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PM Modi proposes annual BRICS trade fair, $100 billion contingency reserve arrangement

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Ufa (Russia): Prime Minister Narendra Modi on Thursday proposed that the BRICS nations host an annual trade fair, adding that India would be happy to host the first such event of the five-nation bloc.

“I will propose an annual BRICS trade fair. India will be happy to host the first BRICS trade fair,” Modi said in his remarks at the BRICS Business Council meeting at the seventh BRICS Summit.

Narendra-ModiModi said that economic cooperation among the five countries of Brazil, Russia, India, China and South Africa is very important and would give a boost to manufacturing.

Modi spoke in Hindi and stressed the five nations should create synergies seeing each other’s advantages.

He said cooperation would also give a boost to skill development.

He said the BRICS New Development Bank has become a reality and has an Indian as its head in M.V. Kamath.

He proposed cross-BRICS collaboration and said the $100 billion BRICS Contingency Reserve Arrangement would help calm the economies.

He said customs arrangement among the BRICS nations would be a major step in boosting trade.

The five BRICS countries represent almost three billion people, or approximately 40 percent of the world population and have a combined GDP of $16.039 trillion, or 20 percent of the gross world product.

Russia’s Bashkortostan is hosting the seventh BRICS summit and the 15th Shanghai Cooperation Organization (SCO) summit in capital Ufa where around 10,000 visitors are expected during the two back-to-back summits.

The BRICS summit is set to formalize the $100 billion BRICS New Development Bank and a currency reserve pool worth another $100 billion.

Russia assumed the BRICS rotating leadership in April 2015. (IANS)

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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)