BRICS Summit: Weaponisation of tech, critical minerals could hinder shared progress, warns Modi

Prime Minister Narendra Modi on Sunday warned that the weaponisation of technology and critical minerals could become a hurdle to shared progress, and called on BRICS countries to ensure inclusive access to technology while pursuing growth that balances development with environmental sustainability.

Modi said the grouping needed to strengthen resilience and ensure that the benefits of solutions developed within BRICS were also adaptable and accessible to countries of the Global South, addressing a session on “Resilience, Innovation, Cooperation and Sustainability: Shaping the Future for Inclusive Global Growth” at the BRICS Summit in New Delhi.

“The weaponisation of technology and critical minerals can become a hurdle in our shared progress. Therefore, we have emphasised inclusivity in technology adoption,” Modi said.

India steers BRICS to consensus on trade, coercive measures amid West Asia rift

India pulled off a critical diplomatic balancing act at the BRICS Summit on Saturday, securing consensus among all 11 member nations on a joint declaration that voices serious concern over the rise of “unilateral tariff and non-tariff measures” running contrary to WTO rules, and resolves to strengthen the multilateral trade body.

Negotiators worked through the night to bridge deep rifts between Iran and the UAE over the West Asia conflict to arrive at language acceptable to all, sources close to the development said.

The resulting New Delhi Declaration condemns unilateral coercive measures as violations of international law, calls for protecting global trade, energy flows and supply chains, demands an end to the blockade against Cuba, and voices concern over escalating tensions in West Asia, while avoiding direct mention of specific countries.

HDFC Bank’s board shortlists two candidates for top position

Fast-tracking the process for selection and appointment of Sashidhar Jagdishan’s successor, HDFC Bank’s board on Saturday shortlisted two candidates whose names will be submitted to the RBI for approval.

While the bank did not disclose the names, market participants indicate that the shortlist may have emerged from a pool including Paresh Sukthankar, K Balasubramanian, Vishaka Mulye, Jimmy Tata and Vibha Padalkar.

The board also approved the creation of an additional Whole-Time Director position to strengthen succession planning, appointed Jimmy Tata as Executive Director, and re-appointed V Srinivasa Rangan as Executive Director.

Tata Sons faces pressure to list after RBI rejects its de-registration as a core investment company

Tata Sons Private Ltd will have to prepare for a stock market listing after the Reserve Bank of India rejected its application for de-registration as a Core Investment Company.

The decision means Tata Sons will continue to remain on the RBI’s list of Upper Layer Non-Banking Financial Companies, a classification that requires listing on stock exchanges.

The development follows the RBI’s August 6 release of the NBFC-UL list, which included Tata Sons while noting that its de-registration application was under examination.

The move comes amid leadership developments within the Tata Group, including Noel Tata’s growing influence through Tata Trusts and N Chandrasekaran’s decision to step down as Chairman of Tata Sons when his term ends in February 2027.

(Research and VO: Siddharth Mathew Cherian)

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