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India has moved away from red tape to red carpet and liberalized FDI flows, Prime Minister Modi says
India is seen as a combination of openness, opportunities and options, Prime Minister Narendra Modi said on Thursday (August 24, 2023), as he highlighted the global optimism and confidence in the Indian economy.
Addressing the G20 Trade and Investment Ministers’ Meeting held in Jaipur, Rajasthan via video link, Prime Minister Modi also spoke about current global challenges and technology's transformative power.
HERE ARE 10 IMPORTANT POINTS FROM PM MODI'S ADDRESS
1. India has become the fifth-largest global economy during the last nine years as a result of the sustained efforts by the government, Prime Minister Modi asserted. “We embarked on the journey of "Reform, Perform, and Transform" in 2014," he remarked.
2. Prime Minister Modi underlined that the government is committed to making India the third-largest global economy in the next few years.
3. India has established dedicated freight corridors and built industrial zones, Prime Minister Modi said. “We have moved away from red tape to red carpet and liberalized FDI flows," he remarked.
4. Current global challenges, from the pandemic to geo-political tensions, have tested the world economy, he said, adding that it was the responsibility of G20 nations to rebuild confidence in international trade and investments.
5. “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.
6. ‘Open Network for Digital Commerce’ is a game-changer that will democratize the digital marketplace eco-system, Prime Minister Modi said. “We have already done that with our Unified Payments Interface for payment systems”, he added.
7. Highlighting the challenges of the growth in cross-border e-commerce, Prime Minister Modi suggested working collectively to ensure equitable competition between large and small sellers.
8. India believes in a rules-based, open, inclusive and multilateral trading system with the WTO at its core, PM Modi asserted. He pointed out that India has advocated the concerns of the Global South at the 12th WTO Ministerial Conference where members were able to forge consensus on safeguarding the interests of millions of farmers and small businesses.
9. He stressed paying more attention to MSMEs given their key role in the global economy. “MSMEs account for 60 to 70 percent of employment and contribute 50 percent to the global GDP”, he pointed out.
10. The 'High-Level Principles for the Digitalization of Trade Documents’ that the G20 is working on can help countries in implementing cross-border electronic trade measures and reduce compliance burdens, Prime Minister Modi noted.
Addressing the G20 Trade and Investment Ministers’ Meeting held in Jaipur, Rajasthan via video link, Prime Minister Modi also spoke about current global challenges and technology's transformative power.
HERE ARE 10 IMPORTANT POINTS FROM PM MODI'S ADDRESS
1. India has become the fifth-largest global economy during the last nine years as a result of the sustained efforts by the government, Prime Minister Modi asserted. “We embarked on the journey of "Reform, Perform, and Transform" in 2014," he remarked.
2. Prime Minister Modi underlined that the government is committed to making India the third-largest global economy in the next few years.
3. India has established dedicated freight corridors and built industrial zones, Prime Minister Modi said. “We have moved away from red tape to red carpet and liberalized FDI flows," he remarked.
4. Current global challenges, from the pandemic to geo-political tensions, have tested the world economy, he said, adding that it was the responsibility of G20 nations to rebuild confidence in international trade and investments.
5. “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.
6. ‘Open Network for Digital Commerce’ is a game-changer that will democratize the digital marketplace eco-system, Prime Minister Modi said. “We have already done that with our Unified Payments Interface for payment systems”, he added.
7. Highlighting the challenges of the growth in cross-border e-commerce, Prime Minister Modi suggested working collectively to ensure equitable competition between large and small sellers.
8. India believes in a rules-based, open, inclusive and multilateral trading system with the WTO at its core, PM Modi asserted. He pointed out that India has advocated the concerns of the Global South at the 12th WTO Ministerial Conference where members were able to forge consensus on safeguarding the interests of millions of farmers and small businesses.
9. He stressed paying more attention to MSMEs given their key role in the global economy. “MSMEs account for 60 to 70 percent of employment and contribute 50 percent to the global GDP”, he pointed out.
10. The 'High-Level Principles for the Digitalization of Trade Documents’ that the G20 is working on can help countries in implementing cross-border electronic trade measures and reduce compliance burdens, Prime Minister Modi noted.
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