Goyal urges corporates to step up investments as India is 'at sweet spot'

NEW DELHI: Union Commerce Minister Piyush Goyal on Friday urged corporates to increase investments in India as the country was "at a sweet spot" with massive development of infrastructure driving the economy.

Adressing the Inaugural session of ‘3rd India Debt Capital Market Summit 2023 - Onwards & Upwards’, Goyal said: “Competitive source of financing is attracting investments from those who are looking for greater safety. The stock market is also hitting a 4 trillion mark for the first time and India being is amongst the top five global markets with huge opportunities.”

Massive investments both from the government and private sector in India’s infrastructure projects were empowering the country’s economy and giving it a fillip, he said.

Goyal urged the corporate world to invest in India as the country stands at the cusp of a very bright future as a trusted partner of the world and as a vibrant democracy.

“India is in a sweet spot today where it can be confident that for many years to come, it won't have a crisis of the sort that was seen in 2013,” the Union Minister added.

He pointed out that the India is the fifth largest economy in the world and the fastest growing economy at 7.6 per cent, this quarter.

Goyal said a resilient debt capital market will be the catalyst for innovation, entrepreneurship and infrastructure development.

He noted that massive urbanisation will happen over the next few decades as Tier 2 cities are also going to become metropolitan cities. Rural Areas incomes are rising, raising spending power across the country.

Futuristic sectors like AI, semiconductors, electric vehicles, will be powering our future.

Green and sustainable energy will be the way forward and the capital markets and debt markets are playing their role in our energy transition to a low carbon economy.

He said India will add $30 trillion to our $3.7 trillion by 2047.

The Minister also observed that India has been able to increase exports of goods and services, almost 55 per cent - from 500 billion in 2021 to 776 billion last year.

“Although two conflicts were going on around the world and there is a prospect of recession in the developed economies, I am confident of growth in the export numbers even in the current year,” Goyal added.