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India-UK launch 240 mn pounds joint fund for green energy

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India UK  Financial Partnership Live

New Delhi, 4 April 2017 : India and Britain on Tuesday agreed to jointly set up a fund with corpus contributions of 120 million pounds each to finance Indian infrastructure projects, it was announced.

“In a major step taken today (Tuesday) on the National Investment and Infrastructure Fund (NIIF), a sub-fund with UK and NIIF participation was agreed upon,” Finance Minister Arun Jaitley told reporters.

He was briefing the media after the ninth India-UK Economic and Financial Dialogue here with the British delegation led by Chancellor of the Exchequer Philip Hammond.

“The Green Growth Equity Fund will have contributions of 120 million pounds from each participant to finance energy needs in India,” he added.

India UK  Financial Partnership Live-3

The joint statement at the end of the talks said the “joint fund aims to raise 500 million pounds by also leveraging private sector investment from the city of London to finance Indian infrastructure projects.”

India set up the NIIF in December 2015 as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects. Last year, the government announced that it is in the process of setting up two sub-funds under NIIF — one in renewable energy, and another with focus on highway projects.

Both ministers said they also discussed a possible free trade agreement (FTA) after Britain formally leaves European Union (EU) through a protracted process that is expected to take about two years to complete.

“Post-Brexit, they are looking for more open trade, and more trade arrangements with India,” Jaitley said.

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“Obviously, this can be formally discussed after Brexit takes place. What shape it is going to take can only be formalised post Brexit negotiations,” he added.

“We have continued to consolidate past success and to identify new areas where we can work together, preparing for the point where Britain leaves the EU and is able to engage with Indian colleagues in a deep discussion about a future FTA between the UK and India,” said Hammond.

The two countries have very significant trade and investment relationship and Britain is the largest G20 investor in India in the last 10 years, while India is the 3rd largest investor in Britain, he added.

Hammond also announced that May would see fresh issues of Masala Bonds in London.

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“There is a growing Masala Bonds market in London and these have already made a sizable contribution in raising funds for Indian infrastructure,” he said.

Masala Bonds are issued outside India but denominated in Indian Rupees, rather than the local currency.

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PDP chief Mehbooba Mufti released from detention after 14 months

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Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

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Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

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Swimming pools for training of sportspersons to open with SOP from Oct 15

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SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

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Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

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