Sunday June 16, 2019
Home World India and UAE...

India and UAE to raise $75 billion infrastructure fund; UAE to ally with India against terrorism

0
//
Photo: India Today

By NewsGram Staff-Writer

Abu Dhabi: In order to tap into the huge potential of the infrastructure sector in India, India and UAE have decided to set up an infrastructure fund and raise up to $75 billion.

Photo Credit: NDTV
Photo Credit: NDTV

The fund would be used to invest in India’s expansion projects in infrastructure sector especially in railways, ports, roads, airports, industrial corridors and parks.

Prime Minister Narendra Modi on Monday had offered $1 trillion investment opportunity and had strongly urged the UAE’s businessmen to invest in India.

Modi had addressed a round-table conference of businessmen at Masdar and had appealed to them to invest saying, India now has a decisive government and several sectors like defense, railways, insurance etc. have been opened for foreign investments.

India and UAE have decided to promote strategic partnership in energy sector and also assist involvement of Indian companies in infrastructure projects in UAE. India has also decided to partner with UAE in developing petroleum reserves and to promote and expand trade in respective regions.

India would assist UAE to create an industrial base by letting UAE tap into its expertise in small and medium enterprises.

On the educational and scientific front, both the countries have decided to have collaboration between their educational institutions and further encourage scientific collaboration in areas such as renewable energy, desert ecology, healthcare etc.

In a significant move, Prime Minister Narendra Modi and Crown Prince Sheikh Mohamed bin Zayed AI Nahyan agreed to join hands against terrorism, radicalism and organized crime. With this, UAE has decided to align with India in its fight against terrorism, moving away from its traditional ally- Pakistan.

The joint statement released said: “oppose terrorism in all forms and manifestations … calling on all states to reject and abandon the use of terrorism against other countries, dismantle terrorism infrastructures where they exist, and bring perpetrators of terrorism to justice.” The statement then asked all countries “to fully respect and sincerely implement their commitments to resolve disputes bilaterally and peacefully, without resorting to violence and terrorism.

Next Story

Can Modi’s ‘AIM’ Challenge Global Manufacturing Hub China’s Dominance?

PM Modi has set his eye on water management, agriculture and security issues

0
Modi, AIM, Global
The prime focus of the government as well as NITI Aayog remains on accelerating the pace of manufacturing sector in India. Flickr

Eyeing the global revolution in tech-innovations, the Modi government, in its second avatar, is all set to redefine the scope of ‘Knowledge and Innovation’ at NITI Aayog. Before leaving for his foreign visit to the Maldives, Prime Minister Narendra Modi held a series of meetings with technocrats, top officials and key cabinet colleagues, discussing how to radically redefine innovations and technology on manufacturing front to compete with China.

Over all, the prime focus of the government as well as NITI Aayog remains on accelerating the pace of manufacturing sector in India. On domestic front, PM Modi has set his eye on water management, agriculture and security issues and he would likely underline his priorities once he chairs the first big meeting of NITI Aayog, on June 15.

In the wake of sharp criticism from West Bengal Chief Minister Mamata Banerjee and Congress leader Rahul Gandhi on the alleged failure of NITI Aayog, the government now seems more determined to take the Aayog to a new height, inducting domain specialists at the rank of Joint Secretary and above.

“The PM’s dream project is the success of the Atal Innovation Mission,(AIM) the flagship project of NITI Aayog to promote innovation and entrepreneurship in the country. If AIM takes off well, the country would soon be a substitute for China as a global manufacturing hub. In fact AIM complements Make In India, Digital India and Start up India mega projects,” said a senior NITI Aayog official.

Modi, AIM, Global
Prime Minister Narendra Modi held a series of meetings with technocrats. Pixabay

To provide impetus to the industrial growth, the NITI Aayog Vice Chairman Rajiv Kumar recently told media that a slew of big bang economic reforms are being pursued by the Modi government. These include change in labour laws, privatization moves and land banks for new industrial development. Once the stage is set for a positive industrial environment, the innovation mission will finally accelerate the growth of the manufacturing sector.

Global tech giants such as Adobe, Amazon, Dell, IBM, Intel and Microsoft are already partnering with Atal Innovation Mission. The AIM project serves as a platform for promotion of world-class innovation hubs, and self-employment activities in technology-driven areas.

Through AIM, the government expects a radical change in country’s MSME industry.

Earlier in Modi’s first tenure as PM, his Cabinet Minister Kalraj Mishra and later Minister for State (Independent Charge) Giriraj Singh did not impress the business fraternity while running the ministry for Micro, Small and Medium Enterprises (MSME). In an after thought, Modi in his second innings gave the charge of this crucial ministry to Nitin Gadkari, known for delivering the goods on time.

Also Read- US-China Trade War Sparks Worries about Rare Earth Minerals

“Modi ji had spoken about the project to Gadkari ji. He (Gadkari) was more than willing to take up this challenge. I am sure MSME would now be one of the most important ministries in the government as it also addresses the problem of unemployment and lack of a fast-paced industrial growth,” said a BJP leader close to Gadkari.

Another big change on the scene is the Atal Tinkering Labs (ATL). It is Modi’s long-term plan for revolutionizing the young Indian minds. The ATLs are innovation workplaces where do-it-yourself kits on latest technologies like 3D printers, Robotics, Internet of Things, are installed at schools using the government grant. The mission director of AIMs , R. Ramanan, an IITian, says that by next year 10,000 ATL workplaces in the Indian schools will bring radical change in the near future in the field of innovation.

The objective of PM Modi through mega ATL project, is to enable India to become a global leader in technology and innovations, the key to rule the modern-day industries. (IANS)