Macroeconomic fundamentals at peak in non-oil based Indian economy
Commerce & Industry Minister Piyush Goyal has told Canadian businessmen that India has never defaulted on its international obligations and the country’s debt-to-GDP ratio is relatively amongst the lowest in the developing world and certainly far lower than the USA, Japan and many other rich countries.
The Indian rupee as a currency has also been relatively stable and a strong Indian rupee is beneficial for the economy, countrymen and the exporters as well, he said at the Round Table of Indian and Canadian CEOs in Toronto on 10 May 2023.
The Minister invited Canadian businesspersons to participate in the Indian economy’s growth journey which is aimed to bring prosperity for the man and woman at the bottom of the pyramid.
India is focusing not only on high-quality standards in goods and services but also on high-quality delivery of goods and services, said the Minister, adding that this focus on high quality is attractive for Canadian business persons and their investments.
He noted that the growth in Canada will be driven by the use of significant pools of capital, innovation, new technologies and Research and Development (R&D) in big markets achieving economies of scale and making products affordable.
He assured that Canadian businesses can prosper in the safe and conducive business environment of the Indian economy.
He also appreciated the pace of negotiations for the Early Progress Trade Agreement (EPTA), as a transitional step towards the re-launched India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations.
The Minister lauded the work being done by negotiating teams of both countries and their focus on big outcomes from the Agreement in the future.
The Minister said that there is a huge potential in the Canada-India partnership as they are amongst the fastest growing large economies and will continue to be in the coming years.
Goyal said that the macroeconomic fundamentals of India is at its peak and as India is not an oil-based economy, it can prosper despite emerging challenges across the world.
He highlighted the huge foreign exchange reserves of India and the significant rise in overall exports of India from around US$500 billion two years ago to US$770 billion in FY 2022-23. fiinews.com
