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Invest India and UAE Ministry sign MoU
Why in the news ?
- Invest India and the UAE Minister for Artificial Intelligence (AI) signed a Memorandum of Understanding (MoU) for India - UAE Artificial Intelligence Bridge.
Details
- 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 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.
- India and UAE 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.
Infrastructure
- 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.
- The Government of India is launching multiple initiatives to create an environment for digital growth through which the potential of AI can be realized in the areas of agriculture supply, healthcare and disaster management services.
Invest India
- Invest India is the official Investment Promotion and Facilitation Agency of the Government of India, mandated to facilitate investments in the country.
- It is the first stop for potential global investors in the country.
- India is one of the fastest growing economies in the world which has not only sustained global downturn of 2008-09 but is also slated to grow at consistently higher rates during next few decades.
What is Blockchain Technology ?
- The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
- A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions.
- Once completed, a block goes into the blockchain as a permanent database. Each time a block gets completed, a new one is generated.
- There is a countless number of such blocks in the blockchain, connected to each other (like links in a chain) in proper linear, chronological order.
- Every block contains a hash of the previous block.
- The blockchain has complete information about different user addresses and their balances right from the genesis block to the most recently completed block.
Source
PIB