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World should make use of opportunities in digital and technology space to invest in India: PM Modi

July 1, 2022 by government.economictimes.indiatimes.com Leave a Comment

World should make use of opportunities in digital and technology space to invest in India: PM Modi Prime Minister Narendra Modi said the government is working to provide high-speed internet to every village in a video message while inaugurating the new ‘smart’ campus of Bosch India located in Bengaluru.

“The 76-acre site is Bosch’s first smart campus in India and features multiple smart solutions based on sustainability, security, and user experience for associates, visitors, and facility management,” a company statement said.

Modi urged the world to make use of the opportunities in the digital and technology space and to invest in India.

Referring to the present times as the era of technology, and underlining the benefits of technology as demonstrated during the time of the pandemic, he said it is important to invest in technology and innovation.

“Thanks to our youth, the startup ecosystem in India is among the biggest in the world. In the tech world itself, there are so many opportunities,” Modi said. “Our vision of a Digital India includes integrating technology with every aspect of the government. I would urge the world to make use of these opportunities and invest in our nation.”

Modi said India is among the fastest growing major economies, and that investments have picked up in the last two years. as he congratulated Bosch India on completing 100 years of its presence in India.

“This [new smart] campus will certainly take the lead in developing futuristic products and solutions for India and the world,” he said, recalling his October 2015 visit to the Bosch facility in Bengaluru with the then German Chancellor Angela Merkel.

Highlighting Bosch’s efforts towards innovation and scale, he stressed on the need for sustainability. “India’s growth is becoming greener with the installed capacity of solar energy increasing nearly 20 times in the last 8 years.”

The Prime Minister urged Bosch to think of doing even more in India.

“Set goals for the coming 25 years of what your team can do. 100 years ago, Bosch came to India as a German company. But today, it is as much Indian as it is German. It is a great example of German engineering and Indian energy. This partnership will continue to grow stronger,” he added.

Bosch India said it is expanding its AIoT (Artificial Intelligence of Things) activities in India by transforming its headquarters in Adugodi into a new smart campus called Spark.NXT .

Soumitra Bhattacharya, managing director of Bosch Limited and president of the Bosch Group, India, said: “With our new Spark.NXT campus, the company continues to invest in smart and sustainable solutions that are ‘invented for life’ and supports the government’s vision for an Atmanirbhar Bharat.”

Over the last five years, Bosch said it has made an investment of Rs 800 crore in developing the campus, which has the capacity to potentially house 10,000 associates.

“The Spark.NXT campus will provide inspiring working conditions for associates to focus on the development of user-centric innovations for a better quality of life in India,” said Filiz Albrecht, member of the board of management and director of Industrial Relations at Robert Bosch GmbH.

(With PTI inputs)

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China against India’s plan to hold G20 meeting in J-K

June 30, 2022 by www.rediff.com Leave a Comment

China on Thursday voiced its opposition to India’s reported plans to hold the next year’s meeting of G-20 leaders in Jammu and Kashmir, echoing close ally Pakistan’s objection, and underlined that relevant sides should avoid “unilateral moves” that may “complicate” the situation.

IMAGE: Security and police personnel keep a vigil on the Jammu Srinagar National Highway (NH-44) ahead of Amarnath Yatra 2022, at Tikri village of Udhampur district of Jammu and Kashmir, June 29, 2022.

“We have noted this latest development,” Chinese foreign ministry spokesperson Zhao Lijian told a media briefing in Beijing on Thursday while replying to a question from the official media.

“China’s position on the Kashmir issue is consistent and clear-cut. The Kashmir issue, a dispute left from the past, should be peacefully and properly addressed in accordance with the UN Charter, Security Council resolutions and bilateral agreement,” Zhao said.

He said the “parties concerned need to avoid unilateral moves that may complicate the situation. Efforts should be made to settle the dispute through dialogue and consultation so as to maintain regional peace and stability.”

Stating that the G20 is a premier forum for international economic and financial cooperation, Zhao said, “we call on all major economies to focus on steady recovery of the world economy, avoid politicising relevant cooperation and make positive contributions to improving global economic governance.”

Asked whether China, a member of G20, would attend the meeting to be held in 2023, he said, “We will look at whether China will attend the meeting.”

To another question that China is building the China-Pakistan Economic Corridor in the disputed region in Pakistan-occupied Kashmir and India’s objections over it, Zhao said the “two matters are completely different in nature. China has undertaken some projects in Pakistan to help it grow its economy and improve people’s livelihood.”

“These projects are in Pakistan-occupied areas of Kashmir,” Zhao said, perhaps a rare occasion when China has described PoK in this way.

“Relevant Chinese companies conduct the relevant projects with the purpose of helping Pakistan to develop its economy and improve people’s livelihood,” he said.

“This does not affect China’s position on the Kashmir issue,” he underlined.

On June 25, Pakistan said it rejected India’s attempt to hold a meeting of G20 countries in Kashmir, hoping that members of the grouping will be fully cognisant of the imperatives of law and justice and would oppose the proposal outright.

Jammu and Kashmir will be hosting the 2023 meetings of G-20, an influential grouping that brings together the world’s major economies, with the union territory administration last Thursday setting up a five-member high-level committee for overall coordination.

This will be the first major international summit expected to be held in Jammu and Kashmir after its special status guaranteed under Article 370 of the Constitution was withdrawn and the erstwhile state was divided into two union territories in August 2019.

Pakistan foreign office spokesperson Asim Iftikhar Ahmad said in a statement that Islamabad had taken note of news items appearing in the Indian media indicating that India might be contemplating to hold some G20-related meeting in Jammu and Kashmir.

“Pakistan completely rejects any such attempt by India,” Ahmad said.

He said it was a well-known fact that Jammu and Kashmir is an internationally recognised disputed territory between Pakistan and India, and has remained on the agenda of the United Nations Security Council for over seven decades.

He hoped that in case of any such controversial proposal from India, the G20 members will be fully cognisant of the imperatives of law and justice and would reject it outright.

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Explaining Young India’s Anger Over Agnipath

June 30, 2022 by www.rediff.com Leave a Comment

Agnipath offers jobs to youngsters between 17.5 years and 23 years of age.

IMAGE: Youngsters block railway tracks in Dhanbad to protest against the Centre’s Agnipath scheme.

The government announced two hiring programmes during the week that began on June 13, but angry protesters set ablaze public property through the week.

On June 14, the government announced that the prime minister had instructed that a million people must be employed by the various government ministries over the next 18 months on mission mode.

The emphasis was on providing employment to the youth. This is ambitious and a very big announcement. To place this number in perspective, India added 2.8 million jobs in 2019-2020, the last normal year, in a sense.

The addition of a million jobs by the government is therefore very big. Government jobs are also the most coveted. This makes the prime minister’s instruction even more important.

Politicians have been making demands that government vacancies must be filled and unemployed youth must be provided jobs during these times. The prime minister’s guidance therefore was timely and the offer was reasonably large.

The government may not be able to fill all vacancies, but the offer of a million jobs in 18 months is generous.

However, this offer did not attract the attention it merits. Instead, a smaller but more tangible offer of government jobs took centre stage for the wrong reasons.

On the same day that the prime minister’s instructions were announced, the defence minister announced the Agnipath scheme to enrol youngsters for a four-year stint in the armed forces.

Agnipath promises to hire only about 46,000 people initially; this would be increased in subsequent years.

The problem is that the scheme exposes a conflict between the government’s objectives as an employer and the aspirations of the youngsters who look forward to joining the armed forces.

The Agnipath scheme limits the hiring to a four-year period with no pension or healthcare benefits after this tenure for 75 per cent of the recruits. Twenty-five per cent would be re-selected for a longer tenure and regular benefits.

The interests of the government and the armed forces are well aligned in the Agnipath scheme. The government seeks a lower financial burden from future pension obligations and the armed forces seek a younger armed force of personnel below officer rank.

But Agnipath springs a rude surprise to the Indian youth who were preparing for the status quo that offered a longer tenure and its attendant monetary and social benefits. Agitations began in Bihar and Uttar Pradesh. These spread quickly to most of north India and then also to the southern regions, particularly in Telangana. The government quickly made a few concessions, but the agitation has continued.

The violence is sad because by and large, the Indian youth does not agitate against the lack of jobs. The current agitation like the one in January 2022 with respect to employment by the Railways is essentially against the government changing its rules of employment.

It is the unexpected and substantial change in the terms of employment that seems to have riled the youth.

The employment condition is precarious. India is not creating sufficient jobs. Then there is a pent-up anger or growing frustration against stalled recruitment by the government.

Agnipath offered jobs to youngsters between 17.5 years and 21 years of age. The upper limit was relaxed to 23 years, apparently to assuage the anger among those who lost opportunities during Covid times when hiring was suspended.

The 17.5 to 21 age group is arguably of youngsters who people from most large towns would believe are still at the age of being in school or college. Till 2019, about 4 per cent of the people in the age group of 15 to 19 years were employed.

Earlier, in 2017, about 7 per cent in this age group were employed. Since 2020, this proportion has dropped to about 2 per cent.

But, this is the age of an entry into the armed forces. And the anger is amongst these people.

This can be explained by the fact that the unemployment rate in this age group has risen from around 23 per cent in 2017 to over 50 per cent since 2020.

Every second person who is looking for employment in this age group is unemployed.

This is despite the fact that the labour participation rate is very low — less than 5 per cent. This low labour participation rate is in line with our expectation that youngsters of this age group are mostly studying.

There is only a small proportion that is looking for work. But, most of them don’t find employment.

The next age group for which data is readily available is the 20-24 years bracket. This group is also impacted by the Agnipath scheme. The labour participation rate for this group is higher at 33.5 per cent. The unemployment rate is also very high at over 41 per cent. The employment rate is about 20 per cent.

Some of these 15- to 24 year olds are looking for employment in the armed forces. They are disappointed that the rules of the game have changed.

It is imperative that India finds a reasonable balance between the sustainability of government finances and the aspirations of the growing youth population. Sustained economic growth is the best solution.

India is the world’s fastest-growing large economy. But, even at this rate it cannot generate sufficient jobs and its government cannot raise the resources required to adequately fund its defence requirements.

None of these can precipitate a crisis in the short run. Both require a credible plan and collective patience.

Mahesh Vyas is MD & CEO, CMIE P Ltd.

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From outright ban to ‘clear danger’: A look at RBI’s stance on crypto in India

July 1, 2022 by indianexpress.com Leave a Comment

The Reserve Bank of India has been a vocal critic of cryptocurrency, calling it a tool for money laundering not once but several times. On Thursday, Reserve Bank Governor Shaktikanta Das described cryptocurrencies as a “clear danger” and said that anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name.

The central bank has repeatedly warned users, holders, and traders of virtual currencies about the potential financial, operational, legal, customer protection, and security-related risks they are exposing themselves to. As TDS implementation rules kick-off starting today, we take a look at the RBI’s stance on cryptocurrency in India.

The warnings

In 2013, RBI issued a circular warning to the public against the use of virtual currencies. The circular asked traders to stay away from cryptocurrency trading as crypto is a volatile market and warned about all the risks associated with trading in digital assets. It even pointed out that it has been keeping a close eye on developments in the virtual currency world, including Bitcoins, Litecoins, and other altcoins. It also raised doubts about the number of investors trading on cryptocurrencies and their claimed market value.

Read more | Cryptocurrency bill: All top countries where crypto is legal, illegal or restricted

On February 1, 2017, RBI released another circular, reiterating its concerns with virtual coins. And by the end of 2017, a warning was issued by RBI and the finance ministry clarifying that virtual currencies are not a legal tender.

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A blanket ban on cryptos

Former RBI deputy governor BP Kanungo and then Central Board of Direct Taxes (CBDT) chairman Sushil Chandra voiced their opinions in favour of a ban on cryptocurrencies. Chandra said it creates “a chain of black money.” He also mentioned that searches conducted into exchanges dealing with virtual currencies had revealed that most uninformed people in interior places are being lured to buy it.

On April 6, 2018, RBI issues a circular asking commercial and co-operative banks, payments banks, small finance banks, NBFCs, and payment system providers from dealing in virtual currencies, or providing services to all entities which deal with crypto exchanges.

‘Cryptos value is equal to nothing’

In November 2021, Governor Shaktikanta Das reiterated his views against cryptos and said that it poses a serious threat to the financial system since they are regulated by central banks. His comments came ahead of RBI’s internal panel.

RBI deputy governor T Rabi Sankar in February noted that banning private cryptocurrencies is the best option for the country. Sankar was speaking at the IBA Banking Technology Awards. “They (cryptos) threaten the financial sovereignty of a country and make it susceptible to strategic manipulation by private corporations creating these currencies or governments that control them,” Sankar said. “All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India.”

Read more | Explained: Why is the crypto market crashing?

Earlier in May, Governor Das said cryptos pose a serious threat to any financial system since they are unregulated by central banks. This was the time when the RBI announced its intent to come out with an official digital currency. Shaktikanta Das said people would have raised questions after the cryptocurrency market crash had the RBI been regulating the digital assets by now.

“We have been cautioning against crypto and look at what has happened to the crypto market now. Had we been regulating it already, then people would have raised questions about what happened to regulations,” Das told CNBC TV18 in an interview. “This is something whose underlying (value) is nothing. There are big questions on how you regulate it. Our position remains very clear, it will seriously undermine the monetary, financial and macroeconomic stability of India,” the RBI Governor added.

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Monsoon to Advance Into Entire India by July 6, Above-Average Rains in Coming Weeks: IMD

July 1, 2022 by www.news18.com Leave a Comment

The India Meteorological Department (IMD) has said that the monsoon is likely to cover the entire country by July 6 even as it is yet to arrive in parts of Haryana, Punjab, and Rajasthan.

Deliberating on the matter, IMD director-general M Mohapatra said the monsoon has entered a good phase. “Over the past few days, rainfall has improved over the country, and now for the next week, we expect very good rainfall activity over entire northwest India, central India, entire Indo-Gangetic plains, and west coast.”

He added that the rainfall deficiency will be covered and on July 1, the monsoon will advance further to the entire Haryana and Punjab.

As per reports, the monsoon advanced into almost the entire northwest India, including Delhi, on Thursday. The deficiency was 14 per cent in the southern peninsula, 33 per cent in central India, 20 per cent in the northwest, and 21 per cent excess in the east and northeast India as of June 29.

The weather forecast department has also predicted “normal to above normal” rainfall over some parts of north and central India and most parts of the south peninsula. It said “normal to below normal” rainfall is most likely over most parts of east and northeast India and areas adjacent to east-central India and some parts of west south peninsular India.

Mahesh Palawat, vice-president (climate change and meteorology), Skymet Weather, told news agency PTI that westerly winds had disrupted the monsoon’s progress and it remained stalled over west Bihar for around eight to 10 days. The Delhi-NCR is expected to get plentiful rainfall in July and August, he added.

Monthly rainfall for July 2022 over the country as a whole is most likely to be normal, i.e., ranging between 94 and 106 per cent of the Long Period Average (LPA).

Monsoons in India are often called the lifeblood of India’s economy. From farming to irrigation nearly half of India’s farm output comes from summer crops dependent on the monsoon.

Rains Pummel Mumbai

The IMD has predicted “moderate to heavy rainfall” for Mumbai city and its suburbs and the possibility of “very heavy to extremely heavy” showers at isolated places in the next 24 hours. As per the official data, the island city received 179.13 mm rain in 24 hours till 8 am, followed by 140.58 mm in the western suburbs and 109.06 mm in the eastern suburbs.

The suburban train services, which were badly affected on Thursday night due to waterlogging in several low-lying areas of the city and suburbs, have resumed normal operations with some delays mainly in the suburbs, officials said.

The Brihanmumbai Municipal Corporation’s (BMC) G-North ward, which includes Dadar, Dharavi, Mahim and Matunga, received the highest 238 mm rain, while G-South ward, with Worli and Lower Parel, got 208 mm rainfall, a civic official said. The IMD Mumbai has predicted moderate to heavy rain in the city and suburbs, besides the possibility of very heavy to extremely heavy rainfall at isolated places for the next 24 hours from 8 am. The Central Railway has claimed that the suburban services were running as per schedule.

Strong Start in Delhi

The monsoon rolled into Delhi on Thursday, yielding the season’s first spell of heavy rain which covered the precipitation deficit and brought the maximum temperature down to 29.4 degrees Celsius, the lowest in around four months. Most parts of the city reported moderate to heavy rainfall.

The weather station at Lodhi Road gauged 107.6 mm precipitation during the same period. Ridge got 65 mm, Delhi University 58.5 mm, Pusa 44.5 mm, Palam 31.8 mm and Ayanagar 51.9 mm rainfall respectively.

Rainfall recorded below 15 mm is considered light’, between 15 and 64.5 mm moderate’, between 64.5 mm and 115.5 mm heavy’, and between 115.6 and 204.4 very heavy’. Anything above 204.4 mm is considered extremely heavy rainfall’.

The IMD said the southwest monsoon further advanced into Delhi, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmiri, some parts of Punjab, Haryana and Rajasthan on June 30.

(with inputs from PTI)

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