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At G20 meeting, PM Modi calls for global collaboration to restore confidence in trade and investment
PM Modi highlights positive impacts of trade and globalization, credits strategic reforms for India's economic growth.
Prime Minister Narendra Modi on Thursday underlined the positive impacts of trade and globalization, which have not only facilitated the exchange of ideas and cultures but have also lifted millions out of extreme poverty. Addressing the G20 Meeting of Trade and Investment Ministers in Jaipur via video message, the prime minister noted the current global optimism and confidence in India's economy, attributing it to sustained efforts and strategic reforms.
“Throughout history, trade has led to exchange of ideas, cultures, and technology. It has brought people closer. Trade and globalization have also lifted hundreds of millions out of extreme poverty,” PM Modi said.
“Today, we see global optimism and confidence in the Indian economy. India is seen as a combination of openness, opportunities and options,”
He also pointed out that India has become the fifth-largest global economy over the last nine years, achieved through initiatives like “reform, perform, and transform.”
“We have increased competitiveness, and enhanced transparency. We have expanded digitization, and promoted innovation. We have established dedicated freight corridors and built industrial zones. We have moved away from red tape to red carpet and liberalized FDI flows,” Prime Minister Modi said.
The prime minister credited flagship campaigns like "Make in India" and "Aatma Nirbhar Bharat" as key contributors to India's manufacturing growth.
Addressing the challenges posed by the pandemic and geopolitical tensions, PM Modi stressed the G20's responsibility in revitalizing international trade and investments.
“We must build resilient and inclusive global value chains that can withstand 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, minimize risks, and enhance resilience.”
On the topic of a rules-based multilateral trading system, PM Modi reiterated India's commitment to an open, inclusive system anchored by the WTO. He emphasized India's role in safeguarding the interests of farmers and small businesses during the 12th WTO Ministerial Conference and called for increased focus on supporting Micro, Small, and Medium Enterprises (MSMEs).
“MSMEs account for 60 to 70 percent of employment and contribute 50 percent to the global GDP. They need our continued support. Their empowerment translates to societal empowerment. For us, MSME means - Maximum Support to Micro, Small, and Medium Enterprises,” he said.
