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Indian troops have started patrolling the <keyword id="23761332" type="General" weightage="20" keywordseo="Demchok-sector" source="keywords">Demchok sector</keyword> in eastern Ladakh, marking a significant step in the recent <keyword id="23661926" type="General" weightage="20" keywordseo="disengagement-agreement" source="keywords">disengagement agreement</keyword> between India and China. The two countries have agreed to start coordinated patrols based on their respective perceptions of the Line of Actual Control (LAC) in both the <keyword id="23634524" type="General" weightage="20" keywordseo="demchok" source="keywords">Demchok</keyword> and Depsang sectors. Patrolling in the Depsang sector is expected to commence soon, according to <keyword id="19908736" type="General" weightage="20" keywordseo="Indian-Army" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Army" meta.hostid="261" meta.entityid="Indian Army">Indian Army</keyword> sources. This coordinated patrolling arrangement allows both sides to be aware of each other's patrol schedules, reducing the chances of accidental conflicts or misunderstandings in these sensitive areas. In a gesture of goodwill, the Indian and Chinese armies exchanged sweets at various border points on Thursday in celebration of Diwali. This symbolic exchange took place at Hot Springs, Karakoram Pass, Daulat Beg Oldi, Kongka La, and the Chushul-Moldo meeting point in Ladakh, reinforcing the message of <keyword id="20189963" type="General" weightage="20" keywordseo="peace-and-cooperation" source="keywords">peace and cooperation</keyword>. Ladakh Member of Parliament (MP) Haji Hanifa expressed optimism about the recent developments. "Those of us who live near the border know what war feels like. We desire peace along the border. We welcome the agreement between the two countries, but we want to see it implemented on the ground. <keyword id="23761946" type="General" weightage="20" keywordseo="tensions-along-the-border" source="keywords">Tensions along the border</keyword> should be reduced through diplomatic means," said MP Hanifa. The recent disengagement follows a tense standoff that began in 2020, which significantly strained India-China relations. Chief of Army Staff <keyword id="22236978" type="General" weightage="20" keywordseo="General-Upendra-Dwivedi" source="keywords">General Upendra Dwivedi</keyword> noted that restoring trust along the Line of Actual Control (LAC) would be a gradual process to return to the April 2020 status quo. He emphasised the steps of disengagement, de-escalation, and buffer zone management as essential measures to ensure a peaceful border environment. In a recent statement, Chinese Ambassador to India Xu Feihong acknowledged the challenges of managing relations between the two neighboring nations. He noted that it was natural for India and China to have differences as neighbouring countries, but explained that the important thing was how to handle and solve these differences. The recent disengagement and coordinated patrolling efforts represent a hopeful turn toward stability and peace along the border. Both countries aim to work through their differences and establish a more secure and peaceful LAC, gradually easing tensions through diplomacy and collaboration. (With inputs from agencies)

Indian troops resume patrolling along LAC in Demchok as India-China border relations take a step forward

In a significant diplomatic move, Prime Minister Narendra Modi met with Maldives President Mohamed Muizzu at <keyword id="20751669" type="General" weightage="20" keywordseo="Hyderabad-House" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad House" meta.hostid="261" meta.entityid="Hyderabad House">Hyderabad House</keyword> in Delhi on Monday. This visit is widely seen as an effort to reset ties between the two nations after a year of tense relations. <keyword id="20101322" type="General" weightage="20" keywordseo="President-Muizzu" source="keywords">President Muizzu</keyword>, who arrived in India on Sunday for a five-day visit, received a red carpet welcome. During a joint press briefing, President Muizzu expressed heartfelt gratitude to India, thanking President Droupadi Murmu, <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> and the people of India for their warm reception. He emphasised the Maldives' deep-rooted ties with India, noting that tourism — especially Indian visitors—remains a crucial pillar of the Maldivian economy. “India is our largest source market for tourists, and we hope to welcome even more Indian visitors in the future,” Muizzu remarked. Key areas of cooperation discussed included economic ties and maritime security, critical given the Maldives' position in the Indian Ocean. Following their talks, India granted the financially struggling Maldives a rollover of USD 100 million in Treasury bills, in addition to formalising a <keyword id="23458604" type="General" weightage="20" keywordseo="currency-swap-agreement" source="keywords">currency swap agreement</keyword> and a ₹3,000 crore currency swap. Prime Minister Modi characterised the "development partnership" as a key component of India-Maldives relations, asserting that India has consistently prioritised the needs of the Maldivian people. "Our development partnership is vital to our relationship with the Maldives, and we have always placed importance on the priorities of its people. This year, SBI rolled over USD 100 million in Treasury Bills, and a USD 400 million currency swap agreement was signed based on the Maldives' requirements," he explained. <div type="Article" hostid="261" msid="106837748" title="Withdraw troops by mid-March, Maldives tells India" mstype="2" mssubtype="0"></div>In September, India announced that the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> would purchase Maldivian government bonds worth USD 50 million, following a similar USD 50 million transaction in May 2024. Additionally, Prime Minister Modi and President Muizzu witnessed the first <keyword id="20563654" type="General" weightage="20" keywordseo="RuPay-card" source="keywords">RuPay card</keyword> payment transaction launched in the Maldives and virtually inaugurated the runway at Hanimaadhoo International Airport. Modi stated that India and the Maldives would soon be connected through UPI. "Recently, we launched the RuPay card in the Maldives, and in the future, we will link both countries via UPI," he said during a joint press briefing. Muizzu also expressed his desire to conclude a <keyword id="19945642" type="General" weightage="20" keywordseo="Free-Trade-Agreement" source="keywords">Free Trade Agreement</keyword> with India, a step he believes will open the door to greater Indian investment in the Maldives. Modi emphasised India's commitment to supporting the Maldives through various initiatives, including supplying essential commodities and Covid vaccines, inaugurating airports, and constructing social housing. He noted that a new drinking water project is now operational on 28 islands, providing clean water to over 30,000 residents. The leaders also discussed the opening of consulates in Addu and Bengaluru. Tensions between India and the Maldives escalated following Muizzu's election last year, which saw a shift towards a pro-China stance and the promise to withdraw Indian troops stationed in the archipelago. His visit to China before India in January had raised eyebrows in New Delhi, as it was perceived as a slight. However, since attending Modi's swearing-in ceremony for a third term in June, Muizzu has moderated his anti-Indian rhetoric, signalling a thaw in relations. External Affairs Minister S Jaishankar has stated that the discussions provided "a new impetus" to the relationship. This meeting likely marks a positive turn in Indo-Maldivian relations, setting the stage for further cooperation between the two South Asian neighbours. (With inputs from agencies) <div type="Article" hostid="261" msid="112094153" title="Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA" mstype="2" mssubtype="0"></div>

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

In a major <keyword id="22639726" type="General" weightage="20" keywordseo="diplomatic-breakthrough" source="keywords">diplomatic breakthrough</keyword>, India and China have struck an agreement to defuse tensions along the <keyword id="20140251" type="General" weightage="20" keywordseo="Line-of-Actual-Control" source="keywords">Line of Actual Control</keyword> (LAC), which have been ongoing since the deadly clashes in the Galwan Valley in 2020. The deal, announced just days before the <keyword id="21003379" type="General" weightage="20" keywordseo="BRICS-summit" source="keywords">BRICS summit</keyword>, marks the first concrete step towards restoring peace between the two nations since the conflict began. It includes a structured patrolling plan and <keyword id="23643398" type="General" weightage="20" keywordseo="troop-withdrawals" source="keywords">troop withdrawals</keyword> aimed at preventing future confrontations in the <keyword id="20224053" type="General" weightage="20" keywordseo="Ladakh-region" source="keywords">Ladakh region</keyword>. Indian Foreign Minister <keyword id="20508657" type="General" weightage="20" keywordseo="S-Jaishankar" source="keywords">S. Jaishankar</keyword> described the agreement as a return to pre-2020 conditions, effectively resetting the status quo along the contested border. Troops from both sides will be pulled back to avoid face-offs, while joint patrols will be carried out according to a mutually agreed schedule. This is a notable shift from the tense, militarised standoff that has gripped the LAC over the past four years, where tens of thousands of soldiers were stationed in extreme high-altitude conditions. A key feature of the agreement is the creation of a regular monitoring system to ensure compliance. Monthly review meetings will be held to track progress, signalling a long-term commitment to peace. This structured approach, involving both military and diplomatic channels, could lay the foundation for more robust confidence-building measures. The pact also carries significant economic implications. While India had increased scrutiny of Chinese investments post-2020, bilateral trade has continued to rise, with Indian imports from China surging 56% in recent years. Experts see this agreement as a crucial step toward normalising broader diplomatic and economic ties, potentially allowing stalled business projects to resume. Despite the optimism, challenges remain. Experts caution that this is just the first step in what will be a long road to lasting peace. As former Indian military commander Deependra Singh Hooda noted, “At least the impasse has been broken,” but further confidence-building measures will be critical. The resolution of this border dispute could pave the way for deeper cooperation between the two nations, especially in a global context where both India and China are key players in shaping regional stability. For now, the world watches to see how this agreement will unfold in the months to come.

India and China just reached a landmark agreement to de-escalate border tensions! Here's what happens now

Male [Maldives], July 29 (ANI): <keyword id="930160" type="General" weightage="20" keywordseo="Maldives-President" source="Orion">Maldives President</keyword> <keyword id="18721872" type="General" weightage="20" keywordseo="Mohamed-Muizzu" source="Orion">Mohamed Muizzu</keyword> thanked India for its support of the island nation in easing its <keyword id="20792056" type="General" weightage="20" keywordseo="debt-repayment" source="keywords">debt repayment</keyword> and affirmed hope that New Delhi and Male would forge stronger ties and sign a <keyword id="120586" type="General" weightage="20" keywordseo="free-trade-agreement" source="Orion">free trade agreement</keyword>. Muizzu was addressing the official Independence Day function in the <keyword id="19926427" type="General" weightage="20" keywordseo="maldives" source="keywords">Maldives</keyword> on Friday. During his address, he commended the administration's foreign policy, celebrating eight months of 'diplomatic success,' according to the <keyword id="22582197" type="General" weightage="20" keywordseo="Maldives-President-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Maldives President Office" meta.hostid="153" meta.entityid="Maldives President Office">Maldives President Office</keyword>. President Muizzu expressed gratitude to India and China for their support in easing the Maldives' debt repayment, thereby enabling the country to ensure economic sovereignty. Emphasising the need to alleviate the local shortages of US dollars, he said that the Maldives government is negotiating currency swap agreements with both New Delhi and Beijing. The Maldives President also announced that his administration is negotiating a Free Trade Agreement (FTA) with the United Kingdom and expressed hope to reach a similar agreement with India. Notably, the Mohamed Muizzu government in the Maldives took a reconciliatory tone after ties between the two nations soured, leading to a diplomatic row. Last month, President Muizzu also attended the oath ceremony of Prime Minister Narendra Modi, after he took office for the third consecutive term. Earlier this year, Muizzu sought debt relief measures in the repayment of the hefty loans taken from the country over consecutive governments. He even stated that India will continue to remain the Maldives' "closest ally" and emphasised that there was no question about it. The loan amount owed by Maldives to India by the end of last year stood at 6.2 billion Maldivian Rufiyaa, according to Maldives-based The Edition. Notably, earlier this year, the International Monetary Fund (IMF) warned Maldives that it faces a high risk of debt distress without significant policy changes. Notably, Maldives President Mohamed Muizzu has displayed 'anti-India' rhetoric and he even ran the electoral campaign on the line of 'India Out'. The removal of Indian troops from the country was the main election campaign of Muizzu's party. Since coming to power, he has taken several steps that have been unconventional from the point of view of India-Maldives ties. He departed from a long convention by not visiting India on the first official visit and instead went to Turkey, followed by China. During his visit, the two countries elevated their ties to comprehensive strategic cooperative partnership and signed around 20 agreements. Last December, the Maldives said it would not renew the Hydrographic Survey agreement made with India. After Muizzu government officially requested India to withdraw troops, the Indian government set up a High-Level Core Group to discuss the matter. The withdrawal of Indian troops was completed in May this year. Days after the withdrawal of Indian soldiers, Maldives Defence Minister Ghassan Maumoon also acknowledged that the country's defence forces were capable of operating the three aircraft donated by India, The row between New Delhi and Male erupted after three Maldivian deputy ministers made derogatory comments against Prime Minister Narendra Modi, over his pictures from the visit to Lakshadweep. PM Modi had called for the Indian island cluster to be developed as a destination for beach tourism and promotion of domestic tourism. The matter snowballed into a major diplomatic row, with New Delhi summoning the Maldivian envoy and registering a strong protest against the viral posts. The three deputy ministers were suspended and they remain under suspension with pay. Maldives Tourism Ministry data showed, earlier this year, that the number of Indian tourists visiting the Maldives dropped by 33 per cent as compared to last year.

Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA

Senior officials of <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> and the UK held negotiations last month on the outstanding issues of the proposed <keyword id="19945642" type="General" weightage="20" keywordseo="free-trade-agreement" source="keywords">free trade agreement</keyword> (<keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword>) and the work is in progress to iron out the differences. According to the <keyword id="19910473" type="General" weightage="20" keywordseo="commerce-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="commerce ministry" meta.hostid="261" meta.entityid="commerce ministry">commerce ministry</keyword>, the Indian team visited London from April 16-19 for negotiations. "The teams have made good progress and work is in progress in resolving pending issues. Chapter-wise textual negotiations are nearly closed and schedules on goods and services are at an advanced stage of negotiations," the ministry said. The ministry, however, did not disclose further details. So far, 13 rounds of talks have been completed. The 14th round started in January. There are 26 chapters in the agreement, including goods, services, investments, and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, electric vehicles, lamb meat, chocolates, and certain confectionary items. Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance). The <keyword id="19895950" type="General" weightage="20" keywordseo="bilateral-trade" source="keywords">bilateral trade</keyword> between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. On the India-European Union (EU) trade pact, the ministry said the eighth round of talks is scheduled from June 24-28 in Brussels. On May 7, the stocktaking meeting on the agreement between the Indian commerce secretary and EU director general was held. The last round of talks were completed in February. Further, the chief negotiators of India and South American nation Peru are likely to hold the next rounds of talks for a proposed FTA in July. Seven rounds of talks have been completed so far. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank">Virat Kohli-backed Go Digit IPO subscription opens today — all you need to know</a><a href="https://www.businessinsider.in/tech/news/google-i/o-2024-highlights-ask-photos-ai-overviews-ai-fraud-protection-and-more-announced/articleshow/110143756.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-i/o-2024-highlights-ask-photos-ai-overviews-ai-fraud-protection-and-more-announced/articleshow/110143756.cms" target="_blank">Google I/O 2024 highlights: Ask Photos, AI Overviews, AI fraud protection and more announced</a><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank">TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery</a>

India-UK trade pact: Work in progress to resolve pending issues

<ul class="summary-list"><li>India's Prime Minister Narendra Modi had his power pegged back in elections this week. </li><li>It was also the 35th anniversary of the Tiananmen Square massacre in China. </li></ul><a target="_blank" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">Narendra Modi's strongman ambitions</a> suffered a setback this week.His Bharatiya Janata Party (BJP) party fell<a target="_blank" href="https://www.businessinsider.com/narendra-modi-win-bjp-india-election-explained-2024-6"> short of the landslide victory </a>many had predicted in the Indian elections.As Modi becomes India's prime minister for a third time, his party will have to enter into a power-sharing agreement with alliance partners.It's a chastening lesson from the Indian electorate for Modi, who, while boosting India's global standing, has been accused of stoking division and weakening India's democracy.On the same day as the Indian election results, <a target="_blank" href="https://www.state.gov/on-the-35th-anniversary-of-tiananmen-square/">the world marked the 35th anniversary </a>of the June 4, 1989 Tiananmen Square massacre, which saw a brutal crackdown on pro-democracy protesters in Beijing.In the decades since, China has slid back into Maoist-style authoritarianism.The events this week highlighted how the competition between India and China is about more than raw power. It's also a competition between two very different political ideologies.<h2 id="6acd91a8-36b3-408f-85c1-259d5944f4e0">India is a flawed but thriving democracy</h2>India is the world's largest democracy. Its first elections were held in 1951-52 after it gained independence from Britain. Free elections have been held in nearly every election cycle since, with a coup in 1975 briefly threatening India's democratic status.It is a rare bright spot in a world where democracy seems to be in retreat. Even in the US, the global champion of democracy, former president Donald Trump is accused of launching an attempt to cling to power illegally after losing the 2020 election.<div type="image" title="Indian voters" height="683" width="1024" msid="110819479" hostid="261" sizebytes="88454"></div>"India isn't a perfect democracy but it is still a role model for developing nations, large or small. And given trends in some Western democracies, I would have to say that there are several things they, too, should be learning from India," said Jabin T. Jacob, an expert on India-China relations at Shiv Nadar University, India.India's democracy, though, faces a stern test under Modi, say critics. Global democracy watchdog <a target="_blank" href="https://www.bbc.co.uk/news/world-asia-india-56393944">Freedom House in 2021</a> downgraded India's democratic status, saying Modi's Hindu nationalist movement had menaced journalists, attacked Muslims, and corroded civil liberties.Jacob said this week's results showed India's democracy remained resilient despite the pressures, while dealing a blow to a leader seen to have overstepped his authority."We have just seen an election in which the Indian electorate decided that their interests are best served by power shared more evenly among a set of political formations that represent diverse interests and aspirations. That is the essence of democracy," he said."The Indian electorate is a very mature one, and it has always intervened in a timely fashion against authoritarian tendencies in its rulers."It's unclear whether Modi will now double down on the nationalism he's championed or seek a more moderate path based on economic reform.<h2 id="c1fe728e-200a-4edb-8d77-94ea6111c952">China's rise comes at a high cost</h2>There are those in India, though, <a target="_blank" href="https://www.ft.com/content/daa87f88-ae0e-11e3-974d-00144feab7de">who have been astonished</a> at the speed and efficiency of China's rise to economic superpower status.China has become the world's second-largest economy, and the lives of millions of ordinary Chinese people have been transformed. Though India has made huge economic progress under Modi, it still lags behind.<div type="image" title="China high speed rail" height="644" width="1024" msid="110819477" hostid="261" sizebytes="117068"></div>"Perhaps the greatest challenge democracy faces in India is that is has failed to deliver the kind of sustained economic development enjoyed by neighbors like China over the last four decades. It has also failed to eliminate extreme poverty," wrote Chatham House <a target="_blank" href="https://www.chathamhouse.org/2022/04/democracy-india">analyst Gareth Price in 2022.</a>But with prosperity in China, has come reduced freedom.Since Tiananmen Square 35 years ago, China's Communist Party has rolled back many of the freedoms its citizens once had.Its current leader, Xi Jinping, has imposed a draconian surveillance state and is considered <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-ai-wreak-havoc-america-world-economy-2024-6">China's most authoritarian ruler</a> since Mao Tse Tung.Dominic Chiu, an analyst with the Eurasia Group, told Business Insider that China's system had given it an economic advantage — but at a cost."China's one-party rule in the reform era enabled consistent long-term policymaking and economic planning," he said. "This benefited China's economy immensely when the leadership decided to liberalize markets, privatize industries, and open the country up to foreign investment." But, he said, China's repressive one-party system was also deterring investors. And with China's <a target="_blank" href="https://www.businessinsider.com/china-falls-out-of-love-with-natural-diamonds-industry-struggles-2024-6">economy experiencing a steep </a>downturn, this poses a serious problem for its future growth.<h2 id="ebafe111-fa5e-49b8-95d3-f92a674d0da2">China and India vie for dominance</h2>Having achieved economic superpower status, China is now seeking to assert its power more aggressively both regionally and internationally.Tensions with India are increasing. In 2020, clashes along the countries' Himalayan border resulted in the death of 20 Indian soldiers and four Chinese.<div type="image" title="India-China border" height="683" width="1024" msid="110819475" hostid="261" sizebytes="158650"></div><a target="_blank" href="https://uk.news.yahoo.com/modi-mission-assert-indias-global-123002908.html">Analysts told BI</a> that building stronger alliances to counter Chinese aggression will be one of the core aims of Modi's third term.And its commitment to democracy hands it an important advantage, said Jacob."India's democratic status is critical for its international standing. It is an opportunity to develop a model of economic and political development that is both equitable and democratic and thus distinct from the aggressive capitalism of the US or the authoritarianism of the PRC," he said.In 2021, India entered<a target="_blank" href="https://uk.news.yahoo.com/modi-went-straight-reelection-needling-103142130.html"> into the "Quad" partnership </a>with democracies the US, Japan, and Australia, to counter what is perceived as growing Chinese aggression in the Pacific and Indian Ocean.It's a political alliance that would've been more difficult to broker if India was ruled by an authoritarian government,<a target="_blank" href="https://www.brookings.edu/articles/democracy-and-the-us-india-relationship/"> say observers.</a><h2 id="b9b7d5ac-0c25-43f4-adf2-9128d9242020">Competing nationalist visions</h2>Some analysts, though, say that the competition between India and China is not, at its core, about competing political systems but about competing nationalist visions.According to this interpretation, both Xi and Modi are committed to restoring what they see as their nation's rightful place at the top of the global order.But in his quest to strengthen India, critics are warning Modi not to undermine the commitment to democracy and pluralism they believe is at the heart of its post-independence success.Jacob said those in India jealous of China's economic might should look more closely at the reality."Indians who argue against democracy using the China comparison clearly don't understand anything about the reality of China and the Chinese people," he said.

The competition between India and China is about more than raw power

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> does not 'rush' into any Free Trade Agreement (<keyword id="20000557" type="General" weightage="20" keywordseo="fta" source="keywords">FTA</keyword>) if the pact is not equitable, balanced, and fair for the country, Commerce and Industry Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword> on Friday said. He said that the ground realities in India have changed now and the offers made by partner countries in these agreements are "not at all" comparable to what India is offering to the world. At present, negotiations for FTAs with the UK, Oman, and the four-nation European Free Trade Association (EFTA) are nearing conclusion. EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. The minister also said that India should never rush for trade negotiations as they are going to impact the country for years and years to come. "We enter into negotiations with our eyes wide open, we do extensive stakeholder negotiations...we do a lot of inter-ministerial consultations. We crystal gaze into the future and see that India offers the best business opportunities. "Sometimes trade negotiations take time because the other sides take time to understand what really is happening in India, how the India story is panning out, how new India is emerging. And some people also live in a colonial mindset of the past, so it takes us some more time to get them to understand that ground realities have changed. What is on the offer on their side is not at all comparable to what we are offering to the world and therefore unless it is a very equitable, balanced, and fair trade agreement, India does not rush into trade agreements anymore," he said. <keyword id="19895372" type="General" weightage="20" keywordseo="goyal" source="keywords">Goyal</keyword> said this at the Raisina Dialogue 2024 here. He was replying to a question about why trade negotiations with the UK and the EU (<keyword id="19895384" type="General" weightage="20" keywordseo="european-union" source="keywords">European Union</keyword>) are proving more complicated. He added that some free trade agreements signed by the previous government have issues as adequate due diligence was not followed. In some cases, a little bit of rush to enter into an FTA was also there earlier, he said. India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations. There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. The seventh round of India-European Union talks is underway here. In June 2022, India and the EU restarted the negotiations for the long-pending trade and investment agreement after a gap of over eight years.

India does not rush into trade agreements if it is not fair, balanced, equitable: Goyal

New Delhi [India], March 6 (ANI): The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has issued a directive aimed at enhancing consumer choice and competition in the credit card market. In a circular released on Wednesday, the RBI mandated that card issuers must provide their eligible customers with the option to choose from multiple card networks at the time of issuance or renewal. According to a press release, the central bank prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other card networks. The directive addresses concerns raised about restrictive practices prevalent in the credit card industry. The RBI identified arrangements between card issuers and card networks that limit customer choice as detrimental to the availability of options in the market. By taking decisive steps to promote consumer choice and fair competition, the RBI aims to foster a more dynamic and inclusive financial ecosystem. Key highlights of the RBI directive include the requirement for card issuers to offer eligible customers the choice of selecting from multiple card networks at the time of issuance or renewal of credit cards. This provision seeks to empower consumers by providing them with greater flexibility and control over their financial products. Additionally, the RBI has banned card issuers from entering into agreements with card networks that restrain them from availing the services of other card networks, aiming to promote fair competition and prevent anti-competitive practices. The directive provides definitions for authorized card networks, including American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/Pacific Pte. Ltd., <keyword id="20846648" type="General" weightage="20" keywordseo="national-payments-corporation-of-india-rupay" source="keywords">National Payments Corporation of India-Rupay</keyword>, and <keyword id="20846647" type="General" weightage="20" keywordseo="visa-worldwide-pte" source="keywords">Visa Worldwide Pte</keyword>. <keyword id="20040916" type="General" weightage="20" keywordseo="limited" source="keywords">Limited</keyword>. Certain exemptions have been outlined as well, including an exemption for credit card issuers with a smaller customer base of 10 lakh or fewer active cards. The implementation timeline for the directive is set to be six months from the date of issuance of the circular, allowing card issuers and card networks sufficient time to comply with the new requirements. The directive underscores the RBI's commitment to promoting transparency, choice, and competition in the credit card market, with a focus on creating a more consumer-friendly financial ecosystem. With the issuance of this directive, the RBI reaffirms its role as a proactive regulator dedicated to safeguarding the interests of consumers and promoting a competitive and resilient financial system. (ANI)

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

Australian Deputy Prime Minister Richard Marles will travel to Ahmedabad to witness the summit clash between <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and <keyword id="6355478" type="General" weightage="80" keywordseo="australia" source="Orion">Australia</keyword> at the <keyword id="3859" type="General" weightage="20" keywordseo="cricket-world-cup" source="Orion">cricket World Cup</keyword> on Sunday. Marles, who is also Australia's <keyword id="32723" type="General" weightage="80" keywordseo="defence" source="Orion">defence</keyword> minister, and Foreign Minister Penny Wong are visiting India to co-chair the second edition of the "2+2" ministerial dialogue along with their Indian counterparts on Monday. The defence ministry on Saturday announced the Australian deputy prime minister's two-day visit to India from November 19-20 primarily for the "2+2" dialogue that is expected to focus on boosting the overall defence and strategic ties between the two countries. It said Marles will also attend the cricket World Cup final between India and Australia on Sunday. "Australian Deputy Prime Minister and Minister for Defence Richard Marles will visit India from November 19 to 20 to co-chair the second India-Australia 2+2 ministerial dialogue with Defence Minister Rajnath Singh," the ministry said in a statement. The Indian delegation at the "2+2" dialogue will be led by Singh and External Affairs Minister S Jaishankar. "During his visit, Minister Marles will also attend the Cricket World Cup final between India and Australia in Ahmedabad, Gujarat on November 19," the ministry said. It said Singh and Marles will hold a bilateral meeting on November 20 that would be followed by the "2+2" dialogue. "India and Australia are pursuing a comprehensive strategic partnership and the visit of Minister Marles is expected to give further impetus to the collaboration as well as bilateral defence cooperation," the defence ministry said. "The two countries are expected to discuss wide-ranging issues of mutual interest during the 2+2 dialogue and the bilateral defence ministers' meeting," it added. The two sides are expected to focus extensively on further ramping up the overall defence and security ties and boost the strategic cooperation in the Indo-Pacific region during the "2+2"dialogue. Both Australia and India are part of the Quad or Quadrilateral coalition that is focused on working towards ensuring a free, open and inclusive Indo-Pacific. The other two members of the Quad are the United States and Japan. The situation in West Asia in view of the Hamas-Israel conflict, China's increasing military muscle flexing in the Indo-Pacific and issues relating to regional security is expected to figure in the talks, people familiar with the preparation for the dialogue said. The inaugural "2+2" ministerial dialogue between India and Australia took place in September 2021. India has such a framework for talks with a very few countries, including the US and Japan. The latest edition of the India-US foreign and defence ministerial dialogue took place in New Delhi on November 10. The bilateral defence and strategic ties between India and Australia are on an upward trajectory in the last few years. In June 2020, the two countries elevated their ties to a comprehensive strategic partnership and signed a landmark deal for reciprocal access to military bases for logistics support. The <keyword id="10796857" type="General" weightage="50" keywordseo="mutual-logistics-support-agreement" source="Orion">Mutual Logistics Support Agreement</keyword> (<keyword id="449908" type="General" weightage="50" keywordseo="mlsa" source="Orion">MLSA</keyword>) allows the militaries of the two countries to use each other's bases for repair and replenishment of supplies, besides facilitating scaling up of the overall defence cooperation. SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/ind-vs-aus-icc-world-cup-final-past-battles-head-to-head-record-and-more/slidelist/105309620.cms">India vs Australia ICC World Cup final – Past battles, head-to-head record and more</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-strengthens-market-leadership-with-3-25-mn-new-subscribers-vis-decline-slows/articleshow/105289414.cms">Jio strengthens market leadership with 3.25 mn new subscribers, Vi’s decline slows</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

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Indian troops resume patrolling along LAC in Demchok as India-China border relations take a step forward

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Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

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India and China just reached a landmark agreement to de-escalate border tensions! Here's what happens now

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Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA

ANI

India-UK trade pact: Work in progress to resolve pending issues

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The competition between India and China is about more than raw power

Tom Porter

India does not rush into trade agreements if it is not fair, balanced, equitable: Goyal

PTI

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

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Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

PTI

Australian Deputy PM Marles to watch India-Australia World Cup cricket final in Ahmedabad

PTI

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