Experts: Putin visit to India is an attempt to restore strong Russia-India relations
December 8, 2021, 1:27 am

Experts: Putin visit to India is an attempt to restore strong Russia-India relations

Prime Minister Narendra Modi and Russian President/Narendra Modi official Facebook page

The Arab News reported, Russian President Vladimir Putin’s day-long visit to New Delhi on Monday has been labeled by foreign policy experts as “symbolic” and “substantive,” and an attempt to restore strong Russia-India relations.

Putin and Indian Prime Minister Narendra Modi held a meeting on Monday after a two-year freeze on relations. They signed 28 agreements covering bilateral defense and an Indian purchase of 600,000 Russian assault rifles.

Both countries also held their first first 2+2 ministerial talks involving defense and foreign ministers, and held a strategic dialogue to discuss reinforcing ties.

New Delhi and Moscow have a long history of friendship, but the relationship between the two has suffered in recent years following India’s growing relationship with the US, which the South Asian republic considers critical to countering its northern neighbor, China.

Prime Minister Narendra Modi and Russian President/Narendra Modi official Facebook page

In his opening remarks at the summit, Modi underlined the long-standing relationship between India and Russia.

He said: “A lot of geopolitical equations have emerged. But the India-Russia friendship has been a constant among all these variables."

“It is truly a unique and reliable model of inter-state friendship.”

In his own comments, Putin called India a “time-tested friend.”

He said: “Our colleagues, foreign and defense ministers are here; this is the first meeting in this format. It means that we continue to develop our relations on the international scene and in the military sphere.

“We perceive India as a great power, a friendly nation and a time-tested friend.”

Foreign policy experts have said that the visit was an attempt to arrest the drift in the Russia-India relationship. “Putin’s visit to an extent arrested the drift in the relationship between the two nations,” Prof. Harsh V. Pant, head of the strategic studies program at New Delhi-based think tank Observer Research Foundation, told Arab News.

“The visit went well given that there has been this perception that that the two nations are drifting apart because of China, the Indo-Pacific and the Quad. Russia was vocal in its disagreement of all those things, and I think this visit seems to be a recognition from the top of the two countries that despite the divergences, they do see great value in keeping each other a priority country,” said Pant.

Russia has reservations over the formation of the Quad, a quadrilateral grouping involving the US, India, Japan and Australia initiated in response to China’s growing assertiveness in the Indo-Pacific region.

Harsh Vardhan Shringla, India’s foreign secretary, said in a press briefing on Monday that “concern over the Indo-Pacific strategy was raised with Russia.”

Putin’s visit also comes at a time when New Delhi’s relationship with Beijing — a close ally of Moscow — is strained. A tense military stand-off between the two large Asian neighbors at the Himalayan borders in Ladakh has lasted for more than a year. In a border clash between the two nations in June 2020, at least 20 Indian soldiers died.

Pant said: “It’s going to be a sticky point going forward, there is no doubt about that. This is a challenge in the relationship."

“India has to convey to Russia how strongly it feels on the China question.”

Pant added that “if the relationship between India and Russia is broad and not one-dimensional, then both nations would be able to tide over these differences on China.”

India has also begun to receive S-400 surface-to-air missiles from Russia this month.

“The supply of S-400 air-defense missile systems had “begun this month and will continue to happen,” said the Indian foreign secretary.

Political analyst and the former Indian ambassador to Jordan and Libya Anil Trigunayat said that the S-400 sale is a matter of India’s “strategic autonomy.”

Trigunayat told Arab News: “India has to secure her national interests, which are an integral part of her strategic autonomy.

“India hopes that the global comprehensive strategic partnership that New Delhi and Washington share will enable the US to appreciate India’s genuine quest and concerns.”

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.