New Delhi: Prime Minister Narendra Modi on Thursday presented India as a key player in the global supply chain that companies looking to rewire their operations cannot ignore, saying that trust and reliability must play an important role in decision-making, not just in cost considerations. .
Modi said at the virtual meeting of the US-India Strategic Partnership Forum on Thursday that the coronavirus pandemic has shown the world that the decision on the development of global supply chains must be based not only on costs. “They must also be built on trust along with affordability. Companies are also now looking for reliability and political stability. India has all these qualities, “Modi said.
Modi’s message to investors who present India as a destination they cannot ignore comes at a time when many multinational corporations are exploring a China plus one strategy to develop their value chain, to eliminate the risk of any disruption in the value chain. future. Modi also said that due to the advantages that India enjoys, the country is becoming one of the main destinations for foreign investment.
“Whether in the United States or in the Gulf, in Europe or Australia, the world believed in us. We have received more than $ 20 billion in foreign investment flows this year, “the prime minister said, adding that companies like Google and Amazon have announced long-term plans for India.
Among the advantages that India offered to investors were a transparent and predictable tax regime, a tax system that encourages and supports honest taxpayers, and a bankruptcy code that reduced risks in the financial system. “Our labor reforms will reduce the burden of compliance for employers and provide social security protection for workers,” Modi said.
Modi also said that a self-sufficient and peaceful India ensures a better world. India has political stability, political continuity and a commitment to democracy, he said.
The Prime Minister did not name China, but said the pandemic has demanded a new mindset in which the approach to development should be human-centered, where there is a spirit of cooperation among all.
“As we look at the way forward, we must focus on increasing our capacity, protecting the poor and preparing our citizens for the future. This is the path we are taking, ”said the Prime Minister.
Modi’s call to the US body comes just days after the trade ministers of India, Australia and Japan in a meeting on Tuesday decided to launch an initiative on supply chain resilience and invited like-minded countries in the region. Indo-Pacific to join the initiative. . The move is aimed at countering China’s dominance in global trade and supply chains.
India has been looking to establish itself as a manufacturing base for some years. In 2014, Modi launched the Make in India program aimed at turning India into a manufacturing hub, but investors have been seen as reluctant to come to the country. But with the pandemic raising questions about China’s reliability as a supplier, India has been making efforts to woo investors and companies looking to get out of China. (ends)
Pretika Khanna contributed to this story
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