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If India Takes Initiative In Futuristic Areas We Will Lead Industry 4.0: PM

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Prime Minister Narendra Modi says that the abundant availability of data and technology in 21st-century India will help science

If the country takes initiative in futuristic areas India will be in a position to lead industry 4.0, said Prime Minister Narendra Modi on Tuesday while addressing the 108th Indian Science Congress (ISC).

PM Modi also said that India’s scientific community will ensure a deserving place for our country.

Prime Minister Modi highlighted the role of India’s scientific strength in India’s story of development over the next 25 years. 

“When the spirit of national service gets infused in Science along with passion, results are unprecedented. I am sure, India’s scientific community will ensure a place for our country of which it was always deserving,” he said.

Pointing out that observation is the root of science, and it is by such observation that scientists follow patterns and arrive at required results, he mentioned the importance of gathering data and analysing results. 

He highlighted the abundant availability of data and technology in 21st-century India and said that it has the potential to take Indian Science to new heights. 

PM also informed that the field of data analysis is moving forward at a meteoric pace which is of great help in converting information into insight and analysis into actionable knowledge. 

“Be it traditional knowledge or modern technology, each one plays a crucial role in scientific discovery,” the Prime Minister remarked. 

He also emphasised the need to strengthen the scientific processes by applying various techniques of research-led development. 

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UK Business Confidence At Its Lowest Since March 2021

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The employers’ number expecting a rise in staffing levels surged for the first time in five months which portrayed the better outlook of almost half of firms. However, the outcomes underscore the turmoil in the economy after the sudden resignation of UK’s former prime minister Liz Truss and handed power to Rishi Sunak

United Kingdom (UK) business confidence reached to its lowest since the beginning of Covid-19 from March 2021. It was when the UK was fighting with a coronavirus lockdown in spite of few firms expecting a growth in trading prospects. Analysts believed that confidence fell 1 point to 15 per cent in October.

The employers’ number expecting a rise in staffing levels surged for the first time in five months which portrayed the better outlook of almost half of firms. However, the outcomes underscore the turmoil in the economy after the sudden resignation of UK’s former prime minister Liz Truss and handed power to Rishi Sunak.

Reversing all the tax cuts offered, the new government is planning a fiscal statement on 17 November which will focus in tightening austerity on the public finances.

Experts believe that moving towards winter months, energy price increases will start to showing bad effects and continued pressure on pay expectations is still being witnessed.

The confidence has seen marginal fall this month, and this has come in a time of great economic uncertainty, according to an analyst.

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Fintech Sector Needs To Work Continuously On Security: PM Modi

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PM said the fintech sector in India is inclusive and needs constant attention to empower the poorest of the poor by providing them quality financial services

Prime Minister Narendra Modi on Tuesday has said that the fintech sector needs to work continuously on security to maintain the confidence of the people. 

Modi in his message at the ‘Global Fintech Fest’, said that this field is a testimony to how wonders can be realised when a government that promotes innovation and young and inventive minds come together.

“Innovation has been our mantra for inclusion – the JAM trilogy revolutionised public distribution, UPI’s success in popularising digital payments, and India’s identity as an innovation hub in the fintech and startup space,” he said in the message. The JAM trilogy consists of Jan Dhan, Aadhar and Mobile. 

He said that with a large number of unbanked population, we are reaching the state of banking for all and even now we are also digitally equipped. It has been an unprecedented journey. He said, people in the fintech domain are well aware that constant innovation is essential. There is a need to act fast and consistently to ensure safety and trust.

PM also said the fintech sector in India is inclusive and needs constant attention to empower the poorest of the poor by providing them quality financial services. He expressed confidence that the deliberations at the event will focus on how the FinTech sector can play a vital role in the ‘Elixir of Time’, thereby building a strong, prosperous and inclusive India.

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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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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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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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PM to launch RBI’s retail direct, integrated ombudsman schemes on Friday

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In a statement on Thursday, the Prime Minister’s Office (PMO) said the RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors.

Prime Minister Narendra Modi will launch two innovative, customer-centric initiatives of the Reserve Bank of India (RBI), the retail direct scheme and the integrated ombudsman scheme, via video-conferencing on Friday.

In a statement on Thursday, the Prime Minister’s Office (PMO) said the RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors.

It offers them a new avenue for directly investing in the securities issued by the Centre and the state governments. The investors will be able to easily open and maintain their government securities accounts online with the RBI for free, it added.

The Reserve Bank-Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank.

The PMO said the central theme of the scheme is based on “One Nation-One Ombudsman” with one portal, one e-mail address and one postal address for the customers to lodge their complaints.

There will be a single point of reference for the customers to file their complaints, submit documents, track the status of their complaints and provide feedback. A multi-lingual toll-free phone number will provide all the relevant information on grievance redress and assistance for filing complaints.

PTI

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