New Delhi, 23 June (IANS). Union Commerce and Industry Minister Piyush Goyal said on Monday that India is on a new path of economic prosperity with record export data and several free trade agreements (FTAs).
Union Minister Goyal said in a post on social media platform X that with the support of strong digital ecosystems, procedures are being streamlined, instituted, quick and more transparent.
Union Minister Goyal said, “The development of state -of -the -art future infrastructure has been a second main attraction. The focus is completely on empowering businesses and attracting more investment.”
According to the Union Minister, small businesses have been empowered as a result of increasing counseling with stakeholders, reducing compliance burden and improving ‘Ease of Doing Business’, has increased the confidence of investors and created a more competitive trade environment.
India’s total goods and services exports in May this year are estimated to be $ 71.12 billion, which shows a 2.77 percent increase compared to the same month of the previous year, while the US tariff has increased despite geopolitical stress and increase in trade war.
According to Commerce Ministry data, the US with the top 5 export destination 16.93 percent, which shows a positive growth in May this year, is China with 25.04 percent, Australia with 35.35 percent, Russia with 48.11 percent and Germany with 17.05 percent.
The Union Minister said that the commerce building has been seen as a modern, skilled, integrated and dedicated hub for India’s fast growing commerce and industry ecosystem. In three years since its inauguration by Prime Minister Narendra Modi, several milestones have been acquired in India’s way of trade and new standards have been set.
Union Minister Goyal said, “This has been possible by the commitment of our employees. From senior officials to sanitation workers, every person working here is helping to write a memorable story of India’s trade and commerce. I want to thank every member of the Commerce Bhavan family.”
He further said that the achievements of the last three years remind us of the power, dedication and implementation power.
He said, “We should once again be committed to work with our industry and global partners, so that the developed India can achieve the target of 2047.”
India is now coming to foreign direct investment from 112 countries, while in 2013-14 the figure was from 89 countries, which reflects the country’s growing global appeal.
According to Union Minister Goyal, India’s FDI success story is not only about influential numbers, but also a reflection of visionary reforms, policy clarity and the trust of India’s economic future.
-IANS
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