India gradually moving towards becoming a high-tech mfg economy: Goyal

New Delhi: India is gradually becoming a high-technology manufacturing economy, said Union Minister of Commerce and Industry Piyush Goyal.

"In the coming years, the government is working to leverage the demographic dividend to achieve investment-driven, export-led growth with more global engagement. Reduced corporate tax rates, improved Ease of Doing Business, FDI policy reforms, reduced regulatory burden, PM Gati Shakti, and Make in India are just a few of the steps done by the government to attract investment "Goyal mentioned this while speaking at a virtual industry event.

"In the midst of ongoing global turmoil, India has become an island of stability. India is the world's most open, investment-friendly economy, thanks to strong structural reforms, macroeconomic stability, predictable policies, and business-friendly changes "he stated. "Whether it is government, welfare delivery, or entrepreneurship, we are continually trying to reform and innovate," he continued.

India's overall exports are near USD675 billion, according to the minister, with a record GST collection of Rs 1.68 lakh crore in April and Manufacturing PMI of 54.7 and Services PMI of 57.9. All of this reflects the resurgence of the Indian economy. PNB has increased the interest rate on term deposits by 60 basis points.

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