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05 Oct, 2022
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Indo Pacific Economic Framework

India Joins The Indo Pacific Economic Framework To Counter China’s Influence

India Joins The Indo Pacific Economic Framework To Counter China’s Influence

On Monday, the United States launched the Indo Pacific Economic Framework In Tokyo to provide an economical alternative to China’s strategic influence in the Indo-Pacific region. The Framework aims to strengthen economic cooperation between participating countries to enhance inclusiveness, economic growth, fairness, competitiveness, sustainability, and resilience. At the launch of the IPEF, Prime Minister Narendra Modi sat alongside US President Joe Biden, Japanese Prime Minister Fumio Kishida, and US Secretary of State Antony Blinken. By being a part of the IPEF, New Delhi committed to joining forces to take on Beijing’s growing influence in the Indo-Pacific region and beyond. At the launch, Prime Minister Modi said: “The Indo-Pacific Economic Framework is a declaration of our collective will to make the region an engine of global economic growth. India will work with all of you to build an inclusive and flexible Indo-Pacific Economic Framework. I believe that there should be three main pillars of resilient supply chains: Trust, Transparency and Timeliness. I am confident that this Framework will help strengthen these three pillars and pave the way for development, peace and prosperity in the Indo-Pacific region.” The joint statement released after the Indo Pacific Economic Framework launch mentioned that collective discussions towards future negotiations would be launched. The IPEF would work on four pillars: trade, supply chains, clean energy, tax, and anti-corruption.

Covid-Bulletin: India Registers 1,675 New Cases; Recovery Rate At 98.75%

According to the latest data released by the union health ministry, India has registered 1,675 new covid-19 cases in the last 24 hours. The active caseload of the country currently stands at 14,841. Meanwhile, the nation has recorded 1,635 recoveries in the previous 24 hours, and the total recoveries have reached 4,26,00,737. The daily and weekly positivity rates currently stand at 0.41% and 0.49%, respectively. As per the Indian Council of Medical Research, the country has conducted 84.74 crore covid-19 tests so far. On the vaccination front, India has administered 192.52 crore covid-19 vaccine doses so far under the nationwide vaccination drive.

Finance Minister Nirmala Sitharaman’s Clarification On Reduced Petrol/Diesel Prices Triggers Controversy

Recently, the central government revised the central excise duty to reduce the prices of petrol and diesel. Speaking about the decision, Finance Minister Nirmala Sitharaman clarified that the union government would bear the entire cost of the reduction, and the state’s revenue would not be impacted. This clarification of the union finance minister has triggered a controversy in Rajasthan. After the tax cut was announced by the centre, Rajasthan Chief Minister Ashok Gehlot had said that the fuel price cut by the central government would lead to an annual revenue loss of Rs 1200 crore for the state. Gehlot had said: “Due to the excise cut by the Central government in petrol and diesel price, the state government’s VAT on petrol will be reduced by Rs 2.48 per litre and the diesel price shall be reduced by Rs 1.16 per litre, which will make petrol cheaper by Rs 10.48 and diesel by Rs 7.16 per litre in the state. Due to this, there will be a revenue loss of about Rs 1,200 crore per year to the state. The state had suffered a revenue loss of Rs 6,300 crore due to the reduction of VAT twice in the past. By adding today’s deduction, the state will suffer a revenue loss of about Rs 7,500 crore per annum”.

Pakistan Civil War: “Nation Will Hold Him (Imran Khan) By The Collar For His Sins, Says Pakistan PM Shehbaz Sharif

Recently, Pakistan’s Prime Minister Shehbaz Sharif issued a warning to Pakistan Tehreek-e-Insaf’s Chairman and former Prime Minister Imran Khan. Mr Shehbaz said that the ex-Prime Minister wants a civil war in Pakistan, but the nation will hold him by the collar for his sins. “Imran Niazi wants to initiate a civil war in the country. But he is mistaken. The nation will never forgive him for the sin and hold him by the collar,” said Shehbaz. Speaking on the same issue, Pakistan People’s Party (PPP) Secretary-General Nayyar Bokhari said: “Mr Khan’s politics would not go ahead on the pretext of seeking support from the families of police officials, bureaucrats, and military officials. Imran has turned hundreds of thousands of people jobless, and now he will have to face their wrath,” For the unversed, the Pakistan Tehreek-e-Insaf had announced a long protest march to Islamabad on 25th March. 

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