At a time when the whole world comes together to recover from the COVID-19 pandemic and get growth back on track, a resurgent India is ready to shoulder the responsibility of being the forerunner of this recovery process, said the Minister of Commerce and Industry Piyush Goyal said.
The minister on Friday inaugurated the India pavilion at Expo 2020 Dubai, which showcases India’s vibrant culture, as well as the various partnership opportunities the country is capable of offering. He said the whole world looks to India as a trusted partner.
The minister said reforms launched over the past seven years by the government under the leadership of Prime Minister Narendra Modi, and particularly during the COVID-19 period, should boost the country’s manufacturing and export potential.
He said the reforms would also help make India a global economic hub, in addition to building capacity in the tech space.
“India is already a major player in the global computer, pharmaceutical and space technology markets, and with the development of research and innovation capacities and the country’s prowess in these areas would help to take advantage of the technologies of the new era like artificial intelligence (AI) and robotics, ”he said.
Noting that the lessons learned from the pandemic have also boosted India’s confidence to overcome any challenges in the future with the help of the country’s scientific research and development capacities, the minister said that he is From pharmaceutical and healthcare development to running the world’s largest immunization program leveraging both locally produced vaccines, India gave several examples.
“From there, productivity will play an important role in achieving a phase of sustained high growth, which India has already embarked on, leaving behind the impact of the coronavirus. 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 signals not only a strong recovery, but also a potential for recovery. significant economic rebound and growth at a rapid pace, ”he said.
“We have a huge advantage in our young population and with the help of the New Education Policy (NEP) and its focus on skills development, productivity levels in the country are expected to increase dramatically to support the goals of growth, ”he added. .
The minister praised the leadership of the UAE for being able to bring this massive undertaking, EXPO 2020, to a successful conclusion despite the difficult times.
Emphasizing the importance of India’s participation in EXPO 2020, the Minister said this comes at a time when India is celebrating 75 years of independence and the UAE is celebrating the 50th anniversary of its founding. .
“The UAE is one of India’s most valuable partners and a close friend. EXPO 2020 will prove to be a milestone in strengthening relations between the two countries,” he said.
“The ongoing celebrations of Amrit Mahotsav, 75 years of Indian independence, will also encapsulate Prime Minister Narendra Modi’s clear call to redefine India over the next 25 years with his renewed motto of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas, ”he added.
The minister said the government had stepped up the reform process during the pandemic instead of being on the defensive and had laid a solid foundation for a phase of sustained and sustained high growth in the years to come.
“The whole world regards India as a trusted partner. India, with its democratic values, pool of highly skilled talent, technological prowess and growing appetite for learning and leadership, is poised to play an increasingly central role in global affairs, commerce and business, ”said the Minister.
He said those who visit the India pavilion during the six months of Expo 2020, until March 31, 2022, will get a glimpse of the country’s ancient treasures, business achievements, innovations and key opportunities with cutting-edge technologies.
“We are on the verge of meeting and exceeding the target of $ 400 billion in exports per year and GDP growth that will take us to an economy of $ 5,000 billion and beyond. coming years should symbolize the golden growth phase of India, ”he added. said and invited the world community to be part of this new journey of “New India”.
Goyal, who is also Union Minister for Consumer, Food and Public Distribution and Textiles, said the India pavilion will showcase a modern and robust India – at the cutting edge of technology, while simultaneously showcasing the beauty of Indian art, culture and cuisine during the 183 days that the event will take place.
While trade between India and the United Arab Emirates has also been affected by the pandemic, it was valued at nearly USD 60 billion in 2019-2020, with the United Arab Emirates being India’s third largest trading partner and the United Arab Emirates. India’s second largest export destination after the United States, with export value. of approximately USD 29 billion in 2019-2020.
The UAE is also the eighth largest investor in India and invested USD 11 billion between April 2000 and March 2021.
India aspires to make significant progress in catalyzing UAE investments to India in target sectors including gemstones and jewelry, textiles, pharmaceuticals and IT.
“Over the years, the UAE and India have established a strong relationship that extends beyond the economic, cultural and political spheres. Contributed to the collective growth of the nation in several areas including education, technology and entrepreneurship Expo 2020 Dubai is about to further galvanize this, ”the Minister said.
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