Deve Gowda lauds PM Modi's 'multi-alignment' policy amid US tariff war
Bengaluru (PTI): Lauding the Prime Minister's efforts in actively seeking alternatives after the United States initiated an "unreasonable and unjust tariff war", JDS supremo H D Deve Gowda on Wednesday said Narendra Modi's policy of "multi-alignment" is bound to offer rich dividends in the near future.
The former PM said the US may eventually have to reconsider its stance because "dharma" is on India's side, and the nation offers a blend of economic, demographic and democratic advantages like no other in the world.
"I closely followed the news of your visit to Japan and China. I am relieved like millions of Indians that you have been actively pursuing alternatives after the United States started an unreasonable and unjust tariff war. I trust you had a very successful visit and India will reap the benefits of your negotiations and new initiatives," Gowda said in a letter to Modi.
"The photographs and videos of yourself with President Putin (of Russia) and President Xi Jinping(of China) that have flooded the media across the globe communicated something beyond routine bonhomie and friendship between heads of state," he said and suggested they symbolised a "new awakening" and perhaps the beginning of a new world order with India at its center.
Praising Modi for speaking to President Putin about ending the war in Ukraine, Gowda said, " You have been consistent on this issue, and I am sure India's words are taken far more seriously in this regard for the sincerity it is filled with and the values it has represented historically."
"The policy of 'multi-alignment" that you followed is bound to offer rich dividends in the near future. The world has only begun to understand its importance and pragmatism," said the JDS leader and called it a "very constructive and positive formulation" compared to our earlier policy of non-alignment.
"Times have changed and we need a new language to pursue our fair dreams. We should interact with the world as per our needs, on our terms, but with also enormous civilizational grace that we possess. That will make India stand out," he added.
Noting that Modi is determined to convert the challenge that exists before India currently into an opportunity, without sacrificing any of its core values, the former PM said, "To navigate the curve that our nation is in, currently, needs enormous patience and confidence. Am glad God has given you both in good measure. May he bless you with greater energy and good health."
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
