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Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> has received an invitation from his Italian counterpart Giorgia Meloni to attend the <keyword id="21430934" type="General" weightage="20" keywordseo="G7-Summit" source="keywords">G7 Summit</keyword> Outreach Session in Italy in June. Modi spoke to Italian Prime Minister Meloni on Thursday and thanked her for the invite to the G7 Summit Outreach Sessions to be held in Italy's Puglia, the <keyword id="19898714" type="General" weightage="20" keywordseo="Ministry-of-External-Affairs" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of External Affairs" meta.hostid="261" meta.entityid="Ministry of External Affairs">Ministry of External Affairs</keyword> said in a statement. In a post on 'X', Modi said he greeted Meloni and the people of Italy on the 79th anniversary of Liberation Day. "Thanked her for the invite to the G7 Summit in June. Discussed taking forward #G20India outcomes at the G7. Reaffirmed commitment to deepening our Strategic Partnership," he added. The Summit will be held on June 13-15. The result of the ongoing general election will be announced on June 4. Before the announcement of the Lok Sabha elections, Modi said in February that he had already received invitations from "foreign countries for July, August, and September" as they are "confident of the BJP government returning to power". Officials said Meloni's invitation to Prime Minister Modi for the G7 Summit in Italy's Puglia in June after the elections reiterates this confidence. During their conversation on Thursday, the two leaders also discussed taking forward the important outcomes from India's G20 Presidency, especially those that support the Global South, at the G7 Summit under Italy's Presidency, the statement said. They reaffirmed their commitment to continue to strengthen the bilateral strategic partnership and also exchanged views on regional and global developments of mutual interest, it added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/jnk-india-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109597273.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/jnk-india-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109597273.cms" target="_blank">JNK India IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a><a href="https://www.businessinsider.in/finance/news/groww-receives-sebi-approval-to-launch-nifty-non-cyclical-consumer-index-fund/articleshow/109588441.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/news/groww-receives-sebi-approval-to-launch-nifty-non-cyclical-consumer-index-fund/articleshow/109588441.cms" target="_blank">Groww receives SEBI approval to launch Nifty non-cyclical consumer index fund</a>

Italian PM Meloni invites PM Modi to G7 Summit Outreach Session in June

Kuwaiti authorities are conducting DNA tests on the bodies of over 40 <keyword id="22038005" type="General" weightage="20" keywordseo="Indians-killed" source="keywords">Indians killed</keyword> in the devastating fire in Mangaf area, with an <keyword id="472686" type="General" weightage="20" keywordseo="IAF-aircraft" source="Orion">IAF aircraft</keyword> on standby to bring back the mortal remains, officials said on Thursday. Minister of State for <keyword id="43920" type="General" weightage="20" keywordseo="External-Affairs" source="Orion">External Affairs</keyword> Kirti Vardhan Singh reached Kuwait to oversee assistance to Indians injured in the fire and to ensure early repatriation of mortal remains. The total number of people killed in the fire incident in the southern Kuwait locality is 49 and 42 of them are learnt to be Indians, the officials said. The IAF aircraft has been kept on stand-by to bring back the mortal remains, officials said. Hours after arriving in Kuwait, Singh met the Gulf nation's foreign minister <keyword id="22043093" type="General" weightage="20" keywordseo="Abdullah-Ali-Al-Yahya" source="Orion">Abdullah Ali Al-Yahya</keyword>. The <keyword id="54656" type="General" weightage="20" keywordseo="Indian-embassy" source="Orion">Indian embassy</keyword> in Kuwait said Al-Yahya assured of full support including for medical care, early repatriation of mortal remains and investigation into the incident. "FM Yahya conveyed his condolences on the tragic incident. He assured full support including for medical care, early repatriation of mortal remains and investigation of the incident," the mission said on X. "MoS conveyed his appreciation for the cooperation being extended by all concerned authorities of Kuwait," it said. Singh also visited Mubarak Al Kabeer hospital where seven injured Indians are admitted. "In an unfortunate and tragic fire incident earlier today in a Labour housing facility in Mangaf area of Kuwait, around 40 Indians are understood to have died and over 50 injured," the Ministry of External Affairs had said in a statement late on Wednesday night. Last night, Prime Minister Modi reviewed the situation at a meeting with <keyword id="5263" type="General" weightage="20" keywordseo="external-affairs-minister" source="Orion">External Affairs Minister</keyword> S Jaishankar, NSA Ajit Doval, Foreign Secretary Vinay Kwatra and Principal Secretary to PM PK Mishra among others. Following the meeting, the prime minister announced ex-gratia relief of Rs 2 lakh to the families of the deceased Indian nationals from the PM's Relief Fund and directed that the government should extend all possible assistance. Jaishankar spoke to his Kuwaiti counterpart Abdullah Ali Al-Yahya on phone and urged him for the early repatriation of the mortal remains of those killed. "Spoke to Kuwaiti FM Abdullah Ali Al-Yahya on the fire tragedy in Kuwait. Apprised of the efforts made by Kuwaiti authorities in that regard. Was assured that the incident would be fully investigated and that responsibility will be fixed," Jaishankar said on X on Wednesday night. "Urged the early repatriation of the mortal remains of those who lost their lives. He emphasized that those injured were getting the requisite medical attention," he said. The officials had said most of the Indian victims are from Kerala. The fire in Al-Mangaf building was reported to authorities in Al-Ahmadi governorate at 4.30 am on Wednesday and most of the deaths were due to smoke inhalation, Kuwaiti media reported, adding the fire started in a kitchen. Construction firm NBTC group rented the building for the stay of more than 195 workers, most of them Indians from Kerala, Tamil Nadu and northern states, the Kuwaiti media said. The NBTC group is partly owned by an Indian, officials said. Interior Minister of Kuwait Sheikh Fahad Al-Yousuf Al-Sabah ordered an investigation into the fire incident and issued directions to apprehend the owner and janitor of Al-Mangaf building.

Kuwait fire: IAF aircraft on standby to bring back mortal remains of Indians

Russia, on Wednesday, accused the United States of showing disrespect towards India, alleging interference in India's 2024 <keyword id="19923279" type="General" weightage="100" keywordseo="Lok-Sabha-elections" source="keywords">Lok Sabha elections</keyword> and attempts to disrupt the country's internal <keyword id="19930636" type="General" weightage="20" keywordseo="political-stability" source="keywords">political stability</keyword>. Speaking at a media briefing, <keyword id="20731532" type="General" weightage="20" keywordseo="Russian-Foreign-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Russian Foreign Ministry" meta.hostid="261" meta.entityid="Russian Foreign Ministry">Russian Foreign Ministry</keyword> spokesperson <keyword id="20446998" type="General" weightage="20" keywordseo="maria-zakharova" source="keywords">Maria Zakharova</keyword> criticised the US for its report on <keyword id="20114410" type="General" weightage="20" keywordseo="religious-freedom" source="keywords">religious freedom</keyword> in India, suggesting a lack of understanding of India's national mentality and historical context. Zakharova reportedly alleged that America continues to make “unfounded accusations” about religious freedoms in India and the reason (behind the US accusations) is to unbalance the internal political situation in India and complicate the general elections. “They (the US) tried to unbalance the political situation in India in order to make it harder to have the general parliamentary elections. That is part of meddling into India's domestic affairs,” Zakharova was quoted as saying by <a href="https://timesofindia.indiatimes.com/india/russia-claims-us-aims-to-destabilise-india-during-lok-sabha-elections-2024/articleshow/109968436.cms">The Times of India</a>. "Regular unfounded accusations by the United States against New Delhi of violating religious freedoms are a reflection of the United States' misunderstanding of the national mentality, the historical context of the development of the Indian state and disrespect for India as a state. I am sure that this also comes from the neocolonial mentality, the mentality of the colonial period, the period of the slave trade, and imperialism," she said, as quoted by ANI. The report in question, drawn by the US Commission on International Religious Freedom (USCIRF), raised concerns over India's purported infringements on religious freedom. It evoked a strong response from India’s Ministry of External Affairs (MEA), which denounced it as biased and part of a recurring pattern of anti-India propaganda. Zakharova, in addition to criticising the US stance on religious freedom, also accused Washington of adopting a repressive attitude and failing to respect India's sovereignty. She suggested that such behaviour stems from America’s colonial mindset rooted in historical exploitation. Furthermore, Zakharova addressed allegations against an Indian official regarding an alleged "assassination" plot targeting pro-Khalistan leader Gurpatwant Singh Pannun. The Washington Post had published a report implicating a Research and Analysis Wing (RAW) official in the purported assassination attempt on Pannun. India's Ministry of External Affairs condemned the report as baseless and unverified, emphasising that the matter is under investigation. It also criticised the US media for publishing speculative and irresponsible information. Zakharova weighed in on the situation, stating: “According to the information we have, Washington has not yet provided any reliable evidence of the involvement of Indian citizens in the preparation of the murder of a certain GS Pannun. Speculation on this topic in the absence of evidence is unacceptable.” With accusations and counter-accusations flying between Russia and the US, tensions between the two over their respective stances on <keyword id="21592534" type="General" weightage="20" keywordseo="Indias-internal-affairs" source="keywords">India's internal affairs</keyword> continue to escalate. As India grapples with these external pressures, it will be a walk on the tightrope for the country as it attempts to maintain friendly diplomatic relationships with both global superpowers. (With inputs from TOI)

Is the US interfering with Lok Sabha elections? Russia accuses America of disrespecting India, influencing democratic processes

<ul><li>India is asking <keyword id="6356687" type="General" weightage="50" keywordseo="canada" source="Orion">Canada</keyword> to take action against those facing charges related to terrorism.</li><li>Canadian PM unequivocal about the importance of the rule of law and protecting Canadians.</li><li>Both the countries have fired a diplomat each in a tit-for-tat move.</li></ul> Canada Prime Minister <keyword id="1740494" type="General" weightage="80" keywordseo="justin-trudeau" source="Orion">Justin Trudeau</keyword> on Thursday said that India is a country of growing importance, adding that Canada is not looking to provoke or cause problems and called upon the government of India to work with Ottawa to establish processes to uncover the truth in the murder of Khalistan extremist, <keyword id="7575364" type="General" weightage="40" keywordseo="Hardeep-Singh-Nijjar" source="Orion">Hardeep Singh Nijjar</keyword>. Trudeau's recent statement comes as the diplomatic standoff between India and Canada escalated to a level that the envoys of both countries have been expelled in a tit-for-tat move. He also stressed that Canada is unequivocal about the importance of the rule of law and protecting Canadians as well as standing up for values. "There is no question, India is a country of growing importance and a country that we need to continue to work with not just in a region but around the world and we are not looking to provoke or cause problems but we are unequivocal about the importance of the rule of law and unequivocal about of the importance of protecting Canadians and standing up for values," Trudeau said while addressing a press conference at Canada's Permanent Mission to the United Nations in New York. "That's why, we call upon the government of India to work with us to establish processes to uncover the truth of the matter and to allow justice and accountability to be served," Trudeau added. Trudeau's recent statement comes as the diplomatic standoff between India and Canada escalated to a level that the envoys of both countries have been expelled in a tit-for-tat move. Indian <keyword id="193522" type="General" weightage="20" keywordseo="External-Affairs-Ministry" source="Orion">External Affairs Ministry</keyword> in its response to the allegations by Canada had said, "Yes these allegations were raised by Canadian PM Justin Trudeau with PM (Modi) and PM rejected them." Indian government's stance The MEA said that allegations were raised by Trudeau when he was in India to attend the G20 Summit and that PM Modi had rejected them. MEA spokesperson <keyword id="10953867" type="General" weightage="20" keywordseo="Arindam-Bagchi" source="Orion">Arindam Bagchi</keyword> said that Canada has not shared any specific information regarding the allegations and that India is asking Canada to take action against those facing charges related to terrorism."We are willing to look at any specific information that is provided to us, but so far we have received no specific information from Canada," Bagchi said on Thursday answering queries. "We are willing to look at any specific information that is provided to us, but so far we have received no specific information from Canada," Ministry of External Affairs spokesperson Arindam Bagchi said on Thursday answering queries. Moreover, Canadian Prime Minister Justin Trudeau also took questions about Canada's tensions with India during a press conference. On sharing evidence, Canadian PM Justin Trudeau said, "Canada has a rigorous and independent justice system, that we trust, to follow through the processes, we will ensure that those processes are strictly, abided by and respected." Regarding the safety of Canadians, he said, "I can tell everyone that Canada is a safe country. We always take Canadians' safety seriously, whether they are at home or abroad." "Canada has a rigorous and independent justice system, that we trust, to follow through the processes, we will ensure that those processes are strictly, abided by and respected. In terms of safety in Canada and the safety of Canadians, we always take the safety of Canadians extremely seriously, whether at home or overseas, I can assure everyone that Canada is a safe country," Trudeau said, while adding, "I continue to call, for calm, and for Canadians to remain true to who we are, open, respectful, grounded in, respect and trust in our institutions and, our law enforcement and justice systems." Speaking further, the Canadian PM repeated his allegations over the killing of the Khalistani leader and stated, "I think it's extremely important that as a country with a strong and independent justice system. We allow those justice processes to unfold themselves with the utmost integrity. But I can assure you, the decision to share these allegations on the floor of the House of Commons was not made lightly. It was done with utmost seriousness..." Nijjar, the chief of Khalistan Tiger Force (KTF) - a Sikh extremist organisation banned by India and a "designated terrorist" was killed in a targeted shooting at British Columbia in Canada's Surrey in June 2018. India, however, rejected the allegations by the Trudeau administration, terming them "absurd" and "motivated". "We have seen and reject the statement of the Canadian Prime Minister in their Parliament, as also the statement by their Foreign Minister," the Ministry of External Affairs (MEA) said in a statement. "Allegations of Government of India's involvement in any act of violence in Canada are absurd and motivated," the MEA added in its statement. "Similar allegations were made by the Canadian Prime Minister to our Prime Minister and were completely rejected. We are a democratic polity with a strong commitment to the rule of law," it added. Diplomatic action India on Tuesday expelled a senior Canadian diplomat in a reciprocal move to Canada expelling a senior Indian diplomat in light of the claim of New Delhi's involvement in the killing of the wanted separatist leader. The MEA said that the Canadian diplomat was asked to leave India within the next five days. "The High Commissioner of Canada to India was summoned today and informed about the decision of the Government of India to expel a senior Canadian diplomat based in India," the MEA stated. "The concerned diplomat has been asked to leave India within the next five days. The decision reflects the Government of India's growing concern at the interference of Canadian diplomats in our internal matters and their involvement in anti-India activities," it added. (With text input from ANI)

India-Canada tension: Trudeau says not looking to provoke; MEA says no specific information shared

Prime Minister Narendra Modi's "short but a very productive visit" to Jakarta, where he participated in the <keyword id="1493716" type="General" weightage="20" keywordseo="ASEAN-India-Summit" source="Orion">ASEAN-India Summit</keyword> and the East Asia Summit, has concluded on Thursday, said Secretary (East), <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (MEA), <keyword id="331724" type="General" weightage="50" keywordseo="saurabh-kumar" source="Orion">Saurabh Kumar</keyword>. "Prime Minister's participation in this summit will give India-ASEAN relations a strategic direction," said Secretary Kumar. In a short video message posted on X, by MEA spokesperson <keyword id="10953867" type="General" weightage="50" keywordseo="arindam-bagchi" source="Orion">Arindam Bagchi</keyword>, Kumar summarised the key takeaways of <keyword id="2238662" type="General" weightage="100" keywordseo="pm-modi" source="Orion">PM Modi</keyword>'s Jakarta visit. He said that PM Modi highlighted the "need to amplify the voice of the Global South, including in the G20". The <keyword id="5891" type="General" weightage="80" keywordseo="asean" source="Orion">ASEAN</keyword> leaders welcomed PM Modi's leadership in the G20 and wished him success and also congratulated India for the successful Chandrayaan-3 mission. "Prime Minister had comprehensive discussions, including in areas such as connectivity, maritime cooperation, digital transformation, trade and economy, environment, health and traditional medicines. In each of these, the Prime Minister made specific proposals, which has already been put out in the form of a twelve-point proposal," said Kumar. He added, "Two joint statements were issued between India and ASEAN. These relate to maritime cooperation and food security. In maritime cooperation, areas such as safety and security of the maritime area, maritime domain awareness, disaster management, blue economy, et cetera, have been covered." Prime Minister also announced the formation of an ASEAN India Fund for Digital Future, which would provide financial connectivity between ASEAN and India, said Kumar, adding, "Prime Minister also announced support for ERIA (Economic Research Institute for ASEAN and East Asia), which is an ASEAN think tank, which would be our knowledge partner to further deepen ASEAN-India relations." He also said that the Prime Minister, during his interactions and discussions, "called for a free, open and rules-based Indo-Pacific, emphasised ASEAN centrality and made the point that cod complements the same". Following his participation in the summits, PM Modi thanked Indonesian President, Joko Widodo, and the people. "Had a very short but fruitful Indonesia visit, where I met ASEAN and other leaders. I thank President @jokowi , the Indonesian Government and people for their welcome," wrote PM Modi on X. PM Modi, who is in Jakarta, will return to New Delhi on Thursday evening ahead of the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword>, which will be held on September 9 and 10. ALSO READ: <a href="https://www.businessinsider.in/india/news/g20-check-out-the-full-list-of-restricted-roads-in-delhi-during-summit/articleshow/103436759.cms" data-type="tilCustomLink" target="_blank">Delhiites, here are all the traffic restrictions as a result of the G20 summit</a>

ASEAN-India Summit: PM Modi highlights need to amplify voice of Global South during Jakarta visit

New Delhi, The first IIT campus outside India will come up in Tanzania's Zanzibar, the <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (MEA) said on Thursday. A Memorandum of Understanding (MoU) has been signed for setting up of a campus of <keyword id="6356755" type="General" weightage="20" keywordseo="iit-madras" source="Orion">IIT Madras</keyword> in Zanzibar, which is a Tanzanian archipelago off the coast of East Africa. The agreement was inked on Wednesday in presence of External Affairs Minister S Jaishankar and Zanzibar's President Hussein Ali Mwinyi. Jaishakar is on a visit to Tanzania. "The first IIT campus to be set up outside India will be in Zanzibar," the MEA said. It said an MoU was signed between the India's education ministry, IIT Madras and Zanzibar's ministry of education and vocational training. "This campus is reflective of the longstanding friendship between India and Tanzania and a reminder of the focus India places on building people to people ties across Africa and the Global South," the MEA said. It said the National Education Policy (NEP) 2020 recommends that "high performing Indian universities will be encouraged to set up campuses in other countries". "Recognising the strategic partnership between Tanzania and India, the relationship of educational partnership has been formalised by signing the document which provides the framework for the parties to detail out the setting up of the proposed campus of IIT Madras in <keyword id="17916122" type="General" weightage="20" keywordseo="zanzibar-tanzania" source="Orion">Zanzibar-Tanzania</keyword>, with plans to launch programmes in October 2023," the MEA said.

IIT Madras to set up a campus in  Zanzibar in Tanzania

Australian High Commissioner <keyword id="837736" type="General" weightage="70" keywordseo="Barry-OFarrell" source="Orion">Barry O'Farrell</keyword> on Monday said that Adgroup is still a significant investor in Australia. "Adani's investment is fully functioning in Australia. No reports I see from Australia of any effect on business, he is still a significant investor," O'Farrell said on Monday. <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword> is an Indian multinational conglomerate founded by Gautam Adani. It is headquartered in Ahmedabad. The Australian High Commissioner on Monday also said that the Australian Prime Minister Anthony Albanese will arrive in Ahmedabad on the evening of Holi. "I expect him to take part in those celebrations," O'Farrell said. Asserting that India and Australia are deepening ties through two-way mobility to fulfil 21st-century aspirations, O'Farrell also said " Very soon, India will have Australian campuses". <keyword id="5783061" type="General" weightage="50" keywordseo="union-education" source="Orion">Union Education</keyword> Minister Dharmendra Pradhan recently said that two Australian universities- Wollongong and Deakin will soon establish campuses in Gujarat. "<keyword id="6355445" type="General" weightage="80" keywordseo="education" source="Orion">Education</keyword> is the key to all transformation. Therefore, education is the natural 'mother' for all transformation and partnerships. India and Australia are deepening ties through two-way mobility to fulfil 21st-century aspirations," Dharmendra Pradhan said. The visiting Australian delegation led by Education Minister Jason Clare held a high-level meeting with the Indian delegation led by Pradhan and participated in student engagement programmes in New Delhi on Wednesday. Pradhan further said that strengthening educational linkages will provide opportunities for students from both countries to learn and gain new experiences in diverse cultural settings, thereby truly upholding the values of "Vasudhaiva Kutumbakam" or "One Earth, One Family and One Future", which is also the theme of India's G20 Presidency. As per the <keyword id="263716" type="General" weightage="50" keywordseo="ministry-of-education" source="Orion">Ministry of Education</keyword>, both sides held discussions to take their partnership in the education sector forward in areas of school, higher and vocational education. "They discussed ways to deepen engagements to <keyword id="13880162" type="DOMAIN" weightage="20" keywordseo="empower" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="empower" meta.entityname="Empower India Ltd." meta.entityid="3850" meta.seoname="empower-india-ltd">empower</keyword> youth in both countries and make the education and skills sector more vibrant. Both ministers reaffirmed their commitment to enhancing institutional collaboration and two-way mobility by exploring the delivery of transnational education in the higher education, skills and research sectors," the ministry added. Australian High Commissioner also emphasized that "Quad is not turning into Indo-Pacific NATO". The Quad Foreign Ministers recently carried out a comprehensive review of various issues, ranging from Indo-Pacific to ASEAN. The meeting was presided by <keyword id="43920" type="General" weightage="50" keywordseo="external-affairs" source="Orion">External Affairs</keyword> Minister <keyword id="491850" type="General" weightage="50" keywordseo="s-jaishankar" source="Orion">S Jaishankar</keyword>, Australian Foreign Minister Penny Wong, Japanese counterpart Yoshimasa Hayashi and <keyword id="100742" type="General" weightage="50" keywordseo="us-state-department" source="Orion">US State Department</keyword> Secretary Antony Blinken. The <keyword id="3268350" type="General" weightage="50" keywordseo="quadrilateral-security-dialogue" source="Orion">Quadrilateral Security Dialogue</keyword> (Quad) reaffirmed its steadfast commitment to supporting a free and open Indo-Pacific and strongly supported the peaceful settlement of disputes without resorting to threats or use of force and freedom of navigation and overflight. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/philips-7000-series-hair-straightener-review-modern-easy-to-use-and-affordable/articleshow/98452665.cms">Philips 7000-series hair straightener review: Modern, easy to use, and affordable</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty-close-higher-for-2nd-day-on-gains-in-global-equities-it-financials-shares-advance/articleshow/98453920.cms">Sensex, Nifty close higher for 2nd day on gains in global equities; IT, financials shares advance</a>

Adani is still significant investor in Australia, investment fully functional: High Commissioner Barry O'Farrell

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the <keyword id="144110" type="General" weightage="80" keywordseo="department-of-economic-affairs" source="Orion">Department of Economic Affairs</keyword>, under the Union Finance Ministry, said. In a recent report, the Department of Economic Affairs said the country's external debt continues to be sustainable and prudently managed. "As at end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago. External debt as a ratio to GDP (gross domestic product) was 19.9 per cent, while reserves to external debt ratio was 97.8 per cent," the report said. The sovereign debt at $130.7 billion rose higher by 17.1 per cent over its level a year ago, mainly because of additional allocation of special drawing rights (SDR) by the IMF during 2021-22. The non-sovereign debt, on the other hand, grew 6.1 per cent to $490 billion over the level as at end-March 2021. Experts had said that the external debt of $620.7 billion need not be a concern as $490 billion is non-government and the share of government is only $130.8 billion. Of the non-government debt, the share of non-financial corporations was about $250.2 billion. Further, the total debt of $620.7 billion as a percentage of gross domestic product (GDP) was 19.9 per cent and the debt service ratio was 5.2 per cent. Experts also said India cannot be compared with Sri Lanka that is in a severe economic crisis. The share of the central government in short term debt - maturing in a year's time- is only $7.7 billion out of the total $267 billion, experts had said. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword> deposits, and short-term trade credit are the three biggest constituents of the non-sovereign debt, accounting for as much as 95.2 per cent. While NRI deposits declined by two per cent to $139 billion, commercial borrowings at $209.71 billion and short-term trade credit at $117.4 billion rose by 5.7 per cent and 20.5 per cent, respectively. According to the report, the debt vulnerability indicators continued to be benign. The debt service ratio fell significantly to 5.2 per cent during 2021-22 from 8.2 per cent during the previous year, reflecting buoyant current receipts and moderating external debt service payments. The debt service payment obligations arising out of the stock of external debt as at end of March 2022 are projected to trend downwards over the coming years. From a cross-country perspective, India's external debt is modest. In terms of various debt vulnerability indicators, India's sustainability was better than the Low-and Middle-Income Countries (LMICs) as a group and vis-a-vis many of them individually. According to the report, the US dollar continues to be the leading currency of denomination accounting for 53.2 per cent of the total as at end March 2022. Deposits in Non Resident (External) <keyword id="8182719" type="General" weightage="80" keywordseo="rupee-accounts" source="Orion">Rupee Accounts</keyword> (NR(E)RA), NRO accounts and <keyword id="725142" type="General" weightage="80" keywordseo="fpi" source="Orion">FPI</keyword> investments in Gsec and corporate bonds are among the components of India's external debt, denominated in Indian rupees. Indian rupee is the second leading currency of denomination with a lower share of 31.2 per cent of the total as at end-March 2022 than 33.3 per cent a year ago, reflecting erosion of outstanding FPI investments in G-Sec and corporate bonds ($50.1 billion from $51.4 billion as at end-March 2021) and balances under NRE accounts ($100.8 billion from $ 102.6 billion). Following the US dollar and the Indian rupee are the SDRs (6.6 per cent), the Japanese <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> (5.4 per cent) and Euro (2.9 per cent). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-liquor-shops-open-at-metro-station-premises/articleshow/93994229.cms">Delhi: Liquor shops open at Metro station premises</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mistrys-body-to-undergo-autopsy-in-mumbai-pundoles-critical-but-stable/articleshow/93994156.cms">Mistry's body to undergo autopsy in Mumbai, Pundoles critical but stable</a>

India's external debt of $620bn is sustainable: Finance Ministry report

The <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (<keyword id="6358274" type="General" weightage="80" keywordseo="mea" source="Orion">MEA</keyword>) on Thursday said the companies that operate in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> need to follow the law of the land. The remark was made by an MEA spokesperson in connection with the ongoing investigation related to Vivo and other Chinese firms. "Companies that operate here need to follow the law of the land. Our legal authorities are taking steps as per law of the land. I don't see the case to make comments as such on it," MEA spokesperson <keyword id="10953867" type="General" weightage="80" keywordseo="arindam-bagchi" source="Orion">Arindam Bagchi</keyword> in a media briefing. Meanwhile, a day after it was report<keyword id="12163" type="General" weightage="20" keywordseo="ED" source="Orion">ed</keyword> that two top executives of its associated company likely fled India, following raids, the ED on Thursday said that Chinese smartphone company Vivo was involved in huge 'hawala' transactions. It said that out of the total sale proceeds of Rs 1,25,185 crore, <keyword id="2829414" type="General" weightage="80" keywordseo="vivo-india" source="Orion">Vivo India</keyword> remitted Rs 62,476 crore -- almost 50 per cent of the turnover out of India, mainly to China. According to the ED, all due procedures as per law were followed during the said operations at each premises but employees of Vivo India, including some Chinese nationals did not cooperate with the search proceedings and had tried to abscond, remove and hide digital devices which were retrieved by the search teams. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rakesh-jhunjhunwala-backed-aksa-air-to-start-operations-this-month/articleshow/92738021.cms">Rakesh Jhunjhunwala-backed Aksa Air to start operations this month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/voice-tech-is-evolving-rapidly-here-are-the-top-trends-in-voice-tech-to-watch-for/articleshow/92727686.cms">Voice tech is evolving rapidly. Here are the top trends in voice tech to watch for</a>

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