India is better country to invest in with growth, safety, and stable currency: Piyush Goyal

Invoking the Indian business community to invest in India, Union Minister for Commerce and Industry Piyush Goyal said that since India has never defaulted in its history, it is the best time to invest in the development of the country. He said ‘Investing in India has tremendous growth potential for jobs and driving the immense growth potential. NRI deposits saw a $3 billion inflow between April and May of the current year. It was four times what it was last year. India has never defaulted on its sovereign bond, which is a very safe investment. Considering the US interest rates, I can ensure that there is no better country to invest in with growth, safety, and stable currency.’

He highlighted ‘India will continue to lead the world economy as the most preferred destination for investment, most favoured destination for manufacturing. Believe in India, believe in PM Modi and I assure you that the future is bright’. He described India-US relations as the golden era and stated that the current relationships have resulted in an opportunity for synergies for the business ecosystem between both countries. He said that the US and Europe will once again be investing in India’s infrastructure and Indian talent.

He further stated that the government is looking for collaboration with the US in the area of semiconductors and associated components. Reiterating PM Modi’s commitment to responsible artificial intelligence (AI), he said that both countries are looking to work together for the responsible use of AI. The Cabinet has approved an allocation of over Rs 10,300 crore for the IndiaAI Mission, marking a significant step towards bolstering India’s AI ecosystem. Lauding the endeavours of the government for infrastructure development he said ‘You will see huge infrastructure projects going on in the country which is transforming the way business works, and the way people commute.’

He also described the upliftment of the economy from the 11th largest economy to the 5th largest economy. He further said ‘In the next three years by 2027-28, we will be the third largest Gross Domestic Product (GDP) economy in the world.’ India is one of the fastest-growing major economies and is currently ranked as the world’s sixth-largest economy. Ministry of Commerce and Industry in its official statement has stated that the economic performance of the country is indicative of the potential of India to achieve a $5 trillion economy by 2025.