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Russian President Vladimir Putin arrives in India for annual bilateral summit

Around 20 agreements are expected to be signed between the two sides following the 19th India-Russia Bilateral Summit to be held here on Friday.

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Russian President Putin arrives in India

New Delhi, Oct 4 : Russian President Vladimir Putin arrived here on Thursday for the annual India-Russia bilateral summit that he will hold with Prime Minister Narendra Modi.

External Affairs Minister Sushma Swaraj received Putin at the airport here.

Russian President Putin arrives in India

New Delhi: Russian President Vladimir Putin arrives in New Delhi on Oct 4, 2018. (Photo: IANS)

“Welcome to India, President Putin,” Modi tweeted.

“Looking forward to our deliberations, which will further enhance India-Russia friendship,” he wrote.

Later, Modi welcomed Putin with a warm hug at 7, Lok Kalyan Marg before the two sat down for a private meeting.

Around 20 agreements are expected to be signed between the two sides following the 19th India-Russia Bilateral Summit to be held here on Friday.

This includes India’s purchase of four S-400 air defence missile systems from Russia at a cost of more than Rs 40,000 crore.

The deal has been an issue of much speculation after US President Donald Trump’s administration’s law — Countering America’s Adversaries Through Sanctions Act (CAATSA) — came into effect in January.

CAATSA targets countries doing business with Russian, Iranian and North Korean defence companies.

Russia is one of only two countries with which India holds annual bilateral summits, the other being Japan.

The India-Russia bilateral relationship was elevated to Special and Privileged Strategic Partnership in 2010.

This is the third meeting between Modi and Putin this year after the informal meeting in the Russian resort city of Sochi in May and a bilateral on the sidelines of the BRICS Summit in South Africa.

India

“Like East India Company”: Sharad Pawar’s Party Slams New Farm, Labour Bills

“The BJP government is in a way setting up an East India Company in the country by diluting farm and labour laws and protecting capitalists,” NCP spokesperson Mahesh Tapase said.

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sharad pawar

Mumbai: Sharad Pawar’s Nationalist Congress Party (NCP) today hit out at the Centre over the passage of farm sector and labour reform bills, accusing it of being a “government of capitalists”.

The bills were passed in a hurried manner, said NCP spokesperson Mahesh Tapase.

“The Centre has again proved it is a government of capitalists and not of common people,” he alleged.

“The BJP government is in a way setting up an East India Company in the country by diluting farm and labour laws and protecting capitalists,” he added.

The farm sector laws do not clearly mention minimum support prices and that is why the farmers in northern states are protesting against these reforms, Mr Tapase said.

“The NCP is completely with farmers. (NCP chief Sharad) Pawar himself has said so,” he added.

On labour reforms, the NCP spokesperson said the Union government was bringing in the “hire and fire” work culture of the West.

Talking about Bihar Director General of Police Gupteshwar Pandey opting for voluntary retirement, Mr Tapase said the Election Commission and Department of Personnel and Training should make a two-year cooling off period compulsory before former officials can join politics.

Mr Pandey was under attack from Maharashtra politicians for seeking CBI probe in actor Sushant Singh Rajput’s death.

“Such officials can join politics after their cooling-off period is over,” Mr Tapase said.

He also demanded that the Centre disburse to Maharashtra its Goods and Services Tax share of ₹ 22,000 crore.

Parliament passed Farmers Produce Trade and Commerce (Promotion and Facilitation) Bill and Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill last week.

On Wednesday it approved three key labour reform bills.

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Business

Centre suspends fresh IBC proceedings till Dec

In June, the Union Cabinet approved the suspension, which came into effect from March 25 and was brought in through the ordinance route.

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Nirmala Sitharaman

New Delhi, Sep 24 : In a major relief for stressed companies amid the pandemic woes, the Centre on Thursday announced the suspension of fresh insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) by three more months till December.

In a gazette notification, the Ministry of Corporate Affairs (MCA) said that the suspension on operation of Section 7, 9 and 10 of the IBC has been extended.

“In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016, the Central Government has extended the suspension of sections 7,9, 10 of the IBC for a further period of three months,” the Minister of Finance and Corporate Affairs, Nirmala Sitharaman said in a tweet.A

She said that the decision reinforces the government’s commitment to protecting businesses.

“It also gives companies breathing time to recover from financial stress,” she said.

In June, the Union Cabinet approved the suspension, which came into effect from March 25 and was brought in through the ordinance route.

Section 7 of the IBC allows initiation of corporate insolvency resolution process by financial creditor, while Section 9 allows operational creditors to file application for initiation of insolvency process by operational creditor.

Further, a corporate debtor who has committed a default, can file for initiation of a corporate insolvency resolution process under Section 10 of IBC.

Although the decision to extend the suspension has brought much-needed relief for business stressed in the midst of the pandemic, sector experts, however, have raised concerns regarding the financial stress it may create once the suspension is revoked.

Sumit Batra, Partner at India Law Alliance, said: “Another extension of three months beyond 25.09.2020 for initiation of bankruptcy against defaulting corporate entities will further aggravate the situation and lead to an unprecedented rise in fresh filing once the suspension is revoked.”

Noting that while the logic of suspension for not being able to initiate proceedings under Section 7 and 9 of IBC, seems justified to an extent that lockdown triggered due to widespread outbreak of Covid-19 affected the paying capacity of the corporate debtors, but “why such a suspension is being imposed for applications under section 10 seems illogical”.

The intent and extent of section 10 petition is to enable the corporate debtor to initiate insolvency against themselves in order to resolve the financial stress in a time-bound manner, Batra said, adding that, therefore, Section 10 petitions should have been excluded from being covered under this suspension.

In a recent debate in the Parliament, Finance Minister Nirmala Sitharaman had defended the decision to suspend Section 10 saying that in view of the economic situation, the companies filing for bankruptcy would not have achieved high valuations and bidding amounts would have been low, thereby not achieving the desired goal.

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Cities

RJD calls for Bihar ‘Bandh’ against farm Bills on Friday

Tejashwi himself uploaded a photograph on social media posing as a protester while driving a tractor on Thursday evening.

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Tejashwi Yadav

Patna, Sep 24 : Raising strong objections against the farm Bills, the opposition Rashtriya Janata Dal (RJD) has called for a Bihar ‘Bandh’ on Friday.

Party leader Tejashwi Yadav has asked supporters to hit the roads in each of the 38 districts headquarters of Bihar and register strong protests against the Bills.

“The farmers of Bihar are already distraught. The agri Bills will make them completely helpless. These Bills will allow industrialists to take over the agriculture sector,” he said.

Taking a dig at Prime Minister Narendra Modi and Bihar Chief Minister Nitish Kumar, he also said that if RJD supremo Lalu Yadav would shake hands with the BJP, he would be seen as “Raja Harishchandra” and the fodder scam or “Chara Ghotala” would be converted into “Bhaichaara” or brotherhood.

In Patna, supporters have been asked to assemble at the party office on Veerchand Patel Path followed by march towards Income Tax roundabout, Dak Banglow Chowk and return to the party office.

Party insiders believe it is a show of strength by the RJD.

Tejashwi himself uploaded a photograph on social media posing as a protester while driving a tractor on Thursday evening.

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