As the world is increasing harping on Sustainable Development Goals (SDG), keeping tandem with that India is keenly preserving its blue economy. The Ministry of Earth Sciences is finalizing the National Policy on Blue Economy for the country. A draft policy framework on India's Blue Economy has been prepared. The draft Blue Economy policy framework envisages the optimal utilization of all sectors of the maritime domain, (living, non-living resources, tourism, ocean energy, etc.) for sustainable development of coastal areas. This policy document contains key recommendations on National Accounting Framework for Blue Economy and Ocean Governance, Coastal Marine Spatial Planning and Tourism Priority, Marine Fisheries, Aquaculture and Fish Processing. Manufacturing, Emerging Industries, Trade, Technology, Services and Skill Development, Logistics, Infrastructure and Shipping, Coastal and Deep-Sea Mining and Offshore Energy and Security, Strategic Dimensions and International Engagement. Blue Economy is defined by the World Bank as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ecosystem.” For its ties to economic growth, environmental sustainability, and national security, the blue economy generally refers to the multitude of ocean resources accessible in the country that can be utilized to aid in the creation of goods and services. The blue economy offers coastal nations like India a huge socioeconomic opportunity to responsibly use ocean resources for social benefit. The rise in demand of ocean-linked products such as seafood, energy generation, etc. has led to the growth of the Blue Economy globally, with estimated global turnover ranging between US$ 3-6 trillion annually, according to India Brand Equity Foundation. The blue economy of India is a subdivision of the national economy that includes the complete ocean resources system as well as human-made economic infrastructure in the country's legal jurisdiction marine, maritime, and onshore coastal zones. India's Blue Economy concept is multi-faceted and plays an important role in the country’s economic growth because of its enormous maritime interests. India’s blue economy accounts for roughly 4 per cent of the GDP and is estimated to increase once the mechanism is improved. The sector has stood strong despite the challenges caused by the Covid-19 pandemic and have recorded exports worth Rs 56,200 (US$ 7.2 billion) between April 2021- February 2022. Ocean resources, physical infrastructure for maritime economic development, marine amenities and coastal management services are all part of the plan to ensure economic growth and sustainability, as well as national security. Fisheries and minerals are the two most viable components of the blue economy in India. The two mineral deposits of commercial significance to developers in the Indian Ocean are polymetallic nodules and polymetallic huge sulphides. Polymetallic nodules, which are golf-to-tennis-ball-sized nodules containing nickel, cobalt, iron, and manganese that grow over millions of years on the seafloor, are often discovered at 4-5 Kms in water depth. In 1987, India was granted exclusive rights to explore polymetallic nodules in the Central Indian Ocean Basin. It has explored four million square miles and established two mine locations since then. The coastal economy sustains over 4 million fishermen and coastal towns. India is the second largest fish producing nation in the world and has a fleet of 2,50,000 fishing boats. India has a remarkable marine position with 7,517 kilometers of coastline. Nine of India’s states have access to the coastline. India comprises 200 ports of which 12 are major ports that handled 541.76 million tonnes in FY21, the highest being Mormugao Port, located in Goa, which handled 62.6 per cent of the total traffic. Shipbuilding and shipping are also important aspects of the blue economy in India. The modal share of coastal shipping has the potential to increase to 33 per cent by 2035, up from roughly 6 per cent at present. Most of the country’s oil and gas is supplied by sea, leading to the Indian Ocean region being critical to India’s economic growth. This reliance is expected to increase dramatically by 2025. Pradhan Mantri Matsya Sampada Yojana is being implemented for a period of five years from 2020-21 to 2024-25 in all states and UTs. As a result of these initiatives, during recent years the fisheries sector in the country has shown impressive growth with an average annual growth rate of about 10 per cent during 2014-15 to 2018-19. The fish production has registered an average annual growth of more than 7 per cent and stood at an all-time high of 141.64 lakh metric tons during 2019-20. Despite various issues faced by the sector during Covid-19 pandemic, India has achieved all-time high exports of marine products worth US$ 7165 million during April to February, 2021-22. With a coastline of nearly 7.5 thousand kilometers, India has a unique maritime position. Nine of its 29 states are coastal, and the nation’s geography includes 1,382 islands. There are nearly 199 ports, including 12 major ports that handle approximately 1,400 million tonnes of cargo each year.

As the mustard fields of the Kashmir Valley bloom in full swing this season, farmers are expecting a better income from decent production. The favorable winter and timely rains have helped the mustard crop grow well, and today the fields are fully ready. This news is a welcome relief for farmers who have had to endure years of uncertain weather conditions and fluctuating market prices. The Department of Agriculture has played a crucial role in this success story by distributing 30,000 tons of mustard seeds for cultivation on 20,170 hectares of agricultural land in the Anantnag district alone. Furthermore, 142 tons of new varieties and high-breed quality seeds were imported to promote better production. The seeds provided by the Department of Agriculture have doubled the crop yield and increased farmers' income. Chief Agriculture Officer Anantnag Aijaz Hussain has rightly pointed out that this success story is the result of continuous efforts by the department and environment-friendly weather. The department is taking massive steps to further promote mustard cultivation and bring it under the ambit of agri-tourism in the near future. The tourists visiting the Kashmir valley are already enjoying the beauty of the mustard flowers on the sides of the national highways and on the highways leading to the tourist spots. The increased production of mustard and the resultant better income for farmers is a positive development for the agricultural sector in the region. It is also a testament to the hard work and perseverance of the farmers who have braved several challenges to achieve this success. We hope that this trend continues, and the farmers of the Kashmir Valley are able to enjoy better incomes and a more stable future. Source: www.indiablooms.com

President of the People’s Republic of China Xi Jinping has delivered his speech at Session I of the 17th G20 Summit. Remarks by H.E. Xi Jinping are highlighted below.  Your Excellency President Joko Widodo, Colleagues, It gives me great pleasure to attend the G20 Bali Summit. At the outset, I wish to thank President Joko Widodo and the Indonesian government for making these thoughtful arrangements for the Summit. I also salute the Indonesian presidency for its important role in promoting G20 cooperation. We meet at a time of momentous changes unseen in a century, changes that are consequential to the world, to our times, and to history. The COVID-19 pandemic still drags on with cases surging here and there. The world economy is getting more fragile. The geopolitical environment remains tense. Global governance is seriously inadequate. Food and energy crises are compounded with one another. All this poses formidable challenges to our development. Faced with these challenges, it is imperative that all countries embrace the vision of a community with a shared future for mankind, and advocate peace, development, and win-win cooperation. All countries should replace division with unity, confrontation with cooperation, and exclusion with inclusiveness. All countries should join hands together to answer the question of our times — “what is wrong with this world, what we should do about it” — so as to tide over difficulties and create a better future together. All G20 members should take the responsibility inherent in being major international and regional players, and should lead by example in promoting development of all nations, improving the well-being for the whole mankind, and advancing progress of the entire world. — We should make global development more inclusive. Solidarity is strength, but division leads nowhere. Living in the same global village, we should stand with each other in the face of risks and challenges. Drawing ideological lines or promoting group politics and bloc confrontation will only divide the world, and hinder global development and human progress. With human civilization already in the 21st century, the Cold-War mentality has long been outdated. What we need to do is to join hands together and elevate our win-win cooperation to a new height. Countries should respect each other, seek common grounds while reserving differences, live together in peace, and promote an open world economy. No one should engage in beggar-thy-neighbor practices, building “a small yard with high fences”, or creating closed and exclusive clubs. I always believe that the G20 should stay committed to its founding purpose of unity and cooperation, carry forward the spirit of solidarity, and uphold the principle of consensus. “Sugarcane and lemongrass grow in dense clumps.” This Indonesian proverb well captures the value of solidarity. Division and confrontation serve no one’s interest. Only solidarity and common development is the right choice to make. — We should make global development beneficial to all. Development is real only when allcountries develop together. Prosperity and stability cannot be possible in a world where the rich become richer while the poor are made poorer. Every nation aspires for a better life, and modernization is not a privilege reserved for any single country. Frontrunners in development should sincerely help others develop, and provide more global public goods. All major countries should perform their due responsibilities, and do their best for the cause of global development. The Global Development Initiative (GDI) that I proposed is aimed at meeting the long-term objective and immediate needs of common development of the world, fostering international consensus on promoting development, cultivating new drivers for global development, and facilitating common development and progress of all countries. Within one year, more than 60 countries have joined the Group of Friends of the GDI. China has established the Global Development and South-South Cooperation Fund, and will increase its funding for the China-UN Peace and Development Fund. We will make a list of items for practical cooperation, set up an open-ended pool of GDI projects, and draw up a roadmap for GDI implementation. We are working with 100-plus countries and international organizations on the GDI, thus providing new impetus for the implementation of the 2030 Agenda for Sustainable Development. China has submitted 15 projects to the “G20 Action for Strong and Inclusive Recovery”, and has participated in five other projects within this framework. We will work with fellow G20 members to deliver on these projects. — We should make global development more resilient. Economic globalization is encountering headwinds, and the world economy is at risk of recession. Everyone is having a hard time, but developing countries are bearing the brunt. It is therefore more imperative than ever for us to focus on the issue of development. The theme of the Bali Summit, “Recover Together, Recover Stronger”, sends a positive message of the G20’s commitment to supporting the growth of developing countries and preventing divergent and unbalanced global recovery. We need to build a global partnership for economic recovery, prioritize development and put the people at the center, always keep in mind the difficulties faced by developing countries, and accommodate their concerns. China supports the African Union in joining the G20. All parties should continue to deepen international cooperation against COVID-19, and raise the accessibility and affordability of vaccines, medicines, and diagnostic and treatment methods in developing countries so as to create a sound environment for economic recovery. We should curb global inflation, and defuse systemic economic and financial risks. In particular, developed economies should mitigate the negative spillovers from their monetary policy adjustment, and keep their debts at sustainable levels. The IMF should speed up the on-lending of SDRs to low-income countries. International financial institutions and commercial creditors, which are the main creditors of developing countries, should take part in the debt reduction and suspension for developing countries. China is implementing the G20’s Debt Service Suspension Initiative (DSSI) in all respects, and has suspended the largest amount of debt service payment among all G20 members. Meanwhile, China is working with some G20 members on the debt treatment under the Common Framework for Debt Treatment beyond the DSSI, thus helping relevant developing countries navigate through the difficult time. Global trade, digital economy, green transition and fighting corruption are key factors driving global development. We should continue to uphold the WTO-centered multilateral trading system, actively push forward WTO reform, enhance trade and investment liberalization and facilitation, and promote an open world economy. China has proposed the G20 Action on Digital Innovation and Cooperation. We look forward to working with all parties to foster an open, fair, and non-discriminatory environment for digital economy so as to narrow the North-South digital divide. In tackling climate change and transitioning toward green and low-carbon development, the principle of common but differentiated responsibilities must be upheld. It is also important to provide funding, technology and capacity-building support for developing countries and promote cooperation on green finance. International cooperation is very important for fighting corruption. G20 members must maintain zero tolerance for corruption, step up international cooperation on fugitive repatriation and asset recovery, and refuse to provide “safe havens” to corrupt individuals and assets. Global development would be impossible without a peaceful and stable international environment. With this in mind, I have put forward the Global Security Initiative (GSI). Our goal is to work with all parties to champion the spirit of the UN Charter, act on the principle of indivisible security, uphold the vision of common, comprehensive, cooperative and sustainable security, advocate the resolution of conflicts through negotiation and settlement of disputes through consultation, and support all efforts conducive to the peaceful settlement of crises. Colleagues, Food and energy security is the most pressing challenge in global development. The root cause of the ongoing crises is not production or demand, but interrupted supply chains and international cooperation. The way out of this is for all countries to, with the coordination of the UN and other multilateral international organizations, enhance cooperation on market supervision and regulation, build partnerships on commodities, develop an open, stable and sustainable commodities market, and work together to unclog supply chains and stabilize market prices. We must resolutely oppose the attempt to politicize food and energy issues or use them as tools and weapons. Unilateral sanctions must be removed, and restrictions on relevant scientific and technological cooperation must be lifted. In reducing the consumption of fossil fuel energy and transitioning toward clean energy, we need to give balanced consideration to various factors, and make sure that the transitional process does not hurt the economy or people’s livelihood. Developing countries face more acute risks in food and energy security. The G20 should keep this in mind, and provide necessary support in production, collection, storage, funding and technology. Since the UN has established the Global Crisis Response Group on Food, Energy and Finance, the G20 should voice its support for it. Over the years, China has made major contribution to global food and energy security. This year, China has proposed, together with six partners including Indonesia and Serbia, the Initiative of International Cooperation on Resilient and Stable Industrial and Supply Chains, joined other countries in calling for the establishment of the Global Clean Energy Cooperation Partnership, and put forward the International Cooperation Initiative on Global Food Security in the G20. We look forward to deepening cooperation with all parties in these areas. Colleagues, The Communist Party of China has recently convened its 20th National Congress, laying out the goals, tasks and guiding policies for the cause of the Party and the country in the next five years and beyond. China will stay committed to the path of peaceful development, stay committed to deepening reform and opening-up, and stay committed to promoting national rejuvenation on all fronts through a Chinese path to modernization. A China marching toward modernization will bring more opportunities to the world, inject stronger momentum for international cooperation, and make greater contribution to human progress!

Prime Minister Sheikh Hasina today (Saturday) said the Awami League (AL) government has always been trying to ensure a better life to tea workers as she harvours special responsibility towards them as her father Bangabandhu Sheikh Mujibur Rahman gave them citizenship.   “I have a separate responsibility to you (tea workers) as the Father of the Nation had given you the citizenship. I am always trying to perform the responsibilities accordingly,” she said while exchanging views with tea workers through a video conference from her official Ganabhaban residence in the capital.   The Prime Minister told the tea workers, who joined the meeting from Moulvibazar, Habiganj, Sylhet and Chattagram through a video conference, that her government has always been trying to make sure that the tea workers could live a better life alongside blooming the tea industry since AL assumed power.       “Since, the Awami League assumed office, we have always been trying to resolve all the problems of the tea workers and to spread the tea industry (to other parts of the country),” she said, adding that they have started tea cultivation afresh in Panchagar.   In this connection, the Prime Minister said Father of the Nation Bangabandhu Sheikh Mujibur Rahman had taken various measures for the flourishing of the industry and ensuring better life to the tea workers when he (Bangabandhu) was entrusted with the responsibilities of the chairman of the then tea board.   She said Bangabandhu had established headquarters of the tea board in Motijheel alongside taken measures to flourish the tea industry and gave the tea workers citizenship and voting rights as he had sympathy towards them.   Following the footsteps of the Father of the Nation, the Premier said she has always attached priorities to the wellbeing of the tea workers.   Referring to recent demonstrations of the tea workers, she said they had given a hike in their daily wages and other benefits so that they could live properly after holding talks with the tea gardens owners.    "We think that we can realise their (tea workers') demands," she said.              Earlier on Saturday last, the Prime Minister held a meeting with owners of tea gardens where the minimum daily wage for a tea worker was fixed at Tk 170. Source: BSS AH

Bangladesh's performance appeared better in containing price of essentials compared to its neighbours despite a worldwide inflation, largely caused by the global political crisis, a situation that emerged when the COVID-19 pandemic slowed down the economic growth across the globe. The South Asian countries like most nations elsewhere currently witnessing an uptrend of prices as well as supply crunch of major commodities like rice, edible oil, sugar, potato, flour and onion against the backdrop of the Russia-Ukraine conflict. A visibly stricter government vigil kept the prices of most of those items comparatively lower in Bangladesh though experts and financial analysts feared to the Ukraine crisis to aggravate further market situation in South Asia. A comparative analysis based on official data of the countries in the region suggest that the prices of the most of these items in Bangladesh remained lower than that of India, Pakistan, Sri Lanka and Bhutan. According to the latest exchange rate, Bangladesh's Taka 1 equals to India's Rs 0.84, Pakistan's Rs 2.22, Sri Lanka's Rs 3.76, Nepal's Rs 1.33 and Bhutanese ngultrum (Nu) 0.84. Rice is the staple food in these countries while average price of this item went up throughout the region compared to the same period of the last year. According to latest official data, the price of per KG coarse rice in India reached an average of 36.41 rupee which is Taka 43 for per KG Aman and Boro coarse rice in Bangladesh. In Sri Lanka, the price of per KG rice is now hovering around 280 rupees which skyrocketed to almost 500 rupees two months back. In Pakistan, per KG rice (IRRI) has been registered at Rs 64.81 (64 rupees in Rawalpindi and 65.62 rupees in Multan). In case of wheat and flour, all these countries are faced with a supply crunch to some extent due to the ongoing Russia-Ukraine war as these two countries are major suppliers of wheat to the global community. The price of per kg flour (packaged) has been registered at Taka 47 in Bangladesh which is RS 33.85 in India and Rs 64.69 in Pakistan (63.75 rupees at Multan and 65.63 rupees at Faisalabad). The edible oil price soared in this region as Indonesia, the major palm oil producer, slapped a ban on its export directly affecting India, Pakistan, Bangladesh and Sri Lanka in recent time. Jakarta, however, decided to withdraw the ban in fag-end of May stabilizing its domestic supply. According to the latest media reports, cooking oil is more expensive in India, Pakistan and Nepal than Bangladesh. The current price of per liter loose soybean oil is Taka 182 in Bangladesh, which is 169.06 rupees in India. However, the price of coconut oil, mostly used as edible oil in Sri Lanka, soared to 741 rupees per liter. Prices of other cooking oils including sunflower, peanut oil and canola have raised 50-70 percent during the post-COVID period while the traders attributed the escalation to ongoing geopolitical tension. In Pakistan, the newly formed government has abruptly increased the prices of edible oil and ghee by an unprecedented Rs 208 and Rs 213 to an all-time high of Rs 555 per kg and Rs 605 per litter. The Nepalese people now need to spend around Rs 197.15 to 214.75 for a litter of bottled soybean oil. The commonly consumed sugar is flying high in Sri Lanka with Rs 320 per KG which is around 83 rupees in Pakistan, Taka 80 in Bangladesh and 41.84 rupees in India. The potato price in Bangladesh is comparatively much lower as it is being sold at Taka 22 per KG which is Rs 25.08 in India, Rs 48.50 at Lahore in Pakistan, Rs 400 rupees in Sri Lanka and 44.18 Bhutanese ngultrum. On the other hand, tomatoes are also being sold at comparatively lower price in Bangladesh with Taka 54 per KG which is 52.49 rupees in India, 79.75 Bhutanese ngultrum, 70.50 rupees in Pakistan and 555 to 800 rupees in Sri Lanka. Bangladesh has to rely heavily on imported onion, but its price is now stable, hovering around Taka 35 per KG, while it is Rs 24.07 in India, 53.1 Bhutanese ngultrum, Rs 61 at Lahore in Pakistan, and Rs 200 in Sri Lanka. All price related data have been collected from the Department of Agriculture Marketing (DAM) of Bangladesh and Trading Corporation of Bangladesh (TCB), Department of Consumer Affairs, Price Monitoring Division of India, Statistics Department of the Central Bank of Sri Lanka, Agriculture Marketing Information Service of Pakistan, and Agriculture Market Information System under the Department of Agricultural Marketing and Cooperatives of Bhutan. Since, Russia and Ukraine combined have a significant share of global supplies of oil, gas and other commodities, so their conflict hugely impacted the global market. Even before the crisis, inflation in South Asian economies was rising relative to competitors in global markets while, it impacted South Asia because of their reliance for grains on both the conflicting nations. Analysts say the additional shock in commodity prices would widen further the gap - increasing the relative cost of production in the region - and erode the competitiveness of cheap labour and energy-intensive industries. Director General of Directorate of National Consumers Right Protection (DNCRP) AHM Shafiquzzaman said his office was continuing its drive to keep the prices of commodities under control. "We are continuing our drives to refrain the traders from excessive profit. We are also motivating the traders to maintain their prices under tolerable level," he told BSS. TCB spokesman Md Humayun Kabir said the state-run corporation took an initiative to sell three essential items at subsidised rates from June 22 to some one crore low-income group families ahead of the forthcoming Eid-ul-Azha. "TCB will sell three essential items - edible oil, sugar, and lentil in low price. The state-run organisation regularly takes such initiatives to keep the market price of daily commodities affordable," he added. Source: BSS AH

India faces the continued risk of inflation but is better placed than many developed and developing countries to face the situation, Chief Economic Advisor V Anantha Nageswaran said on Tuesday, adding that the risk of stagflation in the economy was rather low.   “Stagflationary risk to India is quite low compared to other countries,” he said at a media briefing after the release of FY22 and January-March GDP data. “India’s problem in handling inflation is not an isolated case. However, it is better placed than other nations as the fiscal and monetary authorities have both taken steps to alleviate the pressure,” Nageswaran said. Stagflation is the phase when an economy faces moderation in GDP growth as well as high inflation.   India’s real GDP grew by 8.7 per cent for the year ending March 31, 2022 compared with a contraction of 6.6 per cent for the same period last year. For the January-March quarter, the economy grew 4.1 per cent.   Nageswaran said that except contact services like hospitality, tourism and leisure, all other sectors had bounced back to register a strong recovery compared to pre-pandemic levels and that the economy primarily showed strong growth in FY22 on the back of exports and government spending.   When asked about the precarious fiscal situation in FY23, Nageswaran said that inflation may lead to nominal GDP for the year being higher than the budgeted 11.2 per cent, which will help keep the fiscal deficit in check.   Speaking about the headwinds for the economy, primarily due to global conditions, Nageswaran said that high global prices of commodities with significant import dependency was a concern with regard to items like crude oil, edible oil, fertiliser, metals, etc. Among other headwinds, he listed tightening of monetary policies in most countries, supply chain bottlenecks, delays and shortage of key inputs and potential global recession with an impact on export growth for India.   “Balancing growth, inflation, fiscal and current deficits and the external value of the currency will be the continuing policy focus this financial year,” Nageswaran said.   Source: Business Standard

Taiwan's labor drought and hunt for a manufacturing partner for off shoring China-based Taiwanese businesses and India with its abundant talent pool and enormous market size seem to be the perfect partner for each other and therefore, it is expected that the inking of a Free Trade Agreement also known as FTA, would be a worthy step to remove all avoidable trade and investment barriers and would lead to a paradigm shift in the tariff regime. Taiwan's New Southbound Policy and the Indian "Act East" initiative are working as the guiding star to encourage and deepen the engagement between the two countries. With a high need for a steady chip supply, India is encouraging more Taiwanese semiconductor firms to choose India as their manufacturing partner. India's proactive inbound-investment strategy has paid great attention to Taiwan. India vows to create a manufacturing hub by encouraging more inbound investment. And the Production Linked Incentive Scheme (PLI) is a lucrative offer to make this idea a reality. Through this scheme, the Indian government offers incentives linked to manufacturing performance. The Indian government has identified 14 sectors, such as automobiles, electronics, aviation, textile, and many for these performance rewards. In 2021, two Taiwanese companies, Foxconn and Wistron have been chosen for the PLI scheme and it is expected that many more Taiwanese companies will have that eligibility to enjoy the PLI benefits. With an increasing number of such investment and trading collaborations, India and Taiwan are planning to secure this ecosystem by signing an FTA. For a fact, FTA will ensure some degree of liberalization in trade and manufacturing operations by eliminating the maximum possible tariffs, trade barriers, quotas, and subsidies of both jurisdictions. The main aim of the FTA is to create more value-added platforms for long-term investment opportunities by ensuring international standards. Source: ANI BM

In a special video message released on Saturday to commemorate thirty years of full diplomatic relations between India and Israel, Prime Minister Narendra Modi emphasised that there could not be a better time to set new goals to take forward relations between the two countries.   “There could be no better opportunity to set new goals for India-Israel cooperation than when India is celebrating 75 years of Independence, Israel is about to do the same next year and the two nations are commemorating 30 years of full diplomatic relations,” he said.   He congratulated both nations and said he has full faith that the friendship between India and Israel will strengthen over the next few years.   PM Modi also stressed that the people of the two nations have shared an intimate relationship for a long time and that India and Israel have played decisive roles in each other’s development journeys.   Although India had recognised Israel on September 17, 1950, full-fledged diplomatic relations between the countries were established on January 29, 1992. The bilateral relations between both countries have developed into a multifaceted strategic partnership.   Earlier this week, Israel's envoy to India Naor Gilon had said the 30th anniversary of India-Israel diplomatic ties is a good opportunity to look ahead and shape the next 30 years of relations.   India's Ambassador to Israel Sanjeev Singla said, "We are proud to mark the 30th anniversary of our bilateral relations and look forward to using the special logo throughout the year to celebrate this special milestone."   Naor Gilon also shared a video of the Masada Fortress in the Judean Desert emblazoned with the flags of India and Israel to mark the completion of three decades of diplomatic relations between the two nations.   Israeli Prime Minister Naftali Bennett said his country shares a "gehri dosti" (deep friendship) with India and thanked his Indian counterpart Narendra Modi for his "deep commitment" to the "strong and robust friendship".   "Israel and India have a "gehri dosti", Deep Friendship. Today we honour 30 years of diplomatic relations between Israel and India. Thirty years of a wonderful partnership, a deep cultural connection, and military and economic cooperation", Bennett said in a special video message released on Saturday evening.   Describing the opportunities of collaboration between the two countries as "endless", Bennett stressed that "the ties between Israel and India are strong and together they will only grow stronger".   To his ‘dear friend’ Narendra Modi, he wrote in Hindi, "Together we will continue to achieve more remarkable achievements".   On the same day that PM Modi released his special video message, the New York Times published a report claiming that the Indian government bought Pegasus spyware as part of a USD 2 billion defence deal with Israel in 2017.   Reacting to the same, Opposition leaders have alleged that the Centre indulged in illegal snooping on its own citizens using Pegasus and this amounts to "treason".   A government source said the matter related to Pegasus was being monitored by a committee under the Supreme Court and the report is awaited.   Source: India Today

    A hallmark of some new businesses today is that they seek to use the brute force of capital, combined with smart technology and operations, to create new needs that you didn’t even know existed, the chairman of Aditya Birla group said in a blog post on the trends for the new year. As the valuations of start-ups reach record high, key financial metrics such as healthy cash flows and gross margins will guide future behaviour and trends, chairman of Aditya Birla group, Kumar Mangalam Birla said on Friday. Birla said the world is awash in capital and there has perhaps rarely been a better time to be an entrepreneur, as everyone from angel investors to public markets line up to back ideas. “The competition for investment opportunities and the fear of missing out (FOMO) have driven up valuations of many fledgeling companies to stratospheric levels,” he said. “Historically, the key question for any new business was whether it fulfilled an unmet consumer need. A hallmark of some new businesses today is that they seek to use the brute force of capital, combined with smart technology and operations, to create new needs that you didn’t even know existed,” he said. For example, Birla said a customer is nowadays receiving groceries at his doorstep in less than 10 minutes and whether it is a service that one cannot live without?  “Clearly many consumers think so. Ultimately, my own view is that at some stage unit economics will have to matter. And trusty old concepts like cash flows and gross margins will guide behaviour and actions. The only sustainable moat is the one based on intellect. Large waves of cheap capital will eventually erode all other entry barriers,” Birla said. “From Aditya Birla Group’s experience in multiple businesses, across multiple geographies, I can say that in the long run sustainable and successful businesses are those that generate tangible profits, prosperity, livelihoods quarter after quarter. Valuation and business longevity will automatically follow,” said Birla. On capex, Birla said with the twin-balance sheet problem of stressed loans and over-leveraged corporates behind India, the coming decade will see an upsurge in capital expenditure across many sectors.  “I believe, we have upon us a forthcoming decade of Capex Mahotsav in India. The private sector is also firing on two-engines, the conventional and the new economy. I call it the ‘double-engine growth’. Investors are excited about growth prospects in core sectors as well as sunrise sectors. In my view, though, the word sunrise sector applies to the entire landscape in India, which includes both conventional sectors such as cement, steel, power and auto and emerging areas like digital and renewables,” Birla said in a web post on the trends for the new year. On global economy, Birla said the speed and magnitude of the global bounce back has surprised everyone but also left some constituents unprepared.  “From being the invisible wheels that oiled the global economy, the nuances of supply chains and the intricacies of multi-modal optimisation have now become central to our discourse,” he said. “Whiplash effects have come into force, with shortages in humble $1 semiconductors in Taiwan, and a fire in a lithography factory in Berlin, lengthening the queues for eager buyers of new cars in India. In messages reminiscent of the license era, hopeful car aspirants are being put in long waiting lists as companies scramble to crank up production,” Birla said. “On the one hand, container shortages in some parts of the world, combined with port pile-ups elsewhere, reinforce the point that the physical world still matters. Despite all triumphant proclamations of software eating the world, the absence of sufficient truck drivers can bring sophisticated operations to a grinding halt. These whiplash effects have called into question a decade-long shift towards increasing efficiency and finely tuned precision operations that optimised operating costs but took away room for margins of error,” Birla said. Source: rediff.com

India has told China that their bilateral relations will only develop when both countries pull their troops back from a deadly confrontation on their disputed Himalayan border, the Indian foreign minister said. Subrahmanyam Jaishankar discussed the possibility of both sides withdrawing from their high-altitude face-off when he met his Chinese counterpart, Wang Yi, on the sidelines of a regional conference in Dushanbe on Thursday. “Discussed disengagement in our border areas. Underlined that progress in this regard is essential for restoration of peace and tranquillity, which is the basis for development of bilateral ties,” Jaishankar said on Twitter. Thousands of Indian and Chinese soldiers have been locked in confrontation in the western Himalayas since last year when animosity over a decades old border dispute blew up. In June last year, tension erupted into hand-to-hand fighting resulting in deaths on both sides, the first between them in decades. After several rounds of talks between their commanders, their forces have stepped back on some sections of the border, including the Pangong Tso lake, a contested area near the site of last year’s clashes. But troops backed by artillery remain dug in close proximity in other sectors. The Asian giants went to war over their border in 1962 and have never resolved the dispute. Even so, in recent years, trade ties have flourished. Jaishankar said he also discussed recent global events with Wang. He did not give details. While China’s close military ties with Pakistan have been a source of tension, Jaishankar said India-China relations should be seen in bilateral terms. “It is also essential that China does not view its relations with India through the lens of a third country,” he told Wang. The two top officials are in Dushanbe for a meeting of the Shanghai Cooperation Organisation. President Xi Jinping and Prime Minister Narendra Modi are due to speak at the gathering through video link later on Friday. Source: Gulf News