Srinagar: Addressing the gathering, the Prime Minister extended a warm welcome to the Pink City of Jaipur and said that the region is known for its dynamic and enterprising people.
He underlined that trade has led to the exchange of ideas, cultures, and technology while also bringing people closer throughout history. “Trade and globalisation have also lifted hundreds of millions out of extreme poverty”, Modi added.
Highlighting the global optimism and confidence in the Indian economy, the Prime Minister stated that today, India is seen as a combination of openness, opportunities and options. During the last nine years, the Prime Minister asserted that India has become the fifth-largest global economy as a result of the sustained efforts by the government.
“We embarked on the journey of "Reform, Perform, and Transform" in 2014”, the Prime Minister remarked as he gave examples and mentioned increased competitiveness and enhanced transparency, expanding digitization and the promotion of innovation.
He further added that India has established dedicated freight corridors and built industrial zones. “We have moved away from red tape to red carpet and liberalized FDI flows”, Modi said.
He also touched upon initiatives like Make in India and Aatma Nirbhar Bharat that have given a boost to manufacturing and also mentioned policy stability in the country.
The Prime Minister underlined that the government is committed to making India the third-largest global economy in the next few years.
Throwing light on the current global challenges, from the pandemic to geo-political tensions, the Prime Minister said that it has tested the world economy and stated that it is our responsibility as G20 nations to rebuild confidence in international trade and investments. The Prime Minister emphasized on building resilient and inclusive global value chains that can withstand future shocks. In this context, the Prime Minister highlighted the importance of India's proposal to create a Generic Framework for Mapping Global Value Chains to assess vulnerabilities, minimize risks and enhance resilience.
“Technology's transformative power in trade is undeniable”, the Prime Minister remarked and gave the example of India's shift to an online single indirect tax - the GST which helped create a single internal market boosting inter-state trade. He also touched upon India’s Unified Logistics Inter-face Platform that makes trade logistics cheaper and more transparent. He also mentioned ‘Open Network for Digital Commerce’ and termed it as a game-changer that will democratize the digital marketplace eco-system. “We have already done that with our Unified Payments Interface for payment systems”, he added.
The Prime Minister observed that digitising processes and the use of e-commerce have the potential to enhance market access. He expressed delight that the group is working on the ‘High-Level Principles for the Digitalization of Trade Documents’. These principles, the Prime Minister said, can help countries in implementing cross-border electronic trade measures and reduce compliance burdens. Highlighting the challenges of the growth in cross-border e-commerce, the Prime Minister suggested working collectively to ensure equitable competition between large and small sellers. He also emphasized the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms.
