PM Modi in US interacting with top CEOs to highlight opportunities in India

News Network
September 23, 2021

CEOs.jpg

Washington, Sept 23: Prime Minister Narendra Modi has said he would highlight economic opportunities in India during his meetings with CEOs in Washington.

On Thursday, the prime minister is scheduled to hold one-on-one meetings with the top five American CEOs.

Two of them are Indian Americans -- Shantanu Narayen from Adobe and Vivek Lall from General Atomics. The three others being Cristiano E Amon from Qualcomm, Mark Widmar from First Solar, and Stephen A Schwarzman from Blackstone.

“Landed in Washington DC. Over the next two days, will be meeting President Joe Biden, Vice President Kamala Harris, Prime Ministers Scott Morrison from Australia and Yoshihide Suga from Japan," he tweeted.

“Will attend the Quad meeting and would also interact with leading CEOs to highlight economic opportunities in India,” he said.

The prime minister's meeting with American CEOs from five different key areas is reflective of the priorities of his government.

While Narayen reflects the IT and digital priority that the Indian government is pushing for, Modi’s meeting with Lall is significant as General Atomics is not only the pioneer in military drone technologies but also the world’s top manufacturer of state-of-the-art military drones, which the US shares only with its key allies and partners.

India is in the process of procuring a significant number of drones for the three branches of its armed forces. It has also leased a few drones from General Atomics.

Jakarta-born Vivek Lall, now based out of California, for over a decade has been instrumental in major bilateral defence deals worth around $18 billion, as India and the US take steps to forge a new relationship in which defence trade is a key pillar.

The meeting with chip giant Cristiano Amon assumes significance, given India’s push for the 5G technology to be safe and secure.

The San Diego-based company creates semiconductors, software, and services related to wireless technology.

A world leader in 3G, 4G, and next-generation wireless technology innovations for more than 30 years, Qualcomm is now pioneering its way to 5G with a new era of intelligent products that are revolutionising industries, including automotive, computing, and IoT.

India is looking for a major investment from Qualcomm.

As India is taking gigantic steps in the use of solar power to meet its energy needs, the meeting with Mark Widmar is important as First Solar is a leading global provider of comprehensive photovoltaic (“PV”) solar solutions, which use its advanced module and system technology.

Early this summer, the Arizona-based company announced to add 3.3 GW of capacity in a new facility in India at an estimated cost of USD684 million.

Stephen A. Schwarzman is Chairman, CEO and Co-Founder of Blackstone, one of the world’s leading investment firms investing capital on behalf of pension funds, large institutions and individuals.

In March this year, Blackstone announced that funds managed by Blackstone Real Estate have acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group, in one of India’s largest logistics transactions.  
 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 26,2024

gazastrike.jpg

There is no let-up in the Israeli aggression on the Gaza Strip despite a UN Security Council resolution demanding an “immediate ceasefire.”

Israel carried out air raids and artillery strikes on several parts of Gaza on Tuesday, hitting residential buildings and gatherings of displaced people, “killing and wounding hundreds of people”, the Palestinian Information Center said.

Among the victims are 15 people, including four women and children, who were killed in an attack on a house in the neighborhood of Mosbeh, north of Rafah.

Media reports also said that fighting on the ground continued unabated.

That’s while the UN Security Council on Monday adopted a resolution for an “immediate ceasefire” for the ongoing Muslim holy month of Ramadan.

The resolution was put forward by the 10 non-permanent members of the UN Security Council. The US abstained and the 14 other council members all voted in favor of it.

After the vote, UN Secretary-General Antonio Guterres wrote on social media platform X that failing to implement the resolution “would be unforgivable.”

Palestinian resistance movements have welcomed the resolution, but Israel’s minister for military affairs Yoav Gallant said Israel will not stop its attacks in Gaza. 

“We will operate against Hamas everywhere – including in places where we have not yet been,” Gallant said.

Israel’s foreign minister, Israel Katz, also said in a post on X that the attacks will continue until all the captives taken by Hamas during its October 7 blitz are released.

Israel unleashed its war on Gaza on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Since the start of the offensive, the Tel Aviv regime has killed more than 32,300 Palestinians and injured over 74,000 others.

The Tel Aviv regime has also imposed a “complete siege” on the territory, cutting off fuel, electricity, food, and water to the more than two million Palestinians living there.

Francesca Albanese, the UN special rapporteur on human rights in the Palestinian territories, said Israel has committed acts of genocide in Gaza.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 27,2024

hdkprajwal.jpg

Hassan: Former Prime Minister and JD(S) supremo H.D. Deve Gowda has announced that his son, former Karnataka Chief Minister H.D. Kumaraswamy will contest from state's Mandya parliamentary seat as NDA candidate.

Deve Gowda told reporters on Tuesday that the decision to field Kumaraswamy, who is also JD(S) state president, in Lok Sabha polls from the Mandya seat was taken amid mounting public demand. "People are demanding that Kumaraswamy should contest from Mandya. In the core committee meeting as well, all members suggested that he should contest from Mandya," Deve Gowda said.

The former Chief Minister's son Nikhil Kumaraswamy had lost to independent candidate Sumalatha Ambareesh from Mandya in the 2019 Lok Sabha polls.

The JD(S) supremo further said that the name of senior leader Mallesh Babu has been finalised from the Kolar seat.

Deve Gowda's grandson and former Karnataka Minister H. D. Revanna's son sitting JD(S) MP Prajwal Revanna will be contesting as the NDA candidate from the Hassan seat.

Earlier in the day, Kumaraswamy in a media briefing indicated that he would contest from Mandya amid mounting public pressure on him.

Congress has fielded Venkatarame Gowda popularly known as ‘Star Chandru’ from the Mandya seat dominated by Vokkaligas. Star Chandru is a close associate of Deputy Chief Minister D.K. Shivakumar.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 21,2024

billionairs.jpg

New Delhi: India has now become more unequal in terms of wealth concentration than the British colonial period as income and wealth of the top 1% of the country’s population have hit historical highs, according to a paper released by World Inequality Lab.

By 2022-23, the top 1 per cent income share in India was 22.6 per cent and the top 1 per cent wealth share rose to 40.1 per cent, with India’s top 1 per cent income share among the very highest in the world, higher than even South Africa, Brazil and the US.

Co-authored by economists Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi, the paper stated that the “Billionaire Raj” headed by “India’s modern bourgeoisie” is now more unequal than the British Raj headed by the colonialist forces. 

The paper said there is evidence to suggest the Indian tax system might be “regressive when viewed from the lens of net wealth”. A restructuring of the tax code is needed, the paper said, adding that a levy of a “super tax” of 2 per cent on the net wealth of 167 wealthiest families would yield 0.5 per cent of national income in revenues and create space for investments.

“A restructuring of the tax code to account for both income and wealth, and broad-based public investments in health, education and nutrition are needed to enable the average Indian, and not just the elites, to meaningfully benefit from the ongoing wave of globalisation. Besides serving as a tool to fight inequality, a “super tax” of 2% on the net wealth of the 167 wealthiest families in 2022-23 would yield 0.5% of national income in revenues and create valuable fiscal space to facilitate such investments,” the paper said. 

The paper has analysed data based on the annual tax tabulations published by the Indian income tax authorities to extract the distribution of top income earners between 1922-2020.

The share of national income going to the top 10 per cent fell from 37 per cent in 1951 to 30 per cent by 1982 after which it began steadily rising. From the early 1990s onwards, the top 10 per cent share increased substantially over the next three decades, nearly touching 60 per cent in the most recent years, the paper said. This compares with the bottom 50 per cent getting only 15 per cent of India’s national income in 2022-23.

 The top 1 per cent earn on average Rs 5.3 million, 23 times the average Indian (Rs 0.23 million). Average incomes for the bottom 50 per cent and the middle 40 per cent stood at Rs 71,000 (0.3 times national average) and Rs 1,65,000 (0.7 times national average), respectively.
The richest, nearly 10,000 individuals (of 92 million Indian adults) earn on average Rs 480 million (2,069 times the average Indian). “To get a sense of just how skewed the distribution is, one would have to be at nearly the 90th percentile to earn the average income in India,” the paper said.

In 2022, just the top 0.1 per cent in India earned nearly 10 per cent of the national income, while the top 0.01 per cent earned 4.3 per cent share of the national income and top 0.001 per cent earned 2.1 per cent of the national income.

Enlisting the probable reasons for sharp rise in top 1 per cent income shares, the paper said public and private sector wage growth could have played a part till the late 1990s, adding that there are good reasons to believe capital incomes likely played a role in subsequent years. For the shares of the bottom 50 per cent and middle 40 per cent remaining depressed, the paper said, the primary reason has been the lack of quality broad-based education, focused on the masses and not just the elites.

“One reason to be concerned with such high levels of inequality is that extreme concentration of incomes and wealth is likely to facilitate disproportionate influence on society and government. This is even more so in contexts with weak democratic institutions. After largely being a role model among post-colonial nations in this regard, the integrity of various key institutions in India appears to have been compromised in recent years. This makes the possibility of India’s slide towards plutocracy even more real. If only for this reason, income and wealth inequality in India must be closely tracked and challenged,” it said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.