PM Modi stressed the G20's responsibility for reviving international trade and Investment

PM Modi emphasises the benefits of trade and globalisation and attributes India's economic expansion to smart reforms.

Read More : PM Modi protected the Indian Flag when it was discovered on the floor at the BRICS Summit, 2023

The benefits of trade and globalisation, which have not only encouraged the exchange of ideas and cultures but also helped millions of people escape abject poverty, were highlighted by Prime Minister Narendra Modi on Thursday. The prime minister underlined the current optimism and trust in India's economy in his video address to the G20 Meeting of Trade and Investment Ministers in Jaipur, attributing it to persistent efforts and strategic reforms.

Trade has always facilitated the transfer of knowledge, cultures, and technologies. People are now closer. According to PM Modi, trade and globalisation have also helped hundreds of millions of people escape terrible poverty.

Today, we observe widespread optimism and faith in the Indian economy. Openness, opportunities, and options are all associated with India.

In addition, he noted that during the past nine years, India's economy has grown to be the fifth-largest in the world, thanks to programmes like "reform, perform, and transform."

"Transparency has increased, and the threshold for competition has been raised. While advancing digitization, we have promoted innovation. We have created industrial zones and designated goods corridors. Red tape has been replaced with a crimson carpet, and FDI flows have been liberalized, according to Prime Minister Modi.

The prime minister cited major initiatives like "Make in India" and "Aatma Nirbhar Bharat" as significant factors in the expansion of Indian industry.

In response to the pandemic's difficulties and current geopolitical unrest, PM Modi emphasised the G20's duty to revive global trade and investment.

"We need to create inclusive, robust, and global value chains that can resist shocks in the future. India's proposal to develop a generic framework for mapping global value chains is significant in this context. The objectives of this framework are to evaluate vulnerabilities, reduce risks, and improve resilience.

India's commitment to an open, inclusive system underpinned by the WTO was underlined by PM Modi when the subject of a rules-based multilateral trading system came up. During the 12th WTO Ministerial Conference, he emphasised India's responsibility in defending the interests of farmers and small companies and asked for a greater emphasis on assisting Micro, Small, and Medium Enterprises (MSMEs).

MSMEs are responsible for between 60 and 70 percent of employment and 50 percent of the global GDP. They require our ongoing assistance. Social empowerment results from their empowerment. Maximum Support to Micro, Small, and Medium Enterprises is what we mean by MSME, the man continued.

OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device.