Will go extra mile to balance trade with Uganda: PM Modi

Agencies
July 25, 2018

Kampala, Jul 25: Prime Minister Narendra Modi said on Wednesday said that India is ready to walk an extra mile to balance trade with Uganda as win-win situation already exist.

Addressing the media and other delegates at India-Uganda Business Forum in Kampala, Prime Minister Modi said, "President of Uganda is right in saying that there is a trade imbalance between India and Uganda. I have come here and I am ready to take 10 steps more to resolve the imbalance."

He said that the two countries are in a "perfect win-win situation" but not able to take maximum advantage of it. "If a proper strategy is in place then we can move far ahead".

India is a policy-driven governance where there are tax stability and predictable taxation. That is why investment, for anyone, is easy here, said the Prime Minister.

He stressed that India is a fast growing economy and the international community is watching it.

Addressing the gathering, Prime Minister Modi said, "After all the growth and progress happens, we have to look at human resource development and value addition to natural resources".

The Prime Minister also thanked President of Uganda, Yoweri Museveni for affection towards the Indians in Uganda.

"I have received so much love from Uganda and affection from President Museveni for the Indians in Uganda," he said.

Calling Uganda, a wonderful land, Prime Minister Modi said, "Uganda has such wonderful land. There is a very large market across the globe for organic agro products. Uganda is blessed with such good soils that have not been contaminated with chemicals."

He also boosted the morale of the youth of Uganda to focus on innovations and move forward along with the young generation of India.

"The young generation in India is working on startups, using technology and innovations. India is focusing on innovations and we want to move forward with the youth of Uganda. This will be beneficial to Uganda," Prime Minister Modi said.

Concluding his speech, the Prime Minister assured Uganda that India will always stand by it.

Before Prime Minister Modi's speech at the forum, President of Uganda, Yoweri Museveni said, "According to the figures, I have been supporting India more than they have been supporting me."

Prime Minister Modi is currently on a five-day tour to Africa.

In the last leg of his three-nation Africa tour, the Prime Minister will visit South Africa to attend the 10th edition of the BRICS Summit which is scheduled to take place Johannesburg on July 25-27.

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Agencies
April 23,2020

More and more Indians have become better prepared in the last one month, as far as stocking of their ration, medicine or money is concerned, according to the IANS-CVoter COVID-19 Tracker.

With the second leg of the lockdown half way through and Prime Minister Narendra Modi saying it's a long haul, 57.2% respondents said they have less than three weeks of stock while 43.3% said they have a stock that will last beyond that

However, if one breaks into weeks, most respondents said they are prepared for a week's time. 24.5% respondents said they have ration, medicine or money to last a week. This is closely followed by 21.9 % respondents saying they are ready for a month.

Meanwhile, 20.4 % said they are ready for a couple of weeks. There are 15.8 % who said they are ready for more than a month with food, ration and medicine. A tiny 5.6 % said they are ready with three weeks of stock.

However, there is 12.3% who still seem to live on the edge with less than a week's preparation.

But, the biggest takeaway from the IANS-CVoter COVID-19 Tracker is that in the last one month, a massive segment of society realised that the fight is long and the preparation should also be to last that long.

o put things into context, on March 16 when the tracker started, a whopping 77.1% said they have stock to last for less than a week. More than a month later on April 21, that number jumped to just 12.3%, which essentially means, people have become better prepared for a long-hauled lockdown period.

Similarly, on April 21, a sizable 21.9% respondents claimed they are ready with ration and medicine that will last them a month. On March 16, not even one respondent could claim they have a month's stock. In fact till March 22, just ahead of the announcement of the first lockdown, no respondent the IANS-CVoter tracker said that they have a month's preparation.

Similarly, when the tracker started, 9.9% said they simply ‘don't know'. As on April 21, that number is a big zero.

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Agencies
January 26,2020

Guwahati, Jan 26: Four powerful grenade explosions--three in Dibrugarh and one in Charaideo districts--rocked Assam Sunday morning as the country celebrated Republic Day, police said.

In Dibrugarh district, an explosion took place at Graham Bazar and another beside a gurudwara on A T Road, both under Dibrugarh police station.

Another explosion rocked the oil town of Duliajan whose details are still awaited, police said.

Another explosion rocked Teok Ghat under Sonari police station of Charaideo district, they said.

Senior officials have rushed to the explosion sites and details of casualty are awaited, police added.

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News Network
February 29,2020

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

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