24 August 2023, Mumbai: In a virtual address to the G20 trade and investment ministers’ meeting held in Jaipur, Prime Minister Narendra Modi asserted that the global perception of the Indian economy is one of optimism and confidence. India’s reputation has evolved into a blend of openness, abundant opportunities, and diverse options, he remarked.
A Decade of Progress: India’s Economic Transformation
PM Modi highlighted India’s remarkable economic journey, pointing out that over the past nine years, the country has ascended to become the fifth-largest global economy. He attributed this achievement to the sustained efforts of his administration and the strategic approach of “Reform, Perform, and Transform,” which was initiated in 2014.
Navigating Challenges: G20’s Role in Rebuilding Global Economy
Addressing the pressing global challenges, including the pandemic and geopolitical tensions, Prime Minister Modi underscored their impact on the world economy. As a response, he stressed the collective responsibility of the G20 to restore trust in international trade and investments. He urged for the establishment of resilient and all-encompassing global value chains capable of withstanding future disruptions.
Strengthening Global Value Chains: India’s Innovative Proposal
In line with this objective, PM Modi highlighted India’s proposal to develop a Generic Framework for Mapping Global Value Chains. This initiative aims to evaluate vulnerabilities, mitigate risks, and strengthen overall resilience. The framework holds strategic significance in the current economic landscape.
Technology’s Trade Revolution: India’s Digital Initiatives
Recognizing the transformative influence of technology on trade, the Prime Minister showcased India’s adoption of an online single indirect tax, the Goods and Services Tax (GST). This innovation streamlined inter-state trade by creating a unified internal market. Furthermore, he introduced the Unified Logistics Interface Platform, enhancing trade logistics’ efficiency and transparency. Highlighting the “Open Network for Digital Commerce,” PM Modi expressed its potential to democratize the digital marketplace ecosystem.
Commitment to Multilateral Trade: India’s Advocacy for WTO
Reiterating India’s commitment to a rules-based, inclusive, and multilateral trading system, PM Modi emphasized the pivotal role of the World Trade Organization (WTO). He highlighted India’s active advocacy for the concerns of the Global South during the 12th WTO Ministerial Conference. Notably, consensus was achieved on safeguarding the interests of farmers and small businesses. The Prime Minister also drew attention to the significance of Micro, Small, and Medium Enterprises (MSMEs), given their substantial contribution to employment and global GDP.
Empowering the Heartbeat of Economy: MSMEs in Focus
PM Modi stressed that MSMEs, accounting for a significant portion of employment and GDP, require continuous support. Their advancement translates into societal progress. The Indian government has integrated MSMEs into public procurement through the Government e-marketplace, facilitating their growth. The Prime Minister also emphasized MSMEs’ transition toward “Zero Defect” and “Zero Effect” practices, indicating their commitment to quality and environmental responsibility.In a warm welcome to the G20 delegates in Jaipur, PM Modi praised the region for its vibrant and entrepreneurial population. He acknowledged the spirit of dynamism and enterprise that characterizes the area.