While appreciating the initiative of PHD Chamber of Commerce and Industry for celebrating the International Week, the Ministry of External Affairs is working on 3Ts i.e. trade, tourism, and technology which are the areas of focus to facilitate foreign investment flows into India mentioned Mr. Rahul Chhabra, Secretary (Economic Relations), Ministry of External Affairs, Government of India in the inaugural session of PHD Chamber of Commerce and Industry’s International Week. He discussed about the initiatives undertaken by the Ministry of External Affairs during the times of pandemic and the Indian experience is shared with the neighboring countries.
While giving an outlook about the other sectors, Mr. Chhabra mentioned that country-specific export strategy, the regional grouping is happening at various sectors. The pandemic shows that how the Indian industry has been able to step up in terms of manufacturing ability. The manufacturing industry in India can step up with the help of various reforms and developments. India is also stepping up as a country for Global Supply Chains.
He shared that the lines of credit mechanism cover a major portion of countries and diverse sectors. The ministry is also working in enhancing connectivity and is looking at connecting through the construction of integrated check post with eastern neighbors; felicitating cross border trade, oil and gas projects, and other projects connecting India with its neighborhood. He mentioned that these projects will allow Indian businesses crucial market access to untapped markets and regions. The lines of credit are helping to promote Make-in-India initiatives and promoting new sectors of Indian industry.
In terms of connectivity, he shared that the ministry is looking at digital connectivity and e-governance.
Mr. Anup Wadhawan, Commerce Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, said that the disruption happened on the account of covid, offer certain opportunities and as a result of this disruption, the practices which we have adopted many of the paradigms which we have lived, will be questioned and will change. There will be a move towards realigning supply chains, re-risking and realigning investment flows and economic ties. There will a tendency for compression of global value chains based on cost minimization and diverse global value chains, which will be a key to globalization. The degree of economic relations will become a factor in determining the nature of global value chains.
Mr. Anup Wadhawan while sharing his perspective about the world after the pandemic mentioned that we have more connected and interlinked with the world. India has taken this setback optimistically and we have recovered admirably. He shared that India is in positive territory and there is a picking up in the GDP growth indicators. India is on the recovery to the pre-covid level.
Mr. Wadhawan discussed that on health sector front, India has admirably dealt with the challenges and has become major suppliers of pharmaceutical products and vaccines to the world. In the area of Agriculture and Food items, our economy has grown optimistically. Our supply chains of food and Agri products have done remarkably well. India has filled the gap in food supplies around the world.
Dr. Manoj Pant, Director, Indian Institute of Foreign Trade, India mentioned that the world has gone beyond WTO imperative and the trade needs to become more regionally connected via the international supply chain. He emphasized that the nature of trade has changed and we need to move forward to the regional global supply chain.
Mr. Gagan Gupta, Co-Founder, ARISE, UAE discussed the new trends that emerged due to this pandemic which included the increasing need for global supply to rave; need to focus on reduction of carbon footprint; intensifying polarization and formation of regional trading blocking; export of fined products instead of raw material; job creation and income equality and need to support MSME
Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated the challenges faced by the global industry post the onset of the Covid-19 pandemic. Though globally we have been able to somehow contain the virus, the discovery of vaccines will pave a major way for the recovery from the pandemic. But the economic recovery will remain a very gradual process. Disruptions in global supply chains, lockdowns, have severely restricted the movement of goods and services.
Mr. Aggarwal while lauding the Government of India has diligently acted through various interventions both at the Micro and Macro level for the cause and support for the Indian Industry. It’s an opportune time for the global Industry to work hand in hand in identifying areas of bilateral economic cooperation.
It is our firm belief that in the wake of the COVID-19 pandemic, democracy, and democratic institutions have proved effective in fighting the known and unknown challenges of our times. I am confident that through our common endeavors, democratic ideals would be strengthened further and there would be more prosperity and peace across the world in the years to come, said Mr. Aggarwal.
Mr. Pradeep Multani, Sr. Vice President, PHD Chamber of Commerce and Industry while proposing a formal vote of thanks to all the delegates and participants, mentioned that objective of the International week is fostering international economic cooperation specifically by strengthening the bond between the diplomatic and business community which is essential for promoting trade and cooperation between India and other economies to build strong international linkages.
Mr. Saket Dalmia, Vice President, PHD Chamber of Commerce and Industry in his theme address mentioned that while we have been witnessing the challenges faced amidst the pandemic, the Chamber foreseeing a few of the challenges faced by the business community anticipated a need to promote virtual interactions with Indian Missions abroad and Foreign Missions in India with Indian Business Heads and organized over 70 such interactions since the beginning of the pandemic.
The session had the physical/virtual presence of Diplomats, Central/State Government Officials, members of PHDCCI and over 685 industry stalwarts around the world. Mr. Saurabh Sanyal, Secretary General, PHDCCI was also present during the session. The PHDCCI International Week is being supported by the Economic Diplomacy Division of Ministry of External Affairs, Government of India.