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Aug 24 – While virtually addressing the G20 trade and investment ministers meeting in Jaipur on Thursday, Prime Minister Narendra Modi stated that there is “global optimism and confidence in the Indian economy.” India is viewed as a mix of openness, possibilities, and options.”
“During the last nine years, India has become the fifth largest global economy. This is the result of our sustained efforts. We embarked on the journey of ‘Reform, Perform, and Transform’ in 2014,” PM Modi said.
Current global difficulties, ranging from pandemics to geopolitical tensions, have put the world economy to the test, according to the prime minister, who added that “as G20, it is our responsibility to rebuild confidence in international trade and investments.” We must create resilient and inclusive global value networks capable of withstanding future shocks.”
In this context, India’s proposal to create a Generic Framework for Mapping Global Value Chains is important. This framework aims to assess vulnerabilities, minimise risks, and enhance resilience, PM Modi said.
“Technology’s transformative power in trade is undeniable. India’s shift to an online single indirect tax — the GST — helped create a single internal market boosting inter-state trade. Our Unified Logistics Inter-face Platform makes trade logistics cheaper and more transparent. Another game changer is ‘Open Network for Digital Commerce’, which will democratize our digital marketplace ecosystem,” he informed the ministers.
He stated that India believes in a rules-based, open, and inclusive global trading system, with the WTO at its heart.
“India has advocated the concerns of the Global South at the 12th WTO Ministerial Conference. We were able to forge consensus on safeguarding the interests of millions of farmers and small businesses. We must pay more attention to MSMEs, given their key role in the global economy,” the prime minister said.
“MSMEs employ 60 to 70 percent of the workforce and contribute 50 percent of global GDP.” They require our ongoing assistance. Their empowerment equals society empowerment. MSME stands for Maximum Support for Micro, Small, and Medium Enterprises.
“Through our online platform, the Government e-marketplace, India has integrated MSMEs into public procurement.” We have been working with our MSME sector to adopt the environmental ethos of ‘Zero Defect’ and ‘Zero Effect’. “Improving their participation in global trade and Global Value Chains has been a priority of the Indian presidency,” Prime Minister Modi stated.
PM Modi told G20 delegates in Jaipur, “This region is known for its dynamic and enterprising people.”