Union Commerce Minister, Piyush Goyal, on Tuesday said India has the 4D (Four-dimensional) advantage of Democracy that gives investors an assurance that they will not be discriminated in the country.He asserted that fulfilling basic amenities of citizens has been the Government’s priority for the last decade empowering Indians to aspire big.
Delivering the keynote speech at the 27th CITIC CLSA India Forum in Mumbai, he said as for the Free Trade Agreement (FTAs), India looks for equity, balance and fair trade when negotiating a FTA. He asserted that India enters into FTAs with countries which are transparent, open and where Governments’ economic systems align with India.
At the forum, the minister urged the investors to continue investing in the country and noted that the delta of opportunity India provides as it grows towards a Viksit Bharat by 2047 makes it the best business destination for the world. Goyal said India’s demographic dividend and young population will give added benefit to investors.
“Demographic dividend with one of the world’s youngest large population expected to continue to be young for the next three decades…demand for goods and services, the demand that 1.4 billion people generate itself is a big attraction for investment,” he added. India aims to become a developed nation and a USD 35 trillion economy by 2047 giving investors an added opportunity, he said.
Addressing a question on skill development in the country, the Minister stated that the PM Narendra Modi-led Government has announced five schemes worth $30 billion in the Budget 2024. In the years to come, the Government’s focus will be on allowing youth to curate their formal education as per their desires and move into a vocation of their choice. CSR spending in skill development will also enhance the progress in the years to come, he said.