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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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Summary

Novartis Global CEO Vasant Narasimhan said that in the last seven years, the company has gone through a transformation and done over $100 million worth of transactions in the country.

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Bhutan PM Tshering Tobgay to pay five-day visit to India beginning tomorrow

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

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Summary

Bhutan PM Tobgay will hold wide-ranging talks with PM Narendra Modi and call on President Droupadi Murmu, the Ministry of External Affairs (MEA) said, announcing the Bhutanese leader’s visit from March 14 to 18.

Bhutanese Prime Minister Tshering Tobgay will pay a five-day visit to India beginning March 14 in his first foreign trip after assuming the top office in January.

Tobgay will hold wide-ranging talks with Prime Minister Narendra Modi and call on President Droupadi Murmu, the Ministry of External Affairs (MEA) said, announcing the Bhutanese leader’s visit from March 14 to 18.

He is also scheduled to travel to Mumbai.

“The visit of the prime minister of Bhutan will provide an opportunity to the two sides to review the progress in our unique partnership and to discuss ways and means to expand the enduring ties of friendship and cooperation between India and Bhutan,” the MEA said in a statement.

Tobgay will be accompanied by a high-level delegation, including a number of his cabinet colleagues and top officials.

“India and Bhutan enjoy exemplary ties of friendship and cooperation, based on trust, goodwill and mutual understanding at all levels,” the MEA said.

“During the visit, the prime minister of Bhutan will call on President Droupadi Murmu and hold bilateral talks with the prime minister of India,” it said.

External Affairs Minister S Jaishankar will call on the Bhutanese prime minister.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Blocking listing proposals in UNSC to sanction terrorists smacks of double-speak: India

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

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Summary

Let us turn to the subsidiary bodies inhabiting a subterranean world, with their own custom-made working methods and obscure practices which do not find any legal basis in the Charter or any of the Council’s resolutions, India’s Permanent Representative to the UN Ambassador Ruchira Kamboj said.

India has said that blocking evidence-based proposals in the UN Security Council to blacklist global terrorists without justification smacks of “double-speak” in dealing with the scourge, a veiled reference to China that has put holds on bids to sanction Pakistan-based terrorists. Let us turn to the subsidiary bodies inhabiting a subterranean world, with their own custom-made working methods and obscure practices which do not find any legal basis in the Charter or any of the Council’s resolutions, India’s Permanent Representative to the UN Ambassador Ruchira Kamboj said.

Kamboj was referring to the sanctions committee of the UN Security Council as she delivered India’s statement at the open debate on Monday on the Working Methods of the 15-nation UN body. For instance, while we do get to know of the decisions of these committees on listing, the decisions on rejecting listing requests are not made public. This is indeed a disguised veto, but an even more impervious one that indeed merits a discussion amongst the wider membership, she said.

Kamboj highlighted that genuine, evidence-based listing proposals for globally sanctioned terrorists to be blocked, without giving any due justification, is uncalled for and smacks of double-speak when it comes to the Council’s commitment to tackling the challenge of terrorism. Kamboj’s remarks appeared to be a veiled reference to the Council’s permanent and veto-wielding member China that has repeatedly blocked or put technical holds on bids by India and supported by other Council members under the 1267 Al Qaida Sanctions Committee to blacklist Pakistan-based terrorists.

In June last year, China blocked a proposal by India and the US to designate Lashkar-e-Taiba terrorist Sajid Mir, wanted for his involvement in the 26/11 Mumbai terrorist attacks, as a global terrorist under the 1267 Sanctions Committee of the Security Council. On various occasions in the past, Beijing, an all-weather friend of Islamabad, placed holds and blocks on bids by India to list Pakistan-based terrorists.

In May 2019, India had won a huge diplomatic win at the UN when the global body designated Pakistan-based Jaish-e-Mohammed chief Masood Azhar as a “global terrorist, a decade after New Delhi had first approached the world body on the issue. Kamboj further said that as an organ of the United Nations tasked with the maintenance of international peace and security, the debate on the Council’s working methods remains extremely relevant, especially in the backdrop of Ukraine and Gaza.

As such, how much has the Security Council been able to deliver on peace and security, with both feet firmly fixed in the past, is a larger question that the member states need to collectively ponder upon, she said. The Council has remained deeply polarised and failed on multiple occasions to take action on resolutions to deal with the Ukraine and Gaza conflicts due to vetos cast by its permanent members such as the US and Russia.

As the threats to international peace and security evolve, so must this Council. We ask those blocking progress on this vital issue to heed calls for genuine reform, and contribute to making this Council truly fit for purpose for the 21st century, she said.Reiterating the need for urgent UNSC reforms, Kamboj said, We also witness an equitable representation sized hole in the Security Council between the P5 and E10, referring to the five permanent members – China, France, Russia, the UK and the US and the remaining 10 non-permanent Council members elected for 2-year terms.

What we therefore need is a Security Council that better reflects contemporary realities the geographical and developmental diversity of the multipolar world of today, including the voices of the developing countries and unrepresented regions, like Africa, Latin America and the vast majority of Asia and the Pacific. For this, an expansion of the Council in both categories of membership is absolutely essential, she said. Kamboj asserted that the international community can no longer hide behind the smokescreen of the Intergovernmental Negotiations on UNSC reform by delivering entrenched national positions in a process which has no time frame, and no text.” “We should embark upon the only established process in the UN, which is by engaging in negotiations based on text and not through speaking at each other, or past each other, as we have done for the past three decades,” she said.

Last week, India presented a detailed model on behalf of the G4 nations — Brazil, Germany, Japan and itself — for Security Council reform that includes new permanent members elected democratically by the General Assembly and displays flexibility on the veto issue, as Delhi emphasised that the UN’s 80th anniversary next year serves as a milestone to achieve concrete progress on the long-pending subject.

Watch | India counters UN Human Rights Chief’s claims on country’s elections

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India-EFTA trade deal: $100 billion investment and creation of 1 million jobs is legally binding, says Switzerland’s Economic Affairs Secretary

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

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Summary

The signing of the Trade and Economic Partnership Agreement marks a historic moment in the economic relations between India and the EFTA member nations. With a significant investment pledge, the agreement is expected to foster economic growth, create job opportunities, and strengthen the strategic partnership between India and the EFTA countries in the years to come.

On Sunday, India and the European Free Trade Association (EFTA) member nations—Iceland, Liechtenstein, Norway, and Switzerland—marked a significant milestone by signing the Trade and Economic Partnership Agreement (TEPA).

The agreement, the culmination of negotiations dating back to 2008, is poised to bring substantial economic benefits, including a projected $100 billion in investment over the next 15 years and the creation of one million jobs in India.

Helene Budliger Artieda, Economic Affairs Secretary of Switzerland, emphasised the legally binding aspect of TEPA, particularly in connection to market access. In the event that the EFTA fails to fulfil its commitment within 15 years after a grace and review period, India retains the right to unilaterally, partially, or temporarily revoke market access.

Expressing enthusiasm for India’s economic potential, Artieda stated that Switzerland aims to be a strategic partner to India, aligning with its ambitious goals to add $30 trillion to its GDP over the next 30 years.

“There is a massive interest for India. It’s India’s moment, it’s India’s century and if India does everything right, we want to be a strategic partner of India in your goals to add, I’m told by Minister Piyush Goyal, $30 trillion to your GDP in 30 years. So what an amazing story. And I think we’ve come at the right time to be a partner to India,” Helene Budliger Artieda stated in an interview with CNBC-TV18.

Artieda highlighted the diverse trading relationships between Switzerland and India, particularly emphasising the importance of machinery, high-precision tools, and textile machinery. Notably, India eliminated tariffs on watches and chocolates, providing Switzerland with approximately 95% of the tariff reductions. However, it was clarified that these reductions would be gradual, taking up to 10 years to reach zero tariffs.

The Economic Affairs Secretary highlighted Switzerland’s excitement about the machinery and precision tools sectors, recognising their significance for the highly innovative and technologically advanced industrial producers in Switzerland. This aligns with India’s goal of attracting investment in high-tech industries and enhancing its manufacturing capabilities.

During the negotiations, India sought the inclusion of services in the agreement to facilitate domestic manufacturing and encourage investment by Swiss companies. While Switzerland already imposed zero customs duty on most goods, India aimed for a commitment on investment to balance the trade relationship and protect its interests.

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India, EFTA sign trade deal to invest $100 billion over 15 years, create a million jobs

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

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Summary

With the signing of a Trade and Economic Partnership Agreement (TEPA) between India and the EFTA, India is expected to get $100 billion in investment from the EFTA countries in the next 15 years and expects to generate one million jobs.

India and four European Free Trade Association (EFTA) nations – Iceland, Liechtenstein, Norway and Switzerland, have signed a Trade and Economic Partnership Agreement (TEPA).

With the signing of a Trade and Economic Partnership Agreement (TEPA) between India and the EFTA, India is expected to get $100 billion in investment from the EFTA countries in the next 15 years and expects to generate one million jobs.

Union Commerce Minister Piyush Goyal called the agreement as the first ever for India with the Developed western world and European countries. He also said that an equitable and balanced agreement has culminated after 16 years of negotiations. The TEPA covers modern issues like IPR, environment, trade and gender and also reflects a resurgent India, according to Goyal.

India and EFTA member countries were negotiating TEPA since 2008. As part of talks, India had sought inclusion of services as part of the deal, with an aim to enable domestic manufacturing and investment by Swiss companies. While Switzerland already levied zero customs duty on almost all its goods, India had sought a commitment on investment so that the zero duty on goods could be balanced and India’s interests are protected in the bargain.

Before the TEPA was signed, the EFTA grouping had 29 free trade agreements (FTAs) with over 35 partner countries. EFTA countries are not a part of the European Union, and currently enjoy a favourable trade balance with India.

While India’s exports to EFTA countries in financial year 2022-23 were $1.92 billion, India had imported goods and services worth $16.74 billion from EFTA nations in financial year 2022-23. India and EFTA have held negotiations on several chapters including trade in goods & services, intellectual property rights (IPRs), investment promotion and cooperation, rules of origin, trade facilitation and trade and sustainable development.

EFTA member Switzerland is India’s largest source of gold imports, and enjoys a huge trade surplus with India. In financial year 2022-23, India had a trade deficit of $14.45 billion with Switzerland, with net imports worth $15.79 billion and net exports worth $1.34 billion.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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UPI now accepted in Nepal: How it works and key details

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

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Summary

In its first phase, this partnership will enable Indian consumers to make instant, secure and convenient UPI payments across various business stores in Nepal by using UPI-enabled Apps.

NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service, Nepal’s largest payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.

Following the event at Global Fintech Fest 2023 in India in September, both entities are now fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries, NIPL said.

In its first phase, this partnership will enable Indian consumers to make instant, secure and convenient UPI payments across various business stores in Nepal by using UPI-enabled Apps.

Merchants acquired by the participating members of Fonepay Network can accept UPI payments from Indian customers.

Speaking on the development, Ritesh Shukla, Chief Executive Officer of NIPL, said “We envision this partnership as a catalyst for greater financial inclusion and economic prosperity in the region, and we are excited to embark on this journey of transformation together.”

Expressing his confidence in the transformative impact of this innovative service, Chief Executive Officer of Fonepay, Diwas Kumar said, “I am confident that this cross-border payment solution will significantly improve economic ties, commerce, and tourism between the two nations, eventually promoting economic prosperity and progress.”

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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Watch | India counters UN Human Rights Chief’s claims on country’s elections

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

 Listen to the Article (6 Minutes)

Summary

During the 55th session of the Human Rights Council in Geneva, the top UN rights official voiced apprehension over ‘increasing restrictions’ on the civic space.

The ‘concerns’ expressed by the UN’s top human rights official over India’s electoral process are ‘unwarranted’ and do not align with the reality of the world’s ‘largest democracy,’ the country said on Monday.

At the 55th session of the Human Rights Council in Geneva, the UN High Commissioner for Human Rights, Volker Turk, expressed concern about growing limitations on civil liberties in India. Ambassador Arindam Bagchi, India’s Permanent Representative to the UN in Geneva, highlighted Turk’s remarks on the forthcoming general elections, emphasising that in a democracy, healthy debate was expected. He underscored the importance for authorities to make decisions based on facts, not influenced by propaganda.

Bagchi highlighted that India’s electoral process has been marked by a high degree of people’s participation and full faith in the electoral mandate by all. “In fact, we are privileged that many across the world seek to learn from our experience and aspire to emulate it,” he said. He expressed certainty that, as has often been the case in the past, the Indian populace will exercise their voting rights to elect a government that they feel can most effectively embody their aspirations.


In his global update, Turk acknowledged India’s unique electoral scale, with an electorate of 960 million people, and appreciated the country’s secular and democratic traditions along with its great diversity. Despite Turk’s positive remarks, he also voiced concerns about ‘increasing restrictions’ on the civic space and expressed worries about hate speech and discrimination against minorities, especially Muslims, in India.

The senior Indian diplomat in Geneva stated that India’s democratic principles and constitutional values are rooted in plurality, diversity, inclusivity, and openness. He highlighted the presence of independent institutions, including a strong judiciary, dedicated to safeguarding the rights of all individuals. He emphasised that India, representing one-sixth of the global population, has been a leader in promoting and protecting human rights. He added that India’s approach is guided by its cultural ethos, which considers the world as a unified family.

Bagchi pointed out that India’s commitment to this cause was evident in its recent actions, such as aiding its allies and partners globally during the pandemic, providing disaster relief and support during crises in different nations, engaging in development projects worldwide, and its presidency of the G20 last year, during which it advocated for the concerns of the Global South.

Bagchi highlighted India’s role as a voice of reason in a world plagued by conflicts and wars, emphasizing its consistent advocacy for dialogue and diplomacy. He stressed that peace is essential for the most vulnerable to aspire to a better future, where their basic needs are fulfilled, and their human rights are safeguarded. Bagchi expressed India’s support for the renewed emphasis on addressing shared global challenges, including reforming multilateral governance structures such as international financial systems, enhancing technical assistance and capacity building, promoting sustainable development, and prioritising peace.

India is gearing up for the 2024 general elections, likely to take place between April and May. In light of this, Turk emphasised the crucial need, especially before elections, to maintain an open environment that facilitates meaningful participation from all individuals. He also commended the Indian Supreme Court’s recent ruling on campaign finance schemes, which upheld the principles of right to information and transparency.

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nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Why Ed Yardeni recommends investing in India rather than China

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

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Summary

Ed Yardeni, President of Yardeni Research, highlighted the difficulties China faces in reviving its economy amidst a property slump.

Ed Yardeni, President of Yardeni Research, advises investing in India as a better bet than China as it’s tough to boost an economy struggling with a property downturn.

In an interview with CNBC-TV18, Yardeni highlighted the difficulties China faces in reviving its economy amidst the property slump but anticipates further efforts from the Chinese government to stimulate growth.

“We know that from what happened in Japan, we know that from what happened in the US when we had our property depressions. It takes five to seven years to come out of it before the deflationary consequences ease off,” Yardeni noted.

China is set to unveil its growth targets for 2024 and strategies to bolster its slowing economy during its annual political gathering this week.

Also Read | Can India be what China was in the early 2000s? Insights from Manulife’s Rana Gupta

However, Yardeni said, China is an important source of global deflation bringing inflation down. So, people are looking around for economies that are still doing reasonably well and have good futures ahead of them, “and the US stands out, as does India.”

China might need more help to reach its growth goal this year. The Ministry of Finance will release its budget report on Tuesday, showing how much Beijing is willing to do to support the economy.

Also Read | China to unveil GDP target, avoid ‘Bazooka’ stimulus at meeting

China has typically kept its official deficit at or below 3% of GDP to manage its finances and avoid risks. Recently, some economists have suggested raising this limit. Last year, China increased its budget deficit to 3.8% of GDP, which many saw as a positive move.

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

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India expects WTO Ministerial’s outcome document to cut cost of cross-border remittances

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

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Summary

With overwhelming support on the issue of cheaper remittances by LDCs and developing countries, government sources told CNBC-TV18 that India is hopeful of seeing some positive development on the issue in the WTO outcome document.

Remitting money from developed countries to developing and lesser developed countries (LDCs) may get cheaper if the proposal by India and many other developing countries on remittances is accepted at the 13th WTO Ministerial Conference in Abu Dhabi.

With overwhelming support on the issue of cheaper remittances by LDCs and developing countries, government sources told CNBC-TV18 that India is hopeful of seeing some positive development on the issue in the WTO outcome document. The final scheduled day of the WTO Ministerial is on February 29.

In its draft ministerial declaration, India’s submission on cross-border remittances has outlined the socio-economic need for such a move, pointing out that 78% of the total amount in remittances in 2023 went to low and middle-income countries. India’s proposal aims to reduce the cost of remittances from the current 6.18% to less than 3%, in line with the United Nations’ Sustainable Development Goals (SDGs) target.

However, government sources pointed out that the European Union (EU) has given an alternative proposal on financial inclusion, which may dilute any reform in the area of cross-border remittances.

Stating that the EU’s proposal aims to tax remittances to LDCs and developing countries and benefit financial institutions in the developed world, sources added that development-related paragraphs are also being blocked by the EU in the name of non-trade issues like labour laws and women’s participation.

As per a World Bank report, India was the highest recipient of inflows of overseas remittances in 2023 worth $125 billion, with the cost of remittances ranging between $7 billion to $8 billion.

A WTO outcome on the issue can reduce the cost and speed of overseas remittances for all developing and less developed countries. India also feels that it is unlikely that there will be any outcome on any alternative dispute settlement mechanism, as the country blocking proposals to resolve the issue, the United States, is going to polls in November this year.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Lilly could launch obesity drug in India by 2025, says CEO David Ricks

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

 Listen to the Article (6 Minutes)

Summary

India should boost patent protection, get rid of redundant policies and create a social safety net to win more investment from global drugmakers, CEO Ricks said in his keynote address at the BioAsia conference in Telangana.

Eli Lilly expects to launch its obesity drug tirzepatide in India as early as next year, the US drugmaker’s CEO David Ricks told Reuters on Wednesday, February 28.

When asked about potentially partnering with others to bring the drug to the market, Ricks said the US drugmaker was “open to any way to reach more patients as long as it makes sense for the company and we can supply the market.”

The drug is sold under the brand name Mounjaro for diabetes and Zepbound for weight-loss in the United States.

India should boost patent protection, get rid of redundant policies and create a social safety net to win more investment from global drugmakers, Ricks said in his keynote address at the BioAsia conference in Telangana.

Lilly and Danish rival Novo Nordisk make highly effective and popular drugs for diabetes and weight-loss, which belong to a class of treatments known as GLP-1 agonists.

In 2023, a top Novo Nordisk official told Reuters it is targeting to bring its blockbuster weight-loss drug Wegovy in India in 2026.

The global market for these treatments is expected to reach at least $100 billion by the end of the decade, according to analyst estimates.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?