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It is now beyond doubt that <keyword id="3658" type="COUNTRY" weightage="80" keywordseo="India">India</keyword> is emerging as a strong <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword>. The traditional approach of market-based economic reforms adopted by India since 1991 has stood the country in good stead in recent times when most of the developed nations such as the US and the UK have found it tough to tide over the global economic crises. According to a PwC report, India may well overtake the US in terms of India’s <keyword id="35050" type="CITY" weightage="40" keywordseo="gdp">GDP</keyword> in purchasing power parity by 2045. 
 
But it is not the time yet to send out invites for the gala event. India may well be on the path to self-reliance, but its two biggest threats – in some way intertwined – are the changing political equations and international debt. 
 
Then there’s another factor we cannot ignore. Indian population is about to reach 1.27 billion this year and will soon overtake China that happens to be the country with the highest number of mouths to feed. India, with an economy of $1.842 trillion and a GDP of $2.55 trillion, carries a national debt of 78%. Even a novice can pinpoint this as a ‘danger’ zone. However, India’s debt is just 129% of its GDP (if that’s any solace) while China’s stands at 158%. Overtaking India on this front are Greece and Ireland. 
 
But overall, India, which has been enjoying the status of the IT superpower across the world with the highest number of software companies in the country and trained professionals spread across the globe, is on the path of recovery and growth, much to the surprise of all economists and financial soothsayers. 
 Despite the fact that every Indian citizen carries a debt of about Rs 50,000 (approx $808) while poverty and hunger still remain the key issues that must be tackled more efficiently, India was brave enough to tell the UK that it didn’t require any foreign <keyword id="6421428" type="ORGANIZATION" weightage="80" keywordseo="Aid">aid</keyword> from Great Britain. This became a raging discussion among British politicians and policy makers who said India was turning down £280 million in foreign aid at its own peril. 
 What caused this uproar from Britons and what led to such candid attitude shown by India? Simply put, when a country receives foreign aid, it is supposed to use the aid to meet the basics. For instance, the country has to build the basic infrastructure, provide basic education to its citizens, put systems in place that can ensure safety and food security, and create windows for other countries to participate in the progress of the receiving country. The <keyword id="6355833" type="ORGANIZATION" weightage="40" keywordseo="united-nations">United Nations</keyword> has urged the developed countries to spend nearly 0.7% of their national income on aid to nations that live on lesser fortunes and need help with these problems. 
 
In India’s case, all the above was true till about a few years ago when the country was only at the ‘receiving’ end. Historians can argue on who said it first, but the UK was forced to take a stand on stopping foreign aid to India after the latter launched its own space mission to Mars last year. 
 Even the US aid to India has consistently dropped in the recent years – from around $127 million in 2010 to $98.3 million in 2013. Adopting a more diplomatic approach, the US strategically turned India into its potential ally and said that the progress India had achieved ‘creates an opportunity to evolve the traditional donor-recipient <keyword id="212605" type="POSITION" weightage="40" keywordseo="model-of-development">model of development</keyword> into a true partnership.’ India’s rapid growth is, indeed, phenomenal in view of the fact that it is the same country that used up nearly $55 billion in aid during 1951-1992. For a country that struggled to execute its progress charters into the second Five-Year Plan in 1958, the UK had offered some $40 million in foreign aid. But today, the <keyword id="6356076" type="UNKNOWN" weightage="40" keywordseo="indian-economy">Indian economy</keyword> has turned so robust that the country has had the confidence to say ‘No, thanks’ to British aid, which will be completely stopped from 2015. 
 
The criticism from the British side came in the wake of India turning into a ‘donor’ to countries that have been on the brink of poverty and social crises, such as Afghanistan. India has approved developmental projects in Afghanistan to the tune of $100 million as part of India’s $2 billion aid package to the war-torn nation. In 2010, India extended an aid package of $1 billion in the form of credit to neighbouring Bangladesh while offering a credit of $5 billion to the African nations. 
 In the recent years, India has significantly ramped up its spending on social welfare schemes and rural development projects, with an objective to achieve comprehensive development. “Aid is past, <keyword id="44844" type="ORGANIZATION" weightage="80" keywordseo="Trade">trade</keyword> is future,” one of the Indian ministers said, and that seems to be the way ahead. Powered by its newfound economic growth, modern India is surely looking beyond aid.

Foreign Aid: India Moves From ‘Aid’ To ‘Trade’ With Its Donors

<ul><li>Five years on, their combined market value increased by ₹2.2 trillion, which is significantly lower than the invested value </li><li>Nine of 19 PSBs reported current value of investment higher than the investment amount. </li><li>This year, the central bank has cut interest rates thrice by a net 100 basis points or 1% (before this week’s rate cut), but banks passed on only 29 basis points of this benefit to customers. </li></ul> The Government of India and the country’s largest insurer LIC made a losing bet on Indian public sector banks (PSBs). In the last five years, both of them invested a massive ₹3 trillion into 19 such banks. Five years on, their combined market value increased by ₹2.2 trillion, which is significantly lower than the invested value, said a report by India Ratings and Research. “Nine of 19 PSBs reported current value of investment higher than the investment amount. The key banks among them are Indian Bank, State Bank of India, Bank of Baroda,) and Canara Bank,” said the report. A large chunk of the market value contribution, by around 53% came from the country’s largest bank, SBI. When the government kicked off its ‘Indradhanush’ (meaning Rainbow) plan to recapitalise banks, they were not looking out only for a return on their investment. They also wanted banks to push credit growth in a country where growth has been slowing down. The Quicksand Unfortunately, loss-ridden banks with toxic loans dragging them down, could neither help themselves nor consumers, and definitely not the country’s economy. “In reality, the capital infused was largely consumed to tide over losses resulting from provisions required on non-performing assets,” the report said, calling it a quicksand. This has been the case with Reserve Bank of India’s (RBI) interest rate cuts as well. In the last one year, the central bank has cut interest rates thrice by a net 100 basis points or 1%, but banks passed on only 29 basis points of this benefit to customers, swallowing most of it to fill their own money pit. This month, the central bank cut interest rates by another 35 basis points and promised to take “<a href="https://www.businessinsider.in/business/rbi-policy-update-asks-banks-to-cut-lending-rates/articleshow/70567837.cms">whatever steps necessary </a>to make banks pass them on”. Kickstarting the economy Like the government, RBI also wants to push for growth, as it predicts that it will fall top 6.9% this year, below their earlier estimates. Yet, helping banks to ensure <a href="https://www.businessinsider.in/business/india-gdp-growth-may-fall-below-7-says-crisil/articleshow/70481459.cms">growth is </a>not a strategy that is working. Whatever little credit growth that India saw came from private and foreign banks, shadow banks and mutual funds. In fact, the share of state-owned banks in total loans fell from around 61% to 46.5%, in the last five years in spite of government support. India Ratings suggests that PSBs should look at management overhaul, lengthen the tenure of top management, bringing in private sector leaders and link their pay with stock performance. “Without structural reforms in place, the government will have to continue to inject capital into banks in times of stress, which will strain its own finances and hinder efforts for fiscal consolidation,” the rating agency said.

Indian government’s ₹3 trillion gift to banks ended in a money pit

Mumbai, Mar 16 () Air India pilots sought an urgent financial assistance from the government on Monday for the disinvestment-bound national carrier amid the coronavirus pandemic. With global travel bans due to the pandemic, many airlines across the world are staring at massive losses and fear going bust. Aviation think-tank Centre for Asia Aviation has already warned that most airlines across the world would go bankrupt if the governments do not take a coordinated action. In a joint letter to Civil Aviation Minister Hardeep Singh Puri, the two Air India pilots' unions -- Indian Aviation Guild and the Indian Commercial Pilots Association -- said the COVID-19 crisis was wrecking havoc across the globe. During this perilous time, Air India employees have gone above and beyond to get the people of the nation back from affected countries worldwide, the unions said. "Despite cases of infections on our aircraft and even quarantine for our crew, the employees continue to do their duty at considerable personal risk," according to the unions. "We urge you to provide urgent financial aid to Air India so that we, the airlines employees, can keep on doing our jobs and (continue) serving the nation," the letter stated. According to a recent report by Acuite ratings, the domestic air traffic would be impacted negatively by 50 per cent, which would in turn also impact the passenger load factor by 50-60 per cent till June on a year-on-year basis. Stating that the government had not infused any funds into Air India in the current financial year, the letter said: "This makes it almost impossible for Air India to meet it's monthly financial obligations." "Our salary is getting delayed for more than an year and even as of date, even January wages have not been paid in full," they said in the letter. "At present, essentially all flights Air India is operating are rescue missions at the cost of our own safety with escalating risk of contracting the virus," they said. "This repeated withholding of wages is straining us financially." IASHMB

COVID-19: Air India pilots seek urgent financial aid

<ul><li>India has transformed from ‘recipient’ to a ‘donor’ of foreign aid over the last few years. </li><li>A recent global public opinion survey by <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> (WEF) has shown that ver 95% of Indian population expecting their nation to help other countries. </li><li>India has donated chunks under its foreign aid, with Bhutan receiving the most of it under the ‘neighbourhood first’ policy followed by Afghanistan — a distant second receiver. </li></ul>With India emerging as one of the fastest growing economies in the world, it has transformed from ‘recipient’ to a ‘donor’ of foreign aid over the years. A recent <a href="https://www.businesstoday.in/wef-2019/wef-2019-blogs/indians-biggest-supporters-of-international-aid-wef-global-survey/story/311943.html">global public opinion</a> survey by World Economic Forum (WEF) has shown that Indians have emerged as the most optimistic towards international aid — with over 95% of Indian population expecting their nation to help other countries. The WEF report that surveyed over 10,000 people noted that the South Asian countries — including India, Pakistan and <keyword id="6354759" type="LOCATION" weightage="20" keywordseo="Bangladesh">Bangladesh</keyword> tops the charts displaying highest levels of support for other countries. On the other hand, other neighbours including Pakistan and Bangladesh land at 94% and 87%, respectively. Overall, India has been the <a href="https://thepolicytimes.com/india-is-evolving-from-being-a-recipient-to-a-donor/">second largest</a> donor country for international aids, according to Center of Global Development. India has donated chunks under its foreign aid, with Bhutan receiving the most of it under the ‘neighbourhood first’ policy followed by Afghanistan — a distant second receiver. While Bhutan received over ₹37.14 billion donation from India’s foreign aid for the financial year 2017-2018, Afghanistan shared ₹3.5 billion international aid,<a href="https://www.indiabudget.gov.in/ub2017-18/eb/sbe28.pdf"> reports</a> India’s Ministry of External Affairs. In all, the country spent ₹64.7 billion in 2017-18, compared to ₹59.3 billion during the previous fiscal. Two years ago, in order to strengthen global ties with countries including Vietnam, Myanmar among others, the country, in 2016, dedicated a ₹5 billion ‘Project Development Fund’ to strengthen economy. According to the global survey, nearly 80% of people across the globe think that all countries benefit at the same time, and aid does not mean that the donor country loses out. Interestingly, 63% of participants from the US find that immigrants are ‘good’ for their country. That comes at a time when the US government has been tightening immigration laws in the country. See also: <a href="https://www.businessinsider.in/india-to-overtake-the-uk-in-the-rankings-of-the-worlds-largest-economies-thanks-to-brexit/articleshow/67188514.cms">India may become the world's fifth largest economy in 2019: Report</a> <a href="https://www.businessinsider.in/violence-cost-indias-economy-9-of-its-gdp-last-year/articleshow/64635460.cms">Violence cost India's economy 9% of its GDP last year</a>

Over 95% Indians support foreign aid efforts — and it seems like India has stood up to that expectation

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> India has announced a VC Brand Incubator Program where it will partner with VC funds in India. </li><li>In the first edition, Facebook has partnered with Mumbai-based Sauce.vc.</li><li>Earlier in June, Facebook had invested an undisclosed amount in social e-commerce startup Meesho.</li></ul>Facebook India announced a VC Brand Incubator Program where it is partnering with venture capital funds in India to aid small and medium sized businesses. Facebook will help accelerate the growth of SMBs in which the VCs have invested. “SMBs are the backbone of our economy and Facebook is the default destination for them to thrive and grow. Their seamless growth can lead to consistent job creation, adding to GDP growth. Working with VC funds is crucial as it allows us to scale and support SMBs at an early-stage itself, fast-tracking their growth,” said Archana Vohra, Director, Small and Medium Businesses at Facebook India. Vohra also said that several SMBs are aiding a larger social change. They are empowering women entrepreneurs, while impacting businesses in tier-2 and tier-3 towns. To help drive this change, Facebook partnered with early stage venture capital fund Mumbai-based Sauce.vc. As a part of the program, Facebook experts will organise skilling and training sessions that will help SMBs expand their businesses via digital medium. Facebook, which helps 90 million small businesses globally, has been investing in the Indian ecosystem. In June, the social media giant invested an undisclosed amount in an Indian social commerce startup Meesho. This was the first time that the global giant had picked up equity in an Indian startup. Meesho is a marketplace for resellers, and connects them with customers via social media channels like WhatsApp and Facebook. All these initiatives seem to steer in the direction of Facebook establishing itself as the next big marketplace for businesses. See Also: <a href="https://www.businessinsider.in/facebook-invests-in-indian-startup-meesho/articleshow/69782285.cms">Facebook invests in Meesho showing that it will enter online e-commerce sooner than later</a>

Facebook is strengthening its India investments – partners with VCs to aid small businesses

<ul><li>The US government recently decided to cancel $300 million in military aid to <keyword id="3001" type="COUNTRY" weightage="20" keywordseo="Pakistan">Pakistan</keyword> owing to its inability to curtail homegrown terrorist networks in the region. </li><li>India might have to play a larger role in curbing terrorist activity in the region if Pakistan goes on the backfoot. </li><li>A reduction in US aid will likely result in a reduction in Pakistan’s military budget and could drive the country further into China’s embrace. </li></ul>After months of speculation, the US government has decided to cancel $300 million in military aid to Pakistan owing to its inability to effectively curtail homegrown terrorist networks like Haqqani and <keyword id="53557" type="ORGANIZATION" weightage="20" keywordseo="Lashkar-e-Taiba">Lashkar-e-Taiba</keyword> in the region. The move comes ahead of a visit by the US Secretary of State, <keyword id="3109665" type="PERSON" weightage="20" keywordseo="Mike-Pompeo">Mike Pompeo</keyword>, to Pakistan this week. The talks will be testy. In early January 2018, the US suspended roughly $1.3 billion in security aid to the country, explaining that Pakistan needed to “do more to earn the aid”. It seems counterproductive that US’s continued pressure on Pakistan to take a tougher stance on curbing terrorist organisations comes as it cuts off financial aid to the country. This could have an unintended effect of driving Pakistan further into China’s embrace. Stripped of a crucial source of funding, the move will also make it a lot harder for Pakistan to fight against Pro-Taliban forces. To make matters worse, Pakistan’s clampdown on <keyword id="6358165" type="UNKNOWN" weightage="20" keywordseo="terrorism">terrorism</keyword> will be hamstrung by the country’s impending financial crisis. As it contends with billions of dollars of Chinese debt and a growing import bill, the country will reportedly seek a bailout from the IMF. If that fails - which is a distinct possibility <a href="https://www.reuters.com/article/us-imf-pakistan/us-pompeo-warns-against-imf-bailout-for-pakistan-that-aids-china-idUSKBN1KK2G5">if Pompeo has his way</a> - Pakistan will opt for Plan B: more Chinese debt. China has vested interests in Pakistan through its economic corridor, and will stump up the cash needed to protect its projects. And how does all this affect India? Despite lobbying for an end to US security aid to Pakistan, India benefited from the US’s stabilising presence and continued oversight in the country. It might have to play a larger role in curbing terrorist activity in the region if Pakistan goes on the backfoot. Rather than relying on Pakistan and funding its anti-terrorism efforts, the US could tie up with India to clean up the situation in <keyword id="6354541" type="COUNTRY" weightage="20" keywordseo="afghanistan">Afghanistan</keyword>. Additionally, the cuts to US aid amid Pakistan’s financial crisis will likely foster the continued growth of the China-Pakistan Economic Corridor, which has irked India due to China’s investments in Pakistan-occupied-<keyword id="6354495" type="LOCATION" weightage="20" keywordseo="kashmir">Kashmir</keyword>. However, a reduced military budget will make the Pakistani military’s proxy war along the Kashmir border harder to finance, which will benefit India in the long run. A silver lining Pakistan’s economic survival has hinged on US aid for decades, but there could be a silver lining to the the recent US policy. Since 9/11, a surge in military aid has served to increase the Pakistani army’s grip on the country’s democratic institutions. The cancellation of aid could serve to reduce the influence the military elite wield over the country. It might also prove to be a much-needed fillip to making Pakistan’s economy self-sufficient. Without US aid to fall back on, prudent macroeconomic policies could finally take priority. The new Prime Minister recently instituted an 18-member economic advisory council to rebuild the country’s economy. The council’s first order of business is meeting the country’s short-term import obligations.

Here’s what the US’s decision to cut $300 million in military aid to Pakistan could mean for India

<ul class="summary-list"><li><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> is struggling to bring its rampant COVID-19 outbreak under control. </li><li>Around the world people and companies have donated oxygen and PPE, and millions of dollars.</li><li>But a law is stopping charities from distributing aid to smaller groups, making it hard to reach those in need.</li></ul>Donations to help India fight <a href="https://www.businessinsider.com/fauci-urged-india-to-impose-covid-lockdown-modi-refused-2021-5">its raging COVID-19 outbreak</a> are flooding in from around the world, but a new law is preventing many nonprofits from using the money effectively.Prime Minister Narendra Modi's government <a href="https://www.cof.org/news/new-indian-fcra-amendments-impact-foreign-grants-indian-ngos#:~:text=A%20new%20law%20that%20was,U.S.%2Dbased%20foundations%20and%20corporations.">passed an amendment to the Foreign Contribution Regulation Act</a> last September. The amendment effectively prevents local NGOs from redistributing donations to smaller aid groups.India is currently in crisis, with authorities reporting <a href="https://www.businessinsider.com/india-first-country-to-record-400000-single-day-coronavirus-cases-2021-5">record-breaking daily new cases</a>, and <a href="https://www.businessinsider.com/india-hospitals-report-dire-oxygen-shortages-coronavirus-battle-2021-4">shortages of oxygen tanks</a> and <a href="https://www.businessinsider.com/video-indias-covid-19-surge-die-stretchers-hospitals-2021-4">hospital beds</a>.People around the world have raised millions for India, but in many cases, that money is being held up and not reaching those in need, <a href="https://www.nytimes.com/2021/05/12/business/india-covid-donations.html">according to The New York Times</a> and <a href="https://www.devex.com/news/foreign-aid-regulations-donor-fatigue-stymie-india-covid-19-response-99778">Devex</a>, an international-development news site.It is not clear where the aid goes instead.According to The Times, the Indian government has instead encouraged international donors to send aid to official charities, including one controlled by Modi and government leaders. The government has not given clarity on how the aid is being used, The Times reported.<div type="image" title="2021 05 01T033417Z_1_LYNXMPEH401GR_RTROPTP_4_HEALTH CORONAVIRUS INDIA.JPG" height="1643" width="3287" msid="82602762" hostid="261"></div>As it is, all nonprofits in India require a license to accept international donations, with the process of getting one fraught with red tape and subject to long delays.India-based nonprofits also need to open bank accounts with the state-owned State Bank of India to be eligible to receive funds from abroad.In one example cited by Devex, a small charity named the Hemkunt Foundation is working to transport oxygen supplies to cities across India, yet it is unable to access funds donated from abroad as it doesn't have the correct license.<h2>'Everybody is being stymied'</h2>Experts and charities have said that the limits on distributing aid were preventing them from using it effectively. The Times reported that the September amendment was passed with little warning. "Hundreds of international donors, businesses, and people from the diaspora are running around in circles and trying to help," Ingrid Srinath, director of the Centre for Social Impact and Philanthropy at Ashoka University in Sonipat, India, told Devex."Everybody is being stymied.""This is slowing down the speed and agility of the response. A bigger organization such as Oxfam could help smaller NGOs on the ground but they can't," she said.Last year Voluntary Action Network India described the aid as "a death blow to development relief," according to <a href="https://indianexpress.com/article/india/parliament-monsoon-session-fcra-bill-will-be-a-death-blow-to-relief-community-support-work-of-ngos-6605341/">The Indian Express</a>.A group of 13 nonprofits recently wrote a letter to the Indian and US governments highlighting that the law had "paralyzed" the charity sector and would "divert scarce time, bandwidth and human resources" away from helping people, The Times reported."The organizations best placed to respond to community needs at the grass roots in a timely, agile manner are unable to access these donors," the letter said, per The Times.Nonprofits in India are actively seeking a waiver to the country's rules on accepting foreign donations, and government officials are considering the proposal, <a href="https://economictimes.indiatimes.com/news/economy/finance/amended-fcra-norms-likely-to-be-withheld-following-pandemic/articleshow/82303544.cms">according to The Economic Times.</a>"Everyone was caught off guard, especially given the role that NGOs played in COVID relief last year," Nishant Pandey, chief executive of the American India Foundation, told The New York Times."To come with an amendment like that in the middle of pandemic was problematic."

A recently-imposed law in India is preventing local charities from accessing foreign donations, as the country keeps struggling with COVID-19

By Harinder Mishra(Eds: Updating with more inputs) Ramallah (West Bank), May 19 () India has given USD 2 million in aid to the United Nations Relief and Works Agency working for the welfare of Palestinian refugees in support of its core programmes and services, including education and health, amidst the coronavirus crisis.India had increased its annual contribution to the UNRWA from USD 1.25 million in 2016 to USD 5 million in 2019. It pledged another USD 5 million for 2020 which opens its way to become a member of the agency's advisory commission, according to official sources.The United Nations Relief and Works Agency (UNRWA) applauded India's financial support to keep its basic services operating, especially under the challenges posed by the COVID-19 pandemic.The contribution was presented to the UN agency by the Representative of India (ROI) to the State of Palestine, Sunil Kumar."On behalf of the agency, I would like to express my deep appreciation to the Government of India for advancing part of its contribution, which will help UNRWA address cash flow challenges," Marc Lassouaoui, chief of the Donor Relations at the agency said."The continued determination and commitment of India in support of the Palestine refugees is commendable, in particular under the current circumstances brought on us by COVID-19," he said."On behalf of the Government of India, I would like to express my appreciation for the commendable work and endeavours carried out by the UNRWA. We believe that our contribution will support the agency's activities in providing the needed assistance to Palestinian refugees, and assist in achieving their full human development potential," Kumar said. India's contribution will support the agency's "dire" financial situation due to the funding gaps that risk its core services to the Palestinian refugees in the fields of education and health.About 3.1 million Palestine refugees depend on health services provided by the UNRWA. At the same time, the agency's schools educate 526,000 students every year, of which half are female.The agency was created in December 1949 by the UN to support the relief and human development of Palestinian refugees.The UNRWA definition of "refugee" covers Palestinians who fled or were expelled from their homes during the 1948 War.Meanwhile, India is preparing medical supplies for the Palestinians to help them in their fight against the coronavirus which is likely to reach the Palestine soon, the Indian mission in the West Bank said in a statement.Prime Minister Narendra Modi last month spoke to Palestinian President Mahmoud Abbas over phone and discussed the challenges posed by the COVID-19 pandemic. He appreciated efforts being made by the Palestinian Authority (PA) to protect its population and assured all possible support from India.External Affairs Minister S Jaishankar later talked to his Palestinian counterpart Riad Malki and reiterated India's commitment to support Palestine in its battle against the global pandemic.So far, 554 COVID-19 cases have been detected in the West Bank under PA and east Jerusalem, with two casualties.Twenty people were found infected with the virus in Gaza, of which 14 are said to have recovered.Separately, 17 agreements have been signed under an India-Palestine development partnership between the two sides in the fields of agriculture, health care, information technology, youth affairs, consular affairs, women empowerment and media in the past five years.New Delhi is to provide an assistance of around USD 72 million through these agreements in projects like the post-2014 war reconstruction efforts in Gaza, construction of five schools, setting up a centre of excellence for information and communication technologies at Al-Quds University and developing a satellite centre in Ramallah. HM RDK CPS AKJ CPS

India provides USD 2 mn aid to UN agency working for Palestinian refugees

<keyword id="2238662" type="UNKNOWN" weightage="100" keywordseo="PM-Modi">PM Modi</keyword> has launched the 'Stand-up India' scheme, which was announced during his Independence Day speech, in order to boost government's financial inclusion programme. Under the scheme, 1.25 lakh bank branches will provide loans up to Rs 1 crore to SC/ST and women entrepreneurs. 
 
The scheme was launched at a function organised to mark the birth anniversary of dalit leader and former Deputy Prime Minister Babu Jagjivan Ram, where in Modi also flagged off 5,100 e-rickshaws. 
 
While explaining the outlines of Stand-up India programme to people present there, Modi said that the programme will help create 2.5 lakh entrepreneurs throughout the country, given that every bank branch will be required to provide two such loans and that too in the range of Rs 10 lakh to Rs 1 crore without collateral for setting up a new enterprise. 
 
He also stressed that it was not possible for the government to provide jobs to everyone, which is why the scheme seeks to convert "job-seekers into job-creators...This scheme is going to transform the lives of people from dalit and tribal communities." 
 He added that <keyword id="3086992" type="UNKNOWN" weightage="100" keywordseo="Stand-up-India">Stand up India</keyword> aims to empower every Indian and enable them to stand on their own feet. 
 
<a href="https://twitter.com/narendramodi">Image source</a>

Modi’s 'Stand up India' scheme to aid SC/ST and women entrepreneurs

Senior diplomats of India and Nepal on Monday held a virtual meeting to review the progress made on various India-aided developmental projects being implemented in the Himalayan nation. The meeting came days after Nepal Prime Minister K P Sharma Oli telephoned his Indian counterpart <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> to greet him on India's 74th Independence Day, in the first high-level contact after bilateral ties came under severe strain following issuance of a new political map by Nepal in May. Nepalese Foreign Secretary <keyword id="2609598" type="PERSON" weightage="20" keywordseo="Shanker-Das-Bairagi">Shanker Das Bairagi</keyword> and Indian Ambassador to Nepal Vinay Mohan Kwatra are leading the delegations representing their respective countries during the oversight mechanism meeting, according to Nepal Foreign Ministry sources here. The meeting, being held virtually due to the coronavirus outbreak, will assess the progress made on various India aided development projects being implemented in Nepal, the sources said. No further details of the meeting were available. The ties between India and Nepal came under strain after Defence Minister Rajnath Singh inaugurated an 80-km-long strategically crucial road connecting the Lipulekh pass with Dharchula in Uttarakhand on May 8. Nepal protested the inauguration of the road claiming that it passed through its territory. Days later, Nepal came out with the new map showing Lipulekh, Kalapani and Limpiyadhura as its territories. In June, Nepal's Parliament approved the new political map of the country featuring areas which India maintains belong to it. In its reaction, after Nepal's lower house of parliament approved the bill, India termed as untenable the "artificial enlargement" of territorial claims by the neighbouring country. India said Nepal's action violates an understanding reached between the two countries to resolve the boundary issues through talks. Prime Minister Oli has been asserting that Lipulekh, Kalapani and Limpiyadhura belong to Nepal and vowed to "reclaim" them from India. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-hcl-tech-wipro-and-likes-are-hoping-global-5g-race-resumes-next-year-bringing-some-large-deals-before-that/articleshow/77583638.cms">Tech Mahindra, HCL Tech, Wipro and likes are hoping global 5G race resumes next year⁠ — bringing some large deals before that</a> <a href="https://www.businessinsider.in/international/news/gaza-strips-only-power-plant-may-run-out-fuel-in-the-next-24-hours-following-israel-border-shut-warns-expert/articleshow/77584765.cms">Gaza Strip's only power plant may run out fuel in the next 24 hours following Israel border shut, warns expert</a> <a href="https://www.businessinsider.in/tech/apps/news/the-heat-is-on-mark-zuckerberg-in-india-as-facebook-and-whatsapp-incur-the-ire-of-modis-rivals/articleshow/77575358.cms">The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals</a>

Nepal and India meet to discuss development projects amid border tensions

Former Pakistani Ambassador to the US, Husain Haqqani, has warned the US against its deal to sell F-16s to Pakistan. 
 
In a prepared remark submitted ahead of a Congressional hearing on 'Civil Nuclear Cooperation with Pakistan: Prospects and Consequences to the Terrorism, Nonproliferation, and Trade Subcommittee of the Committee on Foreign Affairs', Haqqani said Pakistan would use such fighter jets against India and not against terrorists. 
 
"The Obama administration's consideration of a nuclear deal with Pakistan, just like its decision a few months ago to sell almost USD 1 billion in US-made attack helicopters, missiles and other equipment to Pakistan will fuel conflict in South Asia without fulfilling the objective of helping the country fight Islamist extremists or limit its nuclear arsenal," said Haqqani. 
 
Haqqani told Congress that Islamabad’s failure to tackle its jihadist challenge is not the result of a lack of arms but reflects an absence of will. 
 
"Unless Pakistan changes its worldview and its compulsive competition with its much larger neighbour even in violation of international commitments, American weapons will end up being used to fight or menace India and perceived domestic enemies instead of being deployed against jihadists," he said. 
 
"By aiding Pakistan over the years-- some USD 40 billion since 1950, according to the Congressional Research Service --the US has fed Pakistan's delusion of being India's regional military equal. Seeking security against a much larger neighbour is a rational objective but seeking parity with it on a constant basis is not," he said. 
 
(Image: Reuters)

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