Indian Economy News

The world sees India as an engine of economic growth: Mr. Piyush Goyal

According to Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal the world now sees India as an engine of economic growth. He emphasised that India now has the world's trust, and that developed countries are eager to sign trade deals with India. He also stated that prior to 2014, the Indian economy was regarded as fragile, and investors were wary of doing business with India.

The Minister emphasised the importance of transparency and ease of doing business and assured traders and entrepreneurs that the government will fully support traders who speak out against harassment by any authority. He urged traders to collaborate with the government to reduce the compliance burden on individuals and businesses, but he also asked that they strictly adhere to ethical trade practices. To improve the ease of doing business, unnecessary, cumbersome, and counter-productive laws and regulations must be repealed, he added.

He urged traders to prioritise the quality of goods and services offered by India. He also emphasised the importance of encouraging young people to come forward and contribute new ideas to India's growth story. Prime Minister's Mr. Narendra Modi’s clarion call of "vocal for local" must be taken up by the nation's youth, according to the Minister. He also stated that we must encourage more women to become traders and entrepreneurs.

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