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New Delhi, Prime Minister Narendra Modi on Monday left for Saudi Arabia on a day’s official visit during which the two sides will ink an agreement to set up the Strategic Partnership Council to elevate the India-Saudi ties to a new level. Modi will also attend the Plenary Session of the Third Future Investment Initiative Forum being held in Riyadh on Tuesday. “PM @narendramodi emplanes for Riyadh to participate in the 3rd @FIIKSA Forum on an invitation of HM @KingSalman. Coupled with a strong bilateral component, the visit will strengthen a relationship that goes back centuries,” tweeted MEA spokesperson Raveesh Kumar. The PM, in a departure statement, said he is visiting the Kingdom at the invitation of Saudi King Salman bin Abdulaziz Al-Saud. During his visit, Modi will hold bilateral talks with the Saudi King and also hold talks with Crown Prince Mohammed bin Salman on matters of bilateral cooperation as well as regional and global issues of mutual interest. “India and Saudi Arabia have enjoyed traditionally close and friendly relations. Saudi Arabia has been one of the largest and reliable suppliers of India’s energy needs,” the PM said in the statement... leaves for Saudi Arabia, to ink deal to elevate ties
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Riyadh, Prime Minister Narendra Modi on Tuesday told his global audience at the Future Investment Initiative (FII) forum that India’s roadmap for achieving its target of becoming a $5 trillion economy by 2024 was ready, and appealed to global businesses to invest in the country. Delivering the keynote address at the third session of the FII, Modi said that investments by Saudi companies in India is a welcome trend which is set to deepen in the months to come. He said that by 2024, India aims to invest $100 billion in refining and in setting up pipelines and gas terminals. “I am happy that Saudi Aramco has decided to invest in the West Coast Refinery Project, which will be the largest refinery of Asia,” he said. Modi, who thanked the Saudi King Salman Bin Abdulaziz Al Saud and Crown Prince Mohammad bin Salman, said that in five years, his government has taken major measures to liberalise investment in the country. “I thank the King and my brother, the Crown Prince, for the invite to address this forum,” said Modi, who is on a day’s visit to Riyadh on the invite of the Saudi King. Describing Saudi Arabia as an energy centre, the Prime Minister said the FII forum aims not just to boost investment in Saudi Arabia but also in the world, and is an important platform to understand emerging trends and find pathways... for $5tn economy ready, invest in India, says Mod
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New Delhi, The sharp rise in onion prices and consequent rise in food inflation has disturbed the math for policy makers and the budget of millions of middle and lower class Indian households. But the recent increase in food prices has not resulted in rural wage growth. According to data by the Centre for Monitoring Indian Economy (CMIE) that farm profitability and growth has been weak across major food grains like rice, wheat, moong and tur. Data shows that the compound annual growth rate (CAGR) from 2015 to 2019 has declined for moong and tur by 34.8 per cent and 9.9 per cent respectively. CAGR grew by a mere 0.4 per cent for rice, but 7.8 per cent for wheat. “Over the past few years, barring a few crops, farm sector profitability has been stagnant as prices have remained muted given a fair increase in production,” a Kotak report said. The report highlighted that the recent increase in the prices of some vegetables and pulses has been on the back “of supply shocks which may induce a price effect, but are unlikely to translate into an income effect”... prices rising, but farmers’ income isn’t
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