India, Japan sign USD 75 bn currency swap agreement
New Delhi, Oct 29: India and Japan Monday concluded a USD 75 billion bilateral currency swap agreement, a move that will help in bringing greater stability in foreign exchange and capital markets in the country.
The agreement will further strengthen and widen the depth and diversity of economic cooperation between the two countries.
Prime Minister Narendra Modi, who is visiting Japan, and his Japanese counterpart Shinzo Abe held delegation-level talks during which the two leaders discussed a range of bilateral, regional and global issues including the situation in the Indo-Pacific region.
"With a view to enhancing financial and economic cooperation, governments of Japan and India welcomed the agreement to conclude a Bilateral Swap Arrangement (BSA) of USD 75 billion," said India-Japan Vision Statement issued after the summit-level meeting between the two leaders.
The swap agreement, a Finance Ministry's release said, should "aid in bringing greater stability to foreign exchange and capital markets in India...This facility will enable the agreed amount of foreign capital being available to India for use as and when need arises".
Recognising the unparalleled potential for development of relations between the two countries, the prime ministers reviewed the significant milestones achieved over the last four years.
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By-election result not a mandate for the government: Basavaraja Bommai
Bengaluru: The results of the by-elections in three constituencies do not represent a mandate for the state government, said MP Basavaraja Bommai, adding that ruling party MLAs are dissatisfied with the lack of development in the state.
Speaking to the media at the BJP office on Tuesday, he stated that by-elections typically favor the ruling government. "When we were in power, we won 13 out of 17 by-elections. The Congress should not assume that this is a verdict in their favor," he remarked.
Bommai emphasized that these results are confined to the constituencies where the by-elections were held. He also accused the state government of poorly implementing its guarantee schemes without adequate financial preparation, claiming that the schemes are being halted due to financial strain.
He alleged that Chief Minister Siddaramaiah's government has borrowed over ₹1 lakh crore, leading to difficulties in financial management. Bommai pointed out that the state government is yet to release over ₹2,000 crore to local bodies, including village panchayats, as recommended by the 15th Finance Commission.
"Anganwadi workers and contract workers are not receiving their salaries, and contractors are refusing to take up work due to non-release of funds, even after tenders have been floated," he added.
Responding to questions about internal dissent within the BJP, Bommai denied any significant issues, stating, "There is no dissent in the BJP. Everyone is committed to the party. There may be differing opinions on some matters, but I am confident that everything will be resolved within a month." He also noted that a motivated BJP team is actively working for the party.
