Tag: prime minister narendra modi

PM Modi Backs Rules for Crypto, Says There’s No Point in Ignoring Technology

Prime Minister Narendra Modi has stressed that a comprehensive set of rules are necessary govern the crypto sector. PM Modi, during an exclusive interview with Business Today said that it is only wise to keep up pace with advancements in the technological sector. The regulation of cryptocurrencies has been among India’s top agendas as part of its ongoing G20 Presidency that is scheduled to culminate in December this year. India’s finance ministry as well as the Reserve Bank of India (RBI) also deem it important that crypto activities are officially governed.

PM Modi, during his interview, noted that technologies must be democratised and adopted with a unified approach rather than being overlooked.

Talking about the cryptocurrency sector, PM Modi strongly advocated a global consensus-based model that would keep the foundational rules for the sector same for all countries.

“The rapid pace of change of technology is a reality—there is no point in ignoring it or wishing it away,” India Today quoted PM Modi as saying. “At the same time, the rules, regulations and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need global regulations.”

India has been working on making internationally workable rules for the crypto sector, taking suggestions and feedback from other G20 nations for the last nine months now.

Global financial institutions like the International Monetary Fund (IMF) and the Financial Stability Board (FSB) are also helping India and the other G20 nations come up with appropriate rules that would oversee the crypto sector on an international level.

PM Modi, in his interview, also acknowledged that a lot of energy and efforts have indeed been channelled into addressing crypto agendas.

“India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. The G20 reached a consensus on these matters, guiding standard-setting bodies accordingly,” PM Modi added.

On August 1, India posted a presidency note on crypto, giving a status update on the crypto laws work.

Ajay Seth, a senior official of the Indian Finance Ministry had said in July that while major rules for crypto and Web3 are currently under discussions, there is some oversight monitoring the sector.

These include income tax framework for VDAs, the Indian Computer Emergency Response Team (CERT-IN) guidelines to ensure compliance of VDA service providers, the ASCI guidelines for responsible advertising, and the latest inclusion of VDA service providers in the Prevention of Money Laundering Act (PMLA) recognising them as reporting entities

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Tesla Executives Said to Plan Meeting With Government Officials This Week in Pivot Beyond China

A group of senior Tesla executives plan to visit India this week to meet with federal government officials in a newfound bid to deepen the carmaker’s supply chain in the country as it pushes to diversify beyond China. The executives are scheduled to meet with government representatives including those from the office of Prime Minister Narendra Modi to discuss local sourcing of components for Tesla’s models, people familiar with the matter said, declining to be named as the plans are private.

The visit could represent a thaw in the relationship of India and Tesla, which has yet to enter the country in a meaningful way. Chief Executive Officer Elon Musk has criticized India’s high import taxes and its electric-vehicle policies, and India, in turn, has advised Tesla not to sell cars in the country that have been made in China, its political adversary.

The visitors are set to include C-suite executives and managers from Austin, Texas-based Tesla’s supply chain, production and business development teams. The executives are expected to reiterate Tesla’s request for India to cut import taxes on its vehicles, the people said.

Tesla didn’t immediately respond to an email sent to the press address on its website outside of US office hours. A representative for the ministry of road transport and highways didn’t respond to request for a comment.

Sourcing more from India could help Tesla win Modi’s favour as he tries to make the country a global manufacturing hub. Thus far, Modi’s administration has been lukewarm to Tesla, asking it to avoid selling vehicles assembled at its Shanghai factory. India has been engaged in a long-time border dispute with neighbor China.

While Tesla has found it difficult to break into India, its global rivals such as Mercedes-Benz AG have taken steps to sell locally assembled cars. They’re betting on rising demand for electric vehicles in what is the world’s most populous country and an automobile market with high growth potential.

To be sure, Tesla is still far from considering India as a base for assembling its pricey cars. Musk has said his company won’t set up manufacturing plants in any location where it isn’t allowed to first sell and service its vehicles.

But US companies including Tesla are increasingly realizing the importance of pivoting beyond China as trade tensions between Washington and Beijing show no signs of easing.

Tesla could take a leaf from Apple’s playbook. The iPhone maker has carved out India as alternative manufacturing base and now produces 7 percent of its global smartphone output in the South Asian nation.

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Google I/O 2023 saw Google tell us repeatedly that it cares about AI, alongside the launch of its first foldable phone and Pixel-branded tablet. This year, the company is going to supercharge its apps, services, and Android operating system with AI technology. We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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