PM calls for synchronized global action on cryptocurrency at World Economic Forum

Prime Minister Narendra Modi on Monday called for synchronized and collective global action in terms of policy making for the blockchain-backed digital currencies.

Speaking at the virtual event of the World Economic Forum (WEF) Davos Agenda 2022, the Prime Minister noted that with the change of the global order, the challenges are also increasing including supply chain disruption, inflation, climate change and cryptocurrency.

"The way technology is related to it (cryptocurrency), any decision taken by a particular country will not be adequate to resolve the challenges it poses. We need to keep a uniform thought process on it," he said.

Prime Minister's call for a collective effort comes at a time when the government is contemplating a cryptocurrency bill in the country. The bill which was listed for the last winter session of the parliament was not tabled.

He also took the opportunity to talk about the relevance of the multilateral organisations in the new world order and the new emerging challenges.

"A question that arises in the current global context is whether the multilateral organisations are capable of tackling the challenges of the new world order. The situation today has changed in comparison to the time when these organisations were established," Modi said.

Calling for reforms, the Prime Minister said: "It is the responsibility of all democratic countries to emphasise on reforms of these organisations, so that they are made capable of resolving the challenges of the present and future."

He has time and again called for reforms of these organisations including the Security Council of the United Nations.

Reiterating India's commitment towards climate change, he said that the country is making policies both for the present and the next 25 years targeting high growth, welfare, saturation of wellness along with focus on the growth being green, clean and sustainable and reliable.

He stressed on the need for making "mission life" a global mass movement said that the movement can be based on three Ps -- 'pro planet people'. Modi reiterated India's target of turning into a net zero carbon emitting country by 2070.

Outlining the growth of technology, innovation and business environment in India, the Prime Minister said that India currently has over 60,000 startups and over 80 unicorns with more than half of them reaching $1 billion valuation in 2021.

He also spoke of the measures taken by the government to improve the business and investment ecosystem in the country through steps for ease of doing business, lowering of corporate tax rate to make then "most competitive" in the world.

"During the pandemic when the whole world was stressing on quantitative easing, India was bringing in reforms," he said referring to the several steps taken in 2020 ranging from raising FDI limits in defence, deregulating the space and coal sectors among others, along with agriculture reforms laws which the government had to roll back late last year amid huge protests from farmers.