Union Commerce Minister Piyush Goyal, during the Inaugural session of the '3rd India Debt Capital Market Summit 2023 - Onwards & Upwards', emphasized the need for increased corporate investments in India. He highlighted the country's advantageous position, attributing it to substantial infrastructure development propelling the economy.
Addressing the gathering, Goyal stressed the competitive financing environment in India, attracting investments from those seeking greater stability. He highlighted the stock market's achievement of hitting a 4 trillion mark for the first time, positioning India among the top five global markets with abundant prospects.
The Minister underscored the significant government and private sector investments in India's infrastructure projects, noting their instrumental role in empowering the nation's economy.
Goyal urged the corporate sector to consider investing in India, emphasizing the country's bright future as a reliable global partner and a thriving democracy. He expressed confidence in India's current stability, projecting a future free from crises akin to those witnessed in 2013.
Citing India's standing as the fifth largest economy and its robust growth at 7.6 percent in the current quarter, Goyal emphasized the pivotal role of a resilient debt capital market in fostering innovation, entrepreneurship, and infrastructure development.
He highlighted the anticipated massive urbanization in Tier 2 cities, transforming them into metropolitan hubs, and noted the rise in rural incomes, leading to increased purchasing power across the nation.
Goyal envisioned futuristic sectors such as AI, semiconductors, and electric vehicles driving India's future growth. Emphasizing the importance of green and sustainable energy, he underscored the role of capital and debt markets in transitioning towards a low carbon economy.
Anticipating India's economic expansion, Goyal projected an addition of $30 trillion to the current $3.7 trillion by 2047.
Acknowledging India's remarkable export growth from $500 billion in 2021 to $776 billion last year, Goyal remained optimistic about sustained export growth despite global conflicts and potential economic recessions in developed nations.
(With Agency Inputs)