Daily News - Wednesday, 16 October 2024
Development projects in Sri Lanka more through investments, grants: India (Financial Express)
India has completed 60 grant projects in Sri Lanka and is currently implementing 16 more, emphasizing development through investments and grants rather than debt, according to India’s High Commissioner to Sri Lanka, Santosh Jha. At the 45th National Conference of CA Sri Lanka, Jha reaffirmed India’s support for Sri Lanka’s debt restructuring efforts and its collaboration with the IMF, highlighting the shared geography and history that bind the two nations. He also advocated for a connectivity corridor between India and Sri Lanka to enhance access to global markets and foster regional prosperity.
BEML to make India’s first bullet train (Financial Express)
State-run BEML has secured a contract worth ₹866.87 crore from Integral Coach Factory (ICF) to design, manufacture, and commission two high-speed trainsets, each consisting of eight cars, marking a major milestone in India’s high-speed rail journey. These indigenously designed trainsets, with a test speed of 280 km/h, will be part of the Mumbai-Ahmedabad high-speed rail corridor, initially planned to use Japanese Shinkansen trains but now shifting to domestic manufacturing due to high costs quoted by Japanese firms. BEML operates in various sectors, including defense, aerospace, and rail, with advanced manufacturing facilities across India.
Impact on trade, investment not likely amid row (Business Standard)
The diplomatic tensions between India and Canada are unlikely to significantly impact trade and investment, as bilateral trade only accounts for less than 1% of India’s total trade, with Canada ranking as India’s 33rd largest trading partner. Canadian pension funds are expected to continue investing in India, possibly through other countries like Singapore or the UAE. However, the ongoing diplomatic row may hinder negotiations on a free trade agreement (FTA) and could affect India’s import of pulses, particularly peas and lentils, where Canada has been a major supplier. Despite political friction, the private sector has maintained stable trade relations.
UAE to address India concerns on imports (Business Standard)
The UAE has agreed to review India’s concerns over compliance with rules regarding the import of silver products, platinum alloy, and dry dates, following a surge in imports taking advantage of lower tariffs under the India-UAE trade deal. During a joint committee meeting, Indian officials urged the UAE to ensure that the rules of origin are not being circumvented, particularly for silver products, despite the strict value-addition norms in the agreement. The UAE has committed to examining these issues under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022.
India seals big-ticket deal to procure 31 predator drones from the US (mint)
India has signed a $4 billion deal with the US to procure 31 Predator drones from General Atomics, significantly enhancing its military capabilities along contested borders, particularly with China. This agreement, which includes a logistics support framework in India, was finalized ahead of the US presidential elections and is seen as a major boost to India-US defense ties, following a series of previous pacts. The drones, capable of long endurance and armed with Hellfire missiles, will support the Navy, Air Force, and Army in key surveillance and combat operations.
