In his address today at Conference ‘India: Drivers of Change’ organised by the Bank of America on Wednesday, he said that the country offers fair value for their investments.
Goyal said that India is being seen as a trusted partner in the global value chains.
“India has a transparent system and open democracy. India is targeting to achieve a rightful place in the comity of nations. The Government is working as a team, breaking departmental silos,” he added, according to a release by the Ministry of Commerce and Industry.Goyal said that there are large business opportunities in the country.
“Bold decisions are being taken to empower the businesses to think big and bold, and explore unchartered territories and businesses,” he added.
Talking about today’s cabinet decisions, Goyal said that approval has been given to introduce the Production-Linked Incentive (PLI) Scheme in the 10 key sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat.
“PLIs announced earlier for the telecom, APIs and medical devices have got encouraging response. The incentives will help India in becoming strong, self-sufficient, self-reliant, and meeting our domestic needs as well as for exporting. The government will do the hand-holding for these sectors over the next 5 years,” he said.
Goyal said that the Indian economy is coming out of the Covid setback, and several datasets indicate that the country is returning back to the business.
“The PMI index is at a high level, not seen for a long time. Similarly, the Services index has also gone up. The GST collections in October were 10 per cent more than the corresponding period of last year. Similarly, Indian exports were up by 5 per cent in September. After a small dip in October, the exports in the first week of November have also shown 22 per cent growth,” he said.
“Imports are also picking up, showing that economic activity is normalizing. The railway freight in the last two months has been 15 per cent more than the corresponding period of the last year. The recent results of the Indian companies for the last quarter also show that things are returning back to normalcy,” he added.
The Minister said that the Start-up culture in the country has really gained pace, giving impetus to the spirit of innovation and entrepreneurship, and now people of India are aspiring to become job-creators rather than job-seekers.
Goyal emphasised on 4 Cs-Courage, Confidence, competence, and compassion. He said that India is set to become 5 trillion dollars economy by 2025, and set the bar to 10 trillion dollars in the next seven to eight years.
On Atamnirbhar Bharat campaign, he said that this is meant to not only make India self-reliant but also engage with the world from a position of strength.