Commerce and Industry minister Piyush Goyal addressing the Indian People’s Forum Business Conclave in Dubai on Sunday
Commerce and Industry minister Piyush Goyal has called upon NRIs and the Indian diaspora to invest in India unhesitatingly as the country has emerged as an important destination of foreign direct investment due to its economic performance and ease of improvement in the ease of doing business.
Addressing the Indian People’s Forum Business Conclave in Dubai on Sunday, Goyal said this is the right time for India’s vast expatriate community to invest in their motherland. There is a great opportunity in the extraordinary growth in India and the government has taken many steps to create a conducive business environment.
“From red-tapism to laying the red carpet for businesses, India under Prime Minister Modi has come a long way. As a result, India climbed up in Ease of Doing Business ranking from 130 to 63 in just 5 years and also jumped to 46th spot on the Global Innovation Index (GII), a jump of 35 places in last 6 years. The steps taken in the last 7 years helped us nurture the world’s 3rd largest startup ecosystem,” Goyal said.
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“In the 75 weeks of ‘Azadi Ka Amrit Mahotsav’, we aim at taking the number of unicorns (startups valued above $1 bn) to 75 in the country. Similarly, India received the highest ever FDI inflow of around $ 82 billion in 2020-21 even during the peak of the pandemic, up 10% over 2019-20 during the pre-pandemic time. The total FDI inflow of US$ 22.5 bn during Q1 of the current fiscal is 90% higher compared to US$ 11.8 bn during the corresponding period last year,” he added.
“Under Prime Minister Modi we are seeing a rise in economic indicators despite the pandemic. Merchandise exports in Apr-Sep’21 touched $197.11 bn, recording 23.8% growth over Apr-Sep’19. Manufacturing PMI average improved while GST collections have hit a 5-month high in September,” he said.
Stating that India and the UAE are going to celebrate the 50th anniversary of establishment of diplomatic relationship next year, Goyal said this is a good opportunity to take our ties to the next level.
Expressing delight at meeting the Indian community in Dubai, “the City of Gold”, Goyal said, “It is because of you all Dubai is considered as an extended neighbourhood of India, – a 2nd home to our exporters and a prime destination for Indian tourists.”
Goyal underlined that the 3.4 million strong Indian diaspora in the UAE acts as a bridge between the two countries.
Goyal is in the UAE to inaugurate the India Pavilion at Dubai Expo. The official visit is being seen as major step towards boosting India – UAE Strategic Partnership and taking trade and investment to higher levels.