US-India Pivot
The high-profile meeting between Prime Minister Narendra Modi and US President Donald Trump underscores the delicate balance between cooperation and contention in bilateral trade and strategic relations.
India is on a historical high of exports of goods and services, said Union Commerce Minister Piyush Goyal here on Sunday while inaugurating the 40th IITF (India International Trade Fair).
He said the world takes India as a trusted global partner in maintaining global supply chains and despite the lockdown India did not default on any service support to the global community. “India has been witnessing a historic high of FDIs. Highest ever FDI in first 4 months. It’s 62 % higher than the same period last year,” the Minister said.
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Better Infrastructure, Demand for good development, Diversity in Growth would become the pivot of economic resurgence, the Minister said while praising the quality of unprecedented Infrastructure development in Uttar Pradesh.
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The IITF would push the mission of Aatma Nirbhar Bharat and encourage the idea of Vocal for Global, the Minister said. India has launched world’s largest covid vaccination drive and would produce more than 500 crore vaccines next year.
“India would make 5 or 6 vaccines including the world’s first nasal vaccine and first DNA vaccine. India will provide vaccine security and make the world a safer place and ensure that every part of the world gets equitable vaccines to get safe,” Piyush Goyal said.
This year more than 3000 exhibitors were participating in the ongoing IITF. It demonstrates that the world was looking at India as a ‘Trusted Partner’, the Minister said.
“India has received the highest ever FDI inflow $ 27 billion during the first 4 months of FY 21-22, over 62% over the same period in FY 20-21, highest ever exports. Merchandise exports in Apr-Oct 2021 was $ 232 bn (+54% over Apr-Oct 20 & +25% over Apr-Oct 19),” the Minister said.
International rating agency Moody has also upgraded India’s sovereign rating outlook to ‘Stable’ from ‘Negative’, he said. So is the GST collections , which surged to Rs 1.3 lakh crore in October, and Rs 1.25L crore retail sales during Diwali, Manufacturing.
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