Commerce and Industry Minister Piyush Goyal has called upon the Indian diaspora in the United States to bolster India’s position as a premier investment destination. During a virtual interaction on Saturday, Goyal emphasized the substantial opportunities available across various sectors in India and the government’s initiatives to attract foreign investments.
Highlighting the measures taken by the government, Goyal mentioned efforts to promote ease of doing business, reduce compliance burdens, and open sectors such as space and defense to foreign direct investments. He urged the diaspora to contribute to India’s vision of becoming a developed nation by 2047.
‘Help promote brand India as a premium investment destination. Investing in India has tremendous growth potential,’ Goyal stated. He pointed out that NRI deposits saw a significant increase, reaching USD 3 billion between April and May, quadrupling from the previous year. Goyal expressed confidence that many members of the diaspora are considering investments in the Indian stock market, bond market, banking systems, and fixed deposits, depending on their risk appetite.
Acknowledging the current attractiveness of the US for investors due to high interest rates, Goyal assured that India presents vast opportunities for future business ventures. ‘I would invite all of you to invest in India. India’s growth story will continue unfettered at a scorching pace. India will continue to lead the world economy and will remain the most favored destination for investment and manufacturing,’ he said.
On the topic of clean energy, Goyal highlighted India’s leadership in renewable energy, with a target of 500 GW. ‘We already have 200 GW and are ramping it up. Let’s see what further initiatives in sustainability are introduced in Tuesday’s budget,’ he added.
Addressing concerns about social media confusion during general elections, Goyal acknowledged the evolving dynamics and the lessons learned from each election. ‘We are all working to understand what changed and what we need to focus on. Nobody here is resting; we are all focused,’ he assured.
When questioned about judicial reforms, Goyal described it as a delicate subject. “Everybody who becomes a judge talks of judicial reforms but resists any reforms. It’s a conundrum we have to break. I am fairly confident that judicial reforms, particularly to reduce case pendency and shorten the duration to get justice, are inevitable,” he concluded.
The minister’s address underscored the government’s commitment to creating a conducive environment for investment and the vital role of the Indian diaspora in achieving the nation’s developmental goals.
