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All indicators pointing towards sharp economic recovery: Mr. Piyush Goyal

IBEF:  October 22, 2021

Union Commerce and Industry Minister Mr. Piyush Goyal stated that all indicators, including GDP, foreign direct investment (FDI) inflows and exports growth, are indicating towards a strong and sharp economic recovery in the country.

He stated that forex reserves have continuously surged from US$ 433 billion in September 2019 to US$ 638 billion in September this year, while FDI inflows in the first four months of the current fiscal soared by 62%, which is greater than the corresponding figure last year.

“We are confident by all the economic indicators as they emerges, which point to a very strong and sharp economic revival. The GDP has expanded by a record 20.1% in the first quarter,” he stated at the India Energy Forum by CERAWeek.

Mr Piyush Goyal further added that the government has taken numerous steps to promote growth and investment in the renewable energy sector with 100% FDI through the automatic route.

The minister also stated that India's renewable energy programme is among the leading globally and the country has 101 GW renewable energy capacity as on September 30, 2021.

“We are targeting towards our initial target of 175 GW by end of 2022,” Mr Piyush Goyal stated, adding India will achieve 40% cumulative electricity capacity from non-fossil fuel-based energy resources by 2030.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.