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‘Biden has thrown out the rule book for India’

September 27, 2023 by www.rediff.com Leave a Comment

‘In the long run, I don’t foresee major ramifications [about Trudeau’s allegations] .’

IMAGE: Prime Minister Narendra D Modi greets Bharatiya Janata Party supporters during the Nari Shakti Vandan – Abhinandan Karyakram in Ahmedabad, September 26, 2023.

“Modi’s novelty has worn off in some quarters. So, there’s a sentiment of anti-incumbency.”

“Make no mistake, however, the BJP remains in pole position. They have the most popular political leader in a generation in Modi and have delivered on enough priorities for their core voters to stick with them,” says Milan Vaishnav , Director and Senior Fellow, South Asia Programme at the Carnegie Endowment for Peace.

Dr Vaishnav is an incisive observer of Indian politics, economy, foreign policy, society and hosts the popular weekly podcast Grand Tamasha . He holds a PhD, MA, MPhil in Political Science from Columbia University.

“I don’t think the BJP is in any grave danger in 2024, but they are vigilant, looking to plug any holes they see,” Dr Vaishnav tells Rediff.com ‘s Archana Masih discussing the arc of Indian politics from the new Parliament to Justin Trudeau’s explosive allegation and to Narendra D Modi’s strengths and vulnerabilities heading into Election 2024.

Part 1 of an in-depth interview:

What have been the top-most political signals that have emerged from the special session of Parliament? Also, what era in Indian politics is the new Parliament going to unfold?

First, we must acknowledge the peculiarity of announcing a special session with no advance agenda and without any consultation with the Opposition. In fact, many BJP MPs and even ministers seem to have been in the dark about the purpose of the special session.

It is a signal again of the tremendous dominance the BJP high command exerts that it feels so assured in calling a special session without providing any additional details.

Second, clearly the prime minister wanted to use the special session not only to formally inaugurate the new Parliament building but also to showcase it as a milestone in the construction of what he calls the ‘New India.’

It really serves as a capstone of nearly a decade of BJP government under the prime minister — not as a coda necessarily, but as a road marker signalling how far India has travelled under this government and where it would like to take the populace.

Finally, the surprise introduction — and eventual passage — of the women’s reservation bill was a clear signal that the government recognises the power of the female voter.

We have downplayed the fact that female voter turnout is now on par, if not higher than male voter turnout in state and national elections, but that female candidacy is much less prevalent.

The new bill aims to bring the two into closer — though not full — alignment and complements many of the welfare policies the government has introduced that also try to appeal to women, whether it is Ujjwala, Jan Dhan Yojana, or Swachh Bharat.

IMAGE: President Droupadi Murmu and Modi receive US President Joe Biden at the Bharat Mandapam during the G20 Summit gala dinner.

What implications, in your opinion, is Justin Trudeau’s explosive allegation going to have on Indian foreign policy: 1. In the short term and 2. In the long term?

In the short term, the most obvious casualty is Indo-Canadian relations, which have now hit their nadir.

We don’t know yet the extent of Indian involvement in the killing of Hardeep Singh Nijjar as the Canadians have yet to publicly disclose the evidence they’ve compiled (while the Indian government calls the allegations ‘absurd’).

But if India was involved, it clearly felt the upside outweighed any possible downside, perhaps a recognition that bilateral relations with Canada were going nowhere fast given the grievances on both sides.

Trudeau’s allegations have put the United States in a bind insofar the Biden administration has to walk a fine line between supporting its closest ally, Canada, while not alienating its most important strategic partner.

In the long run, I don’t foresee major ramifications. There’s just enough hypocrisy among Western nations for India to douse the outrage and while this incident may be perceived as a ‘negative’ data point in the West, no major partner is in the mood for a fight.

There could be some ancillary unwanted attention, from civil society, the media, and perhaps parliamentary hearings in places like the United States and the United Kingdom. But I think India will weather any potential fallout.

IMAGE: Canadian Prime Minister Justin Trudeau addresses the media after attending G20 Summit in New Delhi, September 10, 2023.

Do you believe the impact of these allegations on India-US relations will be minimal because this strategic relationship is far too strong and will withstand this grave allegation?

People need to appreciate just how much the Biden administration has invested in India. It has literally thrown out the rule book to try and consolidate the strategic partnership with India. And this is not a new trend — this is the culmination of two decades of similar behaviour starting with the George W Bush administration in 2000.

Having just achieved significant breakthroughs with Modi’s June 2023 State visit to Washington, the administration is not going to just junk all its hard work.

Indeed, the United States was critical in ensuring that there was consensus at the G20 summit in Delhi in September.

Indian diplomacy deserves ultimate credit for making it happen, but timely Western concessions also helped ensure India’s presidency was deemed a success and that the summit concluded with a joint communique.

What are the domestic challenges that will pose an impediment to the BJP government in the General Election?

First, I think we start with a general sense of fatigue, which is natural when you have a decade-long incumbent.

Modi’s novelty has worn off in some quarters. So, there’s a sentiment of anti-incumbency.

Second, the economy is not firing on all cylinders. Inflation remains elevated and India shows signs of a ‘K-shaped’ recovery; the better-off have recovered from the pandemic but those belonging to the lower socio-economic strata have had a harder time.

This is also true at the firm level, where we see large conglomerates doing well, but many small-and-medium enterprises struggling.

Third, the BJP has lost many allies over the previous nine years — from the Akali Dal to the Shiv Sena (or at least the Thackeray faction) to, more recently, the AIADMK in Tamil Nadu .

Make no mistake, however, the BJP remains in pole position. They have the most popular political leader in a generation in Modi and have delivered on enough priorities for their core voters to stick with them. But there will be some jockeying for swing voters who could be disaffected for any number of reasons.

I don’t think the BJP is any grave danger in 2024, but they are vigilant, looking to plug any holes they see.

IMAGE: Modi with Union Ministers Smriti Irani, Anupriya Patel, Meenakashi Lekhi, Shobha Karandlaje, Rajya Sabha MP P T Usha and women MPs after the passage of the Women’s Reservation Bill in both the Lok Sabha and Rajya Sabha, September 22, 2023.

In what seminal way has Mr Modi transformed India in his second term as PM?

I think we see a deepening of several trends Modi began back in 2014.

First, Modi came to power wanting to create a stronger congruence between Hindu culture and Indian culture. That is, after all, at the heart of the BJP-RSS project.

With Article 370, Ram Mandir, Kashi Vishwanath, Citizenship (Amendment) Act, and numerous other initiatives at the state and local levels, it has doubled down on that — especially in the second term, when the party had greater political confidence.

Second, Mr Modi has continued to invest in what Arvind Subramanian and Joshua Felman call the ‘hardware’ of the Indian economy — tax reform, digital payments ecosystems, direct benefits transfers, massive new infrastructure projects, new laws on Aadhaar, data protection, bankruptcy, and so on.

The ‘plumbing’ of the Indian economy is in much better shape than five years ago and certainly ten years ago.

Where they’ve fallen short, as Subramanian and Felman remind us, is in developing the ‘software’ of the economy — strengthening rule of law institutions, ensuring greater policy certainty, maintaining the independence of regulatory agencies, etc.

These are places where the government has underperformed.

Feature Presentation: Aslam Hunani/ Rediff.com

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India will soon emerge as global economic powerhouse: PM Modi

September 27, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

Prime Minister Narendra Modi expressed his aim to make India a global growth engine and believes that the country will soon become an economic powerhouse. Speaking at an event commemorating the success of the Vibrant Gujarat Summit, Modi highlighted how the summit has helped Gujarat’s development and has become an institution that other states have followed.

Prime Minister Narendra Modi on Wednesday said his aim is to make India a global growth engine and expressed confidence that the country will soon emerge as an economic powerhouse of the world.

Speaking at an event to mark 20 years of success of the Vibrant Gujarat Summit, Modi said they sowed small seeds of a “Vibrant Gujarat” 20 years ago, and today it has developed into a big tree.

Modi also said that Vibrant Gujarat became a success at such a time when the previous central government (UPA dispensation) was “indifferent” to the industrial progress of the state.

“We organised Vibrant Gujarat to make the state a growth engine of India. The country has seen this imagination becoming a reality. In 2014, when I was given the opportunity to serve the country, my aim was to make India a global growth engine,” Modi said addressing a gathering of industrialists and businessmen.

Gujarat Governor Acharya Devvrat, Chief Minister Bhupendra Patel and state BJP president C R Paatil were also present on the occasion.

“We are standing at such a phase that India will soon emerge as a global economic powerhouse ,” Modi said, adding that global agencies and experts are today talking on similar lines.

“In a few years, India will be among the world’s top three economies. This is Modi’s guarantee,” the PM said.

He appealed to the country’s industry to think of sectors where India can explore new possibilities or strengthen itself, and how Vibrant Gujarat can give momentum to this mission.

Modi highlighted how from a humble beginning, the Vibrant Gujarat events have turned into an institution and many states later followed it by organising their own investment summits.

Swami Vivekananda said that every work passes through three stages- first it is mocked, later it faces opposition and finally it is accepted, especially when the idea is ahead of time, Modi noted, comparing the success of Vibrant Gujarat and how it passed through different stages.

Today the world can see the success of Vibrant Gujarat, he said.

“But when it was organised earlier, the then Central government showed indifference to Gujarat’s development. I have always talked about India’s development through Gujarat’s development, but those in power at the Centre had also associated Gujarat’s development with politics,” Modi said.

The then ministers in the central government used to refuse to attend the summit, he said.

“They told me personally they would join, but later refused, perhaps after pressure from the top. Far from support, they were busy creating hurdles,” he said, adding that even foreign investors were threatened not to go to Gujarat.

“Despite such threats, foreign investors visited Gujarat even when there was no special incentive here. They came here because they could experience good governance, fair governance, policy-driven governance, an equal system of growth, and a transparent government in daily life,” he said.

Recalling the first Vibrant Gujarat Summit in 2003, Modi said it became a success because of the state’s people in whom he had huge trust.

He said he was a first-time chief minister and faced crises such as the 2001 earthquake, preceding drought years, collapse of cooperative banks, the 2002 Godhra tragedy and the state-wide violence in its aftermath.

“Even then, those with an agenda analysed the events in their own way. They said the youth, industry and business will leave Gujarat, and Gujarat will be destroyed in such a way that it will become a burden for the country,” the PM said.

There was a conspiracy to defame Gujarat globally, and an attempt was made to create a situation of hopelessness, he said.

“It was said that Gujarat will never stand on its feet. Amid such a crisis, I took a pledge that whatever the situation, I will take Gujarat out of all this,” Modi said, adding that Vibrant Gujarat became an important medium for the same.

“It became a medium to increase the confidence of Gujarat and make it face the world confidently,” he said.

The summit became a medium to showcase Gujarat’s decision-making process and its focussed approach to the world, Modi said.

The event became a medium to showcase the industrial capacity of India, including Gujarat, to the world, infinite possibilities of the country’s various sectors, use of India’s talent within the country, and a medium to show India’s cultural tradition to the world, he said.

When Vibrant Gujarat was launched, there were no big hotels for foreign delegates to stay, he said.

Modi recalled that when the summit was organised in 2009 amid global recession, everybody including his then officers suggested that it be cancelled, but he decided to continue. The 2009 summit added a new chapter of success, he added.

From a few hundred participants in 2003, today more than 40,000 delegates participate, In 2003, only a handful of countries participated. Today, more than 135 countries participate. From 30 exhibitors in 2003, the number has grown to more than 2,000 now, he said.

Behind the success of Vibrant Gujarat are core elements like idea, imagination and implementation, Modi said.

The concept was unheard of in the country, but people understood its importance with time. After some time, other states also started organising their own business and investor summits, he said.

“We showed courage to make a developed country our partner country. It was hard to think of a small state to make a developed country its partner,” he said.

However good ideas and imagination, to mobilise the entire system and develop a vision is a very big thing, Modi said.

To organise something of this scale, big planning, investment in capacity building, eye on every detail and hard work is required, he noted.

“From being a one-time event, today Vibrant Gujarat has become an institution whose system and process continue round the year,” the PM said.

He said Vibrant Gujarat achieved a new height of success every time because the process was institutionalised.

Modi said through the summit, the state government (then headed by him) tried to benefit all the states. “Very few have understood my thinking,” he added.

In the 21st century, Gujarat has become an agricultural powerhouse, financial hub and established its identity as an industry and finance ecosystem, Modi said.

It has also helped strengthen the state’s trade-based reputation, as the summit worked as “an incubator of ideas, innovation and industry,” the prime minister said.

In the last two decades of Vibrant Gujarat journey, the state has seen growth in several sectors, Modi said.

He said within today’s deeply connected world, financial cooperation among institutions is rising fast, and Gujarat already has the GIFT City (Gujarat International Finance Tec-City), the relevance of which is increasing day by day.

“We should increase our effort to make the GIFT City a globally competitive financial market place. For this, we can take benefit from our large domestic demand. Vibrant Gujarat should strengthen the GIFT City to make its global presence,” he said.

Amid the success of Vibrant Gujarat, there is no time to pause, Modi said, as the next 20 years are more important than the past 20 years.

“This is the time for India to make a roadmap to become a developed, self-reliant country. I am certain that you will all think in this direction and take steps for the same,” he said.

The PM also inaugurated an exhibition put up at the Science City here to mark 20 years of the Vibrant Gujarat Summit. He also visited various attractions at the Science City, including an aquarium, a robotic gallery and a nature park.

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China ambassador still not in, so MEA Jt Secy sent to embassy event

September 28, 2023 by indianexpress.com Leave a Comment

In a tit-for-tat response signalling a downgrade of the relationship between the two countries, India sent a mid-ranking official for the first in-person National Day reception hosted by the Chinese embassy in New Delhi since 2019.

The government sent Gourangalal Das, Joint Secretary (East Asia) in the Ministry of External Affairs, as the chief guest at the Chinese National Day reception Monday — the first in-person gathering since the start of the Covid pandemic and the Chinese incursions in eastern Ladakh in 2020.

Usually, the government sends ministers, holding a Cabinet rank or a Minister of State portfolio, to National Day receptions hosted by embassies and High Commissions located in New Delhi .

With no full-time Ambassador of China to India for 11 months now, the National Day reception was hosted by Charge d’Affaires Ma Jia. She has been officiating as the interim envoy ever since Ambassador Sun Weidong left for Beijing last  October. Sun is now Vice Minister in the Chinese Foreign Ministry, a rank equivalent to a Secretary-rank official in the Indian government.

That he has not been replaced by a full-time Ambassador for 11 months now is somewhat unusual. More so because India has a full-time Ambassador in Beijing, Pradeep Rawat, an experienced China hand.

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Incidentally, Gourangalal Das served as India’s representative to Taiwan until recently. He took charge last month as Joint Secretary handling China, Japan and the Koreas.

For perspective, the same day that the Chinese embassy hosted its National Day reception, the Saudi Arabia embassy also hosted a National Day reception which was attended by Smriti Irani, Union Minister for Women and Child Development, and Minority Affairs. Most times, the three Ministers of State in the MEA represent the government at the National Day receptions hosted by embassies in New Delhi.

Also, Das did not speak on the occasion – a customary speech by the representative of the Indian government is considered part of proceedings at a National Day reception.

CDA Ma Jia, however, gave a speech at the reception – the text was released by the Chinese embassy Wednesday – in which she spoke of the meetings between Chinese President Xi Jinping and Prime Minister Narendra Modi and expressed the hope that the two sides will follow the “important consensus reached by the two leaders” and translate it into “concerted actions taken by all departments and in all fields” to “bring China-India relations back to the track of sound and steady development at an early date”.

“China and India are eternal neighbours who need to accurately understand each other’s strategic intentions, and to support and contribute to each other’s success instead of undermining and doubting each other. We need to jointly oppose zero-sum games and keep our region away from geopolitical calculations. China and India have the ability and wisdom to find a way for friendly coexistence between neighbouring major countries and jointly create the ‘Asian Century’,” Ma said.

“We hope to properly manage and handle differences and sensitive issues. Many of the problems in China-India relations are left over from history and will take time to resolve. There is an old Chinese saying, ‘the finer details fall into place when they align with the bigger picture’. We need to consolidate and develop the overall situation of friendly cooperation between our two countries and properly manage and resolve specific issues in this process, rather than allowing specific issues to define our bilateral relations, so as to promote a more mature and stable relationship between our two countries,” she said.

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Tension on the ground

India-China relations plunged after PLA incursions in eastern Ladakh were detected in May 2020. Military and diplomatic talks have led to partial disengagement but the standoff continues along the LAC.

In New York, External Affairs minister S Jaishankar said relations between India and China have been in an “abnormal state” since the 2020 Galwan Valley clash and it is a “possibly longer than medium-term issue”.

If the two biggest countries of the world have that degree of tension between them, “it has consequences for everybody else,” Jaishankar said while responding to a question during a conversation at the Council on Foreign Relations.

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“It is very hard to try to be normal with a country which has broken agreements and which has done what it has done. So if you look at the last three years, it’s a very abnormal state,” he said.

“Contacts have been disrupted, visits are not taking place. We have, of course, this high level of military tension,” he said.

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Jaishankar said the Chinese side gave different explanations at various points of time but none of them really tenable. “And since then, we have been trying to disengage. We have been partially successful,” he said.

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Jaishankar begins UNGA speech with ‘Namaste from Bharat’

September 26, 2023 by www.rediff.com Leave a Comment

India on Tuesday told the UN General Assembly that the days when a few nations set the agenda and expected others to fall in line are over, underlining that its presidency of the G20 sought to focus on key concerns of the many, not just the narrow interests of a few.

IMAGE: Foreign Minister S Jaishankar addresses the 78th session of the UNGA.

Beginning his address to the General Debate at the high-level 78th session of the UN General Assembly with the salutation ”Namaste from Bharat”, Jaishankar said India had taken on the G20 presidency in December 2022 ”with a sense of exceptional responsibility”.

Jaishankar’s ‘Namaste from Bharat’ salutation was a first in his address to the UN General Assembly.

He said Delhi’s vision of ’One Earth, One Family, One Future’ ”sought to focus on the key concerns of the many, not just the narrow interests of a few”.

India’s G20 presidency came at a time when the world was witnessing an exceptional period of turmoil.

“As it is, structural inequities and uneven development have imposed burdens on the Global South. But stresses have been aggravated by the impact of the Covid-19 pandemic and the repercussions of ongoing conflicts, tensions and disputes. As a result, socio-economic gains of recent years have been rolled back,” he said.

Jaishankar referred to remarks by Prime Minister Narendra Modi who had said that it was to bridge divides, dismantle barriers and sow seeds of collaboration that nourish a world, where unity prevails over discord and where shared destiny eclipses isolation.

”The New Delhi G-20 Leaders’ Declaration articulates our collective ability to do so,” Jaishankar said, referring to the joint declaration adopted by consensus at the Leaders’ Summit in Delhi on September 9 and 10.

“At a time when East-West polarisation is so sharp and North-South divide so deep, the New Delhi Summit also affirms that diplomacy and dialogue are the only effective solutions. The international order is diverse and we must cater for divergences, if not differences. The days when a few nations set the agenda and expected others to fall in line are over,” he said.

Noting that resources for sustainable development are been severely challenged, many countries are really struggling to make ends meet and navigating the future appears even more daunting today, Jaishankar said India began its G20 presidency by convening the ’Voice of the Global South’ Summit that enabled it to hear directly from 125 nations and place their concerns on the G20 agenda as Delhi recognised that growth and development must focus on the most vulnerable.

”As a consequence, issues which deserve global attention got a fair hearing. More than that, the deliberations produced outcomes that have great significance for the international community,” he said.

Jaishankar also underscored that it is ”noteworthy” that at India’s initiative, the African Union was admitted as a permanent member of the G20. “By doing so, we gave voice to an entire continent which has long been its due.”

He noted that the outcomes of the New Delhi G20 Summit will surely resonate for years ahead. Among them is the Action Plan for Sustainable Development Goals, a crucial need of the day. Equally important are the High Principles of LiFE (Lifestyle for Environment) and the Green Development Pact, ”as they shape our approach to our planet’s future”.

The minister said the transformative role of Digital Public Infrastructure has also been finally recognised.

”As has the salience of women-led development in building an inclusive and progressive society. The reform of international financial institutions (IFI) has been given due weight, as has the resolution of debt vulnerabilities,” he said.

Jaishankar further emphasised that the New Delhi G20 outcomes are expressed both as larger policies and as specific initiatives. They could be about building cities for tomorrow or fighting corruption, eliminating hunger or delivering quality education, ending plastic pollution or preserving the ocean-based economy. “And for that matter, enhancing food security or even mapping global skills,” he said.

”Some address longstanding issues like the gender divide and climate action. Others focus on new concerns such as the responsible harnessing of Artificial Intelligence. All in all, we have placed for the world’s consideration a set of actionable propositions, constructive solutions and new directions,” Jaishankar said.

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Indian Navy to release updated roadmap for indigenisation next week

September 27, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The roadmap will be released at the second edition of the annual ‘Swavlamban’ seminar to be held on October 4 and 5, Navy officials said on Wednesday adding Prime Minister Narendra Modi is scheduled to attend the conclave. At a media briefing, Vice Chief of the Naval Staff Vice Admiral Sanjay Jasjit Singh said the Navy resolved to develop 75 technologies at the Swavlamban seminar last year and the aim has been achieved.

The Indian Navy will unveil an updated new ” indigenisation roadmap ” next week with a focus on specific initiatives to achieve self-reliance in acquiring various critical technologies and platforms to boost its overall military might. The roadmap will be released at the second edition of the annual ‘Swavlamban’ seminar to be held on October 4 and 5, Navy officials said on Wednesday adding Prime Minister Narendra Modi is scheduled to attend the conclave.

At a media briefing, Vice Chief of the Naval Staff Vice Admiral Sanjay Jasjit Singh said the Navy resolved to develop 75 technologies at the Swavlamban seminar last year and the aim has been achieved.

“Last year, in the presence of the prime minister, the Indian Navy had committed to develop at least 75 technologies as part of Azadi ka Amrit Mahotsav ,” he said.

The Vice Chief said the Navy has invested considerable time and efforts towards realising this commitment.

“Today, I can say with confidence that the Swavlamban initiative has gained critical mass, and is gathering continuous momentum. And, I am happy to inform you that the promises made last year have been fully met, and even surpassed in some cases,” he said.

These technologies will be showcased during the upcoming Swavlamban seminar.

An updated “Indian Navy indigenisation roadmap”, a document titled ‘Swavlamban 2.0’ and new challenges for the industry are planned to be released at the seminar, said another senior official.

The Navy will showcase the new technologies that include swarm drones of various categories as well as applications of robotics and artificial intelligence at the seminar.

Vice Admiral Singh said over the past year, each and every proposal received by the Navy has been examined, processed and pursued by dedicated teams of officers to ensure that the force has an array of “trials cleared products”, which are consequently ready, or nearly-ready, for induction.

“We have already obtained Acceptance of Necessity for 12 such cases, worth close to 1500 Crores, and procurement orders for products worth 200 crore amongst these have already been signed. In the coming weeks, we are looking to conclude many more such contracts,” he said.

The Navy is encouraging development of new products under the ‘Sprint’ initiative that was launched at the Naval Innovation and Indignation Organisation (NIIO) Seminar in July last year.

These products are being developed under the innovation for defence excellence scheme of the Ministry of Defence and Technology Development Acceleration Cell of Indian Navy.

“Sprint has been more than just a scheme – it has been a ‘Statement of Intent’,” Vice Admiral Singh said.

“The results have been to our satisfaction, and we are confident that many of the products that have been developed, as part of this initiative, will find their way into the other armed forces, government and civil sectors, and also export to friendly foreign countries,” he said.

The Swavlamban is the annual seminar of the NIIO. The upcoming edition will be the second edition in the series. The purpose of the seminar is to engage the Indian industry and academia towards achieving self-reliance in the defence sector .

The upcoming seminar will have sessions dedicated to innovation and aviation, in addition to the plenary session on the first day.

The sessions on innovation entails discussions on the ‘Sprint’ initiative followed by interactions on procurement, policies and certification.

In addition, a number of other launches and major policy announcements concerning all three services are expected.

The second day will feature sessions on indigenisation and armament, including an interactive session with the industry on Swavlamban 2.0 document.

The second day will also feature breakout sessions on medical innovations and participation of defence attaches and diplomats from more than 50 friendly foreign countries, Navy officials said.

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    Byju’s New India CEO to Cut More Than 4,500 Jobs Byju’s New India CEO to Cut More Than 4,500 Jobs

    Arjun Mohan, who took charge as the new chief executive of the India business at Byju’s last Wednesday, is set to unveil a series of changes at the financially troubled edtech firm, including cutting the headcount by a third or about 4,000-4,500 people to further tighten costs, people aware of the matter said.

    ADIA Looks to Put $600m into RIL’s Retail Business ADIA Looks to Put $600m into RIL’s Retail Business

    After QIA, yet another oil-rich Gulf sovereign fund, Abu Dhabi Investment Authority (ADIA), is looking to buy an additional stake in Mukesh Ambani’s retail empire. ADIA is seeking to invest $600 million into the organised retailing business of Asia’s richest person, people aware of the developments told ET, at valuations that significantly exceed those during an earlier concluded round three years ago.

    Bigger Ecommerce Sales Set to Light up Volumes Bigger Ecommerce Sales Set to Light up Volumes

    The upcoming festive season sales are expected to bring the steepest online discounts since Covid, up to 60% in certain categories, with several ecommerce majors indicating a push to expand volumes.

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