Recently held India-Korea talks have yielded favorable results for the Indians. However, the highlight of the commerce minister Piyush Goyal’s address has been the talk of the town.
Speaking at the India-Korea Business Forum, Goyal said India has consistently pushed to improve the compliance framework and ease of doing business for domestic and foreign investors.
Calling India an ‘Oasis of Stability’ amid the global unrest around the world, Mr. Goyal said that the Indian government has brough in a flurry of bold reforms, massive investment in infrastructure, and unprecedented policy momentum, which has helped India to postion itself as one of the top nations that attracts global investment from all corners of the world.
Goyal further added, “We stand today as a $4 trillion economy and are well on track to become a $30 trillion economy by 2047, when we celebrate 100 years of independence.”
Goyal also highlighted one of the top advantages of India that no other country in the world currently possesses: the demographic. He said that India offers a ‘once in a lifetime’ opportunity for business because it can tap into the large, young, and highly talented workforce of the nation.
Another advantage Goyal highlighted was the expansion of the middle class’s income, and with it comes greater purchasing power, which in turn boosts demand and creates new growth opportunities for businesses planning to expand their portfolios into the Indian Markets.
India has been one of the most stable economies in the world and certainly in Asia. Moreover, projections for India’s economy have been steadily rising, according to reports from the World Bank, the IMF, and India’s Central Bank, RBI.
