Prime Minister Narendra Modi said the changes in the global economy and trade could be an opportunity for Indian firms to invest more and take advantage of the world’s need for alternative supply chain hubs.
“We have seen that when supply chains are disrupted, it affects the global economy,” Modi told business leaders during an online session on Tuesday. “The world needs a trusted partner which produces high-quality products and the supply is reliable.”
The prime minister asked manufacturers and exporters to “take big steps” to not only benefit from the changing global order but also the various reforms his government has introduced since he came to power.
“This reform consistency will continue in the coming years and I urge you to move ahead with full confidence,” he said. “This is a big opportunity for us. I want our industry not to look at global expectations as mere spectators.”
Modi’s comments come at a time when India is in the midst of negotiating deals with major trading partners. The world’s fastest-growing major economy aims to conclude a trade pact with the US by fall this year, in an effort to shield itself from Donald Trump’s reciprocal tariffs. Both the UK and the EU are also in talks to sign a free trade agreement with the South Asian nation.
“India continues to be a growth engine for the global economy,” Modi said, adding that several nations want “to establish an economic partnership” with it.
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