Saturday 16 October 2021

India celebrating 'golden growth story' at Expo 2020

DUBAI, 14 days ago

At a time when the whole world is coming together to recover from the pandemic and bring growth back on track, a resurgent India is ready to take on the responsibility of being the frontrunner in this revival process, said Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal.
The minister was speaking to the media at the opening of the India Pavilion at Expo 2020 Dubai, which will be showcasing India’s vibrant culture, along with the diverse partnership opportunities that the country is capable of offering, during the six-month showcase. 
"The reforms unleashed in the last seven years by the government under the guidance of Prime Minister Narendra Modi, and especially during the Corona period, are set to boost the country’s manufacturing and exports potential and make India a global economic hub, besides strengthening its capabilities in the technology space," stated Goyal.
"India is already a leading player in the global markets in IT, Pharma and space technology, and with the development of research and innovation capabilities, the country’s prowess in these areas would help reap the benefits of new-age technologies like Artificial Intelligence (AI) and Robotics," he added. 
Goyal pointed out that the lessons learnt from the pandemic have also emboldened the country's confidence of surpassing any challenge in future with the help of its scientific and entrepreneurial research and development capabilities - whether it is development of pharma and healthcare products or running of the world’s biggest vaccination programme banking on the two indigenously produced vaccines, India has set several examples.
"From here, productivity will play a big role in achieving a sustained high growth phase, that India has already embarked upon, leaving behind the impact of Corona - GDP growth in the first quarter of FY22 at a record 20.1% against the contraction of 24.4% in the same quarter of FY21 is not only signaling a strong revival but also the potential for economic rebound in a big way, and grow at a rapid pace," he noted. 
"We have a huge advantage in our young populace, and with the help of the New Education Policy (NEP), and its focus on skill development, the productivity levels in the country are set to rise substantially to support the growth objectives, added Goyal.
The minister also lauded the UAE leadership for being able to deliver this massive enterprise, despite the difficult times. 
On the significance of India’s participation at expo, Goyal said: "It is happening at a time when India is celebrating 75 years of its independence, and UAE is celebrating 50th year of its foundation. UAE is one of India’s most valued partners and a close friend. This event will prove to be a landmark in strengthening the relationship between the two countries further." 
"The ongoing celebrations of Amrit Mahotsav, 75 years of India’s Independence, will also encapsulate Modi’s clarion call of redefining India in the next 25 years (Amrit Kaal) with his renewed motto of 'Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas,' he emphasized.
The visitors will get a glimpse of the country’s ancient treasures, business achievements, innovations and leading opportunities with cutting-edge technologies, he added. 
According to him, the country pavilion will showcase a modern, robust India - high on technology, while simultaneously exhibiting the beauty of its art, culture and cuisine during the 183 days that the event will run.
While India-UAE trade has also been impacted by the pandemic, it was valued close to $60 billion in 2019-20 with UAE being India’s third-largest trading partner, and its second-largest export destination after the US, with an export value of $29 billion in 2019-20. 
Goyal pointed out that the entire world was looking towards India as a trusted partner. 
"We have intensified the reform process during the pandemic instead of being defensive and have laid a solid foundation for a sustainable and sustained high growth phase in the coming years. India, with its democratic values, extremely capable talent pool, technological prowess and growing appetite for learning and leadership, is all set to play an increasingly central role in the global affairs, trade and business," he added.-TradeArabia News Service 


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