Piyush Goyal hails huge domestic markets, invites global investors to India

Union Commerce and Industry Minister Piyush Goyal on Wednesday hailed the large domestic markets in the country as he invited global investors in India. The union minister said foreign investors can take benefits from the huge domestic market and the favorable business environment in the country. In his keynote address at 'India: Drivers of Change' Conference, Goyal also said that India offers fair value for investments and is a trusted partner in the global value chains.

'Transparent system and open democracy'

The union minister further said India has a transparent system and open democracy. "India is targeting to achieve a rightful place in the comity of nations. The Government is working as a team, breaking departmental silos," he added, according to a release by the Ministry of Commerce and Industry.

Goyal said that there are large business opportunities in the country and bold decisions are being taken to empower the businesses to think big and bold as well as explore unchartered territories and businesses.

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PMI at a high level

During his address, the union minister also spoke about the Indian economy coming out of the COVID setback. According to the minister, several datasets indicate that the country is returning back to business.

"The Purchasing Managers' Index (PMI) is at a high level, not seen for a long time. Similarly, the Services index has also gone up. The GST collections in October were 10 percent more than the corresponding period of last year. Similarly, Indian exports were up by 5 percent in September. After a small dip in October, the exports in the first week of November have also shown 22 per cent growth," said Goyal.

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He further asserted that the Imports are picking up which indicates that the economic activity is normalising. The railway freight in the last two months has been 15 percent more than the corresponding period of the last year and the recent results of the Indian companies for the last quarter also show that things are returning back to normalcy, he added.

Furthermore, the Minister also said that the Start-up culture in the country has really gained pace. People of India are aspiring to become job-creators rather than job-seekers, he said. He also emphasised 4 Cs-Courage, Competence, Confidence and Compassion and said India is set to become a 5 trillion dollar economy by 2025.

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(With ANI Inputs; Image Credit -PTI)