PM Narendra Modi dedicates largest warship INS Vikramaditya to the nation, pitches for self-reliance

Prime Minister Narendra Modi on Saturday dedicated India’s largest warship INS Vikramaditya to the nation and pitched for making the country self-reliant in manufacturing defence equipment, shedding dependence on imports. In his first outing after taking charge as Prime Minister, he addressed the naval personnel onboard the ship off the Goa coast, calling the addition of the warship to the force as a “historic” step. “It is an important day for our nation. It is a golden day in Indian Navy’s history. For me, it is a matter of pride and happiness that INS Vikramaditya is joining the Navy. It is a historic step,” he said. Stressing on the need for self-reliance in defence equipment manufacturing, he said, “We need to give immense importance  to latest technology. This will help the nation. Why should we import defence equipment? We must be self sufficient. Why can’t we  The Prime Minister also promised to set up a War Memorial for those who sacrificed their lives for the country. send our defence equipment to other nations.”  He said this government has come with...

Read More........ → June 14, 2014

Russia can switch to payments with India, China in national currencies crushing dollar amid sanctions - experts

Experts believe that the wish of the West to restrict Moscow’s cooperation with Brussels and Washington will play into the hands of the Russian economy. Wisdom and presence of mind are two components that will guarantee success for a new spiral of Russia’s cooperation with eastern countries. Also, this will allow us to counter-balance the risks that the European market is exposed to. The European economy, experts point out, still remains in the grip of a crisis, while China, for example, is prosperous. The West, including the US, has begun to curtail the profitable relations with Russia on the background of Ukrainian problems, which has nothing to do with the East. And business always develops in the environment of stability and mutual interest. It is reasonable that at present the Russian economy – that is investments, exports, imports and technology – is speeding up its advance in the eastern direction, President of the Centre of Strategic Communications Dmitry Abzalov says. Instead of America and Europe, our target is South-East Asia now. Russia has decided to develop cooperation...

Read More........ → May 22, 2014

Europe risks losses of $215 billion by stopping Russian gas imports

Europe will have to spend up to $215 billion through investments if it decides to stop buying Russian natural gas, US-based financial research company Sanford C. Bernstein & Co said Wednesday. "Europe needs natural gas demand to go down by 15 billion cubic meters to be able to stop purchasing Russian gas. It will also have to spend around $40 billion dollars on more expensive alternatives energy sources," the company said in a statement. Stopping supplies of Russia gas will lead to a situation whereby "every European will have to take a cold shower once a month, CO2 emissions will increase by 300 million tons per year, tax incentives for Norwegian gas production will amount to $12 billion dollars, the power of nuclear energy in Europe will increase 5 percent, and most of the businesses that consume significant amounts of gas will be closed," the company said. "We considered various scenarios of Europe refusing Russian gas supplies but none of them seem attractive," the company said. "Our conclusion is that 'the cure is worse than the illness's and that Europeans discontent...

Read More........ → April 02, 2014