External Affairs Minister S Jaishankar today said India's
development cooperation is based on freedom of choice and not
conditionalities. He said India's development cooperation with partner
countries is based on equality, mutual respect for sovereignty as well as
freedom of choice, and not on competition, conditionalities or preions.
Addressing an event to mark 55 years of the Indian Technical and
Economic Cooperation in New Delhi, the Minister said the countries of the global
south are important partners for India.
He said India represents the aspirations of 6.3 billion people
of the world. Dr Jaishankar added that Indian people's forefathers have
struggled together against colonial bondages.
The Minister said India's collective bilateral trade stands
around 220 billion dollars today. Hailing the ITEC programme, he further stated
that India's development cooperation and support to the cause of multilateralism
flow from the philosophy of interconnectedness and interdependence which
reflects a commitment to 'VasudevaKutumbakam.
AIR correspondent reports, over the last 55 years, ITEC has been
a vehicle to share India's vast and unique experience of growth and development
through capacity building and training of more than 2,00,000 government
officials and professionals from 160 partner countries of the global south in
premier institutes of the country.
Reserve Bank of India (RBI) governor Shaktikanta Das on
Friday said that the central bank has no reason to doubt the government
commitment to meet the fiscal deficit target this fiscal despite the massive
tax giveaways of Rs 1.45 lakh and falling indirect tax collections.
The budget has set fiscal deficit target at 3.3 per cent for the
current fiscal but the steeply falling GST collection and the historic cut in
corporate taxes have raised concerns over the possibility of meeting the target.
Many analysts are of the view that the government will miss the target by a wide
margin of 70-80 basis points (bps).
"The government has made a statement that they will adhere to
the fiscal deficit target. Therefore, we have no reason to doubt the commitment
to maintain the numbers as given in the budget," Das told reporters after
announcing the fourth bi-monthly monetary policy where the central bank lowered
the rate by 25 bps to 5.15 per cent -- the fifth in 2019.
He said the government has several sources of revenue to meet
the fiscal target. "So whatever shortfall is expected because of corporate tax
rate cuts, the government has the option of increasing or making it up from
Last month, the finance minister had announced tax cuts for
corporates by 10-12 per cent to 25.17 per cent, involving a revenue loss of Rs
1.45 lakh crore this fiscal.
In Portugal, the center-left Socialists win Sunday’s general
election with 36.6% of the vote and are preparing to govern for another four
The main opposition Social Democratic Party came second with
almost 28%. The Socialists, however, are 10 seats short of a majority in the
230-seat parliament. To ensure that its legislation is approved, the government
will need support from other parties.
A healthy economy, with growth of 2.1 % last year and
unemployment at around 6%, helped the Socialist Party back into the Sao Bento
Palace, the seat of power in Lisbon.
Antonio Costa, the Socialist leader and incumbent prime
minister, said in his victory speech that he intends to continue his
business-friendly policies and prudent fiscal management. Turnout in election
was just 54.5 per cent, the lowest level for a general election since Portugal
returned to democracy in 1974.