Union Minister for Commerce and Industry, Piyush Goyal, recently urged the Indian business community to invest in India, highlighting the country’s strong economic foundation and growth potential. He emphasized that India has a history of never defaulting on its financial obligations, making it a safe and attractive destination for investments.
Minister Goyal pointed out the tremendous growth potential for job creation in India. He mentioned that Non-Resident Indian (NRI) deposits saw a significant inflow of $3 billion between April and May this year, which is four times higher than the same period last year. This surge in investments indicates confidence in India’s economic stability.
Goyal assured investors that India’s sovereign bonds are a safe investment option, especially considering the current interest rates in the US. He emphasized that India offers a unique combination of growth, safety, and a stable currency, making it the best time to invest in the country’s development.
The Minister expressed confidence that India will continue to be the world’s most preferred destination for investment and manufacturing. He urged the Indian community to believe in India’s potential and trust in Prime Minister Modi’s vision for the future, assuring them that the country’s economic future is bright.
Strengthening India-US Relations
Goyal described the current period as a golden era for India-US relations. He highlighted the synergies between the business ecosystems of both countries, noting that the US and Europe are expected to invest in India’s infrastructure and talent pool. This collaboration presents significant opportunities for growth and development.
The Indian government is seeking collaboration with the US in the semiconductor sector and related components. Goyal reiterated PM Modi’s commitment to responsible artificial intelligence (AI), stating that both countries are working together to ensure the responsible use of AI.
IndiaAI Mission: A Major Investment in AI
The Cabinet has approved over Rs 10,300 crore for the IndiaAI Mission, aimed at strengthening India’s AI ecosystem over the next five years. This investment will support various initiatives, including the IndiaAI Compute Capacity, IndiaAI Innovation Centre (IAIC), IndiaAI Datasets Platform, IndiaAI Application Development Initiative, IndiaAI FutureSkills, IndiaAI Startup Financing, and Safe & Trusted AI.
Goyal praised the government’s efforts in infrastructure development, noting the numerous projects transforming business operations and commuting in the country. He highlighted India’s economic progress, moving from the 11th largest economy to the 5th largest economy globally.
The Minister projected that by 2027-28, India will become the third-largest economy in the world. Currently, India is one of the fastest-growing major economies and is ranked as the world’s sixth-largest economy. The Ministry of Commerce and Industry stated that India’s economic performance indicates the potential to achieve a USD 5 trillion economy by 2025.
The Ministry outlined ambitious targets for the future, aiming to generate 1 trillion dollars from agriculture and allied activities, 1 trillion from manufacturing, and 3 trillion from services. This structure highlights the emerging dynamics and growth potential of the Indian economy.
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