G20 Unveils Groundbreaking Manifesto Empowering Global MSMEs and Traders, States Union:

G20 Summit 2023: Historic Convening in Delhi Praised by Indian Traders

The recently concluded G20 summit, held in Delhi on September 11, has been hailed as a charismatic leadership moment for Prime Minister Narendra Modi and a groundbreaking milestone by the Confederation of All India Traders (CAIT). The New Delhi Declaration, unanimously issued at the conference, is expected to not only benefit small traders and industries in India but also have a global impact on the expansion of these sectors, as well as provide a new boost to the digital economy.

Praveen Khandelwal, the National General Secretary of CAIT, expressed hope that the policies shaped by the G20 summit’s manifesto would significantly increase India’s export trade. One of the significant outcomes of the summit is the announcement of the India Middle East Europe Economic Corridor, which is set to facilitate direct trade between Indian traders and countries in the Middle East, Europe, and other regions. Traders are optimistic about the prospect of expedient transportation and are eagerly awaiting the start of corridor construction.

This economic corridor is anticipated to be even more impactful than China’s Belt and Road Initiative (BRI) corridor, thanks to its comprehensive grid-like infrastructure connectivity through rail, road, port, communication, and underwater cable networks.

The business community is currently celebrating the announcement of the India Middle East Europe Economic Corridor, with traders expressing their gratitude to Prime Minister Modi for his visionary leadership. They believe that this initiative will strengthen India’s position in international trade and create significant business opportunities for small traders and entrepreneurs worldwide.

Various sectors are expected to benefit from these opportunities, including FMCG, toys, computer technology equipment, fashion garments, sarees, textiles, handicrafts, consumer durables, furnishing items, gems and jewelry, and electronic items.

The New Delhi manifesto also emphasizes the improvement of digital services and infrastructure, with a particular focus on harnessing the opportunities of digital transformation for sustainable and inclusive development. It highlights the importance of the private sector and encourages the promotion of startups and MSMEs to drive economic growth and foster innovation that can lead to job creation.

The G20 summit in Delhi has truly marked a turning point for India’s traders and industries, paving the way for increased international trade and economic growth across various sectors. As the nation continues to embrace digital advancements and foster innovation, these developments are expected to have far-reaching effects not only within India but on a global scale.

In related news, read about the foreign media’s perspective on India after the G20 summit and its impact on the country’s image and potential investments.

[Source: CAT, September 11, 2023]

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