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ASEAN Summit: PM Narendra Modi presents India as an attractive investment destination

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ASEAN Summit: PM Modi presents India as an attractive investment destination

[vc_row][vc_column][vc_column_text]Inviting ASEAN countries to ramp up investment in India, Prime Minister Narendra Modi on Monday spoke of the economic reforms undertaken in the country to boost trade and investment.

Earlier in the day, PM Modi met US President Donald Trump on the sidelines of the 31st ASEAN Summit in Manila, Philippines. Trump reportedly congratulated the Indian leader for “a lot of good reports coming out of India”.

Modi arrived in Philippines on Sunday for a three-day visit during which he will also attend the 12th East Asia meet on Tuesday.

Addressing the ASEAN meet, the PM said the task of transforming India is proceeding on an “unprecedented scale”. Speaking at the ASEAN Business Forum in Manila, the Philippines capital, the Prime Minister said most sectors of the Indian economy were opened up for foreign direct investment, adding the country’s economy is now “globally integrated.”

The trade ties between India and ASEAN are on an upswing and both sides want to further boost the trade and investment cooperation.

The ASEAN region, along with India, together comprises a combined population of 1.85 billion people, which is one fourth of the global population and their combined GDP has been estimated at over $3.8 trillion.

Investment from ASEAN to India has been over $70 billion in the last 17 years accounting for more than 17 per cent of India’s total FDI. India’s investment in ASEAN during the same period has been more than $40 billion.

Modi sought to highlight India’s economic reforms to woo investors. “The task of transforming India is proceeding on an unprecedented scale. We are working day and night to ensure good governance which includes easy, effective and transparent governance,” he said, noting that more than 90% FDI sectors are on automatic approval route.

Modi listed major economic reform measures taken by his government, including rolling out of the Goods and Services Tax (GST) and new laws and institutions for bankruptcy and insolvency proceedings. He said 1,200 out-dated laws have been repealed in the last three years as part of reform measures.

“India has climbed 30 places in the World Bank Ease of Doing Business Index this year. It is the biggest jump by any country this year and a recognition of India’s long term reform trajectory. And, the world is taking notice. We have moved up 32 places in the last two years in the Global Competitiveness Index of the World Economic Forum,” said Modi.

He said various reform measures coupled with demonetisation of high-value notes have resulted in formalising a large part of the Indian economy.

On trade with ASEAN countries, Modi said India wants to build land, sea and air connectivity to this dynamic region and that work is already on in the construction of the tri-lateral highway through Myanmar and Thailand to connect to other countries in South East Asia.

“We are working on the early conclusion of the Agreement on Maritime Transport between India and ASEAN and are exploring coastal shipping services with countries that are our immediate maritime neighbours,” he added.

“The ‘Act East’ policy of my government puts this region at the centre of our engagement. We have exceptionally good political and people-to-people relations with each and every country in the ASEAN region,” he said.

Modi said his government wants to make India a global manufacturing hub and at the same time it wants the youths of the country to be job creators and not just job seekers.

The Prime Minister said 36 “white industries” have been taken out from the requirement of environmental clearance. Incorporating a company is now just a one day affair, he said.

The PM also talked about the open auction policy for natural resources including telecom spectrum, coal mines and other minerals and even private radio channels, which he said has together contributed about $75 billion in revenue.

“Using technology, we are enhancing responsibility and reducing discretion and corruption. We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high-value notes, have resulted in formalising a large part of our economy,” he said.

Modi said the number of new tax payers filing income tax returns has more than doubled and that digital transactions have increased by 34% in one year, as “we march towards a less-cash economy.”

“We have used technology to reach out to people. An online citizen engagement platform, MyGov has harnessed ideas, suggestions and inputs on policies and programmes from 2 million pro-active citizens,” he added.

On GST, he said it has done away with a vast range of State-level and Central-level taxes through-out India. “This is no small achievement given the vastness and diversity of our country and the federal nature of our polity,” he added.

Prime Minister Narendra Modi said a “very large part” of India’s population had no access to banking services and launch of the Jan Dhan Yojana resulted opening of 197 million bank accounts in one year, adding till August this year, 290 million such accounts have been opened in Indian banks. He said more than 146 million people are receiving direct cash subsidies through bank accounts on cooking gas alone.

“Today, the government is using Direct Benefit Transfers for 59 different schemes. Subsidies worth nearly $10 billion are being directly transferred to the bank accounts of the intended beneficiaries,” he added.

“For the first time in India, collateral-free loans have been disbursed to more than 90 million small entrepreneurs under the Mudra scheme. Very near to the population of Philippines,” the PM said.

He said India is organising an ASEAN-India Connectivity Summit in New Delhi next month with Ministers, officials and business representatives from all ASEAN countries. India is also organising an ASEAN-India Commemorative Summit of ASEAN leaders in January next year.[/vc_column_text][/vc_column][/vc_row]

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Kremlin denies US media reports on Donald Trump’s phone call with Vladimir Putin

Donald Trump said on the campaign trail that he could end the fighting within hours and has indicated he would talk directly with Russian President Putin.

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Kremlin denies US media reports on Donald Trump’s phone call with Vladimir Putin

The Kremlin today denied a US media report that Russian President Vladimir Putin and US president-elect Donald Trump had spoken on the phone last week about the Ukraine conflict.

Earlier on Sunday, The Washington Post reported that Donald Trump spoke to Vladimir Pution on call, urging him not to inflame the conflict. Speaking on the matter, Kremlin spokesman Dmitry Peskov told the media that the report was completely false information, and denied any phone call took place.

It was reported that US President-elect Donald Trump has spoken to Russian President Vladimir Putin and urged him not to escalate the war in Ukraine. It said that Donald Trump held the call from his Mar-a-Lago estate in Florida on Thursday, just days after his stunning election victory over Democratic rival Kamala Harris. The report also mentioned that both the leaders expressed an interest in further conversations to discuss the resolution of Ukraine’s war soon.

Notably, Donald Trump said on the campaign trail that he could end the fighting within hours and has indicated he would talk directly with Russian President Putin. However, the US President elect has not said how he intends to strike a peace deal or what terms he is proposing.

Donald Trump’s election is seen as carrying the potential to upend the almost three-year Ukraine conflict, as he insists on a quick end to the fighting and casts doubt on Washington’s multi-billion dollar support for Kyiv.

Meanwhile, Ukrainian President Volodymyr Zelensky spoke with Trump on Wednesday, with the Republican’s billionaire backer Elon Musk also notably joining them on the call. Volodymyr Zelensky described the call as excellent, adding that he and Trump had agreed to maintain close dialogue and advance our cooperation.

Additionally, the outgoing Democratic administration of President Joe Biden has confirmed that it will send as much aid as possible to Ukraine before Trump’s inauguration on January 20.

Joe Biden’s National Security Advisor Jake Sullivan said the White House aims to put Ukraine in the strongest possible position on the battlefield so that it is ultimately in the strongest possible position at the negotiating table.

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India calls out Canada’s move to ban Australia Today for airing S Jaishankar’s press conference

The MEA said that these actions yet again highlight the hypocrisy of Canada towards freedom of speech.

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India calls out Canada’s move to ban Australia Today for airing S Jaishankar's press conference

A few hours after Australia Today aired External Affairs Minister S Jaishankar’s press conference in Australia, Canada banned the outlet. The External Affairs Minister gave remarks on the India-Canada diplomatic standoff. 

Reacting to this, India on Thursday said it was surprised by Canada’s move to ban the outlet and emphasized that it highlighted Ottawa’s hypocrisy towards freedom of speech. Australia Today, which is an important outlet for the Indian community in the country, had aired the joint press conference of S Jaishankar and his Australian counterpart Penny Wong in Canberra.

In a weekly media briefing, MEA spokesperson Randhir Jaiswal said that they understand that the social media handles, pages of this particular outlet, which is an important diaspora outlet, have been blocked and are not available for viewers in Canada. He continued that this happened just an hour or a few hours after this particular handle carried the press conference of S Jaishankar with Penny Wong. He called out the incident, mentioning that they are surprised, and the matter looks strange to them.

He further underlined that these are the actions which yet again highlight the hypocrisy of Canada towards freedom of speech. He noted that the External Affairs Minister spoke about three things: Canada making allegations and a pattern had developed without any specific evidence, surveillance of Indian diplomats in Canada, which he termed as unacceptable, and  the political space which has been given in Canada to anti-India elements. 

With this one can draw conclusions, why Australia Today channel was blocked by Canada, the spokesperson said. Australia Today focuses on news and analytical pieces related to the Indian community in Australia and elsewhere across the world.

This incident follows days after devotees were attacked by pro-Khalistani at a Hindu temple in Canada’s Brampton, with S Jaishankar calling it deeply concerning. Furthermore, Prime Minister Narendra Modi also condemned the attack and said that there were cowardly attempts to intimidate Indian diplomats.

The diplomatic standoff between India and Canada began in September last year when Canadian Prime Minister Justin Trudeau alleged that Indian government agents might have been involved in the killing of Khalistani terrorist Hardeep Singh Nijjar, a claim outrightly rejected by New Delhi.

Later in October 2024, ties between both the countries nosedived when Canada termed the Indian High Commissioner a person of interest in its investigation into Nijjar’s murder. Issuing a strongly worded statement, India dismissed the fresh charge and recalled the envoy and some diplomats, while expelling six Canadian officials, including Canada’s acting High Commissioner.

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PM Modi congratulates Donald Trump on winning US President election

The Prime Minister urged Trump to work for the betterment of the people and to promote global peace, stability and prosperity.

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Prime Minister Narendra Modi on Wednesday congratulated Donald Trump on winning the 2024 US Presidential election and said he is looking forward to renewing their collaboration to further strengthen the India-US partnership.

The Prime Minister urged Trump to work for the betterment of the people and to promote global peace, stability and prosperity.

“Heartiest congratulations my friend @realDonaldTrump on your historic election victory. As you build on the successes of your previous term, I look forward to renewing our collaboration to further strengthen the India-US Comprehensive Global and Strategic Partnership. Together, let’s work for the betterment of our people and to promote global peace, stability and prosperity,” PM Modi posted on his X handle.

With the results being announced for the 2024 US election on November 6, Trump became the 47th President of the United States.

Former US President Trump appeared to be on track for a remarkable political comeback in the White House race. Projections suggested that he was poised to secure the necessary 270 electoral college votes, effectively blocking Democratic candidate Kamala Harris from winning the election.

The relationship between Trump and Modi has been characterised by robust diplomatic ties, strategic collaboration, and a noticeable personal rapport. Their friendship was prominently displayed during major events such as “Howdy, Modi” in Houston in 2019 and “Namaste Trump” in Ahmedabad in 2020, where they addressed large audiences and expressed their mutual respect.

On a strategic level, Trump and Modi found common ground in matters of defense and security, both adopting a strong stance against terrorism, which reinforced their alliance, particularly concerning threats from Pakistan.

As he approaches a notable victory in the US election, Republican Presidential candidate Trump expressed gratitude to his supporters today, calling it a magnificent victory for the American people. He also referenced the assassination attempt on July 13, stating, “God spared my life for a reason.”

The 78-year-old candidate is currently projected to secure 267 electoral college votes, just three shy of the decisive 270, while his opponent, incumbent Vice President Kamala Harris, holds 224 electoral votes.

Trump described the Republican campaign as the greatest political movement of all time, asserting, “We are going to help our country heal, secure our borders, and we made history for a reason tonight. This is an incredible political victory. I want to thank the American people. I will fight for you and your family with every breath I have.”

He noted that Democrats are now looking at a projected total of 315 electoral votes.

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