India is showing sharp economic recovery and its growth indicators are showing a bounce back in areas of manufacturing, agriculture and technology, stated Shri Piyush Goyal, Minister of Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Government of India & Chairman, The Partnership Summit 2021 at the Special Ministerial Plenary at the CII Partnership Summit 2021, organised in association with Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. Today, India prepares for a decade of growth which is validated by 8.4% GDP growth in second quarter, increased exports and imports, record collection of direct and indirect tax, and increased FDI among others.
Shri Goyal stated that the policymakers are focussing on six key areas to help India achieve its record export target of USD 400 billion and facilitate economic recovery.
First, more trade agreements are being considered and FTAs are being reviewed for mutual benefits of growth in merchandise and services. Enhanced trade alliances are being looked at with countries like UAE, UK, Australia, Canada, Russia, Oman, and Botswana.
Two, investments are being promoted from other countries in sectors such as healthcare, infrastructure, defence, energy, and insurance by way of liberalised FDI policies and Production Linked Incentive Scheme. Three, India is being looked at as a supply chain alternative by measures like the National Infrastructure Pipeline, Gati Shakti Programme and National Monetisation Plan.
Four, ease of doing business is being enhanced by measures like the National Single Window System and India Industrial Land Bank. Five, innovation is being promoted as India is home to startups which are catalysts of growth and development. Six, policymakers are working towards meeting sustainability targets of being a net zero economy.
He stated that in this spirit of cooperation, India met all its international business commitments even during the peak of the pandemic and additionally ensured that the neighbouring countries were provided with the necessary medical assistance of vaccines, testing kits, masks, and PPEs, which will be a continuing endeavour. Further, India has proved to be the voice of developing countries on international forums like G-20 which have been focussing on the issues of the subcontinent.
H.E. Mr Lyonpo Loknath Sharma, Minister of Economic Affairs, Royal Government of Bhutan commended the pivotal role played by India as a trading and development partner of Bhutan while highlighting the key focus areas for building back stronger after the pandemic. H.E Sharma stated that trade facilitation must be explored to address supply chain disruption and promote inter-region trade. He mentioned that while Bhutan has undertaken ease of doing business measures like loan waiver, deferral of EMIs, improving investment climate for MSMEs and single business licensing services, stronger regional cooperation is crucial for quick economic recovery.
H.E. Mr Chhuon Dara, Secretary of State, Ministry of Commerce, Kingdom of Cambodia highlighted that partnering for trade promotion is the need of the hour as the global economy is picking up. Policymakers must stress on advancing trade relations by high level dialogue, especially in the sectors of IT, agriculture, food processing and pharmaceuticals. He also elaborated on the need to undertake more FDI related measures, promoting connectivity and infrastructure development while working on regulatory aspects of e-commerce.
H.E. Mr Giancarlo Giorgetti, Minister of Economic Development, Italy elucidated that the bilateral trade relations between India and Italy can be boosted further as the global supply chains are being reinvented. He mentioned that both the nations have played a pivotal role in creating employment opportunities for each other’s citizens. H.E. Giorgetti highlighted the sectors where engagement can be enhanced such as energy transmission, enhancing role of MSMEs, waste management and innovation.
H.E. Mr. Soodesh Satkam Callichurn, Minister of Commerce and Consumer Protection, Labour, Human Resource Development and Training, Republic of Mauritius highlighted that India provided great pharmaceutical support during the peak of the COVID-19 pandemic by way of vaccine diplomacy, sharing of oxygen concentrators, and sending other critical medical supplies. He stated that going forward the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) will help in further boosting investments for good and services and leveraging on the comparative advantages.
H.E. Dr Pwint San, Minister for Commerce, Myanmar elaborated on the massive potential for trade engagement in the domains of agriculture, food processing, tourism, and manufacturing. He encouraged the business community of both Myanmar and India to come together for promoting sustainable growth, furthering development, and capitalising on technology development.
H.E. Mr. Bandula Gunawardana, Minister of Trade, Government of Sri Lanka mentioned that Sri Lanka is working towards sustainable development and enhancing growth prospects. He advocated for a collective approach to be more competitive and sustainable as nations reflect on their growth strategy in the post pandemic world. H.E. Gunawardana mentioned that measures will continue for providing relief to industry as efforts are made for relaxing restrictions.
H.E Mr Mohamed laad Hameed, Minister of State for Economic Development, Maldives stated that Maldives moving towards nature-based solutions aims to achieve net zero emissions by 2030 to address climate change. Recognising India as one of the leading development partners, H.E Hameed expressed interest in strengthening the partnership further in several areas including healthcare, infrastructure, and housing.
Mr T V Narendran, President, Confederation of Indian Industry, India stated that for boosting economic growth, there should be focussed attention on trade facilitation for ensuring speedy turnaround times, signing of Mutual Recognition Agreements (MRAs), developing a robust global financial system, more structured dialogue at global business groupings like B-20 and constant monitoring of hurdles for job creation.
Mr Sanjiv Bajaj, President Designate, CII and Chairman and Managing Director, Bajaj Finserv Limited, mentioned the need to adopt a more cohesive action plan for achieving the objective of sustainable development.
Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry, India, He mentioned that a solution-oriented approach along with a strong industry-government industry partnership will further enthuse the business sentiment in the post pandemic era.
14 December 2021