Noting that India’s digital revolution is rooted in its democracy, Prime Minister Narendra Modi on Thursday listed out “Digital transitions shaping” the country, at the inaugural edition of The Sydney Dialogue. The Sydney Dialogue is being held between 17-19 November. It is an initiative of the Australian Strategic Policy Institute. Prime Minister Modi also urged democracies around the world to ensure that crypto-currencies or bitcoin do not end up in the wrong hands and spoil the youth.
“As a democracy and digital leader, India is ready to work with partners for our shared prosperity and security. India’s digital revolution is rooted in our democracy, our demography and the scale of our economy. It’s powered by enterprise and innovation of our youth,” said PM Modi during his keynote address. Prime Minister said that India is “turning the challenges of the past into an opportunity to take a leap into the future. While speaking on the theme of “India’s technology evolution and revolution”, PM Modi noted that there are five important transitions taking place in India.
“One, we are building the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a unique digital identity. We are on our way to connecting 600,0000 villages with broadband. We have built the world’s most efficient payment infrastructure, the UPI. Over 800 million use the internet, 750 million are on smartphones.”
On the second transition, PM Modi said India is “transforming people’s lives by using digital technology for governance including empowerment, connectivity, delivery of benefits and welfare.”
“Three, India has the world’s third-largest and fastest-growing ecosystem. New unicorns are coming up every few weeks to provide solutions to everything from health to national security,” said PM Modi. The fourth transition is India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity, he added.
On the fifth transition, Prime Minister said that there is a large effort to prepare India for the future. “We are investing in developing indigenous capability in telecom technology such as 5G and 6G; India is one of the leading nations in artificial intelligence,” he said. PM Modi’s address was preceded by introductory remarks by the Australian Prime Minister Scott Morrison, the Prime Minister’s Office said in a statement.
PM Modi said that it is essential for democracies to work together to create standards and norms for data governance. “It should also recognise national rights and, at the same time, promote trade, investment and the larger public good,” he said. “Take crypto-currency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth,” PM Modi added.
Last week, PM Modi had chaired a comprehensive meeting on the way forward for cryptocurrency and related issues. At the meet, discussions were held on the unregulated crypto currencies and how they cannot be allowed for money laundering and terror financing, government sources said.
The meeting was held after a consultative process done by the Reserve Bank of India, the Union Finance Ministry, and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices studied. According to sources, the government strongly feels that attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.
It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing. Sources said that the government is cognizant of the fact that this is an evolving technology hence it will keep a close watch and take proactive steps. There was consensus also that the steps taken in this field by the Government will be progressive and forward-looking. The government will continue to pro-actively engage with the experts and other stakeholders.