funded amount outstanding and amount technically/prudentially written off as on September 30, 2019 reported in CRILC by banks, is provided," the RBI said in its written response dated April 24.

In his application, RTI activist Saket Gokhale had sought the list of defaulters as on February 16, but the RBI said the requested information is not available.

The RBI said that according to section 8 (1)(a) of RTI Act 2005 read with para 77 of Supreme Court judgement of December 16, 2015 in Jayantilal N Mistry case, information on overseas borrowers is exempted from public disclosure.

"Data is as reported by banks and RBI will not be held responsibly or accountable for any misreporting and/or incorrect reporting by the reporting entities," the RBI said in the written reply to the RTI query.

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News Network
May 27,2020

New Delhi, May 27: Professor Johan Giesecke of the Karolinska Institute, Sweden, on Wednesday claimed that India will ruin its economy very quickly if it had a severe lockdown.

Claiming that a strict lockdown may disrupt India's economic growth, Giesecke during an interaction with Congress leader Rahul Gandhi said: "In India, you will do more harm than good with strict lockdown measures. India will ruin its economy very quickly if it had a severe lockdown."

While calling for a soft lockdown approach in India, he suggested that India has to ease restrictions one by one. It may, however, take months to completely come out of lockdown, he said.

He further criticised countries across the globe for having no post-lockdown strategy.

Emphasising on the disease, the Swedish health expert said that coronavirus is spreading like a wildfire across the world. "It is a very mild disease. Ninety-nine per cent infected people will have very less or no symptoms," he added.

Meanwhile, Ashish Jha, Director Harvard Global Health Institute and a recognised public health official, in interaction with Gandhi, called for a need to go in for an 'aggressive' COVID-19 testing to create confidence among people.

"When the economy is opened post-lockdown, you have to create confidence. There is a need for aggressive testing strategy in high-risk areas," he said.

He asserted that COVID-19 is not the last pandemic in the world, adding that "We are entering the age of large pandemics".

Jha further said that countries like South Korea, Taiwan and Hong Kong have responded the best to COVID-19 pandemic, while Italy, Spain, the US and the UK have responded the worst.

A few days ago, the Gandhi scion had interacted with former Reserve Bank of India Governor Raghuram Rajan and Nobel Prize Winner Abhijit Banerjee to discuss various issues related to the COVID-19 crisis.

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