Karzai invites India Inc to invest in Afghanistan

November 11, 2012
Karzai_invites_India

Mumbai, November 11: Afghanistan President Hamid Karzai on Saturday urged captains of Indian industry not to shy away from investing in his mineral-rich country, pointing out the gains China has reaped, by investing there.

Further, Karzai said his country is ready for investments and his administration will do everything possible and accord special treatment to Indian investors. “Indian businesses need not be shy thinking of investing in Afghanistan. The Chinese were there long before you came five or six years ago and they have now taken two or three major contracts,” he said.

Karzai added, “We would like to give you a better platform. We would like to welcome you on a red carpet and others on a grey carpet. But you need to arrive on the red carpet. If you don’t arrive on the red carpet, it will get dusty. Therefore, do hurry up in coming and take advantage of the opportunities in Afghanistan.”

The Afghan President also reassured captains of Indian industry: “You need not worry about your investments. Not only will Afghan law protect you, but also Afghan people will add to your profits.” He also dwelt on rising competition in his country saying, “Competition is strong. You have now competition from the West arriving in Afghanistan,” and pointed out that those who came in the past few years like a telecom company with $5 million investment has now become $600-700 million and this applies to other sectors as well.

Karzai appreciated India’s aid of $2 billion, despite not being a dollar economy and went on saying, “Afghanistan’s forex reserves, including gold, have risen to $7 billion now from $180 million in 2002.”

Union Minister of Commerce & Industry, Anand Sharma, who also partook in the session, observed Karzai’s visit to India as a homecoming since the Afghan Presidnt had completed his post-graduation studies in Shimla. “We can easily reach $1 billion (of trade) within next three years,” Sharma said, while pointing out that the bilateral trade between the two countries was over $600 million last year.

On India’s commitment to Afghanistan’s reconstruction and rehabilitation, Sharma said, “It (Afghanistan) has the potential to absorb much more than the committed $16 billion of global development assistance in this decade.”

Drawing a parallel between the Afghan and Indian economies and the need to grow at over 8 per cent, the minister said both the countries “have no choice or option, but an imperative dimension to create employment for 12 million new jobs”.

Indusrialist Adi Godrej, who is also the CII president, speaking at the business session outlined a 5-point agenda to strengthen the traditional bonds of friendship between the two nations. He also suggested Afghanistan embrace a frugal innovation approach to help small and micro entrepreneurs and women under the small development projects in Afghanistan.


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News Network
June 18,2020

New Delhi, Jun 18: Prime Minister Narendra Modi on Thursday said he is "deeply grateful" for the overwhelming support shown by the global community for India''s membership of the UN Security Council.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

India garnered 184 votes out of the 192 ballots cast in the General Assembly to win the election for the non-permanent seat in the powerful Security Council.

India''s two year term will begin on January 1, 2021.

This is the eighth time that India will sit at the UN high-table, which comprises five permanent members and 10 non-permanent members.

"Deeply grateful for the overwhelming support shown by the global community for India''s membership of the UN Security Council," the prime minister wrote on Twitter.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

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News Network
January 6,2020

Jan 6: India’s Finance Ministry has delivered a challenge to its revenue collectors: meet tax targets despite $20 billion of corporate tax cuts.

Through a video conference on Dec. 16, officials were exhorted to meet the direct tax mop-up target of 13.4 trillion rupees ($187 billion), a government official told reporters. Collection in the eight months to November grew at 5% from a year earlier, against the desired 17%.

The missive shows Prime Minister Narendra Modi’s urgent need to buoy public finances in a slowing economy where April-November tax collections were half the amount budgeted. Authorities withheld some payments to states and have capped ministries’ expenditure as the fiscal deficit ballooned beyond the target.

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth.

It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check.

“This is not a time to conceal the fiscal deficit by off-budget borrowing or deferring payments,” said Indira Rajaraman, an economist and a former member of the Reserve Bank of India’s board. “If they were to stick to the target, that would be catastrophic because there is so much pump-priming that is needed right now.”

GDP grew 4.5% in the quarter ended September, the slowest pace in more than six years as both consumption and investments cooled in Asia’s third-largest economy. Only government spending supported the expansion, piling pressure on Modi to keep stimulating.

S&P Global Ratings warned in December it may downgrade India’s sovereign ratings if economic growth doesn’t recover. Government support seems to be waning now, with ministries asked to cap spending in the final quarter of the financial year at 25% of the amount budgeted rather than 33% allowed earlier. This new rule will hamstring sectors including agriculture, aviation and coal, where not even half of annual targets have been disbursed.

As the federal government runs short of money, it’s been delaying payouts to state administrations.

Private hospitals have threatened to suspend cash-less services to government employees over non-payment of dues, while a builder informed the stock exchange about delayed rental payments from no less than the tax office itself.

India is considering a litigation-settlement plan that will allow companies to exit lingering tax disputes by paying a portion of the money demanded by the government, the Economic Times newspaper reported Saturday.

The move will help improve the ease of doing business besides unlocking a part of the almost 8 trillion rupees ($111 billion) caught up in these disputes. The step, which is being considered as part of the annual budget, could also bridge India’s fiscal gap.

Finance Minister Nirmala Sitharaman has refused to comment on the deficit goal before the official budget presentation due Feb. 1.

A deviation from target, if any, “will need to be balanced with a credible consolidation plan further-out,” said Radhika Rao, an economist at DBS Group Holdings Ltd. in Singapore.

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Agencies
June 12,2020

Google on Friday announced the launch of a new feature on Google Search, Assistant, and Maps for users in India to help them find information on COVID-19 testing centres near them.

The search giant has partnered with the Indian Council of Medical Research (ICMR) and MyGov to provide the information on authorised testing labs.

The feature is currently available in English and eight Indian languages including Hindi, Telugu, Tamil, Malayalam, Kannada, Bengali, Gujarati, and Marathi.

According to the company, users will now see a new "Testing" tab on the search result page providing a list of nearby testing labs along with key information and guidance needed before using their services.

On Google Maps, when users search for keywords like "COVID testing" or "coronavirus testing" they will see a list of nearby testing labs, with a link to Google Search for the government-mandated requirements.

Google said that the Search, Assistant, and Maps currently feature 700 testing labs across 300 cities and working with authorities to identify and add more testing labs located across the country.

The company reiterates that it is important to follow the recommended guidelines that help determine testing eligibility before visiting.

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