New Delhi: Union Commerce and Industry Minister Piyush Goyal on Monday said that with record export figures and multiple free trade agreements (FTAs), India is charting a new road to economic prosperity.
Supported by a robust digital ecosystem, processes are being streamlined and made quick and more transparent, the minister said in a post on X social media platform.
“Development of state-of-the-art futuristic infrastructure has been another highlight. The focus is squarely on empowering businesses and attracting greater investments,” Goyal noted.
According to the minister, enhancing stakeholder consultations, reducing compliance burden and improving ‘Ease of Doing Business’ have resulted in empowerment of small businesses, increased investor confidence and a more competitive trade environment.
India’s total exports of merchandise and services for May this year are estimated at $71.12 billion, which represents a growth of 2.77 percent over the same month of the previous year, despite the rising geopolitical tensions and trade war triggered by the hike in US tariffs.
The top 5 export destinations for India exhibiting positive growth in May this year are the US (16.93 per cent), China (25.04 per cent), Australia (35.36 per cent), Russia (48.11 per cent), and Germany (17.05 per cent), according to the Commerce Ministry data.
The minister said that Vanijya Bhawan has been envisioned as a modern, efficient, integrated and dedicated hub for India’s fast-growing commerce and industry ecosystem.
In the three years since its inauguration by Prime Minister Narendra Modi, several milestones have been achieved and new benchmarks set in the way India does business.
“This has been made possible by the commitment of our employees. From senior officials to the cleanliness staff, each individual working here, is helping script the memorable story of India’s trade and commerce. I would like to thank each and every member of the Vanijya Bhawan parivar,” said Goyal.
He further stated that the achievements of the last three years remind us of the power of planning, dedication and execution.
“Let us commit once again to engage further with our industry and global partners to realise the goal of Viksit Bharat 2047, he mentioned.
India’s FDI inflows now originate from 112 countries, compared to 89 in 2013–14, underscoring the country’s rising global appeal.
According to Goyal, India’s FDI success story is not only about impressive numbers but also a reflection of visionary reforms, policy clarity, and the global community’s trust in India’s economic future. FDI up to 100 per cent is now allowed through the automatic route in most sectors.
(IANS)
