India to give USD 1 billion loan for development of Russia's Far East, says PM Modi
Vladivostok, Sep 5: Prime Minister Narendra Modi on Thursday said India will walk shoulder-to-shoulder with Russia in its development of the Far East and announced a USD 1 billion line of credit for the development of the resource-rich region.
Addressing the plenary session of the 5th Eastern Economic Forum here, prime minister Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities, but was about people and close business relations.
"India's connection to Russia's Far East go back a long way. India was the first country to open a Consulate in Vladivostok," he said.
"For the development of Far East, India will give line of credit worth USD 1 billion. My government has actively engaged East Asia as part of its 'Act East' policy. I firmly believe that today's announcement will add a new dimension to the economic diplomacy of the two countries," Modi said at a packed house here.
The Prime Minister, in the presence of Russian President Vladimir Putin, also unveiled the "Act Far East" policy to boost India's engagement with Russia's Far East region.
"Let us deepen the bond between India and Russia even further. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region's progress," Modi said.
"India is a proud and active participant in the various activities of the Eastern Economic Forum. Participation has come from top levels of government and industry," he said.
Indian firms have invested over USD 7 billion in taking stake in Russian oil and gas fields. India ventured into Russia when its flagship overseas firm ONGC Videsh in 2001 acquired a 20 per cent stake in Sakhalin-1 oil and gas field in Far East Russia.
OVL later bought Imperial Energy, which has fields in Siberia, as also stakes in Vankor oilfield in eastern Siberia.
IOC and its partners have picked up 29.9 per cent stake in a separate Taas-Yuryakh oilfield in East Siberia.
Russian oil firm Rosneft in 2017 bought Essar Oil, which operates in Vadinar oil refinery in Gujarat and some 5,500 petrol pumps, for USD 12.9 billion.
Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the President has opened up investment opportunities for India in the region.
"By declaring the development of the Russian Far East a 'national priority for the 21st century', President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication," he said.
Prime Minister Modi also emphasised on India's commitment to become a five trillion dollar economy by 2024.
Modi, who arrived in Russia on a two-day visit on Wednesday, is the first Indian prime minister to visit to the Russian Far East Region.
He arrived here to participate in the 20th India-Russia annual summit with President Putin and the fifth meeting of the Eastern Economic Forum (EEF).
The forum focuses on development of business and investment opportunities in the Russian Far East Region, and presents enormous potential for developing close and mutually beneficial cooperation between India and Russia in the region.
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Four months on, no breakthrough in missing Bengaluru girls case; CID probe ordered
Bengaluru: The case of two students who went missing under mysterious circumstances four months ago in the jurisdiction of Vidyaranyapura Police Station has been transferred to the Criminal Investigation Department for further investigation, as no breakthrough has been made so far.
The missing students have been identified as Taniska, a second PUC student, and Tejaswini, a first PUC student. Both went missing on January 31 after leaving their homes, carrying only their Aadhaar cards. They have not returned since, prompting their parents to file a complaint with the police.
During the initial investigation, police found CCTV footage showing the two students crossing certain junctions. There were early indications that they may have travelled towards Male Mahadeshwara Hills, but searches conducted there did not yield any results, sources said.
Police teams carried out searches in more than 100 locations across the country, including Mysuru, Chennai, Coimbatore, Kerala, and Delhi. However, no trace of the students has been found. Cops said the two have not used mobile phones or ATM cards since their disappearance. They have also not contacted friends, relatives, or family members, making the case more difficult to crack.
With no progress in the investigation, the parents had urged the government to hand over the case to the CID. Following this, the government transferred the case to the CID, and a special team has now been formed to trace the missing students.
