Mumbai, Mar 13 (KNN) There is a need to ensure that the manufacturing sector of the country takes off with the types of demand raised by the global and domestic economy, said Minister of State, External Affairs, General (Dr.) V. K. Singh (Retd.).

Singh said that the world is flat, connected and that nations of the world are dependent on each other, raising the need for ensuring a greater synergy in what each nation does and benefits from.

General Singh was speaking at the inaugural session of ‘The Gateway of India Geoeconomic Dialogue’ 2018.

The Minister stressed that the global community needs to look seriously at the challenge of protectionism which is raising its head.

He said that in the interconnected world of today, this challenge has become bigger. He added that we need to ensure that all our policies lead to win-win solutions and protect us from protectionism.

General Singh said that on the domestic economic front, the Government has taken a number of steps to maintain a multilateral rule-based world trading order.

He said that the liberalization of FDI regime has resulted in growth in FDI as well as rise in the number of sectors that attract FDI.  He noted that steps taken by the Government to enforce contracts have given confidence to businessmen that their investments would be protected.

The Minister said that the Goods and Services Tax will yield even better results in times to come, through higher revenues, simpler processes for businesses and smoother provision of services.

He said that the Government is taking efforts to ensure that the system is continuously improved.

The Minister also noted how initiatives such as Sagarmala, UDAAN and the opening of Chabahar port are improving various types of connectivity and reducing transaction costs in India. (PIB Inputs)