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Strong forces using UN as instrument: PM Narendra Modi

Modi, who earlier delivered the keynote address at the high-profile Future Investment Initiative (FII), dubbed as "Davos in the desert", said a body like the UN should not merely be an institution but also an instrument for positive change.

, ET Bureau|
Updated: Oct 30, 2019, 12.17 AM IST
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PM Modi calls for UN reform, says some countries using as a "tool" rather than an "institution"
PM Modi calls for UN reform, says some countries using as a "tool" rather than an "institution"
RIYADH: PM Narendra Modi on Tuesday pointed out that India has the third largest startup ecosystem in the world as he sought FDI for this sector.

Modi also invited Saudi companies to invest in India's energy space saying that the government has set a target of $100 billion investment in the sector by 2024.

In his key note address to the Future Investment Initiative or Davos of the Desert, in Riyadh, Modi also underlined the importance of technology and infrastructure in the fast-changing global order.

After his address participating at an interactive session at FIU Modi rued that strong people are using UN as an instrument and the global body did not contribute to neutral rules based global order.

Modi said India offers a huge investment opportunity in the infrastructure sector also as he emphasised that the country aims to be a $5 trillion economy in the next five years. In the infrastructure sector alone, the government aims to have an investment of $1.5 trillion in the next five years.

Mentioning about various initiatives taken by the government to improve business climate, Modi said the country's ranking has significantly improved in the World Bank's Ease of Doing Business, Logistic Performance Index and Innovation Index.

The prime minister also noted that India's tax structure and IPR (Intellectual Property Rights) regime are considered best in the world.

Asking businesses to take advantage of the startup movement, Modi said, India has become the third largest startup ecosystem in the world and offers the highest return to investors.

India is focusing on skill development by skilling and re-skilling people and 400 million people would be provided training in the next 3-4 years, he added.

According to the prime minister, manpower and talent mobility should be included in the international agreements, which should not be only restricted to goods. He also said that the direct benefit transfer scheme has helped the government save $20 billion.

The PM also spoke about the five trends that are shaping the global order — Innovation and technology, Human Resource, future of work, compassion & environment and business friendly governance.

He also congratulated Saudi King Salman bin Abdulaziz Al-Saud for his initiative towards the established of Public Investment Fund. Future Investment Initiative is organised by Public Investment Fund. This is a high-level platform to engage with Saudi decision-makers and global business representatives.

Modi recalled India-Saudi relationship and drew inspiration from its past friendship and also reiterated the transformative changes brought about by his government. “Establishing a conducive ecosystem that promotes technological innovation and startups is the single- most objective of our government,“ reminded Modi.

“Transformative technologies like Artificial Intelligence, Natural Language processing and robotics are bringing about fundamental changes in our lives. We must adopt to these technological changes and use it for the advancement of human population,” pointed out Modi.

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