Inclusive supply chains a lesson from pandemic, India’s Modi tells Brics

The Covid-19 pandemic has taught the importance of resilience and inclusive supply chains, but for this mutual trust and transparency are key.

This is the opinion expressed by Indian Prime Minister Narendra Modi when addressing the closing session of the Brics Business Forum on Tuesday.

Modi believes countries ought to bring their strengths together to make significant contributions to the welfare of the world, especially the Global South.

“When the first Brics summit was held the world was just coming out of a massive financial crisis and the grouping emerged as a ray of hope for the global economy.

“Following the pandemic, penchants and disputes, the world is dealing with economic challenges and Brics countries' role is important,” he said.

Hailing this year as the 10th anniversary of the Brics Business Council, he thanked the platform for playing a vital role in enhancing economic co-operation.

“Despite volatility in the world, India is the fastest growing and soon will become a $5-trillion (R94-trillion) economy and growth engine of the world,” he said.

Modi believes this success was the fruit of converting crises and difficulties into opportunities for economic improvement.

“We have carried out reforms which have helped in continuously improving ease of doing business in India, eased up the compliance burden and removed red tape and instead rolled out the red carpet. There has been a boost in investor confidence with the introduction of global software development and the implementation of the insolvency and bankruptcy code,” he said.

The prime minister said in his country spaces that were considered restricted have been opened up for the private sector.

“We have laid focus on public service delivery and good governance. By leveraging technology, India has taken a massive leap towards financial inclusion. The large scale investment in infrastructure is changing the country's landscape,” he said.

Modi told the summit India had its eyes on making its country a global manufacturing hub and was taking active steps to securing its placing as one of the world leaders in renewable energy.

Minister of commerce of the People's Republic of China Wang Wentao, on behalf of President Xi Jinping, echoed the sentiments at the Brics Business Forum, saying society was at a turning point and had to clearly set its mandate.

" Changes are unfolding like never before, thus bringing society to a critical juncture.

“Should they pursue co-operation and integration or succumb to division and competition? Should we work together to maintain peace and stability or sleepwalk into the abyss of a new cold war? Should we deepen mutual trust for exchanges and mutual learning or allow prejudice to fly into conscience,” Wentao asked.

The minister said it was necessary to promote development and prosperity for all.

“Many emerging markets and developing countries have come to what they are today after shaking off the yoke of colonialism. With perseverance, hard work and sacrifice, we succeeded in gaining independence and have been exploring a development path suited to our national conditions,” he said. 

True to its anti-imperialist stance, China blasted the Global North for viewing the Global South's initiatives for development as a threat.

“Everything we do is to deliver better lives for our people. But some country obsessed with maintaining its hegemony has gone out of its way to cripple the emerging markets and developing countries. Whoever is developing fast becomes its target of containment, whoever is catching up becomes its target of obstruction.”

Wentao dismissed this agenda as futile, saying every country has the right to development and the people in every country have the freedom to pursue a happy life.

“With that in mind I propose the global development initiative, promoting development for all by the international community and boosting the UN 2030 agenda for sustainable development.

“The course of history will be shaped by the choices we make.”

TimesLIVE