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Korea is Emerging as an Important Economic Partner for India

Fast growing economic relations between Korea and India

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Representational Image, Source-pixabay

Feb 28, 2017: When India liberalized in 1990s, international companies were reluctant to invest in India. Korea was the first country which dared to invest in India when other countries were reluctant to take the economic risk of investing in the 1990s. Korea subsequently became the 4th largest investor during the 1990s.

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Bilateral economic relation between India and Korea is important for both India and Korea, Korea’s Trade Minister Joo Hyung-hwan had said last year, “Fostering close economic ties with India is the top priority for Korea.” Further, the Federation of Korean Industries (FKI) had said last September,  “Korea needs to deepen economic ties with India and Vietnam for its economic growth,” reported Korea Times

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Economic relations with India is important for Korea as its relation with its 3 important trading partners- US, Japan and China is declining. Relations with US are fast declining due to America’s policy of protectionism and the new policies of Trump. Historical issues with Japan and Japan’s economic stagnation, as well as Korea’s decision to deploy US missile system, has soured Korea’s relation with both these two countries, hence relations with all 3 countries have become precarious.

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In January last year, a Memorandum of Understanding (MoU) was signed between the India and Korea for establishing the platform “Korea Plus” a joint initiative of Ministry of Commerce and Industries of both countries, a platform established to promote and facilitate Korean investments.

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Few of the Korean startups are also doing business with Indian companies. Bangalore based real estate portal NoBroker had announced that it has raised $7 million (Rs 50 crore) in one round led by KTB Network, a Seoul-based VC firm in December last year. Softbank of South Korea had had led one round of funding for the Gurgaon-based True Balance, the CEO of True balance is Cheolwon (Charlie) Lee, a Korean.

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Prepared by Upama Bhattacharya. Twitter @Upama_myself

 

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Manushi Chhillar from India Wins the Miss World 2017 Title

India's Manushi Chillar won the coveted Miss World 2017 pageant here, 16 years after Priyanka Chopra won the title in 2000.

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Manushi Chhillar has been crowned as Miss World 2017. Instagram #ManushiChhillar

China, November 19: India’s Manushi Chhillar won the coveted Miss World 2017 pageant, 16 years after Priyanka Chopra won the title in 2000.

Chhillar competed against 108 contestants from various countries at a glittering event held at Sanya City Arena here.

Miss World 2016 winner Puerto Rico’s Stephanie Del Valle gave away the coveted crown to the winner.

Chhillar, who is from Haryana, had earlier this year won the Femina Miss India 2017.

Miss world
Anti Ageing was the official skin care expert for Manushi Chhillar at the Miss World 2017 pageant. Instagram #ManushiChhillar

India, England, France, Kenya and Mexico grabbed the top five spots at the peagant.

Manushi, born to doctor parents, studied in St. Thomas School in New Delhi and Bhagat Phool Singh Government Medical College for Women in Sonepat.

Her entire family including brother and sister were present and they looked excited watching Manushi grabbing top five spot.

As many as 108 beauty queens from different parts of the world participated in the prestigious pageant. (IANS)

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The major Challenge is to make the Youth of the Country Entrepreneurial and not Job Seekers : Venkaiah Naidu

"The challenge for us is to make the youth entrepreneurial, and not become job seekers," Venkaiah Naidu said pointing to the NDA government's various initiatives.

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Venkaiah Naidu
Venkaiah Naidu. Wikimedia Commons
  • At a time of tepid job growth and continuing income disparities, the major challenge is to make the youth of the country entrepreneurial and not job seekers, Vice President  Venkaiah Naidu said on Thursday.

“Disparities continue to remain in India and so there is a need for inclusive growth… there is the need to take care of the suppressed, oppressed and depressed,” Venkaiah Naidu said at the Bharatiya Yuva Shakti Trust’s (BYST) silver jubilee celebrations here with Britain’s Prince Charles as the chief guest.

“The challenge for us is to make the youth entrepreneurial, and not become job seekers,” Venkaiah Naidu said pointing to the NDA government’s various initiatives to encourage youth enterprises like Startup India, Standup India and the Mudra financing scheme for underprivileged sections.

Modelled on Prince Charles’ Trust for business startups, BYST, founded by Lakshmi Venkatesan, daughter of former President R. Venkatraman, is engaged in building rural entrepreneurship — “grampreneurs” — as also enterprise among under-privileged sections, which includes business mentoring. The current BYST chairman is Bajaj Group chief, Rahul Bajaj.

“Without mentoring, it would be very difficult to set up startups, with all the business, marketing and other vital issues involved in the first two-three years,” Prince Charles said in his address at the International Mentoring Summit organized by BYST to mark its 25 years.

“What amazes me are the sheer number of jobs these young entrepreneurs had created. The aim of such a project should be to create a virtual cycle of creating entrepreneurs who can then invest in the future of business,” Charles said referring to his trust.

BYST was officially launched in 1992 by Prince Charles and expanded its operations to six major regions of India.

Out of these six regions, four — Delhi, Chennai, Pune and Hyderabad — run the urban programme while two regions — Haryana and Maharashtra — run the rural programme.(IANS)

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India sends Emergency Fuel Supplies to Sri Lanka

According to Indian public broadcaster Doordarshan, Modi assured all assistance from India to Sri Lanka following Siriena's request for emergency fuel supplies and petrol shipments.

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India is sending additional fuel to Sri Lanka, confirmed PMO onTwitter (representative image) Wikimedia

New Delhi, November 9, 2017 : Following reports of Ceylon Petroleum Corporation (CPC) rejecting a shipment of petrol from Lanka IOC (LIOC), the Sri Lankan subsidiary of Indian Oil, India on Wednesday made emergency fuel supplies to Sri Lanka following a telephonic conversation between Prime Minister Narendra Modi and Sri Lankan President Maithripala Sirisena.

“In the telephone conversation with Sri Lankan President @MaithripalaS, PM @narendramodi conveyed that India is sending additional fuel to Sri Lanka and assured India’s continued support for development cooperation,” the Prime Minister’s Office (PMO) tweeted.

According to Indian public broadcaster Doordarshan, Modi assured all assistance from India to Sri Lanka following Siriena’s request for emergency fuel supplies and petrol shipments.

LIOC has made available 3,500 kilo litres of its own stock to CPC, Doordarshan said in a shared tweet.

A ship with an additional 21,000 kilo litres of petrol also left for Sri Lanka and additional petrol is being made available from Kochi refinery in Kerala.

Citing CPC sources, the Sunday Times said an emergency fuel supplies’ shipment that arrived at the Colombo harbour on October 17 had been tested for a second time and rejected on a quality test.

However, Sri Lankan Prime Minister Ranil Wickremesinghe said he did not agree that LIOC was responsible for the current fuel shortage in the country and said two oil shipments would be arriving in the country within two day, acording to a report in the Colombo Page.

“Apart from petrol shipment arriving on November 8, another shipment is due from India on November 9, Prime Minister Wickremesinghe informed the parliament on Tuesday responding to a question raised in the parliament regarding the fuel crisis,” the statement said.

It said that Wikremesinghe said a discussion was held with the Indian High Commissioner in this regard and the Indian ship would arrive either November 9 or 10. (IANS)