Saudi Arabia ready to invest $100 billion in India

Agencies
September 29, 2019

New Delhi, Sept 29: Saudi Arabia, the world's biggest oil exporter, is looking at investing $100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country's growth potential.

Saudi Ambassador Dr Saud bin Mohammed Al Sati has said India is an an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi in key sectors such as oil, gas and mining.

"Saudi Arabia is looking at making investments in India potentially worth USD 100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining," Al Sati told PTI in an interview.

He said Saudi Arabia's biggest oil giant Aramco's proposed partnership with Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries.

The envoy said investing in India's value chain from oil supply, marketing, refining to petrochemicals and lubricants is a key part of Aramco's global downstream strategy.

"In this backdrop, Saudi Aramco's proposed investments in India's energy sector such as the USD 44 billion West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship," he said.

The envoy said the vision 2030 of Crown Prince Mohammed bin Salman will also result in significant expansion of trade and business between India and Saudi Arabia in diverse sectors.

Under vision 2030, Saudi Arabia plans to diversify the Saudi economy while reducing its economic dependence on petroleum products.

Saudi Arabia is a key pillar of India's energy security, being a source of 17 per cent or more of crude oil and 32 per cent of LPG requirements of India.

The envoy said more than 40 opportunities for joint collaboration and investments across various sectors have been identified between India and Saudi Arabia in 2019, adding the current bilateral trade of USD 34 billion will undoubtedly continue to increase.

"There is huge untapped potential available in merchandise trade, particularly in non-oil trade and we are enhancing cooperation in economic, commercial, investment, cultural and technological fields," the envoy said.

Asked about Saudi Arabia's plan to issue initial public offering of Aramco's stock, being seen as world's largest IPO, he said it will open up the company to the wider world.

"Consistent with the vision 2030 goals, Saudi Aramco is pursuing new opportunities toward creating a world leading downstream sector in Saudi Arabia," he said.

On future energy ties with India, he said the bilateral energy ties have grown beyond the supply of crude oil, refined products and LPG to a more comprehensive partnership that focusses on investments and joint ventures in petrochemical complexes and cooperation in exploration.

"India's invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share," he said.

Talking about 'Vision 2030', Al Sati said Saudi Arabia is working towards transforming its economy and looking at a post-oil age of world-class technological research, start-up and entrepreneurial vigour.

"The entire development strategy of the kingdom rests on three pillars - to build a vibrant society, a thriving economy and an ambitious nation," he said.

"The World Bank too has ranked the kingdom as the fourth largest reformer within G20. The number of foreign investment licenses granted in Saudi Arabia in the first quarter of 2018 increased by 130 per cent," he said.

The envoy also talked about Saudi Arabia's new residency permit scheme for qualified international expatriates.

"This move is expected to attract leading global innovators and investors to live and work in Saudi Arabia, and help drive the private sector growth needed to realise the goals set out in Saudi Vision 2030," he said.

Asked whether Saudi Arabia will increase oil supply to India to address the shortfall due to curb on import of oil from Iran, the envoy said his country is committed to India's energy security and will meet any shortfall that may arise due to disruptions from other sources.

"As one of the world's leading energy producers, the kingdom will continue working constructively with other producers within and outside OPEC to maintain market stability, thus protecting all the interests of producers and consumers alike," he said.

OPEC (Organization of the Petroleum Exporting Countries) is a 14-nation powerful bloc of oil producing countries.

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News Network
January 24,2020

Davos, Jan 24: Pakistan Prime Minister Imran Khan claimed that he met with a “brick wall” when he approached Indian Prime Minister Narendra Modi with a peace proposal, soon after assuming office.

In an interview to Foreign Policy magazine on the sidelines of WEF 2020 here, Khan also said he told Modi that Pakistan will act firmly if it was given evidence of any involvement in the Pulwama terror attack, but India instead “bombed” Pakistan.

Tensions have escalated between the two countries, following India withdrawing the special status of Jammu and Kashmir in August 2019. Even since, Khan has been trying to seek global intervention to de-escalate the tensions between the two countries.

On Thursday, India's External Affairs Ministry spokesperson Raveesh Kumar categorically ruled out any third party role on the Kashmir issue, asserting that any issue between the two countries should be resolved bilaterally.

In the interview, Khan said that he is a firm believer that military means are not a solution to ending conflicts. “After assuming office, I immediately reached out to Prime Minister Modi. I was amazed by the reaction I got, which was quite weird.

The subcontinent hosts the greatest number of poor people in the world, and the best way to fight poverty is to have a trading relationship between the two countries rather than spending money on arms. This is what I said to the Indian Prime Minister. But I was met by brick wall,” Khan said.

Khan took charge as Prime Minister in August 2018. Referring to the suicide attack in Pulwama, Khan said he immediately told Modi ,“if you can give us any actionable intelligence (that Pakistanis were involved), we will act on it. But rather than do so, they bombed us.”

Noting that the both countries are not close to conflict right now, Khan said that it is important that the UN and the US act.

When asked about US President Donald Trump’s close relationship with Modi, Khan said the relationship is understandable because India is a huge market. “My concern is not about the US-India relationship. My concern is the direction in which India is going,” Khan said.

Khan also sought to compare the events in India to what happened in Nazi Germany.

“Between 1930 and 1934, Germany went from a liberal democracy to a fascist, totalitarian, racist state. If you look at what is happening in India under the BJP in the last five years, look where it's heading, you'll see the danger. And you're talking about a huge country of 1.3 billion people that is nuclear-armed,” he said.

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News Network
January 13,2020

Jan 13: For the first time in years, the government of India’s Prime Minister Narendra Modi is playing defense. Protests have sprung up across the country against an amendment to India’s laws — which came into effect on Friday — that makes it easier for members of some religions to become citizens of India. The government claims this is simply an attempt to protect religious minorities in the Muslim-majority countries that border India; but protesters see it as the first step toward a formal repudiation of India’s constitutionally guaranteed secularism — and one that must be resisted.

Modi was re-elected prime minister last year with an enhanced majority; his hold over the country’s politics is absolute. The formal opposition is weak, discredited and disorganized. Yet, somehow, the anti-Citizenship Act protests have taken hold. No political party is behind them; they are generally arranged by student unions, neighborhood associations and the like.

Yet this aspect of their character is precisely what will worry Modi and his right-hand man, Home Minister Amit Shah. They know how to mock and delegitimize opposition parties with ruthless efficiency. Yet creating a narrative that paints large, flag-waving crowds as traitors is not quite that easy.

For that is how these protests look: large groups of young people, many carrying witty signs and the national flag. They meet and read the preamble to India’s Constitution, into which the promise of secularism was written in the 1970’s.

They carry photographs of the Constitution’s drafter, the Columbia University-trained economist and lawyer B. R. Ambedkar. These are not the mobs the government wanted. They hoped for angry Muslims rampaging through the streets of India’s cities, whom they could point to and say: “See? We must protect you from them.” But, in spite of sometimes brutal repression, the protests have largely been nonviolent.

One, in Shaheen Bagh in a Muslim-dominated sector of New Delhi, began simply as a set of local women in a square, armed with hot tea and blankets against the chill Delhi winter. It has now become the focal point of a very different sort of resistance than what the government expected. Nothing could cure the delusions of India’s Hindu middle class, trained to see India’s Muslims as dangerous threats, as effectively as a group of otherwise clearly apolitical women sipping sweet tea and sharing their fears and food with anyone who will listen.

Modi was re-elected less than a year ago; what could have changed in India since then? Not much, I suspect, in most places that voted for him and his party — particularly the vast rural hinterland of northern India. But urban India was also possibly never quite as content as electoral results suggested. India’s growth dipped below 5% in recent quarters; demand has crashed, and uncertainty about the future is widespread. Worse, the government’s response to the protests was clearly ill-judged. University campuses were attacked, in one case by the police and later by masked men almost certainly connected to the ruling party.

Protesters were harassed and detained with little cause. The courts seemed uninterested. And, slowly, anger began to grow on social media — not just on Twitter, but also on Instagram, previously the preserve of pretty bowls of salad. Instagram is the one social medium over which Modi’s party does not have a stranglehold; and it is where these protests, with their photogenic signs and flags, have found a natural home. As a result, people across urban India who would never previously have gone to a demonstration or a political rally have been slowly politicized.

India is, in fact, becoming more like a normal democracy. “Normal,” that is, for the 2020’s. Liberal democracies across the world are politically divided, often between more liberal urban centers and coasts, and angrier, “left-behind” hinterlands. Modi’s political secret was that he was that rare populist who could unite both the hopeful cities and the resentful countryside. Yet this once magic formula seems to have become ineffective. Five of India’s six largest cities are not ruled by Modi’s Bharatiya Janata Party in any case — the financial hub of Mumbai changed hands recently. The BJP has set its sights on winning state elections in Delhi in a few weeks. Which way the capital’s voters will go is uncertain. But that itself is revealing — last year, Modi swept all seven parliamentary seats in Delhi.

In the end, the Citizenship Amendment Act is now law, the BJP might manage to win Delhi, and the protests might die down as the days get unmanageably hot and state repression increases. But urban India has put Modi on notice. His days of being India’s unifier are over: From now on, like all the other populists, he will have to keep one eye on the streets of his country’s cities.

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News Network
January 23,2020

Patna, Jan 23: "They should go wherever they want," Bihar Chief Minister and JDU supremo Nitish Kumar said on Thursday when asked of Prashant Kishor and Pavan Verma's repeated questions about the party's stand's on the newly enacted Citizenship Act.

"It is their personal decision. They should go wherever they want. We don't have an objection. Don't look at JDU in the context of statements by some people. JDU works with determination. We have a clear stand and don't have any confusion," the Chief Minister told reporters here.

"If they have something to tell, they should come and discuss it within the party. They should go wherever they want. They have my good wishes," he said.

JDU spokesperson and national general secretary Pavan Verma has questioned his party's alliance with the BJP in Delhi Assembly polls while Kishor has more than once made his differences with the party known on the issue of the amended Citizenship Act, and National Register of Citizens.

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