Urjit Patel takes charge as RBI governor

Sep 5, 2016 0

Mumbai– Urjit Patel has taken charge as Governor of the Reserve Bank of India (RBI), an official statement said here on Monday.

“Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India, effective September 4, 2016 after serving as Deputy Governor since January 2013,” the RBI statement said.

Urjit Patel

Urjit Patel

Patel, who has been given a three-year term, succeeds Raghuram Rajan, whose three-year term ended on Sunday.

The handover ceremony is scheduled for Tuesday, as Monday is a holiday here owing to the Ganesh Chaturti festival.

At an event here last week, Rajan, who did not seek an extension because he is returning to a career in academics, said he was confident that Patel would carry forward the work they began together on inflation-control.

“I am confident that Urjit Patel, who has worked closely with me on monetary policy for the last three years, will ably guide the Monetary Policy Committee going forward in achieving our inflation objectives,” Rajan said at a Forex Dealers Association of India event.

The outgoing governor said that even though inflation has surpassed the 6 per cent mark as against the RBI target of getting it down to 5 per cent by March 2017, inflation will ease in the coming months.

The government has mandated that RBI keeps annual retail inflation down to a level of 4 per cent, plus or minus 2 percentage points.

The elevation of Urjit Patel as governor has naturally raised expectation among those who were critical of Rajan for not easing enough the monetary policy by cutting rates.

It is relevant in this context to examine the backdrop to Rajan holding the RBI’s repo, or short-term lending rate, at 6.5 per cent in his last monetary policy review in August.

Since January 2015, Rajan had cut lending rates by 150 basis points (bps) but banks have only cut their interest rates by about half of that. To nudge banks to transfer the benefit of rate cuts, Rajan even announced a shift to the marginal cost of lending (MCLR) regime.

However, three months after the MCLR was launched on April 1 this year, banks have hardly cut their lending rates.

From the state-run banks’ point of view, their accumulation of massive non-performing assets (NPAs), or bad loans, that is impacting profitability, is keeping them from cutting rates.

State-run banks suffered a cumulative loss of Rs 17,995 crore in 2015-16 due to mounting bad loans. In the same period, provisions went up went up 87 per cent to Rs 1.80 lakh crore as gross NPAs touched Rs 6 lakh crore.

When talking about this challenge for Urjit Patel as the RBI Governor, it should also be kept in mind that his moorings are as monetarist as the outgoing Governor, and he is considered to attach the same importance to inflation control as Rajan.

His views on monetary policy were expressed at the time Rajan held rates in the February 2015 review after making an unexpected rate cut the previous month — the first in nearly two years.

Patel at the time elaborated on the “important backdrop” to Rajan’s move to hold rates.

“We are in the midst of the age of competitive depreciation and of a beggar-my-neighbour philosophy. It brings to mind an old African saying that when elephants fight, the grass suffers,” Patel said at the press conference to announce the policy review, on the trend of accommodative monetary policies being adopted by developed economies.

“While the ECB (European Central Bank) and the Bank of Japan are printing money and devaluing their currencies on one hand, the US economy is reviving on the other. Anyone in the middle is getting crushed,” he added.

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Tata Sons appeals against London court order to pay $1.17 billion

Sep 5, 2016 0

New Delhi– Tata Sons, the holding arm of India’s largest business conglomerate, here on Monday said it has filed an application in the London Commercial Court seeking setting aside of its order to pay $1.17 billion to the Japanese telecom major NTT DoCoMo towards alleged breach of agreement by a group company.

“Tata Sons has on Monday filed an application to set aside the order obtained by NTT DoCoMo from London’s Commercial Court,” the company said in a statement.

NTT DoCoMo, a part of Japan’s Nippon Telegraph and Telephone Corp, had filed a plea last year at the London Court of International Arbitration against the Tatas, seeking damages for Tata Sons’ failure to find a buyer for DoCoMo’s stake in Tata Teleservices. After getting an award in its favour, it had moved the commercial court for its compliance.

Ratan Tata

Ratan Tata

DoCoMo had decided to opt out of Tata Teleservices by selling its entire stake of a little over 26 per cent. The stake had been acquired for $2.7 billion. DoCoMo said it had asked the Tatas to find a buyer at half that price, or $1.17 billion, or a higher fair-market value.

DoCoMo had dragged Tata Sons in international arbitration following the failure of repeated negotiations with Tata Sons regarding the sale of its entire stake.

Tata Sons said it deposited $1.17 billion with the Delhi High Court registrar on July 30, but also that a new Reserve Bank of India (RBI) letter debunked the validation of the arbitration award in this particular transaction.

“Tata Sons’ position is that it is not permitted to pay the sum claimed by DoCoMo since regulatory approval by RBI, which is necessary, has been denied. Enforcement of the award would be unlawful under applicable Indian law and contrary to public policy,” the statement said.

DoCoMo had however said that the only excuse for non-payment of the award which is alleged by Tata is the RBI decision which was based on a mischaracterised application unilaterally made by Tata without first consulting them.

“By definition that decision only relates to payment of hard currency out of India. It cannot be used to block payment from funds or assets outside India nor can it prevent enforcement against such assets of Tata outside India. DoCoMo does not think that Tata Sons has in truth shown its willingness to make the payment,” DoCOMo added.

Tata Sons’ meanwhile maintained that its objections to DoCoMo’s petition and whether the award can now be enforced, are all matters to be determined by the High Court in Delhi, it said.

“The company has been disappointed with the lack of co-operation from DoCoMo in arriving at an amicable resolution. DoCoMo is unfortunately confusing Tata Sons’ intent to pay with what is legally payable by the company. Tata Sons’ intent is to pay but within the confines of the law,” it said.

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$5 billion Railway of India Development Fund to be launched: Minister

Sep 4, 2016 0

Mumbai– The Indian Railways is preparing to wrap up the proposal for creating a $5 billion Railway of India Development Fund to finance various rail-infra projects in the country, Railway Minister Suresh Prabhu announced here on Saturday.

The RIDF, to be supported by the World Bank, will have 20 percent funding from the Finance Ministry and the rest will come from pension and sovereign funds.

Suresh Prabhu

Suresh Prabhu

“The World Bank has agreed to anchor RIDF with a corpus of $5 billion over seven years. The Indian Railways will be the best destination for pension funds and sovereign funds. They are quite keen as there is permanent revenue.

“There were some hurdles needed to be cleared for the RIDF before it is sent for cabinet clearance. We are almost through with the structuring of the fund and hope to take to the cabinet soon,” Prabhu said in his address at an international conference on “Indian Railways – A Trillion Dollar Opportunity” at the Indian Merchants Chamber here.

Discussing some key projects, the minister said that nearly Rs 8.56 trillion would be spent on creating infrastructure through various funding sources.

“Projects capable of repaying debts will be financed on the PPP model. The Japan International Coperation Agency (JICA) will provide a loan at 0.1 percent for 50 years and 15 years moratorium for the Rs 100,000 crore Mumbai-Ahmedabad Bullet Train, to be implemented between 2017-2023,” he said.

He said that due to lack of sufficient capital, the government couldn’t take up expansion of infrastructure and augment capacity for a long time, but now various initiatives are being taken to raise funds through core revenue streams and non-fare incomes.

For instance, insurance major LIC last year agreed to invest Rs 1.5 trillion in various commercially viable projects for which it has already pumped in Rs 10,000 crore so far, he said.

Prabhu reiterated that Prime Minister Narendra Modi’s priority was to transform the railways, which was one of the most important infrastructure entities of the country.

There are joint ventures with various state governments to explore new, commercially viable projects, developing stations and its infrastructure on commercial basis with transparency, safety and human resource functionalities, he added.

Others who spoke included Executive Director, Railway Board Namita Mehrotra, NITI Ayog Member Bibek Debroy and HDFC Ltd Chairman Deepak Parekh.

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India attaches absconder Mallya assets worth Rs. 4,234 crores

Sep 3, 2016 0

Mumbai– Spelling fresh trouble for absconding liquor baron Vijay Mallya, the Enforcement Directorate (ED) of India on Saturday attached his assets in Maharashtra and Karnataka and bank deposits and company shares worth Rs 4,234.84 crore as part of its ongoing probe following a complaint by State Bank Of India (SBI) in connection with a loan default.

The properties attached include Mally’s Mandwa farm house in Mumbai’s Alibag (Rs 25 crore), flats in Kingfisher Tower in Bengaluru (Rs 565 crore), his fixed deposits with HDFC bank (Rs 10 crore), shares of USL, UBL and MacDowell Holding Co. held by him and United Breweries Holding Limited (UBHL) and his controlled entities (Rs 3,635 crore).

Vijay Mallya

Vijay Mallya

“The present market value of the attached properties is Rs 6,630 crore approximately. So far, ED Mumbai has attached properties of Mallya and his companies having market value more than Rs. 8,000 crore,” said an ED official.

This is the first major action against Mallya, 61, after he was declared a “proclaimed absconder” under Section 82 of the CrPC, by Special Judge P.R. Bhavke of the Special Court of Prevention of Money Laundering Act (PMLA) on June 14.

Mallya was required to appear in person before the Special Court within 30 days after he was declared ‘proclaimed absconder’, failing which the government could initiate attachment and disposal of his assets to recover the dues, an official said.

The official said the ED is investigating the same case in which the Central Bureau of Investigation (CBI) on August 13 had registered a case against Mallya, his defunct Kingfisher Airlines, UBHL and others after State Bank of India approached the agency with a complaint on behalf of a consortium of 17 banks for causing them loss of Rs 6,027 crore.

The ED Mumbai branch registered a fresh case against Mallya, Kingfisher Airlines, UBHL and others under Prevention of Money Laundering Act (PMLA) 2002.

Earlier, ED registered a money laundering case against Mallya and Kingfisher Airlines and its CFO in January 2016 in the matter of IDBI bank loan of Rs 750 crore.

As per the First Information Report (FIR), Mallya and UBHL executed a personal guarantee and a corporate guarantee at the time of obtaining loans from the banks in addition to the collateral securities of Kingfisher Airlines and its assets.

“On the request of Mallya, Kingfisher Airlines and UBHL, their loans were recasted in December 2010 and total outstanding were settled as Rs 5,575.72 crore subject to regular debt serving and adherence to agreed repayment schedules,” the official said.

However, the official said, the accused failed to pay as per recast agreement and even did not honour the guarantees executed by them.

“Instead of it, the accused filed court case against banks that the said guarantees were taken from them under coercion or by force. Hence the consortium resorted to file complaint with CBI,” the official said.

The ED investigation so far revealed that huge funds (more than Rs 3,500 crore) out of these loans were remitted outside India on pretext of payments of lease rentals or repair and maintenance but they failed to provide proper lease agreements and many irregularities in such payments were observed.

In the investigation, the ED also found that Mallya created a complex web of shell or investment companies in the name of his family members and employees with dummy directors.

“These companies though do not have any business activities and no independent source of income but hold substantial movable and immovable properties,” the official said.

Mallya, while submitting a statement of his personal assets to the consortium of banks, has not disclosed his full properties in India and overseas as well as his interests in these companies being controlled directly or indirectly by him, the official said.

“There were substantial movable properties in the form of shares of various public limited companies held in the name of Mallya and UBHL, who have given personal and corporate guarantee, respectively.”

The official said that a huge number of shares were also being held in the name of various other group companies controlled directly or indirectly by Mallya. “Even though sufficient funds were available with the accused, they had no intention to make payment towards the bank loans.

“They deliberately kept the huge number of shares approximately worth Rs 3,600 crore pledged with UTI Investment Advisory Services Ltd and Other financial institutions without substantial underlying liabilities and thus kept the consortium of banks in dark,” the official said.

He said that Mallya criminally conspired with Kingfisher Airlines and UBHL to obtain funds through a consortium of banks, and out of which principal amount of Rs 4,930.34 crore still remains unpaid.

Mallya flew to London on March 2 this year just days before a consortium of lenders knocked on the Supreme Court’s doors to recover Rs 9,431.65 crore in loan and interest. (IANS)

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Indian films can potentially reach $150 million mark: Director Jayaraj

Sep 2, 2016 0

By Sandeep Sharma

New Delhi– Returning to the silver screen with the fifth installment of his popular “Veeram” Navarasa series, Jayaraj does not feel the box-office pressure of directing “the most expensive film ever made in Malayalam”.

The National Award-winner says he is happy taking the risk as Indian films have the “unexplored” potential of reaching the Rs 1,000 crore ($150 million) mark.

Made for around Rs 20 crore, “Veeram” features actor Kunal Kapoor as Chandu Chekavar, an infamous warrior in 13th century North Malabar. The film is an adaptation of William Shakespeare’s “Macbeth”.

Director Jayaraj

Director Jayaraj

In a tete-a-tete with IANS, Jayaraj, who has directed internationally-acclaimed films like “Desadanam”, “Shantham”, “Karunam” and “Daivanamathil”, said that “there is a huge potential in Indian film market, which is still unexplored”, that’s why films get surprising responses at the box-office.

“When a film crossed the Rs 100 crore-mark at the box-office for the first time, it was surprising for the Indian film industry. Now film are collecting more than Rs 400 crore in the domestic market itself.

“I feel that there is potential of Rs 1,000 crore in the Indian film industry. There is no question of a language barrier — like whether the film is released in Hindi, Tamil or Malayalam, but what matters is that the film should have a feeling of universality. Then it will run like anything,” Jayaraj, who has been a part of the entertainment industry for over 25 years now, said.

To achieve the Rs 1,000 crore mark, Jayaraj feels filmmakers should spend more money on the technical aspects rather than roping in big names.

“In our industry, if there is something we need to rectify, that is perfection of technicality in films. We need to spend more money in that. That’s what I have done in ‘Veeram’. We have hired star technicians from around in the world for this film because they can create wonders,” said the 56-year-old.

“The intention of a director should be to capture on camera a writer’s thoughts and create visuals out of it. I have made a lot of films with low budgets before. The budget of a film should be determined by its subject and not its stars,” he maintained.

“Veeram” — Jayaraj’s fifth in his Navarasa series after “Karunam”, “Shantham”, “Bheebhatsa” and “Adbutham” — has been shot in the scenic locales of the Ellora caves in Aurangabad, Fatehpur Sikri in Agra and in a few areas in Kerala.

The director describes it as his “dream project”.

“I was planning to make this film since the last three to four years. I found a lot of similarity between Chandu Chekaver — a warrior mentioned in the folk songs of Northern Kerala called Vadakkan Pattukal (ballads of North Malabar) — and Macbeth. ‘Veeram’ is a combination of both,” he said.

“As we are releasing it in three different languages — Malayalam, Hindi and English — we can afford only that much budget for the film,” he added.

Action choreographer Allan Poppleton, who has worked on Hollywood films like “300” and “Avatar”, has been roped in to take care of the action sequences. Oscar-winning make-up artist Trefor Proud has also been brought on board.

“Instead of going behind the actors, I have given importance to the technicians. So I approached a lot of Hollywood technicians for this film.

“The stunts in the film will take viewers way back to the origin of martial arts. Almost all the actors in the film are newcomers. They practiced the special type of martial arts for six to eight months,” Jayaraj said.

The makers of “Veeram”, which also stars Himarsha Venkatsamy, are planning to release the film in October or November.

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Declare black money by September 30 or face action: Modi

Sep 2, 2016 0

New Delhi– Prime Minister Narendra Modi has warned those with black money to declare it before the given deadline of September 30, adding that stern action might be taken after that.

Indian Prime Minister Mody

Indian Prime Minister Mody

“The first decision my government took was to make a SIT (Special Investigation Team) on black money. It is working and the Supreme Court is monitoring it. We have also made laws so that no one dares to send black money abroad from India. So more black money will not be generated,” Modi said in an interview to Network 18.

“For black money at home, we have changed the law, and there is a scheme till September 30 for anyone who wants to join to mainstream. If you made a mistake knowingly or unknowingly (by keeping black money), come to the mainstream now, I have given a way… If I take stern steps after the 30th, no one can blame me,” he said.

The Income Declaration Scheme (IDS) which opened on June 1 gives a chance to black money holders to come clean by declaring the assets by September 30 and paying tax and penalty of 45 percent on it.

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Kerry highlights India as strategic partner of US

Aug 31, 2016 0

New Delhi–India is a key strategic partner of the US with the war against terror and stability of the Indian Ocean Region in focus, US Secretary of State John Kerry said on Wednesday as he interacted with students at the premier Indian Institute of Technology here.

Kerry, who reached Delhi on Monday evening, faced Delhi’s rain woes for the second time, as his motorcade had to negotiate a waterlogged road right in front of the institute.

John Kerry

John Kerry

He, however, chose to joke about it and asked the audience in the almost packed IIT hall if they had come by boats.

“I don’t know if you came in boats or amphibious vehicles of some kind,” Kerry asked, provoking laughter.

His programme to visit a few holy places in the national capital was, meanwhile, cancelled even as the American Embassy preferred to say it was “postponed” because of the torrential rain.

In a lighter vein again, Kerry also said that the Computer Science programme at the IIT was so competitive that those rejected here were taken by institutes like MIT.

At the same time, he chose the platform to send out a strong message to China asking it to abide by an international tribunal’s decision on claims to some reefs and atolls in the South China Sea, citing India as an example.

“India’s decision to accept an international tribunal’s judgement over its maritime border with Bangladesh actually stands apart from other choices made by other countries,” Kerry said.

“It is a model how a potentially dangerous dispute can be resolved peacefully, including the South China Sea where the US continues to call on China and the Philippines to abide by the tribunal’s recent decision which is final and legally binding on both parties,” Kerry added.

Beijing has rejected the decision by The Hague-based Permanent Court of Arbitration over strategic reefs and atolls in the South China Sea. The judgment was in favour of the Philippines.

He also mentioned Pakistan and stressed it needs to work more against the terror network there.

“I have had many conversations with the Pakistan President, Prime Minister, particularly Prime Minister (Nawaz Sharif), about how to focus on sanctuaries in the western part of the country, how to deal with the Haqqani network, deal with Lashkar-e-Taiba,” Kerry said.

“It is clear that Pakistan has work to do in order to push harder against its indigenous groups that are engaged in extremist terrorist activities….

“And it must work with us to help clear sanctuaries that are affecting relationship between Pakistan and India and also our ability to achieve peace and stability in Afghanistan,” said Kerry.

He emphasised that India has a larger role in resolving global conflicts.

“Rising India will play a very critical role in resolving global challenges,” Kerry said adding that the challenges included extremism, terrorism, extreme poverty, uneven and unsustainable growth, among others.

In his around 40-minute-long speech, which was followed by a 30-minute-long question-and-answer session, Kerry also welcomed the passage of the bill on Goods and Services Tax and bankruptcy law in Parliament.

Touching upon the issue of climate change, Kerry emphasised that India is the only country which is going to increase the use of coal instead of decreasing it, though he added that the Indian government is making efforts to change this.

“The choices we make in our energy policy will decide whether our planet survives or not,” Kerry said.

He pointed out how the last decade has been the hottest, the previous one the second hottest and so on.

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Uber co-founder invests in Ravi Ika’s health care startup RxAdvance

Aug 31, 2016 0

SOUTHBOROUGH, MA— RxAdvance, a pharmacy benefits management company, announced that Uber co-founder Oscar Salazar, and Walter Jin, founder of Carlyle Healthcare Group, have invested in Series-A funding round and join the RxAdvance board. The company did not disclose the amount.

Southborough, MA-based RxAdvance was founded by Ravi  Ika, who serves as the company’s President and the Chief Executive Officer. In addition Ika, there are several  Indian-Americans in the top executive positions at the company. They include Anand Tati, Chief Operating Officer;  Prakash Tallabattula, Executive Vice President and Chief Technology Officer; Madu Narahari, Executive Vice President, Implementations;  and Bijendra Malik, Executive Vice President and Chief Security Officer.

Left to right: Ika, Sculley and Kota

Left to right: Ika, Sculley and Kota

Indian-American entrepreneur Subu Kota, president of the Boston Group USA, serves on the board of RxAdvance. Other Indian-American board members include Devaiah Pagidipati and Krishna Ika.

“It is a game-changer for RxAdvance with Uber c0-founder Oscar Salazar joining our team,” Kota told IndUS Business Journal.

“We are honored to have two of the leading minds in disruptive technology and business as our investment partners and board members. We at RxAdvance feel that their high-tech experience and guidance will help to transform the $770 billion PBM and associated avoidable drug-impacted medical spend that is long overdue for innovation,” Ika said in a statement.

Jin was the co-founder of The Healthcare Group at The Carlyle Group. Jin currently serves as the Executive Chairman of Pager and has over 20 years of investment and operational experience in the healthcare sector. He is the co-founder of Three Fields Capital and Pacific Healthcare Management, which manage a portfolio of private equity and venture capital healthcare investments. He is a graduate of Harvard University and currently serves as an Executive in Residence at Johns Hopkins Medicine and an Innovation Fellows Technical Advisor to the U.S. Department of Health and Human Services.

“Our goal is to leverage disruptive technology and world-class design to reinvent healthcare and deliver cost savings and efficiencies,” said Salazar and Jin. “We are proud to join the RxAdvance board, as its accountable drug benefit management practice and risk-sharing business models are timely in this antiquated industry and are perfectly aligned with the healthcare investments in which we are involved.”

“In the recent years, several successful Silicon Valley entrepreneurs and blue chip companies have entered the healthcare vertical to disrupt and transform, in vain. This lack of success can be attributed to the absence of substantial business and revenue models, disruptive service offerings, and a proven track record in the complex healthcare eco-system,” says John Sculley, former Apple CEO and Vice Chairman of RxAdvance. “What impressed me about Ravi and his team at RxAdvance is that they have all the essential components for success – a widely proven and successful revenue model, a solid platform and innovative thinking, a proven track record, and deep healthcare domain expertise capable of disrupting traditional paradigms throughout the care continuum. Through its innovative Collaborative PBM Cloud.”

He said RxAdvance is challenging large incumbent PBMs by disrupting their decades-old business and revenue models, and their risk-sharing models are unheard of in the PBM market.

“I believe this model will pave the path for new entrants from Silicon Valley. Oscar and Walter’s participation is a great testament to the proven model established by RxAdvance,” said Sculley.

RxAdvance is a national full-service pharmacy benefit manager that leverages Collaborative PBM Cloud™ to deliver integrated PBM services that reduce overall pharmacy costs, optimize specialty spend by converting from “buy and bill” to “manage and authorize”, and reduce avoidable drug-impacted medical costs while improving patient’s quality of life with unmatched regulatory compliance and transparency. In addition, RxAdvance offers a global pharmacy risk partnership model standing shoulder-to-shoulder with plan sponsors.

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India approves permanent residency status for foreign investors

Aug 31, 2016 0

New Delhi– In an attempt to encourage foreign investments in India, the central government on Wednesday approved a scheme to grant permanent residency status (PRS) to foreign investors for 10 years subject to conditions specified in the foreign direct investment (FDI) policy.

The Union Cabinet approved the scheme at a meeting chaired by Prime Minister Narendra Modi here.

Indian Prime Minister Mody

Indian Prime Minister Mody

According to a government statement, suitable provisions will be incorporated in the visa manual to provide for the grant of PRS to foreign investors.

The PRS will be granted for a period of 10 years with multiple entry. This can be renewed for 10 more years if the PRS holder has not come to adverse notice.

The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents.

In order to avail this scheme, the foreign investor will have to invest a minimum of Rs 10 crore to be brought within 18 months or Rs 25 crore to be brought within 36 months.

Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.

The PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements.

The PRS holders will be allowed to purchase one residential property for dwelling purpose.

The spouse/dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India. (IANS)

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Sushma meets John Kerry for annual dialogue

Aug 30, 2016 0

New Delhi– External Affairs Minister Sushma Swaraj on Tuesday met US Secretary of State John Kerry here ahead of the India-US Strategic and Commercial Dialogue.

“Building convergences with the United States. EAM receives @JohnKerry for 2nd Strategic & Commercial Dialogue,” External Affairs Ministry spokesperson Vikas Swarup tweeted.

kerry-sushmaSushma Swaraj and Kerry will lead their respective sides at the Dialogue to review the progress on decisions taken last time and identify new areas of cooperation.

India and the US earlier on Tuesday began the economic phase of their Strategic and Commercial Dialogue, with Commerce Minister Nirmala Sitharaman asking America Inc to join the country’s ‘Make in India’ initiative.

Sitharaman first met co-chair and US Secretary of Commerce Penny Pritzker, following which they presided over the India-US CEO Forum, that has Tata Sons Chairman Cyrus Mistry and Honeywell Chairman Dave Cote as the co-hosts.

Prime Minister Narendra Modi and US President Barack Obama had decided in 2015 to elevate the then India-US engagement into a Strategic and Commercial Dialogue, reflecting the significance of the trade and economic ties between the two sides. (IANS)

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