World's factory and world's back office need to combine: Xi

September 17, 2014

New Delhi, Sep 17: China is ready to contribute to India's development with its rich experience in infrastructure building and manufacturing and Indian IT and pharma companies are welcome to seek business opportunities in the Chinese market, Chinese President XI Jinping has said as he arrives in India on a three-day visit.

Worlds factoryIn an special article titled "Towards an Asian century of prosperity" in the Hindu daily, Xi said that "the combination of the 'world's factory' (China) and the 'world's back office' (India) will produce the most competitive production base and the most attractive consumer market".

He said India under the new government of Prime Minister Narendra Modi is committed to building a strong and modern "Shreshtha Bharat", and India and China need to connect their development strategies closely and jointly pursue their common dream of national strength and prosperity.

Visiting India, "an enchanting and beautiful land that has captured world attention" after 17 years, Xi says that "the 'Story of India' has spread far and wide".

"With the new government coming into office, a new wave of reform and development has been sweeping across India, greatly boosting the confidence of the Indian people and attracting keen international interest in its opportunities."Xi wrote that ties between India and China "have made significant progress in the new century".

"The strategic and cooperative partnership for peace and prosperity has been established. China has become India's largest trading partner, with their bilateral trade volume increasing from less than $3 billion early this century to nearly $70 billion. Mutual visits reached 820,000 last year. We have had close coordination and cooperation on climate change, food security, energy security and other global issues and upheld the common interests of our two countries as well as the developing world as a whole."

On the festering boundary issue, Xi says: "Progress has been made in the negotiations on the boundary question, and the two sides have worked together to maintain peace and tranquillity in the border area. China-India relations have become one of the most dynamic and promising bilateral relations in the 21st century."

"Our bilateral relations have reached where they are today as a result of the following efforts: we have deepened mutual trust by strengthening strategic dialogue and enhancing political confidence; we have brought more benefits to each other by expanding the areas of cooperation and making the pie of common interests bigger; we have forged closer friendship by encouraging more people-to-people exchanges and cementing popular support for our bilateral relations; and we have treated each other with sincerity by respecting and accommodating each other's concerns and properly managing problems and differences."

He says that both countries are now "in a crucial stage of reform and development". The Chinese "are committed to realising the Chinese dream of great national renewal" and deepening reform in all sectors.

"The goal has been set to improve and develop the socialist system with Chinese characteristics and advance the modernisation of national governance system and capability. A total of over 330 major reform measures covering 15 areas have been announced and their implementation is well underway."

He said Modi is keen to provide a clean and efficient administration and improve infrastructure and "The Indian people are endeavouring to achieve their development targets for the new era".

"China and India are both faced with historic opportunities, and our respective dreams of national renewal are very much aligned with each other. We need to connect our development strategies more closely and jointly pursue our common dream of national strength and prosperity."

He said both countries "need to become closer development partners who draw upon each other's strengths and work together for common development".

"As the two engines of the Asian economy, we need to become cooperation partners spearheading growth. I believe that the combination of China's energy plus India's wisdom will release massive potential."

He pushed for his Silk Corridor project, saying India and China "need to jointly develop the BCIM (Bangladesh-China-India-Myanmar) Economic Corridor, discuss the initiatives of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and lead the sustainable growth of the Asian economy."

"As two important forces in a world that moves towards multipolarity, we need to become global partners having strategic coordination." According to Modi, China and India are "two bodies, one spirit".

"I appreciate this comment. Despite their distinctive features, the 'Chinese Dragon' and the 'Indian Elephant' both cherish peace, equity and justice. We need to work together to carry forward the Five Principles of Peaceful Coexistence (the Panchsheel), make the international order more fair and reasonable, and improve the mechanism and rules of international governance, so as to make them better respond to the trend of the times and meet the common needs of the international community."

Xi said he looks "forward to an in-depth exchange of views with Indian leaders on our bilateral relations during the visit, and to injecting new vitality to our strategic and cooperative partnership for peace and prosperity".

"I am confident that as long as China and India work together, the Asian century of prosperity and renewal will surely arrive at an early date."

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News Network
March 29,2020

New Delhi, Mar 29 : Notwithstanding the 21-day coronavirus lockdown, the Reserve Bank of India (RBI) has decided to go ahead with the merger plan of ten state-run banks into four larger bank from April 1. The apex bank has issued four separate releases announcing that the branches of merging banks will operate as of the banks in which these have been amalgamated from next month.

RBI's statement comes after Finance Minister Nirmala Sitharaman's clarification on Thursday that the mega bank consolidation plan was very much on track and would take effect from April 1.

The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public sector.

Bank officers' unions, however, earlier this week wrote to the prime minister seeking to defer the merger schemes of lenders due to the lockdown triggered by coronavirus outbreak.

As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation banks into Union Bank of India.

Under this, the branches of Oriental Bank of Commerce and United Bank of India will operate as branches of Punjab National Bank from April 1, 2020, and branches of Syndicate Bank as that of Canara Bank, the RBI said in a separate releases.

Allahabad Bank branches will operate as those of Indian Bank while the branches of Andhra Bank and Corporation Bank will function as the branches of Union Bank of India from the beginning of next fiscal year 2020-21, the RBI said.

"The Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India... The scheme comes into force on the 1st day of April 2020," RBI said.

Customers, including depositors of merging banks will be treated as customers of the banks in which these banks have been merged with effect from April 1, 2020, the RBI noted.

Banking services across the country are impacted due to the effect of COVID-19 as a near shut down is being observed across the country.

In a letter written to the Prime Minister on March 25, the All India Bank Officers'' Confederation (AIBOC) said, "The finance minister yesterday announced a slew of measures in view of the deleterious effect of the contagion. We are also expecting an extension of closing related activities and the revision of the closing date itself from March 31 to June 30, which is the need of the hour."

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News Network
July 22,2020

New Delhi, Jul 22: Congress leader Sachin Pilot has served a legal notice to party MLA Giriraj Malinga, for claiming that the former had offered him money to join the BJP.

"Former Rajasthan Deputy Chief Minister Sachin Pilot has served a legal notice to Congress MLA Giriraj Malinga for his Rs 35 crore bribery allegation," a source close to Pilot said.
P
Earlier, addressing a press conference, Malinga said, "Those MLAs who are stuck either in Haryana or Jaipur, are running after money. To say, they are not, are false claims. Even I was offered the same by Pilot, which I had refused. Came to this party knowing BJP and Congress do not accept money to give tickets."

When asked by the reporters whether he was offered Rs 35 crore, he claimed by saying, "Yes, 35." The MLA claimed he was himself the prove when the reporters asked for the same.

The political situation in Rajasthan is in turmoil after Chief Minister Ashok Gehlot sacked his then-deputy Sachin Pilot and the latter's confidants from his council of ministers. The Congress has also claimed that BJP was trying to buy its party MLAs.

On Monday, the Rajasthan High Court had said that it would hear the petition filed by Pilot and 18 of his loyalist MLAs on July 24, against the disqualification notices issued against them, a lawyer said.

"The arguments in the matter have been concluded. The court has heard the arguments from all the parties. The High Court has slated the matter for orders on July 24," Advocate Prateek Kasliwal told reporters after the hearing. 

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News Network
April 3,2020

New Delhi, April 3: The total number of coronavirus cases in India on Friday climbed to 2301, including 156 cured and discharged and 56 deaths, said the Ministry of Health and Family Welfare.

At present, there are 2088 COVID-19 active cases in the country.

"A total number of COVID-19 positive cases rises to 2301 in India, including 156 cured/discharged, 56 deaths and 1 migrated," said the Health Department.

The highest number of positive cases of coronavirus was reported from Maharashtra at 335, including 16 deaths, followed by Tamil Nadu (309 and 6 deaths) and Kerala (286 and 2 deaths).

There are 219 coronavirus positive cases in the national capital, including 8 cured and discharged and 4 deaths.

The states which have crossed 100-mark for COVID-19 positive cases also include Andhra Pradesh (132), Karnataka (124), Rajasthan (133) and Telangana (107).

While 18 people were detected positive for coronavirus in Chandigarh, 70 cases were confirmed from Jammu and Kashmir and 14 from Ladakh.

In North-East, one COVID-19 case each has been confirmed from Mizoram and Assam, and two in Manipur.

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