Speed Post News Network
New Delhi : Union Commerce and Industry Minister Piyush Goyal on November 14, 2021, said that the country is on historical high of exports of goods and services. Inaugurating the 40th India International Trade Fair (IITF) here, he said the world takes India as a trusted global partner in maintaining global supply chains.
Goyal said despite the lockdown India did not default on any service support to the global community. India has been witnessing historic high of FDIs. Highest ever FDI in first 4 months. It is 62 % higher than same period last year. IITF will show India is back in business, he added. He listed five major Sutras of Bharat i.e. Economy, Exports, Infrastructure, Demand, and Diversity. He said that Better Infrastructure, Demand for good development, and Diversity in Growth will become the pivot of economic resurgence, according to a PIB release.
The Minister praised the quality of unprecedented infrastructure development in Uttar Pradesh. Goyal also complimented the state government for its emphasis on export development. He said the IITF will push the mission of Aatma Nirbhar Bharat and shall encourage the idea of Vocal for Global.
Goyal said we are implementing the largest vaccination drive in the world having already administered more than 110 crore doses. Altogether 500 crore doses will be produced next year and 5 or 6 vaccine will be made in India including the world’s first nasal vaccine and first DNA vaccine. India will provide vaccine security and make the world a safer place. India will ensure that every part of the world gets equitable vaccine.
He said the IITF has returned after a gap of 1 year in its 40th edition with double josh powered by the double engine of ‘Aatmanirbharta’ and ‘Azadi ka Amrit Mahotsav’. He commended ITPO for mounting the Trade Fair in a short time and with the largest participation of over 3,000 exhibitors demonstrating that the world is looking at India as a “Trusted Partner”.
Goyal said India can become the world’s hub of Industry and Services. Indian Industry can soar to new heights on Quality, Competitiveness and Economies of Scale. IITF will help realise the goal of ‘Local goes Global’ & ‘Make in India for the World’. He said there was highest ever FDI inflow of $ 27 bn during first 4 months of FY 21-22, over 62% over same period in FY 20-21, highest ever exports: Merchandise exports in Apr-Oct 2021 was $ 232 bn (+54% over Apr-Oct 20 & +25% over Apr-Oct 19).
The Minister said international rating agency Moody’s upgraded India’s sovereign rating outlook to ‘Stable’ from ‘Negative’. GST collections surged to Rs 1.3 lakh crore in October, Rs 1.25 lakh crore retail sales during Diwali, Manufacturing PMI rose to 55.9 in October, Service PMI reached a decade high of 58.4 last month. India has now become “The destination” for investments, he said.