Focus On Infrastructure Empowering Indian Economy: Union Minister Piyush Goyal

New Delhi, Dec 1 (KNN) Union Minister for Commerce & Industry Piyush Goyal said that India’s focus on infrastructure is empowering the economy and giving it a fillip.

Addressing the Inaugural session of third India Debt Capital Market Summit 2023 - Onwards & Upwards’, Goyal said that massive investments both from the government and from the private sector, directed towards infrastructure is boosting the infrastructural capabilities of the country.

He said competitive source of financing is attracting investments from those who are looking for greater safety. Goyal added that the stock market is also hitting a 4 trillion mark for the first time and India being amongst the top five global markets has huge opportunities.

The union minister pointed out that the country is the fifth largest economy in the world and the fastest growing economy at 7.6 per cent, this quarter.
“A resilient debt capital market will be the catalyst for innovation, entrepreneurship and infrastructure development,” he said.

He noted that massive urbanization will happen over the next few decades even as Tier 2 cities are also going to become metropolitan cities. Rural Areas incomes are rising, raising spending power across the country.

“Futuristic sectors like AI, semiconductors, electric vehicles, will be powering our future. Green and sustainable energy will be the way forward and the capital markets and debt markets are playing their role in our energy transition to a low carbon economy,” the minister added.

Goyal said that India has been able to increase exports of goods and services, almost 55 per cent from 500 billion in 2021 to 776 billion last year. He said that with two conflicts going on around the world and there is a prospect of recession in the developed economies.

(KNN Bureau)