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2023 is the year of huge aviation orders. Some even say this may stave off a recession. Biden says this would create 1 million jobs in the US. Modi names about 10 American states that will benefit from India's growing civilian and military aircraft needs. The biggest order in aviation history was one of 500 single aisle planes from Airbus by India's Indigo Airlines. Before this order Air India made an order of 470 planes from Airbus and Boeing. Riyadh Air and the Saudi airline also place large orders. 

WSJ cautions that it takes 6 years for planes on order to be delivered. There are production and regulatory issues. Some of the orders can be pared down. One expert says it is a way to get in line for planes to be delivered by planning ahead as the Indians have done by foresight about rapidly growing demand.

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The message is clear from Paris - anybody can do AI at the profligate overspending and cost of people like OpenAI, and Microsoft. After DeepSeek in China proved it can be done at a tenth of the cost, there is the tremendous potential of the largest pool of young engineers and scientists in India to do it for a fraction of the cost in China.This is why this Action Summit in Paris is being done by sharing the cost keeping at  13 million euros, and having India under PM Modi as co sponsor with France's Macron. Modi called it and extension of similar efforts working with France on solar and renewable energy. Here is how the French did it- the Ministries each pitched in. The Economy ministry 3 million euros to attract foreign investors, the Foreign Ministry 2 million euros to welcome world leaders Vance and Modi, the armed forces 1.5 million euros, the Culture Ministry 1 million euros and staff to coordinate the summit. The buildings used were familiar ones- the Summit at the Grand Palais build for the Pais Exposition of 1900, the Institut Polytechnique for science themed events, and the Bibiliotheque Nationale France for the cultural weekend Feb 8-9. ...

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The Stimson Center looks at the closing of an era of Conservative politics in Japan which ended in 2025 after the death of Shinzo Abe and the 2 year premiership of Kishida. Interview is conducted by the Stimson Center of a senior Japanese political figure with 30 years of experience in the Foreign Service, and the author of the only English language book on Shinzo Abe, reflecting the paucity of research on Japan. Shinzo Abe was premier for a short time in 2005-2006 and for a full term in 2012. He made changes to Japan's SDF, its partnership with India, Australia in the Quad, and his economic policy which increased women's participation in the economy. For the first time in post war Japan there was a new sensde of confidence under Abe and he is missed sorely in Japan today. Yet as this senior Japanese politician says, Japan has changed the way the US and Europe have changed, and nationalist politics are replacing old Conservative politics of the LDP. In a way also how the deindustrialization of US, Europe and Japan has also taken place discrediting that era. Takaichi Sanae is itself a representative of the new era, as she did not hesitate to say Japan would get involved if China attacked Taiwan. Her popularity is at 62% and she has called a snap election, as she came in to replace Shigeru Ishiba in October 2025 and was not directly elected PM. Yet in the long view this is also a misconception because neither the Stimson Center or the interview participants had a keen sense of who Abe really was and Abe's grasp of the history of the Kamakura period of Buddhist Japan and China, India, of the 12th century before the foreign invasions from the north. One of Shinzo Abe's biggest legacies is the relationship that was close to his heart, the relationship with India and prime minister Modi. This week chancellor Merz of the Federal Republic of Germany was at the kite festival with PM Modi in Ahmedabad and at the Sabarmati Ashram of Gandhiji. The same degree of warmth shown by the German leader and Modi reflecting Vivekananda's time in Germany, was seen long time back between Modi and Abe. The bullet train project Mumbai to Ahmedabad and the ones that follow across India are a testimony to the warmth shown by Abe for India, and his knowledge of history from the Buddhist period in India when by the 12th century in Japan in Dogen's time Tenjiku (India) was the sacred homeland of Buddhism. Today India has revived the Buddhist traditions and centers of Buddhism, the universities and research centers for Buddhism from that period in Indian history. Buddhism started in India near Nepal in what is now Bihar state at Sarnath and Kushinagar, and spread through China to Japan and Korea. The whole continent of Asia would reflect Buddhist ideals and ideas without the intervening period of Vedic culture in India and China's Mongolian and Manchurian northern invasions, and the periods of European colonialism. Today Buddhism and The Bhagavad Gita are itself strung like pearls on a string as the Gita itself says, part of the long spiritual traditions of three nations- India, China and Japan, and of the many others Vietnam and Korea. ("All these worlds have their rest in me as many pearls on a string." -Mascaro tr. of Bhagavad Gita, Penguin). As Asian nations and peoples come to their own inner selves, find their inmost self, this is the culture that really pervades all of Asia. ...

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Experts say solar energy costs are going down by 30-40% every time the deployment of solar energy doubles in a country. The Modi administration plans to triple solar energy production in the next 5 years. This investment in solar energy should drive down costs from the $35 per megawatt hour in 2020. Experts say that costs are going down at a rate that was never expected.  For India the courage in making these investments in solar energy since 2010 and accelerated in 2016, are path breaking. This could be a world changing event for India as cost of energy can bring up living standards throughout the country. Gone will be the days when children lacked electric bulb light to read and study in villages in India. It also shows the need to heed Vivekananda's words: "This I have seen in my life- he who is overcautious  about himself falls into dangers at every step; he who is afraid of losing honor and respect, gets only disgrace; he who is always afraid of loss always loses." The pioneers in India pushing forward these new initiatives have listened to these words. ...

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DY Chandrachud and his father CY Chandrachud will soon be the first father son combination of Supreme Court Chief Justices in Indian history. This has not happened in Britain or US. CY Chandrachud was Chief Justice of the SupremeCourt of India from 1978 to 1985. DY Chandrachud was part of a three member bench of the Indian Supreme Court that looked at The Modi government vaccination policy in April 2021 and gave a ruling that formed the basis of Mr. Modi's action for a new and broader vaccination policy that ensured access to the entire Indian population of 1.2 billion people.

This report in The Times of India describes the son's record following in the footsteps of his father. DY Chandrachud studied at St Stephens College Delhi, Delhi University Law, and Harvard for his Masters degree in Law. His experience includes heading the Uttar Pradesh High Court in Allahabad and holding legal positions in Mumbai.

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Andy Burnham, Labour's Mayor of Greater Manchester on what the Labour party needs right now in May 2026 with the faltering leadership of Keir Starmer. Brexit will not be revisited. His program is to give the public relief from cost of living pressures in daily life, and do this faster than Starmer.  Reports in The Times of London show Burnham with strong support to win leadership of the Labour Party. Polls from You.Gov show Starmer has favorability rating from British public of just 23%. The Mandelson affair and appointment of Mandelson as Ambassador to the US after concerns were raised about his record further eroded public confidence. Starmer relied too much on the work and influence of his chief of staff, a young person who resigned and whose influence of removing key Labour working class representatives split the Labour party from its roots in working class neighborhoods. Previous leaders of Labour were ostracized and the party won the general election in 2024, but was much weaker than appeared. He is seen as lacking the vision of his own for Britain for the next decade to 2040. Andy Burnham is popular in the North of England, and has called for more power to go to local government across Britain from the London centric view of the last 4 decades. His redesign of the bus and transport system, the Bee network in the Manchester area is popular, after the sometimes failed  performance of privatization of water, transport and other infrastructure by the Conservative party governments. He has experience in running a large Metropolitan Area for three terms, as MP in a Parliament, and Cabinet experience as Chief Secretary of the Treasury, Health Secretary under Gordon Brown. He is one of the rare persons in British politics who has experience in all areas of government, including Shadow Home Secretary, that would make him a rare leader that Britain can use to build a better future for the people of Britain. With the experience in Greater Manchester giving him a headstart in the work of reviving Britain, something similar to the experience Narendra Modi gained in Gujarat state of India for three terms to lead India in 2014.  ...

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Prime minister Modi of India says India has take a step forward for bringing in the people of the Global South into G20 discussions. India, he says, has set a path for getting development to the last mile, the last person in the public who in previous years was left out. This was done through digital infrastructure for bank accounts for hundreds of millions of people, cooking gas stoves for women in rural areas, housing, tap water for every one of India's households, sanitation including toilets, road infrastructure. Much of this was done at low cost with technologies that can be transferred to  a billion people in Africa and 700 million in other parts of Asia such as the Philippines and Indonesia, Vietnam, and Malaysia. This is the lasting achievement of the G20 first in Jakarta, Indonesia, and now in New Delhi, 24 months of leadership of Modi and Widodo of Indonesia as partners. It is also why Mr. Modi was in Jakarta just one day before the G20 Summit for ASEAN meeting that brings India into close relations with ASEAN (Association of South East Asian Nations).  ...

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Clearly New Yorkers can as a community do better. As Paris gets ready for the Olympics the efforts of City Hall and the French local and federal governments can be something for New York to learn from. Clearly as home to Wall Street New Yorkers should get their priorities straight and invest in the subway system taking a page from Tokyo and other cities that are doing infinitely better in their subway systems with modernization and attractive subway facilities. Surely this takes investment in people and facilities on a scale with tens of billions of dollars in investment which can be diverted from wasteful spending in many startups, and tax dollars going into what comes first for New Yorkers using the subway system every day. Today New Yorkers are like the people of Mumbai who until the efforts of the Modi government to invest in the complete modernization of subway and trains had given up hope so entrenched were old systems and old ideas.

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Modi's visit to Moscow and Vienna could be symbolic in setting the stage for a Ukraine peace settlement. Here is why- Austria was occupied by the western powers and the Soviets in 1945. By 1955 Austria sought to become a free country free of occupation zones. It offered its neutrality and asked Indian prime minister Nehru to convey this to the Soviets. Nehru was seen by Austrians as the only person in international affairs who could talk to the Soviets about Austrian neutrality to end occupation. Nehru and his ambassador to Moscow Menon met with Austrian officials. When Russian foreign minister Molotov was approached on the Austrian neutrality proposal by Menon in Moscow Molotov said such neturality could be revoked, Russia needed better assurances. It was the death of Stalin in 1953 that led to the Russian position changing and relaxing its occupation of Austria. Bruno Kreisky, Austrian prime minister, says in his memoirs that the name of Nehru will forever be connected to Austrian neutrality and independence. This led to an independent Austria being formed in July 1955. As Austria accepted entry into the European Union in 1995 and identified with US and EU this part of its history is now forgotten. So it is again that Indira Gandhi in 1983 and Narendra Modi in 2024 visit Vienna. In 2024 Modi can be seen as the only person in international affairs who could take the message of a peace settlement in Ukraine to Russia. For this reason and because of India's call that the war cannot be settled on the battlefield that Modi is stepping into the role that Nehru played in 1955, even though this role is in its early stages. This shows the relationship with Russia has meaning for Europe even as India sees itself as a partner of the US and Europe and Japan. As in 1953 the results are not there, yet as in 1953 this and a changing world situation could finally lead toa breakthrough in this war in Ukraine.   ...

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Vinay Menon put Wellness and Yoga on a new pathbreaking pattern- making it part of team soccer. He is shown here with coach Tuchel at Chelsea when it won the Champion's League final in 2021 over Manchester City. He was with the Belgium team as it played in the World Cup in Germany. He says the big problem in India for 1.4 billion people is filtration. Having talent filter through the club level is important. 100 clubs are needed in India, says Menon. He is confident that India will one day be in the World Cup. The Modi government has put sports at the top of its priorities for the nation of over  billion people with new facilities and financial support for athletes and players. Modi personally met with athletes before and after the Olympic games in Paris and followed the athletes as they competed in the games. Indians watch European soccer on television and only cricket competes with soccer in fan support. When India competes at the international level in soccer it will be with huge audiences tuned in. ...

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Black or illicit money in India is estimated to be $400 billion to $1 trillion, much of it in the domestic economy. About 30% of land transactions are in black money, and it is growing with 500 and 1000 rupee notes increasing in circulation by about 79% and 106% between 2011 and 2016, according to government sources. The Narendra Modi government has announced that 500 and 1000 rupee notes will no longer be accepted in transactions as of midnight. People have 50 days to exchange them at banks, and banks will keep records so that this money can be taken into account for taxes due. A senior official in the Department of Economic Affairs, Mr. Das, says-"You cannot have a shadow economy representing a substantial percentage of the real economy." Big banks will be closed on Nov. 9, and ATM's till Nov. 11, 2016. Mr. Modi, the prime minister said in a televised address: "In the last few years the specter of corruption and black money has grown." He cited "the challenges posed "by threat of terrorism, the challenge posed by corruption and black money." ...

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Consider the number 76%. That is how many of the population of Ghana that are at risk of drinking contaminated water. Today March 22 is World Water Day. Ghana is one of Africa's better developed regions, which suggests that much of Africa is also at 76%, and it may also be true for much of Asia outside of China and now India with PM Modi's Jal Jeevan Mission, and for Latin America. Nothing could be more vital than water and it shows how little is known outside India of Jal Jeevan and what it does for 1.4 billion people, that it does not get mentioned in UNESCO's report. Behind this is the will and tenacity and a belief that it can be done that clean tap water can reach every household in India once resources are set aside to do it and it is executed on time.

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India under the leadership of prime minister Modi hosting the G20 meeting of world leaders may have for the world passed the test of the ages on November 16, 2023. On that day the G20 with China, India, (and Russia's Lavrov), and the US issued the statement saying-  "The use of threat of using nuclear weapons is inadmissible. The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue, are vital. Today's era must not be of war." The words "Today's era must not be of war," were words Modi had stated repeatedly to the Russian president.  In dire situations that it can be conceived that small nuclear weapons with half the destructive capacity as Hiroshima bomb that could be put on a small missile could be used is a new threat. Hennigan in the NYT reports that as Ukrainian forces moved towards Kharkiv and other Russian held territory and were seen as a threat to Russian held Crimea, on October 23, 2023 the Russian minister of defense Sergei Shoigu, contacted the Defense ministers of US, Britain, France and Turkey about Ukrainian fighters it believed planning to launch a dirty bomb -a conventional explosive wrapped in radioactive material- on their own territory to frame Moscow. Hennigan in this NYT report says US Defense Minister Lloyd Austin and Jt. Chief of Staff General Mark Milley, held 3 phone calls in 4 days during this time around October 23, 2023, with their Russian counterparts. By November 16 Indian prime minister Modi and Chinese president Xi had their discussions with the Russian president to prevent accidental nuclear escalation. ...

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The PM of India is interviewed by Smitha Prakash of ANI before the April 2024 federal elections.  PM Modi describes his effort to bring transparency and remove the use of "black money" in elections and politics. He sees this use of "black money" as a constant danger to India's democratic process and to the development of the country. Electoral bonds was one idea he tried to do this, says Modi. About Enforcement Directorate on illicit activities PM Modi says it was the opposition Congress party that made the laws to prevent corruption of the democratic process yet never enforced the laws, in large part merely left them on the books. About the fears surrounding his party and the PM coming in for a third successive term Modi says there is no need to fear as he has devoted his life to the development aspirations of the young people of the country regardless of color, caste religion or region. He said the striking difference between him and the ranks of opposition parties in Maharashtra, Bihar, UP, Tamilnadu and West Bengal was the "parivar vadi" or dynastic spirit of the leaders who followed age old practices of promoting family members to lead, such being the case in the INC after Nehru for several generations, depriving the country of better leaders and stifling democratic processes. He did not say this yet Indians of all ages remember the leadership of Lal Bahadur Shastri who succeeded Nehru in 1964, his championing of farmers with the slogan Jai Jawan, Jai Kisan. Like JFK in the US his life was cut short  before he could put his mark on the period after 1964. Shastri was Parliamentary Secretary in the first Indian government in 1946 and served in every capacity for India at the state level in Uttar Pradesh India's heartland around the Ganges river, and at the federal level till 1966. During this interview PM Modi was asked about Tamilnadu and southern states, a north-south divide, Modi does not see India in "tukde tukde," piece and piece-even as Chief Minister of Gujarat he said he aspired to progress of India and Gujarat's progress and modernization as part of this Republic India.  ...

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PM makes a point at G7- should not the 1.4 billion people of India most of whom are poor have the same access to energy as the people in the rich countries of the G7? It is to ensure this access to energy for the over 1 billion people in India that India has sourced oil from all countries when geopolitical tensions have made the price of oil to jump to new highs. Modi told a session at the G7 meetings- "All of you will also agree with this that energy access should not be the right of the rich only- a poor family also has the same right to energy. And today when energy prices are sky high due to geopolitical tensions, it is more important to remember this thing." Modi said that it was by "taking inspiration from this principle" that "we delivered LED bulbs and cooking gas door to door in India and showed that millions of tons of carbon emissions can be saved while ensuring energy for the poor." Never before in history has this been done on this scale as hundreds of millions of women have benefitted in poor areas where cooking was done by burning wood, and electricity did not exist. Water by tap water in every home, cooking gas, and electricity are now within the reach of every family in India.  Has G7 even thought of these things? And of the scale of the challenge that is being met and the future challenges for climate, technology and health that are being tackled on an unprecedented scale? ...

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The difficulties posed by the absence of Xi Jinping at New Delhi G20 Summit are discussed here in the WSJ. Today September 9 the G20 leaders from 20 nations meet, absent will be Mexico's Obrador, China's Xi, and Russia's Putin. China's premier will attend the meeting. China's Xi met with India's Modi at the BRICS meeting in Johannesburg, last month. China's premier is a close associate of Xi's and his chief of staff for decades, so that any suggestion that Xi is reducing contact with other world leaders in 2023 is incorrect. Xi will meet Biden at the APEC meeting US is hosting San Francisco Nov. 12-18 that will focus on Asia Pacific nations.

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The cooperation announced between India and Britain on the experiment to look at one grid between countries in different time zones could be a game changer in the way new technologies have already achieved in making solar less costly than fossil fuel. Embrace of new technologies is essential for achieving net zero emissions. India first proposed connecting solar energy across countries and time zones at the International Solar Alliance in 2018. If a way can be found to integrate the grid across time zones the problems of solar energy could be tackled effectively. Storage would not be needed in the way it is now as the solar energy can be sent to other areas with the demand. And the equally vexing problem of supply can be solved as the regions such as Spain could be generating solar energy when the sun had set in India. It is ambitious but it also brings in scientists and engineers from Europe, America, India and Japan to tackle the problem. There is also the opportunity to build on one discovery to make another scientific discovery in the way advances have happened in medicine and science.  And nothing about net zero is not ambitious. One of the lessons Modi learned early in Gujarat is that experiments are needed and to never rule out new ideas. In some of his speeches he describes the early experiments with electricity and solar energy in Gujarat that led to more ambitious efforts over time, and eventually to where solar targets like the one made at COP26 Glasgow of 500 gigawatts by 2030 are now within reach. ...

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15th Civil Servants Day in a country of 1.2 billion people where the role of civil servants is critical for development. This is what the prime minister Mr. Modi had to say to civil servants-"Taking the dreams of the common man to level of resolve is the responsibility of the system. The Sankalp or resolve should be taken to siddhi or completion and that should be the goal for all of us. We should be there to handhold at every stage in this journey of sapna or dream to sankalp to siddhi." In addition it is imperative "that the schemes and governance models be developed in the global context and be updated regularly," says prime minister Modi. He also emphasized the importance of sharing the experiences of the award winners with others on weekly basis. Also important experimentation where one scheme is chosen for implementation in a few districts and the experience discussed in next year's Civil Service Day. In this way enlarging on successful experiments that has proved invaluable for electricity supplies and renewable energy. This kind of culture being important to make progress. The Hindu provides this list for winners of the PM's Awards for Excellence in Public Administration in categories below Innovation- Gujarat Education Department, Agriculture Department Ladakh, Department of Land Resources West Champaran Bihar, Bongaigon Assam Seamless end to end service delivery without human intervention- Karnataka, New Delhi Municipal Council PM Svanidhi Yojana- Varanasi UP, Anantnag Jammu and Kashmir One district-One product -Darbhanga Bihar, Siddharthnagar UP Poshan Abhiyaan -  Kumuram Bheem Asifabad Telngana, Datia Madhya Pradesh Khelo India-  Churu Rajashthan, Bishnupur Manipur   ...

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Prime minister Modi's address in Hindi to the nation on May 12 on "Atman Nirbhar Bharat" (self reliant India) as India looks ahead to a situation beyond the coronavirus. What would the economy look like as India moves forward? He says the emphasis will be on planning for the need for land, labor, liquidity, and laws to develop the Indian economy. A bold package of economic action for an investment of 20 lakh crore rupees or $280 billion was announced with details to be provided later. The basic philosophy of the next move forward was what the prime minister concentrated his speech on. Modi says there are 5 pillars for the Atman Nirbhar Bharat, or Self Reliant India. The first action not to go for incremental change- go instead for a quantum leap, be bold. This applies to both technology and investment and creating an environment where results can be achieved. Second action to make the kind of infrastructure that would set a new standard in the world. Third a "sabhi ke sapno ke aadhar," taking everyone along, be technology driven. Third action celebrate and build on India's vibrant demography, once seen as a weakness this will be turned into a strength. Fifth action be Demand driven - "demand or supply chain puri samtha ke saman karne ki jaruat che." The demand and supply chain  should be taken good care of. That also means be local and local manufacturing. Be vocal for local is the new message said Modi, because this is what worked and is saving us in the pandemic. As external supply chains failed countries in Europe and North America, it is the local supply chain for medicine, health care equipment, and food supplies, local technology for citizen id and bank accounts for direct deposit, agricultural supplies, strong and large national postal and rail networks and millions of employees spanning the country in all directions, that have proved of amazing value in this crisis. "Is local ne bhi bachaya, ham sabki jinnadari hai," - the local saved us and is everyone's responsibility.   ...

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PM Modi's Jal Jeevan mission In India for clean tap water for 1.4 billion people even in the Himalayan regions can be seen in the context of water scarcity across the developing world in Asia, Africa, and Latin America, with 1 in 2 persons facing water scarcity. And there is further the problem of contaminated water. It shows that it is possible if there is the will to do it and the resources dedicated to do it. Not only is it harmful and reduces health with diseases it considerably undermines women and girls in society. This is shown in ads for Jal Jeevan mission with a mother and her daughter on Indian television with the daughter telling her mother that PM Modi and the government have brought tap water to the village and it need not be carried long distances from wells, the mom incredulous till she realizes it is true and hugs her daughter. It may be the most memorable of television public service ads on Indian  television in a long long time and shows the immense changes in the world's most populous region even overcoming the challenges of the pandemic. ...

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Apple's plans to make the new iPhone 14 in India. Its efforts to bring NPI or New Product Introduction processes to India so that new iPhones can be built in a short time. This would mean not replicating production processes existing in China but setting up new ones from scratch. About 95% of iPhones are made in China. Only about 7% in India by year end which Apple plans to increase to much higher levels by 2025, as some of the supply chain for Apple shifts to India from China. The Modi government is setting up new infrastructure and logistics centers in India to prepare for India becoming a key part of the supply chain for the US and the European Union.

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The Biden administration's har ghar jal effort, clean drinking water in every home. The Modi administration has made its mark by har ghar jal, drinking water from taps for every home in a country of 1.3 billion people. The US Biden administration will be ensuring the same for clean drinking water free of harmful disease causing chemicals including PFAS contamination. PFAS chemicals are forever chemicals that take a long period to break down. Even lower levels of toxic chemicals can be seriously harmful, says the Biden administration.The head of the Environmental Protection Agency leads this effort by putting 1 billion dollars from last years approved spending into the plan for clean drinking water. 2021 approved spending for Workers and Families plan of Biden has $10 billion for preventing PFAS contamination. Of this the first $1 billion will be made available to affected and most hard hit communities for clean drinking water. Money would go to water quality testing, contractor training and new water treatment systems. In addition Food and Drug Administration agency will tackle testing for food and packaging, Agriculture Department for livestock contamination. Defense Department for checking contamination in military installations. It is a sort of Gati Shakti Master plan that brings in all agencies of government, an approach the Modi administration has adopted for India. One does not have to look far to understand the priorities of the world's two greatest democracies. This is the common struggle in the world's two great democracies to bring a better life for all the people.  "People on the frontline have suffered far too long. That is why Biden is taking aggressive action," says Biden/s man at the EPA Michael Regan.  Mr.Modi says the same thing for har ghar jal campaign for drinking water for 1.3 billion people. ...

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India's development of the India Middle East Corridor with rail and infrastructure links is a plan that is pursued with cooperation of Saudis, UAE, Kuwait and Gulf region. This is an economic development plan that seeks to invest in the entire South and West Asian region. Just as Europe after 2 wars has emerged from that with the French, Germans, Spain, Italy and Eastern Europe forming  the European Economic Community that later became the European Union, the Gulf states and India which faces the Gulf states across the Arabian Sea are seen as one region that can trade with the European bloc and the US on better terms. A lot of the investments that were wasted in wars are now being channelled into infrastructure development and regional development with resources of manpower from India and with assistance from the US. Le Monde should say that it is good for all- geopolitics and socialist or religious ideologies led to so many wars in the Middle East. Modi is from Gujarat where priorities are not religion- priorities are trade and the economy since the overseas trade from the 14th century. ...

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Keith Bradsher's NYT interview with Raghuram Rajan, Governor of the Reserve Bank of India, comes when Rajan has come under criticism from the business sector and the small business support base of prime minister Modi's party. The criticism centers on the drop in oil prices since Nov. 2014, and Rajan's failure to drop interest rates at the Dec. 2, 2014 central bank meeting. Rajan says it was not clear whether oil prices would remain low for an extended period at the Dec. 2, 2014 meeting. Since then new inventory data, EIA estimates and OPEC policy guidance have confirmed low prices will remain for an extended period. Rajan lowered interest rates on Jan. 14, 2015, by one quarter of a percentage point. Under India's setup the central bank chief makes decisions on interest rates, compared to the decisions made by the Federal Open Market Committee at the U.S. Federal Reserve. Rajan says there is full understanding between the central bank and the Modi government economic team led by finance minister Arun Jaitley, Jayan Sinha, deputy minister of state for finance, and chief economic advisor Arvind Subramanium. Modi and Jaitley prefer to rely on the advice and policy direction of economic policymakers with long experience in the U.S. and international circles. Both Subramanium and Rajan bring this level of experience and expertise. Subramanium brings experience from his years at the GATT which preceded the WTO, the IMF, and the Peterson Institute of International Economics, and Rajan brings experience at the University of Chicago, and as chief economist of the IMF. Modi is a dilgent listener and policymaker giving careful attention to the best advice, making it unlikely that Rajan would be seen as a holdover from the administration of Manmohan Singh. Other criticism that the business sector has made of Rajan are as financial regulator in asking state banks to increase collateral required from large business firms for large bank loans. Rajan points out the need for business to bear the costs as well as the benefits of taking risks. Under previous governments the state banks allowed large firms to keep their holdings at companies even when the risk taking resulted in losses. Rajan has also not tried to reverse the sharp decline in the rupee, which hurts business firms which took on dollar denominated loans. Rajan has instead followed policy of building up the reserves by buying dollars. The reserves were depleted in 2013 by a policy of currency interventions to reverse that decline. Inflation in India reached 9.9% in Dec. 2013, with policy of the central bank under Rajan set to bring it down to 8% in 2014, and below 6% in 2015, so that India could get out of the trap of persistently high inflation with slow growth. This is critical for a new Indian success story. A goal set by Rajan in Oct. 2012 when he was appointed as central bank chief, was to increase foreign investment and encourage new business so that India was no longer dependent on large companies for growth. This is also critical for a new Indian success story, as the Modi administration and the central bank are both keenly aware. Just as Bernanke and now Yellen at the U.S. Fed face criticism for quantitative easing monetary policy, focus on the high long term unemployed, and not focussing on inflation- with their focus on the long term economic recovery in an environment of low inflation below 2% in the U.S.- India's Reserve Bank faces a different kind of criticism for careful and prudent policies to ensure long term growth....

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Barkha Dut says it is unacceptable that the Modi government- elected after corruption scandals in the previous Congress party government- allow the cronyism and collusion between business and government that existed under the Congress party in India. The $1.8 billion fraud at state owned PNB bank has drawn attention to banking and bad loans in India. Dutt  cites an Indiaspend report that shows in 2016 and 2017 5200 "wilfull defaulters"  made up bad loans given by the state owned banks of $8.65 billion, larger than the government allocation for farmer and agricultural welfare. Agriculture and rural farmers still make up a large part of the Indian economy and national elections results can be determined by how well the farmers are doing. In the recent Gujarat elections in Modi's home state the lower farm support prices for cotton farmers in Saurashtra region of the state led to Modi's BJP party losing that region in the state, and barely winning the election in the state with a thin majority. As a result the farm support prices for an extended list of farm crops was increased to 1.5 times the cost to farmers in the new 2018 Modi government Budget. To maintain a  steady industry and business policy for industrialization and modernization any Indian government needs the support of farmers. Modi has raised the issue of bad loans in the state banking system as being generated under the previous Congress government in a speech to parliament. A cleanup of bad loans in the banking system is needed to generate growth and investment for the Indian economy. Good governance in the country's banking system and vigilance of regulators is needed along with this cleanup of bad loans, as public confidence is shaken. ...