Government says it is rebooting Indian economy

The government on Friday said that it is rebooting and revamping the Indian economy to make it the global centre of the supply chain in accordance to the shift in the international geo-politics.

In an interactive session with the PHD Chamber of Commerce and Industry, Ministry of External Affairs Secretary, Economic Relations (ER), Rahul Chhabra, while speaking on the `Role of Indian Economic Diplomacy in Making India Self Reliant`, said, "Globally there has been a shift in terms of geo-economics, politics and strategy. The Government of India is looking at these changes in an optimistic way by re-booting and revamping the economy."

The government, Chhabra said, is trying to increase the demand and the income of small farmers. "There is a focus on Micro Small Medium Enterprises (MSMEs) and enhancing public partnership and being self-reliant. We are trying to turn inwards but trying to make ourselves the global centre of the supply chain," he said.

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Chhabra said that India`s commercial diplomacy is based on transparency, fairness, equity, dispute and justice. India is trying to develop self-reliance and a strong economy at the same time to regionalise the supply chains and indigenise them in a structured manner.

Textiles, gems, jewelry, chemicals and pharma are some of the sectors where the country can fill in on an immediate basis. India can develop capabilities in electronics, engineering, design, and others.

"We are trying to be the pharmacy of the world by sending medicines and devices to numerous countries around the world. We need to expand ourselves in human capabilities in the long run," he said.

The secretary said FDI needs to be promoted, adding that India has to be an alternative and reliable country for low-cost manufacturing.

Talking about energy security, he said that India`s engagement with the International Solar Alliance is currently being restricted to the countries near the tropical. "But we have to universalise it," he said.

On the International Energy Agency, India, he said, has a current association status which needs to be upgraded through partnerships in the future.

Over the last five years, India has given over 300 Line of Credit projects worth millions of dollars to a lot of countries.

The government, he said, is trying to allow Indian companies to open up in new countries and showcase clear expertise in project planning, design and execution. The regional and cross border connectivity under these projects is a force multiplier, ensuring the seamless flow of goods that are opening upmarket to neighbourhoods, Chhabra said.