SME Times News Bureau | 24 Jul, 2020
The
government on Friday said that it is rebooting and revamping the Indian economy
to make it the global centre of the supply chain in accordance to the shift in
the international geo-politics.
In an interactive session with the PHD Chamber of Commerce and Industry,
Ministry of External Affairs Secretary, Economic Relations (ER), Rahul Chhabra,
while speaking on the 'Role of Indian Economic Diplomacy in Making India Self
Reliant', said, "Globally there has been a shift in terms of
geo-economics, politics and strategy. The Government of India is looking at
these changes in an optimistic way by re-booting and revamping the
economy."
The government, Chhabra said, is trying to increase the demand and the income
of small farmers. "There is a focus on Micro Small Medium Enterprises
(MSMEs) and enhancing public partnership and being self-reliant. We are trying
to turn inwards but trying to make ourselves the global centre of the supply
chain," he said.
Chhabra said that India's commercial diplomacy is based on transparency,
fairness, equity, dispute and justice. India is trying to develop self-reliance
and a strong economy at the same time to regionalise the supply chains and
indigenise them in a structured manner.
Textiles, gems, jewelry, chemicals and pharma are some of the sectors where the
country can fill in on an immediate basis. India can develop capabilities in
electronics, engineering, design, and others.
"We are trying to be the pharmacy of the world by sending medicines and
devices to numerous countries around the world. We need to expand ourselves in
human capabilities in the long run," he said.
The secretary said FDI needs to be promoted, adding that India has to be an
alternative and reliable country for low-cost manufacturing.
Talking about energy security, he said that India's engagement with the
International Solar Alliance is currently being restricted to the countries
near the tropical. "But we have to universalise it," he said.
On the International Energy Agency, India, he said, has a current association
status which needs to be upgraded through partnerships in the future.
Over the last five years, India has given over 300 Line of Credit projects
worth millions of dollars to a lot of countries.
The government, he said, is trying to allow Indian companies to open up in new
countries and showcase clear expertise in project planning, design and
execution. The regional and cross border connectivity under these projects is a
force multiplier, ensuring the seamless flow of goods that are opening upmarket
to neighbourhoods, Chhabra said.