India offers $1 billion loan for development of Russia’s Far East

Agencies
September 5, 2019

Vladivostok, Sept 5: Prime Minister Narendra Modi on Thursday said India will walk shoulder-to-shoulder with Russia in its development of the Far East and announced a $1 billion line of credit for the development of the resource-rich region.

Addressing the plenary session of the 5th Eastern Economic Forum here, Prime Minister Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities, but was about people and close business relations.

"India's connection to Russia's Far East go back a long way. India was the first country to open a Consulate in Vladivostok," he said.

"For the development of Far East, India will give line of credit worth $1 billion. My government has actively engaged East Asia as part of its 'Act East' policy. I firmly believe that today's announcement will add a new dimension to the economic diplomacy of the two countries," Modi said at a packed house here.

The Prime Minister, in the presence of Russian President Vladimir Putin, also unveiled the "Act Far East" policy to boost India's engagement with Russia's Far East region.

"Let us deepen the bond between India and Russia even further. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region's progress," Modi said.

"India is a proud and active participant in the various activities of the Eastern Economic Forum. Participation has come from top levels of government and industry," he said.

Indian firms have invested over $7 billion in taking stake in Russian oil and gas fields. India ventured into Russia when its flagship overseas firm ONGC Videsh in 2001 acquired a 20 per cent stake in Sakhalin-1 oil and gas field in Far East Russia.

OVL later bought Imperial Energy, which has fields in Siberia, as also stakes in Vankor oilfield in eastern Siberia.

IOC and its partners have picked up 29.9 per cent stake in a separate Taas-Yuryakh oilfield in East Siberia.

Russian oil firm Rosneft in 2017 bought Essar Oil, which operates in Vadinar oil refinery in Gujarat and some 5,500 petrol pumps, for $12.9 billion.

Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the President has opened up investment opportunities for India in the region.

"By declaring the development of the Russian Far East a 'national priority for the 21st century', President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication," he said.

Prime Minister Modi also emphasised on India's commitment to become a five trillion dollar economy by 2024.

Modi, who arrived in Russia on a two-day visit on Wednesday, is the first Indian prime minister to visit to the Russian Far East Region.

He arrived here to participate in the 20th India-Russia annual summit with President Putin and the fifth meeting of the Eastern Economic Forum (EEF).

The forum focuses on development of business and investment opportunities in the Russian Far East Region, and presents enormous potential for developing close and mutually beneficial cooperation between India and Russia in the region.

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Well Wisher
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Thursday, 5 Sep 2019

LOL. Naave muluguttiruvaaga yaake beku maaraya inthaha saahasa.

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News Network
September 19,2024

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Ramanagara, Sep 19: A case of rape, sexual harassment and criminal intimidation has been registered against BJP MLA Munirathna and six others, police said on Thursday.

It was registered following the complaint of a 40-year-old woman who alleged that the incident took place at a private resort within the Kaggalipura police station’s jurisdiction.

“We received a complaint on Wednesday night and based on it, we have registered case against seven people, including the BJP MLA under various sections for rape by public servant, sexual harassment, criminal intimidation, criminal conspiracy, voyeurism, intentional insult with intent to provoke breach of peace, Information Technology Act, and others,” a senior police officer said.

The matter is being investigated, he said.

The fresh FIR against the BJP MLA, also a former Minister, comes days after he was arrested by the Bengaluru Police in connection with the two cases filed against him for alleged harassment, threats and casteist abuse, police said.

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News Network
September 24,2024

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Mangaluru, Sept 24: A blanket of gloom descended over Dakshina Kannada and Udupi as heavy rains battered the coastal Karnataka districts on Tuesday. Substantial rainfall has been drenching the region since Monday, intensifying as the day progressed.

In Dakshina Kannada, torrential downpours began early Tuesday, followed by overcast skies and humid conditions. 

The showers persisted intermittently through the afternoon, with areas like Beltangady experiencing moderate rainfall, while Puttur and Bellare bore the brunt of heavier storms. 

Overnight showers were reported in Bantwal, and Mangaluru city, along with its surrounding rural areas, witnessed a steady increase in rainfall, peaking by the evening.

After a brief respite, the return of intense rainfall has brought a welcome drop in temperatures. In Udupi, Karkala, Udupi city, Kundapur, and Hebri taluks all faced substantial rains throughout the day, continuing from late Sunday night.

The Indian Meteorological Department (IMD) has issued a red alert for the coastal districts, predicting more heavy rainfall in the coming hours. 

A yellow alert has been placed for Wednesday, signaling the likelihood of additional downpours. Fishermen have been cautioned to remain vigilant, as the possibility of strong winds looms over the coastal waters.

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News Network
September 20,2024

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Kasaragod: In a heartbreaking turn of events, the vibrant life of a young medical student from Kasaragod district was tragically cut short in a road accident in Coimbatore, Tamil Nadu, on Wednesday night.

Mohammed Rashid, a 20-year-old second-year MBBS student, hailed from the close-knit community of Kattatadka AKG Nagar in Kerala's Kasaragod district. Brimming with hope and aspirations, he had recently returned to Coimbatore to continue his studies after spending cherished moments with his family during a brief vacation back home.

On that fateful evening, around 8 PM, Rashid was crossing the road to grab dinner at a nearby hotel when tragedy struck. A speeding tipper truck hit him, leaving the young student fatally injured. Though he was rushed to the hospital, his fight for life ended before he could make it to the emergency room.

The devastating news sent shockwaves through his family and friends. His father, Ahmed, who works in the Gulf, returned immediately, heartbroken, to mourn the unimaginable loss of his beloved son. Rasheed's relatives, too, made the painful journey to Coimbatore, overcome with grief and disbelief.

The passing of Mohammed Rashid has left a deep void not only in the hearts of those who knew and loved him but in the wider community. His dreams of healing others and serving society as a doctor were tragically cut short, leaving behind an irreplaceable loss.

May his memory be a reminder of the fragility of life and the promise that he once held.

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