SME Times News Bureau | 06 May, 2022
Union
Minister for Commerce and Industry 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".
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, 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"
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 Juzar Khorakiwala.