By Andalib Akhter
Union Minister of Commerce and Industry, Consumer Affairs Piyush Goyal on Wednesday said that India has emerged from the shadows of the past and is being looked upon as the bright spot by the world.
“This is a New India, an India that engages with the world, from a position of strength and with full confidence. We believe in our abilities and capabilities. We can take on any challenge on Earth. That is the India we represent today,” stated Goyal, while addressing the Opening Plenary Session of the CII Annual Session 2023, being held on 24 & 25 May 2023 in New Delhi.
Minister added that for investment, growth and international outreach opportunities, focus should be on quality, innovation and talent of the people.
Goyal said that people expected the Government to be populist but the Government under Prime Minister Modi chose to take hard decisions to bring the economy back on track and up the morale of the public by bringing in structural fundamental macroeconomic reforms that promised long lasting benefits for the country. The Minister said that today India is the fastest growing economy of the world with low inflation and strong foreign exchange reserves. He said that the last 9 years have been unprecedented as inflation has been consistently under control in the range of 4-4.5% except for a short period last year.
Goyal said that interest rates in other developed countries are almost at par with India now.
He also mentioned that CII represents the face of a compelling India, which is today looked upon as a bright spot in the world.
“The free trade agreements are a two-way traffic in the new India, with negotiations underway with UK, Canada, the European Union and the four EFTA countries”, he further stated.
Hon’ble Minister stressed that India’s democracy, people’s talent, and our managerial skills are displayed over the world. The grit & sheer determination coupled with the aspiration of 140 crores Indians is what is going to power the future of India and make India a truly global power to reckon with.
Mr Sanjiv Bajaj, President, Confederation of Indian Industry said that “the Government and Industry must partner by creating facilitative policy frameworks that promote ease of doing business, innovation, entrepreneurship and job creation, and also lower the cost of doing business.
The Government should partner with industry for R&D, technology and innovation, including emerging technologies, for societal welfare and enhancing productivity. We must work on internationalization of Indian industry by enhancing competitiveness, ensuring adequate infrastructure and finance for exports, and overseas investments”.
The Opening Plenary was also attended by Mr R Dinesh, President Designate, Confederation of Indian Industry, Mr Sanjiv Puri, Vice President, Confederation of Indian Industry and Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry.