“India Emerges as Trusted Global Supply Chain Partner and Key Investment Hub: Piyush Goyal”

India is strengthening its position as a “trusted and reliable” partner in the global supply chain, said Commerce and Industry Minister Piyush Goyal at the Amazing Goa Global Business Summit. He emphasized that India, under the Narendra Modi government since 2014, has created a welcoming investment environment, attracting global investors and marking itself as a leading destination in the global economic landscape.

“India has the potential to become a $35 trillion economy over the next 25 years,” Goyal stated, underscoring the tenfold increase from the current $3.5 trillion economy. He attributed this anticipated growth to the robust macroeconomic foundation built in the past decade, including the country’s $700 billion in foreign exchange reserves and the Reserve Bank of India’s projection of a 7.2% GDP growth rate for 2024-25.

Economic Reforms Driving Growth and Investment

The minister noted that, prior to Modi’s leadership in 2014, India was often regarded as part of the “fragile-five” economies. He credited the Modi administration’s policies for transforming the economic landscape, moving India from the 10th largest to the 5th largest economy globally. This progression has not only elevated India’s economic stature but also solidified its role as a significant contributor to global growth. He said, “We have made focused efforts to improve the ease of doing business, reduce compliance burdens, and decriminalize laws hindering a business-friendly environment.”

In the last decade, India’s foreign direct investment (FDI) inflow has doubled, reaching $667.4 billion from 2014 to 2024, representing a 119% increase over the previous decade. This reflects India’s shift to a pro-investment economy, fueled by the “4Ds” – democracy, demographic dividend, demand for goods and services, and decisive leadership.

Vision for Goa as a High-Tech Business Hub

Addressing the potential of Goa as more than just a tourism destination, Goyal proposed plans to develop the state into a hub for IT and knowledge sectors, including pharmaceuticals, electronics, and food processing. “We are exploring the establishment of a mini Silicon Valley or a global capacity center in Goa,” Goyal shared, explaining that eco-friendly, high-tech industries could be drawn to Goa under a new investment framework crafted by state and central cooperation.

This new framework would support the development of data centers and other advanced technology sectors in Goa, creating a business ecosystem that could compete globally. Goyal underscored the synergy between the Centre and the state to make Goa an attractive destination for high-tech industries, aligning with India’s broader strategy to elevate its position in the global economy.

India’s Future on the Global Stage

In his remarks, Goyal reiterated the Prime Minister’s vision of making the 21st century “India’s Century.” He highlighted India’s journey from a nation of “low aspiration” to a global powerhouse contributing 16% to global growth. In line with this goal, Goyal expressed optimism about India’s rise to become the world’s 3rd largest economy within the next three years.

“India has become a nation of confidence, ambition, and global influence,” Goyal concluded, adding that the Modi government’s commitment to creating a business-friendly environment and building international trust has paved the way for a prosperous future.

Sources By Agencies

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