The country in gradually moving towards becoming a high-technology manufacturing economy: Shri Piyush Goyal
Minister congratulates startup entrepreneurs for creating 100 unicorns
Union Minister for Commerce and Industry, Consumer Affairs and Food and Public Distribution and Textiles, Shri Piyush Goyal urged industry members to invest in India while speaking of India’s ‘limitless possibilities and countless opportunities for domestic and international investors’ which has been made possible by the collective efforts of industry and the Government. 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 today.
Speaking about the Government’s efforts, the Union Minister said, “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. Reduction in Corporate Tax rates, improving Ease of Doing Business, FDI Policy reforms, Reduction in Compliance Burden, PM Gati Shakti, Make in India, are some of the initiatives the Centre has taken to encourage investments.
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”.
Shri Goyal stated that India’s overall exports are at an all time high at near 675 billion US dollars with a record GST collection of Rs 1.68 lakh crore in last April and Manufacturing PMI at 54.7 and Services PMI at 57.9. All of these are reflective of Indian economy’s revival, he added. “A closer look at the export trends indicates that the country in gradually moving towards becoming a high-class, high-technology manufacturing economy”. He further said that this also reflects the huge potential that investors have when they come to India.
Noting that a few days ago, India had hit a century of unicorns, the Minister congratulated all the startup entrepreneurs of India for this unique feat.
Speaking about recently concluded FTAs, Shri Goyal informed that India-Canada Early Progress Trade Agreement, India-EU FTA, India-UK FTA are other trade deals with the developed nations are in pipeline. The Minister noted that the India-UAE FTA, which came into effect this month, will provide a large market to our labour 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. “For the first time in a decade, we are making massive progress in trade deals with developed nations’, he remarked.
“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”
Shri Goyal also stated 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.
The Minister lauded IMC for playing an important role in India’s independence and its growth story for 115 years since its establishment in 1907. He reminisced that IMC which was established by Merchants who came together to support Swadeshi Movement, had championed the cause of Aatmanirbharta from early days. He noted that IMC had helped Gandhiji, who was its honorary member, in Swadeshi Movement and told IMC that its support will be crucial in Aatmanirbhar Bharat Jan Aandolan as well.
The Minister expressed hope that the Conference would help connect Indian businesses and international investors, manufacturers, service providers who would consider working together, investing and manufacturing in India and serving the world from India.
The diginitaries who participated in the industry-meet included Additional Secretary (ER and DPA) in the Ministry of External Affairs Shri Prabhat Kumar, MD and CEO of Invest India Shri Deepak Bagla and IMC President Shri Juzar Khorakiwala.