World Sees ‘Openness, Opportunities, Options’ In Indian Economy: G20 Meet
During the G20 Trade and Investment Ministerial Meeting (TIMM) in Jaipur, ministers from G20 members, heads of international organizations like the World Trade Organization (WTO), and representatives of invitee countries will discuss issues of common interest impacting global trade and investment.
The theme of this year’s G20 is “Vasudhaiva Kutumbakam” (One Earth, One Family, One Future). The ministers will focus on multilateral trade for global growth and prosperity, inclusive and resilient trade, and leveraging technology for paperless trade.
Prime Minister Narendra Modi welcomed the global leaders of the G20 to Jaipur, India, and expressed optimism about the Indian economy.
He stated that India is seen as a country of opportunities, openness, and choices. He mentioned that India has become the fifth-largest global economy due to sustained government efforts, including initiatives like –
- Reform, Perform, and Transform
- Policies promoting competitiveness
- Transparency, Digitization & Innovation.
PM Modi also discussed India’s achievements, such as the establishment of dedicated freight corridors and industrial zones, liberalizing foreign direct investment (FDI) flows, and initiatives like ‘Make in India’ and ‘Atma Nirbhar Bharat.’ He reaffirmed the government’s commitment to making India the third-largest global economy in the coming years.
Prime Minister Modi highlighted the importance of rebuilding confidence in international trade and investments among G20 nations, especially in the face of current global challenges such as the pandemic and geopolitical tensions.
He proposed the creation of a ‘Generic Framework for Mapping Global Value Chains’ to assess vulnerabilities and enhance resilience.
The meeting in Jaipur is attended by more than 300 delegates, including Singapore’s Minister for Trade and Industry Gan Kim Yong.
The minister of Singapore will highlight the integration of Small and Medium Enterprises (SMEs) into the global trading system. Singapore is participating in the G20 discussions as a guest country.
The outcomes of the meeting will provide guidance on accelerating global trade and investment, which is facing challenges from a challenging global macroeconomic outlook.
Prime Minister Modi expressed confidence in the Indian economy and emphasized India’s role as a land of opportunities, openness, and choices.
He also mentioned the government’s efforts to create a favorable business environment, including moving away from red tape to red carpet and liberalizing FDI flows.