General Affairs
Conservation And Development Can Coexist, Says Prakash Javadekar
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MUMBAI: Union Environment Minister Prakash Javadekar has asserted that the country can preserve its rich biodiversity while ensuring the development.
"It is a myth that ecological conservation and development cannot coexist. It is not correct to see environment and development as being two ends of a spectrum, where one must be compromised in order to enhance the other," Mr Javadekar said, speaking at an International Biodiversity Day event held in Mumbai last evening.
Concerns of livelihood should be addressed equally while framing policies for environmental protection, he said.
The Centre will formulate a policy for conservation of the rich biodiversity of Western Ghats while ensuring that the livelihood of five crore people residing in the region, spread across Gujarat, Maharashtra, Goa, Karnataka, Kerala and Tamil Nadu, is not adversely affected, he said.
"India is one of the recognised mega-diverse countries of the world, harbouring nearly 8 per cent of recorded species and representing four biodiversity hotspots," he said.
The minister conceded that 'jan andolan' (peoples' movements) were necessary for biodiversity conservation, and added that many success stories of the environment conservation had not been highlighted by the mainstream media.
Professor R Sukumar of the Indian Institute of Sciences, Bangalore, in his key-note address called for using ecology and sociology as the basis for conservation in India. He also advocated a "landscape approach" to ecological conservation instead of national parks protected area approach.
"It is a myth that ecological conservation and development cannot coexist. It is not correct to see environment and development as being two ends of a spectrum, where one must be compromised in order to enhance the other," Mr Javadekar said, speaking at an International Biodiversity Day event held in Mumbai last evening.
Concerns of livelihood should be addressed equally while framing policies for environmental protection, he said.
The Centre will formulate a policy for conservation of the rich biodiversity of Western Ghats while ensuring that the livelihood of five crore people residing in the region, spread across Gujarat, Maharashtra, Goa, Karnataka, Kerala and Tamil Nadu, is not adversely affected, he said.
"India is one of the recognised mega-diverse countries of the world, harbouring nearly 8 per cent of recorded species and representing four biodiversity hotspots," he said.
The minister conceded that 'jan andolan' (peoples' movements) were necessary for biodiversity conservation, and added that many success stories of the environment conservation had not been highlighted by the mainstream media.
Professor R Sukumar of the Indian Institute of Sciences, Bangalore, in his key-note address called for using ecology and sociology as the basis for conservation in India. He also advocated a "landscape approach" to ecological conservation instead of national parks protected area approach.
BJP Seeks Delhi Chief Minister Arvind Kejriwal's Apology For 'Defaming' Goa
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PANAJI: Accusing Aam Aadmi Party (AAP) leader and Delhi Chief Minister Arvind Kejriwal of defaming Goa, BJP today demanded his apology for stating that the coastal state has become a destination for "sex, drug and gambling".
"Kejriwal should apologise to the people of Goa for making statements which defame the state. He should apologise for terming Goa as drugs, sex and gambling destination," BJP state unit president Vinay Tendulkar told reporters.
In his maiden rally in Panaji, Mr Kejriwal had yesterday stated that "tourism in Goa is suffering. The state has turned into drugs, sex and gambling destination under the BJP government".
Mr Tendulkar said the AAP leader has "insulted" local people with his remarks which are "far away from reality".
Challenging Mr Kejriwal, who yesterday kicked off AAP's poll campaign for Goa Assembly polls next year, the BJP leader said, "Goans are smart enough to decide their future. I challenge Kejriwal to save deposit (of AAP candidates) in at least one constituency during the Assembly polls".
Mr Kejriwal had accused the BJP of "continuing with the corrupt practices initiated by the previous Congress governments".
"In the current situation there is no opposition to BJP in Goa in the form of any political party. AAP has failed to get representation even in panchayats. The party should get their roots in place first before speaking about contesting and winning 40 Goa Assembly constituencies," Mr Tendulkar said.
Debunking Mr Kejriwal's charge that BJP has failed to fulfil electoral promises it had made in 2012, Mr Tendulkar said, "The party has completed 85 per cent of the promises made in the election manifesto of 2012 polls".
On Mr Kejriwal's allegation that Defence Minister Manohar Parrikar was concentrating less on his ministry and more on Goa, Mr Tendulkar said, "The AAP leader should not teach politics to Parrikar who has been in this field for last 25 years".
"Kejriwal should apologise to the people of Goa for making statements which defame the state. He should apologise for terming Goa as drugs, sex and gambling destination," BJP state unit president Vinay Tendulkar told reporters.
In his maiden rally in Panaji, Mr Kejriwal had yesterday stated that "tourism in Goa is suffering. The state has turned into drugs, sex and gambling destination under the BJP government".
Mr Tendulkar said the AAP leader has "insulted" local people with his remarks which are "far away from reality".
Challenging Mr Kejriwal, who yesterday kicked off AAP's poll campaign for Goa Assembly polls next year, the BJP leader said, "Goans are smart enough to decide their future. I challenge Kejriwal to save deposit (of AAP candidates) in at least one constituency during the Assembly polls".
Mr Kejriwal had accused the BJP of "continuing with the corrupt practices initiated by the previous Congress governments".
"In the current situation there is no opposition to BJP in Goa in the form of any political party. AAP has failed to get representation even in panchayats. The party should get their roots in place first before speaking about contesting and winning 40 Goa Assembly constituencies," Mr Tendulkar said.
Debunking Mr Kejriwal's charge that BJP has failed to fulfil electoral promises it had made in 2012, Mr Tendulkar said, "The party has completed 85 per cent of the promises made in the election manifesto of 2012 polls".
On Mr Kejriwal's allegation that Defence Minister Manohar Parrikar was concentrating less on his ministry and more on Goa, Mr Tendulkar said, "The AAP leader should not teach politics to Parrikar who has been in this field for last 25 years".
It Is Japan Government's Responsibility To Build Amaravati: Chandrababu Naidu
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VIJAYAWADA: It is the Japan government's "responsibility" to build Amaravati, the new capital of Andhra Pradesh, and make it next to Tokyo, Chief Minister N Chandrababu Naidu has said.
"Your (Japan's) Maki and Associates is designing our capital buildings. So it is Japan government's responsibility to build Amaravati. It should be next to Tokyo," Mr Naidu remarked, inaugurating a two-day Andhra Pradesh-Japan Public-Private joint conference in Vijayawada today.
Mr Naidu asked Japanese companies to make Amaravati "your second home" and invest in different sectors in the new capital as well as other parts of the "sunrise state".
"In the near future, we should have a direct flight between Amaravati and Tokyo. You should help in this regard," he told the visiting Japanese Minister for Economy, Trade and Industry Yosuke Takagi, whom he termed a "well-wisher and family member of AP".
Pointing out that 15 Japanese companies were currently doing business in Andhra Pradesh, the chief minister wanted the number to increase ten-fold to 150 in a year.
"AP is an innovative state. People here are creative. We are strong in knowledge economy. There are abundant opportunities for setting up agri-based and mineral-based industries," he added.
The Japanese minister said they were keen to improve relationship with AP in sectors like infrastructure, technology, agriculture, automobiles and defence.
A joint committee has been constituted to further enhance business interests between Andhra Pradesh and Japan, he added.
About 80 delegates from Japanese majors like Mitsubishi, Mitsui, Fuji, Nippon, Toyota, NEC, Toshiba, Sumitomo besides representatives of Japan External Trade Organisation are attending the event, organised by the Andhra Pradesh Economic Development Board.
Principal Secretary (Infrastructure, Investment and CRDA) Ajay Jain made a presentation to the Japanese delegation on the investment opportunities in Amaravati capital region.
"Your (Japan's) Maki and Associates is designing our capital buildings. So it is Japan government's responsibility to build Amaravati. It should be next to Tokyo," Mr Naidu remarked, inaugurating a two-day Andhra Pradesh-Japan Public-Private joint conference in Vijayawada today.
Mr Naidu asked Japanese companies to make Amaravati "your second home" and invest in different sectors in the new capital as well as other parts of the "sunrise state".
"In the near future, we should have a direct flight between Amaravati and Tokyo. You should help in this regard," he told the visiting Japanese Minister for Economy, Trade and Industry Yosuke Takagi, whom he termed a "well-wisher and family member of AP".
Pointing out that 15 Japanese companies were currently doing business in Andhra Pradesh, the chief minister wanted the number to increase ten-fold to 150 in a year.
"AP is an innovative state. People here are creative. We are strong in knowledge economy. There are abundant opportunities for setting up agri-based and mineral-based industries," he added.
The Japanese minister said they were keen to improve relationship with AP in sectors like infrastructure, technology, agriculture, automobiles and defence.
A joint committee has been constituted to further enhance business interests between Andhra Pradesh and Japan, he added.
About 80 delegates from Japanese majors like Mitsubishi, Mitsui, Fuji, Nippon, Toyota, NEC, Toshiba, Sumitomo besides representatives of Japan External Trade Organisation are attending the event, organised by the Andhra Pradesh Economic Development Board.
Principal Secretary (Infrastructure, Investment and CRDA) Ajay Jain made a presentation to the Japanese delegation on the investment opportunities in Amaravati capital region.
May Take 10 Years For India To Have Reusable Rocket: Top Scientist
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HYDERABAD: Describing Monday's successful launch of an indigenously winged Reusable Launch Vehicle (RLV) as a small step in achieving the objective of reducing the cost of space transportation, top space scientist G Madhavan Nair said it may take ten years for the country to put in place such an operational rocket.
India on Monday successfully launched the first technology demonstrator of indigenously made RLV, capable of launching satellites into orbit around earth and then re-enter the atmosphere, from Sriharikota in Andhra Pradesh.
Highlighting that India has been in the field of rocket launchers and satellite launches and has gained a good technical base in rocket technology, Mr Nair, the former Chairman of Indian Space Research Organisation (ISRO), however, said since these rockets are expended after each launch, the cost of access to space remains high.
"If you want to reduce the cost of access to space, the hardware has to be reused. So, the recoverable and reusable launch vehicle demonstrator is a small step towards achieving the final goal like that. And that is very much needed," he told PTI.
"When you want to have future space programme, either you want to have an orbiting platform or to go to Moon or Mars etc, we have to significantly bring down the cost of launchers. To achieve low cost access to space, recoverable and reusable launch vehicle is a must," Mr Nair said.
"A host of technologies related to hypersonic flight, and the thermal management and re-entry, and all these things are big question mark before us. This demonstrator is a small beginning towards that wherein rocket technology and aircraft technology has been integrated together and ISRO team has done an excellent job in making this demonstration today," he said.
Asked how long he believe it would take for the country to operationalise the system, Mr Nair said, "My feeling is that such a programme if it's initiated today it will take about ten years before you can have first operational system. So, that's a long way to go."
So, ISRO certainly has to come out with its long-term plan, he said.
"At the moment, there is nothing visible. They have to worry about what they will be doing in the next ten years, and integrating all such technologies and ambitious goals of planetary explorations and the spacecraft of new generation have to be chalked out into the next ten year plan," he said.
Another former ISRO Chairman, K Kasturirangan, said he is delighted ISRO is moving in the direction of reusable system, which he described as an important area in the field of space.
"Very, very first step towards a reusable system, reducing the cost of transportation and that's what the world is looking forward to in the area of space and India is also now trying to get a leadership there," Mr Kasturirangan told PTI.
India on Monday successfully launched the first technology demonstrator of indigenously made RLV, capable of launching satellites into orbit around earth and then re-enter the atmosphere, from Sriharikota in Andhra Pradesh.
Highlighting that India has been in the field of rocket launchers and satellite launches and has gained a good technical base in rocket technology, Mr Nair, the former Chairman of Indian Space Research Organisation (ISRO), however, said since these rockets are expended after each launch, the cost of access to space remains high.
"If you want to reduce the cost of access to space, the hardware has to be reused. So, the recoverable and reusable launch vehicle demonstrator is a small step towards achieving the final goal like that. And that is very much needed," he told PTI.
"When you want to have future space programme, either you want to have an orbiting platform or to go to Moon or Mars etc, we have to significantly bring down the cost of launchers. To achieve low cost access to space, recoverable and reusable launch vehicle is a must," Mr Nair said.
"A host of technologies related to hypersonic flight, and the thermal management and re-entry, and all these things are big question mark before us. This demonstrator is a small beginning towards that wherein rocket technology and aircraft technology has been integrated together and ISRO team has done an excellent job in making this demonstration today," he said.
Asked how long he believe it would take for the country to operationalise the system, Mr Nair said, "My feeling is that such a programme if it's initiated today it will take about ten years before you can have first operational system. So, that's a long way to go."
So, ISRO certainly has to come out with its long-term plan, he said.
"At the moment, there is nothing visible. They have to worry about what they will be doing in the next ten years, and integrating all such technologies and ambitious goals of planetary explorations and the spacecraft of new generation have to be chalked out into the next ten year plan," he said.
Another former ISRO Chairman, K Kasturirangan, said he is delighted ISRO is moving in the direction of reusable system, which he described as an important area in the field of space.
"Very, very first step towards a reusable system, reducing the cost of transportation and that's what the world is looking forward to in the area of space and India is also now trying to get a leadership there," Mr Kasturirangan told PTI.
AAP Says Charges Against Eknath Khadse Deserve Detailed Probe
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MUMBAI: The Aam Aadmi Party (AAP) today said it was surprised at the speed with whichMumbai Police gave a clean chit to Maharashtra Minister Eknath Khadse after the party alleged that calls were made from underworld don Dawood Ibrahim's residence in Karachi to his mobile phone.
"We trust Mumbai Police but we are really surprised at the speed of the clean chit given to the minister. The charges are serious and deserve a thorough investigation," National spokesperson of AAP Preeti Sharma Menon told news agency PTI.
Ms Sharma had at a press conference on Saturday sought Mr Khadse's removal from the Cabinet, alleging that calls were made from Dawood's mansion to Mr Khadse's mobile phone.
The minister had later rubbished the charges as "baseless" saying the phone number mentioned was not in use for last one year.
"His number received several calls from Dawood Ibrahim's wife Mehjabeen Shaikh's number between September 4, 2015 to April 5, 2016," she claimed and asked the Police to investigate the matter.
AAP, by procuring a copy of the bills obtained through an "ethical hacker", had claimed that a particular number was "active" till last month and the last generated bill was for Rs. 683.22 as on April 23 this year which was dispatched to Khadse's home address in Muktainagar tehsil in Jalgaon district of north Maharashtra.
On how AAP intends to take forward the issue, Mr Sharma said her party will wait and watch the turn of events for a few days and will move the court if needed.
"This is a national security matter and ideally the central government that should investigate it," the AAP leader added.
Asked how true could be the claims of "ethical hacker" Manish Bhangale, she said, "We have no relation with hacker as a party. We just came across his allegations and we think they are very serious and merit a thorough investigation."
MUMBAI: The Aam Aadmi Party (AAP) today said it was surprised at the speed with whichMumbai Police gave a clean chit to Maharashtra Minister Eknath Khadse after the party alleged that calls were made from underworld don Dawood Ibrahim's residence in Karachi to his mobile phone.
"We trust Mumbai Police but we are really surprised at the speed of the clean chit given to the minister. The charges are serious and deserve a thorough investigation," National spokesperson of AAP Preeti Sharma Menon told news agency PTI.
Ms Sharma had at a press conference on Saturday sought Mr Khadse's removal from the Cabinet, alleging that calls were made from Dawood's mansion to Mr Khadse's mobile phone.
The minister had later rubbished the charges as "baseless" saying the phone number mentioned was not in use for last one year.
"His number received several calls from Dawood Ibrahim's wife Mehjabeen Shaikh's number between September 4, 2015 to April 5, 2016," she claimed and asked the Police to investigate the matter.
AAP, by procuring a copy of the bills obtained through an "ethical hacker", had claimed that a particular number was "active" till last month and the last generated bill was for Rs. 683.22 as on April 23 this year which was dispatched to Khadse's home address in Muktainagar tehsil in Jalgaon district of north Maharashtra.
On how AAP intends to take forward the issue, Mr Sharma said her party will wait and watch the turn of events for a few days and will move the court if needed.
"This is a national security matter and ideally the central government that should investigate it," the AAP leader added.
Asked how true could be the claims of "ethical hacker" Manish Bhangale, she said, "We have no relation with hacker as a party. We just came across his allegations and we think they are very serious and merit a thorough investigation."
"We trust Mumbai Police but we are really surprised at the speed of the clean chit given to the minister. The charges are serious and deserve a thorough investigation," National spokesperson of AAP Preeti Sharma Menon told news agency PTI.
Ms Sharma had at a press conference on Saturday sought Mr Khadse's removal from the Cabinet, alleging that calls were made from Dawood's mansion to Mr Khadse's mobile phone.
The minister had later rubbished the charges as "baseless" saying the phone number mentioned was not in use for last one year.
"His number received several calls from Dawood Ibrahim's wife Mehjabeen Shaikh's number between September 4, 2015 to April 5, 2016," she claimed and asked the Police to investigate the matter.
AAP, by procuring a copy of the bills obtained through an "ethical hacker", had claimed that a particular number was "active" till last month and the last generated bill was for Rs. 683.22 as on April 23 this year which was dispatched to Khadse's home address in Muktainagar tehsil in Jalgaon district of north Maharashtra.
On how AAP intends to take forward the issue, Mr Sharma said her party will wait and watch the turn of events for a few days and will move the court if needed.
"This is a national security matter and ideally the central government that should investigate it," the AAP leader added.
Asked how true could be the claims of "ethical hacker" Manish Bhangale, she said, "We have no relation with hacker as a party. We just came across his allegations and we think they are very serious and merit a thorough investigation."
Business Affairs
Sensex trades flat, Nifty below 7,750; VRL Logistics shares plunge 20%
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Extending losses for the fifth straight session on Tuesday, theS&P BSE Sensex was trading in red, while the broader CNX Nifty was ruling well below its key 7,750-mark.
The headline indices were trading flat tracking Asian shares which fell to near 10-week lows as investors worried about the likelihood of a US interest rate increase in coming weeks.
At 09:20 am, the 30-share index was trading at 25,211, down 18.74 points, while broad-based 50-share index was quoting 7,724, down 6.70 points.
"We expect 7,700-7,680 to act as a strong support zone for Nifty. The Nifty has now entered the 9th time zone of '34 Days'. We would hope this 'Time Zone' to turn positive for our markets. On the upside, 7,820-7,880 levels are seen as intraday hurdles for the index," said Angel Broking in a research note.
Mahindra & Mahindra stock was the worst performer on both the benchmark indices and fell nearly 2 per cent on the Bombay Stock Exchange (BSE).
Shares of VRL Logistics plunged 20 per cent after the promoters of transport and logistics firm on Monday said they are planning to start a regional airline.
Among Asian markets, China's Shanghai Composite slipped 0.77 per cent, Hong Kong's Hang Seng index fell 0.35 per cent, while Japan's Nikkei shed 0.64 per cent in today's trade.
Overnight, US markets closed flat after a lack of direction led by concerns of a rate hike by the US Fed and continued sluggishness in corporate earnings.
Extending losses for the fifth straight session on Tuesday, theS&P BSE Sensex was trading in red, while the broader CNX Nifty was ruling well below its key 7,750-mark.
The headline indices were trading flat tracking Asian shares which fell to near 10-week lows as investors worried about the likelihood of a US interest rate increase in coming weeks.
At 09:20 am, the 30-share index was trading at 25,211, down 18.74 points, while broad-based 50-share index was quoting 7,724, down 6.70 points.
"We expect 7,700-7,680 to act as a strong support zone for Nifty. The Nifty has now entered the 9th time zone of '34 Days'. We would hope this 'Time Zone' to turn positive for our markets. On the upside, 7,820-7,880 levels are seen as intraday hurdles for the index," said Angel Broking in a research note.
Mahindra & Mahindra stock was the worst performer on both the benchmark indices and fell nearly 2 per cent on the Bombay Stock Exchange (BSE).
Shares of VRL Logistics plunged 20 per cent after the promoters of transport and logistics firm on Monday said they are planning to start a regional airline.
Among Asian markets, China's Shanghai Composite slipped 0.77 per cent, Hong Kong's Hang Seng index fell 0.35 per cent, while Japan's Nikkei shed 0.64 per cent in today's trade.
Overnight, US markets closed flat after a lack of direction led by concerns of a rate hike by the US Fed and continued sluggishness in corporate earnings.
India, Iran sign Chabahar Port pact to bypass Pakistan
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A "milestone" pact on the strategic Chabahar Port in southern Iran which will give India access to Afghanistan and Europe bypassing Pakistan was among the agreements signed here on Monday by India and Iran which also agreed to cooperate on combating radicalism and terror.
Besides the bilateral pact to develop the Chabahar port for which India will invest $500 million, a trilateral Agreement on Transport and Transit Corridor was also signed by India, Afghanistan and Iran, which Prime Minister Narendra Modi said could "alter the course of the history of the region".
The bilateral agreements signed by India and Iran after detailed discussions between Modi and President Hassan Rouhani included one on setting up of an aluminium plant and another on laying a railway line to give India access to Afghanistan and Central Asia.
The agreements, aimed at further deepening India-Iran ties in diverse fields, covered areas of economy, trade, transportation, port development, culture, science and academic cooperation.
The two countries noted with deep concern that terrorism and ideologies of violent extremism "continue to infest and ingress" the region and agreed to enhance regular consultations between National Security Councils and others concerned on terrorism, security and related issues such as organised crime, money-laundering, narcotics trade and cyber crime, said a India-Iran Joint Statement issued later.
Modi's visit, the first by an Indian Prime Minister in 15 years, comes months after the lifting of international sanctions on Iran following Tehran's historic nuclear deal with the Western powers over its contentious atomic programme.
Earlier, the then Prime Minister Atal Bihari Vajpayee had visited the country in April 2001.
The key agreement signed was a contract for development of Phase I of the Chabahar port on the southern coast of Iran by an Indian joint venture.
Chabahar port, located in the Sistan-Balochistan Province on the energy-rich Persian Gulf nation's southern coast, lies outside the Persian Gulf and is easily accessed from India's western coast, bypassing Pakistan.
"The bilateral agreement to develop the Chabahar port and related infrastructure and availability of about USD 500 million from India for this purpose is an important milestone," Modi said in joint media interaction with Rouhani.
"This major effort would boost economic growth in the region. We are committed to take steps for early implementation of the agreements signed today," he said.
The trilateral pact on Transport and Transit Corridor, linked to the Chabahar port development, was signed later by India, Iran and Afghanistan in the presence of Modi, Rouhani and Afghan President Ashraf Ghani.
Rouhani said each of the three countries will name a minister for follow-up action.
"They (leaders) look forward to early delineation of all necessary rules and procedures leading to operationalisation of the transport and transit routes within the timelines stipulated in the Agreement," the Joint Statement said.
A "milestone" pact on the strategic Chabahar Port in southern Iran which will give India access to Afghanistan and Europe bypassing Pakistan was among the agreements signed here on Monday by India and Iran which also agreed to cooperate on combating radicalism and terror.
Besides the bilateral pact to develop the Chabahar port for which India will invest $500 million, a trilateral Agreement on Transport and Transit Corridor was also signed by India, Afghanistan and Iran, which Prime Minister Narendra Modi said could "alter the course of the history of the region".
The bilateral agreements signed by India and Iran after detailed discussions between Modi and President Hassan Rouhani included one on setting up of an aluminium plant and another on laying a railway line to give India access to Afghanistan and Central Asia.
The agreements, aimed at further deepening India-Iran ties in diverse fields, covered areas of economy, trade, transportation, port development, culture, science and academic cooperation.
The two countries noted with deep concern that terrorism and ideologies of violent extremism "continue to infest and ingress" the region and agreed to enhance regular consultations between National Security Councils and others concerned on terrorism, security and related issues such as organised crime, money-laundering, narcotics trade and cyber crime, said a India-Iran Joint Statement issued later.
Modi's visit, the first by an Indian Prime Minister in 15 years, comes months after the lifting of international sanctions on Iran following Tehran's historic nuclear deal with the Western powers over its contentious atomic programme.
Earlier, the then Prime Minister Atal Bihari Vajpayee had visited the country in April 2001.
The key agreement signed was a contract for development of Phase I of the Chabahar port on the southern coast of Iran by an Indian joint venture.
Chabahar port, located in the Sistan-Balochistan Province on the energy-rich Persian Gulf nation's southern coast, lies outside the Persian Gulf and is easily accessed from India's western coast, bypassing Pakistan.
"The bilateral agreement to develop the Chabahar port and related infrastructure and availability of about USD 500 million from India for this purpose is an important milestone," Modi said in joint media interaction with Rouhani.
"This major effort would boost economic growth in the region. We are committed to take steps for early implementation of the agreements signed today," he said.
The trilateral pact on Transport and Transit Corridor, linked to the Chabahar port development, was signed later by India, Iran and Afghanistan in the presence of Modi, Rouhani and Afghan President Ashraf Ghani.
Rouhani said each of the three countries will name a minister for follow-up action.
"They (leaders) look forward to early delineation of all necessary rules and procedures leading to operationalisation of the transport and transit routes within the timelines stipulated in the Agreement," the Joint Statement said.
Politically difficult to fast-track structural reforms, says Raghuram Rajan
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It is 'politically difficult' to speed up structural reforms in India, RBI Governor Raghuram Rajan said, even as he stressed on the need for cleansing the banks and checking inflation to ensure faster growth.
Rajan also said labour market reforms can boost growth, but the process may draw opposition.
Delivering a lecture on 'The Global Economy and India' here last night, the former Chief Economist of IMF said new rules need to be evolved for international monetary policy and called for the emerging markets like India to "speak up and raise their voice louder" to have a say in setting the global agenda.
The Governor said India is fairly safe from volatile global economy and it has posted 7.5 per cent growth despite two droughts and weak international market.
"Despite two droughts and weak international market scenario, we are registering about 7.5 per cent growth because of macro level stability," he said.
While there is a need to ensure macro level stabilisation, the country would have to keep inflation under control and cleanse the banks, he said. "This can strengthen macro level stability," he said.
In addition to that, maintaining reforms would attract both international and domestic investors and spur activities, Rajan said.
Stating that structural reforms are important for elevating the potential of economy, the RBI Governor said degree of competition and level of participation of different segments of society should be raised in order to bring more and more people into the workforce.
However, it may be difficult politically to speed up structural reforms and while labour market reforms can boost growth, the process may draw opposition, the outspoken Governor said.
Describing a good policy as the first line of defence for the economy, he said in order to ensure safe borrowings, the country should try to opt for long-term borrowings instead of short-term ones.
On the need for intervention in the realm of exchange rate to reduce volatility, Rajan said the country's foreign exchange reserve has gone up to USD 360 billion, which can also be described as a strong line of defence for Indian economy in the context of adverse global scenario.
"We are now fairly safe against global volatility, provided we continue maintaining this policy," he said, adding that Indian economy is not as vulnerable now as it was in 2013.
Stating that there may be uncertainties because of the policies of other countries and volatile international market, he said India, which remains largely protected and vigilant, should focus on building a strong policy.
On evolving new rules of the game for international monetary policy, Rajan said emerging markets should try to present their ideas on different issues, like getting more IMF quota, before international fora.
Stating that there should be a more responsible global monetary policy that follows rules of the game, he said a number of countries are now blaming each other over adoption of aggressive policies.
All have domestic mandate as they have to worry about several things like ensuring growth and keeping inflation rate under control, he said.
Referring to "helicopter money", Rajan said it can always push inflation and maintained that easy money can never provide answer to any problem.
He said contrary to general belief, experiences in some countries show that low interest rates lead to high savings instead of pushing investment.
It is 'politically difficult' to speed up structural reforms in India, RBI Governor Raghuram Rajan said, even as he stressed on the need for cleansing the banks and checking inflation to ensure faster growth.
Rajan also said labour market reforms can boost growth, but the process may draw opposition.
Delivering a lecture on 'The Global Economy and India' here last night, the former Chief Economist of IMF said new rules need to be evolved for international monetary policy and called for the emerging markets like India to "speak up and raise their voice louder" to have a say in setting the global agenda.
The Governor said India is fairly safe from volatile global economy and it has posted 7.5 per cent growth despite two droughts and weak international market.
"Despite two droughts and weak international market scenario, we are registering about 7.5 per cent growth because of macro level stability," he said.
While there is a need to ensure macro level stabilisation, the country would have to keep inflation under control and cleanse the banks, he said. "This can strengthen macro level stability," he said.
In addition to that, maintaining reforms would attract both international and domestic investors and spur activities, Rajan said.
Stating that structural reforms are important for elevating the potential of economy, the RBI Governor said degree of competition and level of participation of different segments of society should be raised in order to bring more and more people into the workforce.
However, it may be difficult politically to speed up structural reforms and while labour market reforms can boost growth, the process may draw opposition, the outspoken Governor said.
Describing a good policy as the first line of defence for the economy, he said in order to ensure safe borrowings, the country should try to opt for long-term borrowings instead of short-term ones.
On the need for intervention in the realm of exchange rate to reduce volatility, Rajan said the country's foreign exchange reserve has gone up to USD 360 billion, which can also be described as a strong line of defence for Indian economy in the context of adverse global scenario.
"We are now fairly safe against global volatility, provided we continue maintaining this policy," he said, adding that Indian economy is not as vulnerable now as it was in 2013.
Stating that there may be uncertainties because of the policies of other countries and volatile international market, he said India, which remains largely protected and vigilant, should focus on building a strong policy.
On evolving new rules of the game for international monetary policy, Rajan said emerging markets should try to present their ideas on different issues, like getting more IMF quota, before international fora.
Stating that there should be a more responsible global monetary policy that follows rules of the game, he said a number of countries are now blaming each other over adoption of aggressive policies.
All have domestic mandate as they have to worry about several things like ensuring growth and keeping inflation rate under control, he said.
Referring to "helicopter money", Rajan said it can always push inflation and maintained that easy money can never provide answer to any problem.
He said contrary to general belief, experiences in some countries show that low interest rates lead to high savings instead of pushing investment.
RBI looks to check customer liability in banking frauds
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The Reserve Bank is examining limiting a customer's liability in banking frauds and will soon put in place a framework for the same, Deputy Governor SS Mundra said on Monday.
"RBI is already examining whether to issue regulatory direction with regard to limiting the liability of customers on fraudulent transactions arising out of frauds and electronic banking transactions," Mundra said at an event organised by the Banking Codes and Standards Board of India (BCSBI) in Mumbai.
The objective is to plan, evolve, prepare, develop, promote and publish comprehensive codes and standards for banks and providing fair treatment to customers. "The idea is that the liability for the customer should not go beyond a point," he made it clear. The discussion, according to the deputy governor, centred on fixing the limit is on and a framework will be announced soon.
"We are discussing this and once we finalise, the limit will be announced. We expect to finalise it very shortly," he later told reporters. Mundra said that with the increase in online transactions, there has been a rise in complaints related to electronic banking transactions, unauthorised fund transfers, fraudulent withdrawals from ATMs using duplicate cards and phishing e-mails, among others.
"It is imperative to have a robust mechanism to prevent incidents of frauds in mobile Net banking and the electronic fund transfer so as to retain customers' confidence in these delivery channels," he said. The deputy governor highlighted benefits of such channels from the banks' perspective faced with the challenge of competition and the need to improve customer base. But at the same time, raising customer awareness for safe usage of these channels should be an important item on the agenda of the banks, he emphasised. "... if customers don't get confidence in the channels and decide to abstain from them, then it can have only two outcome - either customer would migrate or customer would come back to the traditional channel which would mean higher operating cost for the banking system," he reasoned.
RBI is also concerned about the mis-selling of products by banks.
"There has been an increasingly large number of cases of mis-selling of third-party products to customers by the banks, particularly insurance products, including bundling of third-party products with loans," he said.
The Reserve Bank is examining limiting a customer's liability in banking frauds and will soon put in place a framework for the same, Deputy Governor SS Mundra said on Monday.
"RBI is already examining whether to issue regulatory direction with regard to limiting the liability of customers on fraudulent transactions arising out of frauds and electronic banking transactions," Mundra said at an event organised by the Banking Codes and Standards Board of India (BCSBI) in Mumbai.
The objective is to plan, evolve, prepare, develop, promote and publish comprehensive codes and standards for banks and providing fair treatment to customers. "The idea is that the liability for the customer should not go beyond a point," he made it clear. The discussion, according to the deputy governor, centred on fixing the limit is on and a framework will be announced soon.
"We are discussing this and once we finalise, the limit will be announced. We expect to finalise it very shortly," he later told reporters. Mundra said that with the increase in online transactions, there has been a rise in complaints related to electronic banking transactions, unauthorised fund transfers, fraudulent withdrawals from ATMs using duplicate cards and phishing e-mails, among others.
"It is imperative to have a robust mechanism to prevent incidents of frauds in mobile Net banking and the electronic fund transfer so as to retain customers' confidence in these delivery channels," he said. The deputy governor highlighted benefits of such channels from the banks' perspective faced with the challenge of competition and the need to improve customer base. But at the same time, raising customer awareness for safe usage of these channels should be an important item on the agenda of the banks, he emphasised. "... if customers don't get confidence in the channels and decide to abstain from them, then it can have only two outcome - either customer would migrate or customer would come back to the traditional channel which would mean higher operating cost for the banking system," he reasoned.
RBI is also concerned about the mis-selling of products by banks.
"There has been an increasingly large number of cases of mis-selling of third-party products to customers by the banks, particularly insurance products, including bundling of third-party products with loans," he said.
IMF calls for 'unconditional' debt relief for Greece
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The International Monetary Fund is calling on European creditor nations to commit to "upfront unconditional" debt relief for Greece as part of an international rescue program for the debt-laden nation.
The IMF is involved in talks on making Greece's debt sustainable to approve the country's latest reforms and make new loans available.
In an analysis released today, the Washington-based lender says that debt relief is "critical" to show markets that Greece's creditors are committed to helping it navigate the crisis.
The statement comes a day ahead of a meeting among Europe's top officials in Brussels to discuss the issue.
Eurozone countries have previously balked at discussing debt reduction until a review is completed into how Greece has implemented austerity measures needed to receive an 86-billion euro ($98 billion) rescue package.
The International Monetary Fund is calling on European creditor nations to commit to "upfront unconditional" debt relief for Greece as part of an international rescue program for the debt-laden nation.
The IMF is involved in talks on making Greece's debt sustainable to approve the country's latest reforms and make new loans available.
In an analysis released today, the Washington-based lender says that debt relief is "critical" to show markets that Greece's creditors are committed to helping it navigate the crisis.
The statement comes a day ahead of a meeting among Europe's top officials in Brussels to discuss the issue.
Eurozone countries have previously balked at discussing debt reduction until a review is completed into how Greece has implemented austerity measures needed to receive an 86-billion euro ($98 billion) rescue package.
General Awareness
Indigenous technology demonstrator of reusable launch vehicle tested successfully
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Name of the Rocket: RLV-TD
Launching Staion: Sriharikota in Andhra Pradesh
Necessity: Capable of launching satellites into orbit around earth and reentering the atmosphere
Departed Time and Date: 7 a.m., 23rd of May 2016.
Capabilities:
- It re-entered to earth’s atmosphere at a hypersonic speed of more than 5 Mach.
- It touched down the Bay of Bengal between Chennai and the Andaman archipelago.
10-minute mission:
It is also known as hypersonic flight experiment.
M.C. Dathan Statement:
- He negotiated that the mission was successful and it was healthy in nature
- He is the former director of Vikram Sarabhai Space Centre at Thiruvananthapuram
About RLV:
- It is an India’s own space shuttle
- It brings a way to achieve low cost, reliable and on-demand space access
- It is the series of technology demonstration missions
- It is the first step towards realising a Two Stage To Orbit (TSTO) fully re-usable vehicle
Configuration in similar purpose:
- It behaves as a flying testbed to evaluate various technologies
- Air-breathing propulsion systems in hypersonic flight, autonomous landing and powered cruise flight
- Name of the Rocket: RLV-TD
Launching Staion: Sriharikota in Andhra Pradesh
Necessity: Capable of launching satellites into orbit around earth and reentering the atmosphere
Departed Time and Date: 7 a.m., 23rd of May 2016.
Capabilities:- It re-entered to earth’s atmosphere at a hypersonic speed of more than 5 Mach.
- It touched down the Bay of Bengal between Chennai and the Andaman archipelago.
10-minute mission:It is also known as hypersonic flight experiment.M.C. Dathan Statement:- He negotiated that the mission was successful and it was healthy in nature
- He is the former director of Vikram Sarabhai Space Centre at Thiruvananthapuram
About RLV:- It is an India’s own space shuttle
- It brings a way to achieve low cost, reliable and on-demand space access
- It is the series of technology demonstration missions
- It is the first step towards realising a Two Stage To Orbit (TSTO) fully re-usable vehicle
Configuration in similar purpose:- It behaves as a flying testbed to evaluate various technologies
- Air-breathing propulsion systems in hypersonic flight, autonomous landing and powered cruise flight
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