PM Modi takes a dig at China, says 'global supply chains should be based on trust'

Coronavirus pandemic has shown world that decision on developing global supply chains should be based t only on costs but also on trust, Prime Minister Narendra Modi said, in an apparent dig at China.

Delivering keyte dress at US-ISPF US-India Summit 2020, PM Modi said that along with affordability of geography, companies are w also looking for reliability and policy stability and India is location which has all of se qualities. PM ded that pandemic has impacted several things but it has t impacted ambitions of 1.3 billion Indians. 

"As a result, India is also becoming one of leing attractions for foreign investment," PM said, ding, "Be it America or Gulf, be it Europe or Australia- world believes in us. We have received over 20 billion dollars of foreign investment flows during this year."

China has faced heat since start of year when it initially tried to cover up a new coronavirus-caused outbreak (COVID-19) that originated in Wuhan and spre rapidly throughout world. While it mand to handle outbreak within months, disruption hit its gigantic manufacturing capacity which dented global supply chain of essential goods. All while, it kept exporting defective and faulty ventilators, sub-standard masks and PPEs, and or key medical gear.

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'India offers investment opportunity'

PM Modi also pitched India as an investment destination by highlighting gains me on tax, bankruptcy and labour reforms. 

"India offers a transparent and predictable tax regime. Our system encours and supports honest taxpayers. Our GST is a unified, fully IT-enabled indirect tax system. Insolvency and Bankruptcy Code has reduced risk for entire financial system. Our comprehensive labour reforms will reduce compliance burden for employers. It will also provide social security protection to workers."

He asserted that going ahe, India will offer more opportunities in  public and private sector and cover core ecomic as well as social sectors.

"Recent sectors that have opened include Coal, Mining, Railways, Defence, , and Atomic Energy. Production Linked Incentive schemes have been launched for mobile and electronics, medical devices, pharma sectors - y have been well received. Such schemes are being planned for or champion sectors too. Reforms in agriculture marketing and USD 14 billion agriculture financing facility bring several opportunities."

(ANI photo)

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