India’s financial prospects aren’t fully explored globally: Former Minister Smriti Irani

Observing that there is a lack of information about how much progress India has made, former Indian Minister Smriti Irani on Monday (September 16, 2024) said the financial prospects of the country have not been fully explored internationally.

“I don’t think the financial prospects of our country are fully explored internationally. India as an economy is looked upon from the myopia of the lens, let’s say that gets discussed at Davos or that gets discussed at the (World) bank, but operationally, we create opportunities in so many layers that are not visible,” Ms. Irani said in response to a question during her appearance at the Observer Research Foundation America.

Ms. Irani, who is currently on an unofficial trip to the U.S., said there is a lack of information about how much India has progressed.

“There isn’t much information about the climate action that has been undertaken by India. Similarly, let’s say in precision manufacturing, in agro-based industry, the misconception is that our economy is open only for big business,” she said.

“Currently, if you look at the small traders in our country, 90% of retail trade is conducted in the so-called unorganised sector. From a business perspective, small shops, often referred to as ‘kirana dukaan’ in Delhi or ‘mom-and-pop’ stores in the U.S., are generating a turnover of $844 billion,” according to the former Union Minister.

Ms. Irani also highlighted India’s achievement of administering 2.2 billion doses of vaccine in less than three months.

“They were surprised because they never, when I say they, I’m saying anybody outside of India, especially in the Western world, were shocked that we could get together an app and deliver not only doses, but 600,000 villages knew exactly what to do in a pandemic,” the Bharatiya Janata Party (BJP) leader said.

She said other nations were also surprised that India could become a major force in PPE suit manufacturing in just three months, becoming the world’s second-largest supplier, competing with China, and breaking financial barriers in the supply chain.

“We also need to harness and keep harping about the fact that we in India have made a case for how supply chains globally will not be held hostage for political reasons. That is one message that India can time and again deliver to the world. Our stupendous success in how we handled COVID is a conversation that is not repeated often,” Ms. Irani said.

“But when our backs were to the wall, we not only made our vaccine, we not only protected to the best of our ability our citizens, but since then, we have also been giving food at the doorstep of 800 million Indians, which is not doable by any country in the world. So, I think that it is an imperative morally on us Indians, whenever we are outside our country, to keep talking about these issues, to say we got this much done,” Ms. Irani said.

She added that India is not waiting for the world to act but has created solutions for the world to benefit from.

“Need to fully implement gender equity policies across Global South”

“India is committed to prioritising gender parity,” former Minister Smriti Irani has said, as she underlined the need to fully implement gender equity policies across the Global South to enhance global competitiveness.

While addressing the World Bank leaders, Ms. Irani spoke about the issues of gender parity in the Global South and the importance of engaging both political and corporate leadership.

“Over the past decade, India has made remarkable strides in women-led development under PM @narendramodi’s leadership. As the World Bank prepares to unveil its Gender Strategy 2024-2030, India remains committed to prioritising gender parity,” she said in a post on X.

“In order to expand our global competitiveness, leaders of government and commerce throughout the Global South must ensure that gender equity policies are fully implemented,” a statement quoted Ms. Irani as saying.

Education, healthcare, childcare, and housing policies disproportionately impact women– especially in developing and growing economies like India, she said.

“It is critical that we get the policy right so that women and girls can help lead government and industry, while also fulfilling their personal potential,” she added.

“Our region of the world is growing in terms of population, economic output, and global influence, so it is incumbent upon us – as leaders – to have the foresight, will, and commitment to ensure everyone has an equal opportunity to meet her or his potential,” the Bharatiya Janata Party (BJP) leader said.

Ms. Irani will meet with government and business leaders in Washington over the next several days to discuss her priorities for gender equity, the statement said.