India has become trusted, reliable partner in global supply chain: Piyush Goyal

NEW DELHI: India is the most attractive investment destination which has established itself a “trusted and reliable” partner in the global supply chain, commerce and industry minister Piyush Goyal on Friday said adding that the government is looking at setting up a mini Silicon Valley in Goa.

Addressing the Amazing Goa Global Business Summit, Goyal said: “Friends, the Hon’ble Prime Minister had very rightfully said that 21st Century is India Century. The Prime Minister had also said [the] 21st Century India has stopped thinking small. What we do today is the best and the biggest. We are working with a very, very focused approach to make India a developed nation, a prosperous nation, by 2047 when we celebrate 100 years of Independence.”

India is steadily developing to become a $35 trillion economy in the next 25 years from a $3.5 trillion. “This 10X growth is on the back of very strong macroeconomic fundamentals that we have, In the last 10 years, brought to India,” he said adding that India is the world ‘s fastest growing large economy with low inflation and strong foreign exchange reserves — nearly $700 billion of forex reserves. According to the Reserve Bank of India’s (RBI) projection, India’s real gross domestic product (GDP) growth is expected at 7.2% for 2024-25.

Goyal said the Narendra Modi government transformed India’s economy since 2014, creating “a very welcoming environment” for investors by doubling the foreign direct investment (FDI) inflow in the last 10 years as compared to the 10 years prior to that. According to the government’s data, India attracted cumulative FDI inflow of $667.4 billion in 2014-24, a 119% jump over the preceding decade (2004-14).

Speaking about India’s global positioning as “a fragile-five economy” before Modi became the Prime Minister in 2014, Goyal said that it was a country that “large parts of the world” had written off. “People did not have the confidence that India can really grow, that India can play an important role in global economics” with “very little hope and very low and ambition and aspiration” amongst its citizens, he said.

“Friends, I’m happy to share with you that under Prime Minister Narendra Modi’s visionary leadership, India has moved in 10 years from the 10th largest to the 5th largest economy of the world. From a fragile-five to a powerful global force of good which contributes 16% to global growth. And in the next three years will become the world’s 3rd largest economy,” he said.

Addressing business leaders, he said India has created a very conducing environment for investments. “We have focused on ease of doing business. We have focused on reducing or eliminating the compliance [burdens]… We have focused on decriminalisation of several laws which were detrimental to a business-friendly environment. We have focused on earning the trust of the entire world. Therefore, India, today, is looked upon as a trusted partner, as a reliable partner in global supply chain as a country on the strength of its 4Ds,” he said referring to democracy, demographic dividend, demand for goods and services and decisive leadership.

Speaking about Goa as a popular destination for tourism and cultural activities, Goyal said it has potential to become a business hub for IT and knowledge sectors, including pharmaceuticals, electronics and food processing. He said the Centre and state can work towards an “additional framework” to attract high-tech, eco-friendly industries in Goa and develop it as the preferred destination for data centres. “We are also looking at setting up a mini Silicon Valley or a mini global capacity centre [in Goa],” he said.