India’s focus on bolstering its infrastructure has become a driving force for economic growth, according to Piyush Goyal, Union Minister for Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles. Speaking at the inaugural session of the ‘3rd India Debt Capital Market Summit 2023 – Onwards & Upwards,’ He highlighted the substantial investments made by both the government and the private sector in the country’s infrastructure, resulting in enhanced capabilities and competitive financing options that attract investments.

Minister Goyal noted that India’s stock market has reached a historic milestone, crossing the 4 trillion mark for the first time, positioning India among the world’s top five global markets, presenting significant opportunities for growth. He emphasized that India, as the world’s fifth-largest economy, is currently the fastest-growing economy, with a growth rate of 7.6% this quarter, making it a trusted partner on the global stage and a vibrant democracy with a strong commitment to the rule of law.

In his vision for the future, He expressed aspirations for a developed and prosperous India, projecting an addition of $30 trillion to the nation’s current GDP of 3.7 trillion by 2047.

He highlighted the pivotal role of a resilient debt capital market in driving innovation, entrepreneurship, and infrastructure development. He underscored the significant urbanisation expected in the coming decades, the transformation of Tier 2 cities into metropolitan hubs, rising incomes in rural areas, and the growing influence of futuristic sectors like AI, semiconductors, and electric vehicles.

Furthermore, the Union Minister emphasised the importance of green and sustainable energy in India’s journey to a low-carbon economy, with capital and debt markets actively contributing to this transition. He called upon the corporate sector to invest in India with confidence, reassuring them that the country has entered a phase of stability and growth.

Reflecting on India’s recent economic history, Minister Goyal contrasted the challenges faced between 2010 and 2013, including weak macroeconomic fundamentals, foreign exchange crisis, and high inflation, with the transformative changes initiated after Prime Minister Shri Narendra Modi assumed office in 2014. He credited the government’s focus on ease of doing business, reduced compliance burdens, decriminalisation of laws, and removal of redundant statutes for doubling India’s foreign exchange reserves in the past decade.

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Minister Goyal also highlighted India’s impressive export growth, which surged by nearly 55%, rising from $500 billion in 2021 to $776 billion last year. Despite ongoing global conflicts and the potential for recession in developed economies, he expressed confidence in India’s export prospects for the current year, highlighting the nation’s resilience and determination to continue on its path of economic growth.

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