G20 Trade, Investment meeting: ‘We moved away from red tape to red carpet, liberalized FDI flows’, says PM Modi
Narendra Modi highlighted the historical role of trade in connecting people, cultures, and technology. He emphasised how trade and globalisation have lifted millions out of extreme poverty throughout history. Prime Minister Modi expressed optimism about the Indian economy, stating that India is seen as a land of opportunities, openness, and choices.
He mentioned that India has become the fifth-largest global economy due to sustained government efforts, including initiatives like "Reform, Perform, and Transform" and policies promoting competitiveness, transparency, digitisation, and innovation. “We have moved away from red tape to red carpet and liberalized FDI flows", PM Modi said. Also read: Wagner chief Yevgeny Prigozhin death rumours: How World is reacting to Russian mercenary chief possible demise He discussed India's achievements, such as the establishment of dedicated freight corridors and industrial zones, liberalizing FDI flows, and initiatives like Make in India and Aatma Nirbhar Bharat.
Prime Minister Modi reaffirmed the government's commitment to making India the third-largest global economy in the coming years. Addressing current global challenges, including the pandemic and geopolitical tensions, Prime Minister Modi stressed the importance of rebuilding confidence in international trade and investments among G20 nations. He highlighted India's proposal to create a Generic Framework for Mapping Global Value Chains to assess vulnerabilities and enhance resilience.
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