The Indian Prime Minister(PM), Narendra Modi, alongside Seychelles President Wavel Ramkalawan, inaugurated several Indian projects in Seychelles at a high-level virtual event Thursday.
A New Magistrates’ Court Building, a fast patrol vehicle (FPV), one MW solar power plant, and 10 High Impact Community Development Projects (CDPs) were jointly inaugurated by the Indian PM and the President of Seychelles. The projects are part of India’s efforts to strengthen diplomatic ties with Seychelles under India’s Security and Growth for All in the Region (SAGAR) mission.
At the event, the Indian PM highlighted Seychelles’ significance as part of the SAGAR vision. “Seychelles is central to India’s vision of ‘SAGAR’. India is honoured to be a partner of Seychelles in the development of its security capabilities and in meeting its infrastructural and developmental needs,” Modi said at the event.
In 2015, Modi toured the Indian Ocean countries, of which Seychelles was his first destination. Modi’s visit was the first Prime Ministerial visit to Seychelles after a gap of 33 years. The Indian PM pronounced the SAGAR vision during this tour of the Indian Ocean Countries.
India- Seychelles Projects
Both countries’ leaders inaugurated several projects on Thursday to address Seychelles’ non-traditional security concerns such as illegal fishing and drug trafficking along with the island nation’s infrastructure development.
The Indian Foreign Minister, S Jaishankar, visited the island-nation in November last year following Wavel Ramkalawan’s landslide victory in the national elections. During his visit, Jaishankar described Seychelles as “central” to India’s SAGAR vision. Jaishankar’s visit secured Indian infrastructure projects worth $91 million for the island nation, comprising 115 islands in the Indian ocean. The Magistrates’ court building built in the island-nations capital, Victoria, represents India’s first major civil infrastructure project in Seychelles with $3.5 million grant assistance.
“We are happy to have contributed towards the construction of the New Magistrates’ Court Building in Seychelles. This state-of-the-art building has been completed even during these testing times of the Covid-19 pandemic. I am sure that it will be long remembered as a symbol of our deep and abiding friendship,” said the Indian PM.
The establishment has eight courtrooms, separate holding cells for men, women, and children, along with multi-functional conference and video rooms. The court building will help bring the magistrate court spread over various locations under one roof. The court is located near the Supreme Court of Seychelles, built with Chinese assistance in 2013.
India also donated a ₹100 crore worth FPV to the Seychelles coast guard. The multi-purpose ‘PS Zoroaster’ is set to help Seychelles carry out patrolling, anti-piracy, anti-smuggling, anti-poaching, and search and rescue operations. Kolkata-based Garden Reach Shipbuilders and Engineering build the 48.9-metre patrol boat. The boat has a top speed of 35 knots and an endurance of 1,500 nautical miles.
The PS Zoroaster is the fourth made-in-India patrol boat donated to Seychelles. It was delivered to Seychelles with the assistance of the Indian Navy in March earlier this year. New Delhi has previously given the nation patrol ships PS Topaz (2005), PS Constant (2014) and a patrol boat named Hermes in 2016. India also provided maritime surveillance aircraft twice in 2013 and 2018 – India has provided 50% of Seychelles’ maritime and air resources.
In addition, the leaders of both nations jointly inaugurated a 1MW solar power plant at Romainville Island under the ‘Solar PV Democratisation Project’. The solar power plant meets the electricity needs of close to 400 houses throughout the year. The solar project was undertaken, installing solar systems at 146 government buildings and domestic households.
The virtual event also saw the handing over 10 HICDP’S implemented by the High Commission of India in collaboration with local bodies, educational and vocational institutions. The HICDP projects will significantly contribute to the socio-economic development and betterment of local communities. India has hitherto undertaken 29 small people-oriented development projects in Seychelles.
Under the SAGAR mission, India prioritized Covid-19 medical supplies to Seychelles, Sri Lanka, Mauritius, and the Maldives, competing with China. The ‘Vaccine Maitri (Friendship)’ initiative launched by the Indian Government ensured that Seychelles was the first African country to receive the Covid-19 vaccine.
Ramakalawan, who has his roots in the Gopalganj district of Bihar, thanked India for their “precious donation” of 50,000 doses of Covidshield vaccines that helped his country achieve their goal of 70% herd immunity by April, eventually opening up the economy. Seychelles also received over four tonnes of life-saving medicines, including 50,000 HCQ tablets under the SAGAR mission in May last year.
India has maintained diplomatic ties with Seychelles since the island nation’s independence in 1976 and has played a crucial role in assisting its naval capabilities. In the past, Seychelles has also received training for the Seychelles People’s Defense Force from India.
The virtual event was the first interaction between PM Modi and Ramakalawan, who came to power in October last year. Ramakalawan’s party, the Linyon Democratic Seselwa, has a two-thirds majority in the Seychelles national assembly. His cabinet comprises three ministers of Indian origin – Devika Vidot, Billy Rangasamy and Naadir Hassan.
“The inauguration of these key projects demonstrates India’s privileged and time-tested role as a reliable partner of Seychelles for meeting its infrastructural, developmental and security requirements and is a testimony to the deep and friendly ties between the people of the two countries,” said a statement by the PMO on Wednesday.
India and Seychelles have strengthened their strategic ties in the post-Covid era. Seychelles is vital to Indian’s engagement with Africa and its security and economic plans in the Indian Ocean. The two nations will commemorate the 45th anniversary of establishing their diplomatic ties with each other in less than two months.
Ram Mandir Opening For “Darshan” In 2023
The Ram Mandir in Ayodhya is expected to allow visitors by December 2023, with the completion of construction only in 2025.
Sources in the Shri Ram Janmabhoomi Teerth Kshetra have revealed that the colossal project of building the Ram Mandir in Ayodhya, Uttar Pradesh, will be opening for devotees towards the end of 2023. In contrast, the project’s entire construction completion is expected towards the end of 2025. The sanctum sanctorum (Garbha Griha), along with the mandir’s first floor, will be ready by December 2023. Devotees will be allowed to visit the long-awaited mandir soon after the construction is completed.
An ANI report said, “The grand Ram Mandir being constructed in Ayodhya will be opened for devotees from December 2023. Sources told ANI that Garbhagriha, all five mandaps and the first floor will be ready by December 2023 and the mandir will be opened for devotees”.
Completion of entire Ram Temple complex in Ayodhya is expected by the year 2025; A museum, digital archives and a research centre also to come up in the temple complex: Sources
— ANI UP (@ANINewsUP) August 4, 2021
The sanctum sanctorum will be as high as 161 feet and built using Rajasthani marble and stones. Engineers and architects are taking all measures to ensure the longevity of this enormous project. The second stage of construction is expected to begin in December this year. Currently, the structure is at a standstill as a result of monsoons. Another reason for the delay is the coronavirus pandemic that depleted the force with which the mandir’s construction was expected to go on.
Ram Temple in Ayodhya will be ready in a year or two. Delhi government has decided to take senior citizens to Ayodhya for Ram Lalla's darshan with travel, accommodation, and food expenses to be borne by us: Delhi CM Arvind Kejriwal pic.twitter.com/MDGeP0k613
— ANI (@ANI) March 14, 2021
The announcement of the mandir being opened to visitors in 2023 has brought up questions about the political agenda. It is believed that the Bharatiya Janata Party (BJP) aims to use the mandir to catapult themselves into a position of advantage during the 2024 Lok Sabha elections. Opening the mandir to devotees in December 2023 will give the BJP an easy 6-month gap to the general elections in 2024.
The opening of the long-awaited Ram Mandir in Ayodhya could be the factor that diverts the public, at least the Hindu’s in favour of BJP. Thus, securing them a vote bank based on religious sentiments upheld by the party in their previous tenure as the ruling party.
The Ram Janmabhoomi Mandir will be 360 feet long, 235 feet wide, and 20 feet high mandir will be completely ready by the end of 2025. The project will include amenities and structures like museums, archives, research centre, Sant Niwas, gau and Yagya shala, Etc. The main attraction is the Ram Mandir.
How SEBI’s New Margin Rule Is Affecting Retail Traders?
Securities and Exchange Board of India has introduced new margin rules for traders. Traders and Brokers are not happy with the new regulations because they will have to invest a large amount of cash in fulfilling margin requirements for trade.
SEBI had introduced the new margin rule in the year 2020 for intraday traders. It is being implemented in a phased manner. Traders were supposed to maintain 25 per cent of the peak margin in the first phase; the margin was raised by 50 per cent in the second phase. In the third phase, as per the new margin rule, intraday traders will have to pay a 100 per cent upfront margin. According to new norms, the margin requirements will be calculated four times during every trading session because the money margin must be greater than the need.
As per the new rule, brokers must collect margin from investors for any purchase or sale, and if they fail to do so, they will have to pay the penalty. Thus, brokers will not receive power of attorney. Brokers cannot use power of attorney for pledging anymore.
Those investors who want to make use of margin will have to create margin pledges separately. As per the new rule, investors will have to pay at least a 30 per cent margin upfront to avail a margin loan. Shares brought today cannot be sold tomorrow. Funds from shares sold today cannot be used for new trades on the same day.
The market experts said that there must be proper adjustments for implementing new rules, or it may create chaos, trouble and disturbance to the market participants. The CEO and founder of Zerodha broking firm, Nithin Kamath tweeted that, “the day when the new rules came into effect was the dreaded day for brokers, exchanges, intraday traders”.
Traders Are Not Happy:
Changes in rules have evoked strong reactions from traders because they will have to invest a large amount of cash in fulfilling margin requirements for trades as per new margin rules. Even the trading in futures and options will become more expensive. Traders are disappointed because they will have to pay up more money to bet in stock markets. As per new margin rules, Traders are also liable for the penalty if the rules are not followed during the trading session. If a trader wants to buy Nifty worth Rs 10 lakh, he will have to pay a 20 per cent margin of around 2 lakh. If the margin of the trader does not meet the need, he will be penalized. Traders will have to pay the minimum amount for opening the Multilateral Trading facility account, and they have to maintain a minor balance at all times.
Why Gas SEBI Introduced A New Margin Rule?
SEBI has introduced new rules to protect retail investors from purchasing difficulty. The intended goal of SEBI behind new margin rules is to bring down the difficult market situation and avoid huge fluctuation in stock markets during extreme stress. The new margin rules are likely to bring transparency to the market; it is expected to strengthen the market’s safety.
Escalation Of COVID-19 Cases Across The Globe
The United States, India, and Brazil have the most confirmed cases, followed by France, Russia, the United Kingdom, and Turkey. There are very few locations that have remained undisturbed.
Since the middle of last year, confirmed cases have been increasing. Although the actual scope of the first outbreaks in 2020 is unknown because testing was not generally available at the time. The 100 million COVID-19 cases were discovered at the end of January, over a year after it was first diagnosed. As of 6:30 p.m. CEST on July 30, 2021, WHO has received reports of 196,553,009 confirmed cases of COVID-19, with 4,200,412 fatalities. A total of 3,839,816,037 vaccination doses has been delivered as of July 28, 2021.
After reaching a record high of over 0.9 million cases on April 28, 2021, new daily instances of the coronavirus continued to decline, reaching a low point on June 21, when over 0.3 million cases were reported. Since then yet, there has been a global increase in cases. On July 15, 0.53 million daily cases were reported, and over three million new cases were reported in the second week of the month. As of July 15, 188.9 million patients have been recorded worldwide. The transmissive Delta form accounting for most infections in 111 countries. Most instances were recorded in Brazil, India, Indonesia, the United Kingdom, and Colombia in the last week. With the steepest increases in Zimbabwe (72%), Indonesia (44%), the United States (38%), Bangladesh (35%), and the United Kingdom (30%). Many Asian nations, including Vietnam, Malaysia, South Korea, and Japan, have reported many daily cases. However, the spread was under control.
The number of new cases in Indonesia has been on the rise, with each day seeing a significant increase over the previous day. Indonesia is now the new Asian epicentre, with 56,757 cases recorded on July 15; India reported 39,000 patients on the same day. COVID-19 fatalities are high, according to WHO. After decreasing for nine weeks, with the highest increases in Africa and Southeast Asia. COVID-19 fatalities worldwide surpassed four million on July 7. The last million deaths occurred in under 90 days, the lowest time interval for every one million deaths ever recorded.
High vaccination coverage has been shown in the United States and much of Europe to lower fatalities and even hospitalizations. For example, United Kingdom rises in incidence. There has been fewer hospitalizations and deaths over 87% of the adult population, as they are vaccinated with one dose and over 67% with two doses. In the United States, the increase in cases is concentrated in states with low vaccination coverage, with unvaccinated people accounting for most deaths. Over 55% of Americans have received one dosage, and 48% are completely immunized. It shifts the focus back to improving vaccination coverage and achieving global vaccine equality to avoid fatalities and the spread of dangerous strains. Some nations debate a booster dosage. Even though many African countries’ healthcare professionals have not been completely vaccinated, booster injections have begun to be given to patients with weakened immune systems in Israel.
In comparison, booster shots have been ruled out in the United States for the time being. With vaccine shortages reported in many Indian states. Even among the vaccinated, rigorous adherence to COVID-appropriate behaviour is the only option to postpone and mitigate the consequences of a third wave.
This spring, India and Latin America have seen a significant drop in new cases in the hardest-hit areas of the world. But the global numbers continue to grow. The Delta variety leads them to well-vaccinated regions such as Western Europe and the United States, low but rising infections. This spring, India and Latin America have seen a significant drop in new cases in the hardest-hit areas of the world. Vaccine doses have been given to over 4 billion individuals globally (52 for every 100 people), yet the discrepancy is striking. More than 80% of the population had at least one shot in some wealthy nations. In contrast, the proportion is as low as 1% in many of the poorest.
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