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Commerce Minister Piyush Goyal encourages NRIs to invest in India at Dubai Expo

Updated: Oct 04, 2021 10:29:29am
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Commerce Minister Piyush Goyal encourages NRIs to invest in India at Dubai Expo

New Delhi, Oct 4 (KNN) Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, has called upon the Non-Resident Indians (NRIs) and Indian diaspora to invest in India unhesitatingly while addressing the Indian People’s Forum (IPF) Business Conclave in Dubai. He said this is the right time for India’s vast expatriate community to invest in their motherland, as there is a great opportunity for extraordinary growth in India.

“Under Prime Minister Modi we are seeing rise in economic indicators despite the pandemic. Merchandise exports in Apr-Sep’21 touched USD 197.11 bn, recording 23.8% growth over Apr-Sep’19. Manufacturing PMI average improved to 53.8 (Q2) from 51.5 (Q1) while GST collections have hit a 5-month high in September,” he said.

The Commerce Minister said the Government has taken many steps to create conducive business environment.

“From red-tapism to laying the red carpet for businesses, India under Prime Minister Modi has come a long way. As a result, India climbed up in Ease of Doing Business ranking from 130 to 63 in just 5 years and also jumped to 46th spot on the Global Innovation Index (GII), a jump of 35 places in last 6 years. Steps in last 7 years helped us nurture world’s 3rd largest startup ecosystem,” said Shri Goyal.

“In the 75 weeks of ‘Azadi Ka Amrit Mahotsav’, we aim at taking the number of unicorns to 75 in the country. Similarly, India received the highest ever FDI inflow of around USD 82 billion in 2020-21 (during peak of pandemic), up 10% over 2019-20 (pre-pandemic time). Total FDI inflow of USD 22.5 bn during Q1 of current fiscal is 90% higher compared to USD 11.8 bn during the corresponding period last year,” he added.

Stating that India and the UAE are going to celebrate the 50th anniversary of establishment of diplomatic relationship next year, the Union Minisrter said this is a good opportunity to take our ties to the next level.

“We are celebrating ‘Azadi Ka Amrut Mahotsav” to commemorate 75 years of Progressive India & to highlight its glorious history, culture & heritage. Coincidentally, UAE is also celebrating this year as the 'Year of 50' to commemorate the declaration of the Union in 1971. ‘Projects of the 50’ of UAE & Prime Minister’s vision of ‘Aatmanirbhar Bharat’ reflect the statesmanship of our leaders,” he said, adding, “India is focusing on fulfilling its aspirations in next 25 years to celebrate the Centenary of its Independence in a grand way, while UAE leadership is planning their journey for the next 50 years.”

Expressing delight at meeting the Indian community in Dubai, “the City of Gold”, Commerce Minister Goyal said, “It is because of you all Dubai is considered as an extended neighbourhood of India, - a 2nd home to our exporters and a prime destination for Indian tourists.”

He underlined that the 3.4 million strong Indian diaspora in the UAE acts as a bridge between the two countries.

“I commend the efforts of Indian People’s Forum (IPF) in connecting the people of Indian origin residing in the region & bringing them on a single platform. By spreading our culture, tradition & values on a far-off foreign land, you are not just NRIs but “cultural ambassadors” of our country,” he said.

The Union Minister is in the UAE to inaugurate the India Pavilion at Dubai Expo. The official visit is being seen as major step towards boosting Indo - UAE Strategic Partnership and taking trade and investment between to unprecedented levels. The ongoing Expo is India’s window to the world, an opportunity to showcase India’s capability & potential.

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