Piyush Goyal welcomes the world to participate in India's golden growth story
Oct 02, 2021
DUBAI: At a time when the whole world is coming together to recover from the pandemic and bring growth back on track, a resurgent India is ready to take on the responsibility of being the frontrunner in this revival process, said Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Piyush Goyal.
The minister was inaugurating the India Pavilion at Expo 2020 Dubai, which will showcase India's vibrant culture, along with the diverse partnership opportunities that the country is capable of offering.
"The reforms unleashed in the last seven years by the government under the guidance of Prime Minister Narendra Modi, and especially during the Corona period, are set to boost the country's manufacturing and exports potential and make India a global economic hub, besides strengthening its capabilities in the technology space. India is already a leading player in the global markets in IT, Pharma and space technology, and with the development of research and innovation capabilities, the country's prowess in these areas would help reap the benefits of new-age technologies like Artificial Intelligence (AI) and Robotics," said Goyal.
He added that the lessons learnt from the pandemic have also emboldened our confidence of surpassing any challenge in future with the help of our scientific and entrepreneurial research and development capabilities - whether it is development of pharma and healthcare products or running of the world's biggest vaccination program banking on the two indigenously produced vaccines, India has set several examples.
"From here, productivity will play a big role in achieving a sustained high growth phase, that India has already embarked upon, leaving behind the impact of Corona - GDP growth in the first quarter of FY22 at a record 20.1% against the contraction of 24.4% in the same quarter of FY21 is not only signaling a strong revival but also the potential for economic rebound in a big way, and grow at a rapid pace. We have a huge advantage in our young populace, and with the help of the New Education Policy (NEP), and its focus on skill development, the productivity levels in the country are set to rise substantially to support the growth objectives," Goyal said.
The minister congratulated the UAE leadership for being able to deliver this massive enterprise, EXPO 2020, despite the difficult times. Stressing on the significance of India's participation in EXPO 2020, Goyal said, "It is happening at a time when India is celebrating 75 years of its independence, and UAE is celebrating 50th year of its foundation. UAE is one of India's most valued partners and a close friend. EXPO 2020 will prove to be a landmark in strengthening the relationship between the two countries further."
"The ongoing celebrations of Amrit Mahotsav, 75 years of India's Independence, will also encapsulate Prime Minister Narendra Modi's clarion call of redefining India in the next 25 years (Amrit Kaal) with his renewed motto of "Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas"," he emphasized.
"The entire world is looking towards India as a trusted partner. We have intensified the reform process during the pandemic instead of being defensive and have laid a solid foundation for a sustainable and sustained high growth phase in the coming years. India, with its democratic values, extremely capable talent pool, technological prowess and growing appetite for learning and leadership, is all set to play an increasingly central role in the global affairs, trade and business," Shri Goyal said.
The minister added that those visiting the India Pavilion during the six months of EXPO 2020, till March 31, 2022, will get a glimpse of the country's ancient treasures, business achievements, innovations and leading opportunities with cutting-edge technologies.
"We are on the way to reaching and surpassing USD 400 billion exports per year target and a GDP growth that will take us to becoming a USD 5 trillion economy, and beyond. The next 25 years are set to symbolise India's golden growth phase," Goyal said, and invited the global community to be part of this resurgent 'New India' journey.
"The India Pavilion will showcase a modern, robust India - high on technology, while simultaneously exhibiting the beauty of Indian art, culture and cuisine during the 183 days that the event will run," he said.
While India-UAE trade has also been impacted by the pandemic, it was valued close to USD 60 billion in 2019-20 with UAE being India's third-largest trading partner, and UAE being India's second-largest export destination after the US, with an export value of approximately USD 29 billion in 2019-20.
UAE is also the 8th largest investor in India, having invested USD 11 billion between April 2000 and March 2021. India aspires to make significant progress in catalyzing the investments from UAE to India across the focus sectors, including Gems & Jewellery, Textiles, Pharma and IT.
"Over the years, UAE and India have built a strong relationship that goes beyond economic, cultural and political spheres. UAE has given opportunity to thousands of Indians to build their lives in the country, and Indians on their part have exhibited their expertise and contributed to the collective growth of the nation through several areas, including education, technology and entrepreneurship. Expo 2020 Dubai is set to galvanise this further," Goyal said.