New Delhi:Prime Minister Narendra Modi On Thursday, he called on democratic nations to work together to ensure cryptocurrency does not end up in the wrong hands, underscoring the need for like-minded countries to unitedly face the emerging challenges of the digital revolution.
In a virtual speech at the Sydney Dialogue, he said that technology and data are becoming new weapons and that all the wonderful powers of technology will be instruments of cooperation or conflict, coercion or choice and domination or domination. development will depend on the choices of nations.
The prime minister said democracies must jointly invest in research and development of future technologies, create a reliable manufacturing base and supply chains, and work to prevent the manipulation of public opinion.
Modis’ comments came amid growing global concerns about China’s use of new era technologies to advance its strategic agenda.
He said the greatest strength of democracy is its openness and that a few special interests should not be allowed to abuse it, noting that the digital age has redefined politics, economies and societies in addition to raising new ones. questions on sovereignty, governance, ethics, rights and security.
Modi said like-minded countries should develop technical and governance norms and standards in line with their democratic values and create norms and standards for data governance.
It should also recognize national rights and at the same time promote trade, investment and the public good at large. Take for example cryptocurrency or bitcoin, he said.
It is important that all democratic nations work together on this matter and make sure that this does not fall into the wrong hands, which can spoil our youth, he added.
There have been concerns in India over the misleading claims of huge returns on cryptocurrency investment and its possible use for money laundering and terrorist financing. Last week, Modi chaired a meeting on the way forward on cryptocurrency or bitcoin.
Giving an overview of India’s approach to new technologies, Modi said the country is investing in the development of local capacities in various fields, including 5G and 6G for the telecommunications sector and is one of the leading countries in this regard. artificial intelligence (AI) and machine learning, especially in the ethical and human-centered use of AI.
The Prime Minister said that India uses data as a source of empowerment of people and the country has unparalleled experience in this field in a democratic framework with strong guarantees of individual rights.
Technology, he said, has already become a major instrument of global competition and the key to shaping the future international order.
We are at a historic moment of choice. Whether all the wonderful powers of technology in our time are instruments of cooperation or conflict, coercion or choice, domination or development, oppression or opportunity, Mod said.
India, Australia and our partners in the Indo-Pacific region and beyond are hearing the call of our time. And we are ready to stand up to assume our responsibilities, he added.
The Prime Minister said that the digital age has helped usher in a new era of opportunities for progress and prosperity, but at the same time, it brings new challenges.
We are in a time of change that occurs once in an era. The digital age is changing all around us. He redefined politics, economy and society, he said.
It raises new questions about sovereignty, governance, ethics, law, rights and security. It is reshaping international competition, power and leadership, Modi said.
The Prime Minister listed India’s achievements in the digital sector and said that the use of technology by any nation is linked to its values and vision.
It is therefore essential that democracies work together: invest together in research and development of future technologies; develop a reliable manufacturing base and supply chains; to deepen cybersecurity intelligence and operational cooperation, protect critical information infrastructure, he said.
Modi said it is important to prevent the manipulation of public opinion; develop technical and governance standards and norms compatible with our democratic values; and, to create standards and norms for data governance and for cross-border flows that protect and secure data.
He said India’s digital revolution is rooted in its democracy, our demographics and the scale of its economy, adding that it is fueled by youth enterprise and innovation.
Modi said India is turning the challenges of the past into an opportunity to leap into the future. There are five important transitions taking place in India.
The biggest product of technology today is data. In India, we have created a strong framework for data protection, privacy and security. And, at the same time, we use data as a source of empowering people, he said.
India has unparalleled experience in this area within a democratic framework with strong guarantees of individual rights, Modi said.
Highlighting India’s achievements, he said India is building the world’s most extensive public information infrastructure and more than 1.3 billion Indians have a unique digital identity.
We are in the process of connecting 600,000 villages with broadband. We have built the world’s most efficient payment infrastructure, UPI. Over 800 million Indians use the Internet; 750 million are on smartphones, he said.
One million is equivalent to 10 lakhs.
The Prime Minister said that India is one of the biggest consumers of data per capita and has one of the cheapest data in the world.
He said the country was transforming people’s lives using digital technology for governance, inclusion, empowerment, connectivity, benefit delivery and well-being. Everyone has heard of the financial inclusion, banking and digital payment revolution in India.
Referring to the strategic cooperation between India and Australia, he said it was a force for the benefit of the region and the world.
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