New Delhi : In a virtual address at the G20 Trade and Investment ministerial meeting, Prime Minister Narendra Modi highlighted India’s remarkable journey from bureaucratic hindrances to an inviting investment environment, attracting Foreign Direct Investment (FDI) over the past nine years.
PM Modi urged G20 member nations to collaborate in establishing resilient and inclusive global value chains capable of withstanding future disruptions. He emphasized that current global challenges, including the pandemic and geopolitical tensions, have rigorously tested the world economy.
Welcoming participants to Jaipur, PM Modi praised the city’s vibrant populace and its historical significance as a hub for trade, cultural exchange, and technological advancement.
The Prime Minister underscored how trade and globalization have not only elevated millions from poverty but also enhanced global confidence in India’s economy. He noted India’s ascent to the position of the world’s fifth-largest economy during the tenure of the BJP-led National Democratic Alliance (NDA) government.
PM Modi attributed this economic achievement to sustained reform efforts that have heightened competitiveness, transparency, digitization, and innovation. He also mentioned the establishment of dedicated industrial corridors and zones.
He urged G20 delegates to instill confidence in international trade and investment, emphasizing India’s proposal to devise a comprehensive framework for mapping global value chains. This framework aims to assess vulnerabilities, mitigate risks, and strengthen resilience.
Concluding his address, PM Modi acknowledged technology’s transformative role in trade, exemplified by India’s adoption of the Goods and Services Tax (GST), streamlining tax processes and fostering an integrated domestic market.
