The World Bank on Tuesday said that India is expected to be the fastest growing economy of the seven largest emerging-market and developing economies (EMDEs) though its economic growth is projected to slow to 6.9% in FY23 and 6.6% in FY24 from 8.7% in 2021-22.

 

'The slowdown in the global economy and rising uncertainty will weigh on export and investment growth. Governments increased infrastructure spending and various business facilitation measures, however will crowd-in private investment and support the expansion of manufacturing capacity,'

the World Bank’s said in its latest Global Economic Prospects report.

 

The global economy is projected to grow by 1.7% in 2023 and 2.7% in 2024, according to the multilateral lender.

 

'India is expected to be the fastest growing economy of the seven largest EMDEs,' it said, adding that monetary and fiscal tightening over the forecast horizon is expected to be less pronounced than in much of the rest of the (South Asia) region, as adequate policy buffers have provided breathing room to support the ongoing recovery and boost public investment.

 

The Bank said that extreme weather can also complicate the implementation of macroeconomic policies in many countries.

 

'For example, in India, more erratic monsoon rains have translated into more volatile food prices, destabilising households’ inflation expectations, undermining the ability to forecast inflation, and muddling the formulation of monetary policy,' it noted.

 

Global downturn

The Bank said that the 'sharp downturn' in global growth is expected to be widespread, with forecasts in 2023 revised down for 95% of advanced economies and nearly 70% of emerging market and developing economies and that global growth may decelerate sharply in 2023 to its third weakest pace in nearly three decades, cautioning that the world economy is 'perilously close' to falling into recession.

 

'Further negative shocks- such as higher inflation, even tighter policy, financial stress, deeper weakness in major economies, or rising geopolitical tensions-could push the global economy into recession. This would mark the first time in more than 80 years that two global recessions have occurred within the same decade,' the Bank warned.

 

Over the next two years, per-capita income growth in emerging market and developing economies is projected to average 2.8%, a full percentage point lower than the 2010-2019 average.

 

Growth in advanced economies is projected to slow to 0.5% in 2023. from 2.5% in 2022.. In the United States, growth is forecast to fall to 0.5% in 2023- 1.9 percentage points below previous forecasts and the weakest performance outside of official recessions since 1970 while the euro-area growth is expected at zero percent—a downward revision of 1.9 percentage points. In China, growth is projected at 4.3% in 2023—0.9 percentage point below previous forecasts.

 

Excluding China, the Bank said that growth in EMDEs is expected to decelerate to 2.7% in 2023 from 3.8% in 2022, reflecting significantly weaker external demand compounded by high inflation, currency depreciation, tighter financing conditions, and other domestic headwinds.

 

'By the end of 2024, GDP levels in emerging and developing economies will be roughly 6% below levels expected before the pandemic. Although global inflation is expected to moderate, it will remain above pre-pandemic levels,' World Bank said.

 

In India, which accounts for three-fourths of the region’s output, growth expanded by 9.7% on an annual basis in the first half of FY23, reflecting strong private consumption and fixed investment growth.

 

Growth in South Asia is projected to slow to 5.5% in 2023 on slowing external demand and tightening financial conditions before picking up slightly to 5.8% in 2024 but this pace reflects still 'robust growth in India, Maldives, and Nepal offsetting the effects of the floods in Pakistan and the economic and political crises in Afghanistan and Sri Lanka'. The deteriorating global environment, however, will weigh on investment in the region, the Bank cautioned.

 

Commerce and Industry Minister Piyush Goyal met with chief executives of leading global corporations as well as industry stakeholders here and discussed investment opportunities in India and areas to further strengthen the bilateral trade partnership with the US.

 

Goyal, who is in the US on an official visit, held a series of meetings with the CEOs of investment and financial giants on Monday.

 

Following a meeting with smart and sustainable buildings solutions provider Johnson Controls Chairman and CEO George Oliver, Goyal tweeted that he 'exchanged views on enhancing company's role in decarbonisation & developing sustainable buildings in India.'

 

They also discussed developing security products through Research and Development, the Internet of Things and Artificial Intelligence.

 

In his meeting with the CEO and Chairman of investment management giant Blackstone Stephen Schwarzman, Goyal discussed expanding India's investment landscape, including infrastructure, renewables and green hydrogen. They exchanged views on the 'deepening of India's capital markets and private equity landscape,' Goyal said in a separate tweet.

 

Goyal met Mastercard CEO Michael Miebach and co-founder and co-Executive Chairman of global investment firm Kohlberg Kravis Roberts & Co, Henry Kravis.

 

In a tweet after his meeting with Kravis, Goyal said he exchanged views on 'attractive investment opportunities in India including in infrastructure, manufacturing and startup incubators.'

 

Later, at a business roundtable organised by the US-India Business Council at Nasdaq, Goyal 'spoke about India's remarkable economic transformation and huge potential. Stronger India-US trade and surging crossflow of investments are adding new value and dynamism to our bilateral partnership.'

 

Earlier in the day, Goyal addressed a roundtable of stakeholders from industry, think tanks and academia at the Council on Foreign Relations. The interaction focused on strengthening the India-US trade partnership and India's role as a trusted investment destination. 'Discussed wide-ranging issues including India's G20 Presidency,' Goyal tweeted.

 

Goyal began his engagements in New York with a visit to the Tata Innovation Center at Cornell Tech which houses a mix of academic and research teams and corporate offices for technology companies, startups and venture capitalists.

 

He said Tata Innovation Center's work in 'cutting-edge technology is a testimony to India-US cooperation in the sector, enhancing our mutual competitiveness & productivity.'

 

After arriving in New York Sunday, Goyal addressed members of the diaspora at a community reception in Edison, New Jersey where he lauded contributions made by members of the Indian-American community in strengthening bilateral relations.

 

He will travel to Washington DC Tuesday and will attend the 13th Trade Policy Forum (TPF) meeting on January 11. He will also hold a bilateral meeting with US Trade Representative Ambassador Katherine Tai.

 

According to the data of the commerce ministry, in 2021-22, the bilateral trade between the US and India stood at USD 119.42 billion as against USD 80.51 billion in 2020-21.

A 7-day long Startup-India Innovation Week to celebrate the National Startup Day started today across the nation with several events to reach ecosystem stakeholders and enablers. 

 

Following is a snap shot of events that were successfully conducted on Day 1 of the Startup India Innovation Week:

 

Workshop on Alternative Investment Funds

 

Department for Promotion of Industry and Internal Trade (DPIIT) organized a workshop on Alternative Investment and their Central role today, chaired by Anurag Jain, Secretary, DPIIT as part of the Startup India Innovation Week 2023 at Vanijya Bhawan, New Delhi. 

 

DPIIT has worked closely with the Ministry of Finance (MoF), Insurance Regulatory and Development Authority of India (IRDAI), and Ministry of Labour and Employment (M/o-L&E) to allow Alternative Investment Funds (AIFs) to invest in startups. 

 

The workshop focused on sensitizing representatives from Small Industries Development Bank of India (SIDBI), Insurance Regulatory and Development Authority of India (IRDAI), Employees’ Provident Fund Organisation (EPFO), Pension Fund Regulatory and Development Authority (PFRDA), Life Insurance Corporation of India (LIC), SIDBI to mobilize domestic capital into the startup ecosystem through AIFs.

 

The 2-hour workshop began with an overview of the startup investment landscape in India followed by sessions on Investments in AIFs, Regulatory Framework for AIFs, and opportunity by these organizations to invest in AIFs. Thereafter, Indian, and Global success stories were shared. 

 

ASCEND SAMAGAM

 

DPIIT organized the ASCEND (Accelerating Startup Calibre & Entrepreneurial Drive) SAMAGAM today as part of the Startup India Innovation Week 2023. The objective of the workshop is to capacitate and augment knowledge on key aspects of entrepreneurship and continue efforts towards creating a robust startup ecosystem in Northeast.

 

ASCEND Samagam is being conducted as a follow up to ASCEND Workshops organized by DPIIT for the entrepreneurs, aspiring entrepreneurs, students, and ecosystem enablers in all eight States of Northeast India during the months of November and December 2022.

 

The ASCEND SAMAGAM conducted in virtual mode witnessed active participation of 110+ participants across all states in Northeast states including stakeholders such as State officials, startups, and aspiring entrepreneurs.

 

Webinar on Founders of Today, Leaders of Tomorrow

 

Startup India hosted a webinar on the topic “Founders of Today, Leaders of Tomorrow” on 10th January 2023. The session was led by three experts, including Prof. Surya Kumar, Dean - Innovation, Translation & Startups IIT Hyderabad, Chris Cander, Schulich Business School, Canada, and Prof Dhruv Nath, Angel Investor and Ex-Management Development Institute, Gurgaon.

 

In addition to the above, startup related events were also organised across various centres across the country:

 

Association For Scientific Pursuits for Innovative Research Enterprises (Hyderabad) : The centre hosted a conference on two topics: IT (Information Technology) strategy for startups and Startup Valuation at ASPIRE, University of Hyderabad. The conference was organised in a hybrid mode with participation of over 20 startups offline. Two experts from their respective fields led the conference and engaged the audience in the informative program.

 

Sardar Patel Technology Business Incubator (Mumbai) : The centre hosted a workshop on the topic: The Art of Pitching. Expert speaker Mr. Dinesh Israni, Naman Angels India Foundation, led the workshop which was hosted in a hybrid format. The event witnessed participation from over 40+ startups and ecosystem enablers.

 

Agri Business Incubation Society (Coimbatore): The centre hosted a physical program to celebrate the National Startup Day. It was inaugurated by Prof. Dr. V. Geethalakshmi, Vice-Chancellor, TNAU (Tamil Nadu Agricultural University) and the Chief Guest for the session was Dr. Rakesh Chandra Agrawal, DDG (Agricultural Education), ICAR (Indian Council of Agricultural Research), New Delhi. 120 startups registered for the event and over 100 people participated in the session. A special exhibition area was also organised for selected startups to display their innovative product and services. The event witnessed participation from government officials, startups, students, and faculty members.

 

SR Foundation (Warangal) : The centre hosted a physical startup innovation competition at their centre ‘SR Innovation Exchange.’ Over 78 teams applied for the first round, and 30 teams were selected for the final round, which was held at the centre today. Top 5 teams were selected as winners and facilitated with cash prizes and grants in kind. Enthusiastic participants and students were in attendance for the event.

The wheat production in the country is set to jump to a record this year as all-time high prices prompted farmers to expand planting areas, and opting of high-yielding varieties, news agency Reuters said. Scientists and traders have projected ‘good weather conditions’, another factor for the largescale wheat production. India, which is world's second largest wheat producer, may consider lifting a ban on exports of the staple becaus eof the higher output. The move will help ease concerns over persistently high inflation in food prices.

 

'This year production could rise to 112 million tonnes because of the higher area and favourable weather,' Gyanendra Singh, director at the Indian Institute of Wheat and Barley Research told the agency.

 

India is also world's second-biggest consumer of wheat. Last year, India banned exports of the  staple crop in May after a sharp, sudden rise in temperatures clipped output, even as exports picked up to meet the global shortfall triggered by Russia's invasion of Ukraine.

 

India's wheat output fell to 106.84 million tonnes in 2022 from 109.59 million tonnes a year earlier, the Central governement stated. The surge in wheat prices to a record despite the ban on exports of the grain indicates a far bigger drop in this year's output.

 

The US Department of Agriculture's Foreign Agricultural Service has pegged production at 100 million tonnes, while traders estimated output fell to as low as 95 million tonnes because of a heatwave early last year.

 

This year, Reuters said that the weather in key wheat-producing states such as Uttar Pradesh, Madya Pradesh, Punjab and Haryana has been favourable with temperatures hovering below normal levels.

 

'The current cold wave is good for the crop's growth. Farmers have opted for newer high-yielding varieties which are more resilient to climate change,' said Singh.

 

Farmers have planted wheat on 33.22 million hectares since 1 October, when the current sowing season began, up nearly 1% from a year earlier.

The Niti Aayog is preparing an index on agriculture transformation which will rank states on their performance on farm sector policies, a move that will help the Centre gauge measures taken by the states to increase farmers' income.

 

A senior government official told ET that the Agriculture Transformation Index is likely to measure the performance of states across seven pillars - inputs, sustainability, productivity and diversification, policy, preservation, processing and exports, and farmers' income and welfare.

 

'The index is aimed at capturing the new policy paradigm in agriculture, at the core of which are sustainable diversification of crops, improvement in productivity and increasing farmers' income,' said the official, who did not wish to be identified.

 

With the help of stakeholder ministries, the Aayog has developed more than half-dozen indices, including health, education and water sustainable development index, to rank states annually on measurable parameters. The government believes the exercise has helped improve the country's overall performance across sectors.

 

In 2018, the government had accepted the proposals of the committee on doubling farmers' income, following which an empowered committee was formed to review and monitor the progress.

 

The panel had recommended seven sources of income growth for farmers, including improvement in crop productivity, improvement in livestock productivity, resource use efficiency.

Switzerland is keen to accelerate bilateral ties with India by tapping more trade and investment opportunities, and both countries are also working to create an innovation platform, according to Swiss Ambassador to India Ralf Heckner.

 

Emphasising that his 'expectations are very high', he said innovation and a free trade agreement can take the bilateral relations to the next level.

 

In an interview with PTI here, Heckner said he sees a lot of convergence between both countries when it comes to innovation.

 

'Switzerland being the most innovative country and more innovations (are) being created in India, what I would like to see is the most strategic innovation relationship. We are working with the Indian government to create an innovation platform that will bring the best universities, IITs and federal institutes of technology in Switzerland together with very innovative Swiss and Indian businesses,' he said.

 

The idea of creating an innovation platform is at an initial stage, and in this regard, a pilot project that is focused on anti-microbial resistance is in progress.

 

'By the end of the year, we will be presenting our first results when it comes to the pilot project,' the Ambassador said, adding that there is also convergence in terms of Intellectual Property Rights (IPR).

 

'The more innovative India becomes, India will have an interest in IPR. Switzerland attaches a lot of importance to IPR and I see India moving into that space. That will also open up quite some interesting cooperation,' he noted.

 

In the Global Innovation Index 2022, India’s ranking improved to the 40th position and the list was topped by Switzerland.

 

On the trade front, negotiations between India and the European Free Trade Association (EFTA) have been going on for some time. EFTA is an inter-governmental organisation of Iceland, Liechtenstein, Norway and Switzerland.

 

Against the backdrop of India recently concluding trade deals with Australia and the UAE, Heckner said that he would like to see the negotiations on a free trade agreement between India and EFTA moving forward at a quick pace.

 

'I feel that the Indian government is now open for trade deals…The proof of the pudding is already there, because of trade deals that India has signed with Australia and the UAE.

 

'The next important visit will be that of the State Secretary for Economic Affairs to Delhi in the beginning of February. If we are able to move our negotiations forward, that would take our relations to the next level,' he said.

 

In 2020 to 2021, bilateral trade between Switzerland and India stood at around 11 billion Swiss francs.

 

'In 2023, I would like to see our bilateral relations accelerating… we are not only celebrating 75 years of India’s independence but also 75 years of friendship.

 

'It is so important that countries that are friendly work together. So, we would like to celebrate our friendship, and we expect high-level visits to India and from India also,' Heckner said.

In sync with the G-20 theme of ‘Recover Together, Recover Stronger’ in the International Year of Millets (IYoM) 2023, India is set to make the world a healthier place with an increased emphasis on its export of nutritional millets. The traditionally grown, healthy cereal group is fast becoming the new identity of India as it is a sustainable commodity. Bajra, ragi, jowar, and buckwheat are now going to be globally-enjoyed cereals.

 

The Covid-19 pandemic, climate change, growing awareness on calorific intake have nudged the globe towards this smart food and its nutritional benefits. India—the largest producer of millets with a 19% share—has taken up the responsibility of ushering in the millet revolution and bringing about a revolutionary change in its exports, targeting global millet trade with the Agricultural and Processed Food Products Export Development Authority’s (APEDA’s) marketing strategy.

 

As a part of the Millets Export Promotion Strategy, a Millet Conclave was organsied to take India ahead and create awareness among the top 100 trading nations, displaying a wide range of value-added, innovative millet products and inviting buyers to experience the unique products that India has to offer. This was to ultimately secure a space for Indian millets in every diet and every meal across the globe. APEDA, which works under the ministry of commerce and industry, has plans to achieve a $100 million target by 2025. A global marketing campaign is being prepared, after assessing India’s potential. Accordingly, an e-catalogue of 30 importing countries and 21 millet-producing states has been prepared, and a virtual trade fair platform was launched to give the impetus for the export of millets as well as its value-added products.

 

As the world is moving towards nutritional security, there is a decadal rise in international imports of millets—5.4% in terms of value and 14% in terms of quantity. Millets have grabbed global attention due to their exceptional quality attributes—they are gluten-free, high in protein, and high in fibre. As a rice/wheat substitute, millets are potentially beneficial in diabetes management, weight management, anaemia control, management of blood pressure and other cardiovascular disorders.

 

In all aspects, millets are considered superior to wheat, rice, and maize. If India moves ahead with the agenda of disease eradication with millets, this can replace upto one-third of the recommended cereal diet of diabetics and anemic women. This, in turn, will yield an opportunity for 100 grams of millet intake per capita per day. This will, without doubt, help India achieve the target of 'Millets, a staple food in every diet' in the IyoM.

 

For the promotion of Indian millet exports, the Centre is in the process of facilitating participation of exporters, FPOs/FPCs, traders in various international events by organising Buyer-Seller Meets at more than 16 International Trade Fairs. India has already promoted millets and their value-added products at an event to celebrate IYoM 2023 that was organised by the FAO at its HQ in Rome, Italy and at Buyer-Seller Meets in Jakarta and Medan, Indonesia, in association with the Indian embassies in these countries. Plans are in place to facilitate participation in the international trade fairs, such as at Gulfood 2023, Dubai, Foodex, Japan, Fine Food, Australia, Anuga Food Fair, Germany, etc, to promote millets.

 

Leading importers and departmental store/super-market/hyper-market chains would be roped in through the embassies to promote millets, and food sampling and tasting campaigns will be organised. There would be branding/ publicity of Indian millets in the targeted countries and market in association with the IBEF, and through promotion campaigns in social media.

 

India’s top five millet-producing states are Rajasthan, Maharashtra, Karnataka, Gujarat, and Madhya Pradesh. There are 16 major varieties of millet, including sorghum (jowar), pearl millet (bajra), finger millet (ragi), minor millets (kangani), proso millet (cheena), kodo millet (kodo), barnyard millet (sawa/sanwa/ jhangora), little millet (kutki), pseudo millets (buckwheat/kuttu), Amaranthus (chaulai), and brown top millet.

 

Exports of millets from India are mainly whole-grain, and the export of value-added products of millets is negligible. The government is also mobilising start-ups for export promotion of value-added products in the ready-to-eat (RTE) and ready-to-serve (RTS) categories, such as noodles, pasta, breakfast cereals mix, biscuits, cookies, snacks, sweets, etc.

 

Countries of major millert exports from India are the UAE, Nepal, Saudi Arabia, Libya, Oman, Egypt, Tunisia, Yemen, the UK, and the US. The varieties of millets exported by India include bajra, ragi, kangani, jowar, and buckwheat. The US stands at the top for unit price realisation in exports of sorghum, kangani, bajra, and ragi, whereas Saudi Arabia gave better returns on buckwheat and exports of other millets. In general, buckwheat fetched far higher prices than sorghum and other millets. The major millet importing countries in the world are Indonesia, Belgium, Japan, Germany, Mexico, Italy, the US, the UK, Brazil and Netherlands.

 

India is moving ahead in promoting millets across the world to reform millet as part of staple food in every diet.

The President of the Republic, H.E. Dr. George Manneh Weah, has issued two Executive Orders affecting critical national issues germane to the security and wellbeing of citizens. On Friday, January 6, the President issued Executive Order #113 suspending the import tariff on rice and Executive Order #114 establishing the West African Police Information System (WAPIS).

 

Executive Order #113 is in consideration of the expiration of Executive Order #105 and the government's commitment to ensuring that the prices of certain basic commodities on the market are affordable and do not impose an unnecessary burden on the citizens.

 

'Now, therefore, the government of Liberia, in its desire to continue bringing relief to the public, hereby issues this Executive Order #113, suspending the import tariff on rice as classified under tariff nos. 1005.30.00 (in packing of more than 5kg or in bulk); 1006.30.00 (in packing of at least 5kg); and 1006.40.00 (broken rice) under the Revenue Code of Liberia Act with immediate effect,' asserts the President.

 

President Weah further indicated that Executive Order #113 is issued against the backdrop of an assessment and evaluation conducted by the government on the causes of increases in the price of various strategic commodities, including rice, with an intent to ameliorate the situation.

 

According to President Weah, based on the findings of the assessment, the government has seen the need to curb 'the continuous increase in the price of rice, in order to make it affordable to the public for purchase.'

 

The Liberian Leader also insists that there exists a need for what he calls 'exigent measures to achieve the desired objectives of easing the economic burden on the citizens and residents to enable access to rice, the staple food, and such measures can't await long legislative processes.'

 

Regarding Executive Order #114 establishing the WAPIS program, President Weah said the decision aligns with an ECOWAS mandate of December 12, 2017 that all member states endorse the West African Police Information System (WAPIS) program.

 

He said it's also against the backdrop that Liberia is a member of International Criminal Police Investigation and implementer of the WAPIS program in the sub-region.

 

The Executive Order opines: 'Whereas, the government of Liberia desires the establishment of a national electronic police information system to be shared by the national law enforcement agencies in Liberia as part of the WAPIS program.'

 

The organic objective of the WAPIS program is to strengthen information exchange and coordination among regional law enforcement agencies.

 

The Executive Order is accordingly consistent with the MOU signed on December 17, 2018 between the government of Liberia and the International Criminal Police Investigation (INTERPOOL), coupled with the fact that actions and activities leading to the establishment of the program have not been enacted by the appropriate Status to enable to operationalize the WAPIS program in Liberia.

 

As per Executive Order #114, a National Steering Committee, or WANACO, has been established to administer the affairs of the WAPIS program, which falls under the Executive Branch of Government and is directly overseen by the Minister of Justice and Attorney General.

 

The Executive Order states that WAPIS will be headquartered in Monrovia at the edifice of the Liberia National Police.

Commerce and industry minister Piyush Goyal will be on a three-day visit to the US, where he will meet the heads of top multinational companies.

 

The minister will also attend the 13th Trade Policy Forum (TPF) that aims to expand economic ties between the two nations.

 

'He (Goyal) will attend the 13th Trade Policy Forum in Washington DC on January 11. Before delegation-level talks, he will also hold a one-to-one meeting with USTR (US Trade Representative) Ambassador Katherine Tai,' an official statement said on Sunday.

 

The TPF aims to iron out key trade and investment-related issues between India and its largest trade partner — the US.

 

Bilateral merchandise trade during April-October stood at $77.25 billion. The US is also the biggest destination for India’s exports.

 

Established in 2005, India-US TPF held its 12th ministerial-level meeting in New Delhi in November, 2021. It was after a four-year gap.

 

Under the TPF, there are working groups on five broad areas including agriculture, non-agriculture goods, services, investment, and intellectual property.

 

In the last meeting, both the nations discussed their view on potential ‘targeted tariff reductions’. The TPF will be co-chaired by Goyal and Tai.

 

'Working groups were reactivated after the last ministerial. TPF is a platform for continuous engagement between the two countries in the area of trade. It is also to further the trade and investment relations between the two countries. Both the countries are looking forward to the meeting and confident of making progress on trade issues,' the statement said.

 

While the agenda of the TPF is unknown, Business Standard last week reported that in the sidelines of the meeting, India may propose out-of-court settlement to the US.

 

This is in regard to the case where the World Trade Organization’s (WTO’s) dispute panel in 2019 had agreed with the US that India provides export subsidies to its exporters.

 

In the first leg of his visit, the minister will travel to New York to interact with the heads of key multinationals.

 

Goyal will participate in community events, join roundtable meetings with business leaders and think tanks and visit industries.

 

In Washington DC, Goyal will also have a bilateral meeting with US Secretary of Commerce Gina Raimondo. There will also be interaction with some captains of industry.

India today is a land of opportunity and can be a 'trusted partner' for global and American corporations in their supply chains and investment portfolios, Commerce and Industry Minister Piyush Goyal said. He also exuded confidence that the country will soon be the third largest economy in the world, as transformational reforms and a young population drive future growth.

 

'I would urge all of you to take this message to the world, to the Americans and American corporations and to the sphere of influence that each one of you has that India is the place to be, India can be your trusted partner in your supply chains, in your investment portfolio, in your business,' Goyal said on Sunday as he addressed diaspora and members of the Indian-American community at a reception Jersey.

 

Goyal arrived in New York on Sunday on an official visit till January 11 during which he will also travel to Washington DC. In the first leg of the visit, he will interact with CEOs of multinational enterprises, join roundtable meetings with business leaders and think tanks and visit industries in New York.

 

He will attend the 13th Trade Policy Forum (TPF) meeting in Washington on January 11 and also hold bilateral meeting with US Trade Representative Ambassador Katherine Tai.

 

Addressing the community reception attended by Consul General of India in New York Randhir Jaiswal and prominent members of the diaspora from the tri-state area on the eve of the Pravasi Bhartiya Divas 2023, Goyal said members of the diaspora, their forefathers immigrated from India to the US in search of a better life.

 

While America 'has given you a lot and I'm sure each one of you has given back to the US manifold, today India is that land of opportunity.

 

'Today India beckons your contribution to make India a great superpower,' Goyal said adding that as 'we work towards making India a developed nation', he is confident that the country's diaspora will also be contributing to take India back to the 'old glory that we had a few 100 years ago' to the time when India was one of the largest contributors to global economy. 'I think it's time we got that glory back in our nation.'

 

Goyal highlighted that India quickly rebounded after the lockdown and economic stress unleashed by the pandemic, underlining that last year was a 'record year in terms of growth in all spheres, including our international engagement.'

 

He said India's exports crossed USD 670 billion for the very first time in the country's history and foreign direct investment was also at an all-time high, with nearly USD 84 billion FDI inflows in 2021-22.

 

He said investments in India get one of the finest returns, which no other country has, as he cited a study to note that if one looks at a 20-year horizon, nearly one out of four companies on the top 500 companies on the Indian stock exchange have given a 20 per cent plus compounded return to investors, more than anywhere else in the world and ahead of the US and China.

 

Goyal added that a 'metamorphosis' is needed back home in India. 'The transformational reforms that we have seen over the last few years have made India the world's fifth largest economy. Four or five years from now, we're very confident we will be the third largest economy.'

 

Assuring that no one in India will rest on this laurel, Goyal said several steps have been taken to ensure ease of doing business in India and ease of living and this 'will hold us in good stead' as the country's young skilled and talented population drives the Indian economic growth in the next 25 years. 'There is fire in the belly of every Indian,' he added.

 

Goyal noted that under India's G20 presidency this year, 'we are demonstrating to the world our abilities and our contributions as we see them in the next 25 years.'

 

He gave a clarion call to the diaspora to strengthen brand India, 'bring high quality to everything that we do, both in India and internationally', buy Indian-made products, present the India investment opportunity to investors in the US and contribute to India's growth story through a greater degree of philanthropy and knowledge transfer.

 

'Your accomplishments in the US have been huge. You are uniquely positioned to contribute to India's growth story also. We invite you not only to share your ideas, your vision, your achievements and the possibilities that are there in India. In this century, which the world today acknowledges as India's century, I invite you to help us shape the contours of a new India, a powerful India, an India that will lead global growth, an India that is destined to be a 'Vishwa Guru',' he said.

 

Goyal stressed that both the US and India are vibrant democracies. 'We both have very strong linkages and bonds of friendship, very strong geopolitical ties, huge interests in business, trade, in economic well being of both countries. In fact, India is happy that the US is our largest trading partner,' Goyal said.

 

The Indian diaspora holds the Indian flag high and continues 'to act as the living bridge between India and the US,' the minister added.