The Business Bytes
TBB BUREAU
NEW DELHI, JULY 15, 2022
India is determined to boost cooperation with Shanghai Cooperation Organisation (SCO), said Union Minister for Heavy Industries Dr. Mahendra Nath Pandey, while virtually attending the second meeting of Ministers of Industry of the member states of Shanghai Cooperation Organisation in Uzbekistan.
The second meeting of Ministers of Industry of the Shanghai Cooperation Organisation was held in Uzbekistan today with Uzbekistan being the host nation. SCO has China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan, India & Pakistan as full-time member nations.
During the meeting, the Minister highlighted that India would continue to play an active, positive and constructive role in the organisation. He also reiterated India’s commitment to collaborate with industrialists of SCO member countries to explore mutually beneficial opportunities.
The Minister further stated that by walking together and with mutual cooperation, we can give new direction to socio-economic and industrial development in the region. He said that it is because of this desire for the development of the SCO region, India has prepared the ‘Draft Program for Promotion of Industrial Cooperation among Business Worlds of SCO Member States and the Regulations for the Organization and Organizing of Exhibition Programs’ at the Industry Ministers’ Session of the SCO Member States.
Dr. Pandey emphasized upon India’s robust industrial environment and reiterated that despite disruptions due to the COVID-19 pandemic, its performance had significantly improved in 2021-22. He said that the share of mining & quarrying, manufacturing & construction in India’s GDP is now 28%. “Under the inspirational leadership of Hon’ble Prime Minister, the government has drawn up a comprehensive program for industrial rejuvenation to remove long-standing bottlenecks arising due to inadequate infrastructure & sluggish business processes,” he said.
He also highlighted that various labour market reforms have also been introduced to improve the industrial environment in the country.
