Union Minister of Commerce and Industry, Mr. Piyush Goyal, reaffirmed India’s dedication to equity, fairness, and transparent economic partnerships during his keynote address at the 27th CITIC CLSA India Forum in Mumbai. His remarks underscored India's unwavering commitment to fostering Free Trade Agreements (FTAs) with nations that value transparency and align with India's economic objectives. These agreements reflect India's aspiration to become a pivotal player in the global economic arena while prioritising the needs and aspirations of its citizens.

The Minister highlighted India's approach of ensuring that basic needs are met, enabling individuals to aim for higher ambitions. This inclusive growth strategy is rooted in principles of equity and balance, fostering a harmonious economic environment.

The 4D Advantage Driving India’s Growth

Mr. Goyal attributed India’s robust economic trajectory to its 4D advantage:

1. Democracy: A stable and transparent political system that fosters trust among global investors.
2. Demographic Dividend: A youthful population that is not just the workforce of tomorrow but also the consumer market of the future.
3. Demand: An ever-growing domestic market driven by rising income levels and urbanisation.
4. Decisive Leadership: The strong, visionary governance of Prime Minister Narendra Modi, steering India toward becoming a Viksit Bharat (Developed Nation) by 2047.

Fostering Investments in India

The Minister urged businesses worldwide to explore the unmatched opportunities India offers as it progresses towards Viksit Bharat 2047. With its growing market, innovative technological landscape, and government-backed reforms, India remains a prime destination for global investments. The focus is on creating sustainable and long-term partnerships that benefit both India and its global allies.

Skill Development: The Backbone of Future Growth

Recognising the critical role of skills in a modern economy, Mr. Goyal emphasised the government’s Budget 2024 allocation of Rs. 3,000 crore (US$ 355.5 million) toward five key skill development schemes. This investment is part of a broader strategy to:

• Equip the youth with industry-relevant skills.
• Enable customised education pathways for individuals to pursue careers aligned with their aspirations.
• Facilitate the transition from formal education to vocational training seamlessly.

The focus on personalised learning ensures that young Indians are better prepared to contribute meaningfully to the workforce, thereby enhancing their employability and driving the nation’s economic progress.

The Role of CSR in Skill Development

Mr. Goyal also stressed the importance of Corporate Social Responsibility (CSR) spending in skill development. By actively participating in this initiative, companies can not only fulfill their CSR mandates but also play a vital role in shaping a skilled workforce. This partnership between the government and private enterprises is expected to accelerate India’s journey towards becoming a global economic powerhouse.

Unmatched Opportunities for Global Partners

As India continues to grow, it invites the world to be part of its success story. The Minister assured global investors that India’s policy environment is designed to support businesses in achieving their objectives while contributing to India’s development. From manufacturing and technology to infrastructure and services, India offers opportunities across diverse sectors.

Conclusion: Towards Viksit Bharat 2047

India’s path to becoming a Viksit Bharat by 2047 is a testament to its robust policies, visionary leadership, and unwavering focus on inclusive growth. By advocating for fair trade, prioritising skill development, and leveraging its 4D advantage, India continues to position itself as a leader in the global economy.

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