Tuesday June 19, 2018

PM Modi reaches Saudi Arabia, focus on trade agreements

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Abu Dhabi (UAE): Prime Minister Narendra Modi visits the Shiekh Zayed Grand Mosque, at Abu Dhabi, UAE on Aug 16, 2015. Photo: IANS/

Riyadh: Prime Minister Narendra Modi’s visit to Saudi Arabia on Sunday is part of a broader diplomatic offensive to put pressure on arch rival Pakistan by forging ties with some of Islamabad’s closest allies, government officials have said, according to news agency Reuters.

The PM is expected to sign trade agreements, including contracts to secure investment for infrastructure projects, and offer security and military cooperation, such as training and joint exercises, they said.

The visit comes just months after he travelled to another major Pakistan ally, the United Arab Emirates, and signed a security cooperation agreement that includes regular meetings between top security advisers.

“It’s simple. We have to do everything to deal with Pakistan – use economics, strategy and emotional ties to win the hearts of Islamabad’s friends,” said Ram Madhav, General Secretary of the ruling BJP.

New Delhi has been frustrated that often its ties with countries have been coloured by concerns about its relationship with Pakistan. One foreign ministry official (unnamed by Reuters) said the Saudis tended to bring up Pakistan during discussions with India.

Government officials described the PM’s diplomatic push as an effort to “de-hyphenate” India from Pakistan, especially as Delhi tries to play a bigger geopolitical role in Asia to counter China’s influence.

Until now, India’s relationship with Saudi Arabia has been driven primarily by trade and the Indian diaspora in the Middle East. Saudi Arabia is India’s top energy supplier and home to more than 3.5 million Indian expatriates and labour reforms would also be key talking points.

Still, there are limits to what the PM can hope to achieve. The relationship between Pakistan and the Saudis goes back decades, based in their shared Sunni Muslim heritage.

Saudi Arabia has long been a source of financial aid for Islamabad. In 2014, the Saudis gave Pakistan $1.5 billion as a “gift” to shore up its foreign reserves.

But Indian officials said the timing was right for PM Modi’s visit, as relations between Riyadh and Islamabad enter a rough patch.

Pakistan declined to provide ships, aircraft and troops to the Saudi-led fight to halt Iranian-allied Houthi rebels in Yemen last year. It has also sought to avoid taking sides in the escalating dispute between Saudi Arabia and Iran.

“Pakistan knows that relations with Saudi have come to a low. That doesn’t mean that India can fill that gap,” said Zahid Hussain, a former newspaper editor in Pakistan. “But certainly this is part of Modi’s diplomatic offensive in the region.”

Credits: NDTV

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Petrol Prices On The Reverse Trend For The Last 13 Days: Prices Fall

Both in Delhi and Kolkata, diesel prices in the fortnight have declined

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Petrol Prices On The Reverse Trend For The Last 13 Days: Prices Falls
Petrol Prices On The Reverse Trend For The Last 13 Days: Prices Falls, flickr

Domestic petrol prices, which had hit record levels for 16 consecutive days in May, have been on the reverse trend for the last 13 days, including Monday, but the relief for consumers has been slow in coming.

The pace of decline has been less than half the rate of surge.

Percentage-wise, since May 30, when prices started to take a downturn, petrol prices have slipped 2.35 per cent in Delhi, compared to the 5.5 per cent in the previous 16 days.

In absolute terms, prices have gone down by Rs 1.85 a litre since May 30, compared to the increase of Rs 3.8 per litre in the during May 14-29. On Monday, fuel was sold at Rs 76.58 per litre in the national capital, down 20 paise from Sunday’s level, the IndianOil Corp’s website showed.

In Mumbai, where petrol prices were the highest in the country last month, the decline has been much slow at Rs 1.23 per litre so far, against the rise of Rs 3.76 a litre during May 14-29.

On Monday, petrol price in Mumbai was Rs 84.41 per litre against Rs 84.61 on Sunday. Similarly, in Kolkata and Chennai, the fuel was sold at Rs 79.25 and Rs 79.48 respectively.

In Kolkata and Chennai too, the decline has been Rs 1.81 and Rs 1.65 per litre in the last 13 days, around 50 per cent of the previous rate of increase.

In tandem with petrol prices, diesel too has seen a decline, but of only around 2 per cent in all the major cities including Delhi, compared to over 5 per cent rise in the previous fortnight.

Petrol station
Petrol station, flickr

Both in Delhi and Kolkata, diesel prices in the last 13 days have declined by Rs 1.36, and in Mumbai and Kolkata, the fall was of Rs 1.44 and Rs 1.45 per litre respectively.

Also read: Petrol price slashes by 32 paise and diesel price by 85 paise

On Monday, prices of the fuel in Delhi, Kolkata, Mumbai and Chennai were at Rs 67.95, Rs 70.50, Rs 72.35 and Rs 71.73 per litre, respectively. (IANS)