G7 Summit commits to promoting India-Middle East-Europe Economic Corridor
Bari (Italy) (PTI): The Group of Seven industrialised nations have committed to promoting concrete infrastructure initiatives such as the India-Middle East-Europe Economic Corridor (IMEC) in the G7 Summit Communique issued at the end of the three-day G7 Summit, attended by Prime Minister Narendra Modi.
The Communique was issued on Friday evening after the customary “family photo” at the luxury resort of Borgo Egnazia, where the G7 also reiterated a commitment to a “free and open Indo-Pacific” based on the rule of law.
Prime Minister Modi attended the G7 Summit at the invitation of Italian Prime Minister Giorgia Meloni, the host.
“We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corridor, the Middle Corridor, and the India-Middle East-Europe Economic Corridor, also building on the EU Global Gateway, the Great Green Wall Initiative, and the Mattei Plan for Africa launched by Italy,” reads the communique.
Billed as a path-breaking initiative, the IMEC envisages a vast road, railroad and shipping network among Saudi Arabia, India, the United States and Europe to ensure integration among Asia, the Middle East and the West.
The IMEC is also seen as an initiative by like-minded nations to gain strategic influence in the face of China's Belt and Road Initiative (BRI) which has faced increasing criticism over lack of transparency and disregard for sovereignty of the nations.
The BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe.
The IMEC initiative was firmed up on the sidelines of the G20 Summit hosted by India in Delhi last year.
About the Outreach session on Friday on the topic of Artificial Intelligence, Energy, Africa and the Mediterranean addressed by Modi, the Communique reads: “In a spirit of shared responsibility, we warmly welcome the participation of the Leaders of Algeria, Argentina, Brazil, India, Jordan, Kenya, Mauritania, Tunisia, Turkiye, and the United Arab Emirates.
“We will step up our efforts to enhance interoperability amongst our AI governance approaches to promote greater certainty, transparency and accountability while recognizing that approaches and policy instruments may vary across G7 members. We will take a risk-based approach in these efforts as we seek to foster innovation and strong, inclusive, and sustainable growth.”
Among the other priorities of the summit’s agenda, the communique registers “unwavering support” for Ukraine in its ongoing conflict with Russia.
It notes: “With a view to supporting Ukraine’s current and future needs in the face of a prolonged defence against Russia, the G7 will launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, in order to make available approximately USD 50 billion in additional funding to Ukraine by the end of the year.
“Therefore, without prejudice to possible other contributions and standing together, the G7 intends to provide financing that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilisation of Russian sovereign assets held in the European Union and other relevant jurisdictions. To enable this, we will work to obtain approval in these jurisdictions to use future flows of these extraordinary revenues to service and repay the loans.”
Pope Francis became the first pontiff to join the participants of the G7 hosted by Italy – US President Joe Biden, British Prime Minister Rishi Sunak, Canadian Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Japanese Prime Minister Fumio Kishida, European Commission President Ursula von der Leyen and European Council President Charles Michel.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
BAMUL president slams Flipkart over selling milk for Re 1 per litre
Bengaluru (PTI): Bangalore Milk Union Ltd president D K Suresh on Saturday claimed that e-commerce giant Flipkart is selling milk for Re 1 through "investor-funded discount campaigns", accusing it of undermining the dignity of farmers and the cooperative movement built over decades.
He has lodged a complaint against Flipkart before the Competition Commission of India (CCI) and also written an email to Prime Minister Narendra Modi seeking investigation into "predatory pricing" of milk by the quick commerce platform and its impact on dairy farmers and cooperative institutions.
However, Flipkart said in a statement that it periodically runs limited promotional campaigns on select products available on the platform, often in partnership with banking partners, to enhance customer value.
ALSO READ: 316 domestic LPG cylinders used for commercial purposes seized in Karnataka
"Prices of products on the Flipkart marketplace are determined by individual sellers. All dairy partners and sellers continue to receive their full agreed price for the products they supply, and farmer procurement prices are not impacted in any way," a Flipkart spokesperson said.
Flipkart further said it remains committed to working with farmers, cooperatives and sellers across India to expand market access and support their growth.
Suresh, brother of Deputy Chief Minister D K Shivakumar and also a former MP, slammed Flipkart for its latest move.
Taking to social media platform 'X', the Bangalore Milk Union Ltd (BAMUL) president said that milk is not a Re 1 flash deal. It is the livelihood of millions of farmers.
"Behind every litre of milk is the sweat, labour, and livelihood of our farmers. Predatory discounting by companies like Flipkart weakens India's dairy cooperatives and hurts farmer incomes," he said.
He urged both the central and the state governments to act immediately to protect the farmers and the cooperative movement.
In another post, Suresh said that milk is not a marketing gimmick. It is the livelihood of millions of dairy farmers who work every day to feed this nation.
"Flipkart is selling milk for Re 1 through investor-funded discount campaigns and is undermining the dignity of farmers and the cooperative movement built over decades," he added, urging public to choose farmers, cooperatives and Nandini, a dairy brand owned by the Karnataka Milk Federation (KMF).
Speaking to reporters here earlier in the day, he said that a complaint would be lodged against Flipkart before the Competition Commission of India (CCI) under Section 19(1)(a) over the company's move to sell one litre of milk for Re 1.
He alleged that such competition aimed at capturing the market would hit farmers hard.
"Around Rs 2,000 crore has reportedly been spent on this initiative. It is not appropriate to misuse public shareholders' money in this manner," he said.
According to him, the move could undermine long-standing milk cooperative institutions that have existed since the pre-Independence period.
"Multinational companies are working against farmers' interests. They should clearly state in their advertisements how long they will sell milk at such low prices. Flipkart must withdraw from this move that harms the farming community," he added.
Suresh claimed that 14.5 lakh litres of milk had already been sold under the scheme and advertisements had been issued widely.
"Public money is being invested to attract customers. The company should disclose how long it plans to sell milk at this price," he said.
Responding to a question on whether the sales of Nandini milk had dropped, he said several brands operate in the market and not just Nandini.
"BAMUL's sales have dropped by about 40,000-50,000 litres. We need to ascertain how long this decline has continued," he said.
Asked if other entities were behind the scheme, he said information was still being gathered. "I have seen a couple of advertisements and will also discuss the matter with officials. Under the guise of business, it is not right to ignite a crisis for the farming community," he said.
Suresh said farmers are currently paid Rs 38-40 per litre for milk. "How can they sell it for Re 1? "We need to find out from whom they are purchasing the milk and where it is coming from," he said.
When asked whether farmers should be advised not to sell milk to such companies, Suresh said it was not clear where the company was procuring milk from, including bulk producers.
"We are also checking whether milk powder is being mixed. I have asked for samples and instructed that they be tested in laboratories. If cooperative institutions collapse, the direct impact will be on farmers," he added.
