Interest rate cuts

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Rajan to go for rate cut on Tuesday to spur economy

PTI and The Times of India

NEW DELHI: RBI governor Raghuram Rajan may budge to government and industry pressure to cut interest rate with a view to spur economic recovery and mitigate the impact of slowing China on India.

Most of the bankers feel that benign inflation and status quo by US Fed has given room for the RBI to cut short-term lending (repo) rate by at least 0.25 per cent to 7 per cent.

Even finance minister Arun Jaitley last week asserted that common sense says the interest rates should come down. 

Jaitley had said inflation is "very much under control" and the country is better prepared than most emerging economies to weather the global economic turbulence.

Global turmoil triggered by devaluation of yuan and reports of slowing growth in China has impacted Indian currency and stock markets.

As regards the price situation, the wholesale price index (WPI) remained in negative territory for 10 months in a row and stood at (-)4.95 per cent, while the retail inflation (CPI) eased to a record low of 3.66 per cent in August.

However, first quarter GDP number of 7 per cent was below the market expectation.

These macro-economic details would be taken into account by the RBI during its fourth bi-monthly monetary policy review of this fiscal on September 29.

According to State Bank of India (SBI) chairman Arundhati Bhattacharya, there is a space for rate cut as the possibility of food prices going up in coming months is negligible.

"I do still believe that there is a space for rate cut in India. How much is difficult to state at this point of time," she said.

There is a possibility of 0.25 per cent rate cut by the RBI, Union Bank of India chairman & MD Arun Tiwari said.

"I see a 25 basis points rate cut on September 29. But there will be no change in SLR and CRR as liquidity in the system is enough," Tiwari said.

Echoing similar views HSBC India country head Naina Lal Kidwai said there is a strong chance of RBI cutting interest rate by 0.25 per cent on September 29 as inflation has come under control.

With decline in inflation and the US Fed handing emerging markets a lifeline by not raising interest rates, there is a "favourable" environment for monetary policy action by the RBI, minister of state for finance Jayant Sinha had said.

Earlier this month, the Fed heeded to calls from the World Bank and IMF by deciding not to go for first rate increase in almost a decade, stemming outflows from emerging economies.

On expectation from RBI policy review, Bank of Maharashtra executive director RK Gupta said: "With macroeconomic parameters improving, RBI is likely to cut repo rate. Also, there is pressure on RBI to support credit growth which has been muted for some time." 

Transparency and corruption in India

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PM promises more accountable and transparent governance

PTI and The Times of India

SAN JOSE: Pitching his pet Digital India initiative with the titans of the IT world, Prime Minister Narendra Modi on Sunday promised to make governance more accountable and transparent while assuring data privacy and security.

Speaking before a gathering of Silicon Valley CEOs, Modi announced plans to create more public Wi-Fi spots including at 500 railway stations across India and an aggressive expansion of the National Optical Fibre Network to take broadband to 600,000 villages.

"As our economy and our lives get more wired, we are also giving the highest importance to data privacy and security, intellectual property rights and cyber security," he said at a dinner interaction attended among others by Adobe CEO Shantanu Narayan, Microsoft CEO Satya Nadella and Qualcomm executive chairman Paul Jacobs and Google CEO Sunder Pichai.

"We will transform governance, making it more transparent, accountable, accessible and participative," Modi said, adding that E-Governance is foundation of better governance - efficient, economical and effective.

In a nation of one billion cell phones, M-Governance or mobile governance has the potential to make development a truly inclusive and comprehensive mass movement. "It puts governance within everyone's reach," he said.

Modi said Digital India was born out of conviction that it was possible to rapidly transform the lives of people on margins and touch the lives of the weakest, farthest and the poorest citizen of India as also change the way our nation will live and work.

"We will connect all schools and colleges with broadband. Building I-ways are as important as highways," he said.

"We are expanding our public Wi-Fi hotspots. For example, we want to ensure that free Wi-Fi is not only there in airport lounges, but also on our railway platforms. Teaming up with Google, we will cover 500 railway stations in a short time," he said.

The government, he said, wants to free citizens from the burden of excessive paper documents in every office.

"We want paperless transactions. We will set up a digital locker for every citizen to store personal documents that can be shared across departments," he said.

Setting up of Ebiz portal has made approvals for businesses and citizens easy and efficient, technology is being used to impart scale and speed to development, he said.

Calling for bridging the digital divide and promote digital literacy, Modi said in the same way that we seek to ensure general literacy, technology must be accessible, affordable and value adding.

Business in India

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India fastest growing startup nation: Sundar Pichai

PTI and Times of India

SAN JOSE: India will play a big part in driving technology forward in the future, Google CEO Sundar Pichai said on Sunday as he praised Prime Minister Narendra Modi for accelerating India's effort to become the next global hot bed of innovation and entrepreneurship.

Driving technology forward would really improve people's lives in India and all around the world, Pichai said.

"I am not just excited because I grew up in India, I am excited because I deeply care about technology and know that India will play a big part in its future," he said, adding that a lot of that is becoming possible because Modi is driving it forward.

"He (Modi) has accelerated India's effort to become next global hot bed of innovation and entrepreneurship," Pichai told a gathering of top Silicon Valley CEOs at a dinner hosted in honour of the Prime Minister, who is on a two-day visit to the city of San Jose.

More importantly, Modi understands that technology is an enabler to drive change at a massive scale, the kind of scale that India needs, he added.

The 43-year-old IIT alumnus said it is not just being on line, it is about what you get online.

"People are educating themselves, connecting with loved ones and creating and sharing videos. For example on You Tube, there are many home makers in India who make a living by posting videos on line," he said.

Pichai who was in India last year, praised the presence of what he described as "hungry" entrepreneurs, the same kind one would like in the Silicon Valley.

"The presence of that, motivation and Indians coming online at an unprecedented scale, was very clear to me that this is a once in a life time opportunity," he said, adding that there is evidence of this all around.

There are more than 3,000 startups in India.

"By many matrices, India is the fastest growing startup nation in the world. Companies like Flipkart, Hike, Zomato, Snapdeal these are all evidence of these are happening all around us. They are not just Indian success stories, they are global success stories and they create thousands of jobs," he said.

He said that Google is proud at what is happening in India and share Prime Minister's vision for a Digital India and want to play a part in it.

Observing that two main things - computing and connectivity -- are foundation for a digital India, Pichai said android today is available in many Indic languages.

Stating that in order to push digital literacy forward, it is very important for people to type in their native languages, Pichai announced that next month Google would make it possible for people to type in 10 different languages in India, including Gujarati.

"More than anywhere else, India has the innovative spirit that lies in the DNA. It is doing great things with it. It's that spirit that drives everyone here," Pichai said.

Technology in India

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Free Wi-Fi at 500 railway stations with Google's help, PM says

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TNN & Agencies and the Times of India. 

SAN JOSE: Promising to transform governance, Prime Minister Narendra Modi on Sunday said in a nation of one billion cell phones, M-Governance or mobile governance has the potential to make development a truly inclusive and comprehensive mass movement.

"It puts governance within everyone's reach," Modi said while pitching his pet Digital India initiative with the titans of the IT world here.

Speaking before a gathering of Silicon Valley CEOs, Modi announced plans to create more public Wi-Fi spots including at 500 railway stations across India and an aggressive expansion of the National Optical Fibre Network to take broadband to 600,000 villages.

"We will connect all schools and colleges with broadband. Building I-ways are as important as highways," he said.

"We are expanding our public Wi-Fi hotspots. For example, we want to ensure that free Wi-Fi is not only there in airport lounges, but also on our railway platforms. Teaming up with Google, we will cover 500 railway stations in a short time," he said.

The government, he said, wants to free citizens from the burden of excessive paper documents in every office.

"We want paperless transactions. We will set up a digital locker for every citizen to store personal documents that can be shared across departments," he said.

Setting up of Ebiz portal has made approvals for businesses and citizens easy and efficient, technology is being used to impart scale and speed to development, he said.

Calling for bridging the digital divide and promote digital literacy, Modi said in the same way that we seek to ensure general literacy, technology must be accessible, affordable and value adding.

Modi also promised to make governance more accountable and transparent while assuring data privacy and security.

"As our economy and our lives get more wired, we are also giving the highest importance to data privacy and security, intellectual property rights and cyber security," he said at a dinner interaction attended among others by Adobe CEO Shantanu Narayan, Microsoft CEO Satya Nadella and Qualcomm executive chairman Paul Jacobs and Google CEO Sunder Pichai.

"We will transform governance, making it more transparent, accountable, accessible and participative," Modi said, adding that E-Governance is foundation of better governance - efficient, economical and effective.

In a nation of one billion cell phones, M-Governance or mobile governance has the potential to make development a truly inclusive and comprehensive mass movement. "It puts governance within everyone's reach," he said.

Modi said Digital India was born out of conviction that it was possible to rapidly transform the lives of people on margins and touch the lives of the weakest, farthest and the poorest citizen of India as also change the way our nation will live and work.

Technology in India

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'Digital India', an enterprise to transform India, says PM Narendra Modi

PTI and Times of India

SILICON VALLEY: 'Digital India' is an enterprise to transform India in a scale unmatched anywhere in the world and it has the potential to make development truly inclusive, Prime Minister Narendra Modi said today.

READ ALSO:

Modi's speech at Digital India event: Full text

PM Modi's top quotes at Digital India event

"Digital India is an enterprise for India's transformation on a scale that is, perhaps, unmatched in human history," Modi said while speaking about his ambitious Digital India initiative before a gathering of Silicon Valley CEOs.

READ ALSO: What top tech bosses said at Digital India event

Modi, the first Indian Prime Minister to visit Silicon Valley in more than three decades, said his government wants paperless transactions.

In pics: PM Narendra Modi in Silicon Valley

"We would set up digital locker for every citizens to share documents across departments," he said.

"After MyGov.in, we have just launched the Narendra Modi Mobile App. They are helping me stay in close touch with people," he said amidst applause from the audience.

"I want our 1.25 billion citizens to be digitally connected," Modi said, describing the steps taken by his government towards broadband connectivity.

"I see technology as a means to empower and as a tool that bridges the distance between hope and opportunity," the Prime Minister added.

Russia attacking ISIS

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Russian Jets Strike ISIL Positions in Syria's Aleppo

 

 

Fars News

 

TEHRAN (FNA)- Military sources said that the Russian Air Force launched a series of airstrikes above Aleppo's Eastern countryside, targeting the ISIL terrorist group's positions along the Deir Hafer-Aleppo Highway while the Syrian Army attacked the terrorist group on the ground, Arab media reports said.

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The sources told Syria's al-Masdar news outlet that the Syrian army, in coordination with the National Defense Forces (NDF), conducted a powerful assault on the ISIL positions at  ‘Ayn Sabl, resulting in the capture of the Southwestern perimeter of this town that is located to the East of Tal Rayman and Al-Salihiyah.

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"The Russian fighter jets reportedly struck ISIL positions in East Aleppo with remarkable precision and relentless ferocity; these airstrikes also marked the first time that Russia physically participated in this four-year-long Syrian conflict," the report said.

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The Russian Air Force was also seen flying above the Damascus countryside, Lattakia and Hama Governorates, on Thursday morning, but all of their jets reportedly returned back to the Hmamiyat Military Airport in the Syrian coastal city of Jableh.

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According to a senior officer in the Syrian army, these Russian airstrikes were coordinated with the Syrian Air Force , who launched their own raids along the Raqqa-Deir Ezzur Highway, added the report.

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Meantime, other sources said that the jets were Russia-made fighters, but did not confirmed that they were operating under the Russian air force command.

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Earlier this month, military sources said that the Syrian air force, using satellite images, carried out a series of airstrikes above the Prophet Younis Mountains in the Lattakia Governorate’s Northeastern territories, killing at least 47 militants from Liwaa Suqour Al-Ghaab and Ahrar Al-Sham.

China will join Russia in protecting Syria's Assad

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Chinese Military Personnel Expected to Arrive in Syria

 

By Leith Fadel and Information Clearing House.
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The recent arrival of the Russian Marines and Air Force to the Syrian port-city of Tartous has generated a significant amount of interest around the world, as the possibility of Russia’s direct military intervention becomes the focal point of the war on ISIS (Islamic State of Iraq and Al-Sham).
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Should the Russians begin military operations in Syria, what role with the U.S. led “Anti-ISIS Coalition” play in combatting the terrorist group? Will they coordinate with one another? Will they avoid one another?
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It seems both sides have their own strategy to combat ISIS, but the U.S. has had far more experience fighting the terrorist group, despite their minimal success in obstructing their growth and advance in Syria and Iraq.
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Russia seems poised to take a similar approach to the U.S. led Coalition; however, they are not seeking the assistance of the neighboring Arab countries to combat the terrorist group.
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Instead, the Russians appear to have a contingency that involves another world power that was absent from the U.S. led Anti-ISIS Coalition: China.

On Tuesday morning, a Chinese naval vessel reportedly traveled through Egypt’s Suez Canal to enter the Mediterranean Sea; its destination was not confirmed.
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However, according to a senior officer in the Syrian Arab Army (SAA) that is stationed inside the Syrian coastal city of Latakia, Chinese military personnel and aerial assets are scheduled to arrive in the coming weeks (6 weeks) to the port-city of Tartous – he could not provide anymore detail.
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Russia has made it abundantly clear that they are taking an active role in this conflict, but the news of the Chinese military to Syria provides more insight into their contingency.
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It appears that Russia is not going to combat ISIS alone: the plan is similar to the U.S.’ idea of a “coalition” of air forces, but far more involved on the ground; this is something the U.S. and their allies have avoided since the inception of their war against ISIS.
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Despite all of this, Russia and the U.S. appear to be at it again; however, this is no space or arms race, they are actively flexing their muscles through their proxies (U.S.: rebels and Russia: Syrian Army).

China will help poor countries

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China pledges $2 billion to help poor states meet U.N. goals

By Michelle Nichols 

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UNITED NATIONS (Reuters) - Chinese President Xi Jinping announced on Saturday that Beijing will establish an assistance fund with an initial pledge of $2 billion to help developing countries implement a sweeping global sustainable development agenda over the next 15 years.

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"China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030," Xi told a sustainable development summit of world leaders at the United Nations in New York. 
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"China will exempt the debt of outstanding intergovernmental interest-free loans due by the end of 2015 owed by the relevant least developed countries, landlocked developing countries and small island developing countries," he added.

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The 193-member United Nations General Assembly on Friday adopted the most far-reaching agenda ever of global goals to combat poverty, inequality and climate change, capping years of debate.
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Described by the U.N. Secretary-General Ban Ki-moon as "a to-do list for people and planet," the 17 Sustainable Development Goals are to be implemented over the next 15 years with a big global push to win public and political support.
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"Looking to the future, China will continue to take a right approach to justice and interests by putting justice before interests and join the other countries in the concerted efforts to realize the post-2015 development agenda," Xi said. 
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During Xi's first state visit to the United States, he and U.S. President Barack Obama also unveiled on Friday new steps they will take to deliver on pledges they made then to slash their greenhouse gas emissions. 
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One of the steps announce by Xi was that China would channel 20 billion RMB ($3.1 billion) to help developing countries combat and adapt to climate change, a significant financial pledge from an emerging economy.
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On Saturday at the United Nations, Xi also said China would establish a development knowledge center to allow countries to share best practices. 

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"China will propose discussion on establishing a global energy internet to facilitate efforts to meet the global power demand with clean and green alternatives," Xi said. 

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(Reporting by Michelle Nichols, editing by Louis Charbonneau)

 

India

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ChIndia in US: When India chose to rise toe to toe and go head-to-head with China on US soil

Chidanand Rajghatta and the Times of India Prime Minister Modi arrived in New York, a city so "desi" that every second cabbie can handle instructions in Hindi, Punjabi, or Bengali. His interaction with American financial heavies, Fortune 500 CEOs, and media czars was as impressive, if not more, partly on account of lack of any friction that characterized some of Xi's meetings.

As for dollar value, a pretty meaningless metric meant only to pop eyeballs, JP Morgan Chase — whose honcho Jamie Dimon attended the Modi meeting — alone has assets worth $2.6 trillion. The 42 CEOs he met head companies reportedly worth $4.5 trillion.

READ ALSO:

We know that world will not wait for India, PM Modi tells $4.5 trillion club

Governance reform is number one priority: Modi to CEOs


Prime Minister Narendra Modi poses for a group photo with CEOs of America after an interaction in New York. (PTI photo)

Xi and Modi are not done yet. The Chinese president arrived later in the day in Washington where he will be honoured with a White House state banquet despite differences and tensions with the US and public wrangling over cyber attacks. Modi had to settle for an official visit and hot water when he visited last year in the middle of his Navratri fast; besides, his predecessor Manmohan Singh had already snagged a state visit.

The Indian Prime Minister will leave for California on Saturday, where he will rack up even more meetings with tech tycoons, start-up stars, and assorted Silicon Valley overlords, topping it off with a rousing, Bollywoodized public meeting (with singer Kailash Kher for entertainment) that the Chinese don't have in their playbook, although their own soft power in the US is no less.

Both countries are showing off their respective bench strength and depth of their diaspora in the US and their global tech economy heft. Xi's meeting at the Microsoft campus included Lenovo CEO Yang Yuanqing, Yahoo founder Jerry Yang, chipmaker AMD CEO Lisa Su, and Alibaba founder Jack Ma, among others. Facebook's Mark Zuckerberg, whose wife Priscilla Chan is Chinese-American, greeted him in Mandarin.

Modi, on his part, will pull in Microsoft's Satya Nadella (who hosted the Xi meeting in Seattle), Google's Sundar Pichai (who did not go to Seattle), Sandisk's Sanjay Mehrotra, among other Indian-origin CEOs, besides visiting Tesla and Google (where some key joint announcements are to be made) and taking part in a townhall with Facebook's Zuckerberg, who will doubtless summon up at least a "Namaste".

In fact, the difference between the two countries and the way they approach the world is evident in how the two leaders are handling their engagements — one has a tightly-scripted programme that disdains open interactions and social media. The other embraces open forums and social media engagement, although some of it is choreographed.

They will both return to New York, staying at the Chinese-owned Waldorf-Astoria, although the Indian side had the option of staying at the Tata-owned Pierre — an even fancier digs slightly uptown across from Central Park — but chose proximity and logistics over bragging rights.

The term Indo-China has long described the two countries sphere of influence in South East Asia, and the portmanteau word ChIndia, coined by Congress strategist Jairam Ramesh, alludes to their heft. But on Thursday, there were the first contours of "ChIndUS Century" - a China, India, US triage to address the economic ills of the world.

Economic growth in China and India and their buying power will keep America humming

UNSC reform and India

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Reform security council to maintain its credibility, PM Modi urges at UN meet

Chidanand Rajghatta and Times of India   Prime Minister Narendra Modi on Friday pressed hard for India's elevation as a permanent member of the UN security council, suggesting the world body would lack credibility without reforms that gave New Delhi a voice.

"We must reform the United Nations including its security council so that it carries greater credibility and legitimacy," Modi said at the UN summit discussing a 15-year blueprint to eradicate extreme poverty, tackle inequality and combat climate change.

READ: Top 10 quotes of PM Modi at UN summit

The PM is also trying to revive India's bid for a UNSC seat along with reforms by convening a meet of other aspirants, including Germany and Brazil, on the summit sidelines.

Modi said India's traditions made it consonant with the world's sustainable development goals but the country would yet strive to use modern tools and practices to achieve post-2015 targets. In a nearly 20-minute address at the 70th annual session of the UN, devoted to sustainable development, he spoke in chaste Hindi laced with Sanskrit citations.

He sought to assure the world that New Delhi would not be an outlier or spoiler in the international community's drive to make the world a better place.

ChIndia in US: The trillion dollar trysts

From addressing environmental concerns to alleviating poverty, the Prime Minister acknowledged that India's actions would have consequences for the world, but it would not be found wanting. He identified several of his government's signature projects, from "beti bachao" to skills development, as part of the sustainable development agenda.

"I represent that culture in which the earth is considered to be the mother," Modi told the gathering, exceeding the time limit allotted to him. The chair joked that the Prime Minister had taken an extra minute for every 100 million people of India.
 

A bit too early to say so

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Too early to say. Its only been one year. After his first term by 2019, we will know more fully.

The signs are good.

The laser like focus on development, and the determination not to be sidetracked by Pakistan, and religious ideological obscurantism of the fruity loony RSS bent.....and all the other trivia that Congress leaders usually get themselves involved in (FARMER RIGHTS), which consequently do nothing for India and its people. 

The target is 10--11% annual GDP growth that is sustainable for many years, and is way beyond what other BJP/Congress governments have achieved THUS FAR, and that the development is impacting IN a meaningful way on the welfare of the aam admi---that development is not superficial. (ie. INFRASTRUCTURE and INDUSTRY----MOBILISATION OF DOMESTIC SAVINGS AND CAPITAL....initiated by the government.......JOBS AND MONEY for the aam admi)

That as a truly successful leader, who does not owe his ascendancy to DYNASTY and CLASS (Working class-chawala) he can get himself elected again on a landslide ticket, and overcome voter anti-incumbency cynicism.

Jai Hind

Good luck!



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Best leader with best policies since independence, media honcho Rupert Murdoch tweets

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PTI and Times of India.

Media titan Rupert Murdoch on Friday tweeted in praise on Prime Minister Narendra Modi.
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"Great hour with Indian PM Modi. Best leader with best policies since independence, but massive task to achieve in most complex nation," Rupert Murdoch tweeted.
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Earlier, describing India as the "biggest market", America's media honchos called for speedier digitization of the Indian system, including early expansion of the 4G network, during a one-of-its kind meeting with the Prime Minister Modi.
READ ALSO: PM sells 'Brand India' to media barons in US
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During the meeting wherein the focus was on the role that the media and entertainment industry can play in development and generation of employment opportunities in the country, CEOs of the top media houses appreciated Modi for "energetic and dynamic leadership" and expressed optimism about the future of India, a statement said.
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The CEOs representing 40 per cent of the world's entertainment industry - were enthusiastic about the digital transformation that is taking place in India through the 'Digital India' initiative.
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They said that the current strong trajectory of the Indian economy makes it at a unique moment to accelerate growth in this sector.
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The CEOs present included Rupert Murdoch, executive chairman News Corp and 21stCentury Fox; James Murdoch, CEO, 21st Century Fox; Robert Thompson, CEO, News Corp; Uday Shankar, CEO, Star India; David Zaslav, president and CEO, Discovery Communications and Michael Lynton, CEO, Sony Entertainment.
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Others present at the round table were Michael Roth, CEO, Interpublic Group of Companies; Shane Smith, CEO, Vice Media; Martin Sorrell, CEO, WPP; Jeff Bewkes, CEO, Time Warner; Nancy Dubuc, CEO, A&E Networks; Anthony Pratt, chairman, Visy Industries; William Duhamel, Route One Investment Company and Jeff Ubben, CEO, ValueAct Capital.
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"All of them said India is the biggest market for them in terms of the phenomenal growth of the entertainment channels, in terms of the youth in India wanting more such content. They asked for speedier digitization of the Indian systems," external affairs minister spokesperson Vikas Swarup told reporters.

Rupert Murdoch ✔ @rupertmurdoch

Great hour with Indian PM Modi. Best leader with best policies since independence, but massive task to achieve in most complex nation.

9:45 AM - 25 Sep 2015

• 3,872 3,872 Retweets
• 2,010

The Time has come India to take off

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We know that world will not wait for India, PM Modi tells $4.5 trillion club

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PTI and Times of India.

As top American CEOs held no punches about the "obstacles" in ease of doing business in India, Prime Minister Narendra promised to fast-track the decision-making process, acknowledging that "the world is not going to wait for us".

At a dinner hosted by Fortune magazine where 42 CEOs of manufacturing and infrastructure sectors were not "shy" in referring to a host of obstacles, he asked them to take advantage of the huge opportunities of investing in India. "Please continue to do more of what you are doing. May be slightly faster," CEOs of American companies with a collective networth of USD 4.5 trillion, told the Prime Minister.

Fortune editor Alan Murray, who moderated the discussion, said complicated regulations, excessive permitting, confusing bureaucracy, poor infrastructure and overlapping local taxes were raised by the CEOs who urged the Prime Minister to "pick up the pace of change".

They praised the Prime Minister's efforts to improve the climate for business, while highlighting the obstacles. One of them said, "It is not an easy place to do business."

The Prime Minister acknowledged their concerns and pledged to speed up efforts to reduce the role of the government in business.

"The world is not going to wait for us. I know that," Modi said, according to a newsletter issued by Murray.

"The high turnout of the CEOs highlights the prime position India holds in today's global economy. With China slowing, India's 7.5 per cent growth rate makes it the fastest growing major economy in the world today and many of the CEOs cited plans to expand there," Murray added.

External affairs ministry spokesperson Vikas Swarup told reporters after the meeting, "By and large the mood was very upbeat. There is general consensus that the Prime Minister is effecting change in India. The only thing all the CEOs said is that please make that change faster."

The CEOs present at the meeting included Lockheed Martin Chairman and CEO Marillyn Hewson, Ford president and CEO Mark Fields, IBM chairman Ginni Rometty, Pepsi Co chief Indra Nooyi and Dow Chemical Chairman Andrew Liveris.

During the 'Roundtable with American Inc', the Prime Minister listened to each one of the CEOs present in the room about their concerns and plans for India and how these issues can be resolved, he said.

Inviting the US companies to set up manufacturing units in India, Modi told them, "Reform in governance is my No. 1 priority. We are for simplified procedures, speedy decision making, transparency and accountability."

He also listed the sectors that have been opened up in India for investment and said that "FDI all over the world has fallen but in India it has increased by 40 per cent."

"This reflects confidence in the Indian economy," Modi said while interacting with the CEOs from the manufacturing and infrastructure sectors.

Briefing reporters about the day-long interactions that the Prime Minister had with the corporate world, Indian Ambassador to the US Arun K Singh said there were some suggestions made about "additional steps that can be taken in terms of ease of doing business".

"Those are things that the government would assess," he added.

(CEOs of American companies with a collective networth of $4.5 trillion met PM Modi in New York. Source: MEA/Twitter)
. READ ALSO: PM Modi's US visit- complete coverage
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Modi told the CEOs that fundamentally he believes in deregulation, the government should allow the private sector to develop and that he is for predictable, transparent and accountable governance.

Singh said that it came through clearly that most people felt that this was a very good moment for India in the global context.

During the meeting, Modi circulated a one-page fact sheet summarising the steps taken for deregulation, reforms and bringing consistency in the tax administration.

"That note is based on hard facts, on what the government has actually done, what it has done for ease of doing business, where we all expect that when the next report comes, India should have jumped several places up," Swarup said.

The factsheet also listed efforts made by the government in increasing FDI, efforts towards making a bankruptcy code, he said.

The CEOs were appreciative of the Prime Minister's development vision of economic development, and the progress made over the last 15 months, an official statement said.

"The Prime Minister highlighted his commitment for predictable, transparent and accountable governance. The CEOs expressed support for the Make in India, Skill India and Smart Cities initiatives," it added.

Singh said some of the CEOs felt a lot of progress has been made in the last one year, but it has been inaccurately assessed and reported.

"If you look at the global trends, this was the unique opportunity to move ahead, attract capital and finds moments in terms of market access and ability to produce both for domestic and for exports," he said.

"There was support and appreciation expressed for the Make in India program, the Skill India program and the work related to smart cities, the focus on renewable energy. Some emphasis on the needs in the infrastructure sector and appreciation for the way in which the concept of smart cities has been approached," Singh added.

Swarup said the CEOs felt that change was "afoot and visible" which was reflected in their upbeat mood.

Roads in India

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India built them 5000 years ago, using bricks. Mohenjo Daro and Harrapa.


The ones by the Mughals were pretty good.....500 years ago. Reinforced concrete, granite and bricks.


The British focused on the railways.

But India is a road country when all is said and done....70% freight and 90% human traffic

$500 billion for roads in the next 5 years.

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Modi government sets target of 30km of highways a day

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Dipak K Dash Times of India. 

As the highway sector shows signs of revival and private investment interest in projects on PPP mode gathers pace, the Narendra Modi government is confident of achieving the target of building 30 km per day. In fact, per day construction of highways was close to 16 km until August-end against last year's record of 13 km. The ambitious target is definitely seen to be triggering investor appetite for road projects in the country.
 
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On Thursday MEA spokesperson Vikas Swarup said the PM has set a target of constructing 30 km of roads per day, increasing it from the current 13 km per day. Road transport and highways ministry officials said that by April, the construction would be 17-18 km per day and will be more during the next fiscal year.
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Investor interest in the roads and highways sector has grown in recent months after the government resolved four major issues responsible for stalled projects or slow progress. Land acquisition has been expedited and in the first five months of this financial year 4,272 sq km have been acquired. "In August, we acquired 1,620 km, which is a rare case. We hope to maintain this pace and people are now taking the compensation since there is clarity on the applicability of new Land Acquisition Act," said an NHAI official.
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While highways minister Nitin Gadkari had told TOI earlier this week that his focus is on monitoring and resolving issues on the ground, which will accelerate the pace of construction, officials said that maintaining the speed of awarding projects for the next two-three years will translate into achieving the 30 km per day target.
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Last year the total stretches awarded for upgradation or expansion was around 8,000 km and this year the target is at least 10,000 km. "Total construction in a year depends on how much has been awarded in the past three years. This means if we can keep awarding about 10,000 km a year, we will be able to achieve the 30 km target in the next two years," said a senior highways ministry official.

Considering that monitoring and quick resolution of issues pertaining to individual projects is another major roadblock for faster completion of projects, Gadkari has also directed all senior officials from his ministry, NHAI and NHIDCL to spend eight days a month in the field.
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 Moreover, the government has streamlined the prior statutory approvals for construction without any hitches. "We have no dearth of funds as well. Even we may not need to raise the entire Rs 42,000 crore through bonds during this year, as we still have enough of fund. The plan to sell completed highway projects is likely to generate Rs 50,000 crore and that can be used for taking up more projects on government funding mode," said a government source.

Business Leaders

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Deng Xioaping didn't go to the USA to invite USA businesses to invest in China, in the very early eighties. No, what he did was change the rules and laws in selective parts of China SEZ, where foreign and Chinese companies were given free reign to do their businesses, exclusively focused on exports. 

Modi can promote India all he likes, but unless the FUNDAMENTAL anti-business climate in India is changed, his begging and urgings in the USA will come to naught.

Deng was in charge of a totalitarian state, with highly centralised rule, and a nation steeped in efficient bureaucracy.

India on the other hand............its Modi's skills of what he can do....in India.


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PM Modi dines with Fortune 500 CEOs, invites them to 'Make in India'

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Times of India

Prime Minister Narendra Modi met top CEOs in the US, listing the various sectors that India has opened up for investments and inviting the US business leaders to 'Make in India'.

"Reform in governance is my number 1 priority. We are for simplified procedures, speedy decision making, transparency and accountability," Modi told the top 47 CEOs from the Fortune 500 companies whom he met over dinner on Thursday.

"FDI all over the world has fallen but in India it increased by 40 percent. This reflects confidence in the Indian economy," the Prime Minister said.

READ ALSO: On Day 1 of US trip, PM Modi signals: India now open for business

The Prime Minister said India is ready to welcome them (CEOs) with both hands and it is the right time for them to come and invest in the world's largest democratic country.

Fortune Editor Alan Murray moderated the discussion.

Among the CEOs of Fortune 500 companies who attended the dinner were Lockheed Martin Chairman and CEO Marillyn Hewson, Ford President and CEO Mark Fields, IBM Chairman Ginni Rometty, Pepsi Co Chief Indra Nooyi and Dow Chemical Chairman Andrew Liveris.

Citigroup Chairman Michael O'Neill, MasterCard CEO Ajay Banga, Boeing International President Marc Allen, Goldman Sachs President Gary Cohn, Blackstone President Hamilton James, SanDisk co-founder Sanjay Mehrotra, Harman International Chairman Dinesh Paliwal and Time Inc CEO Joe Ripp were also present on the occasion.. The dinner came after PM Modi's meeting with top executives of major media and communication companies where he presented India as a technology-driven society, and pledged protection to Intellectual Property Rights (IPR).

"This is a technology driven era. We are a technology driven society," he said at a roundtable meeting with the top executives of companies like Comcast, Time Warner, Discovery, Sony, ESPN, News Corp, 21st Century Fox, Disney Industries, ABC television group.

The focus of the Prime Minister's meeting with over dozen media honchos was to understand about the trends in media and communication technologies and the opportunities for India.

READ ALSO: PM sells 'Brand India' to media barons in US

Earlier in the day, the Prime Minister met eight of the top 10 financial entities in the US, including JP Morgan and Blackstone, where he outlined efforts made during the last 15 months to increase investment in key areas like infrastructure.

Some of the CEOs, after the meeting, said that they were satisfied with the progress of the reform.

"The government has already undertaken a massive amount of reforms. Key message from the US companies was keep doing what you are doing. I had a great meeting, there was a constructive dialogue in the spirit of collaboration. We are looking at India trying to get foreign direct investment," J P Morgan CEO James Dimon said.

COMPLETE COVERAGE: PM Modi's US visit

Blackstone CEO Stephen A Schwarzman said that he felt the Prime Minister was open to the suggestions the CEOs put before him to improve access to the country.
   

Reforms in India

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35 years of boom in China ONLY happened, after Deng Xiaoping introduced REFORMS into China.....'Communism with two faces". There can be NO development in India unless major overhaul of the colonial/Congress state is made.

 
The gruff, no nonsense, pragmatist and Manchurian, learning from the mistakes of Mao. Less rabid ideology and greater focus on development.

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Modi outlines reforms, governance as priorities

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By Times of India

In a meeting with nearly 50 of the US' top corporate leaders, Prime Minister Narendra Modi made a pitch for attracting more foreign investments into India and assured continuity in economic reforms and prompt decision-making as his areas of priority.

"Foreign direct investment all over the world has fallen. But in India, it increased by 40 percent. This reflects confidence in the Indian economy," the prime minister said during an interaction on Thursday with the chief executives, drawn from Fortune 500 companies.

"Reform in governance is my number one priority. We are for simplified procedures, speedy decision-making, transparency and accountability," the prime minister added, before dining with them at the Waldorf Towers Hotel in Manhattan where he is staying.
Earlier, the prime minister participated in two roundtables -- one on financial sector and the other on "Media, Technology and Communications - Growth Story for India"

He also met individually the US-India Business Council chair Ajay Banga, industrialist and former New York city mayor Michael Bloomberg, Lockheed Martin chief Marillyn A. Hewson and Aecom chief executive Mike Burke.

Complete coverage: PM Modi's US visit

India and its appaling governance levels

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35 years of boom in China ONLY happened, after Deng Xiaoping introduced REFORMS into China.....'Communism with two faces". There can be NO development in India unless major overhaul of the colonial/Congress state is made.
 
The gruff, no nonsense, pragmatist and Manchurian, learning from the mistakes of Mao. Less rabid ideology and greater focus on development.

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Governance reform is number one priority: Modi to CEOs

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By Times of India

Prime Minister Narendra Modi has said governance reform is his number one priority, during a meeting with a group of top American CEOs with a collective net worth of $4.5 trillion.

"Reform in governance is my No 1 priority. We are for simplified procedures, speedy decision making, transparency and accountability," Modi told over 40 CEOs of Fortune 500 companies over a dinner as he presented a page-long fact sheet of the steps taken by his government in the last one year.

COMPLETE COVERAGE: PM Modi's US visit

Among the CEOs of Fortune 500 companies attending event were Lockheed Martin Chairman and CEO Marillyn Hewson, Ford President and CEO Mark Fields, IBM Chairman Ginni Rometty, Pepsi Co Chief Indra Nooyi, and Dow Chemical Chairman Andrew Liveris.

Some of the CEOs attending the dinner described it as "report card," adding that this reflected the great transparency of the Modi Government.

READ ALSO: On Day 1 of US trip, PM Modi signals: India now open for business

Organic meal served during Modi's meet with CEOs

"Please continue to do more what you are doing. May be slightly faster," External Affairs Minister spokesperson Vikas Swarup said.

Briefing reporters after the day long meetings, Indian Ambassador to the US Arun K Singh said the comments made by some of the CEOs was that a lot of progress has been made in the last one year, but it has been inaccurately assessed and reported.

During the meeting, the Prime Minister said the foreign direct investment (FDI) all over the world has fallen but in India it has increased by 40 per cent.

"This reflects confidence in the Indian economy," Modi said.

During the meeting, Swarup said the Prime Minister listened from each one of the CEOs present in the room on what their plans are for India and what are the problems they are facing and how that can be resolved.

"By and large the mood was very upbeat. There is general consensus that the Prime Minister is effecting change in India. The only thing all the CEOs said is that please make that change faster," the Indian diplomat said.

READ ALSO: PM sells 'Brand India' to media barons in US

MEA gets on the development bandwagon--government working in sinc

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USA CEOs want easing of business faster: MEA

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By Times of India

Ministry of external affairs spokesperson Vikas Swarup said that the business CEOs want Prime Minister Narendra Modi to make faster change to ease business.

"All CEOs were of view that the changes that the Prime Minister is trying to make in area of easing business should be made faster," Swarup said while briefing the media here.

"All media companies present agreed that India presents a huge market for them," he added.

Prime Minister Modi met top business honchos over dinner at an event coordinated by Fortune here today.

Prime Minister Modi began his engagements in New York with a roundtable on financial sector with about 15 business leaders of the United States of America.

He also participated in a roundtable on 'Media, Technology and communications- Growth Story for India' which witnessed the participation of about 15 CEOs of top media firms including Rupert Murdoch. 

India as a major power

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India is the 3rd largest economy on earth measured by PPP GDP---$7.5 trillion

India is a nuclear bomb power 

India has the 4th most powerful military in the world after the USA, Russia, China.

Hilary Clinton and the USA say that they want to make India into a 'Great Power'--as a USA tool in Asia.

These factors should AUTOMATICALLY give India a PERMANENT seat in the UN security council.

But alas this has yet to be realized.......due to prejudice, racism, and competition from rivals.....OR the stupidity of Indian rulers. Take it how you will.

India will get its permanent seat in the UN security council, it is only a matter of time.

India was offered it in 1953, mainly supported by the USA, but Nehru turned it down, since he didn't want to upset the Soviet Union who wanted Communist China to get in first....and he thought it would tarnish his much loved non-alignment movement.

The worthless, idiot, bi-sexual deviant who did wonders for India.

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For US, India sole option for UNSC seat: Pakistani daily

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The Times of India

India is the only option from Asia, especially in the eyes of the US, for permanent membership at the UN Security Council "no matter how unfortunate this is for Pakistan", a Pakistani daily said on Friday.

Describing the US and India as the new dynamic duo, an editorial in the Nation said they are "a terrifying combination".

The US has reaffirmed its support to India for a permanent seat on the UN Security Council (UNSC). Even though both countries have disagreed over the UN Security Council reforms, the US has made it clear that it is committed to India's inclusion as a permanent member of the Security Council.

READ ALSO: US backs India's bid for permanent UNSC seat

"A number of members, including permanent members, have voiced strong disagreements. Pakistan, a member of the Uniting for Consensus group of countries which opposes any additional permanent members on the Security Council, told the 193-member Assembly that the document was partial and incomplete. It could not be the basis for a negotiated solution," it said.

With the successful conduct of the maiden strategic and commercial dialogue between India and the US, the stage is set for Indian Prime Minister Narendra Modi's third summit with President Barack Obama on September 28.

"The United States also reiterated its support for India's membership in four major global non-proliferation export control regimes, including the Nuclear Suppliers Group," said the daily.

"Pakistan should be worried."

READ ALSO: PM Modi seeks Irish help for NSG, UN Security Council entry

"Their joint declaration has identified terrorism as a profound threat to global peace and security...They have pointed out 'the threat posed by entities such as Al Qaeda and its affiliates, Lashkar-e-Taiba, Jaish-e-Mohammad, D Company, and the Haqqani Network, and other regional groups that seek to undermine stability in South Asia'," the editorial noted.

It went on to say that India now has a powerful ally, and "reason to remind us to provide justice for whatever wrong they think we have committed".

"Both countries have already jointly urged Pakistan to 'bring to justice the perpetrators of the 2008 Mumbai attack'. Modi won't stop at this."

The editorial said that China and Russia, as permanent members, can and probably will provide balance to the US and Indian ambition.

"However, for the global community, better representation is why the UNSC permanent membership needed to be expanded in the first place. Asia has two permanent member countries; hardly representative of the gigantic continent. South America has none. Europe has two, and Germany has been gearing up for its own bid for a seat. If Europe and South America get better representation, it makes sense that Asia will too."

"India is the only option then, especially in the eyes of the US, no matter how unfortunate this is for Pakistan," it added. 

Iran China cooperation

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Iran, China sign major electricity deal

China has signed a major deal with Iran based on which it will provide funds for Iran to develop electricity projects.

 

Presstv.com

 China has signed a major strategic agreement with Iran based on which it will provide funds for Iran to develop electricity projects.
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The agreement was signed between Iran Power and Water Equipment and Services Export Company (SUNIR) and China’s Shandong Electric Power Corporation (SEPCOIII) on Tuesday. Details of the agreement are not known. 
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Nevertheless, officials say a key theme in SUNIR-SEPCOIII agreement will be the exclusivity right for the Iranian side to deliver electrical goods, equipment, and services to over a dozen Asian and African countries for a period of five years.
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The target countries include Iraq, the UAE, Turkey, Afghanistan, Azerbaijan, Syria, Oman, Lebanon, Qatar, Armenia, Turkmenistan, Tanzania, Georgia and Kyrgyzstan.
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SUNIR CEO Bahman Salehi told reporters after signing the agreement that the technicalities over Sunir- SEPCOIII cooperation will be discussed in mutual meetings that will be held in the near future.
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Salehi said the two companies will start with the development of new electricity projects in Iran and China or third countries. 
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“We have planned to invest $5 billion in signing contracts and $2 billion in sales,” he has been quoted as saying by the media.
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The official added that his company has also agreed to cooperate with SEPCOIII in implementing power projects through the framework of engineering, procurement and construction (EPC) in Iran and other countries once the sanctions against Iran are lifted.
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Salehi further emphasized that several other similar key agreements for cooperation with the Chinese companies in the area of electricity industry have been prepared, adding that they will be signed during the upcoming visit to Tehran by China’s President Xi Jinping.