The Business Bytes
TBB BUREAU
NEW DELHI, MAY 24, 2023
India has emerged from the shadows of the past and is being looked upon as the bright spot by the world, said Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal, here on Wednesday.
Addressing the CII Annual Session 2023 “Future Frontiers: Competitiveness, Technology, Sustainability and Internationalization”, the Minister said that with adequate focus on innovation, quality and talent of the people, sky’s the limit for growth of India. “It is incumbent to educate and enlighten the population as the demographic dividend with its technological and managerial talent is a treasure for the country,” he said.
Goyal said that India is emerging as the global leader of the developing countries. He highlighted that many countries across the globe are keen on fast-tracking the FTAs with India now. “India is now not just talking but negotiating with Canada, EFTA, UK, EU over FTAs and this shows the increased importance of India in the global order,” the Minister said, adding that “this is a new India which engages with the world from a position of strength believing in its capabilities and calibre.”
The Union Minister further said that over the last 9 years a successful journey has been undertaken by the Government, Regulators and the people to bring back the economy on track. He said that 9 years ago, there were many challenges stalling the economic development of India and at that time India was amongst the fragile 5 countries in the world, but the 9 years of government under the leadership of Prime Minister Narendra Modi has led to transformation beyond imagination.
Goyal said that people expected the Government to be populist but the Government under Prime Minister Narendra Modi chose to take hard decisions to bring the economy back on track and up the morale of the public by bringing in structural fundamental macroeconomic reforms that promised long lasting benefits for the country.
The Minister said that today India is the fastest growing economy of the world with low inflation and strong foreign exchange reserves. He said that the last 9 years have been unprecedented as inflation has been consistently under control in the range of 4-4.5% except for a short period last year.
He stressed upon expanding international outreach, bringing innovation and technology from across the world to grab the opportunities available for growth. He encouraged businesses to invest and engage with world markets through quality products and using Indian missions abroad. The Minister highlighted that India’s G20 Presidency is an opportunity for the businesses to expand markets with open mind and engage with the world with confidence.
Goyal said that the target of achieving US$ 1 trillion export of goods and US$ 1 Trillion of services is a modest target now. He said that the overall exports had been at US$ 500 Billion for almost a decade and reached US$ 676 Billion last year despite the difficulties being faced across the world. The Minister said that the overall exports of US$ 776 Billion in FY 2022-23 with US$ 450 billion of merchandise exports and US$ 326 billion of services exports is a laudable achievement for the country.
He said that now is the opportunity for businesses and industry to establish leadership in global trade. The Minister said that businesses should look for reliable partners in the supply chain, focus on comparative advantage, acquire technology and work in the spirit of collaboration.
