India offers large domestic market to businesses and investors
Commerce and Industry Minister Piyush Goyal has called for greater market access with minimizing the exposure to risks that many economies are facing.
“We are seeking greater market access with minimizing the exposure to risk that many of our economies are facing,” he said at the CII Partnership Summit 2023 in New Delhi on 13 Mar 2023.
“We are looking for resilient, distributed and stable sources of growth supply chains,” he added.
Speaking on the need to innovate, Goyal said, “All of us will have to look at innovative ideas, new ways of doing our work more efficiently, more effectively.
“Our startup ecosystem reflects that innovative spirit,” said Goyal, pointing out that India, which barely had three or four unicorns seven years ago, today has over 100 unicorns and India’s startup ecosystem is the third largest in the world.
Goyal spoke on India’s partnership with the world economies. “We are entering into international agreements with several countries to enable our businesses as we will enable businesses around the world.
“We will engage deeply with each other so that we can become a larger player on the international global economic front.”
Indian exports of goods and services are set to cross US$750 billion, up from US$500 billion two years ago, he pointed out.
India today offers many competitive advantages over other competing economies, said the Minister said.
“We are focusing more on high quality of goods as well as leveraging economies of scale, particularly given the large domestic market that we offer to businesses and investors who come and work in India and to our friends in their economic engagement with India,” he said.
Speaking on technology partnership, he called for skill mapping among emerging technologies. “We will find certain nations with tremendous skills.
“We can match that with the skill deficit, yet rich countries which need those skills. That matchmaking is what partnerships are all about,” he said.
Singapore and India are making a serious effort to do that matchmaking, he pointed out.
Nine Ministers from friendly countries and industry stalwarts attended the summit held 13-15 Mar 2023. fiinews.com
