16.1C
Delhi
Saturday, January 16, 2021

Dependence of global supply chain on single source exposed: PM Modi

- Advertisement -

PM dedicates Rewa Ultra Mega Solar Power project to nationNew Delhi, Sep 28 (PTI) The coronavirus pandemic has shown the risk involved in excessive dependence of the global supply chain on any single source, Prime Minister Narendra Modi said during a virtual bilateral summit on Monday with his Danish counterpart Mette Frederiksen.

The prime minister said India is working with Australia and Japan to diversify the supply chain, noting that like-minded countries are welcome to join the initiative.

In his opening remarks at the summit, Modi also said the events of the last few months have brought forth the need for countries believing in transparency, democratic value system and rules-based order to work together.

“The pandemic showed the risk involved in excessive dependence of the global supply chain on any single source,” Modi said without naming any country or source.

READ ALSO:  Don’t panic, mutated Covid variant not more severe, lethal: Govt

The prime minister also highlighted the government”s ”Aatmanirbhar Bharat” (self-reliant India) initiative as well as various reform measures in the areas of agriculture, taxation and labour market.

“We are focusing on all-round reforms under the (Aatmanirbhar Bharat) initiative,” he said, adding companies working in India will be benefited from regulatory and taxation reforms.

Denmark is a key country in Northern Europe with whom India”s bilateral trade ties witnessed a significant expansion in the last few years.

According to official figures, bilateral trade in goods and services between India and Denmark grew by 30.49 per cent between 2016 and 2019 as the trade volume rose from USD 2.82 billion to USD 3.68 billion.

READ ALSO:  How to decide who should get the Covid-19 vaccine first

Around 200 Danish companies have invested in India in sectors such as shipping, renewable energy, environment, agriculture and food processing.

Nearly 5,000 Indian professionals are working in major Danish companies, while 20 Indian IT companies are operating in Denmark for decades, according to official data.

READ ALSO:  Medics disappointed with new COVID-19 advisory for health workers

Major Danish companies such as Grundfos, Danfoss, Vestas, LM Wind, Novozymes, Rockwool, Haldor Topsoe, etc. have set up factories and manufacturing facilities in India under the ”Make in India” scheme. PTI MPB RT RT

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

IPL auction: Feb 4 registration deadline; no player agent allowed

New Delhi, Jan 16 (IANS) The Indian cricket board has said that it would deal and communicate directly with the state associations and not...

Covishield maker Adar Poonawalla gets dose of his own vaccine

Pune, Jan 16 (IANS) In a huge confidence booster, Serum Institute of India's (SII) Chief Executive Adar Poonawalla also took a life-saving jab of...

Javadekar pitches for private participation in 52nd IFFI edition

Panaji, Jan 16 (IANS) Union Minister for Information and Broadcasting Prakash Javadekar on Saturday pitched for private participation in the next edition of the...

RBI remains ‘steadfast’ to take necessary steps to support economy: Guv

New Delhi, Jan 16 (IANS) Reserve Bank Governor Shaktikanta Das on Saturday said that the central bank remains committed to take any further necessary...