Supply Risks Could Push Oil Prices Higher This Week

Oil lost ground in the last few days on slipping OPEC compliance rates and fears of persistent oversupply. But the tightening of the oil market is still proceeding, and there are some signs that the more pessimistic projections about oil prices could be overblown. On Monday, as oil prices dipped, analysts attributed the drop off to the appreciating U.S. dollar. But while the immediate catalyst shifts from day-to-day, the forecast for the next few quarters remains the same: the inventory overhang might not go anywhere because the OPEC cuts are offset…

Gold Has Yet Another Purpose – Help Fight Cancer

– Gold has yet another purpose and may help fight cancer
– Gold increases effectiveness of drugs used to treat cancer cells by acting as catalyst – research shows
– Use of gold in technology and health growing each year
– Tech use to increase- number of patent applications in 2017 grew
– Industrial applications such as solar and bio-metrics reduce availability of above ground supply and gold for investment
– Another string to the bow of gold and potential impact on sentiment towards gold and on the gold price
– ‘Could gold finally have a purpose?’ bizarre headline ignores gold’s 2,500 plus year history as a means of exchange, money and a store of value

Source: Pinterest

Editor: Mark O’Byrne

Real, scientific evidence has been popping up for a while now which suggests the precious metal can make some major contributions to the world of science and medicine.

As a fan of Goldschläger I have long been convinced of the health benefits of gold and just last week a research team at Edinburgh University announced results that showed gold nanoparticles could increase the effectiveness of drugs used to treat lung cancer cells.

This latest announcement from the field of science is one of many which have been cropping up outside of the investment space, from medicine to solar panels to space technology, gold is making significant strides when it comes to its place outside of the financial world.

In the last quarter, gold used in technology rose 2% y-o-y, according to the World Gold Council. This was mainly thanks to a growth in demand for bonding wire, Printed Circuit Boards (PCBs) and LEDs.

It is not surprising that gold has a place beyond money. Due to it high conductivity, chemical stability and compatibility with other elements it is an ideal candidate in many applications.

As technology and research improves the number of use cases for gold is growing each year. This is beneficial for those who are investing in physical gold bullion.

Demand for gold’s physical properties in science takes it out of circulation and increases the demand for physical gold thereby reducing the availability for investment purposes.

Below, we take a quick look at some of the use cases of gold and explain why this is good news for the gold market.

Gold compounds

Scientific research into the health benefits of gold has been going on for some time. But, as we have seen with other alternative treatments such as colloidal silver, there have been occasional negative results and this has slowed research in this area.

Frequently uses for gold in medicine are pushed to the wayside due to a lack of technology that can maximise the benefits of the metal. This means side effects have been serious and enough to outweigh the benefits for many users.

For example, in 1935 studies into the benefits of ‘gold salts’ were carried out. The term refers to gold compounds used in medicine, a practice known as aurotherapy. One of the main uses for gold compounds in health was as an anti-inflammatory. However it was rarely encouraged by the medical mainstream due to unwanted side effects such as skin discolouration, chrysiasas and kidney issues.

But, as scientific methods improve research is able to find ways to harness the benefits of the precious metal without such dramatic side effects, as we have seen with this latest news. This is mainly thanks to the growing role of tech in health, as scientists work to see how we can use technology to improve diagnoses and treatment, rather than just look to chemicals and how they might cure us.

A (perhaps) more impressive use for gold in health was revealed last year, in Israel when researchers from the Israel Institute of Technology developed sensors made from gold nanoparticles which can be used in a breath test in order to identify different diseases.

Whilst the test is not yet accurate enough for mainstream use, the Institute’s sensors could identify the specific disease 86% of the time after allowing for factors such as age and gender.

Health remains a small field for gold as scientists work to perfect developments, but it can look to the area of technology for inspiration in terms of its potential.

Gold’s in vogue – energy and security

One of the major criticisms of gold, by the environmental lobby is the energy intensive process involved in mining for gold.

Whilst mining companies work to reduce their impact on the environment, the yellow metal is being used in energy harnessing methods through solar panels and so is almost working on the flip side of this issue.

In 2011 a team of French and Dutch scientists found that a discontinuous film of gold nanodots just 0.5nm thick, across a solar panel could improve the efficiency of organic photovoltaic cells (already a low cost option in alternative energy). This layer needed to just cover 15% of the cells in order to see an improvement in performance.

Of course, solar panels and alternative energy sources are increasingly important, especially as governments fight to work out a solution to the energy crisis. Another area growing rapidly (much to many readers’ chagrins) is the area of biometric security.

That trendy smartphone you have that lets you access your information using your fingerprint, is most likely using gold bonding wire. The wire is a key component in this area which has recently hit the mainstream.

In 2016 Samsung and Huawe began to use biometric security in their products. As a result, sensor makers in mainland China, Taiwan and South Korea were operating at full capacity leading them to increase both prices and lead time to meet demand.

‘Could gold have yet another purpose?…’

One of the headlines about this news that grabbed our attention was courtesy of CNBC, it read ‘Could gold finally have a purpose? New research says it could help in the fight against cancer.’

Might we suggest that the headline needs rewriting? Perhaps to read, ‘Could gold have yet another purpose?…’

As we said at the beginning, this latest announcement from the field of science is one of many which have been cropping up from medicine to solar panels to space technology, gold is making huge strides when it comes to its place outside of the financial world.

Gold save all ills? Financial disaster and now cancer

Gold retains an important place and a role in the financial and monetary world. It has been money for over 2,500 years and it continues to be. Not only for those in India and China, but also central banks and investors who see the purpose of gold as one of financial protection and long-term benefits.

The growing use of gold in industrial applications suggests that these new uses for gold have the potential to increase demand, reduce supply and increase the attractiveness of this ever-useful metal. In turn, this extra demand leads to more broad based demand and could lead to higher prices.

It is also worth asking if the industrial gold element of the market will be enough to cause physical gold demand to have more influence on the price of gold. Currently it is primarily driven by the paper and electronic market.

There is another way to look at this as well, investing in anything to do with tech is very fashionable right now, but it can also be as risky – see the FANG (Facebook, Apple, Netflix, Google) stocks as an example.

So, when investing in physical, allocated gold you are not only investing in sound money but also a technological asset, which has a lot more real world uses backing it than a trendy online platform.

In short, gold is coming back in fashion and more importantly is becoming more useful by the day.

News and Commentary

Gold Seen Jumping To $1400 On World Tension – Russian Investment Bank (Bloomberg)

PRECIOUS-Gold slips from over 2-month high as dollar inches up vs yen (Reuters.com)

Stocks Bounce and Havens Drop as Korea Fears Abate: Markets Wrap (Bloomberg)

Trump threatens ‘military option’ in Venezuela as crisis escalates (The Guardian)

Police shut down scam ‘cryptocurrency boiler room’ in the City (Telegraph)

 Source: Bloomberg.com

Fed Has 6,200 Tons of Gold in a Manhattan Basement—Or Does It? (WSJ)

China Will Continue to be Very Supportive of Commodities (Bloomberg)

India’s gold imports to rebound in 2017 on restocking, good monsoon  (Reuters)

What’s your nuclear meltdown plan? (Stansberry Churchouse)

This Chart Might Make You Rethink the Adage “Stocks Always Come Back” (24H Gold)

Gold Prices (LBMA AM)

14 Aug: USD 1,281.10, GBP 987.34 & EUR 1,085.48 per ounce
11 Aug: USD 1,288.30, GBP 993.67 & EUR 1,096.47 per ounce
10 Aug: USD 1,278.90, GBP 985.39 & EUR 1,091.67 per ounce
09 Aug: USD 1,267.95, GBP 974.80 & EUR 1,079.79 per ounce
08 Aug: USD 1,261.45, GBP 967.78 & EUR 1,068.20 per ounce
07 Aug: USD 1,257.55, GBP 963.41 & EUR 1,065.90 per ounce
04 Aug: USD 1,269.30, GBP 964.92 & EUR 1,068.37 per ounce

Silver Prices (LBMA)

14 Aug: USD 16.97, GBP 13.09 & EUR 14.39 per ounce
11 Aug: USD 17.09, GBP 13.18 & EUR 14.53 per ounce
10 Aug: USD 17.08, GBP 13.14 & EUR 14.57 per ounce
09 Aug: USD 16.59, GBP 12.76 & EUR 14.14 per ounce
08 Aug: USD 16.39, GBP 12.57 & EUR 13.87 per ounce
07 Aug: USD 16.13, GBP 12.35 & EUR 13.67 per ounce
04 Aug: USD 16.70, GBP 12.71 & EUR 14.07 per ounce


Recent Market Updates

– Gold Up 2%, Silver 5% In Week – Gundlach, Gartman and Dalio Positive On Gold
– Great Disaster Looms as Technology Disrupts White Collar Workers
– Gold Sees Safe Haven Gains On Trump “Fire and Fury” Threat
– Silver Mining Production Plummets 27% At Top Four Silver Miners
– Gold Consolidates On 2.5% Gain In July After Dollar Has 5th Monthly Decline
– Gold Coins and Bars See Demand Rise of 11% in H2, 2017
– Greenspan Warns Stagflation Like 1970s “Not Good For Asset Prices”
– What Investors Can Learn From the Japanese Art of Kintsukuroi
– Bitcoin, ICO Risk Versus Immutable Gold and Silver
– This Is Why Shrinkflation Is Making You Poor
– Gold A Good Store Of Value – Protect From $217 Trillion Global Debt Bubble
– Why Surging UK Household Debt Will Cause The Next Crisis
– Gold Seasonal Sweet Spot – August and September – Coming

Important Guides

For your perusal, below are our most popular guides in 2017:

Essential Guide To Storing Gold In Switzerland

Essential Guide To Storing Gold In Singapore

Essential Guide to Tax Free Gold Sovereigns (UK)

Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

The post Gold Has Yet Another Purpose – Help Fight Cancer appeared first on crude-oil.news.

Can The Permian Push Prices Down To $40?

Two analyst firms have revised upwards their production growth forecasts for the Permian, expecting oil output there to be 300,000 bpd higher by the end of this year. The firms are none other than Wood Mackenzie, whose analysts expect 300,000 bpd more in Permian output by end-2017—a 200,000-bpd increase to its year-end forecast—and Rystad, which sees the cumulative increase for June-December at 300,000 bpd. That’s the kind of consensus market players like to see, especially when it comes a couple of days after reports that investors…

“The Floodgates Are Opening” – Standpoint Predicts Bitcoin To Hit $7500, Goldman Raises Outlook

Standpoint researcher Ronnie Moas raised his price target for bitcoin from $5,000 to $7,500, according to CNBC. Moas raised his price target after bitcoin reached the new all-time high this weekend.

Moas his belief that hedge funds and more traditional investors are just starting to invest in bitcoin. Many expect that the CFTC’s decision to authorize the creation of the first clearinghouse for bitcoin options and swaps will hasten adoption by hedge funds and other more sophisticated traders.

“What’s happening is the floodgates are opening,” Moas, founder of Standpoint Research, said in a phone interview with CNBC on Monday.

 

“I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars.”

The longtime stock analyst first explained his bullish case in a research report published last month.

Moas also believes that central banks will soon discover bitcoin’s usefulness as a reserve asset.

As institutional investor interest in bitcoin grows, Moas expects digital currencies to become part of “strategic reserves” and “asset allocation models in the near future.” He also said people in foreign countries will likely want to buy digital currencies as a more stable alternative to their national currencies.

“You can’t look at this as a normal situation,” he said. “We’re in an industry that will probably go from $140 billion to $2 trillion and the bitcoin price will probably move with that.”

Amazingly, Moas claims 100% of his investments are in digital currencies, with the majority in bitcoin and Ethereum, according to CNBC.

Moas call comes on the heels of Goldman Sachs’ chief technician Sheba Jafari increased her forecast for Bitcoin to over $4800…

Now that the market is getting closer to reaching this level, it’s going to be important to take note of any/all signs of trend exhaustion.

 

There is of note a 2.618 extension which runs as far as $4,827.

 

 

Once a full 5-wave sequence is in place, the market should in theory enter a corrective phase.

 

This can last at least one third of the time it took to complete the preceding advance and retrace at least 38.2% of the entire move. From current levels, that would measure out to ~2,221.

Finally, we note Moas’ conclusion that, if anything, his estimates are conservative.

Any way that I look at these numbers, my forecasts are looking conservative. It looks to me as though we are at the same point in the adoption curve as we were in 1995 when we went from one million internet users to ten million. The following year the Netscape browser came online and we went from 10 million users to hundreds of millions of users overnight.

 

I expect that within a couple of years we will have between 50 and 100 million cryptocurrency users — up from approximately ~10 million today. We only have 0.15% market penetration right now — if that goes to 2% or 3% we will get to the $50,000 price target that I set at the beginning of July.”

Moas maintains his view that the digital currency could reach $50,000 by 2027.

The post “The Floodgates Are Opening” – Standpoint Predicts Bitcoin To Hit $7500, Goldman Raises Outlook appeared first on crude-oil.news.

Car ramming east of Paris kills girl, terrorism ruled out

Author: 
Agence France Presse
Tue, 2017-08-15 08:21
ID: 
1502742557461001100

PARIS: A car smashed into a pizza restaurant east of Paris late Monday, killing a girl, but investigators said the young driver had tried to commit suicide and the incident was not terror-related.
The episode came just five days after a terror-linked car attack on soldiers, the latest assault in France since early 2015.
Investigators have “ruled out the terrorist hypothesis” behind the latest incident, which took place in the town of Sept-Sorts, 55 kilometers (34 miles) east of Paris, a source close to the inquiry said.
The man, who was arrested, said “he had tried to kill himself yesterday (Sunday) without success and decided to try again this way,” the source said.
The public prosecutor’s office in the town of Meaux also ruled out terrorism.
“There is no doubt he did this voluntarily,” said deputy prosecutor Eric de Valroger, adding it was “highly likely” the driver was under the influence.
In Paris, interior ministry spokesman Pierre-Henry Brandet said the fatality was a girl aged 13, and not aged eight as initially reported.
Four people were seriously hurt, after a preliminary figure had been given of six.
The driver, born in 1985, “is not known to the intelligence services and has no criminal record,” Brandet said.
One of the four injured was the girl’s younger brother, police said.
French President Emmanuel Macron sent his condolences, tweeting with the hashtag #SeptSorts that his thoughts were with the victims and their loved ones.
France is on edge after suffering a series terror-related attacks, including the use of cars as weapons.
On August 9, six soldiers were injured after they were hit by a rented BMW in the western Paris suburb of Levallois-Perret. The suspect, a 36-year-old Algerian man, was later shot and wounded after a dramatic motorway chase.
A BMW was also involved in Monday’s incident.
The death toll from jihadist attacks in France has exceeded 230 since January 2015.
The country has been under a state of emergency since the Daesh group attacked in Paris in November 2015, leaving 130 people dead.

Main category: 
related_nodes: 
Man in custody after Paris attack on soldiers
Anti-terror investigators probe Paris attack as minister condemns ‘cowardly act’
Car rams into soldiers outside Paris, six injured

India at 70: Generational dialogue key to healing wounds of partition, says author

Author: 
Sanjay Kumar
Tue, 2017-08-15 03:00
ID: 
1502742363540968200

NEW DELHI: India’s partition in 1947 came so suddenly that many had to take whatever they could lay their hands on within a few minutes.
The objects they chose to carry with them across the border into unknown territory remain an integral part of their past and their memories of their birthplaces.
In her book “Remnants of a Separation,” Aanchal Malhotra’s dialogue with her grandparents reveals a world that she was not aware of, despite living in the same house for many years.
She never knew that they brought a small piece of precious jewelry, an earthen pot, a pocket knife, a peacock-shaped bracelet and a set of kitchen utensils from Dera Ismail Khan in the North West Frontier Province (NWFP), now Khyber Pakhtunkhwa Province (KPK). These objects became a medium to learn about their migration and their life before partition.
“Remnants of a Separation” is a unique attempt to revisit partition via objects carried across the border.
They absorbed the memory of a time and place, remaining undisturbed for generations. They now speak of their owners’ pasts, and emerge as testaments to the struggle, sacrifice, pain and belonging at an unparalleled moment in history.
Malhotra, 27, is not a trained historian but an artist. She feels that breaking the silence is important to start the healing process in both India and Pakistan.
Her rediscovery of her own past began in 2013, when she was introduced to two objects that her family had brought from across the border.
She wanted to photograph them for her academic thesis, which she was supposed to submit for her degree in traditional printmaking and art history at the Ontario College of Art & Design in Toronto.
She gained a new image of her grandparents when she saw them lost in the objects they were holding in their hands.
“The way they were talking and touching them, it was as if they were back in their home in Lahore,” Malhotra said.
“I’d never seen such things happening before me. It was very surprising and very serious. I thought it’s worth exploring the objects that people brought from across the border.”
For her, there was a new subject to explore: The silence that her elders were holding on to. She realized objects were not merely inanimate, but a lively history and a treasure chest of memories hidden from the world.
That one experience made Malhotra understand the importance of experience and memory. It taught her that you can find memories in very unlikely objects such as a shawl, a pen or a work of art. By exploring these seemingly mundane things, one can learn something about oneself.
The challenge was how to start a conversation with her elders about partition, which they were very sensitive about and did not want to talk about. It took her time to establish trust, but once that was done the ice was broken and emotions started flooding out. They would talk about their garden in Pakistan, their schools and old friends, among many other things.
Malhotra’s search for memory took her to Lahore, where she discovered the same attachment with the past. She says Indians who experienced partition are under no illusion that there can ever be an undivided India again, but many would like to visit their former homes; this feeling exists on both sides.
She discovered during here research in India and Pakistan that the new generation in both countries is oblivious to its past, and to its grandparents’ many emotions and memories.
She says the new generation was surprised and shocked by stories from elders that had never been heard before, as if you do not really know someone you have known your whole life.
It is difficult and emotional to start a conversation about partition with someone who was a victim of it.
Malhotra feels that the elders have made a mistake by not sharing their experiences with the new generation. The silence has created a gap that is now filled with prejudices.
She feels a sense of urgency and responsibility to narrate memories that the world needs to know about. She feels that memory needs to be nurtured with the same care one nurtures a child.
She discovered during her research that the older generation does not harbor any malice toward those from other faiths, whether Muslim, Sikh or Hindu. It is the subsequent generation that harbors malice because partition was not talked about.
Healing is impossible without dialogue, and people who experienced partition understand that it was forced on them by circumstance. If the new generation starts talking with its elders, it could be a cathartic process collectively.
• Reuters

Main category: 
related_nodes: 
Historians race to preserve dying memories of 1947 India-Pakistan partition
Pakistan at 70: ‘Midnight’s children’ recall the bloodshed and chaos of partition

World is looking at India with admiration

Author: 
President Ram Nath Kovind
Tue, 2017-08-15 03:00
ID: 
1502740780440797100

Our country is celebrating its 71st Independence Day today.
On Aug. 15, 1947, we became a free nation. Sovereignty and the responsibility for our destiny moved from the British crown to the people of India. Some have called this process a “transfer of power.”
It was much more than that. It was the culmination of a dream for our country — a dream seen by our forefathers and freedom fighters. We were free to imagine and build our nation anew.
It is crucial to understand that this dream for a free India was rooted in our ordinary villages, in the well-being of our poor and underprivileged, and in the all-round development of our country.
For this,we owe so much to the countless freedom fighters who made great sacrifices to bring us here.
Chennamma, the Rani of Kittur. Lakshmibai of Jhansi. Matangini Hazra, the heroine and martyr of the Quit India Movement. There are so many examples.
Matangini Hazra was an elderly woman, into her 70s. She was shot by the colonial police in Tamluk, in Bengal, while leading a peaceful protest march. She died with “Vande Mataram” on her lips and with the hope of a free India in her heart.
Freedom fighters like Sardar Bhagat Singh, Chandrashekhar Azad, Ram Prasad Bismil, Ashfaqullah Khan, Birsa Munda and thousands of others gave their lives for us. We can never forget them.

From the earliest days of our freedom struggle, we were blessed with a galaxy of revolutionary leaders who guided our country.
They spoke of not just political freedom. Mahatma Gandhi emphasised the moral character of India and of Indian society. The principles that Gandhiji spoke about are relevant even today.
Gandhiji was not alone in this nationwide struggle for freedom and reform. Netaji Subhas Chandra Bose exhorted our people, saying: “Give me blood and I will give you freedom”. At his word, millions of Indians joined the freedom movement under his leadership and gave their all.
Nehruji emphasized that India’s age-old heritage and traditions — so dear to us — could co-exist with technology and a quest to modernise our society.
Sardar Patel instilled in us the importance of national unity and integrity. And of a disciplined national character.
Babasaheb Bhim Rao Ambedkar urged upon us the virtues of constitutional governance, of the rule of law — and of the vital need for education.
I have given only a few examples of illustrious leaders. I could give you many more. The generation that brought us to freedom was diverse. They were men and women who represented all parts of our country and a variety of political and social thought.
We need to draw inspiration from such brave freedom fighters, many of whom sacrificed even their lives for the country. We need to invoke the same spirit today in the task of nation building.
The stress on the moral basis of policy and action, belief in unity and discipline, faith in a synthesis of heritage and science, and promotion of the rule of law and of education – all of it was located in a partnership between citizen and government.
That is how our nation has been built — by a partnership between citizen and government, between individual and society, between a family and the wider community.
A tradition I remember from my childhood was that when there was a wedding in any one family, the entire village shared the responsibility and contributed.
Regardless of the caste or community, the bride became the daughter of not just a single family but of the entire village.
Neighbors and others living in the village looked after guests, and took charge of different arrangements.
Contributions came from many families. One family would send food-grains for the wedding, another would send vegetables, a third would arrive with some other item.
There was a sense of caring and of sharing, and of interdependence. If you helped your neighbors in their times of need, they instinctively helped you in turn.
Today, in big cities we may not even know our neighbors.
Whether in cities or villages, it is important to renew that sense of caring and sharing. This will make us a gentler and happier society and help us understand each other with greater empathy.

This spirit of empathy and of social service and volunteerism is very much alive in India.
There are so many people and organisations that work quietly and diligently for the poor and the disadvantaged.
They could be running schools for street children, caring for stray animals and birds, and providing water to hard-to-reach tribal communities in remote areas. Or cleaning rivers and public places. They are nation builders in action, and we need to draw inspiration from them.
We should also work with unity and purpose to ensure that the benefits of government policies reach all sections of society. For this, the partnership between citizens and government remains essential:
• The government has started the Swachchh Bharat campaign — but it is for each of us to ensure a Swachchh Bharat
• The government is building toilets or helping build toilets — but it is for each of us to use those toilets and make India open-defecation free
• The government is enabling communication infrastructure – but it is for each of us to use the Internet for the right purposes: to bridge knowledge gaps, create opportunities, and enhance educational and information access
• The government is promoting the idea of Beti Bachao–Beti Padhao – but it is for each of us to ensure that our daughters are not discriminated against and get the best education
• The government can frame laws and strengthen law enforcement – but it is for each of us to be a law-abiding citizen. And to build a law-abiding society
• The government is pushing transparency and eliminating corruption in public recruitment and procurement — but it is for each of us to answer to our inner conscience in everyday life
• The government is implementing GST to eliminate multiple taxes and simplify transactions — but it is for each of us to make this an essential part of our everyday transactions and business culture
I am happy that the transition to the GST system has been smooth. It should be a matter of pride for all of us that the taxes we pay are used for nation building — to help the poor and the marginalized, to build rural and urban infrastructure, and to strengthen our border defences.
In 2022, our country will complete 75 years of Independence. It is our national resolve to attain certain desired milestones for a New India by then.
When we speak of a New India, what do we mean? There are some obvious parameters — like a house for every family, power on demand, better roads and telecom, a modern railway network, rapid and sustained growth.
And yet there is more. New India must include that integral humanist component that is in our DNA, and which has defined our country and our civilisation.
New India must be a society rushing toward the future, but also a compassionate society.
• A compassionate society where the traditionally disadvantaged, whether SCs, STs or OBCs, are part of our national developmental process
• A compassionate society where populations in our frontier areas and states, who may sometimes feel a sense of alienation, are embraced as our brothers and sisters
• A compassionate society where the deprived child, the aged and the ailing senior citizen, and the poor and the under-privileged are always in our thought — not an afterthought. And where we take special care to ensure that our brothers and sisters get equal opportunities in all walks of life
• A compassionate and egalitarian society that does not discriminate on gender or religious background
• A compassionate society that enriches our human capital and equips our young people by promoting accessible, affordable and world-class educational institutions. And where quality health-care and nutrition are not a challenge
It is only with all this that we will build the New India we can cherish — where every Indian is equipped to fulfil his or her potential and do so in a manner that leaves each one of us content and happy. And helps each of us contribute to society and our country.
I am confident that a strong partnership between citizens and the government will allow us to meet the goals of New India.
Your immense patience and understanding in the days following demonetisation — and your whole-hearted support in the battle against corruption and black money — reflected a responsible and enlightened society.
Demonetisation has boosted our efforts to build an honest society. We must sustain this spirit and this momentum.
There is also need to adopt technology. We must use technology to empower our people and achieve the goal of poverty elimination in a single generation. Poverty and New India are simply not compatible.
Today, the world is looking at India with admiration. Our country is seen as a responsible global citizen, a growing economy, and a solution provider to various international challenges — such as climate change, disasters, conflicts, humanitarian crises, radicalism and terrorism.
The Tokyo Olympics of 2020 offer another opportunity for us to raise our standing in the world’s eyes. Over the coming three years, we should absorb ourselves in this national mission.
Government agencies, sports bodies and business enterprises need to join hands to identify and support our talented sportspersons and provide them world-class training facilities — so that they can be even more successful in Tokyo.
As citizens and children of India — whether we live at home or abroad — we must ask ourselves how we can add to our country’s pride.

It is natural for us to think of our families, but we must also think of society.
We must heed the call for that extra degree of selflessness, that extra something beyond just duty.
A mother who nurtures and brings up her child is not just doing a duty. She is displaying a unique selflessness.
• Our soldiers who guard our borders, on a hot day in the desert or high up on a cold mountain, are not just doing their duty. They are displaying an extra degree of selflessness
• Our police and paramilitary forces that brave death to combat terrorism or crime and keep us safe are not just doing their duty. They are displaying an extra degree of selflessness
• Our farmers who labour under extremely tough conditions to grow food to feed fellow Indians whom they have never met, and who live in the other corner of the country, are not just doing a job. They are displaying an extra degree of selflessness
• After natural disasters, so many motivated people, civil society groups and public agencies work day-and-night in rescue and relief operations. They display an extra degree of selflessness
Can each of us not imbibe this spirit of selflessness? We can and we have.
On an appeal from the prime minister, more than 10 million families voluntarily gave up their LPG fuel subsidy — so that a gas cylinder could reach the kitchen of a poorer family of fellow Indians. And so that members of that family, particularly women, were saved from smoke from “chulhas” that damaged their eyes and lungs.
I salute those families that gave up their subsidy. No law or government order made them do what they did. Their response came from within.
We should draw inspiration from these families. Each of us must find a way to give back to society. Each of us must choose one thing we can do to help another, less-fortunate Indian.
The single most critical factor for building our nation is to equip our coming generation.
We need to ensure that not one child is left behind.
As such I would urge you, as fellow nation builders, to help educate less-privileged children in our society. Help teach a child other than your own. Enrol and pay the school fees or buy the books of at least one child other than your own. Just one!
Our India is at the door of great achievements. In a few years, we will become a fully literate society.
We must set the bar higher, and aim to become a fully educated society.
We are all stake-holders in this mission. If we achieve it, our country will change before our eyes. And we will become agents of this defining change.
Two thousand five hundred years ago, Gautam Buddha said: “Be a lamp unto yourself …” If we follow his teachings, acting together, with the passion of our freedom movement, we can collectively be the 125 crore lamps that light up the path to a New India.
I wish all of you the very best on our 71st Independence Day.
Jai Hind.
Vande Matram.

Main category: 

Economic ties constitute key element of Riyadh-Delhi relationship

Author: 
Ahmed Javed, ambassador of India to Saudi Arabia
Tue, 2017-08-15 03:00
ID: 
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On this auspicious occasion of the 71st Independence Day of India, I have the pleasure to convey my warm greetings and felicitations to all my fellow citizens in Saudi Arabia.
I also avail of this opportunity to express my sincere thanks and appreciation to King Salman and his government for their continued support and cooperation.
In the past 70 years, India has emerged as the World’s largest democracy, making great strides in the fields of industry, science and technology, IT, space technology, medicine, well–being etc.
Embracing the green, white and blue revolutions to engineer a sound agro sector base, India has transformed from an agricultural economy to a service oriented economy, with a self-reliant manufacturing base.
Our strong democratic institutions, resilient economy, industrial growth, scientific and technological achievements and incredible socio-cultural diversity are testimony to the fact that we have been steadily marching ahead to the noble goals set by our leaders seven decades ago.
The last few years have seen India embark upon implementing radical economic reforms toward ease of doing business, and introducing investor-friendly changes in its foreign direct investment (FDI) policy.

A number of major flagship initiatives like Make in India, Digital India, Skill India, Swatchh Bharat, Smart Cities, and Startupindia, among others, are offering a whole lot of opportunities to the investors.
In a sweeping economic reform, the biggest in the history of the country, India replaced last month its web of multiple central and state taxes with the single Goods and Services Tax (GST) which is expected to minimize the complexities and increase tax revenues manifold, to fuel the economic growth.
These initiatives, coupled with reform programs will propel the Indian economy to greater heights.
This year, we are also commemorating the 75th anniversary of the “Quit India Movement,” which commenced in 1942.
On this occasion, I would reiterate the prime minister’s pledge to achieve (Sankalp se Siddhi).
Let us all take a pledge to free our country from poverty, corruption, communalism, casteism and terrorism, and create a ‘New India’ by 2022.
We attach great priority to our friendly relations with Saudi Arabia.
Our traditionally close ties are anchored in shared interests based on centuries-old economic and socio-cultural ties and vibrant people to people contacts.
Our leadership has been working closely with the Saudi leadership toward further deepening our multifaceted ties for the common benefit of our two countries.
Economic ties constitute an important element of the India-Saudi Arabia Partnership.
Saudi Arabia plays an important role in India’s energy security as around 19 percent of our oil imports come from Saudi Arabia. Similarly, Saudi Arabia is one of the largest suppliers of LPG to India. Saudi Arabia is our fourth largest trade partner.
Saudi Arabia is the eighth largest market in the world for Indian exports and is destination to more than 2.44 percent of India’s global exports. On the other hand, Saudi Arabia is the source of 5.34 percent of India’s global imports.
Indian IT majors like TCS, WIPRO, Tech Mahindra are engaged actively with Saudi Aramco and main Saudi Ministries such as Energy, Education, Finance, Water etc.
These companies are contributing in a big way in imparting training to Saudi youth especially women, in line with Vision 2030 objectives.
TCS’s all-female Business Process Outsourcing (BPO) Service Center in Saudi Arabia aims to provide employment opportunities to up to 3,000 women in three years.
Wipro Arabia Limited, a subsidiary of Wipro Limited, Saudi Aramco and Princess Nourah University (PNU), Riyadh jointly established Kingdom’s first Women Business Park (WBP), which is aimed at creating nearly 21,000 jobs for Saudi women in 10 years.
Dedicated to working women, WBP is a first project of its kind aimed at providing knowledge-based employment for women in Saudi Arabia.
Saudi Arabia is home to over 3 million-strong Indian community, the largest Indian passport-holders abroad.
It is a matter of great satisfaction that the contribution made by the Indians in the development of Saudi Arabia is well-acknowledged and appreciated by the Saudi leadership as well as its people.
I express my sincere gratitude to the Kingdom for hosting this large Indian community and also for the excellent services provided by the Saudi authorities to Hajj and Umrah pilgrims from India.
I also express my deep sense of thanks to the Saudi authorities for their cooperation during the four-month long amnesty enabling the undocumented workers to the leave the Kingdom without difficulties.
I take this opportunity, once again, to greet my fellow citizens in Saudi Arabia on this occasion of the 71st Independence Day of India.
Jai Hind.

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