On Thursday, Prime Minister Narendra Modi claimed that India had changed from having “red tape” to a “red carpet,” allowing unrestricted FDI inflows over the previous 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”.
“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.
The BJP-led National Democratic Alliance (NDA) government at the Center has been in power for nine years, during which time India has grown to be the fifth-largest economy in the world.
