By India News Stream staff
July 27, 2018
New Delhi: Invest India and the UAE Minister for Artificial Intelligence (AI) signed a Memorandum of Understanding (MoU) for India – UAE Artificial Intelligence Bridge here on Friday.
This partnership will generate an estimated USD 20 billion in economic benefits during the next decade for both countries. The MoU will spur development across areas like Blockchain, AI and Analytics as data and processing will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient service delivery systems. By 2035 AI can potentially add USD 957 billion to the Indian economy.
The MoU was signed in the presence of Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and Ahmad Sultan Al Falahi, Minister Plenipotentiary – Commercial Attache, UAE Embassy at the India leg of GovHack series of World Government Summit
The UAE-India collaboration will seek to evaluate the dynamic nature of innovation and technology by convening a UAE-India AI Working Group (TWG) between the UAE Ministry for Artificial Intelligence, Invest India and Startup India. The TWG will meet once a year with the mandate to increase investment in AI startups and research activities in partnership with the private sector.
The two countries share a bond that extends beyond business as Indians make-up the largest expat community in the UAE at 27% and the UAE is India’s third largest trading partner.
The UAE has invested over USD 5.3 billion in India and infrastructure is one of the top 5 focus sections of UAE-India bilateral trade. The UAE has committed USD 75 billion towards infrastructure development in India.
Sensex, Nifty witness worst week since March 15 amid Iran-Israel conflict
Mumbai: Ending a four-day losing streak, India's benchmark indices closed higher on Friday led by HDFC Bank and Bajaj Finance, among other factors. The Sensex ended 599 points, or 0.83...
UNCTAD forecasts India’s GDP growth at 6.5 pc in 2024
New Delhi: The latest UN Conference on Trade and Development (UNCTAD) report released on Tuesday forecasts global economic growth at 2.6 per cent in 2024 barely above the 2.5 per...
‘Above normal monsoon rainfall in 2024 bodes well for agricultural sector’
Chennai: The India Meteorological Department's (IMD) above-normal rainfall forecast for 2024 southwest monsoon (June-September) bodes well for the agriculture sector and will also keep a check on food prices, an...
RBI projects GDP growth at 7 pc for 2024-25, retail inflation seen at 4.5 pc
Mumbai: India's GDP growth for 2024-25 is projected at 7 per cent while the forecast for inflation for the year has been retained at 4.5 per cent, RBI Governor Shaktikanta...
RBI leaves key repo rate unchanged, focus on keeping inflation in check
Mumbai: The Reserve Bank of India (RBI), on Friday, left the key policy rate unchanged at 6.5 per cent in its monetary policy review for the seventh consecutive time, with...
RBI may cut repo rate only in Q3 FY25: SBI economist
Chennai, April 2 (IANS) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) may cut repo rate only in the third quarter of FY25 and not before, said a...
World should develop the concept of Green GDP: PM Modi
New Delhi: Prime Minister Narendra Modi on Friday said India is making rapid advancements in the renewable energy sector, like solar, wind energy and green hydrogen, thus building 'Green GDP'...
US court orders Byju’s to freeze $533 million owed to lenders
New York: The steering committee representing term-loan lenders of Byju's $1.2 billion loan on Friday said that a US judge has ordered to prohibit further movement or use of $533...
Strong demographic trend a structural positive for India: Morgan Stanley
New Delhi: India’s demographic trend of a younger workforce positions it positively as most large economies face shrinking working-age populations and tight labour markets, global brokerage, Morgan Stanley said. Per...
EAM Jaishankar calls FTA with four European nations ‘a bold achievement’
New Delhi: Calling the signing of the India-EFTA Trade and Economic Partnership Agreement (TEPA) a "bold achievement", External Affairs Minister S. Jaishankar said on Sunday that the move reflects a...
India has 8,000 startups led by women with $23 bn in funding: Report
New Delhi: India is now home to more than 8,000 startups that have women founders with a cumulative funding of nearly $23 billion till now, a report showed on Thursday....
RBI’s punitive actions will keep NBFCs on the edge
New Delhi: In continuation with its system clean-up mission, the RBI imposed an embargo on IIFL’s gold loan business on March 4 and on JM Financial Products’ (subsidiary of JM...
