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

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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.

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Build Bridge between Artificial Intelligence, Human Intentions: PM Modi Urges Technocrats

Observing that there is a conspiracy to present technology as a challenge for India's demographic dividen

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Modi, Human, AI
He said the emphasis should be on ways to upgrade skills as per the demand. "Let AI be just another aid, which is little more sophisticated," he said. Pixabay

Stressing integration and right balance between human and artificial intelligence (AI), Prime Minister Narendra Modi here on Sunday said the debate on AI should focus on bridging the gap between human intentions and AI, and not its likely negative impact.

Speaking at the launch of book ‘Bridgital Nation’, written by N. Chandrasekaran and Roopa Purushottam, Modi said, “The debate should not be on what are the dangers from AI, but how to bridge the gap between artificial intelligence and human intentions.”

He said the emphasis should be on ways to upgrade skills as per the demand. “Let AI be just another aid, which is little more sophisticated,” he said.

Observing that there is a conspiracy to present technology as a challenge for India’s demographic dividend, he said, “Human intentions and right intentions” were important for AI’s operations. Technology and talent were force multipliers, rather than a threat, he said. Technology was a bridge between aspirations and achievements, he added.

Modi, Human, AI
Speaking at the launch of book ‘Bridgital Nation’, written by N. Chandrasekaran and Roopa Purushottam, Modi said, “The debate should not be on what are the dangers from AI, but how to bridge the gap between artificial intelligence and human intentions.” Pixabay

The Prime Minister narrated how technology had been a key component of government schemes to reform, transform and perform. He mentioned about the use of data intelligence, digital mapping and real time monitoring in Ujjwala Yojana, which has transformed the lives of millions of women. He also talked about how technology had helped in empowering people through schemes, like Jan Dhan Yojana and Ayushman Bharat.

Modi said his government had used technology to remove silos among departments and build a bridge between supply and demand through innovative ideas, like the Government e-market Place (GeM). He explained how technology was used to create a robust startup system in the country, especially in tier 2 and 3 cities, which helped in development of a new ecosystem of startups.

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On the need to convert challenges posed by technology into opportunities, Modi cited the example of creation of India Post Payment Bank. The disruption caused by technology to the entire postal organisation had converted it into a tech-intensive banking system, benefiting millions through postal bank, he added. (IANS)