New Delhi: Union Minister for Micro, Small, and Medium Enterprises (MSME) Narayan Rane, recently urged both global and domestic industries to continue investing in India, which is on its path to becoming the world’s third-largest economy. Rane made these comments during the “GIC 23 Intergovernmental Connect” event, which was organized by the Inventivepreneur Chamber of Commerce and Industry (ICCI) in association with the Ministry of MSME. The event saw the participation of around 200 delegates from across the globe.
Rane stated that India had moved from being the tenth largest economy in the world in 2014 to the fifth largest economy in 2021. Japan and Germany are the only countries ahead of India, but Rane believes that India will overtake them to become the world’s third-largest economy by 2030, as envisioned by the Prime Minister.
Rane highlighted the vast business opportunities available in various sectors across India and promised full support to investors looking to invest in the country. He mentioned that the country would see various industrial parks across various locations and that investors could explore business opportunities in this area. The minister also emphasized the need for the industry to identify areas where imports are happening and to start producing such products to check inbound shipments.
The ICCI Vice Chairman, Rishabh Malhotra, stated that the foreign delegates included industry professionals and diplomats from countries such as Spain, Belarus, Mexico, and Africa, among others. The participants were from various industries, such as FMCG, automotive, logistics, power, solar, and telecom. Malhotra added that the ICCI would guide the investors on various business-friendly policies being offered by the Indian government and those of other countries.