Financial-Technology supports needed for COVID-19 hit economies
India will study US President Joe Biden`s global infrastructure initiative proposal the US$40 trillion ‘Build Back Better’ which was announced at the G7 summit as an alternative to China`s economically-driven Belt and Road Initiative, a senior official of Ministry of External Affairs Additional Secretary P Harish said on 13 June 2021 after Prime Minister Narendera Modi participated in the London-summit.
“I can confirm that relevant agencies of the government of India would study them and would engage with them probably at the later stage,” Indian media quoted Harish as saying in response to a question of India joining ‘Build back better for the world’.
Financial and technological help will be required for the multi-trillion-dollar infrastructure need, mainly in the developing economies where COVID-19 has worsen prospects of developments.
Modi addressed the session on “Open Societies and Open Economies” with leaders from South Africa, South Korea and Australia.
He also highlighted India’s “civilisational commitment” to democracy and called for collective action when it comes to the issue of climate change.
“As the world’s largest democracy, India is a natural ally for the G7 and Guest Countries to defend these shared values from a host of threats stemming from authoritarianism, terrorism and violent extremism, disinformation and infodemics and economic coercion,” Harish told media through a virtual press conference.
The Indian Prime Minister called on G7 grouping to meet the “unfulfilled promise” of US$100 billion a year required for climate finance, stressing, “this challenge cannot be addressed in silos”.
Modi highlighted achievements through the India-led International Solar Alliance and Coalition for Disaster Resilient Infrastructure.
Further, he pointed out the “revolutionary impact of digital technologies” on “social inclusion and empowerment in India” via Aadhaar, Direct Benefit Transfer Jan Dhan- Aadhaar.
He shared the concern expressed by several Leaders that open societies are particularly vulnerable to disinformation and cyber-attacks, and stressed the need to ensure that cyberspace remains an avenue for advancing democratic values and not of subverting it. #infrastructure #projects #tenders #contracts #economies #development /fiinews.com
