Swaraj proposes 6 point template to broad base Sino-India ties

February 1, 2015

Beijing, Feb 1: On her maiden visit to China, External Affairs Minister Sushma Swaraj today proposed a six point "template" to broad base Sino-India engagement with an action oriented approach to usher in Asian century.sushma swaraj

Addressing an India-China Media forum at the start of her visit here, Swaraj proposed the two countries should follow action oriented approach, broad base bilateral engagement, convergence of common, regional and global interests, develop new areas of cooperation, expand strategic communication, fullfill common aspirations to usher "Asian century".

Highlighting that her visit is taking place against the backdrop of new government taking over office in India with a decisive mandate, Swaraj said the Prime Minister Narendra Modi led government propelled the aspiration of young, vibrant and enterprising generation.

"Even in the last eight months it is already evident that dramatic transformations are underway in my country that will accelerate our journey to modernity," Swaraj said.

In the background of a strong government emerging in India, Swaraj said Modi already had three meeting with Chinese President Xi Jinping and met Premier Li Keqiang.

Chinese Foreign Minister Wang Yi was the first foreign dignitary to have been invited by India after Modi government took over, Swaraj said pointing the to important India attached to the relations with China.

On the defence relations between the two countries Swaraj said "we have made considerable progress in establishing and expanding defence contacts and exchanges including across the our border".

"They contribute to the maintenance of peace and tranquillity there, a perquisite to, for the further development of our relationship. On the boundary question my government is committed to expanding an early settlement", she said.

Stating that the ties have grown beyond bilateral ties, Swaraj said the two countries now are parts of multilateral bodies like BRICS and BASIC.

The minister said she will be attending the Russia, India, China Foreign Ministers meet tomorrow.

Swaraj said more importantly the relationship with key neighbours requires strong and broad based support from people of both the countries.

"It is only logical that therefore we have invested our energies in strengthening people to people contacts. During this visit I expect to that area to be forward in many ways", she said.

Swaraj said she will be launching "2015: Visit India Year in China".

"Tourism is an effective vehicle to promote people to people understanding and the two countries agreed that we need to make stronger efforts in that regard" she said adding that the cultural exchange initiative agreed during Xi's visit is currently under way.

Swaraj said "a critical nature" of the bilateral ties are the growing economic ties.

"China today is our largest partner in trade and goods. The two countries are moving to invest in each other. Serious discussions enhancing connectivity has been initiated. On that foundation we are now seeking to take our economic cooperation to a qualitatively new level", she added.

She was received by the Chinese Information Minister Jiang Jianguuo when she arrived to address the Forum attended by a number of journalists from India and China.

Swaraj said the "close developmental partnership" agreed during last September visit of Xi to India "symbolises that determination".

"Another major thrust is in establishing industrial parts in to India that would contribute to Make in India campaign", she said.

"China agreed to invest USD 20 billion in the parks. We will make it easier for Chinese companies to do business in India and expect that similar encouragement would be given to our companies to expand their business in China", she added.

Eluding to civilisational links between the two countries and the far reaching influence of Buddhism, Swaraj said "Our ancient scholars of two civilisations have played their critical role in building of these ties".

"Chinese monks Fa Hsien and Xuan Zang and many other braved many difficulties to travel to India in search of knowledge. Similarly Indian monks Kashyap Matanga and Kumarjiva and many others travelled to China to spread the knowledge", she said.

"It is important for us to revive Xuan Zanvg spirit among Chinese scholars and journalists, Kumarajiva spirit among Indian scholars and journalists," she added.

"As visit India year is celebrated this year followed visit China year, this is most appropriate opportunity to reinvigorate the Xuan Zang and Kumarajva spirit," Swaraj said.

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News Network
July 23,2020

New Delhi, Jul 23: Riding high on foreign investors buying stakes in Jio Platforms, Reliance Industries Ltd Chairman Mukesh Ambani became the world’s fifth-richest person Wednesday, edging past American investor Warren Buffett on the real-time ranking of billionaires by Forbes. With an estimated wealth of $75 billion, Ambani is only next to Facebook co-founder and CEO Mark Zuckerberg, whose wealth is pegged at $89 billion.

Buffet had slipped down the rankings after donating more than $37 billion of Berkshire Hathaway Inc. stock since 2006 to charity. Berkshire Hathaway’s stock performance has also underwhelmed recently.

Amazon founder and CEO Jeff Bezos still sits at top in the richest list, with a net worth of $185.8 billion. He is followed by Microsoft co-founder Bill Gates with net worth of $113.1 billion and luxury group LVMH Moet Hennessy Louis Vuitton’s chief Bernard Arnault, with a net worth of $112 billion. Facebook CEO Mark Zuckerberg is at the fourth position in the Forbes list.

Shares of Ambani’s conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc, Silver Lake, Intel, and most recently, Google. The US tech giant has committed a capital infusion of Rs 33,737 crore for a 7.7 per cent stake on Jio Platforms.

The total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore. RIL has raised a total of Rs 2,12,809 crore through a rights issue, the combined investments in Jio Platforms and investment by BP.

During the Reliance AGM last week, Ambani had said RIL has made its net-debt free ahead of a March 2021 target due to recent investments. Ambani said Jio has designed and developed a complete 5G solution that’s ready for launch as soon as spectrum is made available next year.

Jio and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store, Ambani said.

RILs market value jumped to Rs 12.7 lakh crore or $170 billion on Monday, making it the 51st most valued company in the world. Between April 1 and July 13, RIL has gained $81 billion in market capitalisation and has climbed 47 places from being the 98th most valued company on April 1 to 51st most value company now.

The share price of RIL has risen by 120 per cent over the last four months for Rs 883 per share on March 23, 2020 to Rs 1,939 on Monday. Since April 22, when Facebook Inc announced an investment of Rs 43,574 crore in Jio Platforms for 9.99 per cent equity stake, Jio Platforms has announced investments by 12 other investors. The total investment by these 13 investors over the last 12-weeks amounted to Rs 118,318 crore.

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News Network
March 12,2020

New Delhi, Mar 12: The coronavirus pandemic could deal a crippling blow to the Indian travel and tourism industry, specially with the government suspending all visas, with the economic impact being assessed to run into thousands of crores of rupees. According to industry chamber CII, this is the one of the worst crises ever to hit the Indian tourism industry impacting all its geographical segments - inbound, outbound and domestic, almost all tourism verticals - leisure , adventure, heritage, MICE, cruise, corporate and niche segments.

The whole tourism value chain across hotels, travel agents, tour operations, destinations, restaurants, family entertainment venues and air, land and sea transportation have been hit.

In an impact assessment of the coronavirus pandemic, CII Tourism Committee said inbound foreign tourism of over USD 28 billion in value terms accounts for an average 60-65 per cent between October to March.

"As the news of the virus started picking up from November, the percentage of cancellations started going up in this segment exponentially and is reaching a peak of almost 80 per cent now in March in many Indian locations. The value at risk from this segment will be in multiples of tens of thousands of crores," the CII assessment report said.

With India cancelling all visas, the chamber said the impact "will be worse".

It further said,"The forward bookings for the inbound season of October 2020-March 2021 which should have started picking are all muted. These are showing highly discouraging signs with cancellations of important global travel marts which are marketplaces for contracting for the next season."

It further said there are reports of large scale forward cancellations from NRI segment from developed markets, which account for over 60 per cent during April to September inbound visits.

"Unless the progression of the virus stops, almost the entire value for the remainder of 2020 season is at risk," the report added.

ANAROCK Property Consultants Chairman Anuj Puri said India's hospitality sector will definitely be impacted by the announcement of a global pandemic, and the mounting numbers of confirmed coronavirus cases in the country.

"The cancellation of visas for foreigners as well as the strong advice issued to Indians to refrain from unnecessary travel will have a marked effect. This is the most unsettling healthcare crisis in recent times and hotel bookings will go south," he added.

On Indians being advised to refrain from unnecessary travel, as per the CII report almost 28 million plus Indians are estimated to have travelled outside in 2019 and there were almost 1.8 billion domestic tourist footfalls.

The holiday season of Indians -- those travelling within the country and outside -- is heavy in April-July, October and December.

"The December holiday season of 2019 took an estimated hit of almost 40-50 per cent, the holiday season of April to July 2020 is likely to take a humongous hit which could be as high as 80-100 per cent, unless there is positive news of the progression of virus decreasing," the CII assessment report said.

There are advanced cancellations and highly reduced forward booking pipelines for the holiday season. Only corporates are flying and that too only on highly essential same day travel. Most of the MNCs are advising work from home, stifling travel, it added.

On suspension of visas, MakeMyTrip Group CEO Rajesh Magow told ,"The period between February till the end of March is typically a lean period because of exam season but we are seeing a demand slowdown for the upcoming summer holiday season especially for international travel. The situation remains dynamic making it hard to quantify the actual impact on our business and industry at large."

He further said,"The decision by the government will have an impact on inbound and outbound international travel. So far there are no restrictions or advisories issued for domestic travel."

VFS Global Regional Group COO - South Asia, Middle East and North Africa, Americas Vinay Malhotra said,"While it is too early to comment on the impact of coronavirus on visa application trends, so far, our visa application processes in India continue on schedule as per the mandates of our client governments."

He also said the company is exploring steps to assuage concerns of people about visiting busy public areas due to the nature of the virus by considering discounted rates on courier return services for visa customers who want to avoid returning to the visa centres to pick up their passports.

Besides, he said,"We are also contemplating lower fees for our Visa at your doorstep service, for those customers who are requesting an alternative to visiting the centres to submit visa applications."

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News Network
March 25,2020

New Delhi, Mar 25: The government is likely to agree an economic stimulus package of more than Rs 1.5 lakh crore ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told news agency.
The government has not yet finalised the package and discussions are ongoing between Prime Minister Narendra Modi's office, the finance ministry, and Reserve Bank of India (RBI), said both the sources, who asked not to be named as the matter was still under discussion.

One of the sources, a senior government official, said the stimulus plan could be as large as Rs 2.3 lakh crore, but final numbers were still in discussion.

The package could be announced by the end of the week, both sources added.

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