India was all set to play an increasingly central role in global affairs, trade and business, Goyal said

Pointing out that a resurgent India was ready to take be the frontrunner in the post-pandemic revival process, Union Commerce & Industry Minister Piyush Goyal has invited the world to come and invest in the country.

"The entire world is looking towards India as a trusted partner," Goyal said on Friday.

The Commerce & Industry Minister was inaugurating the India Pavilion at Expo 2020 Dubai on Friday. This will showcase India’s vibrant culture, along with the diverse partnership opportunities that the country is capable of offering.

“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 becoming a USD 5 trillion economy, and beyond. The next 25 years are set to symbolise India’s golden growth phase,” Goyal said, as he invited the global community to be part of this resurgent ‘New India’ journey.

The government had intensified the reform process during the pandemic instead of being defensive and had laid a solid foundation for a sustainable and sustained high growth phase in the coming years, Goyal said.

"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," Goyal pointed out.

Referring to the reforms unleashed in the last seven years by the Narendra Modi government, he said these were set to boost the country’s manufacturing and exports potential and 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, the country’s prowess in these areas would help reap the benefits of new-age technologies like Artificial Intelligence (AI) and Robotics,” said Goyal.

He added that the lessons learnt from the pandemic had also emboldened the country's confidence of surpassing any challenge in future with the help of our scientific and entrepreneurial research and development capabilities — whether it was development of pharma and healthcare products or running of the world’s biggest vaccination program banking on the two indigenously produced vaccines, India had 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 Corona," he pointed out.

According to Goyal, a 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 is not only signaling a strong revival but also the potential for economic rebound in a big way, and grow at a rapid pace.

"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,” Goyal pointed out.

Stressing on the significance of India’s participation in EXPO 2020, Goyal 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”.

In a special gesture the message of Prime Minister Narendra Modi was broadcast and relayed before the gathering at the inaugural event.

The minister added 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.

“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,” he said.

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 UAE 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 8th largest investor in India, having 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 & 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,” Goyal said.