India is becoming a dependable global value chain partner, says the president

In her opening remarks to the joint session of the Rajya Sabha and Lok Sabha, as the Budget session got underway, President Droupadi Murmu stated that India is becoming a reliable global supply chain partner.

On February 1, Nirmala Sitharaman, the minister of finance, will present the Union Budget 2023–24. There will be 27 sessions of the budget. On February 14, the session’s first half will come to an end. The second portion of the session of Parliament will begin on March 12 and run through April 6.

“The modern world has numerous difficulties. It is also being questioned whether the effectiveness and relevance of international organisations founded decades ago. In light of these circumstances, India has distinguished itself as a nation that in some way is bridging the gaps in the modern world. India is currently one of the nations bolstering confidence in the global supply chain. As a result, the world has high expectations for India today, she remarked.

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The remarks made by President Murmu come as geopolitical shifts are forcing nations and major enterprises to search for alternate supply channels to China. With India taking up the G20 presidency this year, its role as a supplier to global supply and value chains is also strengthened.

“India has taken over as the G20’s president this year, a powerful international organisation. India is working with the other G20 members to find cooperative solutions to the present global difficulties under the slogan “One Earth, One Family, One Future.” The goal of my government is to not confine it to a single diplomatic initiative. Instead, it is an opportunity for India as a whole to demonstrate its potential and culture. As a result, G20 gatherings take place all year long in numerous cities around the nation,” the President continued.

Her remarks also emphasise the value of India as a reliable country in the face of geopolitical unrest and a “very tough” future for the world economy.

In order to diversify away from nations that pose geopolitical and security dangers to supply chains, the US will pursue a “friendshoring” strategy, expanding economic integration with dependable trading partners like India. Yellen had stated that some economies’ debt levels were becoming unsustainable due to the Russia-Ukraine war’s increased food and energy costs, and that steps to reduce these debt loads needed to be explored.