Progress made in negotiations with US on nuke issue: India

January 22, 2015

New Delhi, Jan 22: India and the US negotiators have been making "progress" in trying to resolve the differences in operationalising the landmark civil nuclear deal ahead of President Barack Obama's arrival here on January 25 on a three -day visit, which is packed with high-voltage engagements.modi obama

Describing the three-day visit as "one of our most important diplomatic engagements in recent times", Spokesperson in the External Affairs Ministry Syed Akbaruddin said cooperation in key areas of defence, security, counter- terrorism and the situation in India's extended neighbourhood would be among the issues to be discussed between Obama and Prime Minister Narendra Modi.

Asked about the differences between the two sides on the nuclear deal, he said, "Our negotiators are working together in a collaborative manner in London. This is the third time the Contact Group, which was set up by the Prime Minister and the US President, is meeting in last nearly 45 days. One can see the element of effort going in the discussion on the nuclear issue, which is an extremely important issue..."

He said under the nuclear "rubric", the Group was discussing administrative arrangements, how to actualise India's quest for membership of Nuclear Supplier's Group and also issues related to clarification and understanding of our nuclear liability regime.

"What is being discussed is how within the four walls of our legal framework, our legislation, we can provide assurance to our partners in the US and any concerns that they may have either through their vendors or lawyers that is the discussion that is taking place right now in London," the Spokesperson said. Significantly, the talks, which started yesterday, have been extended by a day today.

Noting that "progress has been made" during the previous negotiations, the Spokesperson said, India was looking forward to "effectively" work with the US in the "extremely important" nuclear field.

The Indian liability law holds the suppliers directly liable in case of a nuclear accident while countries like France and the US have asked India to follow global norms under which the primary liability is with the operator.

Since all the nuclear power plants in the country are run by the government-owned Nuclear Power Corporation of India Ltd, following international norms will mean the government would have to pay for the damages in case of an accident.

Another contentious clause in the liability law was unlimited liability for which international companies will find it difficult to get insurers.

The two sides are working hard to have "excellent" outcomes during the visit of Obama, who will have a tight schedule including talks with Modi, attending Republic Day parade as the Chief Guest, meeting with business leaders, joint radio talk with Modi and a quick visit to Agra to see the iconic Taj Mahal.

Asked about the criticism that Obama's visit was seen as "just to see parade and visit the Taj", the Spokesperson said, "From our perspective, the US is a key partner for capital, technology, knowledge and skills in our development effort as also potentially important source of clean energy technology and hydrocarbons. It is an important partner in areas like defence technology and counter-terrorism."

"US is also an important factor in our space security and cyber security and a key interlocutor in adjustments to the global security and economic architecture including reforms of the UN Security Council," he said and also described it as a partner in the quest for a rule based, open international trading and economic order.

It is an important partner in India's efforts to seek peace and stability in our extended neighbourhood and globally, the Spokesperson added.

Giving details of Obama's schedule, he said apart from talks with Modi, and attending Republic Day function, the US President, along with Modi, will address business leaders and also hold joint radio talk with the Prime Minister.

Obama, who will accompanied by his wife Michelle, will also visit Taj Mahal in Agra before their return from here.

The Spokesperson also noted that there have been nine India-US bilateral dialogues since September and, in addition, there have been eight meetings relating to defence and security in such areas as cyber, border management, counter- improvised explosive devices, defence technology, trade initiatives and global entry programme.

"Also on the economic and commercial fronts, there have been three meetings on matters such as smart cities, financial regulations, etc. In the science and technology sphere, there have been three meetings on diverse subjects, including vaccination programme, scientific research collaboration on monsoon. There have been 10 MOUs signed in areas such as space, renewable energy, skill development and urban development to name a few," he said.

"Looking ahead, the potential for growth in our relationship is strong," Akbaruddin asserted.

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News Network
May 25,2020

New Delhi, May 25: Mahindra Group Chairman Anand Mahindra on Monday said lockdown extensions are not just economically disastrous but also create another medical crisis.

While acknowledging that choices are not easy for policymakers, he said a lockdown extension will not help.

"Lockdown extensions aren't just economically disastrous, as I had tweeted earlier, but also create another medical crisis," Mahindra said in a tweet.

He was referring to an article that highlighted "the dangerous psychological effects of lockdowns & the huge risk of neglecting non-COVID patients".

Mahindra, who had earlier proposed a comprehensive lifting after 49 days of lockdown, further said, "The choices aren't easy for policy makers but a lockdown extension won't help".

He said, "The numbers (coronavirus cases) will continue to rise & the focus must be on rapid expansion of field hospital beds with oxygen lines".

He further said, "The army has enormous expertise in this".

On March 22, before the government announced nationwide lockdown, Mahindra had proposed such a move expressing concerns over reports that India was likely to have already reached stage 3 of coronavirus transmission.

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Agencies
June 16,2020

Mumbai, Jun 16: Saudi Arabia’s sovereign wealth fund, PIF, is all set to pick up a stake in Jio Platforms, which would complete 25% of Jio’s equity dilution to the investors, said a report by the Gulf News.

Jio Platforms is part of the Reliance Industries empire owned by Mukesh Ambani. The Public Investment Fund (PIF) will acquire 2.33% for an estimated $1.5 billion, the report said.

So far, Jio Platforms has raised investment from 10 different global investors in seven weeks, the latest being TPG Capital buying 0.93% equity for Rs 4,547 crore and private equity firm L Catterton picking up a 0.39% stake for Rs 1894.50 crore.

Jio Platforms has raised a total of Rs 1.04 lakh crore so far from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

With PIF coming on board, Jio Platforms would have diluted 25% of its equity. That's the maximum they intend to dilute to financial investors, which includes Mark Zukerberg's Facebook.

Any new investors coming on board in future will have to be "strategic investors, a tech giant, for instance," said a source who was part of the deal-making process, the report said.

In recent days, Jio Platforms, which will merge telecom, content streaming, gaming and ecommerce features into its app, has seen Abu Dhabi's Mubadala and ADIA pick up significant stakes amounting to $1.2 billion and $750 million, respectively.

Reliance Industries' owner, Ambani, Asia's richest man, has been on an investor acquisition spree, with the likes of Facebook and private equity majors such as KKR and Silver Lake Capital investing in Jio Platforms.

The contours of the deal with Saudi Arabia's PIF was finalised during Ramadan. "It was always Mukesh Ambani's wish to have a special relationship with Saudi Arabia and the UAE," said Anshuman Mishra, a London-based confidante and family friend of the Ambani family of longstanding, Gulf News quoted as saying.

He has also worked extensively with Gulf sovereign wealth funds over the years.

"Saudi Arabia's coming in to close the financial investor round in Jio is indicative of the special nature of the relationship. This is also indicative of the multi-billion-dollar partnership announced last year with Saudi Aramco.

"This is a major success for the present Indian government's foreign policy initiative in the gulf and symbolic of India's significance in the GCC," it said.

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News Network
May 9,2020

New Delhi, May 9: The Trinamool Congress on Saturday responded to Union home minister Amit Shah’s charge that the Mamata Banerjee-led West Bengal government is not facilitating the movement of stranded migrant workers.

Amit Shah has written to West Bengal chief minister Mamata Banerjee, saying her government is doing “injustice” to migrant workers by not allowing the special Shramik trains to reach the state.

“Union home minister Amit Shah speaks after weeks of silence only to mislead people with lies,” the TMC’s Abhishek Banerjee was quoted as saying by news agency PTI.

“The Centre is lying… West Bengal is running 711 camps for migrants in the state. We are taking good care of them,” Abhishek Banerjee, who is also the chief minister’s nephew, said.

Amit Shah had pointed out in his letter that the Centre was not receiving the “expected support” from the state government in helping stranded migrant workers from West Bengal.

“West Bengal government is not allowing trains with migrants reaching the state. This is injustice with WB migrant labourers. This will create further hardship for them,” Amit Shah had said in his letter to Mamata Banerjee.

The issue of migrant workers is the latest flashpoint between the Centre and the West Bengal government amid a row over the state’s efforts to control the coronavirus disease (Covid-19).

The Centre and the state have exchanged allegations over the criteria for reporting deaths from the infection, and while While Bengal says the Centre is trying to politicise a public health crisis, the Union government maintains that state officials are ignoring repeated warnings to step up the fight against the disease.

Federal officials have said that the region has not conducted adequate tests and that there has been mismanagement over identifying hotspots and containing them.

Union home secretary Ajay Bhalla also slammed the state government for a very low rate of testing and high rate of mortality, 13.2%, by far the highest for any state.

The Centre has also accused the state government of not allowing cross-border movement of goods trucks to Bangladesh.

There are 1,678 Covid-19 cases and 160 deaths in West Bengal until Saturday morning.

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