Indian Prime Minister Narendra Modi called on Indian companies to exploit the changes in the global economy and trade as a stimulant for investment, noting that the increasing need for reliable centers for supply chains constitute a great opportunity for the Indian industry.
“We have seen that the disruption of supply chains affects the global economy. The world needs a reliable partner capable of producing high -quality products and ensuring the continuity of supply,” Modi said during an online session with business leaders on Tuesday.
Modi made Indian manufacturers and exporters to “take great steps” to take advantage of changes in the global economic system, taking advantage of the reforms implemented by his government since he took power.
He added: “This continuity in reforms will continue in the coming years, and I urge you to move forward with full confidence. This is a great opportunity for us. I do not want our industry to be satisfied with monitoring global expectations as only spectators.”
Commercial talks to protect the Indian economy
Moody’s comments come at a time when India is seeking to conclude trade agreements with major economic partners. The world’s largest economy in the world is seeking to complete a trade agreement with the United States by the fall of this year, in an attempt to protect itself from the reprisal tariffs imposed by US President Donald Trump.
India is also holding talks with the United Kingdom and the European Union to reach a free trade agreement that enhances its economic relations with the two blocs.
Modi stressed that “India is still an engine for growth in the global economy,” noting that many countries “seek to establish economic partnerships” with it in light of the escalation of global economic challenges.
This comes at a time when India is trying to consolidate its position as a reliable global center for production and export, taking advantage of the desire of international companies to diversify supply chains away from China and deal with a more stable economic environment.
