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Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

The government has waived the requirement for clinical trials of certain categories of drugs in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> if they are approved in the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword>, the <keyword id="19922618" type="General" weightage="20" keywordseo="UK" source="keywords">UK</keyword>, Japan, Australia, Canada and the European Union. The waiver only covers five categories -- orphan drugs for rare diseases, gene and cellular therapy products, <keyword id="22559447" type="General" weightage="20" keywordseo="new-drugs" source="keywords">new drugs</keyword> used in pandemic situations, new drugs used for special defence purposes and new drugs having significant therapeutic advances over the current standard care. This waiver would ensure expeditious availability of the latest medicines for treating diseases like cancers, rare diseases like Spinal Muscular Atrophy (SMA) and Duchenne Muscular Dystrophy (DMA), and autoimmune conditions in India. "As per Rule 101 of New Drugs and Clinical Trials Rules, 2019, the Central Licensing Authority, with the approval of the Central Government, may specify, by an order, the name of the countries, from time to time, for considering waiver of local clinical trial for approval of new drugs under Chapter X and for grant of permission for conduct of clinical trial under Chapter V of the said rules," the Drugs Controller General of India (<keyword id="20559042" type="General" weightage="20" keywordseo="DGCI" source="keywords">DGCI</keyword>) said in an order issued on August 7. "In exercise of the powers conferred under Rule 101 of the said rules with the approval of the Central Government, the countries namely USA, UK, Japan, Australia, Canada and EU are hereby specified for following categories of new drugs," it said. Presently, several medicines already approved by other regulatory authorities in the US, the UK and the EU are not immediately available for Indian patients because of certain regulatory requirements under the Drugs and Cosmetics Act and rules made thereunder. These include the requirement of conducting a local clinical trial and generating safety and efficacy data before marketing authorisation in India, an official explained. However, Rule 101 of the New Drugs and Clinical Trials, 2019, allows the DCGI to specify certain countries for considering waiver of local clinical trials for approval of new drugs. "The advantages of operationalising this rule are that the latest medicines to treat diseases like cancers, rare diseases like SMA and DMA, and autoimmune conditions will become available expeditiously in India. "Presently, the delay in launching a new or novel medicine in India is anywhere between 5-20 years when compared to western markets. With the waiver of Rule 101, the scope of parallel launches of medicines in India along with the West will be opened up," the official explained. Besides, there will be a considerable reduction in the cost of various advanced medicines. Also, there will be a substantial reduction in the public procurement costs of the central and state governments under various schemes like the Central Government Health Scheme (CGHS) and Ayushman Bharat. Another advantage is that the resources which would have gone into approving the Indian clinical trials could now be utilised productively elsewhere, the official said. The costs of conducting local clinical trials will be reduced for pharmaceutical firms, therefore passing on these savings to patients. This is especially true for cases of rare diseases where firms have logistical difficulties in finding participants. The change will promote further research in these areas as there will be access to patient data in the Indian context much earlier, ultimately promoting indigenous innovation and shift from volume to value, the government's mission for the pharmaceutical industry, the official said. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Govt waives clinical trial requirement for several drugs approved in select countries

<ul class="summary-list"><li>In a move likely to anger the US, Modi is visiting Russia.</li><li>It signals strong ties between the two countries and shows that India is pursuing its own agenda.</li></ul>In a move likely to anger the US, Indian Prime Minister Narendra Modi is visiting Russia on Monday for his first bilateral trip after winning a <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">historic third term</a> in office.Modi's two-day visit to Russia — where he is scheduled to meet with President Vladimir Putin — is significant in that it signals strong ties between New Delhi and Moscow. It also shows the world that India is not afraid to pursue its own agenda.Vinay Kwatra, India's foreign secretary, told reporters in New Delhi that issues between Russia and India have "piled up" and "need to be addressed," <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-07/putin-hosts-modi-after-hailing-best-in-history-ties-with-india-rival-china">Bloomberg reported</a>.Russia's relationship with India goes back to the Cold War, and <a target="_blank" href="https://www.businesstoday.in/india/story/rise-in-trade-with-russia-not-a-temporary-phenomenon-s-jaishankar-429969-2024-05-17">trade between the two countries</a> has grown since Russia started the war in Ukraine. <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-oil-india-purchases-us-crude-wti-sanctions-ukraine-war-2024-3">India is a major buyer of Russian oil</a>. Russia is also India's biggest arms supplier.Kwatra underscored that the two countries' trade relationship has remained "resilient."Still, Modi's trip will "rankle many Western observers," Ved Shinde, a researcher and contributor to Australia's <a target="_blank" href="https://www.lowyinstitute.org/the-interpreter/why-modi-will-go-moscow">Lowy Institute</a>, wrote in a note on Wednesday."Since the Ukraine war began, India's purchase of cheap oil from Russia has been seen as profiting from troubles in the heart of Europe," Shinde added.<h2 id="05696275-c92a-4ee6-84e4-fd193ca99db2">Modi's visit to Russia will make the US look bad</h2>Just like <a target="_blank" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Putin's visit to supply-chain hot spot Vietnam</a>, India's engagement with Russia isn't a good look for the US, as it comes while Washington is trying to isolate Putin.The US has raised "some concerns" about India's relationship with Russia with New Delhi, Kurt Campbell, the <a target="_blank" href="https://www.state.gov/special-online-briefing-with-deputy-secretary-of-state-kurt-m-campbell/">US deputy secretary of state</a>, said last month.However, Washington acknowledges that India's ties with Russia are different from its ties with the US."We have many areas of alignment, but it is not surprising that there would be areas where we've had perhaps different perspectives, views, historical ties," Campbell said about America's relationship with India.India, for its part, is looking to balance its relationship with the world's key powerbrokers: the US, Russia, and China."There are different degrees in India's multi-alignment. Make no mistake — the United States and its allies are more consequential for India's future than its relationship with Russia," Shinde wrote.India needs to leverage its historical ties with Russia to secure its economy and security, so Modi isn't just in Russia for a goodwill trip.<h2 id="c79db6fd-b57b-4ff5-8f16-bc16c77b8021">Reducing the trade imbalance</h2>A key agenda item for the visit is to reduce a huge bilateral trade imbalance, Kwatra said.India imports about $60 billion of goods a year from Russia, but Russia buys less than 10% of this amount from India, Bloomberg reported.Modi may also touch on China's activities in the Indo-Pacific region, Kwatra added.India is trying to manage its relationship with China, which has been testy since a <a target="_blank" href="https://www.businessinsider.com/india-china-border-clashes-could-cause-more-indian-ocean-activity-2020-7">border dispute in 2020</a>. Modi skipped the Shanghai Cooperation Organisation summit in Kazakhstan last week.There's also the matter of Russia's ties with China.At the summit last week, Putin said <a target="_blank" href="https://apnews.com/video/kazakhstan-china-government-russia-government-russia-5b1c1a8f402c400d8d703543b0562b51">Russia's relationship with China</a> is in the "best period in history."Modi now needs to cozy up to Putin to counter China's advances."The reason for the time-tested stability in India-Russia ties is to maintain a continental balance in the Eurasian heartland. That is, to balance China," Shinde wrote."Or to put it another way, don't go around making new adversaries when there are already two open fronts — China and <a target="_blank" href="https://www.businessinsider.com/us-and-china-pick-sides-in-tense-india-pakistan-rivalry-2022-3">Pakistan</a>," he added.

Modi's Russia visit shows India isn't worried about making the US mad

<ul class="summary-list"><li>Russian President Vladimir Putin is engaging in a war of attrition in Ukraine.</li><li>Russia has more to gain by prolonging the war, regardless of who wins the US presidential election.</li></ul>Kamala Harris and Donald Trump have starkly different visions of how they'll seek to end one of the gravest security crises in recent decades: <a target="_blank" href="https://www.businessinsider.com/zelenskyy-ukraine-north-korean-troops-preemptively-long-range-strike-restrictions-2024-11">the</a><a target="_blank" class="" href="https://www.businessinsider.com/zelenskyy-ukraine-north-korean-troops-preemptively-long-range-strike-restrictions-2024-11"> Ukraine war.</a>Harris has pledged to continue the policy of President Joe Biden, <a target="_blank" class="" href="https://www.businessinsider.com/us-soldiers-look-up-abrams-tanks-face-new-threats-ukraine-2024-8">arming Ukraine to defend itself </a>against Russia's two-year invasion.Trump, meanwhile, claims he can bring about a <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">rapid end to the conflict </a>through negotiations.Whoever is in charge in the White House come January, analysts believe Putin is likely wagering that he has more to gain by prolonging his war of attrition than ending it.<h2 id="3a744150-ba82-4dfb-b30b-8811820f42fe">Pressure mounts on Ukraine</h2>Russia has, in recent months, been ratcheting up pressure on Ukraine, bringing its larger troop numbers and artillery supplies to bear, and making incremental but important gains on the front lines."There are plans to call up more than 160,000 people," the secretary of Ukraine's National Security Council, Oleksandr Lytvynenko, told parliament last week.North Korea is also believed to have <a target="_blank" rel="" class="" href="https://www.businessinsider.com/video-appears-show-north-korean-soldiers-gearing-up-in-russia-2024-10">sent thousands of troops</a> to aid Russia in its war against Ukraine, per officials from South Korea, Ukraine, and the US."The key advantage gained by Russia [in prolonging the war] is 'events'" Robert Dover, Professor of Intelligence and National Security at the University of Hull in the UK told Business Insider."Ukraine seems to be highly strained by the conflict, and this is - in part - a product of the numbers Russia is able to throw into the conflict," he said.<div type="image" title="Trump n Putin" height="820" width="1024" msid="114953184" hostid="261" sizebytes="31598"></div><h2 id="712a570c-ce6b-49c6-b90b-0c08b2faeb64">Trump's peace plans could embolden Russia</h2>The terms on which Trump would seek to broker peace in Ukraine are unclear, though he's criticized the aid Biden sent to Ukraine, suggesting it could be used as leverage.He has also <a target="_blank" class="" href="https://newrepublic.com/post/185652/trump-sanctions-promise-adviser-charged-russia-media">questioned the effectiveness </a>of the administration's sanctions against Russia.His running mate, JD Vance<a target="_blank" class="" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">, recently outlined a </a><a target="_blank" rel=" nofollow" class="" href="https://www.washingtonpost.com/politics/2024/09/12/vance-trump-ukraine-russia-war-plan/">plan for ending the war in Ukraine</a> under a possible Trump administration, with the establishment of a "demilitarized zone" in Russian-occupied Ukrainian territories.Both candidates have also questioned US commitments to NATO, the security pact that has been the main bulwark against Russian aggression in Europe.However, in reducing aid to Ukraine and, in effect, handing over swaths of territory to Russia, the US would likely embolden Kremlin aggression, say critics."If Russia knows its territorial revisionism in Ukraine can be permissible by Washington, it is hard to see how Moscow will not see the same elsewhere (or even further in Ukraine, like it did after 2014)," Paul Cormarie, a policy analyst at the RAND Coproration, told BI."Peace in Ukraine in favor of Russia isn't peace, it's a truce."Undermining Western unity by criticizing NATO could have much the same effect.<div type="image" title="Ukrainian President Volodymyr Zelenskyy and US President Joe Biden shake hands during a joint press conference at the Masseria San Domenico on the sidelines of the G7 Summit hosted by Italy." height="683" width="1024" msid="114953181" hostid="261" sizebytes="29734"></div><h2 id="43d5159f-1892-46df-b087-cadcd5c43edf">Harris pledges to continue backing Ukraine – but it likely won't be enough</h2>Harris, by contrast, has pledged to continue US support for Ukraine, which <a target="_blank" class="" href="https://www.state.gov/u-s-security-cooperation-with-ukraine/#:~:text=To%20date%2C%20we%20have%20provided,invasion%20of%20Ukraine%20in%202014.">has cost $64.1 billion</a> in military assistance since the 2022 Russian invasion.US aid has played a key role in helping Ukraine fend off the Russian invasion and inflict vast losses on Russia's forces.But the Biden administration has long placed limits on how Ukraine can use the weapons. Ukraine also says US aid often arrives in a piecemeal way.It's part of a US effort to balance support for Ukraine with not provoking Russia and causing a bigger war.But it means that Putin likely believes he can continue to wage his war of attrition against Ukraine with Harris as president as she likely won't provide enough military aid to defeat his forces.It's a war Putin has staked Russia's economic future on, underlining the importance of victory for the Russian leader.One key tool Biden has used to punish Russia is sanctions designed to damage its economy by limiting its capacity to sell oil and gas internationally.However, Russia has managed to open new export markets in major economies including China and India, making the economic damage of the sanctions has been more limited than some experts projected.Economist <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-crisis-ukraine-war-moscow-inflation-sanctions-putin-spending-2024-10">Alexander Mertens recently wrote</a> that Russia would likely suffer economic damage regardless of whether it continues the war or not, meaning there's not a major incentive for Putin to stop now.<div type="image" title="Russian President Vladimir Putin and Chinese President Xi Jinping enter the hall for Russian-Chinese talks on May 16, 2024 in Beijing, China." height="760" width="1024" msid="114953186" hostid="261" sizebytes="24578"></div><h2 id="41991dd2-f4c0-4eea-aac2-1fdc873df772">Putin plays the long game</h2>Putin's thinking about the global picture, too said Dover.China is observing the Ukraine conflict closely as it weighs whether to launch an invasion of US-ally Taiwan, say analysts, while the Middle East is engulfed in a conflict that could spiral into a much bigger war.Dover said a major conflict in either region could draw in US resources and energy and distract from Ukraine."A regional conflict in the Middle East will help Russia maintain a conflict in Ukraine, with lower risks," he said, cautioning though that the situation was a "fluid assessment conditioned by events."Overall, Putin's mission is to not just seize Ukraine but also work in tandem with <a target="_blank" href="https://www.businessinsider.com/russia-china-brink-military-alliance-may-overwhelm-us-putin-xi-2023-12">other authoritarian leaders</a> to damage US global power."In the near-term, Russia and China have embraced a strategy of joint confrontation with the United States and its Allies in Europe and Asia respectively," analyst Jonathan Ward of the Hudson Institute told BI last year.Neither Harris nor Trump are likely to get Putin to change course in his pursuit of victory in Ukraine, and his bigger global ambition."He has taken personal responsibility for achieving that outcome and likely judges it as worth nearly any cost. Trying to coerce him into giving up is a fruitless exercise that just wastes lives and resources," wrote Peter Schroeder, former Principal Deputy National Intelligence Officer for Russia and Eurasia at the National Intelligence Council, for <a target="_blank" class="" href="https://archive.is/Y92WB#selection-1479.348-1479.412">Foreign Relations in September.</a>The best course, writes Schroeder, is for the US to play Putin at his own game and outlast him in his war of attrition, waiting for him to die or leave office."Only then will there be a chance for a lasting peace in Ukraine," he said.

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PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

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Govt waives clinical trial requirement for several drugs approved in select countries

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Modi's Russia visit shows India isn't worried about making the US mad

Huileng Tan

Putin is in no hurry to end the Ukraine war, no matter who wins the US election

Tom Porter

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