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Addressing the inaugural session of the Global Economic Policy Forum (GEPF) 2024, Finance Minister Nirmala Sitharaman called for collaborative efforts among industry leaders, policymakers, citizens, and global forums to tackle pressing global challenges.
Organized by the Department of Economic Affairs, Ministry of Finance, and the Confederation of Indian Industry (CII), the forum brought together key stakeholders to deliberate on the theme of decadal priorities for the global economy. Sitharaman emphasized that global challenges such as technological advancements, environmental sustainability, and supply chain disruptions require a coordinated approach to ensure a better quality of life, particularly for citizens in the Global South. She outlined five critical priorities for the coming decade, urging collective action. The first priority, according to Sitharaman, is to restore global calm. She highlighted the need to prevent geopolitical disruptions and wars, which have severe consequences for global supply chains, food value chains, and inflation. Secondly, the finance minister stressed the importance of frictionless supply chains, emphasizing that no political, geopolitical, or strategic risks should disrupt the smooth flow of supply chains, which are critical for global growth and welfare. Addressing climate change came next on her agenda. Sitharaman emphasized that hard-earned wealth, assets, and lives should not be held hostage to the vagaries of climate. She called for focused efforts on agriculture and allied activities, advocating for the use of technology and innovation to help farmers secure better livelihoods and higher incomes while reforming agriculture without putting additional pressure on resources. Water, she stated, should also be a key area of focus in the coming decade. The fourth priority was the importance of scale. Sitharaman emphasized that large and small industries should work together, leveraging their respective strengths for inclusive growth. She underscored that enterprises must spread across the country, utilizing their scale to reap the benefits of the demographic dividend. The finance minister also discussed the importance of technology and digitalization, announcing that Agri Stack would be India's next big digital initiative following the success of the Digital Stack. She urged industry leaders to collaborate with the youth and use available instruments to facilitate upskilling in enlightened self-interest. Finally, she highlighted the importance of financial security and reducing debt to ensure the protection of future generations. In his introductory remarks, CII President and ITC Limited Chairman & Managing Director Sanjiv Puri highlighted India's positive contributions to global growth, climate commitments, digitization, and supply chain resilience. R Dinesh, Immediate Past President of CII, concluded the session by thanking the finance minister for her support for GEPF and assured that CII would work closely with the finance ministry to implement the proposals outlined by Sitharaman. A white paper outlining the recommendations from the discussions at GEPF will be brought out by CII. The event also featured welcome remarks by CII Director General Chandrajit Banerjee and saw the participation of international dignitaries, including Bhutan's Finance Minister Lyonpo Lekey Dorji and Maldives' Finance Minister Moosa Zameer. (ANI)
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