“Our responsibility as G20 nations to rebuild confidence in international trade and investments,” Prime Minister Narendra Modi said in his opening address of the G20 Trade and Investment Ministers’ Meeting held in Jaipur, Rajasthan on August 24.
Addressing the gathering via video link, PM Modi highlighted the global optimism and confidence in the Indian economy, and stated that today, India is seen as a combination of openness, opportunities and options. PM Modi asserted that with the journey of “Reform, Perform, and Transform” in last nine years, India has become the fifth-largest global economy. “We have moved away from red tape to red carpet and liberalized FDI flows”, PM Modi said
The Prime Minister reiterated that initiatives like Make in India and Aatma Nirbhar Bharat have given a boost to manufacturing and also mentioned policy stability in the country. He 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 stressed on rebuilding confidence in international trade. He further underlined the importance of establishing robust and all-encompassing global value chains capable of enduring future disruptions. In this regard, he mentioned the significance of India’s initiative to develop a Generic Framework for Mapping Global Value Chains, aimed at evaluating vulnerabilities, mitigating risks, and strengthening resilience.
Saying that “Technology’s transformative power in trade is undeniable,” PM Modi mentioned ‘Open Network for Digital Commerce’ and termed it as a game-changer that will democratize the digital marketplace eco-system. PM Modi observed that digitizing processes and the use of e-commerce have the potential to enhance market access.
Addressing the complexities posed by the growth of cross-border e-commerce, the Prime Minister proposed a collaborative effort to establish fair competition between big and small vendors. He also underscored the importance of tackling issues related to consumers, such as ensuring transparent pricing and effective mechanisms for handling grievances.
The Prime Minister emphasized India’s commitment to a trading system that is grounded in rules, openness, inclusivity, and multilateralism, with the WTO at its core. He highlighted that India has advocated the interests of the Global South during the 12th WTO Ministerial Conference, leading to a unanimous agreement among members to safeguard the well-being of millions of farmers and small businesses.
He stressed paying more attention to MSMEs given their key role in the global economy. “MSMEs account for 60 to 70 percent of employment and contribute 50 percent to the global GDP”, the Prime Minister informed as he stressed the need to support them continuously as their empowerment translates to societal empowerment. “For us, MSME means – Maximum Support to Micro, Small, and Medium Enterprises”, the Prime Minister remarked.