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India’s Economy To Grow By 7.5% In 2022 PM

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India is making progress on making India a manufacturing hub and its young and talented workforce makes us naturally competitive, he said

India’s economy is expected to grow by 7.5 per cent this year, which will be the highest among the world’s largest economies, said Prime Minister Narendra Modi at Shanghai Cooperation Organisation (SCO) summit in Uzbekistan on Friday. 

Modi said that major focus is also being given to the proper use of technology in our people-centric development model as we are supporting innovation in every sector. 

Talking about the global challenges, he said that India is ensuring the food security of our citizens. One possible solution to this problem is to promote the cultivation and consumption of millets. 

“Millets are a superfood that has been grown for thousands of years, not just in SCO countries, but in many parts of the world, and is a traditional, nutritious, and low-cost alternative to dealing with the food crisis,” he said. 

PM also said that the year 2023 will be celebrated as the UN international year of millets. We should consider organising a ‘Millet Food Festival’ under the SCO.

Today, when the whole world is facing the challenges of economic recovery after the pandemic, the role of SCO becomes very important, Modi added. 

Notably, SCO member countries contribute about 30 per cent of global gross domestic product (GDP) and 40 per cent of the world’s population also lives in SCO countries. 

India supports greater cooperation and mutual trust among SCO members. The pandemic and the crisis in Ukraine caused many obstacles in global supply chains, due to which the whole world is facing an unprecedented energy and food crisis. 

“SCO must make efforts to develop reliable, resilient and diversified supply chains in our region. This will require better connectivity, as well as it will be important that we all give each other full right to transit,” Modi said. 

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India achieved 10 pc ethanol blending target ahead of schedule: PM

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India, the world’s third biggest oil importing and consuming nation, achieved the target to blend 10 per cent sugarcane-extracted ethanol in petrol ahead of schedule, Prime Minister Narendra Modi said.

Addressing the nation from the ramparts of the Red Fort on the 76th Independence Day, he rooted for energy independence and a nation self-sufficient in meeting its energy needs.

“We need to be Aatmanirbhar (self-sufficient) in our energy sector,” he said.

For a nation, 85 per cent dependent on imports for meeting its oil needs and 50 per cent for gas requirement, the key is alternate energy sources – from renewable power to hydrogen and switching to electric vehicles from current petrol and diesel-run automobiles.

“From solar energy to Mission Hydrogen to adoption to EVs, we need to take these initiatives to the next level for energy independence,” he said.

In a bid to cut reliance on imported oil, the government is pushing for mixing of ethanol, made from sugarcane and other agri commodities, in petrol.

Modi said India achieved the target of blending 10 per cent ethanol in petrol ahead of schedule.

The target of supplying petrol mixed with 10 per cent ethanol (10 per cent ethanol, 90 per cent petrol) was achieved in June, ahead of the original schedule of November 2022. Encouraged by the success, the government advanced the target of making petrol with 20 per cent ethanol by five years to 2025.

Last week, the Prime Minister had stated that 10 per cent ethanol blending had resulted in saving of about Rs 50,000 crore of foreign exchange, reduced greenhouse gas emissions and gave farmers an alternate source of income.

India is the world’s fifth largest producer of ethanol after the US, Brazil, EU and China. Ethanol worldwide is largely used for consumption but nations like Brazil and India also dope it in petrol.

Supply of petrol with 20 per cent ethanol will result in a saving of an estimated USD 4 billion annually.

The increased blending will expand the use of renewable energy in the world’s third-biggest oil importer and consumer, and help turn the nation’s surplus rice and damaged food grains into ethanol.

As much as 10.17 per cent of ethanol is being doped in petrol now, up from 8.10 per cent in 2020-21 and 5 per cent in 2019-20. Ethanol blending in petrol was 1.53 per cent in 2013-14.

According to the oil ministry, 2 million tonnes of crude oil was substituted due to the blending of ethanol in petrol during the first three and half months of the current fiscal year that began in April. In 2020-21, 2.14 million tonnes of crude oil was substituted and 1.34 million tonnes in the year prior to that. The volume was 0.27 million tonnes in 2013-14.

The highest ever quantity of 306.43 crore litres of ethanol has been procured by oil marketing companies in the current ethanol supply year (December 2021 to November 2022). This is up from 302.3 crore litre last year and 173 crore litre in 2019-20. Ethanol supply for mixing with petrol was 38 crore litre in 2013-14.

For a 20 per cent blend, 1,000 crore litres of ethanol will be required.

As the availability of ethanol increases, the equivalent amount of crude (used for petrol production) import is reduced.

The Centre had announced an additional duty of Rs 2 per litre on unblended fuels starting October 2022 to incentivise blending. That duty will no longer be effective as the target of 10 per cent blend has been achieved.

(PTI)

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Challenges Like Ukraine War Make It Imp For Nation To Be Self-Reliant: PM

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Prime Minister Narendra Modi said challenges faced by the world like the Russia-Ukraine war and the coronavirus pandemic make it all the more important for the country to become self-reliant

Prime Minister Narendra Modi on Sunday said challenges faced by the world like the Russia-Ukraine war and the coronavirus pandemic make it all the more important for the country to become self-reliant, and urged people to promote products made in India.

Modi was virtually addressing an event on the launch of six volumes of ‘Shri Dharmajeevan Gatha’, a biographical book on the life of Gurudev Shastriji Maharaj of the Swaminarayan Gurukul Vishwavidya Pratishthanam (SGVP).

The PM said his ‘sabka saath, sabka vikas, sabka vishwaas’ slogan was inspired by Shastriji Maharaj’s call for ‘sarvjan hitay (everybody’s welfare)’, and the book, authored by the latter’s disciple, Madhavpriyadasji Swami, will serve as an inspiration for readers through his life and teachings.

“Looking at the condition of the world today, everybody is facing new challenges. We experienced coronavirus, and now the Ukraine-Russia war. In today’s world, it is difficult to estimate when and what will happen, and how it will affect us,” the prime minister said.

Modi, while stating that the world had become so small that a country cannot remain unaffected (by events), highlighted the importance of ‘Aatmanirbhar Bharat’ and asked people associated with SGVP to promote it.

He urged them to be ‘vocal for local,’ and said this will generate employment and make the country strong.

The PM asked SGVP members to contribute to the Clean India movement and promote natural farming as a way to serve mother earth.

“Shastriji Swami’s life was one of dedication, and he lives among his followers in his divine form. The books on his life, authored by his disciple Madhavpriyadasji Swami, will help recall his words and inspire the readers to act as per his teachings,” the PM said.

‘Shri Dharmajeevan Gatha’, spread across six volumes and over four thousand pages, was launched in a grand ceremony by 108 delegates.

It deals with the life and works of Gurudev Shashriji Maharaj, the founder of the Gurukul-like education system, and also carries the history of Swaminarayan Gurukul Vishwavidya Pratishthanam (SGVP).

Gujarat Chief Minister Bhupendra Patel, former state minister Bhupendrasinh Chudasama and Union minister Prashottam Rupala were present in the programme along with former chief justice of Delhi High Court DN Patel.

(PTI)

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In Budget, clear roadmap given by govt : PM Modi

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Addressing a webinar on the positive impact of the Union Budget 2022-23 on Rural Development, Modi said that in the last seven years, his government made incessant efforts to improve every person and sector’s capability

Prime Minister Narendra Modi on Wednesday said it is now time that 100 per cent saturation is achieved in providing basic facilities such as water, electricity, gas connections, toilets and roads to people, as he asserted that the Union budget 2022-23 has laid out a clear roadmap for achieving this.

Addressing a webinar on the positive impact of the Union Budget 2022-23 on Rural Development, Modi said that in the last seven years, his government made incessant efforts to improve every person and sector’s capability.

“This is the aim of schemes providing basic facilities such as ‘pucca’ houses, toilets, gas connections, electricity, water, roads to villages and the poor people. The country has achieved great success in these schemes but now it is time to achieve saturation of these schemes, to realise the aim of these schemes 100 per cent,” he said.

For achieving this, there is a need to adopt a new strategy for monitoring and accountability, and while making use of technology, new systems have to be developed, he said.

In this budget, a clear roadmap has been given by the government to achieve this goal of saturation, Modi said.

In the budget, necessary provisions have been made for the PM housing scheme, rural roads scheme, Jal Jeevan Mission, North East connectivity and broadband connectivity of villages, he said.

He said the vibrant villages programme is key for development of border areas of the country.

‘Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayas’ mantra is the driving force behind our government’s policy and action, Modi said.

“We intend to have more active participation of people in rural areas to improve governance by removing silos and fast-track schemes,” the prime minister said.

PTI

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Budget Can Bring Great Transformations: Modi

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“Innovation is ensuring inclusion in our country. Now going even further, the country is moving towards integration,” he said. 

“Empowering our youth who are future nation builders, is empowering India’s future, said Prime Minister Narendra Modi on Monday while addressing a webinar on the positive impact of Union Budget 2022 on the education and skill sectors. 

The Prime Minister mentioned that it was digital connectivity that kept the country’s education system going during the pandemic. “Innovation is ensuring inclusion in our country. Now going even further, the country is moving towards integration,” he said. 

The Prime Minister said, “Dynamic skilling is critical from the point of view of global talent demand for Atma Nirbhar Bharat.” 

Modi added that the budget is not just an account of statistics, the budget, if implemented properly, can bring great transformation even with limited resources. 

He highlighted the need to prepare the ‘demographic dividend’ of the country as per the demands of the changing job roles. A digital ecosystem for skilling and Livelihood and e-Skilling labs were announced in the budget with this vision in mind.

The Prime Minister also explained how recent changes in the budgetary process are turning the budget as a tool of transformation. 

Modi asked the stakeholders to implement the budget provisions seamlessly on the ground. The stakeholders to ensure optimum outcome from the budget provisions. 

Concerned Union Ministers, key stakeholders from education, skill development, science, technology and research were present on the occasion. The webinar was part of the new practice of discussion and dialogue with the stakeholders before and after the budget

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Our Focus Is On Creating 21st Century Infrastructure: Prime Minister

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“Ahmedabad-Mumbai High-Speed Rail is country’s need and it will strengthen Mumbai’s identity as a city of dreams. Completing this project rapidly is our priority,” Modi said

Now the effort is to increase Mumbai’s capability manifold with regard to its contribution for Atma Nirbhar Bharat, said Prime Minister Narendra Modi on Friday while dedicating to the nation two additional railway lines connecting Thane and Diva.

“That is why our special focus is on creating 21st-century infrastructure for Mumbai”, the Prime Minister said. Thousands of crore rupees are being invested in rail connectivity in Mumbai as the Mumbai Suburban Rail system is being equipped with the latest technology. “Ahmedabad-Mumbai High-Speed Rail is country’s need and it will strengthen Mumbai’s identity as a city of dreams. Completing this project rapidly is our priority,” Modi said.

Talking about the changed approach of new India regarding the completion of infrastructure projects, the Prime Minister pointed out that in the past projects lingered due to a lack of coordination from planning to execution stages. This made the creation of 21st-century infrastructure impossible, he said. “The plan will bring every department of the central government, state government’s local bodies, and private sector on one platform. This will provide relevant information well in advance to all stakeholders for proper planning and coordination,” he added. 

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2022 To Be Golden Page Of Building A New India, Says PM Modi

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Amid rising Covid cases linked to Omicron, Modi said individual alertness and discipline were a big strength of the country in the fight against the new variant of coronavirus.

Prime Minister Narendra Modi in his Mann Ki Baat radio broadcast on Sunday said 2022 would prove to be the golden page of building a new India.

“I am fully confident that with this very resolve the country will move forward in the coming year, and 2022 will be the golden page of building a new India,” he said.

Amid rising Covid cases linked to Omicron, Modi said individual alertness and discipline were a big strength of the country in the fight against the new variant of coronavirus.

Modi said India has done an “unprecedented” work in its inoculation drive if its vaccination numbers are compared with global figures. He, however, also asked people to maintain caution against the new variant of the virus.

“This new Omicron variant is being constantly reviewed by our scientists. Every day they are getting new data and steps are being taken based on their suggestions,” Modi said.

Individual alertness and discipline are a “big strength” of the country in the fight against the new variant of coronavirus, he said. Our experience of the last two years is that our own effort as a citizen is very important to defeat this global pandemic, he added.

“It is our collective strength which will defeat corona. We have to enter 2022 with this sense of responsibility,” the prime minister said.

“Crossing the 140 million vaccine doses is an achievement of each and every Indian. This shows the trust of every Indian in the system; shows trust in science and in scientists; and is also a testament to the willpower of we Indians who are fulfilling our responsibilities towards the society,” he added.

Modi on Saturday had announced that vaccination against Covid-19 for children between 15 and 18 years will start from January 3, while “precaution dose” for healthcare and frontline workers would be administered from January 10.

He had also said the precaution dose will also be available for citizens above 60 years of age and those with comorbidities on the advice of their doctor from January 10 next year.

In the address, Modi also talked about Group Captain Varun Singh, who succumbed to injuries at a military hospital in Bengaluru last week after sustaining serious injuries in the chopper crash near Coonoor that killed CDS Gen Bipin Rawat, his wife and 11 armed forces personnel.

Group Captain Singh was the lone survivor of the December 8 crash.

The prime minister talked about the air warrior’s inspiring letter to his school weeks after he was decorated with the Shaurya Chakra award for displaying exemplary composure and skill.

(PTI)

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PM Meets PE, VC Investors, Seeks Suggestions To Make India An Investment Hub

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The Prime Minister sought suggestions towards improving ease of doing business in India, attracting more capital and furthering the reform process in the country.

As preparation for next year’s Budget gathers steam, Prime Minister Narendra Modi on Friday met with leading private equity/venture capital players to seek suggestions on making India a more attractive investment destination. 

The Prime Minister sought suggestions towards improving ease of doing business in India, attracting more capital and furthering the reform process in the country.

”He appreciated the practical suggestions received from the representatives and said the government is committed to working to resolve the issues and challenges highlighted,” an official release said.

During the meeting, Modi discussed the efforts undertaken by the government to bring in more reforms, the future potential of initiatives like PM GatiShakti, and steps taken to reduce the unnecessary compliance burden.

He also mentioned the innovation happening in India at the grassroot level and the boost to the startup ecosystem.

Finance Minister Nirmala Sitharaman, who also participated in the meeting, is due to present on February 1 the Budget for the next fiscal year that starts on April 1, 2022.

Since coming to power in 2014, the BJP government has unveiled a series of reforms that has helped India climb on the global ease of doing business ranking.

It is now pushing for making India a manufacturing hub. Production-linked incentive schemes for sectors from automobiles to semiconductors and solar have been announced to attract global manufacturers to set up base in the country.

The release further said the venture capital and private equity fund representatives also talked about the entrepreneurial potential of the country, and how it can be leveraged so that India’s startups can attain global scale.

After the interaction, Munish Verma from Softbank said the investment climate in the country has become much more positive.

This, he said, could be seen in the amount of capital that has come to India, entrepreneurs that are being created and companies that are listed.

”So, overall I think it was a great interaction with the Prime Minister,” he said, adding that Modi gave some very good suggestions.

Sandeep Naik from General Atlantic said such interactions inspire funds to bring more capital to India, and to back up the great startup entrepreneurs of the country.

”…we plan to invest several billions of dollars in India. We already have about USD 5 billion invested in India. And I wouldn’t be surprised if in the next 10 years we invest about USD 10 to 15 billion in India, because this is one of the most critical destinations for us globally,” Naik said.

Lauding the initiatives taken to boost the startup ecosystem in the country, Siddarth Pai from 3one4 termed Modi as the ‘Startup Prime Minister’. Accel’s Prashant Prakash highlighted the opportunities that are present in the agri startups space, while Rajan Anandan from Sequoia suggested working towards making India the global hub in education by leveraging technology.

Vipul Roongta from HDFC said it was his first personal interaction with the Prime Minister and praised the policy initiatives that have been taken by the government in the housing sector, especially in the affordable housing segment.

The release further said Shantanu Nalavadi from India Resurgent praised the reforms undertaken by the country in the last 7 years, especially the step to set up the Insolvency and Bankruptcy Code (IBC). Blackstone’s Amit Dalmia opined that India is among the best performing geographies for Blackstone funds globally.

”The representatives also discussed the opportunities that are emerging because of India’s exemplary climate commitments including the ones in the sphere of energy transitions,” the release said.

They also gave inputs about areas like fintech, financial management, and Software as a Service (Saas). They also praised the Prime Minister’s vision of making India a USD 5 trillion economy. Others who were part of the interaction included Gopal Srinivasan from TVS Capitals, Renuka Ramnath from Multiples, Manish Kejriwal from Kedaara Capital, Ashley Menezes from Chrys, Vineet Rai from Aavishkar, and Shweta Jalan from Advent.

Ankur Gupta from Brookfield, Mukul Arora from Elevation, Sehraj Singh from Prosus, Ranjit Shah from Gaja Capital, Sunil Goyal from Yournest and Padmanabh Sinha from NIIF too attended the meeting with the Prime Minister.

Officials of PMO and the finance ministry were also present during the interaction.

(PTI)

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PM Modi Says Cryptocurrency Should Be Used To Boost Democracy, Not Harm It

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Crypto Bill that would potentially regulate the trading of cryptocurrencies in India is scheduled to be presented in Parliament after Cabinet approval.

Prime Minister Narendra Modi said on Friday that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.

Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is instead considering legislation to regulate their use.

“We must … jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it,” Modi told a virtual summit hosted by US President Joe Biden.

There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs. 40,000 crore, according to industry estimates. The government does not provide any official data.

Recently, Duvvuri Subbarao, the former Reserve Bank of India (RBI) governor, expressed his concerns regarding cryptocurrencies. Subbarao said that if legalised, cryptocurrencies can rob the central bank of its control on money supply and inflation management in the country. Subbarao shared his assessment while addressing a webinar organised by the National Stock Exchange (NSE) and New York University (NYU) Stern School of Business this week.

The developments come amid India’s plan of banning all private cryptocurrencies from operating in the country was listed as an agenda to be discussed in the ongoing winter session of the Parliament last month.

The proposed legislation also seeks to make those who infringe the law subject to be arrested without a warrant and being held without bail along with being liable to pay hefty fines.

The bill will be presented before the Indian parliament after it gets approvals from the Union Cabinet.

(Reuters)

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Technology Firms Should Contribute To Preserving Democratic Societies: PM Modi

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Biden hosted the summit for democracy and representatives from over a hundred countries are attending it. 

Technology firms should contribute to preserving democratic societies as technology has the ability to impact democracy “positively or negatively”, Prime Minister Narendra Modi said on Thursday at a virtual summit hosted by US President Joe Biden. Biden hosted the summit for democracy and representatives from over a hundred countries are attending it. 

In his address, Modi also outlined sensitivity, accountability, participation, and reform orientation as four pillars of Indian democratic governance, sources said. He also stressed that principles of democracy should also guide global governance and highlighted India’s civilisational ethos as one of the original sources of democracy, they said.

The prime minister said that the democratic spirit, including respect for rule of law and pluralistic ethos, is ingrained in Indians, the sources said. The Indian diaspora carries it too, thereby contributing to the economic well-being and social harmony of their adopted homes, they said.

In his remarks, Modi recalled that exactly on this date 75 years ago, India’s Constituent Assembly had held its first session. The prime minister emphasised the need for democratic countries to deliver on values enshrined in their constitutions, the sources said.

“He stressed that principles of democracy should also guide global governance; and that given technology’s ability to impact democracy positively or negatively, technology companies should contribute to preserving open and democratic societies,” said a source.

As a special gesture, Modi was invited to participate in the main ‘Leaders’ Plenary Session’ hosted by President Biden. This closed-door session saw interventions from 12 select countries, including India.

On Friday, Modi will deliver India’s national statement. This will be open to the public.

(PTI)

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