Title: Prime Minister Modi Calls for Mutual Trust and Democratic Values to Attract Investments, Raises Concerns About China’s Actions
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New Delhi – Indian Prime Minister Narendra Modi highlighted the importance of “mutual trust” and “democratic values” as he urged investors to consider India as an attractive investment destination. In his address at the B20 meet, Modi emphasized the disruptions caused by the COVID-19 pandemic, indirectly referencing China, and expressed concerns about its actions.
Modi emphasized the need for balancing the interests of producers and consumers, stating that a profitable market can only be sustained through such equilibrium. He further emphasized that treating other countries solely as markets would prove detrimental in the long run, eventually causing harm to the producing nations. Modi believes that making all countries equal partners in progress is the way forward.
India’s discomfort with China was palpable in Modi’s address, which occurred shortly after a meeting with Chinese President Xi Jinping in Johannesburg on the sidelines of the Brics summit. Tensions at the border have escalated in recent years, prompting India to position itself as an attractive investment destination for companies seeking to reduce their reliance on China and diversify their production bases.
Highlighting the importance of critical minerals, Modi cautioned against potential new forms of colonialism. He stated that if countries with vast reserves of critical minerals do not view their possession as a global responsibility, it could lead to a new model of colonialism. The Prime Minister also emphasized the need for an “integrated approach” to cryptocurrency, an issue that is high on India’s priority list for the upcoming G20 leaders’ summit. He called for a global framework that takes into account the interests of all stakeholders.
Additionally, Modi flagged concerns regarding artificial intelligence (AI). While acknowledging the global excitement surrounding AI, he stressed the need to address ethical considerations such as skilling, re-skilling, algorithm bias, and the impact on society. Modi emphasized the importance of collaboration between the global business community and governments to ensure that ethical AI receives the right attention.
Prime Minister Modi’s address underlines the Indian government’s commitment to attracting foreign investments and reducing dependence on China. With an emphasis on mutual trust, democratic values, and a balanced approach that benefits all stakeholders, India seeks to position itself as a global leader in economic growth and development.
Note: This article is a summary of Prime Minister Narendra Modi’s address at the B20 meet and does not reflect the views of the news publication.