PM Modi Praises India’s Economy, Highlights Growth Achievements
In a significant address during the meeting of G20 trade and investment ministers, Prime Minister Modi expressed his appreciation for India’s thriving economy. He emphasized that the global community is now viewing India’s economy with confidence, acknowledging its alignment with opportunities and openness.
Remarkable Progress Over Nine Years
Participating via video conferencing in the G20 trade and investment ministers’ gathering, PM Modi underlined that over the last nine years, India has emerged as the fifth-largest global economy, effectively enhancing competitiveness and transparency.
A Global Faith in the Economy
PM Modi observed a global optimism and trust in India’s economy at the international level. The nation is perceived as a hub of possibilities, opportunities, and alternatives.
Boosting Digital Advancements
Addressing the expansion of digitalization, Prime Minister Modi cited India’s remarkable progress in this realm. He highlighted efforts to simplify processes and promote foreign direct investment (FDI), fostering a conducive environment for business growth. He affirmed India’s commitment to achieving the world’s third-largest economy in the coming years.
Uplifting Global Trade and Investment
Prime Minister Modi discussed how the uncertainties of the global landscape have put the world economy to the test. As a G20 member, he stressed the responsibility of nations to rebuild trust in international trade and investment.
Facing Future Challenges
PM Modi urged the establishment of robust and inclusive global value chains to tackle forthcoming challenges effectively. He emphasized the significance of outlining a common framework for global values. He noted the necessity of fair competition in e-commerce and called for collective action to ensure the well-being of both large and small-scale businesses.
Resolving Consumer Concerns
PM Modi highlighted the importance of addressing issues in consumer grievances and seeking solutions within the dispute resolution mechanism. He underscored the vital role of micro, small, and medium enterprises (MSMEs) in generating employment and contributing to the global economy.
The Prime Minister reaffirmed his continuous support for MSMEs. He stressed that MSMEs deserve the utmost backing, given their critical role in driving economic growth. He introduced the proposed “Jaipur Initiative to Foster Seamless Flow of Information to MSMEs,” aimed at addressing challenges faced by this sector.
A Vision for the Future
Prime Minister Modi expressed his confidence in collaborative efforts to gradually transform the global trading system into a more representative and inclusive structure, paving the way for a promising future.