New Delhi: India stands a good chance of filling in a suitable position in manufacturing, leaving behind several South Asian countries including China, according to the director of the World Trade Organization (WTO) Shishir Priyadarshi.
'Aatmanirbhar Bharat Abhiyan' attempts to correct this imbalance by incentivising manufacturers, addressing disabilities, and attracting global value chains. Shishir Priyadarshi believes that as far as the global value chain is concerned, most countries at present are not likely to be dependent on a single country.
Speaking to ANI on Tuesday, the WTO director said that most countries would not like to be dependent on a single country as far as sourcing the primary inputs for the global value chain is concerned.
"Most countries today globally would not like to be dependent on a single country as far as sourcing the primary inputs for the global value chain is concerned. And yes, China has been the predominant supplier for many of these countries who now want to diversify," Priyadarshi told ANI.
"And I think India stands a very good chance of filling in that niche. Provided India can ensure competitiveness and high technology and that can only come about if we can help ease business and cost of businesses in India", Priyadarshi told ANI.
He was addressing a session on Aatmanirbhar Bharat -- whether how and when India's indigenisation efforts will pay off.
"Will it slow or hasten our integration into global supply chains?" the WTO director asked while stressing the fact that we need to be clear if we want to "Make in India" or "Make for the world".
Further speaking about his assessment of India's recent pulling out of the trade-related negotiations pertaining to the United States-led Indo-Pacific Economic Framework (IPEF), the Director added that New Delhi's presence in all four verticals would be essential to have a strategic partnership with the other countries. "India has opted out from one of the pillars of this forum. It would have been much better if India was in the forum because then you can guide the discussions. But, I did read a specific statement from Piyush Goyal who seemed positive in that statement about the possibility of joining this trade pillar at a subsequent date. Overall, if we are to have a strategic partnership with the countries in this forum, then I think India's presence in all these four verticals would be important", said Priyadarshi.
Indo-Pacific Economic Framework (IPEF) was formed jointly by the US and partner countries of the Indo-Pacific region on the sidelines of the Quad Summit in Tokyo on May 23 this year. India decided to join three pillars related to supply chains, tax and anti-corruption, and clean energy. but decided to opt out of the trade pillar. Priyadarshi who is one of the directors of WTO in Geneva was speaking at the 2022 edition of the Mindmine Summit in New Delhi. —ANI