Sri Lanka has bestowed its highest civilian award, the Mithra Vibhushana, on Prime Minister Narendra Modi in recognition of his role in strengthening ties between the two nations. The award was presented by President Anura Kumara Dissanayake at a ceremony in Colombo. PM Modi expressed gratitude, stating the award honors not just him but also the people of India. The Mithra Vibhushana, instituted in 2008, has previously been awarded to prominent figures such as former Maldivian president Maumoon Abdul Gayoom and the late Palestinian leader Yasser Arafat. India's Foreign Secretary Vikram Misri highlighted the award as a recognition of PM Modi's contribution to strengthening the India-Sri Lanka partnership, particularly during Sri Lanka's economic crisis. The award includes a citation and a silver medal adorned with Sri Lankan gems and symbolic motifs representing shared heritage and prosperity.
The two sides are also likely to firm up a currency swap framework and seal several other agreements including one on debt restructuring following talks between Modi and Sri Lankan President Anura Kumara Disanayaka on April 5, people familiar with the matter said.
The Enforcement Directorate (ED) has alleged that some Congress leaders pressured individuals to donate funds to the Young Indian and Associated Journals Limited (AJL) on instructions from senior party functionaries. The ED's chargesheet in the National Herald case claims that these individuals made payments to the company "under the influence" from senior leaders who promised them "certain favours" in party politics. The chargesheet, filed on April 9 before a local court, names Sonia Gandhi and Rahul Gandhi as accused, along with five others, under the Prevention of Money Laundering Act (PMLA). The agency alleges that these donations were not made voluntarily but in expectation of political benefits. The ED also found that YI and AJL received funds from various entities through "quid pro quo" arrangements, where individuals were asked to make payments for advertisements in the National Herald in exchange for past favours from Congress leaders.
Sticking to fiscal targets in the middle of a global slowdown could be dangerous.
Menon said the current global economic crisis figured prominently during his meetings with officials of the Obama administration and congressional leaders in his trip to Washington.
Prime Minister Dr Manmohan Singh spoke to mediapersons about a number of crucial issues after the G-20 Summit in Pittsburgh. Here is the transcript:
The Bhartiya Janata Party (BJP) pulled up the government for a total policy failure, resulting in grave economic crisis.
The Enforcement Directorate (ED) has filed a chargesheet in the Associated Journals Limited-Young Indian-National Herald money-laundering case, seeking confiscation of assets worth Rs 661 crore and appending statements of Congress leaders Sonia Gandhi and Rahul Gandhi. The agency has accused the Gandhis of orchestrating a conspiracy to illegally obtain the underlying assets of AJL by the beneficial owners of YI (Sonia Gandhi and Rahul Gandhi). Both Sonia Gandhi and Rahul Gandhi have denied any wrongdoing and said the takeover of Associated Journals Limited (AJL) by Young Indian (YI) was not for commercial purposes. The Congress has slammed the chargesheet, alleging that the ED action against its leaders shows panic and moral bankruptcy of the "despotic" government, while the BJP has continued to call out the role of the Gandhi family in the matter.
Prime Minister Narendra Modi is set to visit Sri Lanka, where he will hold talks with President Anura Kumara Dissanayake and strengthen ties through agreements on defence, energy security, and digitalisation. This visit aims to further bolster the already strong relationship between the two nations and is expected to include several outcomes, including a defence cooperation agreement, debt restructuring, and a currency swap. This visit comes at a time when Sri Lanka is recovering from an economic crisis, where India played a significant role in providing financial assistance.
In July, the Pakistan government's debt swelled to USD 2.44 billion, including USD 2.07 billion in non-guaranteed debt owed to China, as per Geo News.
Indian IT companies, which participated in the CeBIT 2009 in Hannover, expressed confidence that innovative skills of the software engineers and IT professionals along with their ability to adapt to the rapidly changing situation in the markets around the world will help cushion the impact of the global economic meltdown on the industry in India.
Prime Minister Manmohan Singh on Thursday partly blamed International Monetary Fund for the current global economic crisis.
Though affected by the current global economic meltdown, India has fared much better than other countries of the world, Minister of State for External Affairs Preneet Kaur said on Friday.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
Anura Kumara Dissanayake was sworn in as Sri Lanka's ninth president on Monday, amid hopes that he will bolster the country's economy and eliminate corruption.
'Granting the country's highest civilian honour to Prime Minister Modi was surprising as it indicated the government was going out of its way to have India as a close partner.'
'For weeks, months and years, it would continue to be debated if India should have pushed the early advantage and decapacitated Pakistan militarily.' 'India refused to bite the provocatively proverbial bullet and escalate it into a full-fledged war,' notes N Sathiya Moorthy.
Prime Minister Narendra Modi's visit to Sri Lanka is expected to yield at least 10 ambitious outcomes, including a defense cooperation agreement and frameworks for deeper engagement in the energy sector. The visit comes at a time when Sri Lanka is recovering from an economic crisis, with India providing significant financial assistance. Modi and Sri Lankan President Anura Kumara Dissanayake will also dedicate several projects built with India's assistance and virtually inaugurate the Sampur solar energy project.
Madrid's Olympic bid team said on Wednesday that Spain's debilitating economic crisis is ending and the country will have no problem covering investments and rallying support at home to host the 2020 games.
With the financial meltdown eating into global economic growth, including India's own, External Affairs Minister Pranab Mukherjee, who also holds the finance portfolio, warned that ignoring rural economy could prove to be disastrous. "Global financial institutions need to put more resources for developing countries in rural economy, build social infrastructure... The government will take further steps to ensure labour-intensive sectors are less adversely affected," he said.
The other dominant fear among the people is the irrational behaviour of people, once the lockdown is lifted.
The US and Europe are at the forefront of trying to resolve the global economic crisis and are making progress towards prosperity again, US Secretary of State Hillary Clinton has said.
"Yes, if the crisis deepens further and there is greater volatility in financial flows, there is an increased risk of this (currency war) happening," Mukherjee said in response to a question.
India has the capacity and the resilience to overcome economic crisis, Finance Minister Pranab Mukherjee said on Tuesday in the Rajya Sabha.
The American economy is resilient and durable enough to withstand the challenge posed by the ongoing economic crisis in China, the White House said while asking Beijing to move towards a transparent economy and a market-based currency system.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
Prime Minister Narendra Modi received a tri-services ceremonial welcome in Colombo, Sri Lanka, marking the first time such an honor has been bestowed upon a foreign leader. The welcome took place at the historic Independence Square, the venue for national day celebrations. Modi's visit comes as Sri Lanka shows signs of recovery from a recent economic crisis, with India playing a significant role in providing assistance. During the visit, both leaders are expected to discuss a range of issues, including defense cooperation, energy, and digital initiatives.
Predicting a gloomy economic future, a top United Nations trade and development agency today said the governments still have a long way to go to tide over the financial crisis.
'It was the hostility of the Yunus regime that made India careful and wary of dealing with them.' 'They gradually backed off and lowered the noise, but the damage was done.' 'Their true colours had been exposed.'
Glimpses from Sri Lanka's presidential election, the first polls since the island's economic crisis, in Colombo and Jaffna, September 21, 2024.
Sri Lankan President Anura Kumara Disanayaka assured Prime Minister Narendra Modi that his country's soil will not be used against India's interests, addressing concerns over China's growing influence in Colombo. The two leaders discussed a range of issues, including a defense cooperation agreement, energy ties, and debt restructuring. They also agreed to initiate a ferry service between Rameshwaram and Talaimannar, and to adopt a "humanitarian approach" to the fishermen issue.
Pakistan plans to procure 40 jets of advanced Chinese stealth fighter J-35, which, if materialised, will mark the first export of China's latest jet. The sale would mark Beijing's first export of fifth-generation jets to a foreign ally and is expected to recalibrate regional dynamics, particularly in relation to Pakistan's rival India. The acquisition of new aircraft was pursued despite the serious economic crisis faced by Pakistan. China has helped Pakistan to jointly develop and operate the J-17 Thunder fighter jet, the mainstay of the PAF. China has delivered four advanced naval frigates to the Pakistan Navy in the last few years to enable it to play a bigger role along with its navy in the Indian Ocean and Arabian Sea.
'This encourages escapism through the politics and economics of nationalism, made worse by tribalism or nativism, the package accompanied inevitably by the erosion of institutional bulwarks and therefore State capture by powerful businessmen,' notes T N Ninan.
'Vajpayee used to consult the Opposition; Indira Gandhi used to consult the Opposition. Which khet ki mooli is Modi?'
Anura Kumara Dissanayake, the leader of the Marxist Janatha Vimukthi Peramuna's (JVP) broader front National People's Power (NPP), on Sunday consolidated his lead in the Sri Lanka's presidential election.
The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s, with over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva made the remarks during her address on 'Confronting the Crisis: Priorities for the Global Economy' in Washington, DC, ahead of next week's annual spring meeting of the International Monetary Fund and the World Bank.
'Mrs Gandhi had nothing to do in the day-to-day working of Dr Singh's government.' 'People say Mrs Gandhi's office used to give orders, which is nonsense.'
Gold medallist Arshaf Nadeem brings Pakistan's first medal home to hero's welcome
A customer wanting to buy a car would have to wait a long time for delivery.
