
‘As deep as the ocean': What PM Modi said on India-Maldives relations after talks with Muizzu
Addressing a joint press meet with Maldives President Dr Mohamed Muizzu, PM Modi said, 'This year, India and the Maldives are also celebrating 60 years of diplomatic relations. But the roots of our ties are as old as history and as deep as the ocean.'
'The commemorative postal stamp released today, featuring the traditional watercraft of both countries, reflects that we are not just neighbours but fellow travellers,' he added.
Reaffirming New Delhi's regional commitment, the Prime Minister said, 'India is the Maldives' closest neighbour. The Maldives holds an important place in both India's 'Neighbourhood First' policy and its Vision MAHASAGAR. India is proud to be the Maldives' most trusted friend.'
India to support Maldives on defence: PM Modi
PM Modi also assured India's continued support to the Maldives in strengthening its defence capabilities.
'India will always support the Maldives to strengthen its defence capabilities,' he said after holding talks with President Muizzu.
Modi added that the growing security cooperation between the two nations reflects the depth of their trust. 'Mutual cooperation in the field of defence and security is a testament to mutual trust,' the Prime Minister said.
He also announced a major financial commitment to the island nation, saying, 'We have decided to provide a line of credit of USD 565 million to the Maldives.'
On trade, he said both countries have initiated discussions on a broader economic partnership. 'Talks on a free trade agreement between India and Maldives have started,' he said.
To strengthen investment ties, PM Modi added, 'India and Maldives will work towards finalising a bilateral investment treaty.'
Prime Minister Modi's two-day visit to the Maldives comes soon after his UK trip and is significant as President Muizzu came to power in 2023 with an 'India Out' campaign.
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Indian Express
19 minutes ago
- Indian Express
Opposition alleges Rs 70,000 crore scam as CAG flags accounting lapses in poll-bound Bihar
Just months ahead of the upcoming Assembly election in Bihar, the Comptroller and Auditor General (CAG) of India has flagged massive accounting lapses in the state's finances. The CAG has reported that as of March 31, 2024, as many as 49,649 Utilisation Certificates (UCs) — documents that confirm that allocated resources were utilised for the intended purpose — amounting to Rs 70,877.61 crore, had not been submitted to the Accountant General (Accounts and Entitlements) of Bihar. The findings have come as fresh ammunition for the Opposition. Bihar Leader of Opposition Tejashwi Yadav said in a social media post, 'Thanks to Modi-Nitish, a scam of Rs 70,000 crore has taken place in Bihar. The CAG has unearthed the theft. No work was seen, but the entire expenditure was made… Modi-Nitish made history by committing a Rs 70,000 crore scam. Just like the Srijan scam, now efforts to manage this from Delhi to Patna have intensified.' According to the CAG's State Finances Audit Report for 2023-24, the non-submission of UCs violates Rule 271(e) of the Bihar Treasury Code that requires departments to submit the documents within 18 months of the financial year in which the grant is released. The report notes that the Bihar government 'did not comply' with the national accounting standards of IGAS-1, IGAS-2, and IGAS-3. The auditing body suspects that nearly Rs 70,878 crore of budgeted money has no audit clearance, and raised serious risk of fraud. 'In the absence of UCs, there is no assurance that funds disbursed have been used for the intended purpose,' the report said, adding that this level of pendency is 'fraught with the risk of embezzlement, misappropriation, and diversion of funds'. The report's year-wise data shows that Rs 14,452.38 crore worth of these pending UCs relate to grants issued up to 2016-17. In 2017-18, the pending UCs amounted to Rs 3,746.64 crore; to Rs 5,870.67 crore in 2018-19; Rs 17,980.24 crore in 2019-20 and 2020-21; Rs 16,014.34 crore in 2021-22; and Rs 12,813.34 in 2022–23. The pending UCs are heavily concentrated in a few departments, the CAG report revealed, indicating that five departments account for the majority of the unverified expenditure. The largest default is in the Panchayati Raj Department, with UCs worth Rs 28,154.10 crore pending, the report said. This is followed by the Education Department (Rs 12,623.67 crore), Urban Development and Housing Department (Rs 11,065.50 crore), Rural Development Department (Rs 7,800.48 crore), and Agriculture Department (Rs 2,107.63 crore). In addition to department-level grants, the CAG also found that large sums of grants to local bodies remained unverified. 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It observed that 59.95% of the total budgeted grants-in-aid of Rs 77,600.47 crore disbursed during 2023-24 were lumped under the category, 'Others', without clearly identifying the institutions or schemes to which the funds were released. The CAG noted that without proper institutional codes, 'the amounts outstanding against all institutions could not be worked out.' This, it said, is a gap that 'affected the transparency of accounts'. The CAG also flagged significant parking of funds under the Deposit of Local Funds. According to the CAG report, funds budgeted as grants to local bodies and municipal bodies were transferred there, but never spent. Over 2019-24, the balance in these accounts swelled to Rs 30,017.64 crore. 'This amount has been shown as Revenue or Capital Expenditure in the respective years but is lying unspent in the deposit head,' the report says. It observes that this practice overstates actual expenditure, and further mentions that the 'reason for transfer of funds for parking in Deposit of Local Fund Head of Account were awaited'. The CAG also noted that internal audit mechanisms in departments were either weak or non-functional, and several previous audit recommendations had not been acted upon. It observed that delays in submission of audit replies and lack of timely action 'defeated the very purpose of the audit'. The CAG said that the combination of the issues of missing UCs, unreconciled advances, off-book deposits and generic accounting entries 'indicate lack of internal controls in the administrative departments'.
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Business Standard
19 minutes ago
- Business Standard
US-EU trade deal wards off escalation, to raise costs for firms, consumers
President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15 per cent tariffs on most European goods, warding off Trump's threat of a 30 per cent rate if no deal had been reached by August 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15 per cent tariff rate on the vast majority of European goods brought into the US, including cars, computer chips and pharmaceuticals. 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Trump said the 50 per cent US tariff on imported steel would remain; von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas that is, set amounts that can be imported, often at a lower rate. Trump said pharmaceuticals were not included in the deal. Von der Leyen said the pharmaceuticals issue was on a separate sheet of paper from Sunday's deal. Where the $600 billion for additional investment would come from was not specified. And von der Leyen said that when it came to farm products, the EU side made clear that there were tariffs that could not be lowered, without specifying which products. What's the impact? The 15 per cent rate removes Trump's threat of a 30 per cent tariff. It's still much higher than the average tariff before Trump came into office of around 1 per cent, and higher than Trump's minimum 10 per cent baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the US would have to either increase prices for consumers risking loss of market share or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10 per cent baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3 per cent to 0.9 per cent. Von der Leyen said the 15 per cent rate was the best we could do and credited the deal with maintaining access to the US market and providing stability and predictability for companies on both sides. What is some of the reaction to the deal? 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Asked if European carmakers could still sell cars at 15 per cent, von der Leyen said the rate was much lower than the current 27.5 per cent. That has been the rate under Trump's 25 per cent tariff on cars from all countries, plus the preexisting US car tariff of 2.5 per cent. The impact is likely to be substantial on some companies, given that automaker Volkswagen said it suffered a $1.5 billion hit to profit in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the US have said they are holding the line on 2025 model year prices until further notice. The German automaker has a partial tariff shield because it makes 35 per cent of the Mercedes-Benz vehicles sold in the US in Tuscaloosa, Alabama, but the company said it expects prices to undergo significant increases in coming years. What were the issues dividing the two sides? Before Trump returned to office, the US and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with some USD 2 trillion in annual trade. Together the US and the EU have 44 per cent of the global economy. The US rate averaged 1.47 per cent for European goods, while the EU's averaged 1.35 per cent for American products, according to the Bruegel think tank in Brussels. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for US-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30 per cent of European imports are from American-owned companies, according to the European Central Bank. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


News18
42 minutes ago
- News18
Rajnath Vs Rahul On Op Sindoor: 32-Hour Fiery Discussion Begins Today, Will PM Modi Join?
Last Updated: Defence Minister Rajnath Singh will initiate the discussion in the Lok Sabha. The government has officially not committed to PM Modi's speech, but he could join in Starting Monday, Operation Sindoor will be discussed in Parliament for 32 hours in all. The discussion is expected to be fiery and confrontational, with the Opposition seeking clear answers while the government would look to turn the tables by questioning the nationalism of the Congress, like after the Balakot air strikes in Pakistan in 2019. Defence Minister Rajnath Singh will initiate the discussion in the Lok Sabha. The Opposition's intent is clear as Rahul Gandhi will open the discussion from the Congress. PM Narendra Modi could intervene in the discussion to speak, which is a key demand of the Opposition, as much as the PM's presence when the opposition speaks. Interestingly, the government has officially not committed to the PM's speech. Parliamentary Affairs Minister Kiren Rijiju said last week that the Opposition cannot decide if the PM will speak. Rijiju said it was similar to how the government cannot decide who the opposition speakers will be. But given that the discussion is only happening after the PM returned from abroad shows that the Bharatiya Janata Party (BJP) would want to unleash its biggest weapon on the Opposition as Operation Sindoor is a brainchild of the PM. But India will be careful to not take matters too far by criticising Trump as the India-US trade deal is nearing completion. Instead, the government ministers could question the nationalism and patriotism of the Congress for trusting the words of a foreign leader rather than of their own Prime Minister. India could also lay bare details how Pakistan has suffered big losses during Op Sindoor. If the Opposition keeps insisting on knowing losses on I ndian side, it could become a situation like Balakot where the Opposition had asked for evidence and suffered heavily subsequently in the 2019 general elections. Security failure in Pahalgam The security failure in Pahalgam will also be a hot issue. The government in earlier discussions with Opposition did admit to security and intelligence lapses on April 22. J&K LG Manoj Sinha has officially admitted to the lapses and took responsibility for them. S. Jaishankar, Amit Shah, Anurag Thakur and Nishikant Dubey are expected to speak and lead the charge in Parliament. Mallikarjun Kharge and Akhilesh Yadav will be speaking as well, to try to corner the PM. Support for India after Pahalgam The government would also impress upon the Opposition during the discussion that almost the entire world stood with India after Pahalgam. From Washington to Tokyo, from Paris to Canberra, countries condemned the cowardly act in one voice — and backed India's fight against terror without hesitation, the government may say. The United States called the Pahalgam attack as 'heinous" and even designated The Resistance Front — a Lashkar-e-Taiba proxy — as a terrorist organisation, in a major diplomatic win for India. France offered unwavering support. French President Emmanuel Macron condemned the attack strongly, just as he did during Pulwama. Russia's President Vladmir Putin personally called PM Modi to offer condolences and solidarity. Moscow continues to block anti-India proposals at the UNSC. The UK, along with the G7, declared it 'an attack on peace and humanity". Even China, despite its usual tightrope walking, expressed 'shock" and 'strong condemnation". Though Beijing did try to balance with diplomatic doublespeak by mentioning Pakistan's 'concerns", it didn't dare repeat Islamabad's propaganda. top videos View all So the UNSC P5 — US, UK, France, Russia, and even China — either fully backed India or stayed neutral. The European Union backed India unequivocally. Japan praised India's restraint and reiterated its Indo-Pacific partnership. Australia, Italy, Germany, Spain, Israel, and Argentina all condemned the attack in strong terms and extended full support. Even countries that often sit on the fence — like Iran, Palestine, and several Arab nations, including Saudi Arabia, UAE, Egypt, and Jordan — offered clear support to India. This is expected to put Rahul Gandhi in a spot as he has repeatedly questioned that most countries had not come out in open support of India. tags : Homework Column news18 specials Rahul Gandhi rajnath singh view comments Location : New Delhi, India, India First Published: July 28, 2025, 07:00 IST News politics Rajnath Vs Rahul On Op Sindoor: 32-Hour Fiery Discussion Begins Today, Will PM Modi Join? 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.