Sri Lanka can be India's strongest economic partner: Modi

March 13, 2015

Colombo, March 13: Prime Minister Narendra Modi on Friday said Sri Lanka has the potential to be India's strongest economic partner and it will have the first claim on India in its economic development.Modi Sirisena

Addressing the Sri Lankan parliament, Modi said: "My vision of an ideal neighbourhood is one in which trade, investment and technology flow easily across the border, where partnerships are formed with ease of routine."

India, Modi pointed out, was one the fastest growing major economies.

He said neighbours should have the first claim on India.

"I will be happy if India serves as a catalyst in the progress of our neighbours." He quickly added to loud thumping of desks by the MPs: "First claim (among) neighbours will be Sri Lanka."

Modi said Sri Lanka had the potential to be the strongest economic partner of India and assured that New Delhi would work to address various concerns to boost trade and make it more balanced.

He spoke of harnessing the potential of the Indian Ocean and increasing cooperation in South Asia and boosting connectivity.

He promised India's commitment to development partnership with Sri Lanka.

"We see it as the responsibility of a friend and a neighbour," he said, and added that India had committed $1.6 billion to Sri Lanka and today had committed $318 million to the railway sector.

In a tacit reference to devolving more powers to Tamil-majority Northern province, Modi said all countries in South Asia have to deal with the "issues of identities and inclusion, of rights and claims, of dignity and opportunity for different sections of our societies".

He said such issues have sometimes had tragic consequences in brutal terrorism and violence. But there have also been successful examples of peaceful settlements.

"Each of us has sought to address these complex issues in our own ways. However, we choose to reconcile them.

"To me something is obvious: Diversity can be a source of strength for nations," he said.

The Indian leader said a country became stronger when the aspirations of all its sections were accommodated.

"And when we empower states, districts and villages, we make our country stronger. You can call this my bias," he said, and added that he was a firm believer in cooperative federalism.

He said Sri Lanka had successfully defeated terrorism and brought the conflict to an end.

"You now stand at a moment of historic opportunity to win the hearts and heal the wounds across all sections of society," he said.

He referred to the Sri Lankan presidential election of January which led to the defeat of long-time president Mahinda Rajapaksa and catapulted Maithripala Sirisena to power.

The Sri Lankan elections were a reflection of the "collective voice of the nation - the hope for change, reconciliation and unity", he said.

"I am confident of a future of Sri Lanka, defined by unity and integrity; peace and harmony; and opportunity and dignity for everyone.

"I believe in Sri Lanka's ability to achieve it. It is rooted in our common civilizational heritage. The path ahead is a choice that Sri Lanka has to make.

"It is a collective responsibility of all sections of the society; and, of all political streams in the country. But I can assure you this: For India, the unity and integrity of Sri Lanka are paramount," he said.

Modi pushed for an ambitious Comprehensive Economic Partnership Agreement and said India can be a natural source of investment.

He said both can work together to harness the vast potential of the Ocean Economy and take the lead in increasing cooperation in South Asia.

"The security of our two countries is indivisible. Equally, our shared responsibility for our maritime neighbourhood is clear.

"India and Sri Lanka are too close to look away from each other. Nor can we be insulated from one another," he said.

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News Network
April 7,2020

New Delhi, Apr 6: Kerala Governor Arif Mohammad Khan on Monday complimented his counterparts in other states for voluntarily accepting a 30 per cent cut in their salaries and allowances in the fight against coronavirus.

Talking to the news agency over the phone, Khan referred to the announcement in this regard made by the Centre on Monday and said he had already written to President Ram Nath Kovind, asking him to reduce his salary and allowances by 30 per cent.

"It is everyone's duty to do this when the country is fighting the pandemic. Even if it is more than 30 per cent of the salary cut, we have to accept it, he said.

The country is fighting an invisible enemy and it is everybody's duty to contribute to meet the challenge, the governor said.

Khan appreciated the LDF government in Kerala and Chief Minister Pinarayi Vijayan for taking "proactive" measures in containing spread of coronavirus.

"The government is keeping me informed about the measures taken by it and I on my part give them suggestions and ideas to tackle the menace," he said.

In Kerala, "We have a capable and competent government and over 80 per cent of patients in the state are those Indians who returned from abroad or foreigners. The community spread cases are very less, he said.

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News Network
April 22,2020

Thiruvananthapuram, Apr 22: Eleven more people tested positive for COVID-19 in Kerala with totalpositive cases in the State touching 437on Wednesday.

Two house surgeonsof the Kozhikode Medical college are among those who have tested positive for the virus.

The two had travelled outside the state,Chief Minister Pinarayi Vijayan told reporters.

Kannur reported seven cases, Kozhikode two, while one case each was reported from the districts of Kottayam and Malappuram.

Only one person tested negative.

The state has 127 active cases and 29,000 people are under observation, including 346 in hospitals.

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News Network
February 28,2020

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

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