NEW DELHI: The coronavirus pandemic has demonstrated the risk posed by overreliance of the global supply chain on a single source, Prime Minister Narendra Modi said during a virtual bilateral summit on Monday with his Danish counterpart Mette Frederiksen.
The prime minister said that India is working with Australia and Japan to diversify the supply chain, noting that like-minded countries can join the initiative.
In his opening remarks at the summit, Modi also said that the events of recent months have highlighted the need for countries that believe in transparency, the democratic value system and the rule-based order to work together.
“The pandemic showed the risk posed by an over-reliance of the global supply chain on a single source,” Modi said without naming any country or source.
The prime minister also highlighted the government’s initiative ‘Aatmanirbhar Bharat’ (Self-sufficient India), as well as various reform measures in the areas of agriculture, taxation and labor market.
“We are focusing on comprehensive reforms under the (Aatmanirbhar Bharat) initiative,” he said, adding that companies working in India will benefit from regulatory and tax reforms.
Denmark is a key country in Northern Europe with which India’s bilateral trade relations have seen significant expansion in recent years.
According to official figures, bilateral trade in goods and services between India and Denmark grew by 30.49 percent between 2016 and 2019, as the volume of trade increased from $ 282 billion to $ 368 billion.
Around 200 Danish companies have invested in India in sectors such as shipping, renewable energy, the environment, agriculture and food processing.
Almost 5,000 Indian professionals are working in leading Danish companies, while 20 Indian IT companies have been operating in Denmark for decades, according to official data.
Large Danish companies such as Grundfos, Danfoss, Vestas, LM Wind, Novozymes, Rockwool, Haldor Topsoe, etc. They have established factories and manufacturing facilities in India under the ‘Make in India’ scheme.
The prime minister said that India is working with Australia and Japan to diversify the supply chain, noting that like-minded countries can join the initiative.
In his opening remarks at the summit, Modi also said that the events of recent months have highlighted the need for countries that believe in transparency, the democratic value system and the rule-based order to work together.
“The pandemic showed the risk posed by an over-reliance of the global supply chain on a single source,” Modi said without naming any country or source.
The prime minister also highlighted the government’s initiative ‘Aatmanirbhar Bharat’ (Self-sufficient India), as well as various reform measures in the areas of agriculture, taxation and labor market.
“We are focusing on comprehensive reforms under the (Aatmanirbhar Bharat) initiative,” he said, adding that companies working in India will benefit from regulatory and tax reforms.
Denmark is a key country in Northern Europe with which India’s bilateral trade relations have seen significant expansion in recent years.
According to official figures, bilateral trade in goods and services between India and Denmark grew by 30.49 percent between 2016 and 2019, as the volume of trade increased from $ 282 billion to $ 368 billion.
Around 200 Danish companies have invested in India in sectors such as shipping, renewable energy, the environment, agriculture and food processing.
Almost 5,000 Indian professionals are working in leading Danish companies, while 20 Indian IT companies have been operating in Denmark for decades, according to official data.
Large Danish companies such as Grundfos, Danfoss, Vestas, LM Wind, Novozymes, Rockwool, Haldor Topsoe, etc. They have established factories and manufacturing facilities in India under the ‘Make in India’ scheme.
.
