Policy making our "sovereign" right, Sharma tells Obama

July 16, 2012

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New Delhi, July 16: Asserting that policy decision is "sovereign" right of the country, Commerce and Industry Minister Anand Sharma today said the Barack Obama administration should itself lead the fight against protectionism and trade barriers.

In his reaction to the US President's remarks that India must carry out difficult economic reforms, Sharma said," "he (Obama) has every right to convey what his perceptions are but the policy making is a sovereign decision and India's FDI policy regime is investor-friendly".

Obamba in an interview to PTI noted that India prohibits foreign investment in too many sectors such as retail and endorsed another wave of economic reforms.

"It is still too hard to invest in India. In too many sectors, such as retail, India limits or prohibits the foreign investment...which is necessary for India to continue to grow," Obama has said.

Citing different reports, Sharma said India remains one of the attractive destinations for foreign direct investment as most of the sectors are open for FDI.

"...by all indications it is the regime, the climate that we have created in India through various policy measures, reforms, simplification, rationalisation. We have followed a calibrated approach in following the path of economic reforms," he told reporters here.

Besides, several Indian companies have made big investments abroad including in the US creating over half a million jobs in America at a time of job losses there.

"We would rather urge the US to demonstrate leadership in bringing down barriers, encouraging capital flows and trade in the world which is good for every economy. The US should be leading the fight against protectionism and taking forward the stalled Doha Development Round of the WTO to a meaningful conclusion," he added.

Indian industry and the government has been protesting against several protectionist measures in the US including hike in visa fee which has affected India's software companies like Infosys and TCS.

Sharma said when it comes to taking more decision,"the Prime Minister has said and I am also saying that we are committed to continue following our roadmap of economic reforms...we have an abiding commitment to reforms. We remain an attractive destination and we will continue to be".

However, the government takes decision after an "inclusive" process of consultations, he said.

"We have taken note of his (Obama) observations. There is always a difference between perception and reality," he said.

Economic Affairs Secretary in the Finance Ministry R Gopalan said the government, "in its wisdom will take appropriate decision at right time".

The government has been facing a criticism from a section of the industry and overseas investors for being slow in reforms, particularly with regard to allowing FDI in multi-brand retail. Facing opposition from its key ally, Trinamool Congress, it could not implement the Cabinet decision of November 2011 to allow 51 per cent FDI in multi-brand retail.

Sharma said that UNCTAD in its report has ranked India as the third important destination to attract FDI.

"JBIC (Japan Bank for International Cooperation) has also placed India at number two, and in the long term they have put India on number one. E&Y has said that over four-fifth of FDI in South Asia has come into India," he said.

He also said that Obama has paid rich tributes to India and its people.

"He (Obama) has talked about about Indian innovation being engine of the global economy. He has said that despite the global gloom, Indian economy has shown a very impressive growth," he said.

On a perception that India is not attracting FDI, he said: "last year we have received FDI in excess of USD 50 billion. Why this perception, I fail to understand...I think there is something wrong in perception, the facts speak otherwise".


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News Network
March 27,2024

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The Enforcement Directorate has filed a money laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan, her IT company and some others to probe a case of alleged illegal payments made by a private mineral firm to her and the company, official sources said Wednesday.

The agency has registered a case under the Prevention of Money Laundering Act (PMLA) and is expected to summon the people involved, the sources said.

The ED case has been booked after taking cognisance of a complaint filed by the Serious Fraud Investigation Office (SFIO), an investigative arm of the Union corporate affairs ministry, they said.

The case stems from an Income Tax Department investigation that alleged that a private company called Cochin Minerals And Rutile Ltd (CMRL), made an illegal payment of Rs 1.72 crore to Veena's company-- Exalogic Solutions-- during 2018 to 2019, even though the IT firm had not provided any service to the company.

The Karnataka High Court had last month dismissed a plea filed by Exalogic Solutions against the probe initiated by the SFIO.

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News Network
March 21,2024

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New Delhi, Mar 21: Election Commission (EC) on Thursday directed the Ministry of Electronics and Information Technology of Narendra Modi-led government to put an end to bulk WhatsApp messages labelled 'Viksit Bharat Sampark.' It has also sought a compliance report immediately from the ministry.

EC had received several complaints that such messages are still being delivered on citizens’ phones despite the announcement of Lok Sabha elections and the model code of conduct (MCC) entering into force.

In response, the govt informed the commission that although the letters were sent out before MCC came into force, some of them could have possibly been delivered to recipients with a delay because of systemic and network limitations.

In the past few days, several WhatsApp users have received messages from 'Viksit Bharat Sampark' seeking feedback and suggestions from the public. 

The message comes with a PDF that has a letter from Prime Minister Narendra Modi mentioning government schemes like Pradhan Mantri Awas Yojana, Ayushman Bharat, Matru Vandana Yojana, etc, and seeking suggestions from the citizens over government initiatives and schemes.

The letter which addresses users as 'my dear family members' had sparked political controversy. Congress has called the PDF file attached with the message a ‘political propaganda’.

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March 27,2024

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New Delhi, Mar 27: The government has objected strongly to remarks by a US State Department spokesperson on Delhi Chief Minister Arvind Kejriwal's arrest last week in connection with the alleged liquor policy scam.

The External Affairs Ministry summoned Gloria Berbena, the US' Acting Deputy Chief of Mission, to a 40-minute meet at its office in Delhi on Wednesday afternoon. In a brief statement released shortly afterwards, the MEA warned of "unhealthy precedents and against "unwarranted aspersions".

"States are expected to be respectful of the sovereignty and internal affairs of others, and this responsibility is even more so in case of fellow democracies. It could otherwise end up setting unhealthy precedents," the External Affairs Ministry said.

"India's legal processes are based on an independent judiciary which is committed to objective and timely outcomes. Casting aspersions on that is unwarranted," the statement stressed.

On Tuesday the US State Department said it is monitoring reports of Mr Kejriwal's arrest, and called on New Delhi to ensure "a fair and timely legal process" for the jailed Aam Aadmi Party leader.

The US State Department's comments came, in turn, days after Germany's Foreign Office stressed that Mr Kejriwal, like any other Indian citizen facing charges, is entitled to a fair and impartial trial.

The Indian government reacted strongly to the comment, summoning the German envoy and labelling the Foreign Office spokesperson's remark "blatant interference in internal matters".

"We see such remarks as interfering in our judicial process and undermining the independence of our judiciary," the External Affairs Ministry said, "Biased assumptions are most unwarranted."

Asked about India's protest to Germany, the State Department spokesperson told Reuters, "We refer you to the German Foreign Ministry for comment on their discussions with the Indian government."

Earlier this month the Modi government also took exception to comments by its counterpart on the changes to the citizenship law, calling them out as "misplaced, misinformed, and unwarranted".

Arvind Kejriwal was arrested by the Enforcement Directorate last week in connection with the alleged liquor policy scam that has roiled his AAP and provoked furious protests from the opposition ahead of the 2024 Lok Sabha election. Mr Kejriwal was this week sent to jail till March 28.

The Enforcement Directorate believes the now-scrapped liquor policy provided an impossibly high profit margin of 185 per cent for retailers and 12 per cent for wholesalers. Of the latter, six per cent - over ₹ 600 crore - were bribes and the money was allegedly used to fund the AAP's poll campaigns.

The ED has labelled the Chief Minister as a key conspirator in this case, but Mr Kejriwal and party colleagues arrested in this matter - ex-Deputy Chief Minister Manish Sisodia, Rajya Sabha MP Sanjay Singh, and former Health Minister Satyendar Jain - have all denied the charges.

The AAP and the opposition have hit out at the BJP-led central government for using central agencies, like the ED, to target rivals and critics before the general election. The AAP has criticised Mr Kejriwal's arrest on grounds it was timed to interfere with his plans to campaign for the party.

The BJP has dismissed claims it uses central agencies as described by the opposition.

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