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United Kingdom wants to make London as India’s “destination of choice” for raising offshore Finance, says British-Indian minister Alok Sharma

We want Indian companies and public sector entities to see the City of London as the natural home for raising offshore finance, he said

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British Prime Minister Theresa May is greeted by her Indian counterpart, Narendra Modi, at the India-U.K Tech Summit in New Delhi, Nov. 7, 2016. VOA

London, Dec 14, 2016: Prime Minister (Narendra) Modi wants to ‘Make in India’. We say: ‘Make in India, finance in the UK’,” Alok Sharma, minster in charge of Asia, said in an address to the UK India Business Council on the ‘Future of the UK-India Relationship’ in London. The United Kingdom wants to make London as India’s “destination of choice” for raising offshore finance.

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“As well as seeking to expand its role as a manufacturer and innovator, India is also rightly addressing its future infrastructure and energy needs. Many of you know the staggering amounts of capital this will require – 2.8 trillion dollars needed by 2040 to invest in energy, according to the International Energy Agency and over 1 trillion dollars in other infrastructure,” he said.

According to PTI, the parliamentary under-secretary in the Foreign and Commonwealth Office (FCO) on Monday said the Theresa May led government wants the City of London to become India’s “destination of choice” for raising international funds.

”We want Indian companies and public sector entities to see the City of London as the natural home for raising offshore finance – for quasi-sovereigns as well as corporates.”

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British-Indian minister Alok Sharma, sought to clear up what he described as “mis perceptions and misconceptions” around the issue of visas.

“First of all, there is no cap on the number of international students studying at recognised institutions in the UK. Secondly, we continue to welcome students from India – in the year to March 2016, we approved 89 per cent of Indian student visa applications,” he said.

According to PTI, India is the only country where applicants can obtain a same-day visa and Indian citizens enjoy greater access to application centres than anyone else. “We naturally want our visa regime to be as simple and efficient as possible. But we must also ensure that people return to their country of origin once their visa has expired.” To ensure that the visa regime does not hinder the commercial relationship, he said the British government wants India to be the first country to be offered the “Registered Traveller Scheme, giving business traveller’s expedited clearance at the UK border.”

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Britain’s Prime Minister Theresa May’s visit to India last month was “no coincidence” that it was her first overseas bilateral visit outside the European Union as PM. “It signaled the immense value we place on our existing partnership with India and the potential we see to enhance this unique relationship in the future,” he said.

The Conservative Party MP pointed to the UK as India’s largest major investor, is responsible for employing one in every 20 Indians and second largest international employment generator and India as the UK’s third-largest investor – responsible for over 110,000 jobs in the UK.

– Prepared by Ruchika Kumari of NewsGram. Twitter: @RuchiUjjaini

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Three Projects Help India to Stop its Share of Water to Pakistan after Pulwama

The waters of the western rivers - the Indus, Jhelum, and Chenab - averaging around 135 MAF, were allocated to Pakistan.

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Picture Courtesy:-www.economylead.com

The government has envisaged three projects to give intent to its decision to stop its share of water from three eastern rivers of the Indus system – the Beas, Ravi and Sutlej – from going to Pakistan.

The decision was affirmed by Water Resource Minister Nitin Gadkari on Thursday in the wake of Pulwama terror attack though the Union cabinet had approved implementation of one of the key projects – Shahpurkandi dam – in December last year.

The waters of the western rivers – the Indus, Jhelum, and Chenab – averaging around 135 MAF, were allocated to Pakistan except for “specified domestic, non-consumptive and agricultural use permitted to India”, according to a treaty.

India has also been given the right to generate hydroelectricity through run-of-the-river (RoR) projects on the western rivers which, subject to specific criteria for design and operation, is unrestricted.

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However, about 2 MAF of water annually from Ravi is reported to be still flowing unutilised to Pakistan. VOA

To utilise the waters of the Eastern rivers, India has constructed the Bhakra Dam on Satluj, Pong and Pandoh Dam on Beas and Thein (Ranjitsagar) on Ravi. These storage works, together with other works like Beas-Sutlej Link, Madhopur-Beas Link and Indira Gandhi Nahar Project have helped India utilise nearly the entire share (95 per cent) of the eastern river waters.

However, about 2 MAF of water annually from Ravi is reported to be still flowing unutilised to Pakistan. The other two projects are Ujh multipurpose project and the second Ravi Beas link below Ujh.

Here’s the reality check of the three projects:

Shahpurkandi Project: It aims to utilise the waters coming from powerhouse of Thein dam in order to irrigate 37,000 hectares of land in Jammu and Kashmir and Punjab by generating 206 MW of power.

The project was scheduled to be completed by September 2016. However, following a dispute between the two states, work was suspended in August 2014 but they reached an agreement last September and the construction work has now resumed with the Centre monitoring its progress. The central government had in December last year announced assistance of Rs 485 crore for the project and it would be completed by June 2022.

 

India, pakistan, pulwama, water ban
The decision was affirmed by Water Resource Minister Nitin Gadkari on Thursday in the wake of Pulwama terror attack. VOA

The project will create irrigation potential of 5,000 hectare in Punjab and 32,173 hectare in Jammu and Kashmir.

Officials said that some water of the Ravi is going waste through the Madhopur Headworks downstream to Pakistan and it is required in Punjab and Jammu and Kashmir.

The total balance cost of pending work in ShahpurKandi Dam project is estimated Rs 1,973.53 crore (irrigation component: Rs 564.63 crore, power component Rs1408.90 crore).

The Shahpurkandi Project was initially approved by the Planning Commission in November, 2001. Revised costs were approved, but there was delay in its execution both because of lack of funds with Punjab and inter-state issues with Jammu and Kashmir.

An agreement was finally reached between the two states under the aegis of Water Resources Ministry in September last year.

Ujh multipurpose project: Construction of the Ujh multipurpose project will create a storage of about 781 million cubic metres of water on Ujh, a tributary of Ravi, for irrigation and power generation and provide a total irrigation benefits of 31,380 hectares in Kathua, Hiranagar and Samba districts of Jammu and Kashmir.

The total estimated cost of the project is Rs 5,850 crore and the Central assistance of Rs 4,892.47 crore on works portion of irrigation component as well as the special grant is under consideration. The project is yet to be implemented and it will take about six years for completion.

Second Ravi Beas link below Ujh: The project has been planned to tap excess water flowing down to Pakistan through Ravi by constructing a barrage across it for diverting water through a tunnel link to the Beas basin.

The project is expected to utilise about 0.58 MAF of surplus waters below Ujh dam by diverting the same to the Beas basin.

 

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Officials said that some water of the Ravi is going waste through the Madhopur Headworks downstream to Pakistan and it is required in Punjab and Jammu and Kashmir. Wikimedia

The water distribution treaty between India and Pakistan was brokered by the World Bank in 1960 to use the water available in the Indus system of rivers originating in India.

 

ALSO READ: IOC Cancels Places for 2020 Tokyo Games from India after it Refused Visas to Pakistan

The Indus system comprises Indus, Jhelum, Chenab, Ravi, Beas and Sutlej rivers. The basin is mainly shared by India and Pakistan with a small share for China and Afghanistan.

Under the treaty signed between India and Pakistan in 1960, all the waters of the three eastern rivers, averaging around 33 million acre feet (MAF), were allocated to India for exclusive use.  (IANS)