NEW YORK, Sept 25 : Union Minister of State (IC) Ministry of Science and Technology; Minister of State (IC) Ministry of Earth Science; MoS of Prime Minister’s Office and Ministry of Personnel, Public Grievances & Pensions Dr Jitendra Singh today told Indian diaspora in New York that this is the “best time” to invest in India, as India is fast becoming the world’s most preferred investment destination.
Interacting with eminent diaspora over Community Reception hosted for him at New York, Dr Jitendra Singh pointed out that the pro-business reforms unleashed by Prime Minister Modi in the last eight years like reduction in compliance requirements, removal of retrospective taxation, simplification of the corporate tax rate structure, Insolvency and Bankruptcy Code (IBC) have improved India’s “rank in ease of doing business from 142 in 2014 to 63 in 2022, as per the World Bank report.
The Minister was speaking to the Indian diaspora in New York after returning from the Joint Ministerial Plenary of Clean Energy Ministerial (CEM13) and Mission Innovation (MI-7) at the “Global Clean Energy Action Forum- 2022”, at Pittsburgh, Pennsylvania.
Dr Jitendra Singh also invited the NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origins) to come and explore the great Start-up boom in India, the success of which has become a global talking point. He said, with over 77,000 start-ups and 105 unicorns, our innovators, incubators, and entrepreneurs are making a mark for themselves and this may inspire and encourage you to look at opportunities in India. There is tremendous focus in the country on sunrise sectors such as 5G, artificial intelligence, drones, semiconductors, Block chain, green energy and space economy, the Minister added.
Referring to the National Education Policy 2020, Dr Jitendra Singh says, it opens myriad avenues to enhance our university-to-university links, joint academic programs, credit portability and research partnership. He said, India is now open to foreign universities setting campuses in the country and we are hopeful that US Universities will take advantage of these opportunities.
The Minister felt happy that today, so many of the fortune 500 companies, be it Google and its parent company Alphabet, Microsoft, Adobe, IBM, Alphabet, Twitter, FedEx, NetApp and Starbucks have Indians either heading them or playing an important role in the senior management.
Dr Jitendra Singh said that Indo-US ties have emerged as the defining partnership of the 21st century and as per Government data, merchandise exports from India reached a new high at US$ 417.81 billion during the financial year (FY) 2021-22, marking a surge of 43.18 percent over the US$ 291.18 billion recorded in the previous fiscal. He said, this is the first time India has achieved its ambitious target of crossing the US$ 400 billion mark in merchandise exports and this also shows that India has started to emerge as a trusted partner as global firms are looking to diversify their supply chains and reduce their dependence on China.
The Minister told the Indian Diaspora that they represent the aspirations of a new India, an India that is on the march towards ‘Amrit Kaal’, the golden age of progress and growth. It is also heartening to know that the largest India day Parade in New York City was held on August 21st, 2022 by Federation of Indian Associations (FIA) in collaboration with the Consulate. The Minister called upon them to join hands in celebrating India’s diversity, art, innovation, sporting achievements, and much more and contribute to India’s onward march as a nation.