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Congratulate Turkish Presidency for coordinating efforts on Growth and Investment strategies and Employment Plans: PM Modi
To stimulate growth, we need to enhance public investments, not just rely on monetary policy: PM Modi
Multilateral Development Banks should enlarge their capital base to support infrastructure needs of the developing countries: PM Modi
There is global consensus on the need to address climate change: PM
G20 efforts must be aligned with the UN SDGs, particularly with number one goal of elimination of all poverty by 2030: PM Modi
We welcome the G20 focus on youth and employment of women: PM Modi
India's economic growth is likely to grow at 7.5% this year; we have reduced inflation and current account and fiscal deficits: PM Modi
Our programmes of inclusive development, Make in India, Skill India, Digital India, etc. will boost growth & employment in India: PM

Excellencies, 

The global economic growth remains weak, with slowdown in several major economies, volatile financial markets and competitive devaluation of currencies.

I congratulate the Turkish Presidency for coordinating efforts on Growth and Investment strategies and Employment Plans. We must all now implement our commitments.

To stimulate growth, we need to enhance public investments, not just rely on monetary policy.

G20’s continued call to Central Banks for careful communication on monetary policy actions will be helpful in keeping financial and currency markets stable.

Multilateral Development Banks should enlarge their capital base to support infrastructure needs of the developing countries. New institutions such as the New Development Bank are welcome additional sources of financing.

There is global consensus on the need to address climate change. However, multilateral institutions should not impose such difficult safeguards and conditions on loans that they become barriers to development in many countries and undermine sustainable development.

G20 efforts must be aligned with the UN Sustainable Development Goals, adopted this year, particularly with the number one goal of elimination of all poverty by 2030.

We welcome the G20 focus on employment of women and, on youth this year.

Stable long term global economic growth requires not just capital flows, but also efforts to facilitate labour mobility and skill portability.

Excellencies,

India's economic growth is likely to grow at 7.5% this year and achieve a growth rate of 8% plus next year. We have reduced inflation and current account and fiscal deficits.

Our programmes of inclusive development, including Financial Inclusion, universal access to basic needs by target year, Make in India, Skill India, Digital India, Industrial Corridors and Smart Cities will boost growth and, employment in India.

This will be a source of strength for the global economy.

Thank you!

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Prime Minister's address at Global Summit on Supply Chain Resilience
October 31, 2021
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Your Excellency- President Biden,

I thank you for taking this Summit initiative on the important subject of supply chain resilience. As soon as you took over, you said, "America is back”. And in such a short time, we are all seeing this happening, and therefore, I would say, Welcome Back!

Excellencies,

In the initial months of the pandemic, we all felt the shortage of raw materials to produce vaccines, health equipment and essential medicines. Now that the world is gearing up for economic recovery, the supply problems of semiconductors and other commodities are coming in the way of healthy growth. Who in the world thought there would ever be a shortage of shipping containers?

Excellencies,

India has accelerated the export of vaccines to improve the global supply of vaccines. We are also working with our Quad partners to supply better and affordable Covid-19 vaccine in the Indo-Pacific region. India is gearing up to produce 5 billion COVID vaccine doses for the world next year. It is also very important that there is no hindrance in the supply of raw material.

Excellencies,

I believe that three aspects are most important to improve global supply chains – Trusted Source, Transparency and Time-Frame. It is necessary that our supply must be from Trusted Sources. It is also important for our shared security. Trusted sources must be such that they do not have a reactive tendency so that the supply chain is protected from a tit for tat approach. For the reliability of the supply chain, it is also necessary that there must be transparency in it. Due to lack of transparency, today we are seeing that many companies in the world are facing the shortage of small things. If there is no timely supply of essential things, it may lead to bigger losses. We have clearly realized this in pharma and medical supplies in the Corona times. So to ensure supply within a time-frame, we have to diversify our supply chains. And for this, alternative manufacturing capacity will have to be developed in developing countries.

Excellencies,

India has built its credibility as Trusted Sources of pharmaceuticals, IT and other items. We look forward to playing our role in clean technology supply chain as well. I suggest that we instruct our teams to meet quickly to come up with further action plan within a certain time frame, based on our shared democratic values.

Thank you.