India would be an “island of stability” amongst global uncertainties, says Piyush Goyal | The Financial Express

India would be an “island of stability” amongst global uncertainties, says Piyush Goyal

“But, India is not satisfied with only being the fastest growing economy. We are aiming for smart, sustainable and equitable growth,” the minister pointed out.

India would be an “island of stability” amongst global uncertainties, says Piyush Goyal
He said rolling out of 5G in the country would contribute over $450 billion to the Indian economy in the next few years. "We shall soon roll out 5G in the country and that would boost the economy in a big way," he added. (File image)

India would be a pillar for global economic revival and an “island of stability” amongst global uncertainties, union minister of commerce and industry Piyush Goyal said on Thursday.

Addressing the annual general meeting of Bengal Chamber of Commerce and Industry, Goyal said, “It is a fact that the global outlook has deteriorated in 2022. Amid high inflation and uncertainties from the war, and the lingering effects of the pandemic, India has proved to be an outlier…India would be a pillar for global economic revival and an island of stability amongst global uncertainties. All our sectors — be it agriculture, manufacturing or construction — are indeed doing quite well. Our economy showed resilience during the pandemic.”

He said India as a nation made every service application across the world during the pandemic and the country was rightly called “the world’s trusted market”. “But, India is not satisfied with only being the fastest growing economy. We are aiming for smart, sustainable and equitable growth,” the minister pointed out.

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He said rolling out of 5G in the country would contribute over $450 billion to the Indian economy in the next few years. “We shall soon roll out 5G in the country and that would boost the economy in a big way,” he added.

On the free trade agreements, Goyal said India would pursue FTAs with like-minded developed countries on a mutual need basis after detailed stakeholders consultations. India’s exports would touch $2 trillion by 2030 and $1 trillion of that would come from merchandise export and the rest would be services.

The minister also stressed the need for promoting the country’s MSME sector as it is a big employment generator. “We also have to increase government and industry consultations. Next 25 years would be the brightest time of the India economy, and by 2047 India would be a $30 trillion economy,” he added.

Exide Industries MD & CEO Subir Chakraborty, who took over as the new president of the BCC&I, said, “In the context of MSME, normally the first thing we talk about is credit and cash-flow, which is very relevant in my experience. There is one additional dimension we need to address and that is expertise flow.”

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First published on: 30-09-2022 at 02:15 IST