AMN / WEB DESK
Union Minister Piyush Goyal who is on official visit to Saudi Arabia today engaged with the Indian diaspora, government officials, and business leaders in Riyadh to advance the India-Saudi Arabia partnership, promoting trade, cultural exchange, and mutual investment.
His visit coincided with Diwali and the closing ceremony of Pravasi Parichay, an initiative aimed at connecting Indian expatriates in Saudi Arabia with their cultural roots.
A highlight of the visit was the inauguration of the “One District One Product” (ODOP) Wall at the Indian Embassy. The ODOP initiative, championed by the Indian government, aims to showcase district-specific products-such as Kolhapur’s leather slippers, Moradabad’s brassware, and Ladakh’s apples-on global platforms. Goyal highlighted how ODOP has transformed regions across India into “Made in India” hubs, enabling international audiences to experience India’s rich artisanal diversity and providing sustainable livelihoods for Indian craftsmen.
“Through partnerships with global retail chains, we are enhancing visibility for local Indian products,” Goyal explained. He urged the Indian community in Saudi Arabia to support the initiative by gifting ODOP products, thereby creating awareness of Indian heritage among local friends. He also encouraged Indian families abroad to consider hosting weddings in India and promoting Indian tourism, underscoring how such initiatives can boost the Indian economy and support local communities.
Acknowledging the Indian diaspora’s contributions, Goyal applauded their significant role in sustaining India’s economy through remittances and cultural influence. He noted that India received $125 billion in remittances in the past year alone, the highest in the world, with nearly 10% of these contributions originating from the Indian community in Saudi Arabia. This financial support, he said, strengthens India’s position as a major global economy and helps achieve the vision of a prosperous India.
In an interactive session with members of the Institute of Chartered Accountants of India (ICAI) in Riyadh, Goyal encouraged them to adopt best practices, engage with local communities, and actively contribute to strengthening India-Saudi economic relations. “Your behavior, value systems, and professional ethics are critical in building India’s image,” he remarked, recognizing the Indian community as “ambassadors” who shape the perception of India abroad.
In his address, Goyal detailed India’s economic journey, highlighting achievements under Prime Minister Narendra Modi’s leadership. He reflected on the transformation of India’s economy from a fragile state in 2014 to the world’s fifth-largest economy today. “From facing a foreign exchange crisis, we now hold the world’s fourth-largest reserves, with $700 billion in foreign exchange,” he emphasized. Citing GDP growth of over 8% annually in the last three years and a reduction in inflation from double digits to 4-5%, Goyal illustrated India’s strong macroeconomic fundamentals and resilience.
The minister projected that by 2027, India would become the world’s third-largest economy, with a goal to reach $35 trillion by 2047, marking a tenfold increase from the current $3.5 trillion. Goyal outlined India’s “four Ds” that underpin this growth: Democracy, Decisive Leadership, Demographic Dividend, and Demand. “With a young and aspirational population, we have a unique advantage,” he explained, highlighting the vast domestic and international demand for Indian goods and services.
Beyond cultural ties and diaspora engagement, Minister Goyal’s visit aimed to enhance India-Saudi Arabia bilateral relations. His discussions with Saudi leaders and business representatives focused on trade, investment, and cross-border collaboration. “Saudi Arabia is an essential partner for India in realizing our economic and strategic goals,” Goyal remarked, emphasizing the mutual benefits of a strong partnership, particularly in energy, infrastructure, and technology.
He underscored Saudi Arabia’s favorable view of the Indian community, known for its law-abiding, harmonious, and non-interfering nature. According to Goyal, Saudi officials consistently express admiration for the Indian diaspora’s integration and peaceful coexistence, further strengthening ties between the two nations.