India has emerged from the shadows of the past and is being looked upon as the bright spot by the world, Union Minister of Commerce and Industry Piyush Goyal said on Wednesday.
During his address at the CII Annual Session 2023, “Future Frontiers: Competitiveness, Technology, Sustainability and Internationalisation” here, he observed that with adequate focus on innovation, quality and talent of the people, the sky was the limit for India’s growth.
”It is incumbent to educate and enlighten the population as the demographic dividend with its technological and managerial talent is a treasure for the country,” he added.
The minister said that Prime Minister Narendra Modi was hailed as the leader of the global South and India was emerging as the global leader of the developing countries. He highlighted that many countries across the globe were keen on fast-tracking Free Trade Agreements (FTAs) with India now. This, he said, was a new India that engaged with the world from a position of strength believing in its capabilities and caliber.
Goyal noted that over the last nine years a successful journey has been undertaken by the government, regulators and the people to bring the economy back on track. He said that nine years ago, there were many challenges stalling the economic development of India and at that time India was among the most fragile 5 countries in the world. But the nine years of the Modi government have led to transformation beyond imagination.
Goyal said that people expected the government to be populist but Prime Minister Narendra Modi chose to take hard decisions to bring the economy back on track and lifted the morale of the public by bringing in structural fundamental macroeconomic reforms that promised long-lasting benefits for the country.
The minister said that today India was the fastest-growing economy in the world with low inflation and strong foreign exchange reserves.