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PM Modi opens IEF16, calls for responsible oil, gas pricing

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New Delhi, April 11: Noting that India will be a key driver of global energy demand in the next quarter century, Prime Minister Narendra Modi on Wednesday called for “responsible” pricing in the hydrocarbons market so as to balance the interests of oil and gas producers and consumers.

Inaugurating the 16th International Energy Forum (IEF) ministerial here, being held in India after a gap of 22 years, Modi said that a massive transformation has been underway in the energy market with consumption growth shifting from the developed world to the emerging and developing economies.

“The world has seen prices on a roller coaster for much too long. We need responsible prices to balance the interests of both producer and consumer,” Modi said.

The Prime Minister said energy demand in India is projected to grow at 4.5 per cent in the next 25 years, while gas demand was expected to triple.

“We need a transparent and flexible market…there has to be a mutually supportive relationship between producers and consumers. Efforts at artificially distorting prices are self-defeating as history has shown us,” he said.

“Let us build a global consensus on responsible pricing which will serve both producer and consumer. In a period of global uncertainty, India needs energy security,” Modi added.

He pointed to the transformation in the energy market with the Shale Revolution in the US that would soon make America the largest oil producer, the move by oil companies to invest more in renewables and the use of technology like the “internet of things (IoTs), artificial intelligence, robotic process, automation, machine learning and 3D printing” by the industry.

In view of these changes, “India provides a perfect setting for discussing the future of the energy section”, Modi said.

Hosted by India, and co-hosted by China and Korea, IEF16 aims to focus on how global shifts, transition policies and new technologies influence market stability and future investment in the energy sector around the theme of “The Future of Energy Security”.

Among ministers from overseas attending the meeting this year are those from Saudi Arabia, the UAE, Iran, Qatar, Nigeria, Japan, China, Russia and the US.

Saudi Arabian Petroleum Minister Khalid Al-Falih in his address called for creating “an enabling environment along the entire value chain” as fossil fuels “will be there for some time to come”.

Noting that the future supply situation of energy sources, particularly of oil, is “not reasssuring”, he said the producers in the Organisation of Petroleum Exporting Countries (OPEC) “remain committed to the long-term market”.

“Saudi Arabia and Russia are discussing extending the cooperation and monitoring of the market to extend stability,” he said referring to the crude output cuts agreed in 2017 between OPEC and Russia in a move to stop the slide in oil prices that had fallen to around $25 a barrel two years ago. Crude currently is averaging around $70 a barrel.

IANS

India

LS to take up no-trust motion on Friday, Modi, Rahul to speak

Seven hours have been set aside for the debate which will begin at 11 am and go on without the lunch break.

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Modi Rahul
PM Modi and Congress President Rahul Gandhi : Pic Credit Anil-Sharma Indian Express

New Delhi, July 19 : The BJP and opposition Congress sharpened their attacks on each other on Thursday, a day before the Lok Sabha takes up the no-confidence motion for debate and voting in an increasingly polarised environment with each side trying to maximise its chances of victory in the 2019 general elections.

Top guns of the two parties, including Congress President Rahul Gandhi, will take part in the debate which will conclude with a reply from Prime Minister Narendra Modi.

Seven hours have been set aside for the debate which will begin at 11 am and go on without the lunch break. Officials said as per calculations based on the strength of a party in the House, the BJP will get over three hours and Congress around 45 minutes.

Ruling coalition, the National Democratic Alliance (NDA), appeared confident of the numbers with Parliamentary Affairs Minister Ananth Kumar saying that it will be “NDA plus” at the end of voting.

“We have talked to several parties. We will get fresh support from the south and the northeast. It will be NDA plus,” he said.

In the 545-member (including the Speaker) Lok Sabha, the BJP-led NDA can bank on around 311 members in the Lok Sabha including 273 of BJP, SAD (4), Shiv Sena (18), LJP (6), RLSP (3), JD-U (2), Apna Dal (2), All India N R Congress (1), SDF (1) and NDPP (1).

Kumar also took a swipe at Congress leader Sonia Gandhi for her remarks on Wednesday that the Opposition had the required strength.

“She is not able to do her maths properly. What happened in 1999 is being repeated. The Congress had faced embarrassment,” Kumar said.

Kumar also taunted Congress for its support to TDP’s no-confidence motion. “There is a talk that Congress is following those it opposes,” he said.

While Shiv Sena has issued a whip to its members in the Lok Sbha to be present and vote in favour of the government, AIADMK indicated that it might not support the no-confidence motion. AIADMK has 37 MPs.

Telugu Desam Party (TDP) member Kesineni Srinavas, whose notice was accepted by Speaker Sumitra Mahajan on Wednesday as it was the first to be submitted, will initiate the debate on the motion.

A TDP delegation on Thursday sought the support of Delhi Chief Minister Arvind Kejriwal to the no-trust vote.

Apart from TDP, the notice of no-confidence had also been given by members of the Congress, NCP, RSP and CPI-M. AIMIM member Asaduddin Owaisi.

BJP sources said Modi will speak for about one-and-a-half hours. Partry MPs
Anurag Kashyap and Hukumdev Narayan Yadav may also speak in the debate.

The Congress, the key rival of BJP in poll-bound Madhya Pradesh, Rajasthan and Chhattisgarh, is expected to target the government on issues ranging from economy, problems of farmers and unemployment to the situation in Jammu and Kashmir and petroleum prices.

It will also attack the government over “lynchings, social disharmony and social tensions.”

Party leader Anand Sharma said on Thursday that the “government should come up with a white paper on economy and release fresh GDP growth numbers.”

The motion will be the first to be faced by the Narendra Modi government, which is left with less than a year in office.

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Time allottment for No Confidence Motion debate

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Parliament

New Delhi, July 19: The Lok Sabha is slated to discuss “No Confidence Motion” moved by the opposition against the Narendra Modi government on Friday (July 20).

The debate will take place for the duration of three hours. Out of which the Bhartiya Janata Party has been allotted- 33 minutes, Congress-38 minutes,AIADMK-29 minutes, TMC-27 , BJD-15 minutes, Shiv Sena-14 minutes, TDP-13 minutes, TRS-9, CPIM 7 minutes, SP- 6 minutes,NCP- 6 minutes and LJSP-5 minutes.

Speaker Sumitra Mahajan on Wednesday accepted a no-confidence motion moved by the Congress and the TDP.

Mahajan said she had received notices from at least six MPs seeking no trust vote against the Narendra Modi government and was duty-bound to put it to the consideration of the House.

She told the house that Kesineni Srinavas of the Telugu Desam Party was the first to give his no-confidence notice and asked members if it can be moved.

The speaker asked Srinavas to introduce the motion which was supported by over 50 members, including from the Congress and other opposition MPs.

Parliamentary Affairs Minister Ananth Kumar said the government was ready to face the no trust motion and asked Mahajan that it may be tabled.

“Everything will be clear after the discussion. I want to make it clear in the House that the people of the country have full confidence on Prime Minister Narendra Modi’s government.”

Meanwhile, Congress leader Mallikarjun Kharge asked the Speaker why the other members who had handed over their notices were not allowed to read them.

In response to this, she said rules allowed her to table the notice that was submitted first.

Mahajan further stated she read out the names of these members.

The Names include Mallikarjun Kharge, K.C. Venugopal (Congress), Tariq Anwar (Nationalist Congress Party), N.K. Premachandran (Revolutionary Socialist Party) and Thota Narsimham (TDP).

WeForNews 

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Lok Sabha passes Fugitive Economic Offenders Bill

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Parliament of India

New Delhi, July 19: The Lok Sabha on Thursday passed  Fugitive Economic Offenders Bill, 2018. 

As per the Bill, a person can be declared as a fugitive economic offender (FEO) if an arrest warrant is issued against him for any specified offences involving more than Rs 100 crore and he has fled to any other country and refuses to return to face prosecution.

To declare a person an FEO, an application will be filed in a Special Court designated under the Prevention of Money-Laundering Act, 2002.

The Bill provides for confiscation of any FEO’s property bought from the proceeds of crime as also his other assets, benami or otherwise.

WeForNews 

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