Prime Minister Narendra Modi's speech atthe Global Business Summit, in the backdrop of several trade deals being signed at a time when India is navigating the geopolitical uncertainties, underlined what defines the current regime's mindset and what goes on behind the scenes in terms of preparation to ensure that the needs of 140 crore Indians are taken care of. India recently signed multiple trade deals, including the "mother of all deals" with the European Union, and also signed an interim trade deal with the United States, which is expected to pave the way for future bilateral trade agreements between the two countries.
PM Modi, in his keynote address, brought attention to the Free Trade Agreements (FTAs), underlining why such deals were hard to be signed prior to 2014.
"These days, there is considerable discussion about India’s FTAs-Free Trade Agreements. As I entered here, the conversations had already begun, and analyses are taking place across the world. Today, however, let me present another interesting perspective-perhaps not the angle the media seeks, but one that may be useful. I firmly believe that what I am about to say may not have crossed your minds either. Have you ever wondered why such extensive free trade deals with developed nations did not materialize before 2014? The country was the same, the youthful energy was the same, the government system was the same-so what changed? The change came in the government’s vision, in its policy and intent, and in India’s capabilities," PM Modi said.
PM Modi highlighted that the UPA regime could sign FTAs with only four countries, whereas in contrast, the trade deals concluded by India over the past decade cover 38 countries across different regions of the world. What changed about India that now countries across the globe want to enter into a trade deal with India? The Prime Minister credits this to the change in the mindset and the trust the world puts in India's growth story today.
"Today’s India is prepared to compete globally. Over the past eleven years, India has built a robust manufacturing ecosystem. Therefore, India today is capable and empowered, and that is why the world trusts us. This transformation forms the foundation of the paradigm shift in our trade policy, and this paradigm shift has become an essential pillar in our journey toward a Developed India," he said.
After the Second World War, a new global order took shape. But after seven decades, that system is breaking down. The world is moving toward a new world order. Explaining why this shift is happening, PM Modi said it is because the foundation of the earlier system was based on a “One Size Fits All” approach.
"It was believed that the world economy would be centered in the core and that supply chains would become strong and dependable. Nations were seen merely as contributors within that framework. But today, this model is being challenged and is losing its relevance. Every country now realizes that it must build its own resilience," PM Modi added.
The Prime Minister underscored that what the world is discussing today, India made part of its policy as early as 2015, ten years ago. Referring to the establishment of NITI Aayog, he said its founding document clearly articulated India’s vision: India would not import a single development model from any other country.
"We would pursue an Indian approach to India’s development. This policy gave India the confidence to make decisions according to its own requirements and in its own national interest. That is a key reason why, even during a decade of disruption, India’s economy did not weaken but continued to grow stronger," he explained.
PM Modi on Friday saidIndia’s reformmomentum is driven by conviction rather than crisis, asserting that the country has fundamentally changed the way it approaches economic transformation.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
