G20: India proposes framework for ease of doing business

Tesla is considering utilizing India as a base for exporting cars to countries in the Indo-Pacific region

July 13, 2023

The proposed factory is expected to have an annual production capacity of nearly 500,000 electric vehicles

The vehicles are expected to start from INR 20 lakhs

Tesla also plans to bring its auto parts and electronics supply chain to India

The Indian government is aiming to negotiate a favourable deal while ensuring fair competition

India presented a global legal framework to facilitate ease of doing business at the G20 summit. The proposed framework emphasizes the importance of expanding trade and investment to boost economic growth. 

The initial draft declaration, which will be discussed during the G20 sherpas’ third meeting under India’s presidency, has garnered significant support. Indian Prime Minister Narendra Modi has suggested including the African Union as a member, a proposal that all G20 members have widely endorsed. India’s proposal also includes risk mitigation measures to support global value chains and empower medium and small enterprises within the G20 nations.

During the three-day meeting of the G20 sherpas, discussions will encompass a range of topics, including the establishment of a global framework for crypto assets and reforms to the multilateral development banks. Experts highlighted the necessity of reducing trade and investment barriers to facilitate the cross-border flow of capital. 

The experts further stated that India’s focus extends beyond mere economic growth; it aims to achieve accelerated, inclusive, sustainable, and resilient growth. To accomplish this, the G20 discussions will address the implementation of well-calibrated monetary and fiscal policies that promote stability in the global economy while safeguarding the interests of impoverished communities.

The sherpas’ meeting will involve the participation of more than 120 delegates, including sherpas, heads of delegations from G20 members, invitee countries, and international organizations. They will collectively contribute to the creation of the Leaders Declaration, which G20 leaders will eventually adopt at the New Delhi Summit.

Source: Economic Times

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