India ready to contribute to peace process in Ukraine: Modi after talks with Scholz

News Network
February 25, 2023

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India has been pressing for resolving the Ukraine "dispute" through dialogue and diplomacy and is ready to contribute to any peace process, Prime Minister Narendra Modi said on Saturday after holding talks with visiting German Chancellor Olaf Scholz, who favoured a "clear stand" in the UN on the issue.

The one-year-old conflict and its consequences including on food and energy security figured in the Modi-Scholz dialogue besides ways to ramp up overall bilateral engagement including in areas of trade and investment, new technologies and climate change.

In his statement at a joint press event with Modi, the German Chancellor described the Russian "aggression" against UKraine as a "major catastrophe" that has negatively impacted the globe and said it is important to state "very clearly where we stand on this subject" including at the UN as international law governs international relations.

On Thursday, India abstained in the UN General Assembly on a resolution that underscored the need to reach "comprehensive, just and lasting peace" in Ukraine and called for Russia to end the hostilities.

"Since the beginning of the developments in Ukraine, India has insisted on resolving this dispute through dialogue and diplomacy. India is ready to contribute to any peace process," Modi said in his media statement.

The Prime Minister also said that there has been active cooperation between India and Germany in the fight against terrorism and separatism and countries agreed that concerted action is necessary to end cross-border terrorism, seen as an apparent reference to Pakistan.

The German Chancellor asserted that no one can change borders through use of violence.

"This war violates the fundamental principle to which we had all been agreed for such a long time and that is that you do not change borders through the use of violence," he said.

Scholz arrived here this morning on a two-day India visit, a day after the first anniversary of the Russian invasion of Ukraine that saw the US and its European allies renewing their resolve to strongly back Kyiv and mount pressure on Moscow including through fresh economic sanctions.

"A very important question is securing the supply of food and energy. We have to make sure that countries in Asia, Africa and America are not too strongly and negatively impacted by the terrible war of aggression that Russia started against Ukraine and that the impact is not too negative for them," the German leader said.

Modi said that "increasing cooperation between the two largest democratic economies of the world is not only beneficial for the people of both the countries, it also sends a positive message in today's tension-ridden world."

The Prime Minister said the effects of the Covid-19 pandemic and the Ukraine conflict have been felt across the world and they have had a particularly negative impact on developing countries.

"We expressed our shared concern about this. We agree that these problems can only be solved through joint efforts. We are stressing on this even during India's presidency of the G20," he said.

Scholz said Germany wants to deepen trade relations between India and Europe, asserting that two-way trade and investment would go up following the finalisation of the India-EU free trade pact.

The German Chancellor suggested that he would play a role in the early finalisation of the long-pending FTA and the investment protection pact between India and the EU.

"We need to join forces in that regard and make progress together. It is especially important for one area that in my eyes is of the greatest importance and that is the development of IT and software," Scholz said.

Noting that security and defense cooperation can become an important pillar of strategic partnership between the two countries, Modi said together we will continue to make efforts to fully realise our untapped potential in this area."

There is active cooperation between India and Germany in the fight against terrorism and separatism and both countries also agree that concerted action is necessary to end cross-border terrorism, he added.

The Prime Minister said that apart from being India's largest trading partner in Europe, Germany is also an important source of investment in the country.
"Today, due to the 'Make in India' and 'Self-reliant India' campaigns, new opportunities are opening up in all sectors in India. We are encouraged by the German interest in these opportunities," he said.

The Prime Minister also underlined the importance of reform of the multilateral institutions.

"We also reiterated the consensus that reform of multilateral institutions is necessary to better reflect global realities. This is evident in our active participation within the G4 to reform the UN Security Council," he said.

The G4 comprises India, Brazil, Japan and Germany and all of them are strong contenders for permanent membership of the UN Security Council.

"India and Germany are increasing cooperation for the development of third countries under the triangular development cooperation," Modi said.

He said people-to-people relations between the two countries have also strengthened in the last few years with the inking of the Migration and Mobility Partnership Agreement in December last year and this relationship will be further deepened.

"In accordance with the requirements of the changing times, we are also adding new and modern aspects to our relations. Last year during my visit to Germany, we announced the Green and Sustainable Development Partnership," Modi said.

"Through this, we are expanding cooperation in the areas of climate action and sustainable development goals. We also decided to work together in areas like renewable energy, green hydrogen and biofuels," he added.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 11,2024

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Udupi, Nov 11: The Karkala town police in Udupi have arrested Krishna Naik, the sculptor responsible for installing a 33-foot Parashurama statue at Umikkal Hill in Bailur, Karkala taluk. 

Naik, the owner of Krish Art World and a resident of Bengaluru's Visvesvaraya Layout, was apprehended in Mahe, part of the Union Territory of Puducherry, for allegedly substituting a look-alike statue in place of a genuine bronze figure at the Parashurama Theme Park in Karkala.

Udupi Superintendent of Police Dr. Arun K confirmed the arrest, stating that Naik faces charges under Sections 420 (cheating) and 409 (criminal breach of trust) of the Indian Penal Code. 

This legal action followed a complaint lodged in June by Krishna Shetty, a resident of Nallur village, Karkala. Shetty claimed that Naik had received a payment of ₹1,25,50,000 from Udupi Nirmithi Kendra for the installation of a bronze Parashurama statue. However, Naik allegedly deceived the government by installing a replica instead.

The statue was unveiled on January 27, 2023, by then Chief Minister Basavaraj Bommai. Current Chief Minister Siddaramaiah has since ordered a CID investigation to probe deeper into the alleged fraud surrounding the statue's installation at the theme park.

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News Network
November 15,2024

Udupi: The Tourism Department is planning a major eco-friendly development initiative for Kamini Island, located near the Blue Flag-certified Padubidri End Point beach, aiming to attract more visitors while maintaining environmental sustainability.

Assistant Director Kumar CU emphasized that, given the island’s proximity to the Blue Flag beach, all development efforts will center around eco-friendly practices. “We are looking to enhance the Kamini River and the island’s surroundings by adding a hanging bridge, nature trails, and eco-friendly food courts offering traditional cuisine. Visitors will also be able to reach the island by pedal boats or kayaking,” he said.

The development project is estimated to cost between Rs 3 crore and Rs 4 crore. Meanwhile, the Blue Flag beach, Padubidri, continues to see a steady flow of visitors. Vijay Shetty, manager of the beach, shared that tenders for food courts and water sports have been awarded to private parties. Recently, three new coracles have been introduced, which are proving to be a hit with visitors. Additionally, three more shelters are expected to be ready by November 20.

Shetty mentioned that the beach can now accommodate between 2,500 and 3,000 visitors daily, although footfall remains lower than other district beaches due to user fees and activity restrictions. “Initially, most visitors were from Mangaluru, but now nearly 40% come from other districts, showing a shift in the visitor demographics,” Shetty noted.

To further boost tourism and promote a healthy lifestyle, a Beach Carnival is set to take place on November 23-24, featuring the National Sea Swimming Championship and a sea marathon in collaboration with the Padubidri JCI, which is celebrating its golden jubilee. Cultural events will be held at the main beach, with some sports events taking place at the Blue Flag beach. Emphasis will be placed on making all activities environmentally friendly.

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