PIB | 25 May, 2023
Minister of Commerce and Industr Piyush Goyal said that India has emerged
from the shadows of the past and is being looked upon as the bright
spot by the world.
During his address at the CII Annual Session 2023,
“Future Frontiers: Competitiveness, Technology, Sustainability and
Internationalization” in New Delhi , the Minister said that with
adequate focus on innovation, quality and talent of the people, sky's
the limit for growth of India.
Goyal said that it is
incumbent to educate and enlighten the population as the demographic
dividend with its technological and managerial talent is a treasure for
Minister said that Prime Minister Shri Narendra Modi is hailed as the
leader of the global South and 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.
said that 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. He said that this is a new India which engages with
the world from a position of strength believing in its capabilities and
Goyal 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. Shri
Piyush Goyal said that interest rates in other developed countries are
almost at par with India now.
Goyal 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
Goyal said that the increased export basket will help India increase
surpluses and reduce deficits. 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.