New Delhi: Union Commerce and Industry Minister Piyush Goyal said the Indian economy continues to remain resilient despite global geopolitical and economic uncertainties, asserting that India is still the world’s fastest-growing major economy.
Addressing the annual summit of the Confederation of Indian Industry (CII) in New Delhi, Goyal said India currently has nearly 11 months of import cover in foreign exchange reserves and is expected to achieve record exports of around USD 863 billion this year.
The minister said India has consistently converted crises into opportunities and stressed that the present global situation should encourage the country to become more efficient, productive and self-reliant. Referring to the vision of “Atmanirbhar Bharat”, he urged industry and the government to work together to strengthen India’s economic growth story.
Highlighting infrastructure and energy initiatives, Goyal said measures such as the LED energy-efficiency programme are helping India save nearly USD 10 billion annually. He also stressed the need to reduce wastage, improve productivity and promote public transport systems including metro and rapid rail networks.
Goyal said the nine free trade agreements signed with 38 countries over the last three-and-a-half years would help attract investments and boost exports. He added that India’s competitive manufacturing capabilities and skilled workforce would help the country gain from global markets.
The minister also encouraged industries to adopt artificial intelligence, robotics and quantum computing to improve productivity and business expansion. He noted that nearly 1,800 Global Capability Centres (GCCs) are currently operating in India and their exports are growing rapidly.
Calling for greater emphasis on innovation and quality, Goyal urged industries to move from “assembled in India” to “designed, engineered and manufactured in India” and work towards achieving the target of USD 2 trillion in exports in the coming years.
