India poised to become world’s leading investment destination: Piyush Goyal

Mumbai, Feb 27 (IANS) With a robust and resilient economy, a large and dynamic consumer market, and a government committed to fostering business-friendly policies, India is poised to become one of the world’s leading investment destinations, Commerce and Industry Minister Piyush Goyal said on Thursday. 

Inaugurated the ‘Bharat Calling Conference 2025’ organised by IMC Chamber of Commerce and Industry here, the minister said that India stands at the forefront of global economic growth, offering unparalleled opportunities for investment across diverse sectors.

Dwelling on the theme 'Path to Viksit Bharat 2047: Pioneering Prosperity for All', he said there are huge opportunities unfurling in a country of 1.4 billion people, many of whom are aspirational and young. There is a deep commitment towards manufacturing, skill development, and innovation, as advocated by Prime Minister Narendra Modi himself, which truly makes India the world’s emerging investment destination.

Goyal highlighted that various strategic initiatives of the government, including Make in India, Digital India, Startup India, Swacch Bharat and Atmanirbhar Bharat, have collectively prepared the mindset of the nation to be resilient, self-sufficient and become a bigger player in global trade, even as the country’s economy is transformed in the Amrit Kaal of the coming two decades leading up to 2047.

"We are collectively committed to bringing about a prosperous and developed India," he remarked.

Goyal further said that India cannot become a developed nation if it does not open up its businesses for international trade. In this context, he named five key enablers for bringing about Viksit Bharat@2047, namely quality management and handholding of small business, sustainability, inclusive growth, skill development, and competitiveness and efficiency.

He said that India is at the crux of a quality revolution. Lamenting that quality had been the biggest casualty in the country in the past, he urged that it is time for businesses to adopt modern quality standards and ensure that the country’s ecosystem is trained towards good quality and follows good manufacturing practices. There are around 700 quality control orders in the country, he informed.

Business chambers like IMC would do a great service to the nation by spreading the message of quality control, he added.

Goyal further said that adopting and handholding small businesses by the big players of a business for quality control and upgrading their manufacturing practices is also very important.

About sustainability, he said that it is another important aspect of trade and commerce. Indian ethos traditionally reflects consciousness for sustainability for thousands of years. It is important to recognise sustainability as a challenge in present times, which along with energy efficiency should be a focus area for businesses.

He further said development cannot happen if there is no inclusive growth in the country, for which targeted interventions like ease of living initiatives for various communities and infrastructure development across the country have been taken up by the government. The minister urged that businesses will also have to cater to the agenda of inclusive development through better CSR initiatives.

Goyal stated that skill-building initiatives for the people will add more jobs and make our economy stronger. In this context, he stated that two more skill development centres are coming up in north Mumbai, after the launch of the first state-of-the-art skill centre in Mumbai’s Kandivali area last year.

He also said that increasing efficiency and competitiveness is the need of the hour. Businesses should thrive on competitive strength and engage with the world with confidence, instead of depending on the government for subsidies, support, incentives and so on, he added.

Dignitaries present on the occasion included Australia's Queensland state's Finance, Trade, Employment and Training Minister Rosslyn Bates and IMC Chamber of Commerce and Industry President Sanjaya Mariwala, among others.