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Hindustan Times
41 minutes ago
- Hindustan Times
EAM Jaishankar to meet Russian counterpart Lavrov amid US sanctions threat
External affairs minister S Jaishankar is set to meet his Russian counterpart Sergey Lavrov in Moscow on Thursday to review bilateral relations against the backdrop of US threats of sanctions over India-Russia energy trade and to prepare for President Vladimir Putin's planned visit to India for an annual summit. External Affairs Minister S Jaishankar meets Russian FM Sergey Lavrov on the sidelines of the 17th BRICS Summit 2025. (ANI photo) Jaishankar travelled to Russia this week to co-chair a meeting of a key bilateral body that oversees trade and economic relations between the two countries amid continuing strains between New Delhi and Washington over trade-related issues and the Trump administration's strident criticism of energy and defence cooperation between India and Russia. On Wednesday, Jaishankar and Russian deputy prime minister Denis Manturov co-chaired a meeting of the Inter-Governmental Commission for Trade, Economic, Scientific, Technological and Cultural Cooperation, during which the external affairs minister backed a 'more creative and innovative approach' to tackle challenges posed by a complex geopolitical situation – an apparent reference to the churn caused by the trade and tariff policies of the US administration. Lavrov and Jaishankar are expected to focus on current and prospective areas of bilateral cooperation, with the focus on 'promoting transportation, logistics, banking and financial chains independent from countries imposing sanctions', the Russian embassy said in a statement. Also Read: Jaishankar, Russia's foreign minister Sergey Lavrov to meet in Moscow on Aug 21 They are also expected to discuss 'expanding the use of national currencies in mutual [trade] settlements', the statement said. Following Western sanctions on Russia over the invasion of Ukraine in 2022, India and Russia have largely switched over to the use of rupee and ruble for trade settlement. Russian officials said on Wednesday that almost 90% of trade settlements are currently done in national currencies. In a reference to Putin's planned visit for a summit with Prime Minister Narendra Modi, the Russian embassy said Jaishankar and Lavrov will also discuss the schedule of upcoming contacts between the two sides. Russian officials confirmed on Wednesday that Putin will travel to India later in the year, though dates for the trip haven't been finalised. 'The foundation of the Russian-Indian special and privileged strategic partnership is mutual trust and respect,' the Russian embassy said. 'Moscow and New Delhi stand for multipolarity as an integral factor in ensuring the balance of the world order that has emerged over the past decades.' Besides reviewing cooperation in transport, energy, agriculture and scientific and technical matters, the two foreign ministers will discuss global issues and collaboration at the UN, Brics, Shanghai Cooperation Organisation (SCO) and G20. They are also expected to exchange views on the situation in Ukraine and Afghanistan, and the Israel-Hamas conflict. Jaishankar and Manturov also participated in the India-Russia Business Forum on Wednesday night to discuss trade cooperation with heads of business organisations of the two countries. Jaishankar said growing business and deepening cooperation between India and Russia are 'no longer simple propositions' because of changes in the two economies and the 'uncertainties created by the global environment'. 'That India and Russia have nurtured one of the steadiest relationships between major nations in current times is now widely recognised. However, that did not automatically translate into significant economic cooperation,' he said. 'Our trade basket remains limited and till recently, so did our trade volume. It may have grown in recent years, but then, so too has the trade deficit.' The diversification and balancing of trade require more strenuous efforts and are essential to reach higher trade targets, he added. India-Russia trade touched a record of $68.7 billion in 2024-25, though India's exports were worth only $4.88 billion. Russian officials have said Moscow is working to address this trade imbalance by removing trade barriers, pushing alternative logistics corridors and developing payments mechanisms.
News18
an hour ago
- News18
Senior Health Ministry Official Scammed Of Rs 27 Lakhs In Currency Market Investment Fraud
The victim alleged that he was informed the money would be invested and traded in the currency market, with a promise to return double the principal amount within one year. A senior Union Health Ministry official was scammed of Rs 27 lakhs on the pretext of investing his money in the currency market, reported ANI, citing Delhi police officials. In the complaint, the victim alleged that he was told by the fraudster that his money will double in a year. The incident dates back to 2023, when the accused approached and convinced the official to invest his money. 'Victim alleged that he informed him that he is investing & trading the money in the currency market, and he would return double the principal amount to the complainant within a span of one year. Hence, on this allurement and inducement, he agreed to give him an amount of twenty-seven lakhs," Delhi police said. A complaint was filed at the South district's cyber police station on August 11, and the police have booked the accused under sections 308/318(4)/319/340. The incident comes to light only a few days after three men, including one graduate from the London School of Economics, were arrested by a joint team of PS DBG Road and PS Cyber, Central District, Delhi Police, in connection with a money extortion case. The group, who were traced to Thailand, used to scam people by extorting money through international WhatsApp calls and cryptocurrency payments. They pretended to belong to a notorious gangster to instill fear in their victims. In a separate incident that took place in Mumbai on August 16, the police arrested four cyber fraudsters for allegedly duping a businessman from Mumbai of Rs 5.24 crore by posing as executives of a Dubai-based investment company. The incident surfaced when the accused invited the victim to Dubai, only for the victim to discover that the company did not actually exist. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
Hindustan Times
2 hours ago
- Hindustan Times
Developed India goal: House panel seeks housing, urban affairs vision document
A parliamentary standing committee has asked the housing and urban affairs ministry to prepare a broad vision document and an investment plan for the next 22 years to achieve the goal of making India a developed nation by 2047. The report was tabled in both Houses of Parliament on Wednesday. (ANI) In a report tabled in both the Houses of Parliament on Wednesday, the Standing Committee on Housing and Urban Affairs called for an increase in the central assistance to reflect the increased construction costs for Pradhan Mantri Awas Yojana – Urban 2.0, the flagship housing scheme. The committee sought a review of the ministry's stance on keeping the scheme guidelines unchanged so that economically weaker households, especially those with annual income up to ₹3 lakh, can benefit. Telugu Desam Party lawmaker Magunta Sreenivasulu Reddy-led panel noted that detailed guidelines for the ₹2,500 crore Scheme for Industrial Housing and the ₹10,000 crore Urban Challenge Fund announced in the budget in February have not been finalised yet. The committee questioned the one-size-fits-all approach of financial assistance for the Prime Minister's e-Bus Sewa scheme, given the varying financial capacity of different urban local bodies within and across states. The panel first suggested a vision document in March 2025, a month after the Union budget. In its latest report, it said individual schemes cannot serve as a road map. Departments of central, state, and urban local governments can work in synergy by leveraging budgetary and extra budgetary resources towards the goal as per a road map, the committee said. The panel called for aligning budgetary allocations with a broader vision of 'Viksit Bharat (developed India)', broken down to five-year investment targets. It urged the ministry to conduct consultations and finalise the scheme before budget announcements to prevent approval of schemes from spilling to subsequent years. In March, the committee raised concerns over the ministry utilising only half of the budgeted funds of FY 2024-25 by January, even as the finance minister made urban development the fifth of nine priorities. By 2047, about 50% of India's population will reside in urban areas, and their contribution to GDP will be approximately 80%, noted the parliamentary committee.
