New Delhi: Union Minister Piyush Goyal on Sunday said that India’s economy is witnessing a boom in every sector and the country is on the way to achieve historic highs in exports of goods and services.
Goyal said India is on track to achieve merchandise exports of USD 400 billion in the current financial year ending March.
“Also, on the services (exports) side, we are on track to go up to USD 150 billion. So, collectively we are on a path to export historic goods and services,” he said.
Inaugurating the India International Trade Fair (IITF) here, the commerce and industry minister said the country witnessed the “highest” FDI inflow of USD 27 billion in the first four months of the current fiscal, higher than the same period last year. Was. 62 percent higher than
Stating that the world takes India as a reliable global partner in maintaining global supply chains, Goyal said that despite the lockdown, India does not default on any service support to the global community.
The minister also highlighted that the government is running the largest vaccination campaign in the world after giving more than 110 crore doses.
He said that next year 500 crore vaccine doses will be produced and 5 or 6 vaccines will be made in India, including the world’s first nasal vaccine and the first DNA vaccine.
Goyal said, ‘India will provide vaccine protection and make the world a safer place. India will ensure that every part of the world gets the same vaccine to stay safe.”
The Minister said that India can become the center of industry and services of the world.
Indian industry can scale new heights on quality, competitiveness and economies of scale. He said that IITF would help in realizing the goal of ‘Local Goes Global’ and ‘Make in India for the world’.
He also observed that the India Exhibition and Convention Center being developed at Pragati Maidan would be the best in the world and would attract a lot of attention in the coming years and the huge trade fairs to come.
Referring to the Rs 1.3 lakh crore GST collection for October, he said it really shows how quickly the economy is returning to normalcy.
The minister said that every figure – be it registration of employment, EPFO or ESIC – is an indicator of rapid economic growth.
“Moody’s recently downgraded India’s sovereign rating from negative to stable again, recognizing the good work,” Goyal said.
He listed five major sources of India i.e. economy, exports, infrastructure, demand and diversity.
The minister said that the demand for better infrastructure, good growth and diversity in development would be the driving force behind the economic revival. Read also: Paytm IPO Allotment Status: Here’s Check If You Will Get Shares
Commodity exports stood at US$ 232 billion in April-October 2021. Read also: Children’s Day 2021: Check out 5 insurance plans by LIC, SBI Life, PNB to secure your child’s future