By heavily emphasizing technology adoption, India, one of the world’s fastest-growing economies, has also established a standard for guaranteeing inclusive growth. According to Ajay Kumar, Joint Secretary (States), Ministry of External Affairs, the emerging nations in the area might follow this model.

To make our economy a major manufacturing economy, the Indian government implemented several initiatives, including the Make in India program and the PLI scheme. As a result, the nation has become a significant hub for the production of automobiles, semiconductors, and mobile phones, among other things.

“We are the fastest-growing major economy because these deliberate policy measures have begun to yield results. Conversely, we have been leading by example in terms of inclusive growth. We also want the poorest of the poor to benefit from our rapid growth. Thus, we have been utilizing technology to promote inclusive growth,” said Kumar.

Kumar was addressing a program titled “Building Global Capabilities for International Trade with South and Southeast Asia,” organised by Assocham in partnership with the Ministry of External Affairs, Kolkata branch secretariat.

According to Srinivas Gotru, the Ambassador of the Republic of India to ASEAN, the demographic dividend, fast urbanization, and growing technology use in the area make it one of the long-term potential for Indian firms.

Additionally, he stated, “the goal is to make this agreement more balanced, trade-facilitating, and responsive to current economic realities”.

Chief Commissioner of Customs Srinivasa Naik claims that over the past 20 years, several innovations have been implemented to improve efficiency and shorten wait times.

“Nepal attaches great importance to efficient transit arrangements between the global trade region and the close coordination with the neighbors and regional partners, particularly India and the countries of South and Southeast Asia”, said Jhakka Prasad Acharya, Consul General, Consulate General of Nepal, Kolkata, when discussing Indo-Nepal trade and cooperation.

The only nation still offering complete transportation services to Nepal is India. Approximately 68% of Nepal’s imports and 70% of its exports over the last ten years have come from and to India.

A great event indeed!!

Priyanka Dutta