India is back in business, can be world’s hub of industry & services: Piyush Goyal at IITF

New Delhi, Nov 14 (FN Representative) Minister of Commerce and Industry, Consumer Affairs and Textiles Piyush Goyal on Sunday pushed the country’s attractiveness as a destination for global trade and investment underlined by the country’s capability to become the world’s hub of industry and services and reach higher trajectory on quality, competitiveness and economies of scale. “The IITF will serve as an enabling platform to promote the mission of Atmanirbhar Bharat and encourage the idea of vocal for global,” Goyal said, inaugurating the 40th edition of the India International Trade Fair. “India has now become the ‘destination’ for investments,” Goyal said, pointing out the reasons why the world takes India as a trusted global partner in maintaining global supply chains. Despite the lockdown, India did not default on any service support to the global community and has received the highest ever FDI in the first four months of FY22, which is 62 per cent more than inflows received in the same period of FY21.

India registered the highest ever exports in the period of April-October 2021 at 232 billion dollars, which is 54 per cent more over the exports in the same period of FY21. International rating agency Moody’s has also upgraded India’s sovereign rating outlook to ‘stable’ from ‘negative,’ GST collections surged to Rs 1.3 lakh crore in October, manufacturing PMI rose to 55.9 in October and Services PMI reached a decade high of 58.4 last month. Goyal listed five major sutras of Bharat — economy, exports, infrastructure, demand and diversity, which along with better infrastructure and demand for good development, will become the pivot of economic resurgence. The Minister highlighted that India is implementing the largest vaccination drive in the world with more than 110 crore doses being administered, 500 crore to be produced next year and 5-6 vaccines will be made in India, including the world’s first nasal vaccine and the first DNA vaccine. “India will provide vaccine security and make the world a safer place. India will ensure that every part of the world gets equitable vaccine to get safe,” Goyal said.