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Inclusive Growth

PM Modi Highlights Role of Digital Public Infrastructure and AI in Global Inclusive Growth

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Prime Minister Narendra Modi emphasized the transformative potential of Digital Public Infrastructure (DPI), Artificial Intelligence (AI), and data-driven governance in achieving inclusive global growth. Responding to a post by WTO Director-General Dr. Ngozi Okonjo-Iweala, the PM highlighted their pivotal role in reshaping lives worldwide: “Thank you for your support and valuable insights. The emphasis on Digital Public Infrastructure, AI and data for governance is key to achieving inclusive growth and transforming lives globally.” Strengthening SDGs with Technology PM Modi’s vision aligns with global initiatives like the Global Digital Compact and the Global DPI Summit 2024, which underscore the need for equitable deployment of technology. The seamless integration of DPI and AI is proving instrumental in creating jobs, enhancing healthcare and education, and reducing inequality. Technology, when inclusive and citizen-centric, unlocks new avenues for growth and strengthens faith in democratic principles. Systems built with open, interoperable, and scalable designs enable businesses of all sizes to connect efficiently, empowering families and communities while fostering economic resilience. Prioritizing Privacy and Trust PM Modi stressed the need for transparent, secure, and equitable data governance principles to protect privacy and intellectual property while ensuring trust in digital systems. Foundational and frontier AI models trained on diverse datasets were highlighted as critical for accommodating global cultural and linguistic diversity. Indian Culture Resonates Globally In a separate post, PM Modi lauded Jonas Masetti and his team for promoting Indian culture through their Sanskrit performance of the Ramayan. “It is commendable how Indian culture is making an impact all over the world. I had mentioned Jonas during a #MannKiBaat program for his passion towards Vedanta and the Gita,” the PM said. This dual emphasis on leveraging modern technology and celebrating cultural heritage underscores India’s holistic approach to sustainable, inclusive development on the global stage. Source: pmindia.Gov.in Photo Credit: pmindia.Gov.in

Delhi Budget 2024-25: Atishi Boosts Education, Women’s Welfare with Rs 16,400 Cr Allocation

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Delhi’s Finance Minister, Atishi, unveiled the Budget 2024-25 in the state Assembly, emphasizing significant allocations for education and women’s welfare. With an outlay of Rs 76,000 crore, Atishi allocated Rs 16,396 crore for the education sector, aiming to enhance educational infrastructure and accessibility. A key highlight of the budget was the introduction of the ‘Mukhyamantri Mahila Samman Yojana,’ offering Rs 1,000 monthly aid to women above 18 years old, effective from the fiscal year 2024-25. This initiative aims to empower women economically and address gender disparities. Under the health sector, Atishi proposed a budget of Rs 8,685 crore, focusing on improving healthcare facilities, including funding for hospitals, mohalla clinics, and essential medicines. Additionally, the budget allocated Rs 6,216 crore for various social welfare schemes, emphasizing support for marginalized communities. The education budget prioritizes teacher training, school construction, and maintenance, with allocations of Rs 100 crore for teacher training, Rs 150 crore for school construction, and Rs 45 crore for classroom maintenance. Furthermore, Rs 42 crore was proposed for Schools of Specialised Excellence, enhancing educational opportunities for students. In addressing infrastructure needs, the budget allocated Rs 3,353 crore for the power sector, Rs 7,195 crore for the Delhi Jal Board, and Rs 1,768 crore for road and flyover projects. The housing and urban development sector received Rs 9,800 crores, while public transportation was allotted Rs 5,702 crore. Notably, Atishi emphasized the Delhi government’s commitment to local governance, allocating Rs 8,423 crore to the local body, prioritizing education, healthcare, and sanitation. This holistic approach aims to foster community development and ensure equitable access to essential services. Reflecting on Delhi’s progress, Atishi highlighted the significant growth in Gross State Domestic Product (GSDP) and per capita income over the past decade. The budget underscores the government’s vision for inclusive growth and transformative change, aligning with the AAP’s principles of transparency and accountability. The budget presentation marks a milestone in Delhi’s journey towards socio-economic development, guided by a commitment to empowerment, education, and holistic welfare.

Finance Minister Unveils Ambitious Economic Reforms in Interim Budget for 2024-25

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Finance Minister Nirmala Sitharaman outlined a comprehensive set of economic reforms aimed at driving growth in India, presenting the interim budget for 2024-25. This budget is deemed as an economic manifesto for the Bharatiya Janata Party (BJP) and is expected to provide crucial insights into the government’s plans for fiscal consolidation, borrowings, and future taxation policies in the run-up to the 2024 Lok Sabha elections. Finance Minister Nirmala Sitharaman announced a series of major initiatives aimed at driving economic growth and addressing societal challenges. Here are the key initiatives highlighted in the budget: Capital Spending Boost: The capital spending for the fiscal year 2024-25 sees a substantial 11% increase, reaching ₹11.11 lakh crore, equivalent to 3.4% of the GDP. This boost is expected to have a multiplier effect on economic growth and employment. Aviation Sector: Indian air carriers have placed orders for 1,000 new aircraft, signaling a significant move to strengthen the aviation industry. Deep Tech for Defense: A new scheme is set to be launched to strengthen deep tech capabilities in the defense sector, showcasing the government’s commitment to technological advancements in national security. Agricultural Investments: The government plans to promote both public and private investments in post-harvesting agriculture activities. Additionally, the application of nano Di-Ammonium Phosphate (DAP) on various crops will be expanded across different agri-climatic zones. Railway Infrastructure: Three major railway corridors, including one dedicated to cement transportation, will be constructed. Additionally, 40,000 normal railway bogies will undergo conversion to meet the Vande Bharat standard. GDP Redefined: Minister Sitharaman introduced a new definition for GDP, focusing on governance, development, and performance as the key components. Skill India Mission: Over 1.4 crore youth were trained and upskilled under the Skill India Mission, highlighting the government’s commitment to enhancing employability through skill development programs. Macroeconomic Stability: Sitharaman emphasized macroeconomic stability, assuring that the country’s economy is on a positive trajectory. Inclusive Focus: The budget reiterated the government’s commitment to addressing systemic inequalities, with a specific emphasis on outcomes for the poor, women, youth, and farmers. Sitharaman emphasized a focus on outcomes rather than outlays. Foreign Investment Encouragement: Measures were proposed to encourage sustained foreign investment, including negotiating bilateral investment treaties. Rs. 75,000 crores will be provided as interest-free loans to support milestone-linked reforms by state governments. Societal Changes: A high-powered committee will be formed to comprehensively address challenges arising from population growth and demographic changes, providing recommendations for comprehensive solutions. Tax Proposals: In a move aimed at the upcoming elections, Sitharaman proposed the withdrawal of all pending tax demands up to ₹25,000 until 2009-10 and ₹10,000 until 2014-15, benefiting 10 million taxpayers. The income tax rates remained unchanged, reflecting confidence in the overall economic scenario. Fiscal Deficit: The budget showcased a better-than-expected fiscal deficit of 5.8%, with a target of 5.1% in 2024-25, a development welcomed by experts. Transformative Initiatives: The budget outlined transformative initiatives spanning various sectors, including rooftop solarisation, electric vehicle charging, post-harvest activities, housing for the middle class, expansion of medical colleges, vaccination for girls, comprehensive maternal and child healthcare program, and extension of Ayushman Bharat coverage. The comprehensive set of initiatives unveiled in the interim budget reflects the government’s commitment to steering the economy towards a robust and resilient future.

Global Leaders Convene in New Delhi for 18th G20 Summit

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The 18th G20 Summit, hosted by India, kicked off today in the national capital, New Delhi, with more than 30 heads of state, top officials from the European Union, and invited guest countries in attendance. The two-day summit is being held at the newly inaugurated Bharat Mandapam, and it promises to address critical global challenges under the theme “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future.” The summit commenced with world leaders arriving at the venue, Bharat Mandapam, from 9.30 am onwards. The first session of the G20 Summit, titled ‘One Earth,’ took place at around 10.30 am. This session is dedicated to accelerating climate action, focusing on increased mitigation efforts and strengthening the global net zero emission agenda as soon as possible. The theme underscores the interconnectedness of all life forms on Earth, emphasizing the value of human, animal, plant, and microorganism life. In the evening, a dinner hosted by the President of India, Droupadi Murmu, was scheduled to bring together foreign delegates, parliamentarians, and ministers, along with former senior leaders of the nation. Key leaders attending the event include US President Joe Biden, British Prime Minister Rishi Sunak, Saudi Crown Prince Mohammed Bin Salman, Canadian Prime Minister Justin Trudeau, and Japanese Prime Minister Fumio Kishida. However, notably absent from the summit are Chinese President Xi Jinping and Russian President Vladimir Putin. China will be represented by Chinese Premier Li Qiang, while Russian Foreign Minister Sergey Lavrov will represent Russia. This marks India’s first time hosting the G20 Summit, with extensive preparations showcasing India’s tradition and strength. During its presidency, India has focused on various critical issues, including inclusive growth, digital innovation, climate resilience, and equitable global health access. India seeks to achieve the dual objectives of adding the African Union as a member of the G20 and resolving disagreements related to a joint statement concerning the conflict in Ukraine. The participating countries in the G20 Summit include Nigeria, Argentina, Italy, the African Union (represented by Comros), South Africa, Bangladesh, the United Kingdom, Japan, Saudi Arabia, the Republic of Korea, Egypt, Australia, the United States, Canada, China, the United Arab Emirates, Brazil, Indonesia, Turkey, Spain, Germany, France, Mauritius, the European Union, and Singapore. A warm welcome was extended to world leaders upon their arrival in Delhi, with Prime Minister Narendra Modi expressing confidence that the summit would chart a new path toward human-centric and inclusive development. Leaders who have arrived in the national capital for the G20 Summit include US President Joe Biden, UK Prime Minister Rishi Sunak, Bangladesh Prime Minister Sheikh Hasina, Italian Prime Minister Giorgia Meloni, Argentina President Alberto Fernandez, and Japan Prime Minister Fumio Kishida. The leaders were welcomed with traditional dance performances. Other distinguished attendees include Chinese Premier Li Qiang, UN Secretary-General Antonio Guterres, Oman Deputy Prime Minister Asaad bin Tariq bin Taimur, Russian Foreign Minister Sergey Lavrov, South Korean President Yoon Suk Yeol, Egypt President El-Sisi, UAE President Mohammed bin Zayed Al Nahyan, Australian Prime Minister Anthony Albanese, Canadian Prime Minister Justin Trudeau, Turkish President Recep Tayyip Erdogan, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, and Brazilian President Luiz Inacio Lula da Silva. Additionally, African Union Chairperson Azali Assoumani, United Nations Secretary-General Antonio Guterres, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, Mauritius Prime Minister Pravind Kumar Jugnauth, Organisation for Economic Cooperation and Development (OECD) Secretary-General Mathias Cormann, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala, and European Commission President Ursula von der Leyen have also arrived in Delhi to participate in the summit. The 18th G20 Summit holds the promise of fostering collaborative solutions for the benefit of the global population and contributing to overall global well-being in a rapidly changing world.