 "SCO summit")
Amid fears of a global recession, India on Wednesday underlined the need for greater cooperation among Shanghai Cooperation Organization (SCO) members for combating challenges relating to food and energy security.
Addressing the Council Meet of the SCO Inter-bank Consortium (IBC), Financial Services Secretary Vivek Joshi said as part of India's contribution to mitigating the above challenges, Prime Minister Narendra Modi has launched global mission LIFE' which stands for Lifestyle for Environment.
LIFE envisions replacing the prevalent 'use-and-dispose' economygoverned by mindless and destructive consumptionwith a circular economy, which would be defined by mindful utilization of resources, he said in his inaugural address.
"Today, when the world is facing challenges of a looming economic recession, a closer cooperation among SCO member states shall play a pivotal role in combating global challenges such as food and energy security concerns," he said.
Observing that India is inclined towards building a sustainable and resilient infrastructure, Joshi said, resilient infrastructure is not just about safe transfer of goods and services across roads, bridges or railways but it is also about the people, households and the communities that depend upon these systems as a lifeline to better health, education and secure livelihood.
There is a felt need for SCO members to emphasize the need to integrate resilience into infrastructure, ensure access, delivery and continuity of essential services to people and communities facing increasing exposure and impact of disasters and extreme climatic events, he said.
"The concept of Reduce, Reuse and Recycle' and circular economy has been a part of the Indian lifestyle for years, which inspires us to walk in harmony with nature. Mission LIFE will encompass every lifestyle related to the conservation of nature, which our ancestors adopted, and that can be made a part of our lifestyle today," he said.
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India endeavours to raise some very pertinent global issues through this forum, he said, adding, Prime Minister Modi has said-Sustainability requires coordinated action for the global commons."
Speaking at the meeting, IIFCL Managing Director P R Jaishankar said, the priority areas of cooperation within the SCO IBC include implementation of projects with focus on infrastructure, basic industries, high-tech industries, export-oriented sectors, and social projects; and other areas of common interest.
The coming era will provide opportunities to the member states to grow and prosper together, which is in line with the theme of SCO under India's chairmanship 'For a SECURE SCO' that stands for Security of Citizens, Economic Development, Connectivity, Unity, Respect of Sovereignty and Integrity and Environment protection, Jaishankar said.
SCO member countries contribute about 30 per cent of global GDP and 40 per cent of the world's population.
India has been given the Presidency for the SCO (8-nation grouping) for 2022-23. The members of the grouping, founded in 2001 in Shanghai, are India, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan.
Observing that India has made significant progress in many Sustainable Development Goals, Jaishankar said the Indian economy has become a lot more formalized, and efficient implementation of welfare schemes has brought about inclusive development.
"In the 75th year of its independence, India stands before you, proudly, as the fifth largest economy of the world and is still rising as the strongest, most enthusiastic democracy," he said.
As per an IMF report, India's GDP growth in 2022 stood at 6.8 per cent as compared to major economies like the US at 1.6 per cent, the United Kingdom at 3.6 per cent and Europe at 1.9 per cent.
India's overall exports is expected to have grown at around 14 per cent year-on-year during 2022-23 to USD 770 billion.
Rapid digitisation of the economy and its acceptance at the social level has unleashed a new potential which has created new pathways for high growth, he said, adding, the government's capex-led growth strategy will enable India to keep the growth-interest rate differential positive, leading to a sustainable debt to GDP in the medium run.
The seven priorities of the Union Budget announced by Finance Minister Nirmala Sitharaman, also called Saptarishi' are - inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Under the leadership of the Prime Minister, he said, Pradhan Mantri Kaushal Vikas Yojana 4.0 is being launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
The year ahead marks yet another milestone in India's engagement in the SCO-IBC also coinciding with G-20 presidency for the country, which gives India a unique opportunity to strengthen its role in the world economic order, he said.
With the theme of Vasudhaiva Kutumbakam', which means The World Is One Family', he said, India is steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development.
India is on a mission to expand its global engagement taking advantage of its excellent manufacturing experience, high-quality talent and cutting-edge advanced technology attainments.
The main activities of the SCO IBC include organisation of financing of investment projects, cooperation with the leading economic structures operating in the SCO space, the exchange of experience and cooperation in the field of personal training.
IIFCL was nominated by the Department of Financial Services (DFS), Ministry of Finance in 2017 to represent India at the SCO Interbank Consortium (SCO IBC) and since then it has been participating in the forum.
In his closing remark IIFCL deputy managing director Pawan Kumar said , "Let us continue the high spirits of SCO IBC forum, with the hope of greater cooperation in areas of knowledge sharing and strengthening of partnerships."
Kumar also congratulated JSC Development Bank of Kazakhstan for becoming the chair of SCO IBC 2023-24.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
