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Modi in Singapore: India, Singapore signed pact for strategic partnership, 9 other deals

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Picture Courtesy:-www.freepressjournal.in

Singapore: India and Singapore signed a joint declaration on strategic partnership and nine bilateral accords on Tuesday, the concluding day of Prime Minister Narendra Modi’s two-day visit to this city state when he called Singapore as Asia’s lion.

He also pledged to make the Indian tax regime more transparent and predictable.

It was a packed schedule for Modi as he began the day with a breakfast meeting with Singaporean leaders, met President Tony Tan and Prime Minister Lee Hsien Loong, witnessed the signing of the accords, attended a lunch hosted by Hsien, laid a wreath at the INA marker, visited the Institute of Technical Education that is involved in skill development, addressed the India-Singapore Economic Convention, briefly met select CEOs and finally addressed the Indian diaspora, whom he praised for building up the country’s image.

Modi left for home late in the night. Singapore was the second leg of his visit that earlier took him to Malaysia for the ASEAN-India Summit and the East Asia Summit.

Modi and Hsien signed the joint declaration to elevate bilateral relations to a “strategic partnership to deepen and broaden engagement in existing areas of cooperation and catalyze new ones ranging from political, defense, and security cooperation to economic, cultural, and people to people contact”, an official statement said.

Besides this, two agreements on defense cooperation and loan of artifacts from India to Singapore, two executive program/operationalization documents on arts and culture, and white-shipping, and five memorandums of agreement (MoUs) on cyber security, civil aviation, knowledge exchange in the field of planning, urban planning, and combating drug trafficking were also signed.

The agreements were signed after talks between the two prime ministers here.

After the signing of the documents, external affairs ministry spokesperson Vikas Swarup tweeted that the two prime ministers noted the importance of culture between the two countries and encouraged more exhibitions, exchanges, and interactions.

Modi and after the signing of the documents, external affairs ministry spokesperson Vikas Swarup tweeted that the two prime ministers noted the importance of culture between the two countries and encouraged more exhibitions, exchanges and interactions.

Modi and Hsien noted their shared interest in furthering cooperation in the areas of science and technology, particularly in space, biomedicine and Ayurveda, the spokesperson added.

The two prime ministers also released two postage stamps showing Rashtrapati Bhavan and Istana, the Singaporean presidential palace, to mark 50 years of diplomatic relations between the two countries.

Speaking at the lunch hosted by his Singaporean counterpart, Modi described the city-state Singapore as Asia’s economic lion which has been a major partner in India’s transformation.

The Asiatic lion may now only be found in Gujarat. Asia’s economic lion is to be found here – in Singapore,

On his part, Hsien said the diverse Indian community in Singapore has played a large part in building the country.

Hsien said Singapore’s Indian pioneers include G. Sarangapany, who came here from Tamil Nadu in 1924. He founded the Tamil “Murasu” newspaper, and sold the paper at one cent a copy so that the poor could read it too, Channel News Asia reported.

“Because of leaders like him, Singapore has today a thriving community of Indians who are well-integrated into our society and form an essential part of our multi-racial, multi-religious mix,” Lee said.

Addressing the diaspora, Modi said: “The entire world is reposing a lot of faith in India today and the reason behind this is not Modi, but the Indians settled abroad.”

Wherever you have gone, you have made that country your own, irrespective of circumstances,

Addressing the Singaporean business community at the India-Singapore Economic Convention, Modi admitted that there were still a number of regulatory and taxation issues in India and tried to hard sell the country’s business potential to Singapore’s corporate community, – and assured that he will do the hand-holding when they come to India.

In the past few months, the interest of foreign investors in India has gone up tremendously. However, there were a number of regulatory and taxation issues which were adversely impacting on their sentiments. We have taken very decisive steps to remove many of the long-pending concerns,

Modi was hopeful that the much-awaited goods and service tax regime will roll out from 2016.

He said India’s growth rate was 7.3 percent last year and the World Bank has projected even better growth this year.

Modi observed that Singapore has emerged as the second largest source of foreign direct investment (FDI) in India. “Outward Indian FDI to Singapore has also increased in recent times. Singapore is now one of the top destinations for Indian investments.

We are working hard to make sure that our tax regime is transparent and predictable. We are also keen to see that genuine investors and the honest tax payers get quick and fair decisions on tax matters. With this objective, we have already made a number of corrections,

He also said that in the last 18 months of the National Democratic Alliance-run government, reforms were happening in a “big way” and were now reaching the last mile.

Modi also paid his respects at the Indian National Army (INA) memorial marker here.

“Remembering the valiant heroes of India’s independence struggle. PM pays homage at the INA memorial marker,” Swarup tweeted.

The prime minister bowed before the photograph of Netaji Subhas Chandra Bose placed at the memorial. Netaji led the INA, which was dedicated to winning India’s independence from the British empire.

(Inputs from IANS)

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With 100% FDI, Narendra Modi calls Food Sector a Priority in Make in India Programme

Modi said India with its rich legacy of spices could provide solutions and offer a win-win partnership as the world was becoming increasingly averse to the use of artificial colours, chemicals and preservatives.

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Prime Minister Narendra Modi. Wikimedia

New Delhi, November 3, 2017 : Prime Minister Narendra Modi on Friday said the food sector that allows 100 per cent foreign investment was the priority in the government’s ambitious Make In India programme.

Launching a three-day global conference on the food industry here, Modi said food processing was an age old practice in India and simple, home-based techniques like fermentation had resulted in the creation of our famous pickles, papads, chutneys and murabbas that now excite both the elite and the masses across the world.

He said the government had taken a range of transformational initiatives to make the country most preferred investment destination in this sector.

It is priority sector in our ‘Make in India’ programme. 100 per cent Foreign Direct Investment is now permitted for trading including through e-commerce of food products manufactured or produced in India, Modi told the World Food India conference that will see the participation of over 2,000 delegates from 200 companies from some 30 countries.

Apart from representatives of 28 states, it will also see participation of 18 ministerial and business delegations, nearly 50 global CEOs along with heads of all leading domestic food processing companies.

Modi said a single-window facilitation cell provided hand-holding for foreign investors and there were attractive fiscal incentives from the Union and state governments.

Loans to food and agro-based processing units and cold chains are classified under priority sector lending, making them easier and cheaper to obtain, the Prime Minister said.

Modi said the recently launched unique portal – Nivesh Bandhu (investor’s friend) – would bring together information on central and state government policies and incentives provided for the food processing sector.

He said private sector participation had increased in many segments of the value chain but sought more investment in contract farming, raw material sourcing and creating agri linkages.

There were opportunities in post-harvest management such as primary processing and storage, preservation infrastructure, cold chain and refrigerated transportation, the Prime Minister asserted.

There is immense potential for food processing and value addition, especially in niche areas such as organic and fortified foods.

Modi said India with its rich legacy of spices could provide solutions and offer a win-win partnership as the world was becoming increasingly averse to the use of artificial colours, chemicals and preservatives.

Modi said the Pradhan Mantri Kisan Sampada Yojana aimed at creating world class food processing infrastructure was expected to leverage investment of $5 billion, benefit two million farmers and generate more than half a million jobs over the next three years.

Narendra Modi said the government was planning to link agro-processing clusters with production centres through Mega Food Parks, which will offer immense value proposition in crops such as potato, pineapple, oranges and apples.

Minister of Food Processing Industries Harsimrat Kaur Badal in her address said agreements worth $10 billion were expected to be signed during the three-day global event.

Our demand of food is set to double over the next five years. Being six largest food and grocery market in the world, India is a destination that merits global attention in the food sector.

She said there was a need to wage war on food waste to ensure adequate food for all and to avoid a food crisis as the world’s population was set to increase by 25 per cent and the demand for food by 50 per cent by 2050. (IANS)

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Government approves FDI proposals worth Rs 24.56 cr

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Government approves FDI proposals worth Rs 24.56 cr

The government on Thursday said that it has approved foreign direct investment (FDI) proposals worth Rs 24.56 crore, including one from Sterling Commerce Solutions India.

“During the month of October, the Department of Economic Affairs (DEA), Ministry of Finance has disposed off three FDI proposals aggregating to foreign investment of Rs 24.56 crore,” an official statement said.

 The proposal of Sterling Commerce Solutions India, worth Rs 24.56 crore of FDI, has been approved that seeks to issue shares to the shareholders of three wholly owned subsidiaries of IBM India upon their merger with the company.

Another proposal from Arval India, which does not require any additional FDI, has been approved to undertake the activity of financial lease in addition to the current activity of operating lease, the statement said.

The ministry said that a proposal from Ivanhoe India Equities Inc to provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company has been returned as it was premature.(IANS)

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World Food India 2017: Netherlands to Participate as the ‘Focus Country’

To promote the grand event, Harsimrat Kaur Badal was in the Netherlands

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World Food India 2017. Facebook
  • The World Food India 2017 is to be organized in Delhi from the 3rd to 5th November
  • Netherlands has recently announced itself participating as the ‘focus country.’ 
  • India and Netherland have good bilateral ties, and this is another significant step forward

August 26, 2017: The World Food India 2017 will be organized from 3rd to 5th November in New Delhi. On Wednesday, Netherlands declared that it wishes to participate as a ‘focus country.’

Martijn van Dam, Netherlands’ Minister of Agriculture, expressed the decision of Netherlands to be the ‘Focus Country’ at the 2017 World Food India to the Minister of Food Processing Harsimran Kaur Badal.

Also Read: Dorset Indian Mela: Indian food festival on August 26 in the UK to Showcase different varieties of Cuisine and Culture

A business, as well as official delegation, will be sent by Netherlands for the event organized in the capital of India.

To promote the grand event, Harsimrat Kaur Badal was in the Hague, Netherlands.

The objective of the World Food India 2017 is to explain the policy environment of India to the global food industry. It further seeks to establish India as a major player in the global industry and provide investment platforms.

Netherlands, being the ‘focus country’ at the event, will get to showcase its expertise and knowledge about the food processing sector. This will include seminars through the country.

Harsimrat Kau badal speaking to ANI, stated, “World Food India welcomes The Netherlands as Focus Country and hopes that participation from The Netherlands will help businesses from both sides to leverage each other’s strengths for mutual benefit.” She also highlighted that good bilateral relationship exists between India and Netherlands and this is another step forward.

Netherlands has invested close to US $6 billion into India in the last couple of years. India is also doing good business with over 200 companies from Netherlands. However, there is still so much more potential of development.


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