PM Modi said in G20 meeting, the world is looking at the Indian economy with confidence

Prime Minister Narendra Modi Said on Thursday that the world is looking at the Indian economy with confidence and India is being considered as a combination of opportunities and openness. Addressing the G20 Trade and Investment Ministers’ meeting via video message, Prime Minister Narendra Modi said that in the last nine years, India has become the fifth largest global economy and has increased the environment of competition and transparency.

Moved from red tape to red carpet: PM Modi

PM Modi said, today we see global optimism and confidence in the Indian economy. India is seen as a combination of openness, opportunities and options. Prime Minister Modi said that India has expanded digitization and promoted innovation. We have moved from red tape to red carpet. The flow of FDI (Foreign Direct Investment) has been liberalized.

India will become the third largest global economy in the next few years

Prime Minister Narendra Modi said, above all, we have brought policy stability. We are determined to make India the third largest global economy in the next few years. Modi said global uncertainties have tested the world economy and as members of the G20, it is the responsibility of the countries to rebuild confidence in international trade and investment. The Prime Minister said, we must build strong and inclusive global value chains that can face the challenges that may arise in the future. In this context, India’s proposal to create a common framework for mapping global value chains is significant. On the growth of e-commerce, he said there is a need to work collectively to ensure level playing field between big and small sellers.

Consumers need to find solutions: PM Modi

Modi said, we also need to find a solution to the problem faced by consumers in fair price search and grievance redressal mechanism. He said that special attention needs to be given to Micro, Small and Medium Enterprises (MSMEs) as they generate 60 to 70 per cent employment and contribute 50 per cent to the global GDP.

Maximum support to micro, small and medium enterprises: PM Modi

The Prime Minister said, they (MSMEs) need our continuous support. For us, MSME means maximum support to Micro, Small and Medium Enterprises. He said that the proposed ‘Jaipur Initiative to Foster Seamless Flow of Information to MSME’ will find solutions to the problems faced by this sector. I am confident that you will work collectively to ensure that the global trading system is gradually transformed into a more representative and inclusive future, Modi said.