New India believes in market forces, will be the most preferred investment destination: PM Modi

In his first interview after the outbreak of the pandemic, Prime Minister Modi reflects on the COVID-19 situation in India, and he believes that the country has great opportunities in the future market nationally as well as globally:

 

One of the questions PM Modi was asked was about the extent to which Indian could still emerge as a major hub for manufacturing and become an alternative to China as a global supply chain?

“We saw how a new world order was formed after World War II. Something similar will happen post Covid-19. This time, India will ride the bus of manufacturing and integrating in global supply chains. We have specific advantages in the form of democracy, demography and demand.”

“India has not started speaking about manufacturing only after the pandemic. We have been working on increasing manufacturing for sometime now. India is, after all, a young country with a skilled workforce. But India doesn’t believe in gaining from the loss of others. India will become a global manufacturing hub on its own strengths. Our effort is not to become some country’s alternative, but to become a country which offers unique opportunities. We want to see the progress of all. If India progresses, 1/6th of humanity will progress.”

 

Pharma has emerged as a stratigic sector in India. What considerations does PM Modi have on the relationship between India on the one hand trying to become part of the global supply chain while India is restricting its own imports?

“India is now in a position where we are not only meeting our domestic demand but are also capable of meeting the demand of other countries.”

“It’s not in the nature of India or Indians to be inward looking or self-centered. We are a forward-looking civilization and a vibrant democracy that looks to interact with other countries to build a better world. Aatmanirbhar Bharat is not just about competition but also about competence, it’s not about dominance but about dependability, it’s not about looking within but about looking out for the world.”

 

PM Modi reflects on the question about the subject of FTA and RCEP. Should India pursue FTAs at all? And how are the policy measures he proposes to enable India to take this giant leap? 

“The guiding principle behind International trade is to create win-win solutions for all countries involved. And I am told by experts, that ideally trade deals should be global and multilateral through the WTO. India has always adhered to global trade rules and stood for a free, fair, equitable, transparent and rules-based international trading system, which should fulfil the intended developmental objectives and aspirations of developing countries, as envisaged under the WTO.”

According to Moody’s: 154 greenfield projects from the US have come to India in 2020, compared to 86 in China, 12 in Vietnam and 15 in Malaysia. This is a clear indication of global confidence in India’s growth story going forward. We have laid strong foundations to make India the foremost manufacturing destination.

 

Link: https://m-economictimes-com.cdn.ampproject.org/c/s/m.economictimes.com/news/politics-and-nation/we-should-assess-our-coronavirus-fight-against-the-metric-of-how-many-lives-we-are-able-to-save-pm-narendra-modi/amp_articleshow/78922895.cms

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