There is global optimism in Indian economy, says PM Modi

Prime Minister Narendra Modi on Thursday while virtually addressing the G20 trade and investment ministers’ meeting in Jaipur, said that there is "global optimism and confidence in the Indian economy. India is seen as a combination of openness, opportunities 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 challenges, from the pandemic to geo-political tensions, have tested the world economy, the prime minister said, adding that therefore "as G20, it is our responsibility to rebuild confidence in 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, 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. 

India, he said, believes in a rules-based, open, inclusive, multilateral trading system, with the WTO at its core. 

"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 account for 60 to 70 per cent of employment and contribute 50 per cent 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.

"India has integrated MSMEs into public procurement through our online platform -- Government e-marketplace. We have been working with our MSME sector to adopt the ethos of ‘Zero Defect’ and ‘Zero Effect’ on the environment. Increasing their participation in global trade and Global Value Chains has been a priority of the Indian presidency," PM Modi informed. 

While welcoming the G20 delegates in Jaipur, PM Modi said, "This region is known for its dynamic & enterprising people.”