Throughout history, trade has led to exchange of ideas, cultures, and technology. It has brought people closer. Trade and globalization have also lifted hundreds of millions out of extreme poverty.
Today, we see global optimism and confidence in the Indian economy. India is seen as a combination of openness, opportunities and options. During the last nine years, India has become the fifth largest global economy. This is the result of our sustained efforts. We embarked on the journey of ‘Reform, Perform, and Transform’ in 2014. We have increased competitiveness, and enhanced transparency. We have expanded digitization, and promoted innovation. We have established dedicated freight corridors and built industrial zones. We have moved away from red tape to red carpet and liberalized FDI flows. Initiatives like Make in India and Aatma Nirbhar Bharat have given a boost to manufacturing. Above all, we have brought policy stability. We are committed to make India the third largest global economy in the next few years.
Current global challenges, from the pandemic to geo-political tensions, have tested the world economy. As G20, it is our responsibility to rebuild confidence in international trade and investments. We must build resilient and inclusive global value chains that can withstand future shocks. In this context, India’s proposal to create a Generic Framework for Mapping Global Value Chains is important. This framework aims to assess vulnerabilities, minimize risks, and enhance resilience.
