India to regain its share in global trade on back of sustained growth rates: DPIIT Secretary

In 2012, India was at 11th place in the world GDP rankings and today, the country is at the fifth position -- jumping six places in the last decade or so and it is only inevitable that we will go to the third spot in the next 2-3 years, Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said on Saturday.

Speaking at a session on the second day of the 'CII Annual Business Summit 2024' in the national capital, Singh said that the country is in a position to regain “its historical share in global trade and investment on the back of sustained growth rates”.

He also said that the government's flagship production-linked incentive (PLI) scheme aims to ensure “strategic autonomy” and reduce dependence on “insecure supply chains”.

“If you see the kind of employment PLI has generated is tremendous, especially the kind of jobs created for women workers is amazing," Singh told the gathering.

Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said during a separate session that trade today has to be seen in a more integrated manner.

“Goods, investments, services, industry, and manufacturing are all integrated. We are also beginning to see that finances, technology, and e-commerce are also very critical in the way we see trade evolving,” said Ravi.

“Trade needs to be seen as a more holistic and integrated economic activity,” he told the audience.

Sumita Dawra, Secretary, the Labour Ministry, said at a session that so far, 29 labour-related acts have been consolidated into four new codes.

“Labour reforms have been put in place with an eye on ease of doing business, simplification and reduction in compliance burden, decriminalisation and seamless dispute resolution, promotion of labour market flexibility, enhancing female participation, leveraging technology and meeting the skill needs of the economy both at the national and international level,” she informed.