India has decided not to join the Regional Comprehensive
Economic Partnership (RCEP) deal as negotiations failed to address New
Delhi's outstanding issues and concerns.
Prime Minister NarendraModi made the announcement during his
speech at the RCEP Summit in Bangkok yesterday, which was attended by several
world leaders. Mr Modi said, the present form of the agreement does not fully
reflect the basic spirit and the agreed guiding principles.
He said the agreement also did not satisfactorily address
India's outstanding issues and concerns, hence it was not possible for New Delhi
to sign it. The Prime Minister said India stands for greater regional
integration as well as for more free trade and adherence to a rule-based
Later, speaking at a press conference in Bangkok, Secretary
(East) in the Ministry of External Affairs, Vijay Thakur Singh said India's core
issues would not be compromised and the latest decision has been taken in the
interest of the nation.
Ms Thakur said the RCEP agreement with China and ASEAN countries
does not reflect its original intent, and the outcome is not balanced.
Leaders have hailed the Central government's decision of not
joining the RCEP. In a tweet, Home Minister AmitSha said India's decision not to
sign RCEP agreement reflects Prime Minister NarendraModi's strong leadership and
unflinching resolve to protect the national interest in all circumstances.
The Reserve Bank of India has issued compensation guidelines
for whole-time directors and chief executives of foreign, private, small
finance, payments banks and local area banks, mandating the cash component
of variable pay at 67 per cent.
The RBI said if the variable pay is up to 200 per cent of the
fixed pay, at least 50 percent of it should be in non-cash. If the variable pay
is above 200 per cent, 67 per cent of it should be paid via non-cash
In a notification, the RBI said that banks should continue to
formulate and adopt a comprehensive compensation policy covering all their
employees and conduct annual reviews. It added that the new guidelines will be
effective from April next year.
The RBI also said that it wants banks to claw-back the
non-variable pay components if there is divergence in provisioning for NPAs or
asset classification exceeds the prescribed threshold for public disclosure.
Foreign banks operating under the branch mode will have to
continue to submit a declaration to RBI annually from their head offices
confirming that the compensation structure of those working in the country are
in conformity with principles and standards set by the Financial Stability
A latest research by the International Monetary Fund has
said that South Asia, led by India, is moving towards becoming centre of
global growth and could contribute about one-third of the world's growth by
Notably, under the IMF's geographical division of the world,
South Asia does not include Afghanistan and Pakistan. For IMF, South Asia
includes India, Bangladesh, Nepal, Sri Lanka, Bhutan and Maldives.
The IMF paper titled 'Is South Asia Ready for take Off? A
sustainable and inclusive growth agenda,' will be released in New Delhi
The report said that under a substantial liberalisation
scenario, supported by stepped-up efforts to improve infrastructure and
successfully harness South Asia's young and large workforce, the region could
contribute about one-third of global growth by 2040.
Anne-Marie Gulde-Wolf, Deputy Director, Asia and Pacific
Department, IMF, noted that based on demographic trends, more than 150 million
people in the region are expected to enter the labour market by 2030.
Vice-President M Venkaiah Naidu unveiled the ‘Red Atlas
Action Plan Map’ atlas and the ‘Coastal Flood Warning System App (CFLOWS-Chennai)’
for flood mitigation in Chennai, Tamil Nadu.
Both the atlas and the CFLOWS-Chennai are intended as decision
support systems covering aspects, including preparedness and prevention. Such
initiatives to effectively tackle urban flooding are likely to be replicated in
other Indian cities including Mumbai, Maharashtra.
The atlas is aimed at flood mitigation, preparedness, operations
and management aspects. The manual besides showcasing the probable scenarios for
different rainfall periods also provides information on corporation wards that
are likely to be affected due to flooding, and the areas that may need
evacuation in Chennai by taking into account all historical datasets.
The over 200-page atlas was prepared by the India Meteorological
Department (IMD), National Centre for Coastal Research (NCCR) and National
Centre for Medium Range Weather Forecasting (NCMRWF) in association with TN
State Disaster Management Authority (SDMA) and Greater Chennai Corporation.
Also, the office of the Principal Scientific Advisor (PSA) to
Centre government, IIT-Bombay, IIT Madras and Institute of Remote Sensing of
Anna University participated from the academia.