Pompeo meets PM Modi, discusses key strategic issues

Agencies
June 26, 2019

New Delhi, Jun 26: US Secretary of State Mike Pompeo met Prime Minister Narendra Modi on Wednesday and discussed various aspects of the bilateral relationship to strengthen the India-US strategic partnership.

Pompeo, who arrived here last night, will hold detailed discussions with External Affairs Minister S Jaishankar in the afternoon and have a working lunch with him.

"Working together to further deepen our strategic partnership. Secretary Pompeo called on PM Narendra Modi to exchange views on various aspects of Indo-US relationship. PM will meet President Donald Trump on the sidelines of the upcoming G20 Osaka Summit," Ministry of External Affairs Spokesperson Raveesh Kumar tweeted along with pictures of the meeting.

Ahead of the strategically-important India-US talks, diplomatic sources on Tuesday said India meets the US waiver criteria for procuring the S-400 missile defence system from sanctions-hit Russia, and asserted that New Delhi cannot "wish away" its defence ties with Moscow.

Russia's most advanced long-range surface-to-air missile defence system, the S-400 was first bought by China to seal a government-to-government deal with Russia in 2014.

After talks between Prime Minister Narendra Modi and Russian President Vladimir Putin, a deal for the S-400 air defence system deal, between India and Russia was made in October last year.

Besides India's missile defence system deal with Russia, terrorism, H-1B visas, trade and the situation arising out of US sanctions on buying oil from Iran, are likely to be discussed on Wednesday during the talks between Jaishankar and Pompeo.

H-1B Visa:

The H-1B visa, popular among Indian IT professionals, is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.

"Indians have contributed under the H-1B programme to the US economy, and I think the Secretary will be able to assure the Indian leadership that we have no plans to place caps on H-1B work visas for nations that are having foreign companies store data locally," a Senior State Department official told reporters during a conference call, according to PTI.

The H-1B visa programme is the main vehicle through which US employers can sponsor skilled foreign workers for admission. The Senior State Department Official appreciated the steps India has taken to reduce its crude oil imports from Iran.

Trade:

The Trump administration wants Prime Minister Narendra Modi to lower trade barriers and embrace fair and reciprocal trade, the United States said on Tuesday. Bilateral trade is likely to be an important topic of discussion during Pompeo talks with the Indian leadership. US companies see great opportunity in India, and increased economic openness and investment will yield mutual benefit.

Pompeo's meeting:

Pompeo's talks here will be the first high-level interaction between the two countries after return of the Modi government to power last month.

Pompeo's visit comes ahead of a meeting between US President Donald Trump and Modi on the sidelines of the G20 Summit in Osaka, Japan later this week.

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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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Agencies
February 6,2020

Mumbai, Feb 6: The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth.

The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.

"Economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner. Given the evolving growth-inflation dynamics, the MPC felt it appropriate to maintain status quo,” the Monetary Policy Committee (MPC) said.

The six-member committee voted unanimously to hold rates, but also said that there is “policy space available for further action”.

Between February and October 2019, the RBI had reduced repo rate by 135 basis points.

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News Network
February 10,2020

Hyderabad, Feb 10: All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi continued his tirade against PM Modi and Amit Shah against Citizenship Amendment Act (CAA), National Population Register (NPR) and National Register of Citizens (NRC). "We are ready to take bullets in our chests but we will not show our papers.

We are ready to take bullets in our chests as we love our country," Owaisi said further.

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