Economic diplomacy can strengthen manufacturing sector, which is the most stable part of any economy: VK Singh

New Delhi, May 7 (KNN) India needs to focus on manufacturing sector more than the services sector to use economic diplomacy as a tool to strengthen the economy from grass roots, said Union Minister of State for External Affairs VK Singh while inaugurating the maiden edition of Deccan Dialogue, focusing on the theme “Economic Diplomacy for Development”.

The event was organized by Indian School of Business (ISB) in conjunction with Ministry of External Affairs.

Stressing on the MSME sector, according to a media report he said “economic diplomacy can strengthen the manufacturing sector, which is the most stable part of any economy”.

He pointed that the through economic diplomacy tools and instruments, we can leverage India’s demographic dividend and enable global movement of people, which will cater the manpower needs of the countries with aging population.

Moreover, he emphasized on the fast tracking technology infusion for sustainable economic growth of country.

Stating that India is doing well when the rest of the world is facing sluggish economy, the Minister said India being on the second phase of demographic dividend has played a crucial role in growth and advancement of the country along with vast markets.

He said there is an urgent need to use economic diplomacy at every level with each country; each one has their own strengths and resources.

Further he suggested that ease of doing business needs to be enhanced while improving connectivity of infrastructure.

The economic diplomacy can no longer be ignored and economic thrust will make India stronger and better, he added.

Voicing the concerns related to labor sector, he emphasized on the need to track growing labor mobility and protect the interests of workforce as well as prevent illegal migration.

Speaking at the occasion, he further emphasized on the need of a greater coordination between Ministries of External Affairs and Trade and Commerce besides enhancing cooperation with states to achieve economic strides in a sustainable manner. (KNN/YV)