India trusted partner of the world, says Piyush Goyal; highlights stable economic condition
PremiumPiyush Goyal also said that growth rates in India suggest that the country to become a $30 trillion economy in 30 years.
Union Commerce and Industry Minister Piyush Goyal on 5 September highlighted India's stable economic conditions during COVID-19 pandemic and said that the country has emerged as the trusted partner of the world.
The minister is on a six-day visit to San Francisco and Los Angeles starting from 5 September to attend the India-US Strategic Partnership Forum conference and Indo-Pacific Economic Framework (IPEF) ministerial meeting.
Speaking at a luncheon interaction with the Institute of Chartered Accountants of India (ICAI) where he launched six new chapters in Arizona, Austin, Los Angeles, Michigan, North Carolina and Ohio, he said, "Today with the kind of structural reforms that happened in India, the island of stability that India offers, amidst the global disturbances, India is holding strong, growth is continuing to be amongst the highest in the large economies, inflation relatively being less than other parts of the world, particularly the developed countries."
While the world is still recovering from the COVID-19 pandemic, India has emerged as a stable economy. With game-changing economic reforms in India, Goyal urged Chartered Accountants to present the tremendous investment opportunities back home to their clients & be ambassadors of Brand India.
"We've had a small bump in the last few months. Post-COVID, coupled with conflict b/w Ukraine & Russia, there's an increase in inflation across the world. Even in developed countries, inflation is now at 10-11 percent as compared to India, which ranges between 6 -7 percent, the Union Minister said.
He also urged CAs to be ambassadors of 'Brand India'. "Spread the message of One District One Product," he said, adding, "Would appeal to all of you to choose 'Made In India' goods for gifting."
Her further added, "With a stable environment, India has become probably one of the world's most attractive investment destinations. The trusted partner in the works and it is evident in the way world leaders and developed countries are making every effort to expand their engagement with India -- looking for bilateral agreements, to expand trade with India investments into India.".
Inflation in India is at about 6-7 per cent. Consumer Price Index (CPI) is up by about 6.7 per cent by the last account. This is lower than what it used to be 10 years ago. Post-2014, India has focused on inflation, the Reserve Bank of India (RBI) and the central government entered into a formal agreement mandating the RBI to maintain inflation as a primary focus of its activities. Since 2014, India has seen inflation at an average of about four and a half per cent, probably the lowest since independence.
Goyal also said that growth rates in India suggest that the country to become a $30 trillion economy in 30 years.
"There is renewed enthusiasm to expand the frontiers of economic activity. Growth rates in India suggest we are on course to become a $30 trillion economy in 30 years," he said.
Adding that India has become world's most attractive investment destinations, he said, "World leaders & developed countries are making efforts to expand their engagement with India - looking for bilateral agreements, to expand trade with India."
He underscored the economic changes in India and discussed economic reforms in India like the implementation of GST. Moreover, there is renewed enthusiasm to expand the frontiers of economic activity.
"You're all aware of the game-changing economic reforms that have happened in India -- the Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC). The effort to decriminalize laws and make it easier to do business. The fact that we are trying to reduce compliances significantly. The low corporate tax for new businesses coming into India. The removal of the dividend distribution tax which was a deterrent for international investment into India because they were paying almost 22 per cent on their dividends and that was not getting a tax set off on the Double Tax Avoidance (DTA)," said Goyal.
He also underscored the importance of the single window system that was launched in September 2021 as a one-stop digital platform that aimed at allowing investors to apply for various pre-operations approvals required for commencing a business in the country.
"The single window that we have tried to create all of these are clearly pointing to a very renewed enthusiasm in India to expand the frontiers of business economic activity. I very often said that as growth rates in India are suggesting we will be a USD 30 trillion economy in the next 30 years. You take an 8 per cent growth rate and extrapolate the current USD 3.3 trillion economy and you're looking at 30 trillion and a very conservative way to probably see the Confederation of Indian Industry (CII) predicted it to be anywhere between USD 35 and USD 45 trillion by 2047," said Goyal.
Goyal visited the iconic Gadar Memorial in San Francisco. "I stand at the Gadar Memorial today, with a deep sense of gratitude to our forefathers who sacrificed 'all' for our beloved motherland. I pledge to serve India in the 'Amrit Kaal', to become a developed & prosperous nation. Jai Hind!" tweeted Goyal. Gadar Memorial site in San Francisco is home to the Hindustan Gadar Party - mostly comprised of Freedom fighters who had left India and migrated to North America and used to gather at this place to plan a rebellion against the British Raj during the early 20th century.
Earlier, Goyal also paid a floral tribute to the Father of the Nation - Mahatma Gandhi in San Francisco.
"The difference between what we do and what we are capable of doing would suffice to solve most of the world's problems. As I pay tributes to Mahatma Gandhi in San Francisco, I take pride in India's efforts and abilities to shape a more equitable and prosperous world," tweeted Goyal.
The Union Minister while paying tribute to the 8-foot tall sculpture, a gift from the Gandhi Memorial International Foundation to the city of San Francisco said, "What better way to begin this visit, than paying tribute to Mahatma Gandhi."
(With inputs from ANI)
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