Page 4 - Niti Ayog

BVR Subrahmanyam new NITI CEO, Param Iyer to join World Bank as ED

Subrahmanyam retired as the commerce secretary on September 30

Centre appoints B Subrahmanyam as NITI Aayog CEO; lyer moves to World Bank

Subrahmanyam earlier served as the chief secretary of Jammu and Kashmir and played a key role in the state's bureaucracy

Humans need to safegaurd themselves from AI's risk: NITI Aayog Member

Reminding the words of physicist Stephen Hawking that the development of full artificial intelligence 'could spell the end of the human race', Niti Aayog member VK Saraswat on Friday appealed for caution in the development of the next generation technology. While speaking at International Conference on Artificial Intelligence 2023, Saraswat shared the benefits and value addition that it can do to the economies but at the same time charted out a list of checks and balances that need to be put in place in the development of AI. "We should not forget what Stephen Hawking, the physicist, said. The development of full artificial intelligence could spell the end of the human race. Once humans develop artificial intelligence it will take off on its own and redesign itself at an ever increasing rate. Humans who are limited by slow biological evolution could not compete and would be superseded. Now we have to safeguard ourselves against that," Saraswat said. He said that AI is estimated to .

Budget to help in reducing capital cost for Indian companies: Niti member

Appreciating Finance Minister Nirmala Sitharaman for continuing fiscal consolidation in the Budget for 2023-24, Niti Aayog member Arvind Virmani on Tuesday said it would help in reducing the cost of capital for Indian companies. Virmani further said the large increase in capital expenditures by 33 per cent to Rs 10 lakh crore for infrastructure development will accelerate India's economic growth. "On fiscal consolidation, the Finance Minister has reiterated that she will stay on it (the path of fiscal consolidation). "... So, in a situation where there is a lot of global uncertainty, it is very very important because it will have an effect on interest rates available to Indian companies," he told PTI. Sitharaman in her fifth straight budget has raised the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development in 2023-24. She announced a lower fiscal deficit target of 5.9 per cent for FY24 while retaining it at 6.4 per cent for the current financial .

India's focus should be on reducing dependence on China: Suman Bery

NITI Aayog vice chairman Suman Bery on Sunday said that India's focus should not be on overall trade deficit with China, instead it should be on reducing New Delhi's dependence on Beijing for certain critical inputs. According to Bery, the right response is to diversify to other sources of supply for critical inputs including active pharmaceutical ingredients (APIs) and supply chain for renewables. China is the world's largest producer and exporter of APIs and many of the Indian companies depend on imports of the ingredients to produce various formulations. "India's focus should not be on the trade deficit with China. It should be on our dependence on China for certain critical inputs," he told PTI. He was asked what measures India should take to reduce its rising trade deficit with China. He said it is unfortunate that in the last seven years, the larger powers, both the US and China have chosen to weaponise trade interdependence. "It is unfortunate that China, which is a very .

UNGA president meets Amitabh Kant, says G20 a platform to exchange ideas

United Nations General Assembly President Csaba Korosi met G20 Sherpa Amitabh Kant, saying that G20 provides an important platform to exchange ideas and solutions.Taking to Twitter, Korosi said, "G20 provides an important platform to exchange ideas & much-needed solutions. Good to meet again with @g20org Sherpa @amitabhk87 & team to discuss measures/solutions devised under 's leadership of the group to support transformation."Kant tweeted that they held a fascinating discussion on the geopolitical scenario, multilateralism, and global supply chains at the working dinner, which was hosted by Union Petroleum and Natural Gas Minister Hardeep Singh Puri and Deputy Executive Director UN Women, Lakshmi M Puri.On Sunday, Korosi arrived in India for a three-day visit. Ministry of External Affairs Official spokesperson Arindam Bagchi in a tweet on Sunday said that Korosi's visit is an opportunity to exchange views on global challenges that the United Nations is currently seized ...

MSP can only guarantee stable price not best rate, says NITI Aayog's Chand

The minimum support price (MSP) of crops can guarantee stable prices but not always the best rates, which can only be ensured through fair competition in the market, Niti Aayog member Ramesh Chand said on Friday. He was addressing an agriculture conclave organised by Rural Voice, a digital media platform. Speaking on the demand of farmer groups to make MSP a legal right, Chand noted that cultivators want it to get the best price for their produce and also to protect themselves from price fluctuations. "In my view, MSP is not the best price in all situations. It is definitely a stable price but not the best price. Best price comes from competition. If there is competition in the market, farmers can get the best price," he said. The government fixes MSP for 22 crops. It procures wheat and paddy for supply through ration shops under various welfare schemes. Some quantities of oilseeds and pulses are also procured. Chand, who is also a member of the government-appointed committee on M

There's broad support for India's agenda at G20 meeting, says DEA secy

The FCBD meeting is setting the agenda for the meeting of G20 finance ministers and central bank governors, scheduled to be held in Bengaluru in February

Niti Aayog objects to certain provisions in proposed DESH bill: Report

Niti Aayog has raised objections to certain provisions pertaining to the proposed DESH bill, which seeks to replace the existing law for special economic zones, sources said. In the Union Budget 2022-23, the government had proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). Sources said that the Aayog has concerns on provisions of the proposed bill such as partial de-notification of zones; and removal of NFE (net foreign exchange earning) requirement. It would be difficult to give duty concessions with NFE requirements and in absence of land contiguity, it would be difficult for customs to keep track on activities in the zone, they said. The Aayog has suggested the ministry to reconsider those provisions, one of the sources said, adding the department of revenue too has objected to some provisions. The commerce ministry has proposed a host of

No prospect of recession in India, economy to grow at 6-7 pc: Rajiv Kumar

India will still grow at 6-7 per cent in the next 2023-24 fiscal even as the economy may be affected by uncertain global conditions, former Niti Aayog Vice-Chairman Rajiv Kumar has said amid growing fears of the world slipping into a recession. Kumar further said there is a synchronized downturn in the US, Europe, Japan and also in China and that could take the global economy into a recession in the coming months. "Thankfully, there is no such prospect of recession in India, because although our growth may be negatively affected by the global conditions, we will still manage to grow at 6-7 per cent in 2023-24," he told PTI in an interview. The World Bank on October 6 projected a 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing the deteriorating international environment, while IMF projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India. IMF chief Kristalina Georgi

From UPA govt's CEA to PM Modi's NITI Aayog member: Who is Arvind Virmani?

Prime Minister Narendra Modi has approved Virmani's appointment notified on November 15. Here's all you need to know

FM Nirmala Sitharaman reviews progress of National Monetisation Pipeline

Finance Minister Nirmala Sitharaman on Monday reviewed the progress of the National Monetisation Pipeline (NMP) in a meeting here with top officials from various ministries and NITI Aayog. The finance minister in August last year had announced a Rs 6 lakh crore NMP aimed to unlock value in infrastructure assets across sectors ranging from power to road and railways. "Union Finance Minister Smt. @nsitharaman chairs the meeting to review the progress of National Monetisation Pipeline #NMP, in New Delhi, today," the finance ministry said in a tweet. The aggregate asset pipeline under NMP over the four-year period is indicatively valued at Rs 6 lakh crore. The estimated value corresponds to 14 per cent of the proposed outlay for the Centre under the National Infrastructure Pipeline (Rs 43 lakh crore). The meeting was attended by Finance Secretary; CEO @NITIAayog; Secys of DEA; DoR;@DPE_GoI; @tourismgoi; @PetroleumMin; @DoT_India; @MinOfPower; @fooddeptgoi; @MoCA_GoI; @shipmin_india; ..

NITI Aayog seeks clarity from Centre on Digi Yatra's data privacy

NITI Aayog seeks that the rules related to deletion of other information collected from the passengers must be clearly set out in Digi Yatra's policy

Top headlines: Borrowing costs bite, mechanism for sharing trade data

Business Standard brings you the top headlines this hour

Can NITI Aayogs replace State Planning Boards to spur economic growth?

Experts believe merely replacing the state planning boards with such bodies won't make them effective

India pitches green hydrogen, renewable financing to Singapore Deputy PM

India is expected to pitch green bonds and similar such new age financing tools for investment in the Indian renewable energy sector

Sitharaman nudges fintech players to have more engagement with govt

Finance Minister Nirmala Sitharaman on Tuesday nudged the fintech industry to break the distance barrier and have more engagements with the government and its agencies to enhance trust. Sitharaman was replying to a question by Kris Gopalakrishnan, Chairman, Global Fintech Fest (GFF) 2022 Advisory Board, who wanted to know how to ensure trust among industry, regulators, and the government. "I don't want to sound cliche, but distance brings distrust. So, cut the distance down, have greater engagement with the government," the minister said. Sitharaman further said everyone in the government, whether the prime minister, ministers or think-tank Niti Aayog, is constantly available for engagement, discussions, and exchange of ideas. "So greater the engagement, greater the trust, which gets built up. So I think one sure shot way of retaining and building on trust is to keep the constant engagement going," she said. To a question related to the role of the central bank and the finance ...

Green mobility to play key role in India's decarbonisation: NITI CEO Iyer

Green mobility is going to play a major role in decarbonisation of India's transport sector, NITI Aayog CEO Parameswaran Iyer said on Wednesday. Iyer, while addressing an event organised by the 'Shoonya Forum', noted that the role of financing is critical for scaling of electric mobility in India. He also stressed on the need of finding ways to reduce risks associated with financing of electric vehicles. Pointing out that the rural India is urbanising rapidly, the NITI Aayog CEO said there is a need to push electric vehicles in smaller cities also. According to a recent report prepared by NITI Aayog and Rocky Mountain Institute (RMI) India, banks and non-banking financial companies (NBFCs) have the potential to achieve electric vehicle financing market size of Rs 40,000 crore by 2025 and Rs 3.7 lakh crore by 2030. The report had also stressed that lending by banks and NBFCs for buying EVs should be included in the Reserve Bank of India's (RBI) priority-sector lending (PSL) ...

India's truck market likely to grow over 4-times by 2050: Niti report

India's trucking market is expected to grow over four times by 2050, a Niti Aayog report said on Friday and suggested that financial institutions can work to structure more-favourable financing solutions for zero-emission trucks. The report titled 'Transforming Trucking in India: Pathways to Zero-Emission Truck Deployment' further said as road freight travel continues to grow, the number of trucks is expected to more than quadruple, from 4 million in 2022 to roughly 17 million trucks by 2050. "India's trucking market is expected to grow over 4x by 2050 -- fuelling the nation's economy and transportation emissions," it said. Pointing out that road transport (i.e. trucks) carries the bulk of India's goods, 70 per cent of today's domestic freight demand, the report said heavy and medium-duty trucks (HDTs and MDTs) are responsible for most of that road transportation. According to the report, currently, India transports 4.6 billion tonnes of freight annually, generating a transport dem

Use technology to make insurance affordable, says Irdai chairman Panda

Panda also nudged the industry to come out with solutions that are pocket-friendly