Union Minister of Commerce and Industry Piyush Goyal on Thursday said that India is poised to remain the world’s fastest-growing economy for the next 30 years. Speaking at the CII Annual Business Summit, Goyal said, “We are back on track, barring 3-4 months, on the growth trajectory. Hence, we are engaging in trade deals with the UK, EU, Chile, and the USA. EFTA countries have committed $100 billion in pureplay FDI in India. We are not aiming small.”He also highlighted India’s resilience amid global challenges. “Even amidst international upheavals, India has done a fairly good job. The RBI has done a good job in maintaining the liquidity in the market. The stock market discounts the future by and large. In the past decade stock market has grown in India like no other nation. The returns are incomparable. Our returns are nearly 20% CAGR over some 100-200 companies,” he said.
Outlining Prime Minister Narendra Modi’s approach, Goyal said, “PM Modi took 3 tracks in his vision to promote the India story to the world. 1) Strengthening India’s economy, quickly got the RBI to look at inflation; 2) Infrastructure and investments in infrastructure; 3) Consumption net flow.”
He also referred to global economic forecasts. “IMF has projected by 2027 India will be the world’s third largest GDP. This is significant because it is happening despite global uncertainties,” he added.
Source link
