In a significant virtual address, Prime Minister Narendra Modi participated in the G20 Trade and Investment Ministers’ Meeting held in Jaipur, Rajasthan through a video link. The Prime Minister’s speech encapsulated India’s economic progress, global economic challenges, and the nation’s commitment to fostering resilient and inclusive international trade.
Welcoming the Pink City
Addressing the attendees, Prime Minister Modi extended a warm welcome to the Pink City of Jaipur and praised its dynamic and enterprising people. He highlighted how trade has historically facilitated the exchange of ideas, cultures, and technology, and brought people closer together. The Prime Minister emphasized that trade and globalization have played a pivotal role in lifting millions out of extreme poverty.
India’s Economic Transformation
Prime Minister Modi underscored the global optimism and confidence in India’s economy, presenting the nation as a blend of openness, opportunities, and choices. He acknowledged India’s ascent to the fifth-largest global economy through consistent government efforts over the last nine years. He referenced the journey of “Reform, Perform, and Transform” embarked upon in 2014, which led to increased competitiveness, transparency, digitization, and innovation promotion. He highlighted the establishment of dedicated freight corridors, industrial zones, and the shift from red tape to red carpet for foreign direct investment (FDI).
Initiatives and Achievements
The Prime Minister discussed key initiatives like “Make in India” and “Aatma Nirbhar Bharat,” emphasizing their role in boosting manufacturing and ensuring policy stability. He affirmed the government’s commitment to propel India to become the third-largest global economy in the near future.
Navigating Global Challenges
Addressing the current global challenges, from the pandemic to geopolitical tensions, Prime Minister Modi stressed that G20 nations have a shared responsibility to restore confidence in international trade and investments. He advocated for building resilient and inclusive global value chains capable of withstanding future shocks.
India’s Proposal for Global Value Chains
Prime Minister Modi introduced India’s proposal for a Generic Framework for Mapping Global Value Chains. This framework aims to assess vulnerabilities, minimize risks, and enhance resilience in global value chains. He highlighted its importance in strengthening global trade networks.
Harnessing Technology for Trade
The Prime Minister acknowledged technology’s transformative power in trade. He cited India’s shift to the Goods and Services Tax (GST) as an example of how technology streamlined internal trade. He also mentioned the Unified Logistics Interface Platform, simplifying trade logistics, and the “Open Network for Digital Commerce” that democratizes the digital marketplace ecosystem. Prime Minister Modi praised the Unified Payments Interface as a successful precedent of India’s digital prowess.
Promoting Cross-Border E-Commerce
Discussing the potential of digitization and e-commerce to enhance market access, Prime Minister Modi expressed satisfaction with the “High-Level Principles for the Digitalization of Trade Documents” proposed by the group. He urged collective efforts to ensure equitable competition between large and small sellers. He also highlighted the importance of fair price discovery and efficient grievance-handling mechanisms for consumers.
India’s Vision for Global Trade
Prime Minister Modi reiterated India’s commitment to a rules-based, open, inclusive, and multilateral trading system with the World Trade Organization (WTO) at its core. He emphasized India’s advocacy for the concerns of the Global South and the empowerment of Micro, Small, and Medium Enterprises (MSMEs). He highlighted their significant contribution to employment and global GDP and outlined India’s efforts to support and integrate MSMEs into the economic ecosystem.
Prime Minister Modi stressed that it is the collective responsibility of G20 members to restore confidence in international trade and investments. He expressed confidence that the working group will collaboratively lead the transition of the global trading system toward a more representative and inclusive future.
