Current Affairs - 27 April 2016

General Affairs 

Delhi High Court Pulls Up AAP Government, Says It Cannot 'Pressurise' Court

• NEW DELHI:  The Delhi High Court today pulled up the AAP government saying it cannot "pressurise" it and there should be some limit to its arguments on issues arising out of the spat with Lieutenant Government (LG).
  
  "There should be some limit. You cannot behave in such a way. Is this a way of addressing the court? Are you trying to pressurise this court by saying that you will take two days to argue," a bench of Chief Justice G Rohini and Justice Jayant Nath asked after Delhi government's counsel said he would take two days to address arguments on one of the petitions on commission of inquiry set up by AAP government on alleged DDCA scam.
  
  "Two days? We will not give you more than two hours. Everything has been argued before us. You just tell us if you have some additional points," the bench said, adding, "You cannot pressurise the court like this. The Supreme Court has said that this court should conclude the matter by July 31."
  
  The counsel, however, said he would not repeat the issues which had already been advanced before the court.
  
  "I will not repeat anything. This is my undertaking to the court. All my points are additional," he said.
  
  The bench, however, said, "You submit your written points specifying the points which you want to argue. You cannot go on and on. There should be some limit."
  
  During the arguments today, the counsel dealt with the modalities and jurisdiction of Delhi government with respect to the setting up of a commission of inquiry.
  
  He said the resolution passed by council of ministers was binding on the LG.
  
  "LG seeking intervention of the Home Ministry is mala fide. He (LG) had feared that corruption in DDCA will be exposed and the Home Ministry stopped it (commission of inquiry)," he claimed.
  
  A total of 11 cases arising out of the spat between the LG and Delhi government, are being heard together by the bench.
  
  The arguments in other matters would continue tomorrow. The Delhi government on May 28 last year had approached the high court challenging the Centre's notification of May 21 giving LG absolute powers to appoint bureaucrats in the city.
  
  It had also challenged the July 23, 2014 notification limiting jurisdiction of the Anti-Corruption Branch to Delhi government officials only.

Court Refuses To Ask DU Vice Chancellor To Keep Smriti Irani's Record Safe

• 

  NEW DELHI:  A Delhi court has refused to direct Delhi University (DU) Vice Chancellor to ensure that records of educational qualification of Union Minister Smriti Irani, against whom a complaint was filed for allegedly giving false information in affidavits to poll panel, remains safe and are not tampered with.
  
  Metropolitan Magistrate Harvinder Singh said no such directions could be passed but directed that copy of the plea be sent to the Vice Chancellor of Delhi University to bring the complainant's apprehension in his knowledge and for his indulgence.
  
  "Though no such directions could be passed by this court on the present application, but, however, considering the interest of justice copy of this application be sent to Vice Chancellor, Delhi University to bring the apprehension of applicant/complainant in the knowledge of Vice Chancellor, Delhi University and for his indulgence," the court said and fixed the case for May 3.
  
  The court's order came on a plea by complainant Ahmer Khan, a freelance writer, seeking its direction to the DU VC to ensure that all the records pertaining to the educational qualification of Ms Irani are secured and there is no compromise or tampering with the original records.
  
  The plea filed through advocate Rajesh Inamdar has also sought court a direction to the registry to keep the records produced by Election Commission (EC), Delhi University and CBSE in custody till disposal of the matter.
  
  The court had earlier directed EC and DU to bring complete documents related to records of educational qualification of Ms Irani.
  
  It had on November 20 last year allowed the plea of the complainant seeking a direction to the officials of EC and DU to bring records of Ms Irani's educational qualification after he said he was unable to place them before the court.
  
  It, however, had declined his submission seeking direction to the CBSE to bring Ms Irani's class 10th and 12th records.
  
  The complainant had claimed in the court that Ms Irani had deliberately given discrepant information about her educational qualification in affidavits filed before the poll panel and not given any clarification despite concerns being raised on the issue.
  
  Mr Khan had alleged that Ms Irani had knowingly furnished misleading information about her educational qualification in affidavits filed before EC and that a candidate deliberately giving incorrect details can be punished under provisions of IPC and section 125A of Representation of the People Act (RPA).
  
  Section 125A of RPA deals with penalty for filing false affidavit and entails a jail term of upto six months or fine or both.
  
  The court on June 24 last year had taken cognizance of the complaint which accused Ms Irani of furnishing false information about her academic qualifications in the affidavits filed before the EC in 2004, 2011 and 2014.
  
  The complainant had earlier claimed in court that in her affidavit for April 2004 Lok Sabha polls, Ms Irani had said she completed her BA in 1996 from DU (School of Correspondence), whereas in another affidavit of July 11, 2011 to contest Rajya Sabha election from Gujarat, she had said her highest educational qualification was B.Com Part I from the School of Correspondence, DU.
  
  The complaint also alleged that in the affidavit filed for nomination of April 16, 2014 Lok Sabha polls from Amethi constituency in Uttar Pradesh, Ms Irani said she had completed Bachelor of Commerce Part-I from School of Open Learning, DU.

PM Modi, Sonia Gandhi Never Seen In Times Of Need: Mamata Banerjee

• KOLKATA:  Ridiculing Prime Minister Narendra Modi and Congress president Sonia Gandhi, who have been campaigning in West Bengal for the ongoing assembly polls, Chief Minister Mamata Banerjee on Tuesday said the two are never available at times of need.
  
  "Leaders like Sonia Gandhi and Narendra Modi are touring Bengal now. You cannot see them at times of need," Ms Banerjee said at election meetings in South 24 Parganas district.
  
  Targeting Prime Minister Modi, she said since he came to power the whole country has landed in a mess.
  
  "Narendra Modi thinks he is a big leader. The whole country is in a mess," she said.
  
  Mocking the Left Front-Congress alliance, she said they had teamed up as they were afraid of her.
  
  "If they are so scared of me, what will they do when they see the love and support from people of Bengal for me?" she said.
  
  The Trinamool supremo predicted that the Communist Party of India-Marxist and the Congress would be reduced to signboards after the poll results are out on May 19.
  
  "Left Front will not have any identity after the polls. CPI-M and Congress will lose miserably," Ms Banerjee said, adding she believed grassroots Congress workers will not vote for CPI-M.
  
  Dismissing CPI-M state secretary Surjya Kanta Mishra's claims that the alliance was on road to winning 200 of the 294 assembly seats in the state, Ms Banerjee challenged the tie up to win 20 seats first.
  
  "The alliance is a hotchpotch affair. They say they will win around 200 seats. Let them first win 20," she said.
  
  "Don't tug at us after the polls, don't come to us and say 'help us, help us'," she retorted while addressing the rallies at Raidighi and Baruipur.
  
  Ms Banerjee exhorted the electorate to remain alert, cautioning the Opposition would resort to rigging.
  
  "Do they think, just by shifting the district magistrates and superintendents of police, they can win the elections," she said.
  
  The Election Commission has removed over 50 officers during the ongoing six-phase polls in the state. Ms Banerjee had earlier alleged, the poll watchdog was working at the behest of the Opposition (BJP, CPI-M and Congress) parties.

BJP Favours Early Assembly Elections In Uttarakhand, Hits Out At Speaker

• 

  RISHIKESH:  Favouring early Assembly polls in Uttarakhand, BJP today claimed it had "rid" the people of the state from a government "engaged in loot" and it was time for them to deliver a verdict.
  
  Accusing former chief minister Harish Rawat and state Assembly Speaker Govind Singh Kunjwal of being responsible for the current crisis in the state, Uttarakhand BJP chief Ajay Bhatt said in a scenario like this BJP looks upon elections as a better option.
  
  Expressing the party's readiness to accept the outcome in case of a floor test in the state Assembly on April 29, he said going to people for a fresh mandate appears necessary to uphold democratic values.
  
  However, Mr Bhatt, who is also the Leader of Opposition in the state Assembly, said being a political party BJP will work out a strategy for the floor test if at all that takes place.
  
  Asked what BJP had achieved from the political goings on in the state since March 18, he claimed the party had been able to expose "plunder" before the people of the state.
  
  Alleging that change in the state's excise policy by erstwhile Rawat government had caused a loss of Rs. 560 crore per year to the exchequer, Mr Bhatt said compared to Mr Rawat's tenure there was a substantial increase in the collection of revenue from excise and mining departments in just one month of President's Rule.
  
  He also attacked Mr Kunjwal for his style of functioning saying seeking a division of votes on the Appropriation Bill was the constitutional right of the legislators, which they were denied.
  
  Asking Congress and PDF legislators to align with BJP, he said it was time to "atone" for what they had done and think of the state's welfare.
  
  Terming as false allegations about BJP trying to lure away Congress-PDF legislators, Mr Bhatt said the onus of whatever has happened to Congress and whatever happens to it in future rests on Harish Rawat and PCC chief Kishor Upadhyay. "It is no use blaming BJP for your internal conflicts," he said.
  
  Mr Bhatt also promised to work for instituting a high-level probe into all scams during Congress government if BJP is voted back to power.
  
  "If we are voted back to power, we will institute high-level investigations into all scams which took place under Congress rule, including a CBI probe into the disaster relief scam," he said.

Parliament Panel Suggests Hefty Penalty, Jail For Celebrities Endorsing Misleading Ads

• NEW DELHI:  To make celebrities accountable for misleading advertisements, a Parliamentary Standing Committee today recommended stringent provisions including jail term up to five years and hefty penalty of up to 50 lakh in order to protect consumer interest.
  
  In its report on the Consumer Protection Bill 2015, tabled in Parliament today, the panel has suggested legal teeth to advertising watchdog ASCI to curb misleading ads besides proposing severe penalties, jail and cancellation of license of those involved in food adulteration.
  
  Moreover, the committee - headed by Telugu Desam Party lawmaker JC Divakar Reddy, advocated that the Department of Consumer Affairs should be empowered to make laws to regulate growing sectors of e-commerce, direct selling and multi-level marketing where consumer complaints are on the rise.
  
  

  The government introduced the Consumer Protection Bill 2015 in the Lok Sabha in August last year to repeal the 30-year old Consumer Protection Act. The panel's report will be studied before final passage of the bill in Parliament.
  
  "The committee strongly feels that misrepresentation of a product especially of food product should be taken very seriously considering the influence of celebrities and high networth individuals and companies. The existing laws are not deterrent enough to discourage manufacturers or publishers from using such personalities for misleading ads," the panel on Consumer Affairs said in its report.
  
  The Committee, therefore, recommends that stringent provisions may be made in the bill to tackle misleading advertisement, as well as, to fix liability on endorsers/celebrities, it said.
  
  "The committee recommends that for first time offence, the offender may be penalised with either a fine of Rs. 10 lakh or imprisonment up to two years, or both. For second time offence, a fine of Rs. 50 lakh and imprisonment of five years.
  
  For subsequent offences, the penalties may be increased proportionately based on the value of sales volumes of such products or services," the report added.
  
  Some celebrities have come under fire for endorsing brands misleading consumers. Recently, Indian cricket captain MS Dhoni had to resign as brand ambassador of Amrapali after residents of a housing society started a protest against the builder and the cricketer on social media.

Business Affairs 

Sensex retakes 26k-mark as global market rebounds, Nifty tops 7,900

• In a remarkable turnaround of fortunes, a rebound in global market saw the benchmark Sensex reclaim the 26,000-mark and the NSE Nifty trade above 7,900, mainly on across-the-board gains following revival of buying in recently beaten-down stocks.

  The 30-share index, which fell about 130 points in early trade, staged a strong comeback to regain the crucial 26,000-level by surging 344.62 points, or 1.34 per cent, to 26,023.55 at 1345 hours. The gauge had lost 201.45 points in the previous two sessions.

  All sectoral indices led by metal, auto, realty and banking were trading in the positive zone, with gains of up to 2.00 per cent.

  The NSE Nifty retook the crucial 7,900-mark by rising 111.40 points, or 1.41 per cent, to 7,966.45 at 1345 hours.

  Sentiment turned for the better, in tandem with a higher opening in Europe, with all eyes now on the US Federal Reserve as it prepares for its latest policy meeting.

  Maruti Suzuki led the pack of gainers, followed by Tata Steel, BHEL, M&M, Tata Motors, HDFC Bank, Cipla, Asian Paint and ITC, rising by up to 3.73 per cent.

  Among other Asian markets, the Shanghai Composite index rose 0.61 per cent while Japan's Nikkei fell 0.49 per cent and Hong Kong's Hang Seng up 0.01 per cent.

  Meanwhile, foreign portfolio investors (FPIs) net bought shares worth Rs 222.34 crore on Monday, provisional exchange data showed.  

Axis Bank net profit slips 1%, warns of more pain in Q1

• Axis Bank, the third-largest private sector lender, on Tuesday negatively surprised the markets with a 1 per cent drop in March quarter profit at Rs 2,154 crore on higher provisions and it proactively set aside money in a buffer expecting a deterioration in asset quality in future.

  For the full year, the Shikha Sharma-led bank reported a post-tax net profit of Rs 8,349 crore, up 12 per cent.

  "Our asset quality was stable compared to the preceding quarter, but we have an outlook of elevated stress...the threats remain elevated," Chief Financial Officer Jairam Sridharan told reporters on a call.

  The bank guided toward a further pressure from the credit costs basis, expecting it to go up to even 1.50 per cent in a worst case scenario and 1.25 per cent conservatively from 1.11 per cent in 2015-16, which saw the asset quality review by the Reserve Bank that led to a spurt in reporting of asset quality stress being reported by banks across the system.

  To cover up for future stress, the bank set aside Rs 300 crore into a countercyclical buffer taking the overall contingency assets provisions to Rs 480 crore, which had been used up in the last two quarters.

  Net interest income was up 20 per cent at Rs 4,553 crore, driven primarily by a retail fuelled credit growth of 21 per cent and also an expansion in net interest margin to 3.97 per cent from the 3.80 per cent in the year ago period.

  Sridharan said the other income grew only marginally to Rs 2,694 crore and explained that last year there were higher gains from treasury operations which had lifted the other income line.

  Retail credit rose 24 per cent to now form 40 per cent of the overall advances, he said, adding that unsecured products like personal loans and credit cards was one of the biggest reasons for the strong retail performance.

  On the asset quality front, the bank witnessed fresh slippages of Rs 1,474 crore as against the Rs 2,082 crore in Q3, when it recognised maximum stress owing to the RBI mandated asset quality review.

  Total slippages in 2015-16 touched Rs 7,345 crore, but the bank management declined to give a guidance on the same in 2016-17.

  The gross NPA ratio was almost stable at 1.68 per cent, while during the quarter, it sold assets of Rs 349 crore to asset reconstruction companies for Rs 110 crore.

  In a note, brokerage Emkay Global said the numbers are below its estimate, primarily due to lower other income and higher operating expenses and higher prudential provisions.

  The brokerage said the provisions swelled to Rs 1,170 crore against it estimate of Rs 1,010 crore, while its net profit estimate was Rs 2,470 crore. It however, noted that fresh slippages were below its estimate sequentially. 

Saudi prince unveils sweeping plans to end 'addiction' to oil

• The powerful young prince overseeing Saudi Arabia's economy unveiled ambitious plans on Monday aimed at ending the kingdom's "addiction" to oil and transforming it into a global investment power.

  Deputy Crown Prince Mohammed bin Salman said the world's top oil exporter expects state oil company Saudi Aramco to be valued at more than $2 trillion ahead of the sale of less than 5 per cent of it through an initial public offering (IPO).

  He added that the kingdom would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion).

  The plans also included changes that would alter the social structure of the ultra-conservative Muslim kingdom by pushing for women to have a bigger economic role and by offering improved status to resident expatriates.

  "We will not allow our country ever to be at the mercy of commodity price volatility or external markets," Prince Mohammed said at his first news conference with international journalists, who were invited to a Riyadh palace for the event.

  "We have developed a case of oil addiction in Saudi Arabia," he had earlier told al-Arabiya television news channel.

  His "Vision 2030" envisaged raising non-oil revenue to 600 billion riyals ($160 billion) by 2020 and 1 trillion riyals ($267 billion) by 2030 from 163.5 billion riyals ($43.6 billion) last year. But the plan gave few details on how this would be implemented, something that has bedevilled previous reforms.

  The 31-year-old prince gave assured answers to questions on the plan, and appeared to pitch his comments to appeal across the Saudi social spectrum, and in particular to young people, who face unemployment and an economic downturn despite their country's oil wealth.

  Even before oil prices started to plunge in 2014, economists had regarded Riyadh's fiscal policy and economic structure as being unsustainable, but reduced income from energy sales has made reform more urgent.

  The plan appeared to lift sentiment on the Saudi stock market, where shares jumped by 2.5 per cent in the heaviest trading for eight months, but it fell short of convincing sceptics that the kingdom can prosper in an era of cheap oil.

  At the centre of the plan is the restructuring of its Public Investment Fund (PIF), which Prince Mohammed said would become a hub for Saudi investment abroad, partly by raising money through selling shares in Aramco.

  Asked where Riyadh would find the funds for a $2 trillion dollar fund after recent borrowing, he said it would come from transferring the ownership of Aramco to the PIF.

  "We are speaking about more than $2 trillion. We expect the valuation to be more than $2 trillion. In addition to that there are other assets that will be added to the fund, and part of it is already added.

  He said it could "turn into a global investment fund with a size of up to $3 trillion dollars".

  OPENING ARAMCO ACCOUNTS

  The partial privatisation of Aramco was also central to the plans, and Prince Mohammed said it would be transformed into an energy company that he expected to be valued at $2 trillion to $3 trillion, and that less than 5 per cent of it would be listed on the stock market.

  So big is the state oil company because of its rights to the kingdom's crude reserves, that selling even 1 per cent of its value would create the biggest initial public offering (IPO) on earth, he said.

  He said other Aramco subsidiary companies would also be listed along with other publicly held companies, and added that one major benefit of privatisation was that it would increase transparency and help limit corruption.

  "People used to be unhappy that files and data of Aramco are undeclared, unclear and not transparent. Today they will be transparent. If Aramco gets IPO-ed that means it has to announce its statements of accounts," he said.

  Since the prince was appointed to oversee Saudi long-term planning through the Council of Economic and Development Affairs, Riyadh's focus on reform has grown far more urgent and far more acute.

  Prince Mohammed has enjoyed a dizzyingly rapid rise since his father became king 15 months ago, from being little known outside the ruling Al Saud family to become the driving force of Saudi plans to prepare for a future after oil.

  In his rare press conference, he presented himself as a modernising leader who seeks to shake Saudi Arabia out of its economic slumber and its reputation for opacity and rigid bureaucracy, showing an interest in topics including education, the public role of women, and football.

  Saudi Arabia would prepare a new education curriculum, Prince Mohammed said. Despite previous reform attempts, the kingdom's schools have long been seen as focussed on religious teachings rather than preparing students for a role in a modern economy.

  Under the plans, Saudi Arabia would produce or assemble half of its defence equipment internally in order to create job opportunities, he said, and Riyadh would make foreign investment easier.

  The government ran a deficit of 367 billion riyals ($98 billion) or 15 per cent of gross domestic product in 2015, officials said, and this year's budget plan aimed to cut that to 326 billion riyals ($87 billion).

  His economic team has already announced efforts to curb wasteful government spending, to diversify revenue streams by introducing sales tax and privatising state assets, and to make reforms in the education sector.

  Such was the speculation among Saudis over the details of the plan that hashtags associated with it were the top two trending on Twitter on Monday in the country with the highest rate of social media use in the Middle East.

  But ambitious targets, such as raising the private sector share in the economy to 60 per cent from 40 per cent, reducing unemployment to 7.6 per cent from 11 percent and growing non-oil income to 1 trillion riyals ($267 billion) from 163 billion riyals ($44 billion) were not explained further.

  PLANS

  Some Saudis said they had hoped for more detail on crucial issues such as education reform. There were no further details of plans to increase revenue from tax or of any changes to the political structure of the absolute monarchy.

  "For me as a Saudi, I am concerned by the education transformation plan," said a Saudi entrepreneur. "If it is not at the top of the list, why not?"

  However, the plan also envisaged increasing women's participation in the workforce, something that has already grown quickly over the past five years, to 30 percent from 22 percent.

  But he also said he did not believe Saudi society was ready to end its ban on women driving.

  A green card system would also be launched within five years to enable expatriate Arabs and Muslims to live and work long-term in the country, Prince Mohammed said, in a major shift for the insular kingdom.

  But the focus was on economic restructuring to help reduce oil dependence.

  "I think by 2020, if oil stops we can survive," Prince Mohammed said. "We need it, we need it, but I think in 2020 we can live without oil."

  Appealing to Saudi youth, he ended his news conference by promising them a new Saudi Arabia.

  "The vision is not a dream, it's a reality that will come true," he said.

Bharti Infratel Q4 Net jumps 19%; to buy back shares of Rs 2,000 cr

• Telecom tower firm Bharti Infratel on reported 19 per cent jump in net profit at Rs 662 crore for the quarter ended March 31, 2016, on the back of growth in network rollout by operators.

  The company had reported a net profit of Rs 558 crore in the same period last fiscal.

  Revenue of the company also increased 7 per cent to Rs 3,162 crore for the reported period as compared to Rs 2,947 crore last year.

  The company also announced buy back of equity shares worth Rs 2,000 crore and proposed a dividend of Rs 3 per equity share.

  The total cash outgo for the dividend and buyback inclusive of Rs 116 crore as tax on dividend will amount to Rs 2,685 crore, the company said in a statement.

  For the fiscal ended March 31,2016, the company reported 20 per cent increase in net profit to Rs 2,382 crore as compared to Rs 1,992 crore last year.

  Revenue increased by 5 per cent to Rs 12,308 crore in 2015-16 as compared to Rs 11,668 crore in previous year.

  As anticipated, the year 2015-16 witnessed a major growth in rollout of mobile broadband networks by the telecom operators, with the number of 3G and 4G installations growing three times over the previous year, Bharti Infratel Chairman Akhil Gupta said.

  Gupta added the company is confident that as more operators step up their rollouts, this trend would further accelerate in the coming year.

  Bharti Infratel and Indus Towers being the leaders are fully geared to serve their customers' demand and are in the best position to capitalise on this growth, he said.

  The total tower base of of the company stood at 88,808 with an average sharing factor of 2.19. The board of directors have proposed a final dividend of Rs 3 per equity share for the year ended March 31, 2016.

  In addition to the dividend, the board has also approved a buy back of Rs 2,000 crore, the statement said.

  It added the payment of proposed final dividend and buy back is subject to approval of the shareholders in the ensuing annual general meeting of the company. 

India's fuel demand likely to rise 7.3% in FY'17

• After registering the fastest pace of growth in 15 years, India's fuel demand is likely to rise by 7.3 per cent in 2016-17 fiscal, lead by robust expansion in consumption of petrol and diesel.

  Fuel consumption, which rose 10.9 per cent in 2015-16 to 183.5 million tonnes, is projected to rise to 190.03 million tonnes, according to demand estimates made by Oil Ministry.

  Diesel demand, which soared 7.5 per cent to 74.6 million tonnes last fiscal, is projected to further go up by 7.7 per cent to 78.11 million tonnes.

  The consumption of petrol is projected to rise by 12.4 per cent to 24.14 million tonnes.

  Petrol consumption was up 14.5 per cent at 21.8 million tonnes in 2015-16, its highest level in two decades as automobile sales grew at their fastest pace in five years on narrowing price differential between petrol and diesel.

  Indian Oil Corp (IOC) Director (Finance) A K Sharma said the narrowing price difference between petrol and diesel has led to people preferring petrol driven vehicles.

  While petrol price was free or made market driven in June 2010, diesel was linked to market only in November 2014. Subsidy on diesel meant it costed about Rs 20 less than petrol.

  But now, a litre of petrol in Delhi costs Rs 61.13 while diesel is priced at Rs 48.01 per litre. The higher rate for petrol is a result of more taxes on it than diesel.

  Naphtha consumption is projected to rise by 5.5 per cent to 13.6 million tonnes in 2016-17, an indication of greater demand from industry because of economic activity picking up, the ministry's demand estimate showed. ATF or jet fuel sale is projected to rise 3.9 per cent to 6.18 million tonnes.

  So is cooking gas LPG whose consumption is projected to rise by 9.3 per cent to 21.16 million tonnes. Kerosene sale, however, is projected to fall 10 per cent to six million tonnes as government pushes for use of cleaner LPG in households instead of the heavily subsidised kerosene.

  Kerosene demand fell to 6.82 million tonnes in 2015-16 from 7.02 million tonnes. Also in 2015-16, LPG sales were up 8.6 per cent at 19.5 million tonnes while Naphtha consumption was 20.9 per cent higher at 13.4 million tonnes.

  ATF or jet fuel consumption was up 8.7 per cent at 6.22 million tonnes in 2015-16, indicating robust growth in air traffic.

General Awareness

Modi Foreign Visits 2015 – 2016 Part 5

• • Dear Readers & Aspirants, We collected some Modi Foreign Visits 2015 – 2016 and make it in points format. We Hope it will definitely help you for your upcoming Exams. All the Best My Dear Aspirants & Readers.

    • Modi Foreign Visits 2014 – 2015 Part 1
    • Modi Foreign Visits 2014 – 2015 Part 2
    • Modi Foreign Visits 2014 – 2015 Part 3
    • Modi Foreign Visits 2014 – 2015 Part 4

    RUSSIA

    Date: December 23 – 24, 2015

    PM Modi was in Russia for two days to attend the annual India-Russia Summit in Moscowwith Russian President Vladimir Putin to further strengthen the already close bilateral strategic partnership.

    • The two countries signed memorandums of understanding (MOU)on technicalcooperation in the railway sector, building solar energy plants in India,investment cooperation in Russia’s Far East.

    HERE IS THE LIST OF 16 PACTS

    • Amending the agreement between the GOI and Russia on simplification of requirements for mutual travels of certain categories of citizens of the two countries
    • Protocol amending agreement between the GOI and Russia on mutual travel regime for holders of Diplomatic & Official Passports
    • Cooperation in the field of Helicopter Engineering – It includes manufacturing of 226 military helicopters and construction of 12 atomic plants with involvement of local companies in India.
    • Combating Customs violations in 2015 – 2017
    • Localization of Manufacturing in India for Russian-Designed Nuclear Reactor Unit – Programme of action agreed between Department of Atomic Energy of India and Russian State Atomic Energy Corporation “Rosatom”.
    • Technical cooperation in railway sector – It has been inked between the Ministry of Railwaysand the Joint Stock Company “Russian Railways”.
    • Construction of solar energy plants in India – It has been agreed between Solar Energy Corporation of Indiaand Russian Energy Agency.
    • Development of Centre of Excellence for heavy engineering design at HEC (Heavy Engineering Corporation Limited) – It has been signed between HEC& CNIITMASH
    • Upgradation and modernization of HEC’s manufacturing facilities – Inked between HEC& CNIITMASH
    • Cooperation in the field of Broadcasting – It has been signed between Prasar Bharati and Digital Television Russia
    • Tripartite MoU between Centre for Development of Advance Computing (C-DAC), Indian Institute of Science Bangalore (IISc) and Lomonosov Moscow State University (MSU)
    • Tripartite MoU between Centre for Development of Advance Computing (C-DAC), OJSC “GLONASS” and GLONASS Union
    • Investment cooperation in the Russian Far East – It has been signed between Tata Power Company Limited and Ministry for Development of the Russian Far East
    • Cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation
    • Confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a Joint Venture in JSC VankorNeft

    DEFENCE DEAL

    Reliance Defence signs $6 billion pact with Russian arms firm

    Reliance Defence had signed a manufacturing and maintenance deal potentially worth $6 billion with Russia’s Almaz-Antey, the maker of an air defence system.

    • Earlier GOI had cleared the purchase of five S-400 air defence systems that are estimated to cost about $4.5 billion in a bid to modernize the country’s defences against airborne attacks.

    NaMo ATTENDED 16th INDO-RUSSIA ANNUAL SUMMIT

    

    As part of the 16th annual India-Russia Summit, Mr. Modi and Mr. Putin held a one-on-one meeting in Moscow.

    • In this regard, ways to expand economic cooperation between the two countries were explored aiming to take the current bilateral annual trade of $ 10 billion to $30 billion in the next 10 years.

    NaMo VISIT TO STATE-OF-THE-ART CRISIS MANAGEMENT CENTRE

    Modi has visited Russia’s premier crisis management centre which deals with emergency situations and ensures coordination among various relevant agencies.

    • It is named as National Crisis Management Centre (NCMC) aka EMERCOMthe short form of Emergency Control Ministry.

    RUSSIA’s GIFT TO INDIA

    Putin gifts Mahatma’s notes, Indian sword to Modi

    A page from Mahatma Gandhi’s diary containing his handwritten notes and an 18th century sword from Bengal has been presented to Prime Minister Narendra Modi by Russian President Vladimir Putin.

    Keys

    • Russia Capital – Moscow
    • Russia Currency – Russian ruble

    AFGHANISTAN & PAKISTAN

    Date: December 25, 2015

    After two days visit to Russia, Indian Prime Minister Narendra Modi landed in Afghanistan to inaugurate the newly-built Afghan parliament building in Kabul.

    • The building is the latest symbol of a longstanding diplomatic effort by New Delhi to cultivate its links to Afghanistan.
    • It was constructed by India at a cost of USD 90 million.
    • The construction of building was started in 2009 and has missed its completion deadlines at least 3 times since 2011, and has gone over-budget by double the original costing of $45 million.

    Bilateral talks

    After inauguration, Delegation-level bilateral talks between the two countries were held on key bilateral issues including security co-operation and the ways to help the war-torn country.

    • India has committed over USD 2 billion assistance.
    • India is also supplying 3 Russian-made Mi-35 helicopters to Afghanistan’s air force.

    Modi Visit to Pakistan

    On his way back to India from Kabul he made an impromptu visit to Pakistan to wish his counterpart Nawaz Sharif on his birthday.

    • During his 150-minute visit to Lahore, PM Modi held talks with Nawaz Sharif at the Pak PM’s residence. The two leaders decided to open ways for peace people of the two countries.
    • Mr Modi is the first Indian PM to visit Pakistan since 2004.

    The two countries have fought three wars since independence from Britain in 1947, two of them over Kashmir.

    Keys

    • Afghanistan Capital – Kabul
    • Afghanistan Currency – Afghan afghani
    • Pakistan Capital – Islamabad
    • Pakistan Currency – Pakistani rupee

    BELGIUM

    Date: March 30, 2016

    In the first part of tour he visited Brussels, the capital of Belgium to restart and expedite talks on a Mutual Legal Assistance Treaty and an extradition treaty to fight terrorism.

    Invitation to Belgian Companies 

    There he invited the Belgian government and companies to take part in India’s ambitious projects, including Digital India, Start Up India and Skill India.

    EU-India Summit

    

    The 13th Summit between the European Union and India took place in Brussels on 30 March 2016.

    Key Participants – Mr Jean-Claude Juncker (President of the European Commission), Mr Donald Tusk, (President of the European Council) and Mr Narendra Modi.

    Key Highlights of Summit:

    • The summit has endorsed the“EU-India Agenda for Action 2020” as a common road map for the strategic partnership in the next five years.
    • New resolve to work together to reduce tensions in the geographic neighbourhoodthrough dialogue and coordination.
    • A ministerial conference to be held in Brussels and Heart of Asia Conference to be held in New Delhi later this year will focus international efforts to bring peace and development.
    • The numerous initiatives launched grouped into a broad categories viz. economic cooperation, sustainable development, research and education.

    Keys:

    • Belgium Capital – Brussels
    • Belgium Currency – Euro
    • Belgium PM – Charles Michel

    UNITED STATES

    Date: March 31 & April 1, 2016

    As a second part of his tour, he arrived Washington on March 31st, to attend the two-day Nuclear Security Summit (NSS).

    2016 Nuclear Security Summit

    It was held in Washington, D.C. This was the fourth edition of the conference. It is an initiative of President Barack Obama to coordinate international efforts to prevent terror organizations from acquiring nuclear weapons or material.

    • This is the last summit under President Barack Obama’s Presidency.

    Participants – Leaders from more than 50 countries and 4 international organizations –European Union, International Atomic Energy Agency (IAEA), Interpol and UN.

    • PM Modi presented the national progress report outlining the measures being taken by New Delhi for strengthening nuclear security and safety of nuclear technologies and devices.

    NaMo announced n – security plans in the US as a part of the Summit

    Prime Minister Narendra Modi had announced several key initiatives taken in the area of nuclear security and non-proliferation. It includes the following:

    • Countering nuclear smuggling and deployment of technology to deter nuclear terrorism.
    • Strengthening of national detection architecture for nuclear and radioactive material.
    • Dedicated counter-nuclear smuggling team has been set up.
    • India will support the IAEA (International Atomic Energy Agency) by a further contribution of USD 1 million to the nuclear security fund.
    • A workshop with IAEA experts on International Physical Protection Assessment Service (IPPAS) will be held in India.
    • Indiawill host a meeting of the Global Initiative to Combat Nuclear Terrorism in2017.

    Indo – US MoU for LIGO project

    India and the US on inked MoU for setting up a new Laser Interferometer Gravitational-wave Observatory (LIGO) in India that will act as catalyst in the research of various aspects ofgravitational wave astronomy.

    Keys:

    • USA Capital – Washington, D.C.
    • USA Currency – US Dollar
    • USA President – Barack Obama

    SAUDI ARABIA

    Date: April 2-3, 2016

    As a third part of his tour, he arrived in Saudi Arabia. This is the first prime ministerial visit to the oil-rich Gulf kingdom after former PM Manmohan Singh in 2010. He held  talks on bilateral, regional and global issues of mutual interest with the Saudi King Salman bin Abdulaziz Al Saud.

    • PM Modi interacted withSaudi women IT professionals at the first of its kind all women TCS training center in Riyadh. TCS established the first all women Business Process Services (BPS) centre in Riyadh in 2013.

    5 MoUs were signed between India and Saudi Arabia

    • Labour Co-operation– It was signed for Recruitment of General Category Workers.
    • Technical Cooperation Program– It was signed between the Bureau of Indian Standards (BIS) and the Saudi Standards, Metrology and Quality Organization (SASO).
    • Executive Program for Cooperation in the Field of Handicrafts– Signed b/w Export Promotion Council for Handicraft (EPCH) of India and Saudi Commission for Tourism and National Heritage.
    • Cooperation in the Exchange of Intelligence – Signed between Financial Intelligence Unit of both nations to cooperate on concerns related to Money Laundering, Terrorism Financing and Related Crimes.
    • Framework for Investment Promotion Cooperation– Signed between Invest Indiaand the Saudi Arabian General Investment Authority (SAGIA).

    NaMo Conferred with Saudi Arabia’s highest Civilian order

    Prime Minister Narendra Modi was bestowed with Saudi Arabia’s highest civilian order award dubbed King Abdulaziz Sash. The honour was named after Abdulaziz Al Saud, the founder of the modern Saudi state.

    • The honour was presented by King Salman bin Abdulaziz at the Royal Court where they held extensive talks on a range of bilateral, regional and international issues.

    On April 4, 2016, PM Modi arrives in India after concluding his three-nation tour.

    Keys

    • Saudi Arabia Capital – Riyadh
    • Saudi Arabia Currency – Saudi riyal