IANS | 01 Dec, 2023
Union Commerce Minister Piyush Goyal on Friday urged corporates to
increase investments in India as the country was "at a sweet spot" with
massive development of infrastructure driving the economy.
Adressing
the Inaugural session of ‘3rd India Debt Capital Market Summit 2023 -
Onwards & Upwards’, Goyal said: “Competitive source of financing is
attracting investments from those who are looking for greater safety.
The stock market is also hitting a 4 trillion mark for the first time
and India being is amongst the top five global markets with huge
opportunities.”
Massive investments both from the government and
private sector in India’s infrastructure projects were empowering the
country’s economy and giving it a fillip, he said.
Goyal urged the
corporate world to invest in India as the country stands at the cusp of
a very bright future as a trusted partner of the world and as a vibrant
democracy.
“India is in a sweet spot today where it can be
confident that for many years to come, it won't have a crisis of the
sort that was seen in 2013,” the Union Minister added.
He pointed
out that the India is the fifth largest economy in the world and the
fastest growing economy at 7.6 per cent, this quarter.
Goyal said a
resilient debt capital market will be the catalyst for innovation,
entrepreneurship and infrastructure development.
He noted that
massive urbanisation will happen over the next few decades as Tier 2
cities are also going to become metropolitan cities. Rural Areas incomes
are rising, raising spending power across the country.
Futuristic sectors like AI, semiconductors, electric vehicles, will be powering our future.
Green
and sustainable energy will be the way forward and the capital markets
and debt markets are playing their role in our energy transition to a
low carbon economy.
He said India will add $30 trillion to our $3.7 trillion by 2047.
The
Minister also observed that India has been able to increase exports of
goods and services, almost 55 per cent - from 500 billion in 2021 to 776
billion last year.
“Although two conflicts were going on around
the world and there is a prospect of recession in the developed
economies, I am confident of growth in the export numbers even in the
current year,” Goyal added.
