The prime minister stated India is working with Australia and Japan to diversify the provision chain, noting that like-minded nations are welcome to affix the initiative.
- PTI New Delhi
- Last Updated: September 28, 2020, 6:24 PM IST
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The coronavirus pandemic has proven the chance concerned in extreme dependence of the worldwide provide chain on any single supply, Prime Minister Narendra Modi stated throughout a digital bilateral summit on Monday along with his Danish counterpart Mette Frederiksen. The prime minister stated India is working with Australia and Japan to diversify the provision chain, noting that like-minded nations are welcome to affix the initiative.
In his opening remarks on the summit, Modi additionally stated the occasions of the previous few months have introduced forth the necessity for nations believing in transparency, democratic worth system and rules-based order to work collectively. “The pandemic showed the risk involved in excessive dependence of the global supply chain on any single source,” Modi stated with out naming any nation or supply.
The prime minister additionally highlighted the federal government’s ‘Aatmanirbhar Bharat’ (self-reliant India) initiative in addition to numerous reform measures within the areas of agriculture, taxation and labour market. “We are focusing on all-round reforms under the (Aatmanirbhar Bharat) initiative,” he stated, including firms working in India might be benefited from regulatory and taxation reforms.
Denmark is a key nation in Northern Europe with whom India’s bilateral commerce ties witnessed a major enlargement in the previous few years. According to official figures, bilateral commerce in items and companies between India and Denmark grew by 30.49 per cent between 2016 and 2019 because the commerce quantity rose from USD 2.82 billion to USD 3.68 billion.
Around 200 Danish firms have invested in India in sectors equivalent to delivery, renewable power, setting, agriculture and meals processing. Nearly 5,000 Indian professionals are working in main Danish firms, whereas 20 Indian IT firms are working in Denmark for many years, in line with official information.
Major Danish firms equivalent to Grundfos, Danfoss, Vestas, LM Wind, Novozymes, Rockwool, Haldor Topsoe, and many others. have arrange factories and manufacturing services in India below the ‘Make in India’ scheme.