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Green shoots visible, Indian economy will revive with sustained growth and equitable development - Anurag Thakur

Oct 15, 2020

�Atmanirbhar Bharat to connect with global supply chain & make India a global hub of manufacturing, services�

 

Local opportunities must be created with global reach and global markets are essential for better income: Suresh Prabhu 

NEW DELHI, 15 October 2020: Mr Anurag Thakur, Minister of State for Finance and Corporate Affairs, GoI, today said that adopting the motto 'vocal for local', the states can now produce more and export more, thereby promoting competitive federalism. This will act as a catalyst in reviving the economy, which has already begun seeing green shoots.  

 

Addressing the session on Reimagining a Glocal Ecosystem at LEADS 2020 organized by FICCI, Mr Thakur said becoming Atmanirbhar or self- reliant does not mean closing our economy and import substitution. It, in fact, means that India can be connected to the global supply chain in the same way it was, but will focus on making the country a global hub of manufacturing and services. �Our focus primarily will be on advancing our economy and making it an export hub,� he said.  

 

We need to adopt the motto of both 'vocal for local' and 'vocal for global'. We need to produce locally and support the country's demands and exports globally, the Minister noted. 

 

India can be connected to the global supply chain, but the focus will be to make India a global hub of manufacturing and services. The pandemic has altered the global supply chain; we need to re-balance, re-imagine, re-start our activities by factoring in the new normal that will benefit each one globally, he said.  

 

No nation in the world has progressed without focusing on manufacturing and manufacturing-based exports, barring a few countries that focus on oil or similar commodities. Mr Thakur said that the Govt of India is trying to fix the supply chain. �We are pumping in to generate demand as well,� he said. In September, consumption of steel, toll collection, sale of tractors and passenger vehicles, surpassed pre-COVID level that was seen in the month of February. 

 

The minister also added, �We passed the Banking Regulation Act 2020 which permits RBI to expand its regulatory control over cooperative banks in terms of management, capital, audit, and liquidation�.

 

Mr Suresh Prabhu, Member of Parliament and India's Sherpa to G-20 and G-7 said, �As members of parliament of various countries, our priorities are the same, that is to make the life of our citizens, communities, and people better.� We must protect the interest of the farmers, entrepreneurs, service providers as well as consumers and make sure that economic activity of the country increases by creating more employment, he added. 

 

Elaborating further, Mr Prabhu said, that we must have the ability to produce more so that it can be sold more and to sell further we must have access to global markets. �Local opportunities must be created with global reach and global markets are essential for better income,� he said. 

 

Dr Jyotsna Suri, Past President, FICCI; Co-Chair, FICCI Forum of Parliamentarians and CMD, Bharat Hotels said that multilateralism should be inclusive with smart global governance. We should take advantage of what is best in localization while imbibing best practices and standards globally.  

Every nation has three fundamental requirements -- growth, employment, and well-being, but COVID has dislodged all three, therefore, we need to reimagine a new world, she added. 

 

Mr Uday Shankar, Sr Vice President, FICCI said, it might seem that countries are turning inwards through concepts of self-reliance but in a broader perspective, nations need to go glocal. This crisis has taught that interdependence and self-reliance can go hand in hand with the best of both worlds.  

 

The Rt Hon. the Baroness Prashar CBE, Member- House of Lords, UK Parliament  in her video message said that India has set an example in self-reliance in producing PPEs and this calls for companies to have production facilities with local sources of supply in major markets. The key to resort to three 'R'- React, Respond and Redesign will emerge as supply chain leaders. 

Ms C�line Calvez, Member of French Parliament; President, Indo-French Friendship Group- France said that India and France are an example of partnering on digitalisation and should prosper the vision of multilateralism on digital and sustainable development, while getting the best out of glocalisation. 

Mr Dave Sharma, Member of House of Representatives, Australian Parliament said that countries need to diversify the sources and avoid the move towards strict self- reliance and protectionism as expanding global trade is beneficial to the world.  

Mr Christian Hirte, Member, The German Bundestag; Chairman, CDU Thuringia said that the idea is to support multilateralism and have collaboration on free trade but also to organise value chains locally to help the regions develop. 

HE Mr Juan Carlos Lozada Vargas, Member of Parliament, Colombia said that the problems have to be resolved at a local level at the same time issues of shared concern have to be tacked across nations to create a global impact. 

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