New Delhi, August 24: Prime Minister Narendra Modi said on Thursday that global optimism and confidence in the Indian economy have increased in the last nine years. As a result of that, today India is seen as a combination of openness, opportunities, and options.
The Prime Minister was addressing the G20 Trade and Investment Ministers’ Meeting held in Jaipur, the capital of Rajasthan, through a video link today. The Prime Minister said that as a result of the continuous efforts of the government during the last nine years, India has become the fifth largest global economy. We embarked on a journey of reform, performance, and transformation in 2014, he said. He mentioned policy stability in the country with initiatives like Make in India and Atmanirbhar Bharat. The Prime Minister underlined that the government is determined to make India the third-largest global economy in the next few years.
Addressing the gathering, the Prime Minister said that the Pink City of Jaipur is known for its dynamic and enterprising people. Trade has promoted the exchange of ideas, cultures, and technology. Trade and globalisation have lifted millions of people out of extreme poverty, Modi said.
Highlighting the current global challenges, ranging from the pandemic to geopolitical tensions, the Prime Minister said that it has tested the world economy. He said that it is our responsibility as G20 countries to rebuild trust in international trade and investment. The Prime Minister emphasised building resilient and inclusive global value chains that can withstand future shocks.
The Prime Minister referred to the Open Network for Digital Commerce as a game-changer that would democratise the digital marketplace eco-system. We have already done this with our Unified Payments Interface for payment systems, he added. Digitization processes and the use of e-commerce have the potential to increase market access.
He expressed happiness that the group is working on high-level principles for digitization of business documents. These principles, the Prime Minister said, can help countries implement cross-border electronic trade measures and reduce compliance burdens. Highlighting the challenges of growth in cross-border e-commerce, the Prime Minister suggested working collectively to ensure a level playing field between large and small sellers. He also stressed the need for fair price discovery and complaint management mechanisms to address the problems faced by consumers.
The Prime Minister underlined that it is the collective responsibility of the G20 members as a family to restore confidence in international trade and investment processes. They expressed confidence that the Working Group will collectively move forward to ensure that the global trading system is gradually transformed into a more representative and inclusive future.
