Modi-Putin summit: Energy cooperation, terrorism, geopolitics discussed

Prime Minister Narendra Modi on Tuesday returned from his one-day informal summit with Russian President Vladimir Putin in Sochi.

The prime minister termed the talks as "extremely productive". He said that the complete range of India-Russia relations, along with other global subjects, were part of the discussions between the two leaders during the summit, PTI reported.

The two leaders held discussions on a range of issues from joint effort against terrorism to defence cooperation, International North-South Transport Corridor (INSTC) and BRICS.

President Putin and Prime Minister Modi also talked about expanding cooperation in the energy sector and, in this regard, welcomed the arrival of the first consignment of Liquefied Natural Gas (LNG) under a long-term agreement between Russian gas giant Gazprom and India's state-run gas utility GAIL next month.

Modi also thanked Russia for playing a crucial role in helping India get a permanent membership of the Shanghai Cooperation Organisation, an eight-nation bloc that aims at military and economic cooperation among member states. India and Pakistan were admitted last year to the organisation.

ECB monetary policy could temporarily ease inequality in Europe

The European Central Bank's ultra-easy monetary policy may actually reduce income inequality in Europe, ECB Vice President Vitor Constancio said on Tuesday, rejecting the argument that asset buys disproportionately benefit the wealthy.

Constancio said the ECB's stimulus measures lower unemployment and thus increase disposable income for Europe's poorest, compressing inequality, at least in the short term.

"This result confirms that, from the distributional perspective, the main impact of expansionary monetary policies is on the reduction of unemployment with positive effects on the reduction of inequality," Constancio said in Lisbon.

"(Monetary policy) measures can improve their welfare and contribute toward reducing income disparities, at least in the short-term."

But he added that such steps are likely to be temporary with the "hollowing out of the middle class" and the increasing polarisation of incomes likely continuing over the longer term.
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