01-01-1970 12:00 AM | Source: Accord Fintech
Digital economy is central to promotion of innovation: Anupriya Patel
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Anupriya Patel, MoS for Commerce and Industry has stressed upon making the digital revolution inclusive by creating an environment where nobody is left behind, adding that during COVID-19 pandemic, digitalization has emerged as the key driver for global economic growth. The minister recognized that Digital Economy is central to the promotion of innovation, pursuing entrepreneurial ventures, creation of jobs, efficiency in services and importantly a marketplace for high value technology based products and solutions and the fact that almost half the world’s population does not have access to high-speed broadband and is hence deprived of the access to virtual platforms, tele-medicine, distance education and e-payments.

On supply chains, MoS mentioned that the supply chain disruptions,  as a result of  lockdowns, limited economic activities and economic slowdown has forced manufacturers everywhere to reassess their supply chains. The main point of supply chain resilience is minimizing negative impacts on people's lives and the economy even in the event of supply chain disruptions caused by pandemics, natural disasters, or regional conflicts. In this context, the MOS highlighted the statement made by Prime Minister Shri Narendra Modi that Transparent, Trusted Sources and Timeframe is critical for improving global supply chain resilience which is imperative for trade revival.

While acknowledging that trade should become the engine for reviving global growth, the MoS stated that there is no alternative to the rules based multilateral trading system and that strong commitment to the WTO rules is the only way forward. The WTO reforms must strengthen the fundamental principles of the WTO including consensus-based decision making, inclusivity, equitable, non-discrimination, special and differential treatment.