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As a global engine of growth, India will make a significant contribution

India is emerging from the devastating impact of a second wave of covid-19 infections on its people and global economy, and is prepared to experience substantial economic growth, Indian foreign minister S Jaishankar said on Tuesday.

The Indian government sounded upbeat during the Indo-Pacific Business Summit, which was coordinated by the Indian foreign ministry and the Confederation of Indian Industry.

During his speech, the minister stated that Asia’s third largest economy “would contribute to global economic growth” and dismissed concerns about the country’s global economic recovery.

The post-covid world requires a more stable and robust supply chain, the minister said in a strong message to the Indo-Pacific business community, which runs from the eastern beaches of Africa to the west coast of the United States.

The objective of the business meeting is to strengthen global economic relations among countries in the region in the face of China’s aggressive rise.

“The Indo-Pacific – a region in which we have such a deep historical investment – will be an arena of particular activity and energy,” he said at the event, which included ministers from the United States, Australia, France, Vietnam, Mauritius, and the Maldives, all of whom identified India as a key country and economy in the Indo-Pacific.

Jaishankar said the rebuilding effort includes fundamental economic reforms, in addition to some of the actions done by the government to speed up the post-pandemic recovery.

global engine

“The quick construction of our health infrastructure last year has hastened our programme of expanding health coverage.” The focus right now is on mass immunizations and dealing with the ongoing outbreak. According to the minister, the goal is to fundamentally reform the sector by improving human resources, equipment, and capacity. There could have been a reference to Finance Minister Nirmala Sitharaman’s speech last week, in which she announced a new allocation of Rs. 23,220 crore. This follows the finance minister’s declaration in the annual budget that the government will invest Rs. 64,180 crore over the next six years to strengthen healthcare services in primary and tertiary care institutions.

Digitalization, a skills programme, and a start-up culture are all assisting in the game’s transformation, according to Jaishankar. “In the area of infrastructure, a number of proposals and changes are already in the works to encourage further investment.”

In the agriculture sector, the government had taken initiatives to empower farmers, permit freer commerce, and build post-harvest infrastructure.

“Performance-linked programmes are projected to boost the manufacturing industry across 13 important sectors,” the minister added, alluding to output incentives launched last year.

He was alluding to Sitharaman’s declaration last week that visa fees will be waived for the first 500,000 tourists who apply for tourist visas when inbound travel opens.

The framework depicts India as having increasing strengths, capabilities, and responsibilities. “Last but not least,” he added, “by making it easy for firms to do business.”

A more reliable and resilient supply chain is what the post-covid world requires, the minister said as part of a strong message to the business community in the Indo-Pacific region that stretches from the eastern shores of Africa to the west coast of the US.

In the fa of aggressively rising China, the purpose of the business meet is to strengthen economic ties among countries in the region.

“The Indo-Pacific – a region in which we are so deeply invested historically – will be an arena of particular activity and energy,” he added at the event that saw ministerial participation from the US, Australia, France, Vietnam, Mauritius and the Maldives and who all identified India as a key country and economy in the Indo-Pacific region.

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