Investment in digital infrastructure crucial for emerging economies: PM

Prime Minister Narendra Modi today said the digital revolution has brought new opportunities to the BRICS and other emerging economies and it is crucial that the countries are ready for the change brought by the artificial intelligence and big data analytics.

Addressing the BRICS Outreach Session here, Modi called for more investment in the digital infrastructure and skill development in the area of digitisation.

"Today we are once again at the historic turning point. Thanks to digital revolution, new opportunities are emerging for us and that is the reason why it is necessary that we be completely ready for the changes that will come out through AI and big data analytics," he said.

Emphasising on India's historic and deep links with Africa, the prime minister said his government has accorded the highest priority towards maintaining peace, freedom and development in Africa.

"Economic and development cooperation between India and Africa have touched new heights," Modi said.

The prime minister said in the last four years, more the 100 bilateral talks and visits at the level of head of states and government have taken place which has taken bilateral cooperation and economic ties to a new level.

He said 118 lines of credit worth USD 11 billion have been extended to over 40 African countries.

He said that India welcomes the effort for regional economic integration by the African countries.

He said free trade and commerce in the last three decades has helped hundreds of millions people come out of poverty.

To take the benefits of globalisation to them is the most important task, he said.

He said after the financial crisis of 2008, the threats of protectionism are hovering over this fundamental aspect of the globalisation.

"The most profound effect of decrease in growth rate has been felt by countries such us ours who could not gain from the industrial progress made during the colonial time," the prime minister said.

He said that while addressing Uganda's Parliament this week he had outlined the 10 principles for India's engagement with African nations.

This 10 principles, he said, formulated as per the needs of Africa are the guidelines for the development and strengthening of India's ties with the continent.