In a video address at the G20 Meeting of Trade and Investment Ministers in Jaipur on Thursday, Prime Minister Narendra Modi highlighted the positive effects of trade and globalization. He emphasized how these forces have not only facilitated the exchange of ideas and cultures, but have also played a significant role in lifting millions of people out of extreme poverty. In his message, PM Modi acknowledged the current global confidence in India’s economy, attributing it to ongoing efforts and strategic reforms.
PM Modi stated that throughout history, trade has been a catalyst for sharing ideas, cultures, and technology, bringing people closer together. He also underscored that trade and globalization have been instrumental in raising hundreds of millions of individuals out of dire poverty.
The Prime Minister also pointed out the present positive outlook and trust in India’s economy. He said, India is now seen as a blend of openness, opportunities, and choices. Highlighting India’s remarkable progress, PM noted that the country has climbed to become the world’s fifth-largest economy in just nine years. This achievement was driven by initiatives like the “reform, perform, and transform” approach.
PM Modi outlined various achievements, including increased competitiveness, greater transparency, expanded digitization, and the promotion of innovation. He also highlighted infrastructural developments such as dedicated freight corridors and industrial zones. The Prime Minister emphasized the shift from bureaucratic obstacles to a more welcoming and liberalized environment for foreign direct investment (FDI).
He attributed India’s manufacturing growth to flagship campaigns like “Make in India” and “Aatma Nirbhar Bharat” (Self-Reliant India). Addressing the challenges posed by the pandemic and geopolitical tensions, PM Modi stressed the G20’s role in revitalizing global trade and investments.
The Prime Minister called for the creation of resilient and inclusive global value chains that can endure future shocks. He underlined the significance of India’s proposal to establish a Generic Framework for Mapping Global Value Chains, which aims to identify vulnerabilities, mitigate risks, and enhance resilience.
Regarding a rules-based multilateral trading system, PM Modi reaffirmed India’s commitment to an open and inclusive system anchored by the World Trade Organization (WTO). He emphasized India’s advocacy for the interests of farmers and small businesses during the 12th WTO Ministerial Conference. Additionally, he urged greater attention to supporting Micro, Small, and Medium Enterprises (MSMEs).
PM Modi highlighted that MSMEs account for a significant portion of global employment and contribute substantially to the global GDP. He stressed the need for sustained support to these enterprises, noting that their empowerment leads to societal progress. In PM Modi’s words, MSME stands for “Maximum Support to Micro, Small, and Medium Enterprises.”
