Three Indian ships set sail for MALABAR exercise with US, Japanese navies

Agencies
May 11, 2018

Singapore, May 11: Three Indian naval ships sailed out of Singapore on Thursday to join upcoming MALABAR exercise which will be held jointly with the US and Japanese navies off Guam in the Pacific Ocean.

Speaking to reporters at the sailing off, India's High Commissioner to Singapore Jawed Ashraf said the Eastern Team fleet is continuing India's commitment and objective to see the oceans remain "peaceful, open space and uncontested".

"These ships are on their way to MALABAR exercise with the navies of United States and Japan, and one of them, INS Sahyadri, will take part in the 'RIMPAC' exercise," he said.

RIMPAC or the Rim of Pacific Exercise is the biggest maritime warfare exercise involving navies of several countries. It is held by the US Navy biennially in the ocean around Hawaii.

The US-Japan-India joint naval exercise comes amidst flexing of muscles by China in the regional waters.

During the deployment while on MALABAR exercise, the ships will be building partnerships and closer bonds with the navies of Thailand, Malaysia, Indonesia and Vietnam.

"In a way, our engagement with the region is growing with regular exercises," he said, stressing on the excellent relations with major maritime power.INS Sahyadri and INS Kamorta as well as tanker INS Shakti, with 730 navy personnel, were in Singapore for three days, interacting with the local Navy.

Ashraf underlined India and Singapore's naval relations, which last year saw visits by India's eight navy ships and two coast guard ships.

"With Singapore, we have the longest and uninterrupted exercise which has been going on for 25 years," he said.

The envoy also highlighted the success of Indian Ocean Naval Symposium, a platform where navies can communicate with each other and develop a sense of understanding, which has now grown to 34 member countries including Singapore.

MILAN, he said, was another naval exercise promoting multi-lateral exercises and understanding in managing oceans.

He stressed India's good relations with many of the littoral states, saying "we will continue to build on that".

"We are conscious of the need to work with others (navies) to prevent any contesting (in the Ocean)," said the envoy, adding that the Indian Ocean remains most peaceful and the most uncontested region.

The US had last week warned China that it would face "consequences" for military buildup in the disputed South China Sea in the Pacific Ocean where Beijing has deployed anti-ship cruise missiles and surface-to-air missile systems.

China is engaged in hotly contested territorial disputes in both the South China Sea and the East China Sea. China claims almost all of South China Sea. Vietnam, Philippines, Malaysia, Brunei and Taiwan have counter claims.

In April, the Chinese military held its largest ever maritime drill in the disputed South China Sea during which it displayed for the first time the country's aircraft carrier strike group and the most advance weaponry of the People's Liberation Army (PLA).

The drill was held amid frequent forays made by US naval and aircraft into the South China Sea to assert the freedom of navigation especially around the artificial islands built by China, where it has also established garrisons.

Meanwhile, the Indian High Commission here said the visit of naval ships seeks to underscore India's peaceful presence and solidarity with friendly countries towards ensuring good order in the maritime domain.

"Indian Naval assets have been increasingly deployed in recent times to address the main maritime concerns of the region. The current deployment will contribute towards the Indian Navy's efforts to consolidate inter-operability and forge strong bonds of friendship across the seas," it said in a statement.

India and Singapore share a rich history and a strategic relationship, it said, adding that a number of bilateral agreements exist between the two countries in various spheres.

An Indian naval delegation also interacted with Republic of Singapore Navy (RSN) representatives during their visits on board under construction RSN's new Littoral Mission Vessel (LMV) RSS Justice and at International Fusion Centre.

The three Eastern Fleet Ships had arrived in Singapore on 6 May.

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News Network
July 10,2020

New Delhi, Jul 10: With the highest single-day spike of 26,506 COVID-19 cases and 475 deaths reported in the last 24 hours, the total number of COVID-19 cases in India reached 7,93,802 on Friday, according to the Union Ministry of Health and Family Welfare.

Out of the total number of cases, 2,76,685 are active, 4,95,513 have been cured/discharged/migrated and 21,604 have died so far due to the infection.

With as many as 2,30,599 COVID-19 cases, Maharashtra continues to remain the worst-affected state, followed by Tamil Nadu (1,26,581) and Delhi (1,07,051).

Meanwhile, 2,83,659 samples were tested for coronavirus on Thursday, taking the total number of samples tested up to July 9 to 1,10,24,491, according to the Indian Council of Medical Research (ICMR).

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News Network
March 21,2020

Mar 21: India’s economy, already in the grip of a slowdown, is in for more pain after Prime Minister Narendra Modi appealed to citizens to stay at and work from home to curb the coronavirus outbreak.

The services sector, which accounts for about 55% of India’s gross domestic product, is poised to be the worst hit after Modi, in a late evening address on Thursday, urged citizens to go on a self-imposed curfew for a day and private companies to allow employees to work from home for longer. In the country’s vast informal sector, social-distancing measures could mean a dent to productivity and consumption because of job or pay losses.

“The impact of a partial lock-down or social distancing will be significant,” said Rahul Bajoria, a senior economist at Barclays Plc in Mumbai. “If there’s a widespread community outbreak, GDP could fall as low as 3.5% in the year starting April 1.”

Shrinking output may limit growth in an economy that’s already set to expand at an 11-year low of 5% in the current year to March 31. Before the virus outbreak, India had forecast growth to recover to 6%-6.5% in the next fiscal year. S&P Global Ratings and Fitch Ratings have already slashed their growth forecast by 50 basis points.

“The current social-distancing measures will severely impact airlines, hotels, malls, multiplexes, restaurants and retailers,” according to analysts at Crisil Ltd., the local unit of S&P Global. “Lower footfalls and occupancies, decline in business volume and sub-optimal operating efficiencies will impact cash flows of companies in these sectors,” wrote the analysts led by Chief Economist Dharmakirti Joshi.

The government will try to announce a relief package for virus-affected sectors as early as possible, Finance Minister Nirmala Sitharaman said Friday.

In a televised address, Modi advised all citizens to stay at home for a day on March 22, as he sought to stem the spread of the coronavirus -- cases of which are relatively low in India at about 200, compared with more than 200,000 infected people globally. His government also barred incoming flights for a week from that day, joining a growing list of countries effectively sealing their borders.

What Bloomberg’s Economists Say

We had only earlier this week lowered our GDP outlook to consider the direct impact of the local outbreak as confirmed virus cases exceeded 100 as of March 15 and the federal and state governments announced social distancing measures that have already started to crimp economic activity. We are now revising down our GDP estimate for 4Q fiscal 2020 to 3.3%, from our 3.5%.

-- Abhishek Gupta, India economist

For more, click here

“Consumption being the biggest component of GDP, a lock-down is bound to have a big impact on the economy,” said Devendra Kumar Pant, chief economist at India Ratings and Research, the local unit of Fitch. “Modeling uncertainty in any system will be very difficult, but one can say the slowdown could deepen or prolong further.”

Work From Home

While companies, including billionaire Mukesh Ambani-controlled Reliance Industries Ltd., are asking employees to work from home, the option isn’t feasible in India’s vast informal sector.

“The option to work remotely simply won’t exist for most,” said Shilan Shah, an economist with Capital Economics Pte. in Singapore.

As many households don’t have savings buffers, the government would probably have to back this up with large-scale cash handouts that reach the poorest, he said.

Work from home is posing implementation challenges for the manufacturing sector where workers are required to be physically present at the production sites. The services sector, such as banking and information technology, also needs employees to be present in offices as confidential data is used, according to industry group Federation of Indian Chambers of Commerce and Industry.

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Agencies
July 24,2020

Mumbai, Jul 24: Reliance India Limited (RIL) on Friday overtook ExxonMobil to become the world's second most valuable energy company and 46th among the world's largest companies by market capitalisation.

RIL's market capitalisation stood at Rs 14.16 lakh crore (USD 189.3 billion) at market close on Friday. ExxonMobil's current market value is USD 184.77 billion.

"Reliance Industries, with a market capitalisation of USD 189.3 billion now is the second-most valuable energy company in the world. Reliance Industries now stands at 46th among the world's largest companies by market capitalisation ahead of well-known names like ExxonMobil, Abbott Laboratories, Oracle Corp, Chevron and Unilever Plc, and just below PepsiCo," RIL said in an official release.

RIL continued its rally on Friday, notwithstanding overall weak market conditions.

RIL shares made a new all-time high of Rs 2,163 and were last traded at Rs 2,148.8 on NSE with a gain of 4.4 per cent. The market capitalisation of fully paid-up shares stands at Rs 13.62 lakh crore (USD 182.06 billion), the release said.

Reliance partly paid-up shares gained 9.33 per cent on NSE today to last trade at Rs 1289.95. The partly paid-up shares now have a market capitalisation of Rs 0.55 lakh crore (USD 7.29 billion).

"Reliance's share price had touched a bottom of Rs 867 on March 23, 2020, when the total market value of the company stood at Rs 5.5 lakh crore or $73.5 billion. Thus, RIL has added $115.9 billion to shareholder wealth within just four months - one of the highest value creation feats in the world in such a short time," the release said.

Reliance had earlier raised Rs 212,809 crore through Rights Issue, combined investments in Jio Platforms and investment by bp.

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