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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Thursday, 5 Sep 2019

LOL. Naave muluguttiruvaaga yaake beku maaraya inthaha saahasa.

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News Network
September 15,2024

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New Delhi: Two days after he was granted bail and walked out of prison after six months, Delhi Chief Minister Arvind Kejriwal announced his shock resignation from the top post at a party meeting this afternoon. "Two days later, I will resign as Chief Minister. I will not sit on that chair till the people announce their verdict. Elections in Delhi are months away. I got justice from the legal court, now I will get justice from the people's court. I will sit on the Chief Minister's chair only after the order of the people," he said. 

"I want to ask the people of Delhi, is Kejriwal innocent or guilty? If I have worked, vote for me," he said, adding that a meeting of AAP MLAs will be held within the next two days to choose the new Chief Minister for the national capital.

The Aam Aadmi Party (AAP) leader said a member of the party will be named Chief Minister after his resignation. He said he would go among the people and ask for their support. Mr Kejriwal also demanded that the elections in the national capital, scheduled for February, be held in November along with the polls in Maharashtra.

In his address to the AAP workers, Mr Kejriwal launched an all-out attack against the Narendra Modi government and said it was more dictatorial than the British.

He said he did not resign as Chief Minister despite being arrested because he wanted to save democracy. "They have registered cases against (Karnataka Chief Minister) Siddaramaiah, (Kerala Chief Minister) Pinarayi Vijayan, (Bengal Chief Minister) Mamata didi (Banerjee). I want to appeal to non-BJP, do not resign if they register cases against you. This is their new game," he said.

Mr Kejriwal said he had also spoken to former Deputy Chief Minister Manish Sisodia about the issue. Mr Sisodia too was recently granted bail in connection with corruption allegations surrounding Delhi's now-scrapped liquor policy. "I spoke to Manish, he too has said that he will handle the post only after the people say we are honest. My and Sisodia's fate are in your hands now," he said.

Responding to the shocking development, BJP's Harish Khurana questioned why the AAP leader is creating a drama. "Why after 48 hours? he should resign today. In the past too, he has done this. People of Delhi are asking, he can't go to the secretariat, can't sign documents? What is the point then?" Asked if the BJP was ready for early polls, Mr Khurana replied, "We are ready, whether it is today or tomorrow. We will return to power in Delhi after 25 years."

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News Network
September 14,2024

Bengaluru: Karnataka Home Minister G Parameshwara on Saturday said the situation in violence-hit Nagamangala town in Mandya district is peaceful now, and steps have been taken to ensure that no untoward incidents take place.

Clashes had broken out between two groups during the Ganesh idol procession in the town, following which mobs went on a rampage with stone pelting and targeting several shops and vehicles leading to tension on Wednesday night.

"Situation in Nagamangala is now peaceful and there is no problem there. I have also instructed officials to hold a peace meeting there. We have instructed officers to ensure that no untoward incidents take place, enough police force is also stationed there," Parameshwara told reporters here.

About 55 people have been arrested in connection with the incident and they have been sent to judicial custody, according to police sources.

Responding to a question on opposition parties including JD(S) leader H D Kumaraswamy raising doubts about the FIR, he said, "The police will do what has to be done in accordance with law..."

Asked about BJP sending a fact finding team to Nagamangala, the Home Minister said, "Let them find the facts and inform us, and if there is any fact from their fact finding, we will look into it. It will make our work a bit easier." The BJP panel consisting of MLA C N Ashwath Narayan, former Minister Byrathi Basavaraj, former Minister K C Narayana Gowda, state secretary Lakshmi Ashwin Gowda, and former IPS officer Bhaskar Rao, will visit the spot and submit a comprehensive report to the party in a week.

According to police, an argument had broken out between two groups, when the Ganesh idol procession by devotees from Badri Koppalu village reached a place of worship on Wednesday, and some miscreants hurled stones, which escalated the situation.

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News Network
September 23,2024

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New Delhi: Downloading and watching child pornography is an offence under the Protection of Children from Sexual Offences (POCSO) Act, the Supreme Court ruled today in a landmark judgment on the stringent law to prevent child abuse.

The bench of Chief Justice of India DY Chandrachud and Justice JB Pardiwala set aside the Madras High Court order that had ruled that merely downloading and watching child pornography was not an offence under the POCSO Act. The Supreme Court noted that the high court had committed an "egregious error" in passing the judgment.

The Madras High Court's order had come in a case in which a 28-year-old man was charged with downloading child pornography on his phone. The court had quashed the criminal proceedings against the man and said children these days are grappling with the serious issue of watching pornography and society must be mature enough to educate them instead of punishing them.

The Supreme Court today restored the criminal proceedings against the man.

At the outset, Justice Pardiwala thanked the Chief Justice for the opportunity to pen this judgment. The order focused on Section 15 of the POCSO Act which lays down punishment for the storage of pornographic material involving children.

"Any person who stores any pornographic material involving a child and fails to report or destroy it is punishable with a fine of not less than five thousand rupees., and repeat offence will be punishable with fine of not less than ten thousand rupees. If the material is stored for further transmitting or propagating, then along with fine, it is punishable with upto three years of imprisonment. For storing child pornographic material for commercial purpose is punishable with three to five years of imprisonment, and in subsequent conviction, upto seven years of imprisonment," the Section says.

Justice Pardiwala said that in this case, mens rea is to be gathered from actus rea -- mens rea refers to the intent behind the crime and actus rea is the actual criminal act.

"We have said on the lingering impact of child pornography on the victimisation and abuse of children... We have suggested to the Parliament to bring an amendment to POCSO... so that child pornography can be referred to as child sexually abusive and exploitative material. We have suggested an ordinance can be brought in. We have asked all courts not to refer to child pornography in any order," the bench said.

The Chief Justice called it a "landmark judgment" and thanked Justice Pardiwala.

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