Tag: india

PM Modi dials Georgia Meloni to fortify India-Italy strategic partnership, extends greetings for 79th Liberation Day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a significant diplomatic exchange, Prime Minister Narendra Modi engaged in a telephone conversation with Prime Minister Georgia Meloni of Italy. The discussion, which took place on Thursday, April 25, highlighted the deepening ties between the two nations and set the stage for collaborative efforts on the global stage.

Prime Minister Modi commenced the conversation by extending his warm greetings to Prime Minister Meloni and the people of Italy on the auspicious occasion of the 79th anniversary of Liberation Day.

During the dialogue, Prime Minister Modi expressed gratitude for the invitation extended by Prime Minister Meloni to the G7 Summit Outreach Sessions scheduled to be held in June 2024 in Puglia, Italy.

A key focus of the conversation was the commitment to build upon the significant outcomes achieved during India’s G20 Presidency, particularly in supporting the Global South.

Both leaders emphasised the importance of leveraging the upcoming G7 Summit, under Italy’s Presidency, to further advance these shared objectives.

Furthermore, Prime Minister Modi and Prime Minister Meloni reaffirmed their dedication to strengthening the bilateral strategic partnership between India and Italy.

In addition to discussing bilateral matters, the two leaders exchanged views on regional and global developments of mutual interest.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US NSA Jake Sullivan’s visit to India postponed

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US National Security Advisor Jake Sullivan has postponed his visit to India this week due to the evolving situation in West Asia following escalating hostilities between Israel and Iran.

The senior Biden administration official was scheduled to hold wide-ranging talks with his Indian counterpart Ajit Doval on the progress in implementing the US-India Initiative on Critical and Emerging Technologies (iCET) besides other issues.

It was the second time this year that Sullivan has postponed his trip to India “Due to ongoing events in the Middle East, NSA Sullivan has postponed his trip to India this week,” a US embassy spokesperson said.

“NSA Sullivan looks forward to holding the iCET annual review at the next earliest possible date and remains personally committed to advancing our deeply consequential and multifaceted partnership with India,” he said.

The spokesperson said US President Joe Biden looks forward to the next meeting of Quad leaders.

“Similarly, the President looks forward to the next meeting of the Quad leaders and continuing our efforts with India to deliver results for the American and Indian people, as well as our partners, in support of our shared vision for a free, open, and prosperous Indo-Pacific,” he said.

The Quad leaders’ summit was planned in India in January. However, it could not take place as Washington conveyed to India that Biden would be unable to travel.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Time to lock in profits? Market expert weighs in as geopolitical risks and oil prices climb

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As geopolitical tensions escalate and oil prices continue their upward trajectory, Ed Yardeni of Yardeni Research suggests that “taking some profits around the world might not be a bad idea.”

Yardeni believes the escalating risk of confrontation between Israel and Iran could rapidly drive oil prices up to $100 per barrel.

Oil extended gains on escalating tensions in the Middle East after blowing past the $90-a-barrel threshold for the first time since October in the previous session on April 5.

Crude has surged by 18% this year on heightened geopolitical tensions in the Middle East and Ukraine, as well as OPEC+’s supply restrictions and healthy demand

It might be better for Investors to wait for opportunities at lower prices, “that may very well be delivered by increasing geopolitical risks pushing bond yields higher because of inflation concerns related to higher oil prices,” says Yardeni.

On Friday, April 5, US 10-year Treasury yields jumped following the release of the March nonfarm payrolls data, which exceeded analysts’ forecasts.

The yield rose by over nine basis points to 4.4%. Earlier in the week, on Wednesday, this key rate had briefly reached a new high for 2024, peaking at 4.429%.

One basis point is 0.01%, or one-hundredth of a percent.

Rising bond yields typically weigh on the stock market as investors shift towards the higher returns and perceived safety of bonds.

If oil prices hit $100, Yardeni recommends favoring energy stocks. He also noted that technology and other recently booming sectors might cool off in the short term for traders.

Also Read | ‘Consistently inaccurate’: Former CEA Krishnamurthy Subramanian criticises IMF over India growth numbers

The Indian market, he thinks, will continue to do well given the healthy earnings growth that reflect a strong economy. However, investors will have to watch out for valuations getting stretched.

For the entire interview, watch the accompanying video

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Citi predicts up to five rate cuts from the US Fed this year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Robert Sockin, global economist at Citi, expects the US Federal Reserve to reduce interest rates by 25 basis points five times this year, starting in June.

“This is predicated on the economy slowing down meaningfully in the middle of this year. If that happens, it gives the Fed reason to keep cutting. So that is where our base case of five cuts comes in this year,” Sockin said in a conversation with CNBC-TV18.

However, if the economy remains strong and inflation decreases gradually, it is probable that the Fed will go with only three or possibly two rate cuts.

Also Read | Experts anticipate RBI to keep interest rates unchanged in April

He is confident that the Fed will initiate rate easing measures if US inflation falls below 3%.

Also Read | Peter Cardillo of Spartan Cap explains why the US Fed might lower interest rates twice this year

US prices increased moderately in February and the cost of services outside housing slowed considerably, keeping a June interest rate cut from the Federal Reserve on the table.

The personal consumption expenditures (PCE) price index rose 0.3% last month, the Commerce Department’s Bureau of Economic Analysis said on Friday.

Data for January was revised higher to show the PCE price index climbing 0.4% instead of 0.3% as previously reported.

In the 12 months through February, PCE inflation advanced 2.5% after increasing 2.4% in January. Economists polled by Reuters had forecast the PCE price index gaining 0.4% on the month and rising 2.5% year-on-year

Price pressures are subsiding, though the pace has slowed from the first half of last year.

Sharing his views on India, Sockin said, he is constructive on the country and on emerging markets, in general.

“if we are seeing global manufacturing improve on a durable basis and if global trade starts to improve then that would be another very positive aspect for the Indian outlook,” he noted.

For the entire interview, watch the accompanying video

Catch all the latest updates from the stock market here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India, China exchange views on complete disengagement, resolving remaining issues along LAC

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The 29th meeting of the Working Mechanism for Consultation and Coordination on India-China Border Affairs has been held and the two sides had an in-depth exchange of views on how to achieve “complete disengagement” and resolve the remaining issues along the Line of Actual Control (LAC), the Ministry of External Affairs said on Thursday, March 28.

The key meeting was held in Beijing on March 27, it said in a statement.

“The two sides had an in-depth exchange of views on how to achieve complete disengagement and resolve the remaining issues along the Line of Actual Control (LAC) in the Western Sector of India-China border areas,” the MEA said.

Joint Secretary (East Asia) from the MEA led the Indian delegation. The Chinese delegation was led by the Director General of the Boundary and Oceanic Department of the Chinese Ministry of Foreign Affairs, the statement said.

“In the interim, both sides agreed to maintain regular contact through diplomatic and military channels and on the need to uphold peace and tranquility on the ground in the border areas as per the existing bilateral agreements and protocols,” it said.

The 28th meeting of the Working Mechanism for Consultation and Coordination on India-China Border Affairs was held on November 30, 2023.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

‘States expected to be respectful…’: India objects to US remarks on Arvind Kejriwal’s arrest

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India on Wednesday strongly objected to the remarks of the US State Department on Delhi Chief Minister Arvind Kejriwal’s arrest and stated that “in diplomacy, states are expected to be respectful of the sovereignty and internal affairs of others.”

Earlier in the day, officials at the Ministry of External Affairs (MEA) summoned US’ Acting Deputy Chief of Mission Gloria Berbena to its office in the South Block in the national capital. The meeting lasted around 40 minutes.

“We take strong objection to the remarks of the Spokesperson of the US State Department about certain legal proceedings in India. In diplomacy, states are expected to be respectful of the sovereignty and internal affairs of others. This responsibility is even more so in the case of fellow democracies. It could otherwise end up setting unhealthy precedents,” read a statement from the MEA.

It further stated that the legal processes in India are based on an independent judiciary which is committed to objective and timely outcomes.

“Casting aspersions on that is unwarranted,” it added.

The US Embassy’s response

“I can’t discuss our private diplomatic conversations,” the US Embassy Spokesperson said when asked about the MEA protest.

A US State Department official had stated that the country “encouraged a fair, transparent and timely legal process for Kejriwal”.

US State Department Spokesperson Matthew Miller said, “We continue to follow these actions closely, including the arrest of Delhi CM Arvind Kejriwal. We are also aware of the Congress party’s allegations that tax authorities have frozen some of their bank accounts in a manner that will make it challenging to effectively campaign in the upcoming elections. And we encourage fair, transparent and timely legal processes for each of these issues. With respect to your first question, I’m not going to talk about any private diplomatic conversations, but of course, what we have said publicly is what I just said from here, that we encourage fair, transparent, timely legal processes. We don’t think anyone should object to that.”

The Enforcement Directorate arrested the Delhi Chief Minister and AAP national convenor last week in a money laundering case linked to the now-scrapped Delhi excise policy. This comes weeks ahead of the 2024 Lok Sabha elections.

The case pertains to alleged money laundering and corruption in the formulating and execution of the AAP-led Delhi government’s excise policy for 2021-22, which was later scrapped.

This comes days after Georg Enzweiler, German Deputy Chief of Mission in New Delhi, was summoned by India to convey a strong protest regarding their Foreign Office Spokesperson’s comments on the country’s internal affairs.

“We see such remarks as interfering in our judicial process and undermining the independence of our judiciary. India is a vibrant and robust democracy with the rule of law. As in all legal cases in the country, and elsewhere in the democratic world, law will take its course in the instant matter. Biased assumptions made on this account are most unwarranted,” MEA said on March 23.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India plans to replace minimum wage with living wage by 2025; Know the difference between two

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India is aiming to replace the minimum wage with a living wage by next year (2025) as the government has sought technical assistance from the International Labour Organization (ILO) to create a framework to estimate and operationalise it, according to a report.

Earlier this month, the ILO endorsed the concept after reaching an agreement on the minimum wage with the living wage. The agreement was reached during a Meeting of Experts on wage policies in February, and it was endorsed by the ILO’s governing body at their session on March 13.

“We could go beyond minimum wages in a year,” a senior government official told The Economic Times.

In India, there are more than 500 million workers, while 90% of them are in the unorganised sector. Many among them draw a daily minimum wage of ₹176 or more, based on the state where they work.

However, the national wage floor, which has been stagnant since 2017, lacks enforceability across states and leads to discrepancies in wage payments.

A founding member of the ILO, India has been a permanent member of its governing body since 1922.

The Code on Wages passed in 2019, is yet to be implemented. It has proposed a universal wage floor which shall apply to all states once implemented.

India is committed to achieving the sustainable development goals (SDGs) by 2030.

The replacement of minimum wages with living wages is being viewed as a strategy for the country to fast-track its efforts to pull millions of people out of poverty while ensuring their well-being, officials told the daily.

An official said that help has been sought from ILO for “capacity building, systemic collection of data and evidence of the positive economic outcomes resulting from the implementation of living wages”.

What is a living wage?

The International Labour Organization denotes the concept of a living wage as one that is “necessary to afford a decent standard of living for workers and their families, taking into account the country’s circumstances and calculated for the work performed during the normal hours of work.”

The living wage income is calculated under the international organisation’s principles of estimating the living wage.

Besides the essentials like food, clothing and shelter, the living wage enables the earner to provide for himself and his family a measure of frugal comfort including children’s education and health protection, among others.

Minimum wage

A minimum wage is defined as the minimum amount of remuneration, which the employer is required to pay to the employees for the amount of work performed during a given period, which cannot be reduced by collective agreement or an individual contract, reports said.

The purpose behind this concept is to project the daily wage workers against unduly low pay.

The criteria used to calculate the living wage are different from the minimum wage. The living wage is determined depending on the location, marital status, and number of children of a person, while the minimum wage is decided based on the overall economy.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

EXCLUSIVE | Novartis CEO says India holds incredible strategic potential in pharma R&D

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India might not be one of the priority markets for pharmaceutical giant Novartis, but Global CEO Vasant Narasimhan said that it has become “incredibly strategic” for the company’s research and development efforts.

“When you look at our performance last year, 10 positive phase three trials, and every one of those trials was touched by our Indian operations. Every one of those trials, the submissions of those trials to global regulators happens through our Hyderabad centre. We get some of the best talents in the world here,” Narasimhan told CNBC-TV18 in an exclusive interview.

He added that in the last seven years, the company has gone through a transformation and done over $100 million worth of transactions in the country.

Addressing the regulatory landscape in India, Narasimhan noted, “So in India, I believe we’re still the number one operator of clinical trials in the country. And we have seen improvements with DCGI —in terms of the speed at which clinical trial applications are being processed.”

Reflecting on the future potential of Novartis’ operations in India, Narasimhan expressed optimism about scaling up significantly. “I think the next step, of course, is to continue to encourage the government to invest through the outstanding programs that we have now for the National Health Insurance Program to enable investment into the next innovative medicines,” he said.

Narasimhan concluded by outlining Novartis’ aspirations for its Indian operations, stating, “We hope over time to grow our Indian operations through the healthcare limited from a two to $300 million operation to a much larger business.”

Also Read: Novartis CEO Narasimhan: India played a role in all 10 positive phase 3 trials globally in 2023

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow