Srinagar: The Prime Minister welcomed everyone present and stated that the Pink City of Jaipur is recognised for its vibrant and ambitious residents.
He emphasised how commerce has always brought people together while also fostering the interchange of ideas, cultures, and technologies. Modi said, “Trade and globalisation have also helped hundreds of millions escape from abject poverty.
The Prime Minister emphasised the worldwide excitement and trust in the Indian economy by saying that India is now seen as a mix of openness, possibilities, and alternatives. The Prime Minister said that during the last nine years, India’s economy has grown steadily and is now the fifth-largest in the world.
The Prime Minister said, “We started the path of “Reform, Perform, and Transform” in 2014, citing instances and mentioning greater competitiveness, improved transparency, growing digitalization, and encouraging innovation.
He continued by saying that India has created industrial zones and designated goods lanes. “We have eliminated red tape and replaced it with a red carpet and liberalised FDI flows,” Modi said.
He also noted programmes like Make in India and Aatma Nirbhar Bharat that have boosted manufacturing, as well as the stability of the country’s policies.
The administration is dedicated to make India the third-largest economy in the world over the next few years, the prime minister said.
The G20 countries have a duty to restore trust in international commerce and investment, the Prime Minister said, shedding light on the present global difficulties, which range from the pandemic to geopolitical concerns. Building inclusive, robust, and global value chains that can endure shocks in the future was stressed by the prime minister. The Prime Minister emphasised the significance of India’s proposal to develop a Generic Framework for Mapping Global Value Chains in this context in order to evaluate vulnerabilities, reduce risks, and improve resilience.
The Prime Minister said that “technology’s transformative power in trade is undeniable” and cited India’s switch to an online single indirect tax, the GST, which aided in the development of a single internal market and increased interstate commerce, as an example. He also mentioned India’s Unified Logistics Inter-face Platform, which reduces costs and increases transparency in trade logistics. Additionally, he emphasised the “Open Network for Digital Commerce,” which he described as a game-changer that would democratise the ecosystem of the digital marketplace. With our Unified Payments Interface for payment systems, we have already accomplished that, he said.
The Prime Minister said that using e-commerce and digitising procedures might improve market access. He acknowledged his happiness at the group’s work on the “High-Level Principles for the Digitalization of Trade Documents.” The Prime Minister said that governments may adopt cross-border electronic commerce measures and lessen compliance requirements by following these principles. The prime minister highlighted the difficulties associated with the expansion of international e-commerce and advised working together to promote fair competition between big and small vendors. He also emphasised the need of addressing consumer issues through fair pricing discovery and grievance management procedures.
