Modi highlighted India’s economic progress, ranking as the world’s fifth-largest economy due to consistent efforts and policy stability. With a commitment to further growth, the Prime Minister aims to elevate India to the third-largest global economy in the coming years.
Ahead of the G20 Leaders Summit next month, Prime Minister Narendra Modi has urged the member states to collaborate in ensuring fair competition between large and small e-commerce sellers. Addressing the G20 Trade and Investment Ministers’ meeting virtually, Modi emphasized the importance of supporting Micro, Small, and Medium Enterprises (MSMEs), which account for a significant portion of global employment and GDP.
Modi highlighted India’s economic progress, ranking as the world’s fifth-largest economy due to consistent efforts and policy stability. With a commitment to further growth, the Prime Minister aims to elevate India to the third-largest global economy in the coming years.
The G20 meeting in Jaipur gathers trade ministers and officials to discuss strategies for enhancing international trade and investment. A focus lies on bolstering the global value chain’s resilience against shocks, integrating MSMEs into global trade, and digitizing trade documents.
Modi lauded the development of “high-level principles for the digitalization of trade documents,” which can aid cross-border electronic trade and reduce compliance burdens. While cross-border e-commerce presents opportunities, Modi acknowledged challenges, calling for fair competition, consumer protection, and efficient grievance handling mechanisms.
India’s “Open Network for Digital Commerce” aims to democratize the digital marketplace ecosystem, similar to the success of the Unified Payments Interface. Digitization and e-commerce have the potential to improve market access and efficiency.
Modi emphasized building resilient and inclusive global value chains (GVCs) to withstand future shocks. India’s proposal for a generic framework to map GVCs intends to assess vulnerabilities, mitigate risks, and enhance overall resilience.
India remains a proponent of a rules-based, open, inclusive, and multilateral trading system, advocating for the Global South’s interests at international platforms. The PM cited India’s role in reaching consensus on safeguarding farmers and small businesses during the 12th WTO Ministerial Conference.
The G20, comprising 19 countries and the European Union, plays a crucial role in shaping global economic policies. With India assuming the rotating G20 Presidency this year, Modi’s call for equitable e-commerce competition and digitization resonates strongly, setting a course for collaborative action among nations.
https://www.financialexpress.com/business/defence-empowering-e-commerce-modi-calls-for-equitable-competition-and-digitisation-in-g20-meet-3221524/
