Narendra Modi

Horyou team is at the GES!

The entrepreneurship world is moving fast and social innovation is now a matter of survival for most businesses. The level of personalities attending the Global Entrepreneurship Summit (GES) on its first day in the Indian city of Hyderabad, alongside Ivanka Trump, advisor to the President of the United States, and Narendra Modi, the Prime Minister of India, who took to the stage to address a large number of businesspersons and innovators before the international media, was a strong sign of the importance that social entrepreneurship has now reached economically, as well as politically.

On the 29th of November, today, the summit will hear Yonathan Parienti, founder and CEO of Horyou, the social network for social good, who will raise the attendees’ interest in the topic of “Go For It: Tapping Alternative Financing Solutions” and announce the official launching of Spotlight, the first digital currency for impact that supports philanthropy and economic inclusion. «We are very happy to share Spotlight with the world, a digital currency that we put the necessary time and effort to develop and test, and that aims to bring equality and inclusion for millions of people in the next few years », announced Parienti.

Narendra Modi at the GES

«Think how much better the world would be if all of us, men and women, are empowered to dream big, aim high, and work together towards a more just and prosperous future», said Ivanka Trump in her speech on the opening day. Spotlight is perfectly in line with that statement in that it has been developed to financially support organizations, projects and people whose work is aligned with the UN Sustainable Development Goals on empowerment. As economic inclusion is one of GES’s major themes, especially regarding empowerment and opportunities for women, Spotlight is to be showcased as an alternative solution, notably in generating social and gender equality.

Narendra Modi, Prime Minister of the inviting country, highlighted the importance of private investment on promoting sustainable growth, especially in areas like sanitation, transparent policies and entrepreneurship. “Invest in India, for India and for the world”, he summoned.

GES is on!

We will keep you updated on Horyou’s contribution to the summit on and our social media channels.

Christine Lagarde, Managing Director of the International Monetary Fund.
Christine Lagarde, Managing Director of the International Monetary Fund.

Last weekend, the Indian capital of Delhi played host to a joint conference between the country’s Finance Department and the International Monetary Fund (IMF). The purpose was to examine the current position of India in the world economy and identify ways in which its socioeconomic situation can be improved to keep up with its economic growth.

India is one of the world’s fastest growing large economies and has the youngest, most populous workforce. This sole fact would put India streets ahead of any other country in terms of competitiveness. However, India is still a developing nation and faces huge societal problems such as poor corporate governance, rising inequality and an inefficient health care system.

Melinda Gates, co-chair of the Bill and Melinda Gates Foundation.
Melinda Gates, co-chair of the Bill and Melinda Gates Foundation.
Melinda Gates, co-chair of the Bill and Melinda Gates Foundation, made a speech outlining the foundation’s interest in India’s issues and the foundation’s pledge to help. “Our investments from the philanthropic point of view are focused on the needs in terms of poverty and inequality.” They realize that, although India may have a demographic advantage, economic opportunity must be created for everyone so that the true dynamism of the country can be captured and turned into prosperity for all.

India is 25 years into its structural reforms but statistics show that income inequality has actually worsened in this time. In defense of this, Prime Minister Modi said that “the reforms put in place in 1991 do not reflect the complex, global realities that we have today.”

As we are now globally interconnected, India is affected by volatile markets and capital flows, drops in commodities and geopolitical conflicts, but is it really as equipped as its more developed counterparts to deal with these issues?

At present, India is growing 3 times faster than its advanced neighbours. Nevertheless, this isn’t being translated into returns for the primary and manufacturing sectors because monetary and price policy are incompatible.

Thankfully, it seems that this is ringing home to the current Government. Indian Finance Minister Arun Jaitley said in his address that “India will make a big shift in corporate tax rates to remain competitive.”

Prime Minister of India Narendra Modi
Indian Prime Minister, Narendra Modi.
This will mean big concessions for service focused foreign companies, which will create jobs until the country is able to strengthen agriculture and factories.

This short term easing of monetary policy will at least mobilise the massive population eligible to work and allow them to internalise all of the opportunities that this global, interconnected market brings.

India is at an extremely decisive moment. It has all of the opportunity but also many obstacles. Initiatives such as that put forward by the Bill and Melinda Gates Foundation are essential to begin to fill in the cracks of this fragmented social base.
Voices of change like Horyou are important to bring the country into the global conversation. However, most importantly, multilateral cooperation from those in power is needed so that every person has the best chance of being a productive member of their society and the potential of India as a global growth market, is truly harnessed.

Written by Dearbhla Gavin

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