India UAE Trade

India, UAE In Talks For Rupee-Dirham Bilateral Trade

India and UAE are in talks for a Rupee-Dirham-denominated bilateral trade, said Sunjay Sudhir, Indian Ambassador to UAE, adding that both the countries will find it beneficial.

The Ambassador said the talks started on September 1, 2022. “Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost,” the Indian Ambassador to UAE said.

This development followed the Reserve Bank of India’s (RBI) announcement — a mechanism to settle payments for international trade in rupees, especially for India’s exports.

It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run.

A currency can be termed “international” if it is widely accepted worldwide as a medium of exchange.

SBI Research, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham.

In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war. (ANI)

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77 anniversary of Independence India Rupee

India, UAE In Talks For Rupee-Dirham Denominated Bilateral Trade

India and UAE are in talks for a Rupee-Dirham-denominated bilateral trade, said Sunjay Sudhir, Indian Ambassador to UAE, adding that both the countries will find it beneficial.

The Ambassador said the talks started on September 1, 2022.
“Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost,” the Indian Ambassador to UAE said.

This development followed the Reserve Bank of India’s (RBI) announcement — a mechanism to settle payments for international trade in rupees, especially for India’s exports.

It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run.

A currency can be termed “international” if it is widely accepted worldwide as a medium of exchange.

SBI Research, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham.

In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war. (ANI)

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We Are Taught History Written Under Conspiracy During Colonial Era: Modi

Stressing on the need to rewrite India’s history, Prime Minister Narendra Modi said on Friday that despite country’s rich history of victory and sacrifice, colonial-era history is taught in educational institutes.

While speaking at the 400th birth anniversary celebration of Lachit Barphukan, the Prime Minister said that India’s history was distorted deliberately.
“In every corner of the country, Bravehearts of Maa Bharati faced the oppressors and sacrificed their lives. This history was deliberately hidden. Is the valour of Lachit Barphukan not important? Are the sacrifices of thousands of people in Assam against the Mughals not important?” said PM Modi.

He said that there was a need after independence to fight the agenda of those ruling over us. But that was not done.

Unfortunately, even after independence, we were taught the same history that was created under a conspiracy during the colonial era. After independence, it was needed to change the agenda of those who colonised us but it wasn’t done,” said the Prime Minister.

PM Modi said that India’s history is not just about colonialism but it is a history of warriors.

“For centuries, it was attempted to tell us we are people who always get looted, beaten, and lost. India’s history is not just about colonialism, it’s a history of warriors. India’s history is about displaying valour against oppressors, about victory, sacrifice, and great tradition,” he said.

He further said that today India has broken the shackles of colonialism and is moving forward, celebrating our heritage and remembering our heroes with pride.

“Today, India is not only celebrating its varied heritage but also remembering its braveheart unsung heroes,” he added.

“Assam’s history is a matter of great pride in India’s journey. We believe in uniting the various thoughts, beliefs, and cultures of India. India has always valued its rich and cultural heritage; we have always protected our spiritual and cultural principles. That’s what makes us a marvellous civilization.”

The Prime Minister said India has the ability to give a befitting reply to those who practice atrocities.

“India’s history is the history of warriors, the history of victory, the history of sacrifice, selflessness, and bravery. Each and every youth of India is a warrior when it comes to saving their cultural heritage from any external forces,” he said.

While addressing today, Assam Chief Minister Himanta Biswa Sarma had asked historians to highlight the achievements of leaders like Lachit Barphukan, Chhatrapati Shivaji, Guru Gobind Singh, and Durgadas Rathore among others to show history in a new light.

“Humble request to our historians that India isn’t just the story of Aurangzeb, Babar, Jahangir, or Humayun. India is of Lachit Barphukan, Chhatrapati Shivaji, Guru Gobind Singh, Durgadas Rathore. We should make an effort to see it in a new light. It will fulfill our dream to be a Vishwa Guru,” Sarma said.

This comes a day after Union Home Minister Amit Shah made a similar statement, saying no one can stop rewriting history adding that Indian history is twisted and inaccurately written, and appealed to historians and research scholars to rewrite it.

“I have always heard that our history is twisted and inaccurately written. It might be true, but who can now stop us from writing about our glorious history? We have to take the courage, rewrite and present our history before the world,” the Union Home Minister said.

Shah appealed to the historians and research scholars attending the function to get over this narrative that Indian history is twisted and inaccurately written.

He asked them to write about 30 empires that ruled for more than 150 years in any part of the country and 300 such great personalities who fought and sacrificed themselves during the country’s freedom struggle.

Born on 24th November 1622 in Charaideo, Lachit Barphukan was known for his extraordinary military intelligence in defeating the Mughals, thereby halting the expanding ambitions of Aurangzeb in the Battle of Saraighat.

On November 24, each year, Lachit Diwas is celebrated state-wide in Assam to commemorate the heroism of Lachit Borphukan and the victory of the Assamese army at the Battle of Saraighat.

A flagship event was organized by the Centre at Vigyan Bhawan in New Delhi to showcase the life of one of the greatest warriors of eastern India and celebrate his achievements outside his home state to pay nationwide tribute on the leader’s 400 birth anniversary. (ANI)

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Doval’s Invitation: Top Min, Ulema From Indonesia To Attend Meet On Interfaith Harmony

On the invitation of National Security Advisor Ajit Doval, top Indonesian minister Dr. Mohammed Mahfud MD will be in Delhi next week.

Dr. Mohammed Mahfud is the Coordinating Minister for the Political, Legal, and Security Affairs of Indonesia. He will be accompanied by a high-level delegation of Ulema.
On November 28, visiting Ulema from Indonesia will also be interacting with their Indian counterparts. The discussion will be on the ‘Role of Ulema in fostering a culture of interfaith peace and social harmony in India and Indonesia’.

“Ulema play a very important role In Islamic society and the objective of such discussion is to bring together Indian and Indonesian Ulema and scholars who can take forward the cooperation to promote tolerance, harmony and peaceful co-existence and counter violent extremism and radicalization,” a source told ANI

There will be three sessions, first on Islam: Continuity and Change, second on Harmonizing inter-faith society: Practice and Experience, and the last session will be on Countering Radicalization and Extremism in India and Indonesia.

During the visit, Ulema from Indonesia will also be interacting with leaders from other faiths.

It is learned that NSA Doval will be making opening and closing remarks and a joint statement will also be issued at the end of the visit.

Indonesia has the world’s largest Muslim population and India is home to the second-largest number of Muslims in the world.

NSA Doval had visited Indonesia for the second Indo- Indonesia security dialogue in March this year. NSA then invited minister Mehfud to India. (ANI)

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IAF Order For New Age Missiles

IAF Set To Place Rs 1,400 Cr Order For New Age Missiles

In a major push to induct indigenously developed weapon systems, the Indian Air Force has moved a proposal worth over Rs 1,400 crore to the government for acquiring Rudram next-generation anti-radiation missiles (NGARM) to search and destroy enemy radar locations, informed defence officials.

“A proposal for acquisition of advanced missiles developed by the Defence Research and Development Organisation is with the Defence Ministry and a high-level meeting would soon be taking a call on it,” defence officials told ANI.
The next-generation anti-radiation missiles have already been tested by the Indian Air Force from its Sukhoi-30 fighter aircraft fleet and can destroy enemy radar locations during conflicts, they said.

The destruction of radar systems can help the Indian Air Force to strike targets without detection, the officials said.

The NGARM can be fired from IAF fighters like the Sukhoi-30 and the Mirage-2000. It is accurate and has been developed with the capability to even track a radar system even if it is not operating.

NGARM is India’s first indigenously developed anti-radiation missile that has a speed of Mach two or twice the speed of sound.

The tactical, air-to-surface anti-radiation missile is equipped with a passive homing head that tracks sources of radiation of a wide range of frequencies. It can lock into a target not only before launch but also after it has been launched.

The NGARM induction would be a big boost for the Indian Air Force as it would help the force prepare for future wars with indigenous weapon systems.

Recently, Air Chief Marshal VR Chaudhari stated that based on lessons learnt from the Ukraine-Russia war, the Indian Air Force would be focusing on inducting ‘made in Indian weapons’. (ANI)

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Fugitive Zakir Naik Not Invited To FIFA By Qatar?

Amid uproar over an invitation to fugitive Zakir Naik to take part in the FIFA World Cup in Doha, it is learnt that Qatar has told India through diplomatic channels that Naik was not invited.

Earlier Union Minister Hardeep Puri said, “India would convey its views on the matter in the ‘strongest possible terms’ to the authorities concerned.”
It was reported that Qatar has officially invited Zakir Naik to deliver Islamic sermons at FIFA. A section of the ruling BJP back home has called for a boycott of FIFA. However, Vice President of India Jagdeep Dhakar did attend the opening ceremony of the World Cup.

Naik, a televangelist lives in Malaysia, where he moved from India in 2016 and he reportedly got permanent residency there. India is seeking his extradition.

Zakir Naik is a wanted man in India and faces charges of spreading hate in India and also money laundering.

Ministry of Home Affairs declared Zakir Naik’s Islamic Research Foundation unlawful last year. Naik is accused of promoting hate, and disharmony, and his speeches are seen as objectionable as he has been extolling known terrorists promoting conversion and terrorism. (ANI)

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Taiwan India business

Taiwan Delegation’s India Visit A Fresh Boost To Business Ties

Taiwan-India business ties got a fresh boost after a delegation from the self-governed island visited a number of Indian states earlier this month which led to the signing of three Taiwan-India memorandums of understanding aimed at fostering electronics manufacturing and green technologies, according to the Taiwan-based English-language website Common Wealth Magazine.

Several high-level business delegations from Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) and Taiwan India Business Association (TIBA) visited India to explore the untapped business potential between the two sides.
Writing for the Common Wealth Magazine, Taipei-based attorney Arpita Dutta said the three important items on the agenda of the delegation visit were: “visiting India based-Taiwanese businesses, visiting potential Indian business partners, and organizing a rigorous discussion with the state governments including the IT ministers of several states.”

According to Dutta, key takeaways from the delegation’s visit included, the recognition of the fact that India has an abundant talent pool and that wise use of Indian talent will maximize business growth.

The role of product localization in penetrating the 1.4 billion Indian market and the appropriate supply chain for streamlining business management, were also noted. Another theme that came across was the need to break the monotonous thinking of India-Taiwan cultural barriers.

Arpita Dutta, in the Common Wealth Magazine article, contended that this delegation visit was an essential step since it aimed to understand the gaps and opportunities to advocate the sustainability of Taiwanese business in a new jurisdiction.

She said intense and engaging talks with the “Indian government and Taiwanese companies surely will open doors to more collaboration in the foreseeable future.”

“The policies ‘Made in India’ and ‘Production Incentive Evolution’ along with several other subsidies can complement Taiwan’s ‘New Southbound Policy,’ and Taiwan-India collaboration will turn the aspiration of an Indian manufacturing hub into reality,” she added.

Dutta, who herself was part of the visit to prominent Indian entities, said the delegate saw their utmost collaborative lookout from a broad perspective, which clearly showed how India-Taiwan hardware and software collaboration will create a new dimension in the IT industry.

“The insights from this trip might provide sufficient confidence to Taiwanese companies that are under certain stereotypical impressions about India,” she added. (ANI)

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Refuge In Assam After Violence

Himanta’s Saddam Dig For Rahul; Cong Retorts At His Stunt

Assam Chief Minister Himanta Biswa Sarma has taken a dig at Congress leader Rahul Gandhi’s bearded appearance, which he said resembled that of former Iraqi dictator Saddam Hussein.

Addressing a campaign rally in Ahmedabad on Tuesday, the Assam chief minister said, “If he (Rahul Gandhi) wanted to change his looks, why did not he choose to look like Sardar Vallabhbhai Patel or Jawaharlal Nehru? Even Gandhi Ji’s look would have been better, but why is he changing his face to look like Saddam Hussein now?”
Sarma also hit out at the Congress leader’s Bharat Jodo Yatra and said, “Rahul Gandhi is visiting places where there are no elections.”

Soon after the statement of the Assam CM went viral on social media platforms, Congress leaders termed it as a “stunt”.

“You (Assam CM) just want a headline and you get that only when you take Rahul Gandhi’s name. Himanta Biswa Sarma can say anything. He can go to any level for power. We don’t pay attention to such statement,” Assam Congress chief Bhupen Kumar Borah said while speaking to ANI.

Rajasthan Cabinet Minister Pratap Singh Khachariyawas also condemned the Assam CM’s remark against Rahul Gandhi and said, “He (Assam CM Sarma) is the same person who used to praise Rahul Gandhi, and now he is giving such shameful statements and comparing Rahul Gandhi with Saddam Hussein.”

“People like Sarma are criminals and he will never become the Chief Minister again. BJP must learn from Rahul Gandhi. India is in his DNA, and he considers the national flag his religion,” Khachariyawas said. (ANI)

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Revolutionising Financial Services: 75 Digital Banking Units In 75 Districts

Over the last few years, India has turned a corner and placed a renewed emphasis on ensuring that the new era requires a new mechanism. This novel mechanism shares immense benefits of technology for humanity as was seen with the hugely successful Digital India campaign.

In what has become a huge catalyst towards promoting as many transactions that can take place through digital means, the Digital India campaign has empowered the common citizen with the widespread use of technology on that front.
Technology-based digital platforms have gained popularity among various sections of society including the educated semi-urban and rural classes equally in the last decade. Though the shift to these online platforms was a foregone conclusion, the fact that the same would happen so swiftly took everyone by surprise.

Notwithstanding the presence of private Indian non-banking financial players like PhonePe or PayTM as well as international giants like GPay, the most successful and user-friendly interface among all of them has been that of BHIM (Bharat Interface for Money) launched by the Government of India.

Continuing on this trend of promoting ease of living within the nation, the Government of India has been able to add new services to it. Adding a new dimension to the push towards digital finances, an even more advanced, effective, transparent, and reliable way has been found through which 75 digital banking units have been launched in 75 districts of the country.

As of now, 11 public sector banks as well as 12 private banks would be participating in this initiative. In the last half a decade particularly, banks have been able to reach out to a record number of poor through which financial inclusion has received a huge shot in the arm.

Reforms in the banking sector along with this push for inclusion have been able to connect the poor with the banking system. More than the physical distance between such banks and their branches, the psychological distance between those in rural India particularly, these banks and their branches have been reduced as well.

A top priority has been given to ensure that banking services reach the most remote corners of the country which has further resulted in more than 99 percent of total Indian villages having some bank branch, banking outlet or banking correspond/mitra within a 5-km radius. To ease this further, the huge network of interconnected post offices in the country has become part of the mainstream of banking as well via the India Post Bank.

These banking services that have reached the common Indian through BHIM, RuPay, e-Rupi, and Jan Dhan have opened new doors of possibilities. Similarly, the digital banking unit will ensure that such banking services are free from paperwork and other hassles.

Banking will be easier than ever with convenience and security. In a village or a small town, sending money or taking loans would become much more convenient with the online presence being maintained through these digital banking units.’

These digital banking units, as part of the larger financial technology or the more commonly-known world of ‘FinTech’, would serve as a new extension towards a historic new era. Announced in the Union Budget earlier this year, such units would be specialized and fixed point units that would help those who do not have their own computers, laptops, or smartphones to avail of banking services digitally by visiting such units.

All such facilities would be provided with ample internet in these digital banking units. Opening a savings account, transferring cash, investing in a fixed deposit, applying for loans, applying for credit cards, checking account details, and stopping payment instructions for cheques issued would all be part of these digital banking units.

It is bound to promote digital financial literacy with an emphasis on educating customers (particularly from the rural setup) about cyber security, awareness, and security measures.

In a situation like the gloomy pandemic were distancing ourselves from one another has taken a form of its own, these digital banking units put forth an interesting aspect of contactless payment mechanisms along with no need for a personal internet network on the customer’s end either.

Therefore, for a large population, these units are bound to provide the first step towards going digital in a responsible and transparent manner as well. Interestingly, the 21st-century economy is progressing with a continuum and it becomes important that the help of partner banks, government entities, and corporate players is taken to ensure that nobody is left behind in terms of financial inclusion and literacy.

Over the last decade, the rapid pace at which India has progressed in the field of digital technology has been nothing short of magical.

The Indian population has taken to digital payments like fish takes to water, with a large amount of monetary transactions at toll plazas, shops, account transfers, restaurants, etc. taking place via mobile phones alone.

A large number of developing countries are aspiring to imitate the Indian success story when it comes to digital payments, and these newly-launched digital banking units in 75 districts are yet another chapter in the glorious book of this story. (ANI)

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Mukesh Ambani about India Economy

India Will Be A 40 Trill-Dollar Economy By 2047: Mukesh

India will be a USD 40-trillion dollar economy by 2047 and ranked among the top three economies of the world, Reliance Industries Chairman Mukesh D Ambani has said and identified Clean Energy Revolution, the Bio-Energy Revolution, and the Digital Revolution as “three game-changing revolutions” that will govern India’s growth in the decades ahead.

Addressing the convocation of Pandit Deendayal Energy University (PDEU) here on Tuesday, Mukesh Ambani said India is poised for an “unprecedented explosion in economic growth and opportunities” during the Amrit Kaal, the 25-year period to 2047 when India will celebrate the centenary of its independence.
He said the three game-changing revolutions will together transform lives in ways unimagined.

“While the Clean Energy Revolution and the Bio-Energy Revolution will produce energy sustainably, the Digital Revolution will enable us to consume energy efficiently. All three revolutions will together help India and the world save our beautiful planet from the Climate Crisis,” he said.

“I am confident that you, the students of PDEU, along with lakhs of other bright young minds from across the nation, will leverage these revolutions to enable India to meet its energy goals,” he added.

Mukesh Ambani, who is President, the Board of Governors of PDEU, said he was excited about the convocation ceremony.

“This batch of PDEU is graduating during a year that marks the beginning of India’s Amrit Kaal. In our tradition, Amrit Kaal is regarded as the most auspicious time to start anything new. And each of you is starting your professional journey in this period. As the Amrit Kaal unfolds, India will witness an unprecedented explosion in economic growth and opportunities,” he said.

“From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world in your working life. In other words, a bright future beckons you. Be ready to step out confidently when opportunity knocks on your door,” he added.

Mukesh Ambani said the university has made the students future-ready because it researches and teaches “energy with a very comprehensive perspective”.

He also had a word of advice for students, saying that in the era of 4G and 5G, there is no ‘G’ greater than “MataG and PitaG”.

“Today is your day. The arc lights are on you. But standing in the wings is your parents and elders… it’s a very special day for them too. They have waited eagerly to see you walk up to the stage and receive your graduation certificate. It has been their lifelong dream,” Mukesh Ambani said.

“Don’t ever forget the struggles they underwent and the sacrifices they made to bring you here. Their contribution to your success is immeasurable. Let me tell you something in your own lingo – the language of the youth. Nowadays, every youngster is excited about 4G and now 5G. But there is no ‘G’ in this world greater than Mata G and Pita G. They were, are, and will always remain your most dependable pillars of strength and support,” he added.

He said PDEU students were “bubbling with energy and enthusiasm”, “brimming with creativity and ideas” and “bristling with entrepreneurial spirit” and were equipped with the knowledge and the skill-set needed to design breakthrough energy solutions for 1.4 billion Indians.

“You have all the necessary ingredients to be the leaders India needs…And as leaders of India’s future, you should ensure our nation leads the global clean and green energy revolution. It is a goal each one of you should pursue in mission mode,” he said.

The leading industrialist shared three mantras with students to help them achieve success in this mission:

“One, Think Big. Be an audacious dreamer. Every great thing ever built in this world was once a dream thought to be impossible. You have to own your dream with courage, nurture it with conviction and realize it with bold and disciplined action. It is the only way you can make the impossible possible.

“Two, Think Green. The Clean Energy movement is about adopting a green mindset. It is about being sensitive to Mother Nature. It is about inventing means to harvest its energy without harming it. It is about ensuring that we leave behind a better and healthier planet for future generations.

“And three, Think Digital. In your mission of making India a clean energy leader, digitisation will play the role of a force multiplier. Technologies such as AI, Robotics, and IoT are powerful enablers of change. Use them to your advantage. These three mantras will be your astras in your mission of making India a global clean energy leader,” he said.

Referring to challenges posed by COVID-19, he said the period “was a trial by fire for each of you….indeed, for all of humanity”

“But remember, the finest sword is forged in raging fire,” he said.

Mukesh Ambani said the experiences in the past couple of years are “invaluable lessons no institution could have taught you”.

“They have shaped you into better professionals. They have made you tougher from within. They have filled you with the spirit of care and empathy.

“And they have taught you the importance of service to humanity with honesty and integrity. With these learnings in your kitty, no mountain will be too high to climb; no river will be too wide to cross. So roll up your sleeves and move ahead,” he said.

Referring to Hasmukh Adhia, Chairman of the Standing Committee of the University, Mukesh Ambani said he is “one of the finest financial minds India has produced”.

“The banking and fiscal reforms he formulated as Finance Secretary have changed the face of our financial system. Under his chairmanship, PDEU has become the first private university in Gujarat to be awarded the A++ grade by NAAC. The credit for this achievement also goes to the excellent faculty and staff of PDEU,” he said.

Referring to Tata Group chairperson N Chandrasekaran, who was the chief guest for the event, Mukesh Ambani said he “is a true inspiration to the business community and the youth of India”.

“Through his vision, conviction, and rich hands-on experience, he has scripted Tata Group’s spectacular growth in recent years. He has also led its forays into the businesses of the future,” he said.

Mukesh Ambani said he is particularly inspired by “the gigantic steps” the group has taken in the field of renewable energy under his leadership.

“If India has to become a renewable energy powerhouse, it is possible through the combined will and initiatives of many leading business groups working with the ethos of a national coalition,” he said. (ANI)

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