Top News Headlines Today: PM Modi at World Governments Summit & More

On February 14, 2024, Prime Minister Narendra Modi participated in the World Governments Summit in Dubai at the invitation of His Highness Sheikh Mohamed bin Rashid Al Maktoum, Vice President, Prime Minister, Defence Minister, and the Ruler of Dubai. The Prime Minister was the Guest of Honour and delivered a special keynote address under the theme of the Summit - "Shaping the Future Governments.”

The event, attended by 20 world leaders, including 10 Presidents and 10 Prime Ministers, witnessed representation from governments and delegates of over 120 countries. In his address, Prime Minister Modi highlighted the changing nature of governance, focusing on India's transformative reforms centred around "Minimum Government, Maximum Governance.” He shared insights into how India utilised digital technology to enhance welfare, inclusivity, and sustainability, advocating for a human-centric approach to governance.

Emphasising India's commitment to inclusivity, the Prime Minister underscored the importance of people's participation, last-mile delivery, and women-led development for building an inclusive society. He urged governments worldwide to collaborate and learn from each other to address future challenges, emphasising the need for inclusive, tech-smart, clean, transparent, and green governance.

Prime Minister Modi outlined key priorities for public service, including Ease of Living, Ease of Justice, Ease of Mobility, Ease of Innovation, and Ease of Doing Business. Addressing climate change, he called for global participation in Mission LiFE (Lifestyle for Environment) to create a sustainable world.

Reflecting on India's leadership role during its chairmanship of G-20, the Prime Minister highlighted efforts to bring development concerns of the Global South to the forefront of global discourse. He called for reforms in multilateral institutions, advocating for greater representation of the Global South in decision-making processes. India, he affirmed, remains committed to contributing to global progress as a "Vishwa Bandhu" (Friend of the World).

On February 14, 2024, the Ministry of Defence formalised a significant contract with Advanced Weapon Equipment India Ltd. (AWEIL), Kanpur, marking a major stride in the nation's defense capabilities. The contract entails the manufacturing and supply of 463 indigenously crafted 12.7 mm Stabilised Remote Control Guns (SRCG) for the Indian Navy and Indian Coast Guard, Ministry of Defence Inks ₹1752.13 Crore Deal with AWEIL for Stabilised Remote Control Guns

The SRCG, designed for precision and accuracy, will bolster the Indian Navy and Indian Coast Guard's capabilities to engage small targets effectively, particularly in asymmetric environments, both during the day and night.

This strategic acquisition aligns with the broader vision of "Aatmanirbharta in Defence," emphasizing self-reliance and indigenous production. Moreover, the contract is poised to create extensive opportunities in the defense manufacturing sector, benefiting over 125 Indian vendors and Defence Public Sector Undertakings (DPSUs) over a span of 5 years.

The Ministry's commitment to strengthening domestic defense capabilities and fostering self-sufficiency is underscored by this forward-looking agreement, showcasing a resolute step towards enhancing national security.

In a significant milestone, the Ministry of Defence (MoD) has surpassed the ₹1 Lakh Crore mark in total order value through the Government e-Marketplace (GeM) portal, also known as Gross Merchandise Value (GMV). Transactions worth approximately ₹45,800 Crore have been awarded in the current financial year, ranging from general store items like eggs to critical defence acquisitions, including missile systems. GeM has played a pivotal role in facilitating over 5.47 lakh orders for the Ministry.

The MoD becomes the first central government entity to achieve this remarkable figure, showcasing its dedicated commitment to optimizing public spending in the Defence sector. CEO of GeM, Shri P. K. Singh, emphasised that this milestone reflects the Ministry's efforts to support Prime Minister Narendra Modi's vision of a self-reliant India.

Aligning with GeM’s core value of promoting social inclusion, 50.7% of the total orders, amounting to ₹60,593 Crore, have been awarded to Micro and Small Enterprises (MSEs) by MoD buyers, contributing significantly to India’s economic self-reliance.

The MoD, with nearly 19,800 buyers across the country, including remote areas like North-Eastern States, Leh-Ladakh, and various Island Territories, has demonstrated immense trust in the GeM portal since its inception, leading to this remarkable achievement.

The engagement of Defence Public Sector Undertakings (PSUs) on the GeM platform has not only streamlined procurement processes but has also facilitated sales, indicating a paradigm shift in the procurement landscape.

GeM continues to drive cost-effectiveness and efficiency in government transactions through initiatives like demand aggregation modules. By consolidating requirements for similar products across different organizations, GeM maximizes the benefits of large-volume procurement, showcasing its commitment to transformative change in government procurement practices.

For a second consecutive day, protesting Indian farmers clashed with security forces in their attempt to reach New Delhi, as reported by various news channels operating around the clock. Television footage depicted the use of drones dropping tear gas shells during the confrontation. On Tuesday, hundreds of farmers, transporting supplies on trucks and trolleys, initiated a march towards Delhi following unsuccessful discussions with the government on minimum crop prices. The clash unfolded at the Shambhu border, separating Punjab and Haryana, nearly 200 km from their intended destination. Sarwan Singh Pandher, the general secretary of the Punjab Kisan Mazdoor Sangharsh Committee, urged the prime minister to initiate a dialogue with the farmers.

Farmers from various unions persist in their protest and march towards Delhi, despite the heavy police deployment at borders. The Delhi Police are maintaining law and order amidst the 'Delhi chalo' call, with massive barricades at Singhu, Tikri, and Ghazipur borders. Central Delhi sees heightened security, with anti-riot personnel and barricades on key roads. The Delhi Metro regulates stations due to the farmers' march. Tear gas is used to deter protesters at the Shambhu border, while drones aid police efforts. Punjab remains on high alert, with most of the state police force deployed.

Union Minister of Food Processing, Pashupati Kumar Paras, inaugurated the SUFALAM 2024 Startup Conclave, emphasising the crucial role of startups in the food processing sector. The event, focused on enhancing networking and knowledge sharing, aligns with the government's commitment to fostering entrepreneurship. Minister Paras and Minister of State, Ms Shobha Karandlaje, highlighted the sector's potential to boost farmers' income and position India globally. Smt. Anita Praveen detailed schemes to support startups, stressing the vast scope for value addition to agricultural produce. "SUFALAM" emerged as a pivotal platform, with participation from industry stakeholders, startups, and giants, promising to transform the food processing sector through innovation and inclusive growth.

In the past 5 years, Digital Lending in India has surged at a CAGR of 29%, growing from USD 75B in 2018 to USD 270B in 2022 (Source: CRIF Report & The Digital Fifth Analysis). Institutional lenders' disbursements rose from USD 1,302B in FY'18 to USD 1,841B in FY'22, with a 56% and 77% increase in MSME and Retail disbursements, respectively.

The Digital Lending sector has experienced substantial growth, utilizing innovative Credit Underwriting models and advanced systems to reach all corners of India for disbursement and collections. While B2C Lending companies gain attention, the often-overlooked success story lies in LendingTech, marked by a USD 653M investment in the last 6 years, demand for full-stack platforms, potential for global deployment, regulatory tailwinds, and government initiatives (e.g., AA, OCEN, and ONDC for wider credit access). It's time for the industry to recognize the hidden drivers behind this success.

APEDA, the Agricultural and Processed Food Products Export Development Authority, has played a pivotal role in supporting approximately 500 startups engaged in marketing and exporting value-added millet-based products. In a notable success, Sangrur farmer Shri Dilpreet Singh, with assistance from APEDA, embarked on his journey as an exporter, sending out his inaugural consignment of 14.3 metric tonnes of millets and associated products, valued at USD 45,803. The Chairman of APEDA, Abhishek Dev, flagged off the consignment, highlighting the diversity of millet-derived products, including ready-to-cook millets and flours from various millet varieties. The importer, Shri Jasvir Singh in Sydney, expressed gratitude for APEDA's support during the virtual flag-off ceremony, foreseeing future collaborations. This success story underscores the transformative potential of local farmers in the agricultural sector, contributing significantly to agri exports. 

The increased millet exports from USD 62.95 million in 2021-22 to USD 75.45 million in 2022-23, along with the current export of USD 45.46 million from April to November 2023, reflect the growing global popularity of millets. The noteworthy 12.4% growth in the export of cereal preparations, including value-added millet products, signifies the increasing traction in international markets.

Prime Minister Narendra Modi addressed the Indian community in the UAE at the 'AHLAN MODI' event, organized in his honor by the Indian community across the 7 Emirates. With a massive turnout of 40,000 attendees, including Indian expatriates from various communities and Emiratis, the event took place at the Zayed Sports City stadium in Abu Dhabi. Prime Minister Modi expressed gratitude for the UAE government's support during challenging times, especially amid the COVID-19 pandemic, and highlighted the significant role played by the Indian diaspora in strengthening bilateral relations. He outlined his vision for India's future, aiming to become the third-largest economy by 2030 and a developed country, "Viksit Bharat," by 2047. The UAE, home to approximately 3.5 million Indian nationals, boasts the largest population of Indian citizens globally. The extensively planned "AHLAN MODI" event aimed to create a truly memorable experience for all participants.

Strengthening India-UAE FinTech cooperation. pic.twitter.com/iYhF22zHRT

— PMO India (@PMOIndia) February 13, 2024

Violent Turn in "Delhi Chalo" Farmers' Protest

Protesting farmers at the Punjab-Haryana border faced violence as tear gas shells were deployed against them, leading to long traffic jams in Delhi-NCR.

PM Modi Inaugurates Abu Dhabi's First Hindu Temple

On 14 February, Prime Minister Modi inaugurated Abu Dhabi's inaugural Hindu temple, BAPS. This marks the first Hindu temple in Abu Dhabi, constructed on a 27-acre land parcel generously gifted by Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi.

Positive Outlook for Adani Group by Global Ratings Agency

The global ratings agency has upgraded the outlook for Adani Green Energy, Adani Green Energy Restricted Group (AGEL - RG-1), Adani Transmission Step One, and Adani Electricity Mumbai to "stable" from "negative."

India's Increased Weightage in MSCI Global Standard Index

India has reduced the gap with China in MSCI's Global Standard index, achieving an all-time high weightage of 18.2%. This adjustment, made in the latest revision, is anticipated to attract approximately $1.2 billion in inflows. In contrast, China's weight in the index dropped to 25.4% from 26.6% a year ago.

India-UAE Trade Corridor Agreement

India and the United Arab Emirates formally signed an agreement on a trade corridor, aiming to establish a connection between Europe and India through parts of the Middle East using sea and rail routes. This ambitious plan, supported by the U.S. and the European Union, was announced during Prime Minister Narendra Modi's visit to the Gulf state.

Release of Indian Navy Veterans by Qatar

Qatar has released eight former Indian Navy veterans, who were sentenced to death for alleged spying. Prime Minister Modi is scheduled to visit Doha after inaugurating the first Hindu temple in the UAE.

IMD Issues Orange Alert for Rainfall in North India

The India Meteorological Department (IMD) has issued an orange alert for rainfall, thunderstorms, lightning, and hailstorms in Uttar Pradesh, Bihar, and Jharkhand. Delhi is also expected to experience light showers.