France ready to invest $1bn annually in India: PM

January 25, 2016

Chandigarh, Jan 25: France would immediately start investing $1 billion in India annually which will be scaled up later, Prime Minister Narendra Modi announced after discussions with French President Francois Hollande here on Sunday.

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The two sides also signed 16 MoUs, including one for manufacture of helicopters in India. Hollande, who began his three-day India visit with a stopover at Chandigarh on Sunday, said his country trusts Indian economy moments after Prime Minister Narendra Modi assured foreign businessmen of a stable and predictable tax system in the country.

Modi was addressing business leaders of the two countries in presence of the French president. Describing the India-France relationship as “made for each other”, Modi also sought to allay fears of a return of the much feared retrospective taxation.

“Retrospective tax is a matter of past. That chapter will not be opened again. We are ensuring that neither this government nor the future governments can open this chapter,” Modi said.

He said investors should know about the taxation system in the country over the next 15 years. Earlier, the two leaders, accompanied by a large group of officials and CEOs, took a stroll in the famous Rock Garden.

On his part, Hollande said his visit to India was aimed at consolidating the strategic partnership and implement decisions taken during Modi’s visit to France. He said the agreements signed should be implemented and turned into reality.

The French president said the two countries can work in areas like solar energy, technology transfer, transport, roads, space industry, health, agro, and nuclear energy.

Both the leaders’ comments came during the meeting of Indo-French CEOs Forum and the subsequent India-France Business Summit, jointly organised by the Centre, Confederation of Indian Industries and MEDEF International.

Modi and Hollande outlined the areas where both the countries could work together, including combating terrorism, cyber security, climate change, defence, urban development and renewable energy. They also agreed that terrorism remains a challenge and both need to work together.

On enhancing relationship, Hollande said France would want to share technology with India. “France trusts Indian economy,” Hollande said as he referred to the troubles Chinese economy was facing. The French president also assured cooperation in a variety of fields.

“India has the talent and France has technology,” Modi said as he sought closer economic cooperation between both the countries. Hard-selling India’s potential, he reminded French businessmen that India has skilled manpower, which can be a major source of strength, and using this talent pool can bring down costs.

Trying to alleviate any fears of negative taxation, he said, “I am for stable governance and predictable taxation system.This government is known for stable and predictable tax regime,” he said.

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News Network
April 25,2024

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Electronics Corporation of India Ltd and Bharat Electronics Ltd have refused to disclose the names and contact details of the manufacturers and suppliers of various components of EVMs and VVPATs under the RTI Act citing "commercial confidence", according to RTI responses from the PSUs to an activist.

Activist Venkatesh Nayak had filed two identical Right To Information applications with the ECIL and BEL, seeking the details of the manufacturers and suppliers of various components used in the assembling of the electronic voting machines (EVMs) and voter-verifiable paper audit trail (VVPATs).

The VVPAT is an independent vote verification system which enables electors to see whether their votes have been cast correctly.

The ECIL and the BEL, public sector undertakings under the Ministry of Defence, manufacture EVMs and VVPATs for the Election Commission.

Nayak also sought a copy of the purchase orders for the components from both PSUs.

"Information sought is in commercial confidence. Hence details cannot be provided under Section 8(1)(d) of the RTI Act," BEL said in its response.

A similar response was sent by ECIL which said the details requested are related to a product which is being manufactured by ECIL, and third party in nature.

"Disclosing of details will affect the Competitive position of ECIL. Hence, Exemption is claimed under section 8(1) (d) of RTI ACT, 2005," it said.

In response to the purchase order copies, ECIL's central public information officer said the information is "voluminous" which would disproportionately divert the resources of the Public Authority.

"Further, the information will give away the design details of EVM components. The same may pose a danger to the machines produced. Hence, the exemption is claimed U/s 7(9) and under section 8(1)(d) of RTI Act, 2005," ECIL said.

Section 8(1)(d) of the RTI Act exempts from disclosure the information, including commercial confidence, trade secrets or intellectual property, the disclosure of which would harm the competitive position of a third party, unless the competent authority is satisfied that larger public interest warrants the disclosure of such information.

Section 7(9) of the Act says the information shall ordinarily be provided in the form in which it is sought unless it would disproportionately divert the resources of the public authority or would be detrimental to the safety or preservation of the record in question.

"I don't know whose interests they are trying to protect against the right to know of close to a billion-strong electorate. ECIL said that disclosure of the purchase orders will reveal the design details of the components and this may pose a danger to the machines produced. ECIL did not upload even a signed copy of its reply on the RTI Online Portal," Nayak said.

He said it is reasonable to infer that the two companies are not manufacturing every single item of the EVM-VVPAT combo or else the two companies would have replied that they are manufacturing all these components internally without any outsourcing being involved.

"But the electorate is expected to take everything about the voting machines based on what the ECI is claiming in its manuals and FAQs," Nayak said.

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April 13,2024

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New Delhi: Seventeen Indians are on board an Israeli-linked container ship that has been seized by the Iranian military amid heightened tensions between Iran and Israel.

Official sources said India is in touch with Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure the welfare and early release of the Indian nationals.

The Iranian action came amid increasing fears that Tehran may launch an attack on Israeli soil in retaliation to a strike on the Iranian consulate in Syria 12 days ago.

"We are aware that a cargo ship 'MSC Aries' has been taken control by Iran. We have learnt that there are 17 Indian nationals onboard," said a source.

"We are in touch with the Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure security, welfare and early release of Indian nationals," it said.

Reports said Iran's Islamic Revolutionary Guards seized MSC Aries on Saturday morning when it was sailing through the Strait of Hormuz.

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News Network
April 20,2024

Union Finance Minister Nirmala Sitharaman, on Friday, said that the Bharatiya Janata Party (BJP) plans to reintroduce electoral bonds in some capacity following extensive consultations with all stakeholders, should it come back to power in the 2024 general elections, according to a report in the Hindustan Times (HT).

HT cited Nirmala Sitharam as saying, “We still have to do a lot of consultation with stakeholders and see what is it that we have to do to make or bring in a framework which will be acceptable to all, primarily retain the level of transparency and completely remove the possibility of black money entering into this.”

However, the Centre has not yet decided whether to seek a review of the ruling made by the Supreme Court (SC), she said.

She further added, “What the scheme, which has been just thrown out by the Supreme Court, brought in was transparency. What prevailed earlier was just free-for-all.”

Launched in 2018, electoral bonds were accessible for acquisition at any State Bank of India (SBI) branch. Contributions made through this programme by corporations and even foreign entities via Indian subsidiaries received full tax exemption, while the identities of the donors remained confidential, safeguarded by both the bank and the recipient political parties.

On February 15, a five-judge Constitution Bench struck down the scheme, deeming it ‘unconstitutional’ due to its complete anonymisation of contributions to political parties. Additionally, the Bench stated that the articulated objectives of curbing black money or illegal election financing did not warrant disproportionately infringing upon voters’ right to information.

FM Sitharaman said, some aspects of the scheme need improvement and they will be brought back following consultations.

She also lashed out at the Opposition’s claims that the BJP disregarded criminal charges against leaders who switched from other parties to join the ruling party.

The HT quoted her as saying, “The BJP can’t sit here and say, you come to my party today, and the case will be closed tomorrow. The case has to go through the courts that have to take a call; they will not just say, “Oh, he’s come to your party, close the case.” Doesn’t happen that way. So is this washing machine a term they want to use for the courts?”

She further said that the Union government plans to simplify the process of taxation and make it easy for investments to come through into the country.

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