India’s success story focuses on India harnessing the transformative power of technology

in a virtual address to G-20 Trade and Investment Ministerial Meeting Prime Minister of India Narendra Modi highlighted in Jaipur on Thursday, 24 August 2023 historical role of trade The emphasis is on connecting people, cultures and technology How trade and globalization have lifted millions of people out of extreme poverty throughout history, Throughout history, he said, trade has fostered the exchange of ideas, cultures and technology, bringing people closer.

Addressing current global challenges, including the pandemic and geopolitical tensions, PM Modi emphasized the importance of Rebuilding confidence in international trade and investment among G20 countries, He highlighted India’s proposal to make Common Framework for Mapping Global Value Chains to Assess Vulnerabilities and Increase Resilience.

Prime Minister Modi advocated A rules-based, open, inclusive and multilateral trading system at the core of the WTO, He noted India’s advocacy for the concerns of the Global South in 12^th The WTO Ministerial Conference emphasized on supporting MSMEs which play an important role in the global economy. He also informed that India has integrated MSMEs in public procurement through online platforms and is working with them to adopt the ethos. zero defect And zero effect on the environment.

Focus on the role of the transformative power of technology in India’s transformation

The PM said that today the world is seeing India as a land of opportunities, openness and options. He said, India has come at number 5^th largest global economy Sustained government efforts, including initiatives such as Reform, Perform and Transform and policies that promote competitiveness, transparency, digitization and innovation, and moving away from From red tape to red carpet And Liberalizing FDI Flows,

highlighted India’s achievements in Initiatives like setting up of dedicated freight corridors and industrial zones, liberalizing FDI flows and Make in India and self-reliant IndiaPrime Minister Modi reaffirmed the government’s commitment to make India the third largest global economy in the coming years.

underlined the importance of transformative power of technology in business The Prime Minister acknowledged the transformative power of technology in business. In this regard he cited the transformation of India Online Single Indirect Tax System (GST) and Unified Logistics Interface Platform (ULIP). He also mentioned initiatives like Open Network for Digital Commerce (ONDC) and for high level principles Digitization of business documents emphasizes the potential of digitization to increase market access.

Here it will not be irrelevant to focus on the following initiatives taken by the Government of India, which have been highlighted by PM Modi.

ULIP:

As a part of National Logistics Policy (NLP), ULIP, Unified Logistics Interface Platform was launched by Prime Minister Shri Narendra Modi on September 17, 2022. ease of doing business In the logistics sector:

1. Simplifying logistic processes;
2. improving its efficiency;
3. Bringing transparency and visibility, and;
4. Reducing logistics cost and time.

ONDC:

A private non-profit Section 8 company established by the Department for Promotion of Industry and Internal Trade, Government of India to develop open e-commerce. It is an initiative aimed at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks. In the Companies Act 2013, the provisions relating to non-profit company are given in section 8 read with rules 19 and 20 of the Companies (Incorporation) Rules, 2014.

Digitization of Business Documents:

By digitizing trade documents, businesses can transmit them immediately thereby reducing the time it takes for banks to verify the authenticity of documents with enhanced security, as digital trade finance tools allow businesses to reduce the risk of fraud and errors. Enables secure transmission of business documents to

PM’s focus on the role of MSME in future

Emphasizing the need for greater focus on MSMEs, Prime Minister Narendra Modi called for greater participation of MSMEs in global value chains. He stressed the need to build resilient and inclusive global value chains to be able to withstand future shocks. In this regard, he underlined the importance of the creation proposal of India. A Common Framework for Mapping Global Value Chains,

Emphasizing India’s commitment to integrate MSMEs into global trade and value chains, PM highlights Proposed Jaipur Initiative Expresses confidence of upgradation, to provide MSMEs better access to market and business related information Global Trade Help Desk The participation of MSMEs in global trade will increase.

MSMEs are said to contribute more than 90% of all businesses in the world, 60-70% of total employment and 50% of GDP (Gross Domestic Product). World MSME Day recognizes the importance of MSMEs in achieving the Sustainable Development Goals and promoting innovation, creativity and sustainable work for all.

Epilogue

The MSME sector is one of the major exporters from India. Specified MSME-related product exports accounted for 49.5% of India’s total exports in FY2021, compared to 49.8% in FY2020. Textiles, garments, various types of footwear, rice and castor oil were among the major products exported by the Indian MSME sector. In the light of the current positive political and economic scenario, India is expected to emerge as one of the leading economies of the world in the next decade. The development of this segment is extremely important To meet the national imperative of financial inclusion and generation of significant level of employment in urban, urban and rural areas across the country, It can also be helpful in developing and nurturing new age entrepreneurs who have the potential to create globally competitive businesses from India.

Recognizing the important role of MSMEs in the economic development of countries, especially developing countries United Nations General Assembly 27 was named^th As of June, 2023 msme day To raise awareness about the tremendous contribution of MSMEs in the achievement of the United Nations Sustainable Development Goals (SDGs). PM Modi’s address G-20 Trade and Investment Ministerial Meeting Jaipur is therefore important to the future and direction of world trade.

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