India Has Moved Away From Red Tape To Red Carpet, And Liberalised FDI Flows, Says PM Modi

G20: Highlighting the global optimism and confidence in the Indian economy, Narendra Modi said that today, India is seen as a combination of openness, opportunities and options

Prime Minister Narendra Modi asserted that during the past nine years India has become the fifth-largest global economy as a result of the sustained efforts by the government.

Source : PTI

Prime Minister Narendra Modi, who was addressing a gathering at G20 Trade and Investment Ministers’ Meeting held in Jaipur via video link on Thursday, said that India has now moved away from red tape to red carpet. Highlighting the global optimism and confidence in the Indian economy, Modi said, "We have moved away from red tape to red carpet and liberalised FDI flows." India is seen as a combination of openness, opportunities and options; India has established dedicated freight corridors and built industrial zones, he said. 

During his address, Modi has touched upon initiatives such as Make in India and Aatmanirbhar Bharat that have given a boost to manufacturing and also mentioned policy stability in the country and underlined that the government is committed to making India the third-largest global economy in the next few years.

He asserted that during the past nine years India has become the fifth-largest global economy as a result of the sustained efforts by the government. "We embarked on the journey of "Reform, Perform, and Transform" in 2014," Modi said as he gave examples and mentioned increased competitiveness and enhanced transparency, expanding digitisation and the promotion of innovation.

Sharing my remarks at the G20 Trade and Investment Ministers Meeting. @g20org https://t.co/Y6Mub2ms4G

— Narendra Modi (@narendramodi) August 24, 2023

The prime minister also extended a warm welcome to Jaipur and said that the region is known for its dynamic and enterprising people. He underlined that trade has led to the exchange of ideas, cultures, and technology while also bringing people closer throughout history. “Trade and globalisation have also lifted hundreds of millions out of extreme poverty,” he noted.

Throwing light on the current global challenges, from the pandemic to geo-political tensions, Modi said that it has tested the world economy and stated that it is our responsibility as G20 nations to rebuild confidence in international trade and investments. “High Level Principles for the Digitalisation of Trade Documents’ can help countries in implementing cross-border electronic trade measures and reduce compliance burdens.”

Modi also cited the example of India's shift to an online single indirect tax, the GST which helped create a single internal market boosting inter-state trade. “Technology's transformative power in trade is undeniable,” he said, while adding India’s Unified Logistics Inter-face Platform that makes trade logistics cheaper and more transparent. Modi has mentioned ‘Open Network for Digital Commerce’ and termed it as a game-changer that will democratise the digital marketplace eco-system. “We have already done that with our Unified Payments Interface for payment systems”, the prime minister added.