Last Updated: Aug 24, 2023
Tweeted By AIR
The Trade and Investment Ministerial Meeting under India’s G-20 Presidency began today in Jaipur. Prime Minister Narendra Modi addressed the meeting through a video message. Addressing the gathering, Prime Minister underlined that trade has led to the exchange of ideas, cultures, and technology while also bringing people closer throughout history. He said trade and globalization have also lifted hundreds of millions out of extreme poverty. Highlighting the global optimism and confidence in the Indian economy, Mr Modi said, India is seen as a combination of openness, opportunities and options.
He said during the last nine years, India has become the fifth-largest global economy as a result of the sustained efforts by the government. Mr Modi said, the cpountry embarked on the journey of “Reform, Perform, and Transform in 2014 and increased competitiveness and enhanced transparency, expanding digitization and the promotion of innovation. Prime Minister said, India has established dedicated freight corridors and built industrial zones. He said India moved away from red tape to red carpet and liberalized FDI flows. Mr Modi also touched upon initiatives like Make in India and Aatma Nirbhar Bharat that have given a boost to manufacturing and also mentioned policy stability in the country. The Prime Minister underlined that the government is committed to making India the third-largest global economy in the next few years.
Throwing light on the current global challenges, from the pandemic to geo-political tensions, the Prime Minister said that it has tested the world economy and stated that it is our responsibility as G20 nations to rebuild confidence in international trade and investments. The Prime Minister emphasized on building resilient and inclusive global value chains that can withstand future shocks. In this context, Mr Modi highlighted the importance of India’s proposal to create a Generic Framework for Mapping Global Value Chains to assess vulnerabilities, minimize risks and enhance resilience.