Piyush Goyal inaugurates India Pavilion at the Expo 2020 in Dubai.
At a time when the whole world is coming together to recover from the COVID-19 pandemic and bringing growth back on track, a resurgent India is ready to take on the responsibility of being the frontrunner in this revival process, Commerce and Industry Minister Piyush Goyal has said.
The minister on Friday inaugurated the India Pavilion at Expo 2020 Dubai, which showcases India's vibrant culture, along with the diverse partnership opportunities that the country is capable of offering. He said the entire world is looking towards India as a trusted partner.
The minister said that the reforms unleashed in the last seven years by the government under the guidance of Prime Minister Narendra Modi, and especially during the COVID-19 period, are set to boost the country's manufacturing and exports potential.He said the reforms will also help make India a global economic hub, besides strengthening its capabilities in the technology space.
"India is already a leading player in the global markets in IT, pharma and space technology, and with the development of research and innovation capabilities and the country's prowess in these areas would help reap the benefits of new-age technologies like Artificial Intelligence (AI) and robotics," he said.
Noting that the lessons learnt from the pandemic have also emboldened India's confidence of surpassing any challenge in future with the help of the country's scientific research and development capabilities, the minister said that whether it is the development of pharma and healthcare products or running of the world's biggest vaccination programme banking on the two indigenously produced vaccines, India has set several examples.
"From here, productivity will play a big role in achieving a sustained high growth phase, that India has already embarked upon, leaving behind the impact of coronavirus. GDP growth in the first quarter of FY22 at a record 20.1 per cent against the contraction of 24.4 per cent in the same quarter of FY21 is not only signalling a strong revival but also the potential for economic rebound in a big way and growth at a rapid pace," he said.
"We have a huge advantage in our young populace and with the help of the New Education Policy (NEP), and its focus on skill development, the productivity levels in the country are set to rise substantially to support the growth objectives," he added.
The minister congratulated the UAE leadership for being able to deliver this massive enterprise, EXPO 2020, despite the difficult times. Stressing on the significance of India's participation in EXPO 2020, the minister said it is happening at a time when India is celebrating 75 years of its independence and UAE is celebrating 50th year of its foundation.
"UAE is one of India's most valued partners and a close friend. EXPO 2020 will prove to be a landmark in strengthening the relationship between the two countries further," he said.
"The ongoing celebrations of Amrit Mahotsav, 75 years of India's Independence, will also encapsulate Prime Minister Narendra Modi's clarion call of redefining India in 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 intensified the reform process during the pandemic instead of being defensive and has laid a solid foundation for a sustainable and sustained high growth phase in the coming years.
"The entire world is looking towards India as a trusted partner. India, with its democratic values, extremely capable talent pool, technological prowess and growing appetite for learning and leadership, is all set to play an increasingly central role in the global affairs, trade and business," the minister said.
He said that those visiting the India Pavilion during the six months of Expo 2020, till March 31, 2022, will get a glimpse of the country's ancient treasures, business achievements, innovations and leading opportunities with cutting-edge technologies.
"We are on the way to reaching and surpassing USD 400 billion exports per year target and a GDP growth that will take us to become a USD 5 trillion economy and beyond. The next 25 years are set to symbolise India's golden growth phase," he said and invited the global community to be part of this resurgent 'New India' journey.
Goyal, who is also Union Minister for Consumer Affairs, Food & Public Distribution and Textiles, said the India Pavilion will showcase a modern, robust India- high on technology, while simultaneously exhibiting the beauty of Indian art, culture and cuisine during the 183 days that the event will run.
While India-UAE trade has also been impacted by the pandemic, it was valued close to USD 60 billion in 2019-20 with UAE being India's third-largest trading partner and being India's second-largest export destination after the US, with an export value of approximately USD 29 billion in 2019-20.
UAE is also the eighth largest investor in India and has invested USD 11 billion between April 2000 and March 2021.India aspires to make significant progress in catalyzing the investments from UAE to India across the focus sectors including gems and jewellery, textiles, pharma and IT.
"Over the years, UAE and India have built a strong relationship that goes beyond economic, cultural and political spheres. UAE has given opportunity to thousands of Indians to build their lives in the country and Indians, on their part, have exhibited their expertise and contributed to the collective growth of the nation through several areas, including education, technology and entrepreneurship. Expo 2020 Dubai is set to galvanise this further," the minister said.
(With inputs from ANI)
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