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

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

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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.

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“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)