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Development Goals Can Be Achieved By Focusing On Investment And Human Capital: PM

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Prime Minister Narendra Modi said, “These are uncertain times, still most of the nations are convinced about the fundamentals of the Indian economy.”

The goals of development can be achieved only by focusing on investment and human capital, said Prime Minister Narendra Modi on Wednesday 

While addressing the inaugural function of Invest Karnataka 2022, the Global Investors Meet of the state, he said that the brand Bengaluru comes foremost to mind when it comes to talent or technology. 

PM Modi said, “Through this meet, states can target specific sectors and forge a partnership with other countries,” he added and expressed happiness that thousands of crores of partnerships are planned at this meet which will result in boosting employment for the youth of the nation.

The Prime Minister said that in the 21st century, from its current position, India has only to move forward. India received a record foreign investment of 84 billion dollars last year. 

Referring to the sense of global optimism towards India, he said, “These are uncertain times, still most of the nations are convinced about the fundamentals of the Indian economy.” 

In this period of fragmentation, India is moving with the world and giving emphasis on working with the world. India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain, he said. 

Despite a climate of market saturation, our domestic markets are strong due to the aspirations of our citizens. 

The Prime Minister highlighted that even in times of a global crisis, experts, analysts and economists have hailed India as a bright spot.

“We are continuously working towards cementing our fundamentals to further strengthen India’s economy with each passing day,” Modi said. 

The Prime Minister stressed the need to understand the trajectory of the Indian economy. 

He explained the change of approach from 9-10 years ago when the country was grappling with policy and implementation-related issues. 

He underlined that “instead of trapping the investors in the red tape, we created an environment of the red carpet for investment, and instead of making new complicated laws, we rationalised them.”

nirmala sitharaman

Govt Ready To Talk, Address Concerns And Prevent Start-Ups From Moving Abroad: Sitharaman

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The government’s policies have created a favourable environment which has resulted in having more than 100 unicorns in India today. Government will interact with the ones who look forward to move overseas, to help them stay in India

Union Finance Minister Nirmala Sitharaman said that the government is ready to talk with the start-ups and address their issues as much as it can, on 11 October. Government will interact with the ones who look forward to move overseas, to help them stay in India. 

Informing a think-tank, she said that Prime Minister Narendra Modi himself is involved in start-ups initiative. The government’s policies have created a favourable environment which has resulted in having more than 100 unicorns in India today. 

“The Prime Minister himself have been engaged by me with the start-ups to know what they want from India. And we kept addressing the concerns as much as possible. Now as a result of which, we saw new Unicorns reached 100 in number within a year,” Sitharaman said in response to a question. 

Sitharaman was asked about the successful Indian start-ups moving out of the India to which she replied, “I’ve heard this from others as well. Start-ups are moving abroad in countries like Singapore and UAE. Well, if they want to talk to the Government of India, they may. And after hearing it if it’s possible, we’ll certainly attend to them.”

“So, I would think continuous engagement with the startups is what is going to help them to remain and do better within India. But, there temptations to go outside, build a common ground and serve on those courses. Not all of them are possible but equally, we can try,” she further added. 

The finance minister talking about taking special efforts to encourage start-ups in the Northeast by the Indian government said, “I myself have had meetings with chief ministers of those regions about start-ups. Particularly IIT Guwahati, has a lot of interaction with industry and also has potential to address challenges with solutions for the start-ups to come up.” 

“I find this unique in the Northeast, very typical for the Northeast kind of solutions emanating from start-ups which are coming up in that area,” she added.

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“5G Will Provide Infinite Opportunities In India”: PM

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“With 5G, India is setting global standards in telecom technology for the first time,” the Prime Minister added

New India will not remain a mere consumer, but will play an active role in the development and implementation of technology, said Prime Minister Narendra Modi on Saturday. 

While launching the 5G network at the Indian Mobile Congress, PM Modi said that India will play a big role in designing the future wireless technology and manufacturing related to it. 

“Today, on behalf of the country, from the telecom industry of the country, 130 crore Indians are getting a wonderful gift in the form of 5G. I congratulate every Indian for this very much,” he said. 

Talking about the past, Modi said that at the time of 2G, 3G and 4G, India was dependent on other countries for technology. However, with 5G, India has created history.

“With 5G, India is setting global standards in telecom technology for the first time,” the Prime Minister added. 

He also shed light on the Digital India mission and said that some people think that this is just a government scheme. It is not just a name, but a big vision for the development of the country.

“The goal of this vision is to take that technology to the common people, which works for the people, works with the people,” the PM stated. 

He also said that from exporting zero mobile phones in 2014, today we have become a mobile phone exporting country worth thousands of crores.

“Naturally, all these efforts have had an impact on the cost of the device. Now we have started getting more features at a lower cost,” he added. 

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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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Look Forward To Exchange Views On Regional, Global Issues At SCO Summit: PM

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PM Modi will hold bilateral meetings with some of the global leaders attending the summit, according to the statement from Prime Minister’s Office (PMO)

Ahead of his visit to Uzbekistan, Prime Minister Narendra Modi on Thursday said that he is looking forward to exchanging views on topical, regional and international issues at the Shanghai Cooperation Organisation (SCO) summit. 

Modi in a statement said I look forward to exchanging views on the expansion of SCO and on further deepening of multifaceted and mutually beneficial cooperation within the organisation. 

“Under the Uzbek Chairship, a number of decisions for mutual cooperation are likely to be adopted in areas of trade, economy, culture and tourism,” he said. 

PM Modi also said that he is looking forward to meeting President of Uzbekistan Shavkat Mirziyoyev.

Meanwhile, Modi and Chinese President Xi Jinping are also going to come face-to-face on Friday for the first time after the deadly Indo-China border dispute in 2020.

The summit will also be attended by Russian President Vladimir Putin amid the unprovoked attack and invasion of Ukraine by Russia.

economy

India Is On Track To Become Third-Largest Economy By 2030: Capital Economics

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At current market exchange rates, India recently passed the UK to take over as the fifth-largest economy in the world

According to Capital Economics,an independent economic research business based in London, India is on track to overtake the US and China as the third-largest economy by 2030, leading emerging nations that are expected to contribute more than half of the world’s GDP over the next ten years.

At current market exchange rates, India recently passed the UK to take over as the fifth-largest economy in the world.

Capital Economics predicts that India’s real GDP would rise at a 6 percent annual rate from 2022 to 2030.

The London based firm predicted that emerging economies with high population growth, solid industrial sectors, or those that stand to profit from a greening of the global economy will move up the GDP league table during the next decade.

India’s economy has recovered from the epidemic, but it is facing headwinds from inflation, monetary tightening, and global uncertainty.

However, according to finance minister Nirmala Sitharaman the Reserve Bank of India(RBI) is optimistic that it would conduct monetary policy without major hiccups.

After maintaining policy ultra-accommodative for two years due to the coronavirus epidemic, the central bank has just boosted interest rates substantially in order to cool red-hot inflation.

Meanwhile, the administration of PM Narendra Modi is attempting to promote growth by focusing on infrastructure, enabling private investment, and implementing economic reforms. Modi’s goal is for India to become a developed economy within the next 25 years.

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Modern Infrastructure To Make India A Developed Nation: PM

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The Prime Minister said that Indians have taken a colossal resolution to build a developed India in the coming 25 years

Modern infrastructure has a big role in this roadmap of developed India, said Prime Minister Narendra Modi on Friday while laying the foundation stone of various projects of Kochi Metro and Indian Railways worth over Rs 4500 crore in Kochi. 

The Prime Minister said that Indians have taken a colossal resolution to build a developed India in the coming 25 years. He recalled that in 2017, he had the honour of inaugurating the Kochi Metro. Today, the Phase I extension of the Kochi Metro is being inaugurated and the foundation stone for the second phase of the Kochi Metro is also being laid. 

The Prime Minister said, “The second phase of the Kochi Metro is going to be a boon for the youth and professionals. “Impetus-led development is taking place in the entire country when it comes to transport and urban development.” Remarking on the implementation of The Unified Metropolitan Transport Authority in Kochi, PM Modi said that this authority will work to integrate all the modes of transport, such as metro, bus, waterway etc. 

With this model of multimodal connectivity, the city of Kochi will have three direct benefits. This will reduce the travel time of the people of the city, reduce the traffic on the roads and reduce the pollution in the city, PM Modi said. “To protect the environment, India has taken the colossal pledge of net zero, it will also help in that. This will reduce the carbon footprint,” he added.

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PM Inaugrates Projects Worth 4000 Cr In Bhuj

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“You can see that amidst death and disaster, we made some resolutions in 2001 and we realized them today. Similarly, what we resolve today, we will surely realise in 2047,” PM Modi said

Prime Minister Narendra Modi on Sunday inaugurated and laid the foundation stone of projects worth around Rs 4,400 crore in Bhuj. The Prime Minister also inaugurated the Kachchh Branch Canal of the Sardar Sarovar Project. The total length of the Canal is around 357 KM, according to the PMO.  PM Modi also inaugurated the Smriti Van Memorial to celebrate the spirit of resilience shown by the people after the death of around 13,000 people who had lost their lives during the 2001 earthquake which had its epicentre in Bhuj. 

“You can see that amidst death and disaster, we made some resolutions in 2001 and we realized them today. Similarly, what we resolve today, we will surely realise in 2047,” PM Modi said.  He said that there were many who said that Kutch will never be able to stand on its feet. But today, the people of Kutch have completely changed the scenario.  The development of Kutch is a perfect example of a meaningful change with ‘Sabka Prayas’, he 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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India Guiding World In Fourth Industrial Revolution: PM

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During the programme, he also launched multiple digital initiatives aimed at enhancing the accessibility of technology, streamlining service delivery to ensure ease of living and giving a boost to startups

India is guiding the world in the fourth industrial revolution, said Prime Minister Narendra Modi while inaugurating the Digital India Week 2022.The Prime Minister said, “With the passage of time, the country which does not adopt modern technology, time moves ahead leaving it behind. India was a victim of this during the third industrial revolution.” Modi said that due to this technology, 2 lakh 23 thousand crore rupees of the country have been saved from falling into the wrong hands. 

He said digital India has brought the government to the doorsteps and phones of the citizens. More than 1.25 lakh common service centres and grameen stores are now taking e-commerce to rural India. Similarly, property documents for rural properties are being provided by the use of technology. On the use of technology during the pandemic, the Prime Minister said that the power that Digital India has created in the country in the last eight years has helped India a lot in combating the Corona global pandemic. 

“We have transferred thousands of crores of rupees to the bank accounts of crores of women, farmers, labourers of the country at a single click. With the help of the one nation one ration card, we have ensured free ration to more than 80 crore countrymen.” We have run the world’s largest and most efficient covid vaccination and covid relief program. Through our Cowin platform about 200, vaccine doses have been administered and certificates given, said the Prime Minister.

The Prime Minister informed about the focus of skilling, upskilling and reskilling the 14-15 lakh youths for Industry 4.0 in the coming 4-5 years. He said,” Be it space, mapping, drones, gaming and animation, many such sectors which are going to expand the future of digital technology, they have been opened for innovation. Provisions like IN-SPACe and new drone policy will give new energy to India’s tech potential in the coming years in this decade.” The Prime Minister informed that today, India is working on the target of taking electronics manufacturing to more than USD 300 billion in the next three-four years. India wants to become a chip maker from a chip maker. Investment is rapidly increasing in India to increase the production of semiconductors. 

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