Business
India Needs 500 New Cities, ‘A Chicago Every 5 Years’ To Drive Jobs, Says Amitabh Kant
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If India has to move from $4 trillion to over $30 trillion, its GDP must grow 9x, per-capita income has to grow 8x, manufacturing has to grow 16x, says Amitabh Kant
Kant said that after the ease of doing business, India needs to focus on the cost of business.
India must dramatically accelerate urbanisation, manufacturing and adoption of new technologies to sustain high growth and generate jobs, former NITI Aayog CEO Amitabh Kant said, outlining an ambitious blueprint for the country’s next economic phase.
Cities Must Become Growth Engines
Kant said India has historically been cautious about rapid urban expansion but can no longer afford that approach. “Cities are centres of growth. India had been a reluctant. Huge thrust and impetus to urbanization. India needs 500 new cities of 1 million each. India’s challenge is to create 2 Americas,” he said, highlighting the scale of transformation required.
Drawing a global benchmark, he added, “We need to create a Chicago every 5 years,” underscoring the pace of urban infrastructure and industrial expansion needed to absorb India’s growing workforce.
Labour Shift From Farms To Factories
Kant pointed to a structural imbalance in employment that has worsened since the pandemic. “41.6% people in agriculture have increased to 46% post covid which is too high. People need to move to manufacturing,” he said, stressing that surplus agricultural labour must transition to industry for productivity gains.
Technology-Led Manufacturing Push
He emphasised that emerging sectors will play a decisive role in job creation and exports. “India needs to accelerate pace in New technologies like EVs, solar manufacturing, critical mineral processing, which will lead to job growth. It will be export led manufacturing growth in next 3-4 years,” he said.
Avoiding The Middle-Income Trap
Kant warned that sustaining long-term growth is historically rare and requires structural transformation.
“If you look at the post-World War 2 order, only three large countries, Japan after WWII, South Korea later, and China most recently, had a long spurt of growth over an extraordinary period of time. All the other countries got caught up in the middle-income trap. Today, over 108 countries are caught in the middle-income trap. So, if India has to move from $4 trillion to over $30 trillion, its GDP must grow 9x, per-capita income has to grow 8x, manufacturing has to grow 16x, and it means the saving rate has to go up enormously and the investment rate has to go up very sharply, while credit-GDP growth has to jump. We need sustainable urbanisation, we need manufacturing and exports. We need our 12 states to grow more than 10 per cent for three decades,” he said.
‘Must Bring Down Cost Of Doing Business’
Kant said that after the ease of doing business, India needs to focus on the cost of business.
“Our cost of doing business is still much higher than the competing nations like China. Power rates are high, interest rates are high; we need to focus on that now,” he said.
PM-EAC Member Gaurav Vallabh Says
PM-EAC Member Gaurav Vallabh on Friday acknowledged that employment remains a key concern, particularly the quality of jobs being created in the economy.
“I admit creating jobs is an issue. More important is quality of jobs is an issue,” the PM-EAC member said, underlining that the focus must now shift from merely generating employment to improving productivity and income levels.
The member pointed to India’s structural transition over the decades. “From agriculture we directly jumped to services economy. We didn’t focus in manufacturing economy,” he said, suggesting that a stronger manufacturing base could have supported broader job creation.
Highlighting progress in specific sectors, he noted that India’s defence production has seen a turnaround. “Defence equipment manufacturing, has now moved to exports,” he said, indicating the sector’s growing global competitiveness.
Looking ahead, the PM-EAC member said the next phase of expansion will be driven beyond the metros. “Next level of growth drivers will be in tier 2, 3 cities which will take us to Viksit Bharat,” he said, pointing to smaller cities as engines of inclusive growth and long-term economic transformation.
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February 27, 2026, 18:55 IST
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Warner Bros Discovery signed a SUD 11 billion deal with Paramount Skydance Friday morning, as revealed in a global town hall audio clip.
Warner Bros signs USD 110 billion deal with Paramount (Image for representation)
Warner Bros Discovery (WBD.O) signed a SUD 110 billion deal with Paramount Skydance (PSKY.O) Friday morning, the two companies announced, marking one of the most consequential media mergers in recent history.
“Netflix had the legal right to match the PSKY offer. As you all know, they ultimately decided not to do that. That then resulted in a signed agreement with PSKY as of this morning. So that’s where everything stands,” Bruce Campbell, Warner Bros’ chief revenue and strategy officer, said, as quoted by news agency Reuters.
The companies revealed that the deal is expected to close in the third quarter of 2026.
The deal was inked as Netflix declined to match Paramount’s latest USD 31-per-share offer, pulling out of the bidding war for Warner Bros. Discovery’s studio and streaming assets.
According to the Reuters report, citing sources, Warner Bros received the contracts from Paramount on Saturday and within the following two days, it announced that Paramount’s offer was superior.
The deal was immediately approved by board of directors of both media giants, said the companies in a joint statement.
The deal is “subject to customary closing conditions, including regulatory clearances and approval by WBD shareholders, with a vote expected in the early spring of 2026″, the statement read.
Interestingly, Paramount Skydance is headed by David Ellison, the son of Silicon Valley billionaire Larry Ellison, a close ally of President Donald Trump.
“By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders — and we couldn’t be more excited for what’s ahead,” David Ellison said in a statement.
NOT A ‘MUST HAVE’
In a stunning move hours later, Netflix announced it would not match Paramount Skydance’s latest offer to acquire Warner Bros Discovery. Netflix co-CEOs Ted Sarandos and Greg Peters asserted that “this transaction was always a nice to have at the right price, not a ‘must have’ at any price.”
TRUMP YET TO COMMENT
At one point, President Donald Trump said he might weigh in on the agreement. However, he told NBC News in early February that he would not be “involved” in the proceedings.
Then, last week, he issued a warning to Netflix, saying it would “pay the consequences” if it did not fire board member Susan Rice, an ex-official of the Biden administration.
During a podcast, Rice had said the entities that “take a knee” to the President would be “held accountable” when Democrats return to the office.
Meanwhile, the President is yet to comment on the deal.
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Washington D.C., United States of America (USA)
February 28, 2026, 07:48 IST
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Business
UAE makes history: Central Bank launches world’s first sovereign financial cloud with AI for secure digital finance – The Times of India
In a bold leap that could redefine how modern financial systems operate, the Central Bank of the United Arab Emirates (CBUAE) has announced the launch of what it calls the world’s first sovereign financial cloud services infrastructure, a secure and AI-powered digital backbone designed specifically for the nation’s financial sector. This initiative, developed in partnership with Core42 (a subsidiary of AI and technology group G42), aims to position the UAE at the forefront of secure, sovereign digital finance and bolster its reputation as a global hub for innovative financial services.The platform, known as the Sovereign Financial Cloud Services Infrastructure (SFCSI), is set apart from traditional cloud environments by its focus on data sovereignty, integrated cybersecurity and unified multi-cloud management, all underpinned by advanced artificial intelligence and real-time analytics. In practical terms, this means the UAE’s financial sector will be able to process, analyse and automate critical banking functions with unprecedented speed and regulatory control, securely within national borders.
What makes the UAE’s sovereign financial cloud revolutionary
Unlike most cloud services, which are operated by global providers and often host data far from the jurisdictions that regulate them, the SFCSI is built on a fully isolated and centralised infrastructure that ensures critical financial data remains within the UAE’s legal and security perimeter. Governments and regulators see this as key not just for privacy but for economic and strategic sovereignty in a world where data and finance increasingly intersect.This approach mirrors broader global trends toward digital sovereignty, where countries aim to protect sensitive infrastructure from foreign interference, whether from geopolitical tensions or shifting international data laws. By embedding regulatory controls and governance tools directly into the cloud platform itself, the CBUAE is seeking to reduce reliance on foreign systems and strengthen confidence in the nation’s financial resilience.Core42’s involvement is not just as a technical builder; the partnership brings integrated artificial intelligence and advanced analytics directly into the financial backbone. This allows licensed financial institutions and the CBUAE to automate operational processes intelligently, analyse real-time data for risk and performance insights, improve decision-making with predictive models and enhance customer service through automated, data-driven workflows.In a world where financial services are rapidly becoming more complex and interconnected, AI integration at the infrastructure level offers both competitive edge and stronger defences against threats like fraud, system failure or cyber-attacks. The new system also provides a single management framework for multiple cloud services, giving licensed financial institutions the flexibility to administer a range of cloud environments, including private and hybrid setups, seamlessly and securely. This capability is particularly valuable for institutions that need to balance agility and innovation with strict regulatory compliance.
Implications for the UAE and global financial landscape
For the UAE’s banks, insurers and fintech startups, the SFCSI represents a foundational piece of digital transformation. Regulatory oversight will be more immediate and nuanced, while institutions can scale new digital products, from personalised banking apps to smart payment systems, without compromising on security or compliance.Officials from the CBUAE emphasised that the platform will serve the entire licensed financial sector, reinforcing not just operational resilience but also long-term sustainable growth as financial services evolve. The central bank’s leadership views this as a pivotal step in strengthening the nation’s competitiveness on the world stage.The UAE’s move toward a sovereign financial cloud resonates with a broader global push for digital control over critical infrastructure. Various countries are debating how to balance openness to global technology with the need to protect sensitive financial and governmental data, a tension that’s only grown more pronounced as cyber threats increase and geopolitical competition around tech intensifies. By being among the first to embed sovereign control, AI capabilities and cloud innovation at this scale, the UAE is signalling that it intends to lead in secure, regulated digital finance, not just participate in it.While this cloud platform is targeted at the financial sector, its development aligns with the UAE’s wider strategy of integrating AI and digital infrastructure across governance, public services and enterprise systems. The inclusion of AI, real-time analytics and automation at a national infrastructure level could help catalyse further technological development in related fields such as central bank digital currencies (CBDCs), national payments innovation and cross-border financial integration.
What UAE’s sovereign financial cloud platform means for everyday users and institutions
For banks and financial firms, the SFCSI offers a more efficient way to innovate and comply with regulations, potentially making services faster, more secure and easier to tailor to customer needs. For consumers and businesses, the shift could translate into:
- More secure banking services with enhanced protections.
- Better digital experiences built on real-time insights.
- Faster product rollouts as institutions leverage automated, AI-powered infrastructure.
- Greater confidence in data privacy and national sovereignty
The rollout of such an infrastructure may also attract international finance players, tech investors and startups looking to base operations in a secure, innovation-friendly jurisdiction. The Central Bank of the UAE (CBUAE) has unveiled what it calls the world’s first sovereign financial cloud services infrastructure, developed with technology partner Core42.The Sovereign Financial Cloud Services Infrastructure (SFCSI) is designed to ensure data sovereignty, robust cybersecurity, AI integration, and unified multi-cloud management for the UAE’s financial sector. Built with advanced AI and analytics, it will enhance automation, real-time decision-making and innovation within licensed financial institutions. The move reinforces the UAE’s ambitions to be a global leader in secure, digital finance, aligning with broader global trends toward sovereign digital infrastructure.
Rodney Benson, a media professor at New York University, called the deal “concerning”, would leave America’s largest media companies further concentrated in the hands of conservatives. Many of those owners, including the Ellison family, have separate, non news-related business interests that depend on government contracts or regulation and are therefore particularly vulnerable to pressure, he adds.
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