GG News Bureau
New Delhi, 1st Dec. India’s focus on infrastructure is empowering the economy and giving it a fillip, said Piyush Goyal, Union Minister for Commerce & Industry while addressing the Inaugural session of ‘3rd India Debt Capital Market Summit 2023 – Onwards & Upwards’.
The Union Minister said that massive investments both from the government and from the private sector, directed towards infrastructure is boosting the infrastructural capabilities of the country.
He said a competitive source of financing is attracting investments from those who are looking for greater safety.
He said the stock market is also hitting a 4 trillion mark for the first time and India being amongst the top five global markets has huge opportunities. He pointed out that the country is the fifth largest economy in the world and the fastest growing economy at 7.6%, this quarter.
“The world trusts India today,” Goyal said, mentioning that the country stands at the cusp of a very bright future as a trusted partner of the world and as a vibrant democracy where people recognize and respect the rule of law.
Goyal said that in the Amrit Kal, we dream of a Viksit Bharat where we are on our journey towards developed and prosperous India. He said India will add $30 trillion to our 3.7 trillion by 2047.
Goyal said a resilient debt capital market will be the catalyst for innovation, entrepreneurship and infrastructure development.
Goyal urged the corporate world to Invest in India without the fear of missing out.
The Minister said between 2010 and 2013, there was weak macro-economic fundamentals, foreign exchange crisis and FCNR bonds were raised in 2013 paying a significantly higher interest rate on foreign currency borrowings, inflation used to persistent at elevated levels of 10%to 12%, bank debts was growing irrationally, fiscal deficits were high. It was then in 2014 when Prime Minister Narendra Modi took over.
“It was a holistic plan, which helped India double its foreign exchange reserves in the last 10 years,” he said, adding that the country is in a sweet spot today where it can be confident that for many years to come, it won’t have a crisis of the sort that was seen in 2013.
Goyal said that India has been able to increase exports of goods and services, almost 55% – from 500 billion in 2021 to 776 billion last year.