Union Minister Piyush Goyal: The country in gradually moving towards becoming a high-technology manufacturing economy

Government is working to capitalise on demographic dividend to have investment-driven, export-led growth with greater engagement with the rest of the world in years to come: Shri Piyush Goyal.

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The Union Minister for Commerce and Industry, Consumer Affairs and Food and Public Distribution , Piyush Goyal in an address to a conference stated. Due to current government policies Make In India, FDI policy reforms. And Reduction in Corporate Tax rates have given considerable results. Improving Ease of Doing Business, Reduction in Compliance Burden. PM Gati Shakti has gradually improved the rate of investment in India.

Such policies have attracted foreign investors to invest in the Indian market. India is a land of ‘limitless possibility and countless opportunities for domestic and international investors’. He was addressing the inaugural Session of. ‘Indian Merchant’s Chamber (IMC) India Calling Conference-Unleashing Opportunities – Why Invest in India virtually from New Delhi, Friday.

He said, “Today, India is an island of stability amid ongoing global disturbances. Solid structural reforms, macro-economic stability, predictable policy & business friendly reforms make India world’s most open, investment friendly economy”. In this context he also said. “Innovation has been one of the key themes of our Government. Be it governance, welfare delivery, or entrepreneurship, we are constantly trying to reform and innovate”.

Union Minister Piyush Goyal on Indian economic growth

He further stated. That export trends show that India is gradually moving towards becoming a high class high technology manufacturing economy.

Speaking about recently concluded FTAs he said. That the recent FTA’s with developed nations would bring large market to our labor intensive exports. And is expected to increase bilateral trade in goods to $100 bn. The India Australia ECTA aims at boosting bilateral trade to $100 bn. By 2030 from current level of  around $27.5 bn, he further said.

“FTAs are providing huge opportunities for businesses. Across the developed world and in India, to support each other’s economies. Needs, to create jobs in a big measure in India and the counterparty countries. Therefore, what we are looking for is a fair, equitable win-win transactions. With all countries with whom we are expanding our engagements”.

 Union Minister Goyal also said that in the last 6 years or so, India saw a record FDI, and particularly in 2020-21, which saw the highest ever FDI of 82 billion US dollars flowing into India.