PM Modi's The Sydney Dialogue on India’s Technology Evolution and Revolution

PM delivers keynote address at The Sydney Dialogue, speaks on India’s technology evolution and revolution

Lists five important transitions taking place in India
“The biggest strength of democracy is openness. At the same time, we should not allow a few vested interests to misuse this openness”
““India's digital revolution is rooted in our democracy, our demography, and the scale of our economy”
“We use data as a source of empowerment of people. India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights”
“India's democratic traditions are old; its modern institutions are strong. And, we have always believed in the world as one family”
Gives a roadmap for democracies to work together that recognizes national rights and, at the same time, promote trade, investment and larger public good
“It is important that all democratic nations work together on crypto-currency and ensure it does not end up in wrong hands, which can spoil our youth”
Thurs, Nov, 18, 202, News Delhi, India:The Prime Minister, Narendra Modi delivered the keynote at the inaugural Sydney Dialogue via video conferencing today. Modi spoke on the theme of India’s technology evolution and revolution. The address was preceded by introductory remarks by the Australian Prime Minister, Mr. Scott Morrison.
The Prime Minister, Modi noted recognition for India's central role in the Indo Pacific region and in the emerging digital world. Noting the benefits of digital age, the Prime Minister also said that the world also faces new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space. “The biggest strength of democracy is openness. At the same time, we should not allow a few vested interests to misuse this openness”, the Prime Minister said.
The Prime Minister said, as a democracy and a digital leader, India is ready to work with partners for shared prosperity and security. “India's digital revolution is rooted in our democracy, our demography, and the scale of our economy. It is powered by enterprise and innovation of our youth. We are turning the challenges of the past into an opportunity to take a leap into the future”
The Prime Minister listed five important transitions taking place in India. One, the world's most extensive public information infrastructure being built in India.  Over 1.3 billion Indians have a unique digital identity, six hundred thousand villages will soon be connected with broadband and the world's most efficient payment infrastructure, the UPI. Two, use of digital technology for governance, inclusion, empowerment, connectivity, delivery of benefits and welfare. Three, India has the world's third largest and fastest growing Startup Eco-system. Four, India's industry and services sectors, even agriculture, are undergoing massive digital transformation. Five, there is a large effort to prepare India for the future. “We are investing in developing indigenous capabilities in telecom technology such as 5G and 6G. India is one of the leading nations in artificial intelligence and machine learning, especially in human-centred and ethical use of artificial intelligence. We are developing strong capabilities in Cloud platforms and cloud computing”, he added.
Talking about the resilience and digital sovereignty of India, the Prime Minister said  “we are focusing on hardware. We are preparing a package of incentives to become a key manufacturer of semi-conductors. Our production linked incentive schemes in electronics and telecom are already attracting local and global players to set up base in India”. He also asserted India’s commitment to data protection, privacy and security. “At the same time, we use data as a source of empowerment of people. India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights”, said the Prime Minister.
The Prime Minister said India’s contribution in coping with the Y2K problem and it offering CoWin platform to the world as open source software are examples of  India’s values and vision. “India's democratic traditions are old; its modern institutions are strong. And, we have always believed in the world as one family”, he said.
Modi said, India's extensive experience with use of technology and policy for public good, inclusive development and social empowerment can be of great help to the developing world. “We can work together to empower nations and their people, and prepare them for the opportunities of this century”, he remarked.
Giving a roadmap for democracies to work together, Modi called for a collaborative framework “to invest together in research and development in future technology; To develop trusted manufacturing base and trusted supply chains; To deepen intelligence and operational cooperation on cyber security, protect critical information infrastructure; To prevent manipulation of public opinions; To develop technical and governance standards and norms  consistent with our democratic values; and, To create standards and norms   for data  governance and for cross-border flow that protect and secure data.” He said emerging framework “should also recognise national rights and, at the same time, promote trade, investment and larger public good”.
In this context he cited the example of crypto-currency and said “It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth”.

PM addresses the conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth’

“Financial health of banks is now in a much improved condition as we found ways to address the problems and challenges from before 2014 one by one”

“Indian banks are strong enough to play a major role in imparting fresh energy to the country's economy, for giving a big push and making India self-reliant”

“This is a time for you to support wealth creators and Job creators. It is the need of the hour that now the banks of India work proactively to bolster the wealth sheet of the country along with their balance sheets”

“Banks need to leave the feeling of that they are approver and customer is applicant or they are giver and customer receiver, and adopt the model of partnership”

“When the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens”

“In the ‘Amrit Kaal’ of independence, the Indian banking sector will move with big thinking and Innovative approach”

The Prime Minister, Narendra Modi addressed the concluding session of the conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth via video conference.

Addressing the gathering, the Prime Minister said the reforms initiated by the government in the banking sector in the last 6-7 years, supported the banking sector in every way, due to which the banking sector of the country is in a very strong position today. He said the financial health of banks is now in a much improved condition. The Prime Minister said ways were found to address the problems and challenges from before 2014 one by one. “We addressed the problem of NPAs, recapitalized banks and increased their strength. We brought reforms like IBC, reformed many laws and empowered debt recovery tribunal. A dedicated Stressed Asset Management Vertical was also formed in the country during the Corona period” Modi said.

The Prime Minister said today, “Indian banks are strong enough to play a major role in imparting fresh energy to the country's economy, for giving a big push and making India self-reliant. I consider this phase as a major milestone in the banking sector of India”. Steps taken in the recent years have created a strong capital base for the banks. Banks have sufficient liquidity and no backlog for provisioning of NPAs as NPA in public sector banks is at the lowest in the last five years. This has led to upgrading of outlook for the Indian Banks by the International agencies, the Prime Minister pointed out. The Prime Minister said apart from being a milestone, this phase is also a new starting point and asked the banking sector to support wealth creators and Job creators. “It is the need of the hour that now the banks of India work proactively to bolster the wealth sheet of the country along with their balance sheets”, the Prime Minister stressed.

The Prime Minister emphasized the need to proactively serve the customers and asked the banks to provide customised solutions to customers, companies and MSMEs after analyzing their needs. The Prime Minister urged the banks to do away with the feeling that they are approver and the customer is an applicant, they are giver and client a receiver. Banks will have to adopt the model of partnership, the Prime Minister emphasized . He praised the banking sector for their enthusiasm in implementing Jan Dhan Scheme.

The Prime Minister said that banks should feel stakes in the growth of all the stakeholders and proactively get involved in the growth story. He gave an example of PLI where  the government is doing the same by giving the Indian manufacturers an incentive on production. Under the PLI scheme the manufacturers have been incentivized to increase their capacity manifold and transform themselves into  global companies. Banks can play a big role in making projects viable through their support and expertise, said the Prime Minister.

The Prime Minister said that due to major changes that have taken place in the country and the schemes that have been implemented, a huge pool of data has been created in the country. The Prime Minister said  that the banking sector must take advantage of this. He listed the opportunities presented by the flagship schemes like PM Awas Yojana, Swamiva, and Svanidhi and asked the banks to participate and play their role in these schemes

Speaking on the overall impact of financial inclusion, Modi said that when the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens. He gave an example of a recent research  by the banking sector itself where more Jan Dhan accounts are opened in the states have led to reduction in  the crime rate. Similarly, the Prime Minister said the scale at which corporates and start-ups are coming forward today is unprecedented. “In such a situation, what can be a better time to strengthen, fund, invest in India's aspirations?”, the Prime Minister asked.

The Prime Minister called upon the banking sector to move by attaching themselves with national goals and promises. He praised the proposed  initiative of web based project funding tracker to bring together ministries and and banks. He suggested that it will be better if it is added to the GatiShakti Portal as an interface. He wished that in the  ‘Amrit Kaal’ of independence, the Indian banking sector will move with big thinking and Innovative approach.

PM’s Keynote Address at the Sydney Dialogue

My dear friend, Prime Minister Scott Morrison,

Friends,

Namaskar!

It is a great honour for the people of India that you have invited me to deliver the keynote at the inaugural Sydney Dialogue. I see this as a recognition of India's central role in the Indo Pacific region and in the emerging digital world.It is also a tribute to the Comprehensive Strategic Partnership between our two countries, a force of good for the region and the world.I congratulate the Sydney Dialogue for its focus on emerging, critical and cyber technologies.

Friends,

We are in a time of change that happens once in an era.The digital age is changing everything around us. It has redefined politics, economy and society.It is raising new questions on sovereignty, governance, ethics, law, rights and security.It is reshaping international competition, power and leadership. It has ushered in a new era of opportunities for progress and prosperity.But, we also face new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space. Technology has already becomea major instrument of global competition and key to shaping the future international order.Technology and data are becoming new weapons.The biggest strength of democracy is openness.At the same time, we should not allow a few vested interests to misuse this openness.

Friends,

As a democracy and a digital leader,India is ready to work with partnersfor our shared prosperity and security. India's digital revolution is rooted in our democracy, our demography, and the scale of our economy.It is pwoered by enterprise and innovation of our youth.We are turning the challenges of the past into an opportunity to take a leap into the future.There are five important transitions taking place in India.One, we are building the world's most extensive public information infrastructure.  Over 1.3 billion Indians have a unique digital identity. We are on our way to connect six hundred thousand villages with broadband. We have built the world's most efficient payment infrastructure, the UPI. Over 800 million Indians use internet; 750 million are on smart-phones. We are one of the largest consumer of data per capita and have one of the cheapest data in the world.Two, we are transforming the lives of the people by using digital technology for governance, inclusion, empowerment, connectivity,delivery of benefits and welfare.Everyone has heard of India's financial inclusion, banking and digital payment revolution.Recently,we have used technology to deliver over 1.1 billion doses of vaccines, across India's vast geography using ArogyaSetu and Cowin platforms.We are also building a National Digital Health Mission for affordable and universal healthcare for our billion plus people.Our One Nation, One Card will deliver benefits to the hundreds of millions of workers anywhere in the country.Three, India has the world's third largest and fastest growing Startup Eco-system.New unicorns are coming up every few weeks.They are providing solutions to everything from health and education to national security.

Four, India's industry and services sectors, even agriculture, are undergoing massive digital transformation. We are also using digital technology for clean energy transition, conversion of resources and protection of biodiversity.Five, there is a large effort to prepare India for the future.We are investing in developing indigenous capabilities in telecom technology such as 5G and 6G.India is one of the leading nations in artificial intelligence and machine learning, especially in human-centred and ethical use of artificial intelligence.We are developing strong capabilities in Cloud platforms and cloud computing.

This is key to resilience and digital sovereignty.We are building world class capabilities

in quantum  computing. India's Space programme is a vital part of our economy and security. It is now open to innovation and investment from the private sector.India is already a major centre for providing cyber security solutions and services to corporates around the world. We have set up a Task Force with our industry to make India a global hub for cyber security. We have the benefit of our skills and global trust.And now, we are focusing on hardware. We are preparing a package of incentives to become a key manufacturer of semi-conductors. Our production linked incentive schemes in electronics and telecom are already attracting local and global players to set up base in India.

Friends,

The greatest product of technology today is data.In India, we have created a robust framework of data protection, privacy and security.And, at the same time, we use data as a source of empowerment of people.India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights.

Friends,

How a nation uses technology islinked to its values and vision.India's democratic traditions are old; its modern institutions are strong. And, we have always believed in the world as one family.India's IT talent helped to create the global digital economy. It helped cope with the Y2K problem. It has contributed to the evolution of technologies and services we use in our daily lives.Today, we offered our CoWin platform to the entire world free and made it open source software.India's extensive experience with use of technology and policy for public good, inclusive development and social empowerment can be of great help to the developing world.We can work together to empower nations and their people, and prepare them for the opportunities of this century.That is also important for building a future of this world that reflects our democratic ideals and values. That is as important as our own national security and prosperity.

Friends,

It is, therefore, essential for democracies to work together:To invest together in research and development in future technology;To develop trusted manufacturing base and trusted supply chains;To deepen intelligence and operational cooperation on cyber security, protect critical information infrastructure;To prevent manipulation of public opinions;To develop technical and governance standards and norms  consistent with our democratic values; and, To create standards and norms   for data  governance and for cross-border flow that protect and secure data.It should also recognise national rights and, at the same time, promote trade, investment and larger public good.Take crypto-currency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth.

Friends,

We are at a historic moment of choice.Whether all the wonderful powers of technology of our age will be instruments ofcooperation or conflict, coercion or choice, domination or development, oppression or opportunity.India, Australia and our partners in the Indo Pacific region and beyond hear the call of our times.And, we are prepared to rise to fulfil our responsibilities.I am confident that the Sydney Dialogue will be a wonderful platform to help us shape our partnership for this age and fulfil our responsibility to the future of our nations and the world.

Thank you.