India emerging as trusted global value chain partner: President
1 min read . Updated: 31 Jan 2023, 05:44 PM IST
PremiumPresident Murmu’s comments come at a time when geopolitical changes are propelling countries and large corporations to look for alternative supply chains to China. India’s position as a provider of global supply and value chains also gets enhanced with India assuming the G20 presidency this year
New Delhi: India is emerging as a stable global supply chain partner, said President Draupadi Murmu in her first address to the joint sitting of Rajya Sabha and Lok Sabha as the Budget session began.
Finance Minister Nirmala Sitharaman will table the Union Budget 2023-24 on 1 February. The Budget session will have 27 sittings. The first part of the session will conclude on 14 February. Parliament will reconvene on 12 March for the second part of the session and continue till 6 April.
“Today’s world is witnessing many challenges. The relevance and efficacy of international institutions created decades ago is also being questioned. Under these circumstances, India has emerged as a country that is connecting today’s divided world in some form or the other. India is today among those countries that are reinforcing the trust in the global supply chain. Therefore, today, the world is looking towards India with high hopes," she said.
President Murmu’s comments come at a time when geopolitical changes are propelling countries and large corporations to look for alternative supply chains to China. India’s position as a provider of global supply and value chains also gets enhanced with the country assuming the G20 presidency this year.
“This year, India has assumed the presidency of an influential global group like G20. With the mantra of One Earth, One Family, One Future, India is attempting to find collective solutions to the current global challenges in collaboration with the G20 member countries. My government does not want to limit it to just one diplomatic programme. Rather, it is an opportunity to showcase India’s potential and culture, through the efforts of the entire country. Therefore, G20 meetings are being held in dozens of cities across the country throughout the year," the President added.
Her comments also highlight the importance of India as a trusted nation amid an ‘extremely challenging’ global economic outlook and geopolitical instability.
US treasury secretary Janet Yellen said recently that the US will pursue ‘friendshoring’ approach of deepening economic integration with trusted trading partners like India to diversify away from countries that present geopolitical and security risks to supply chains. Yellen had said that the Russia-Ukraine war-led elevated food and energy prices were making debt unsustainable for some economies and measures to ease these debt burdens need to be discussed.
