India is most favoured nation for investment, with growth safety and stable currency: Piyush Goyal
Jul 20, 2024
New Delhi [India], July 20 : Invoking the Indian business community to invest in India, Union Minister for Commerce and Industry Piyush Goyal said that since India has never defaulted in its history, it is the best time to invest in the development of the country.
The Union Minister said, "Investing in India has tremendous growth potential for jobs and driving the immense growth potential. NRI deposits saw a $3 billion inflow between April and May of the current year. It was four times what it was last year. India has never defaulted on its sovereign bond, which is a very safe investment. Considering the US interest rates, I can ensure that there is no better country to invest in with growth, safety, and stable currency."
"India will continue to lead the world economy as the most preferred destination for investment, most favoured destination for manufacturing. Believe in India, believe in PM Modi and I assure you that the future is bright," the Union Minister said, interacting with the Indian community.
Goyal described India-US relations as the golden era and stated that the current relationships have resulted in an opportunity for synergies for the business ecosystem between both countries.
He said that the US and Europe will once again be investing in India's infrastructure and Indian talent.
Goyal further stated that the government is looking for collaboration with the US in the area of semiconductors and associated components. Reiterating PM Modi's commitment to responsible artificial intelligence (AI), he said that both countries are looking to work together for the responsible use of AI.
The Cabinet has approved an allocation of over Rs 10,300 crore for the IndiaAI Mission, marking a significant step towards bolstering India's AI ecosystem. This substantial financial infusion, slated over the next five years, is poised to catalyse various components of the IndiaAI Mission, including pivotal initiatives like the IndiaAI Compute Capacity, IndiaAI Innovation Centre (IAIC), IndiaAI Datasets Platform, IndiaAI Application Development Initiative, IndiaAI FutureSkills, IndiaAI Startup Financing, and Safe & Trusted AI, as per an official statement of Ministry of Electronics & IT.
Lauding the endeavours of the government for infrastructure development the Minister said, "You will see huge infrastructure projects going on in the country which is transforming the way business works, and the way people commute."
He also described the upliftment of the economy from the 11th largest economy to the 5th largest economy
He further said, "In the next three years by 2027-28, we will be the third largest Gross Domestic Product (GDP) economy in the world."
India is one of the fastest-growing major economies and is currently ranked as the world's sixth-largest economy.
Ministry of Commerce and Industry in its official statement has stated that the economic performance of the country is indicative of the potential of India to achieve a USD 5 trillion economy by 2025. The Ministry said that the current structure of the economy and the emerging dynamics provide us grounds to target achieving 1 trillion dollars from agriculture and allied activities, 1 trillion from manufacturing and 3 trillion from services.
