New Delhi: Minister of State for Shipping, and Chemicals and Fertilisers, Manuskh Lal Mandaviya has necessiated digitalization of traditional methods of functioning in order to rid the country of corruption.
Inaugurating the the first ever virtual global commodity tech conference ‘Trade Reboot Global Commodity Conference’ on October 21, 2020, the Minister said:“If we want to improve the systems in our country and remove corruptions, then the only solution is digitalization of the traditional methods.”
CA Dhiraj Kumar Khandelwal, who addressed the welcome speech, emphasized that a digitized trade process can not only reduce cost but also increase the market value of Indian imports and exports from USD 700 billion as of now. It will also increase India’s GDP by 20-25% in a year.
Speaking at the session ‘Future outlook of Coal in the post-COVID 19 Scenario’ Mr Rajesh Somani, MD & CEO of Swiss Singapore claimed: “Only if the collapsing cost of the power by renewable energy becomes viable, coal will be replaced by the economical, environmental friendly assets, until that coal is irreplacable”. From the banking sector point of view, CA Ajay Kumar, Trade Finance Operations, London, said “Fintech and traditional banks will coexist to create a digital world where everything will be digital and available to all at their fingertips and at a much lesser cost”.
The 3 days conference was attended by over 2800 professionals, including of traders, exporters, importers, shipping industries executives, banking experts, financiers, and chartered accountants from across the globe. Over 60 international speakers and experts from India, Singapore, the UAE, the UK, Ireland, France and other European countries, addressed the sessions. Hindustan Copper Limited Chairman and Managing Director Arun Kumar Shukla was the guest of honour.