Past-Covid19 world: India to focus on self-reliance, as it moves to revamp its economy

At an interactive session organized by PHD Chambers, `'Role of Indian Economic Diplomacy in Making India Self Reliant' Rahul Chhabra, Secretary (ER), Ministry of External Affairs, said.

Post-COVID 19, India is closely watching the global changes in terms of geo-economic, political, and strategically, in an effort to re-boot and revamp its economy. At an interactive session organized by PHD Chambers, `’Role of Indian Economic Diplomacy in Making India Self Reliant’ Rahul Chhabra, Secretary (ER), Ministry of External Affairs, said “The government is trying to increase the demand and the income of small farmers. Also, there is a focus on MSME and enhancing public partnership and being self-reliant.”

While the participants focused on seeking a way forward for strengthening bilateral economic activity in Post COVID-19 world, during the virtual interactive session, the main objective was to understand the role of Economic Diplomacy which would help India moving towards self-reliance and making it a reliable and responsible power.

What did Rahul Chhabra, Secretary (ER), MEA say?

Besides trying to be the pharmacy of the world by sending medicines and devices to numerous countries around the world, he said that efforts are being made to involve the private sector to help to find global solutions to new arising problems.

Energy Security: The engagement with the International Solar Alliance needs to be universalized. Also, there are plans to upgrade the current associate status through partnerships in the future.

Talking about 300 LOC projects worth million dollars being given to several countries, the Secretary (ER) MEA said, “We are trying to allow Indian companies to open up in new countries and showcasing clear expertise in project planning, design, and execution.”

On the connectivity projects he said these projects help in enhancing trade with countries and they are force multipliers.

All the Indian Missions are making efforts to promote tourist traffic to India as well as promoting India as an alternative and reliable country for low-cost manufacturing.

Capabilities can be developed critical sectors including electronics, engineering, design, among others, while pharma, textiles, gems, jewellery, chemicals too can be used to fill in.

In his address Dr D K Aggarwal, President, PHDCCI, said: “Economic diplomacy has become an integral part of India’s economic policy to further the objectives of national security as well as to address the transformation happening in the country due to COVID-19 with the call for Self- Reliant India.”

Besides Amb K V Rajan, Convenor, PHD Ambassadors’ Economic Forum, PHDCCI, others who were part of the discussion included Amb Anil Trigunayat; Amb. Anil Wadhwa; Amb. Skand Ranjan Tayal, and others.