Prime Minister Narendra Modi on Thursday said India has moved from “red tape” to “red carpet” and has enabled unfettered Foreign Direct Investment (FDI) inflows in the last nine years.

In a virtual address to the G20 Trade and Investment ministerial meeting on Thursday, PM Modi called on the G20 member countries to “build a resilient” and “inclusive global value chain that can withstand future shocks”.

Advertisement

“We have moved away from red tape to red carpet and liberalised Foreign Direct Investment flows. Initiatives like ‘Make in India’ and ‘Atma Nirbhar Bharat’ have given a boost to manufacturing. Above all, we have brought policy stability. We are committed to making India the third-largest global economy in the next few years,” PM Modi said.

He added that the current global challenges — from the pandemic to the “geopolitical tensions” — have “tested” the World economy at G20.
Extending a warm welcome to the attendees at Jaipur, PM Modi said the city is characterised by its dynamic and enterprising people.
“Throughout history, trade has led to an exchange of ideas, cultures and technology. It has brought people closer,” PM Modi added.
He said trade and globalisation 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,” PM Modi said in his virtual address.

He added that India has become the fifth-largest global economy over the last nine years of the BJP-led National Democratic Alliance (NDA) government at the Centre.

“This is the result of our sustained efforts. We embarked on the journey of reform, performance and transformation in 2014. We have increased competitiveness and enhanced transparency,” he added.
“We have expanded digitisation and promoted innovation. We have established dedicated fit corridors and built industrial zones,” PM Modi added.

He also called on G20 delegates to rebuild confidence in international trade and investment. “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,” PM Modi said.

This framework aims to assess vulnerabilities, minimise risks and enhance resilience, he added.
Concluding his address, PM Modi said, “Technologies’ transformative power in trade is undeniable. India’s shift to an online single direct tax, the Goods and Services Tax (GST) helps create a single internal market boosting inter-state trade.”