India being looked upon as the bright spot by World: Piyush Goyal

NEW DELHI: Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that India has emerged from the shadows of the past andisbeinglookeduponasthebrightspotbytheworld.

During his address at the CII Annual Session 2023, “Future Frontiers: Competitiveness, Technology, Sustainability and Internationalization” in New Delhi today, the Minister said that with adequate focus on innovation, quality and talent of the people, sky's the limitforgrowthofIndia.ShriPiyushGoyalsaidthatitis incumbent to educate and enlighten the population as the demographic dividend with its technological and managerialtalentisatreasureforthecountry.

The Minister said that Prime Minister Shri Narendra Modi is hailed as the leader of the globalSouthandIndiaisemergingasthegloballeader of the developing countries. He highlighted that many countriesacrosstheglobearekeenonfast-trackingthe FTAs with India now. Shri Goyal said that India is now not just talking but negotiating with Canada, EFTA, UK, EU over FTAs and this shows the increased importanceofIndiaintheglobalorder.Hesaidthatthis is a new India which engages with the world from a position of strength believing in its capabilities and calibre.

Shri Piyush Goyal stressed upon expanding internationaloutreach,bringinginnovationandtechnology fromacrosstheworldtograbtheopportunitiesavailablefor growth. He encouraged businesses to invest and engage with world markets through quality products and using Indian missions abroad. The Minister highlighted that India’sG20Presidencyisanopportunityforthebusinesses to expand markets with open mind and engage with the worldwithconfidence.

Shri Goyal said that the target of achieving US$1TrillionexportofgoodsandUS$1Trillionofservices isamodesttargetnow.Hesaidthattheoverallexportshad been at US$ 500 Billion for almost a decade and reached US$676Billionlastyeardespitethedifficultiesbeingfaced across the world. The Minister said that the overall exports of US$ 776 Billion in FY 2022-23 with US$ 450 Billion of merchandise exports and US$ 326 Billion of services exports is a laudable achievementforthecountry.

Shri Goyal said that the increased export basket will helpIndiaincreasesurplusesandreducedeficits.Hesaid that now is the opportunity for businesses and industry to establishleadershipinglobaltrade.TheMinistersaidthat businesses should look for reliable partners in the supply chain, focus on comparative advantage, acquire technologyandworkinthespiritofcollaboration.