The Confederation of Indian Industry (CII) has said that the opportunity to become part of global value chains has significantly increased post the G20 declaration adopted in New Delhi.
In an exclusive interview with ANI, R Dinesh, President of CII and Executive Vice Chairman at TVS Supply Chain Solutions said, “India has been one of the trusted partners for global value chains. Partnerships like the India Middle East Europe corridor, and also the opportunity to become part of global value chains have significantly increased post the G20 declaration and also the awareness has been created that India can be a trusted partner in that therefore Indian industry will benefit from that significantly.”
Dinesh congratulated Prime Minister Narendra Modi on achieving such strategic and wide-ranging global outcomes through the G20 dialogue and coming out with an outcome document.
“India’s G20 Presidency effectively reorients the global economic approach towards inclusive and sustainable growth to meet the needs of the Global South while addressing economic challenges,” the industry body head said.
Dinesh said the inclusion of the entire African Union in G20 under India’s presidency was done through the ‘Sabka Saath’ approach.
African Union is a bloc of 55 countries from the African continent that was launched in 2002.
Adding the African Union as a member of G20 was among India’s key aims to achieve during the ongoing G20 summit. In June 2023, Prime Minister Modi had written to G20 counterparts to provide the African Union with full membership at this G20 Summit.
“Prime Minister Modi’s strong emphasis on “Sabka Saath” has resulted in the inclusion of the African Union as a permanent member of the G20 as a landmark outcome and promises to prioritize the imperatives of least-developed countries, going forward,” he said.
He said aspirations of the Global South have been taken care of, creating an opportunity for the developing countries to become trusted partners in the global value chains.
Further, speaking on B20, he said the emphasis on developing inclusive, sustainable, and resilient global value chains and building trust resonated closely with the communique brought out by B20 India, led by the CII.
Notably, the B20 under the G20 forum strived to offer extensive support to include the African Union and make it a success and work towards African economic development.
Lastly, talking about the announcement of the Global Biofuels Alliance and India-Middle East-Europe Economic Corridor on the sidelines of the G20 Summit in New Delhi last week, CII head Dinesh said they will “bring many new opportunities for Indian industry in trade, investment, green economy, and infrastructure projects.”