India an ideal testing lab; its solutions can be easily applied anywhere: PM Modi

News Network
August 19, 2023

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New Delhi, Aug 19: Prime Minister Narendra Modi on Saturday said India is an ideal testing lab for solutions and underlined that the solutions that succeed in the country can be easily applied anywhere in the world.

In his virtual address at the G20 Digital Economy Working Group Ministers Meet here in the city, the Prime Minister said India's digital public infrastructure offers a scalable, secure and inclusive solution for global challenges.

"India is an incredibly diverse country. We have dozens of languages and hundreds of dialects. It is home to every religion in the world and innumerable cultural practices. From ancient traditions to the latest technology, India has something for everyone," Modi said.

With such diversity, India is an ideal testing lab for solution, he said, adding "A solution that succeeds in India can be easily applied anywhere in the world."

Modi told the delegates attending the meet that India is ready to share its experience with the world.

The Prime Minister informed the audience that the country has now created an online global public digital goods depository, the India Stacks, to ensure that no one is left behind.

He called upon the participants at the event to put in efforts to develop a roadmap to facilitate cross country comparison of digital skills and to set up a virtual centre of excellence on digital skilling.

Cautioning the G20 representatives against the security threat challenges to digital economy as it spreads globally, Modi emphasised on building consensus on the "G20 High Level principles for a secure, trusted and resilient digital economy."

"We in G20 have a unique opportunity to lay a foundation of an inclusive, prosperous and secure global digital future. We can include financial inclusion and productivity through Digital Public Infrastructure," the Prime Minister said.

Explaining the experiments done by the Government of India on the digital economy front, Modi said the trinity of Jan Dhan accounts, Aadhaar and mobile phones revolutionised financial transactions.

"We are building 'Bhashini', an AI powered language translation platform. It will support digital inclusion in all the diverse languages of India," the Prime Minister said.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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