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Delhi Edition of The Hindu

Inscription- शिलालेख


BITs and pieces of trade with Israel

Many pundits continue to gaze at the India-Israel relationship through the lens of Palestine. However, some argue that India’s relations with Israel and Palestine, a process that began in

1992 when New Delhi established diplomatic relations with Tel Aviv. PM Narendra Modi’s visit to Israel earlier this month. Enormous trade potential Growing trade and investment relations are a strong reason to study India-Israel relations on

their own merit. Bilateral merchandise trade increased from $200 million in 1992 to around $4 billion in 2016,

an increase of 2,000% in 25 years. Cumulative foreign direct investment (FDI) inflows from Israel, from April 2000 to March 2017,

stood at $122 million- While these are low, constituting only 0.04% of total FDI inflows India.


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There is enormous potential for Israeli investment in fields such as 1)-Renewable energy and 2)-Water management (drip irrigation and desalination). 3)-Defence production, which is at the heart of the ‘Make in India’ campaign- a move that will

help India save billions of dollars. Israel is the third largest supplier of arms to India after Russia and the U.S. Domestic manufacturing, reduce dependence-bring in new technology. Recently set up plant in Madhya Pradesh, between India and Israel to manufacture small arms. Also agreed to conduct negotiations on a bilateral investment treaty (BIT) In 1996, India and Israel signed a BIT. However- reportedly terminated by India when it unilaterally discontinued 58 BITs recently. For a new BIT to be negotiated, both sides will have to start afresh. However, there are challenges given the many fundamental differences Israel and India have on

BITs, as outlined in their Model BITs of 2003 and 2016, respectively.



Foreign investors prefer international arbitration(मध्यस्थता)- which is faster and independent . 1)-Israeli model gives an investor the choice to submit any investment dispute with a state to

international arbitration if not resolved within six months through negotiations. The Indian model imposes many procedural and jurisdictional restrictions on an investor-

foreign investor having to litigate in domestic courts for five years before pursuing a claim under international law.

2)-Israel’s model provides a broad asset-based definition of foreign investment that covers bothFDI and portfolio investment.

Indian model of 2016 defines investment narrowly- not defined in the BIT . 3)- Israeli model contains a broad most favoured nation (MFN) provision a cornerstone of

non-discrimination in international economic relations which is missing in the Indian model. 4)- Indian model excludes taxation altogether from the purview of the BIT. However, in the Israeli model, taxation-related measures are recognised as an exception only to

MFN and national treatment provisions


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World Investment Report 2017 issued by the United Nations Conference on Trade and Development also points out that tax-related concerns are a deterrent for some foreign investors to invest in India.

Thus, Israeli investors will not be comfortable if taxation is completely outside BIT’s purview. In a nutshell In sum, the Indian position on BITs is very pro-state, offering limited rights and protection to

foreign investors. The Israeli position is the opposite. Both sides should work towards having a BIT that reconciles investment protection with a

state’s right to regulate.


Conclusion


Think beyond loan waivers

Strengthening the repayment capacity of farmers by improving and stabilising their income is the only way to keep them out of distress.

Indian agriculture is characterised by low scale and low productivity. About 85% of the operational landholdings in the country are below 5 acres and 67% farm households survive on an average landholding of one acre. More than half of the area under cultivation does not have access to irrigation. Agriculture income generated at average size of landholding is not adequate to meet needs. The problem -> weather and market risks. According->National Sample Survey on Situation Assessment Survey of Agricultural

Households (NSS-SAS), 13.9% farm households negative return from crop production 2012-13. Increasing debt burdenModern agriculture requires investment in farm machinery and use of purchased inputs like

seed, fertiliser, agri-chemicals, diesel and hired labour. Rising expenses on health, education, social ceremonies & non-food items put additional risk



Recently a few States like Uttar Pradesh, Maharashtra, Punjab and Karnataka have responded to farm distress by rolling out farm loan waiver schemes as a measure of immediate relief to those farmers who qualify certain criteria.

The demand for such measures is spreading to other States too. Loan waivers suffer from several drawbacks in this respect. 1)-It covers only a tiny fraction of farmers 2)-Farmers investing from their own savings and those borrowing from non-institutional

sources are equally vulnerable. 3)-Many cases, one household has multiple loans either from different sources or in the name

of different family members 4)- Loan waiving excludes agricultural labourers who are even weaker than cultivators 5)- Long-run consequences to the banking business. 6)- Beneficiaries were not eligible for either debt waiver or debt relief but were granted the

benefits.



A similar amount spent on improvement of agriculture infrastructure and other developmental activities would create a base for future growth and development of the sector.

Sustainable solutions – 1 1)-Identify the vulnerable farmers’ based on certain criteria and give an equal amount as

financial relief to the vulnerable and distressed families. 2)-Raise income from agricultural activities and enhance access to non-farm sources of income. 3)-Improved technology, expansion of irrigation coverage, and crop diversification towards

high-value crops are appropriate measures for raising productivity and farmers’ income. All these require more public funding Agrarian distress and farmers’ income will be addressed much better if States undertake and

sincerely implement long-pending reforms in the agriculture sector with urgency.


Be Happy, Share & Help Each Other!!!News Analysis…

Page-1,10- SC wonders whether privacy could be an absolute right 1)-Right to privacy is not absolute and 2)-Cannot prevent the state from making laws imposing reasonable restrictions on citizens, the Supreme Court orally observed- The court said ‘right to privacy’ is in fact too ‘amorphous’(अनाकार) a term.


Be Happy, Share & Help Each Other!!!Continue… Page-1,10- Lynchings(भीड़ हत्या) a plot against development, says Minister of State for

Parliamentary Affairs Mukhtar Abbas Naqvi ‘Advisory issued to State governments for legal action’ A draft law to deal with mob lynching, Manav Suraksha

Kanoon (MASUKA), produced by the NationalCampaign Against Mob Lynching, received supportfrom a group of politicians



Page-1,10- Bu•alo meat exports fall 4.35% in April-May India’s buffalo exports fell 4.35% in the April-May

period of this year to $530 million compared with thesame period last year, according to a written answerby Commerce Minister Nirmala Sitharaman in theRajya Sabha.



Page-5- Karnataka in no hurry to decide State •flag State faces no legal bar, but does not want to create controversy on what is a grey area Karnataka’s Law and Parliamentary Affairs Minister T.B. Jayachandra on Wednesday said the

government’s proposal to give legal status to the ‘Kannada flag’ was a “legal grey area” andit was in no hurry to decide on the issue.

The flag was designed in 1966, a year before Ramamurthy’s death.


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Be Happy, Share & Help Each Other!!!Continue… Page-10- IIITs now Institutes of National Importance Lok Sabha has cleared the Bill The Lok Sabha on Wednesday passed a Bill to declare the Indian Institutes of Information

Technology (IIIT) established under the public-private partnership (PPP) route as Institutes of National Importance (INIs).

During the discussion before the passage of the Bill,Minister of Human Resource Development (MoHRD)Prakash Javadekar said that as PPP did not mean therewould be fee hikes


Be Happy, Share & Help Each Other!!!Continue… Page-12- Panel for bigger Indian role in Afghanistan U.S. Senate committee says Indian assistance could include logistical support, planning & joint

training. India has a “critical role” to play in breaking the stalemate in Afghanistan, the U.S.

Senate Committee on Armed Forces has said, calling for enhancing trilateral cooperation between Afghanistan, India and the U.S.

Page- 13- ONGC gets nod to buy out Centre’s stake in HPCL The Cabinet on Wednesday approved the sale of the government’s 51.11% stake in oil refiner HPCL

to India’s largest oil producer ONGC for a potential sum in the range of ₹26,000 crore to₹30,000 crore, a top source said.

While ONGC buying HPCL will help the government meet as much as 40% of its target for raising ₹72,500 crore in the current fiscal through stake sale



Last Day- Q’s- Ans…

1. Project Elephant was launched in 1992 by the Government of India Ministry of Environment and Forests

2. Asian infrastructure Investment Bank : AIIB > Headquarter : Beijing, China. > President : Jin Liqun 3. Lungs of the Earth — Amazon rainforest. > Running through the forest, is the second longest river in

the world and the largest by water flow - Amazon River.


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