Aiming to explore to the fullest the country’s blue
economy, the Central Government is resolute to provide all support to the
maritime sector as Bharat’s comprehensive national power is linked to the
ocean, stated Finance Minister Nirmala Sitharaman.
Speaking at the Indo-Pacific Regional Dialogue 2023 in
New Delhi, the minister said for Bharat to grow in an environment of peace,
security and stability, other nations in the region should also grow.
She said Bharat is aware that over the foreseeable
future, Bharat’s comprehensive national power is going to remain inextricably
linked to the ocean.
“We are seized of the pressing need to grow the
maritime sector as a whole and our government is determined to provide the
requisite support by way of fiscal policy and financial outlay,” said Sitharaman.
“We seek to position Bharat as a hub in new and
diversified supply chains and value chains across the Indo-Pacific and, indeed,
across the world,” she added.
The minister said the Indo-Pacific region which
accounts for 60 per cent of world economic output and almost half of global
merchandise trade is a geopolitically contested space that is being roiled by
great power competition.
Bharat stands firmly on the vanguard of an
internationally accepted and consensually derived rules-based order, asserted the
minister.
Speaking about the need for economic stability in the
region, Sitharaman remarked, “We truly believe that it is not possible for the
Indian economy to ride on some crest while the economies of other countries of
our maritime neighbourhood are wallowing in some trough.”
“As far as Bharat is concerned, we are straining every
sinew to ensure that we set an example that is worthy of emulation.
Consequently, we have significantly improved our position as a well-governed
and innovative country with a conducive environment for business, as reflected
in several global indices,” she asserted further.
The minister noted amid the gloom of supply-chain
disruptions and economic turbulence generated by conflicts in the Ukraine and
Israel, the Indian economy stands out as a bright spot.
Maritime connectivity in general and trade-centric
maritime connectivity in particular are crucial to realising Bharat’s development
efforts over the next 25 years, added Sitharaman.
NE Watch Desk
