PM blames unbalanced trade for global Eco crisis

PM blames unbalanced trade for global Eco crisis

Agency News

Riyadh, Oct 29 : Prime Minister Narendra Modi on Tuesday said the global 'economic uncertainty' was an offshoot of "unbalanced multilateral trade systems" but asserted that India has undertaken many reforms to remain a major driver of global growth and stability.

"Economic uncertainty is an offshoot of unbalanced multilateral trade systems. Within the G20, India and Saudi Arabia have been working together to reduce inequality and promote sustainable development," Prime Minister told 'Arab News' in an interview. In this context, he said "I am happy to note that Saudi Arabia will be hosting the G20 Summit next year and India will host it in 2022, which is also the 75th anniversary of our independence".

To a question on western economies going sluggish and what could Asian countries, including Saudi Arabia and India, do to mitigate the effects of the global economic downturn, Mr Modi further said "India has undertaken many reforms to create a business-friendly environment, and to ensure that we remain a major driver of global growth and stability".

Similarly, he stated that, "I am happy to note that Saudi Arabia too has embarked upon a reform program as part of their Vision 2030".

The Prime Minister further stated that India's reforms for ease of doing business and introducing investor-friendly initiatives have contributed to improving the position in the World Bank’s Ease of Doing Business Index from 142 in 2014 to 63 in 2019.

"A number of major flagship initiatives, like Make in India, Digital India, Skill India, Swatchh Bharat, Smart Cities and Startup India, are offering a lot of opportunities to foreign investors," he revealed.

Prime Minister, who is on a visit to Saudi Arabia, also said India and Saudi Arabia will be 'entering into agreements on security cooperation and collaboration in defense industries'.
To a question, Mr Modi said "I believe that Asian powers like India and Saudi Arabia share similar security concerns in their neighborhood. In that respect, I am happy that our cooperation, particularly in the field of counter terrorism, security and strategic issues, is progressing very well".(UNI)