The World Should Participate In India’s Golden Growth Story

Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Shri Piyush Goyal shares his sentiments while inaugurating the India Pavilion at Expo 2020 Dubai. At a time when the whole world is coming together to recover from the pandemic and bring growth back on track, a resurgent India is ready to take on the responsibility of being the frontrunner in this revival process. The Dubai Expo 2020 is happening at a time when India is celebrating 75 years of its independence, and UAE is celebrating 50th year of its foundation. UAE is one of India’s most valued partners and a close friend. EXPO 2020 will prove to be a landmark in strengthening the relationship between the two countries further. The entire world is looking towards India as a trusted partner. We have intensified the reform process during the pandemic instead of being defensive and have laid a solid foundation for a sustainable and sustained high growth phase in the coming years. India, with its democratic values, extremely capable talent pool, technological prowess and growing appetite for learning and leadership, is all set to play an increasingly central role in the global affairs, trade and business. The reforms unleashed in the last seven years by the government and especially during the Corona period, are set to boost the country’s manufacturing and exports potential and make India a global economic hub, besides strengthening its capabilities in the technology space. India is already a leading player in the global markets in IT, Pharma and space technology, and with the development of research and innovation capabilities, the country’s prowess in these areas would help reap the benefits of new-age technologies like Artificial Intelligence (AI) and Robotics. The lessons learnt from the pandemic have also emboldened our confidence of surpassing any challenge in future with the help of our scientific and entrepreneurial research and development capabilities — whether it is development of pharma and healthcare products or running of the world’s biggest vaccination program banking on the two indigenously produced vaccines, India has set several examples. From here, productivity will play a big role in achieving a sustained high growth phase, that India has already embarked upon, leaving behind the impact of Corona — GDP growth in the first quarter of FY22 at a record 20.1% against the contraction of 24.4% in the same quarter of FY21 is not only signalling a strong revival but also the potential for economic rebound in a big way, and grow at a rapid pace. We have a huge advantage in our young populace, and with the help of the New Education Policy (NEP), and its focus on skill development, the productivity levels in the country are set to rise substantially to support the growth objectives. We are on the way to reaching and surpassing USD 400 billion exports per year target and a GDP growth that will take us to becoming a USD 5 trillion economy, and beyond. The next 25 years are set to symbolise India’s golden growth phase. The India Pavilion will showcase a modern, robust India — high on technology, while simultaneously exhibiting the beauty of Indian art, culture and cuisine during the 183 days that the event will run.