Rutte, who visited Bengaluru with a business delegation after attending the G20 Summit in New Delhi, also said that they are in discussions with India to understand its fast payments system, the unified payments interface (UPI), better.
Prime Minister of the Netherlands Mark Rutte visits Church Street in Bengaluru on Monday.
Dutch Prime Minister Mark Rutte said that the Netherlands is in talks with the Indian and Karnataka governments to expand the presence of Dutch companies in the semiconductor space.
Rutte, who visited Bengaluru with a business delegation after attending the G20 Summit in New Delhi, also said that they are in discussions with India to understand its fast payments system, the unified payments interface (UPI), better.
“This is clearly something we are discussing, not so much linking it, but to understand better what India is doing. There are many issues around privacy, around the banking system, what it means in terms of currency stability. So we have to work through all those issues. But this is clearly a development which we have to take seriously,” Rutte told reporters at a public event on Church Street.
Prime Minister Narendra Modi on September 9 announced the launch of the India-Middle East-Europe mega economic corridor during G20 summit. The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US
Saudi Crown Prince Mohammed bin Salman
India-Middle East- Europe economic corridor will be more significant than the silk and spice routes of the world, Saudi’s Investment Minister Khalid bin Abdulaziz Al-Falih has said.
“The economic corridor will be historical. People talk about the Silk route, the Spice route of India through the Arabian Peninsula, but this is going to be more significant and relevant. Because it’s going to be about new energy, data, connectivity, human resources, aviation routes and it’s about aligning countries that are of the same mind and same vision,” Al-Falih added. He was speaking on the sidelines of the Saudi-India Investment Forum to reporters in New Delhi.
“Both countries (Saudi Arabia and India) have great human capital and access to financial resources. The next step is to make sure that the private sector fully understands what we have right before them, in terms of opportunities… we need to clear the roadmap for them and I think great things will happen,” Al-Falih added.
The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
The project will aim to enable greater trade among the involved countries, including energy products.
The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen. The declaration document also called the project “a green and digital bridge across continents and civilizations.”
“Today we all have reached an important and historic partnership. In the coming times, it will be a major medium of economic integration between India, West Asia and Europe,” PM Modi said while announcing the project. The corridor will give a new direction to connectivity and sustainable development of the entire world, he added.
‘Grew up in India, studied in Indian institutes, haven’t done a single course abroad. 50% of success in life is luck. The rest is your hard work and the ability to capitalise on opportunity,’ says Banga
The World Bank Chief also expressed his dissatisfaction with the Washington-dominated world’
Ajay Banga, the current president of World Bank, told India Today that he’s “the perfect example of Made in India”.
In an interview with India Today News Director, Rahul Kanwal, Banga said that he grew up in India, studied in Indian institutes and hasn’t done a single course abroad.
“Fifty per cent of success in life is luck, the rest is your hard work and the ability to capitalise on opportunity,” he added.
Reforming Multilateral Development Banks (MDBs) has been one of the key agenda points of India’s G20 Presidency and Banga is the man entrusted by US President Joe Biden to adapt the World Bank to be able to deal with China’s growing challenge to the old Washington-led global financial order.
During the conversation, the World Bank Chief also expressed his dissatisfaction with the “Washington-dominated world”.
“Fifty-five per cent of World Bank employees are outside of the US,” Banga said.
Speaking on his mission to reform the World Bank, Banga told India Today, “In the past three months, I’ve met several leaders and finance ministers from scores of countries, which gave me a clear perspective.”
“The roadmap for the evolution of the World Bank is to get a new vision and mission and to make it inclusive,” Banga said.
Clarity of vision, simplicity of speaking, management and measurement of what you want to achieve, and simple scorecards are all important steps that need to be taken for a successful transition, Banga said on the steps needed for the transition, in terms of what still needs to be achieved.
On geopolitics and China, Banga said, “The challenges of the world are very plentiful and the kind of financial energy required is much more than how much just one institution should want to dominate on,” he said.
“Yes, there is geopolitics and I do not deny it, but China is a shareholder and it does not take much money from us any longer,” the World Bank chief said, adding, “There’s a lot for the World Bank to work on (in climate change and healthcare), which can keep us occupied for the years to come.”
“I met US President Joe Biden and he was very clear about the leveragability of the resources of the bank. The US contribution enhances our earning capacity,” Banga said about Washington arranging more funds for the World Bank.
Haryana CM Manohar Lal Khattar. Credit: PTI File Photo
Haryana Chief Minister Manohar Lal Khattar has mocked a woman at a public event when she asked him for a factory in her neighbouring village saying that she would be sent on the Chandrayaan-4 mission.
In an unverified video which went viral, the woman is heard asking for setting up a factory in her neighbouring village of Bhatol Jattan so that it can generate employment opportunities for women.
In response to this, in the video clip, Khattar is heard purportedly saying, “Agli baar chaand ke upar ek aur jo jayega na Chandrayaan-4, usme bhejenge. Baith jao. (next time you will be sent to the moon on Chandrayaan-4. Sit down)’.
Opposition Congress and AAP on Thursday attacked Khattar over his ‘Chandrayaan’ remarks.
The venue of the public gathering is not clear in the video clip. Khattar is currently in Hisar district as part of his Jan Samvad programme.
The short video clip was shared online by some Congress and AAP leaders from the state.
Senior Congress leaders Randeep Singh Surjewala and Deepender Singh Hooda and Aam Aadmi Party leader Anurag Dhanda slammed Khattar.
Uttarakhand CM launches logo and website for Investor Global Summit, aims to attract investments worth ₹2.5 lakh crore.
Uttarakhand Chief Minister Pushkar Singh Dhami
Chief Minister Pushkar Singh Dhami on Saturday launched the logo and website of Investor Global Summit in Dehradun.
Speaking on the occasion, CM Dhami said “This summit is a big opportunity for the state. We should take maximum advantage of this Investor Summit and bring maximum investment within the state.”
Investor Global Summit is going to be organised in Uttarakhand in December.
Dhami also launched a website for the event to give out details and information about the state government’s policies and the different sectors in which investments can be made.
The two-day summit to be held in Dehradun on December 8-9 has set a target of attracting investments worth ₹2.5 lakh crore in various sectors, including tourism and wellness, agriculture and horticulture, health and education, the chief minister said at the launch.
He said there is a positive environment in the state for investments. “Not only big industrial houses and groups are keen to invest in the state but also those already here are willing to expand their activities,” Dhami added.
“In the consultations held with potential investors in preparation for the summit, many valuable suggestions have come up and a majority of them have been incorporated into our policies,” he said.
“India is on a growth path, which we saw in China 25 years back. We have strong tailwinds. I personally feel it,” Mittal said.
Sunil Mittal was among the top speakers at the B20 Summit on Aug 25
India is on a growth path which is similar to what was seen in China 25 years back, said Sunil Bharti Mittal, Chairman of Bharti Enterprises, in an exclusive interview with Moneycontrol on the sidelines of B20 Summit India 2023 in New Delhi on August 25.
“India is on a growth path, which we saw in China 25 years back. We have strong tailwinds. I personally feel it,” Mittal said.
Mittal added that India’s story on digital is being talked about all over the world.
“I go around the globe. whether it’s the US or European nations, but importantly Latin, Africa and many of the developing nations are truly remarkably inspiring for India’s run,” he said.
Mittal also noted that India is riding on the back of a digital wave in which a few players need to play a key role on the connectivity front.
Focus on Africa
Adopting Africa as a place to do agriculture can change the world and alter food ecosystems, Mittal said, as he drew attention to the ongoing global crisis in food production.
“Sixty per cent of world’s arable and yet uncultivated land is in Africa. Today we have all seen the crisis that the world is going through on food production. Just adopt Africa as place to do agriculture, perhaps some value added agriculture…the entire world can change,” he said, while speaking at the B20 Summit.
The telecom tycoon added that Africa’s economic integration is gaining momentum, and expressed hope that the African Union will soon become a permanent member of G20.
Mittal asserted that the African voice in G20 is “absolutely important”.
Earlier, Finance Minister Nirmala Sitharaman, while addressing the B20 Summit, said that the current government has been consistently carrying out reforms for the past nine years with stable results, while reforms carried by earlier governments were erratic.
Paramilitary police officers stand guard in front of the headquarters of the People’s Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo Acquire Licensing Rights
China cut its one-year benchmark lending rate on Monday as authorities seek to ramp up efforts to stimulate credit demand, but surprised markets by keeping the five-year rate unchanged amid broader concerns about a rapidly weakening currency.
The recovery in the world’s second-largest economy has lost steam due to a worsening property slump, weak consumer spending and tumbling credit growth, adding to the case for authorities to release more policy stimulus.
However, downward pressure on the yuan means Beijing has limited room for deeper monetary easing, analysts say, as a further widening of China’s yield differentials with other major economies could trigger yuan selloffs and capital flight.
The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.45% from 3.55% previously, while the five-year LPR was left at 4.20%.
In a Reuters poll of 35 market watchers, all participants predicted cuts to both rates. The 10 bp cut in the one-year rate was smaller than the 15 bp cut expected by most poll respondents.
“Probably China limited the size and scope of rate cuts because they are concerned about downward pressure on the yuan,” said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui DS Asset Management.
“Chinese authorities care about currency market stability.”
Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. China cut both LPRs in June to boost the economy.
The onshore yuan eased in early trade to 7.3078 per dollar, compared with the previous close of 7.2855, while benchmark Shanghai Composite index (.SSEC) and the blue-chip CSI 300 index (.CSI300) also declined.
The yuan has lost nearly 6% against the dollar so far this year to become one of the worst performing Asian currencies.
The reduction in the one-year LPR came after the People’s Bank of China (PBOC) unexpectedly lowered its medium-term policy rate last week.
The medium-term lending facility (MLF) rate serves as a guide to the LPR and is widely read by markets as a precursor to future changes to the lending benchmarks.
China’s central bank has also pledged to keep liquidity reasonably ample and its policy “precise and forceful” to support the economic recovery, amid rising headwinds, according to its second-quarter monetary policy implementation report.
