– Declaration of new economic corridor will not only increase trade but will also lead to a major expansion of the digital economy
Nagpur :- Describing the G20 summit held yesterday in Delhi as a historic event, the Confederation of All India Traders (CAIT) termed the leadership of Prime Minister Narendra Modi as charismatic and said that the New Delhi Declaration is not only advantageous for India but also for the rest of the World. It will prove to be a milestone for inclusive and sustainable growth for small business and manufacturing units across the world and will provide a new impetus to the digital economy including trade. CAIT Secretary General Praveen Khandelwal has expressed hope that as per declaration, necessary policies will be made and needy steps will be taken to widen the reach and network for the benefit of the trade at large.
CAIT National President B C Bhartia and Secretary General Praveen Khandelwal also said that with the announcement of making India Middle East Europe Economic Corridor, now Indian traders will be able to send their goods directly to Middle East, Europe and other countries in lesser time. They expressed hope that the work on building this corridor will start soon and it will prove to be more effective than China’s Belt and Road Initiative Corridor because through this corridor, rail, road, port, communication and water cable network will be completely connected as one grid.
Bhartia and Khandelwal said that with his vision, Prime Minister Narendra Modi has united a large and influential part of the world under one common umbrella, due to which India’s share in international trade will increase and traders and SMEs across the world will get huge business opportunities. Both the leaders opined that India’s FMCG, toys, computer technology and equipment, fashion garments, sarees, textiles, handicrafts, consumer durables. Export trade of furnishing items, gem and jewellery, electronic items etc. is expected to increase tremendously.
Bhartia & Khandelwal said that the G20 declaration commits improvement in access to digital services and digital public infrastructure, and leverage digital transformation opportunities to boost sustainable and inclusive growth whereas it highly recognize the role of private enterprise in accelerating growth and driving sustainable economic transformations which is evident from the fact that it has duly mentioned that start-ups and MSMEs are natural engines of growth. They are key to socio-economic transformation by driving innovation and creating employment. The establishment of the Start-up 20 Engagement Group during India’s G20 Presidency and its continuation amply reflects the commitment of G20 nations.
Bhartia and Khandelwal further said major trade reforms have been placed in the Declaration by making a commitment to provide rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with WTO at its core and affirmation to support policies that enable trade and investment to serve as an engine of growth and prosperity for all. Bhartia and Khandelwal further said that the G20 has highly rejected the activities of few MNC when it resolve to ensure a level-playing field and fair competition by discouraging protectionism and market distorting practices, to foster a favourable trade and investment environment for all. It is praiseworthy to note that it recognizes the challenges of MSMEs, particularly in developing countries, face with respect to access to information and therefore call all for action for enhancing MSMEs’ access to information to promote the integration of MSMEs into international trade.