Mon, May 29, 2017 | updated 03:13 PM IST

New cities would be important in creating new India: PM Modi

Updated: Jan 10, 2017 00:57 IST      
New cities would be important in creating new India: PM Modi

Gandhinagar (Gujarat) [India], Jan. 10 (ANI): Reiterating his views on importance of smart cities in paving way for India's development, Prime Minister Narendra Modi, on Monday, said that new cities would be important in creating the new India.

"You are aware of the importance I attach to the development of smart cities. Gift city is the first ground up truly smart city in the country...I have said before that India can become a developed country in one generation. New cities will be important in creating the new India of our dreams," said Prime Minister Modi, while inaugurating India International Exchange at GIFT city, here.

Finding Indian talent working abroad, Prime Minister Modi said that he wanted to bring Indian brains back to the country and provide leadership to the entire financial world at the same time.

"In those days, as now, wherever I went, I would meet some of the top financial brains of those countries. Whether in New York, London, Singapore, Hong Kong or Abu Dhabi, I would find many of them to be of Indian origin. I was impressed by their understanding of the financial world, and also their contributions to their adopted countries," the Prime Minister said.

"I used to think, "How can we bring this talent back and at the same time, provide leadership to the entire financial world?" he added.

While recalling India's contribution in mathematics, the Prime Minister said Indian brains have excelled in fields of information technology and finance.

"Indians have a long tradition in mathematics. India invented the concept of 'zero' and the 'decimal system' more than two thousand years ago. It is no accident that Indians are now at the forefront of Information Technology and Finance, both areas of knowledge, where zero plays a crucial role!" he said.

Putting light on services that the International Exchange would be providing, Prime Minister Modi further said, it would set new standards for quality of service and speed of transactions across the time zones.

"I am told this exchange will trade in equity, commodities, currencies and interest rate derivatives in the first phase. Later, it will trade equity instruments of Indian and foreign companies. I am told Masala bonds will also be available for trading here," he said.

The Prime Minister also told that the exchange is set to be among the fastest exchanges in the world, with most modern trading, clearing and settlement systems.

Taking it back to the time when he was serving as the chief minister of Gujarat, the Prime Minister said it was then, when the Gift city was conceptualised, with the vision of providing facilities and the ability to transact in all markets in the world and with the inauguration of the Exchange, a crucial landmark was achieved.

"Gift city was born out of this vision. Our aim was to provide world class facilities to India's world class talent in finance and technology. Today, with the inauguration of this Exchange, we have reached an important landmark in achieving that vision," he said.

Expressing confidence in the concept of gift city, the Prime Minister said it would help in mitigating many of the criticisms and would end up becoming the price setter for some of the largest traded instruments in the world.

"There has been criticism for long that a lot of trading, even in Indian financial instruments, is currently taking place abroad. It is said that India has stopped becoming the price setter for even some Indian financial instruments. Gift city will be able to mitigate many of these criticisms. But my vision for Gift City is larger. My vision is that in ten years from now, Gift city should become the price setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rates or any other financial instrument.," he said.

The Prime Minister said the international exposure, which the youth would be able to get from Gift city, would ensure that more and more of them would be able to join this important field.

He also urged Indian companies, exchanges and regulators, to help create a pool of experienced and world beating finance professionals. (ANI)

Money laundering: Delhi HC grants bail to Paras Mal Lodha

Updated: May 29, 2017 14:55 IST     

New Delhi [India], May 29 (ANI): The Delhi High Court on Monday granted bail to Kolkata-based businessman Paras Mal Lodha, in connection with a money laundering case.

Full Story >>

Chhattisgarh: Maoists threaten Akshay, Saina for helping CRPF

Updated: May 29, 2017 14:55 IST     

Raipur (Chhattisgarh) [India] May 29 (ANI): Maoists in Chhattisgarh have threatened Bollywood actor Akshay Kumar and ace badminton player Saina Nehwal for financially assisting families of 12 Central Reserve Police Force (CRPF) men, who sacrificed their lives in a Maoist ambush in March in Chhattisgarh's Sukma.

Full Story >>

AOL slams NGT report on destroying Yamuna floodplain area

Updated: May 29, 2017 14:31 IST     

New Delhi [India], May 29 (ANI): The Art of Living (AOL) on Monday objected the report filed by the National Green Tribunal (NGT) on the damage to the biodiversity of the Yamuna River.

Full Story >>

Cattle ban: DMK to protest against Centre in Chennai

Updated: May 29, 2017 14:26 IST     

Chennai (Tamil Nadu) [India], May 29 (ANI): Dravida Munnetra Kazhagam (DMK) working President M K Stalin will lead a protest against the Centre and the state government on May 31, over the cattle slaughter ban.

Full Story >>

New Delhi [India], May 29 (ANI): The Supreme Court on Monday asked the Central government to explore the provision of providing safety and security to a family from Manipur allegedly being threatened at the behest of the state's Chief Minister N. Biren Singh, whose son Ajay Meetai is involved in a 2011 road rage case.

Full Story >>

Washim (Maharashtra) [India] May 29 (ANI): In a viral video circulating on the social media, cow vigilantes can be seen shouting slogans and assaulting two youth for allegedly possessing beef in Malegaon tehsil of Maharashtra's Washim.

Full Story >>

New Delhi [India], May 29 (ANI): A Delhi court on Friday extended the judicial custody of ousted All India Anna Dravida Munnetra Kazhagam (AIADMK) leader TTV Dinakaran till June 12, in the Election Commission bribery case.

Full Story >>

New Delhi [India] May 29 (ANI): Prime Minister Narendra Modi's four-nation started on Monday, and he will land in Germany for the first leg of his six-day tour.

Full Story >>

New Delhi [India], May 29 (ANI): With two Indian peacekeepers among 117 military, police and civilian personnel honoured with a prestigious UN medal, VC of Army Staff Lieutenant Gen Sarath Chand on Monday stated that the country has contributed 6,900 military personnel among 1, 15, 000 peacekeepers in various missions.

Full Story >>

New Delhi [India], May 29 (ANI): Taking a jibe at the Opposition on the implementation and implication of Aadhaars, Union Minister Ravi Shankar Prasad on Monday asserted that Aadhaar is completely safe, secure and robust.

Full Story >>

Hyderabad (Telangana) [India] May 29 (ANI): Rehab centers are meant to serve the abandoned and aged who have been isolated from their families, but a particular rehab from Hyderabad is in the spotlight for all the wrong reasons.

Full Story >>

Chandigarh [India], May 29 (ANI): Facing sharp criticism over the recent slaughtering of a calf by the party's youth activists in Kerala's Kannur, the Congress Party on Monday assured that such elements have no place in their party and hence have been suspended.

Full Story >>

New Delhi [India], May 29 (ANI): The Supreme Court on Monday provided relief to several liquor manufacturers of Bihar by extending the time limit for disposing old stocks from May 31 to July 31.

Full Story >>

New Delhi [India], May 29 (ANI): The Central Bureau of Investigation (CBI) on Monday took former Rashtriya Janata Dal (RJD) Member of Parliament (MP) Mohammad Shahabuddin into custody for questioning, in an ongoing investigation over the murder of Bihar journalist Rajdeo Ranjan.

Full Story >>

Rampur (Uttar Pradesh) [India], May 29 (ANI): The state police has successfully arrested four prime accused in the shocking Rampur molestation case, while a massive manhunt is underway to nab the remaining absconding perpetrators.

Full Story >>

DA case: CBI opposes HP CM Virbhadra Singh's bail plea

Updated: May 29, 2017 11:46 IST     

New Delhi [India], May 29 (ANI): A Delhi Court on Monday reserved its order on the bail plea of all the accused in the Disproportionate Assets (DA) case, including Himachal Pradesh Chief Minister Virbhadra Singh.

Full Story >>

PM Modi embarks four-nation tour of Europe, Russia

Updated: May 29, 2017 11:37 IST     

New Delhi [India], May 29 (ANI): Prime Minister Narendra Modi embarked on a four nation tour to Germany, Spain, Russia and France on Monday.

Full Story >>

New Delhi [India], May 29 (ANI): The Supreme Court on Monday issued a notice to the Rajasthan Government over removing mobile towers within a distance of 500 metres of prison centers.

Full Story >>

Siliguri (West Bengal) [India] May 29 (ANI): West Bengal PWD Minister Arup Biswas on Monday was seen using the red beacon atop his vehicle, despite the Centre's ban.

Full Story >>

Chennai (Tamil Nadu) [India], May 29 (ANI): A group of students at the Indian Institute of Technology (IIT) Madras conducted a beef festival, showing their agitation against the Center recent order against selling cattle thus imposing an indirect beef ban.

Full Story >>