Piyush Goyal invites Swiss firms to join India's USD 30 trillion economy push by 2047

Bern [Switzerland], June 10 (ANI): Union Minister of Commerce and Industry Piyush Goyal addressed Swiss industry leaders and innovators on Tuesday at the prestigious Swissmem Industry Day in Switzerland.

Highlighting India's transformative growth story and vast opportunities for collaboration, Goyal extended a warm invitation to the Swiss business community to be active partners in India's journey towards becoming a USD 30-35 trillion economy by 2047, the Ministry of Commerce & Industry said in a release.

Speaking at an event, Goyal said, "I come to meet you with the aspirations of 1.4 billion Indians who dream as high as your towering Alps and who desire a better future. I come with an arm of friendship to the talented engineers, innovators, and entrepreneurs of Switzerland."

In a symbolic gesture of partnership, Goyal proposed the creation of a dedicated Swiss Enclave in India--a zone tailored for Swiss businesses--to provide comfort and a sense of home for Swiss enterprises looking to establish a base in India.

As per the release, the Minister highlighted India's remarkable transformation--from a USD 270 billion economy 30 years ago to a USD 4 trillion economy today--and its ambition to grow further to USD 30-35 trillion as the nation approaches 100 years of independence.

He noted India's youthful demographic with an average age of 28.4 years and emphasised that the nation will continue to remain young and vibrant for decades to come.

Goyal underlined the advantages of India as a trusted, rule-of-law-based, and democratic country where Swiss businesses can operate without fear of discrimination.

"Democracy, demographic dividend, decisive leadership, and diversity make India a dependable partner," he said.

Referring to the India-EFTA Trade and Economic Partnership Agreement (TEPA), Goyal termed it a "Trust and Efficiency Partnership"--a relationship built on mutual confidence and complementarity. He expressed optimism that this partnership would mark the beginning of a new era of cooperation between India and the four EFTA nations, opening new avenues for trade, investment, and innovation.

"I particularly invite Switzerland's SME sector to witness India's remarkable evolution over the last decade. This will give you the confidence we aspire for," stated the Minister. He highlighted that in the past 10 years, India has added 80 new airports, including a new one in partnership with Zurich Airport.

"Our port capacity has doubled, and national highways and expressways are now comparable to those in Germany. We've also added 104 new inland waterways and doubled our power generation capacity, with solar energy capacity growing 50 times. The government's annual expenditure of over $125 billion on infrastructure creates a powerful multiplier effect for India's growth story."

India's robust education ecosystem was also highlighted. The Minister pointed out that the country produces the highest number of STEM graduates globally, 43 per cent of whom are women.

"This talent pool, combined with scale and speed, makes India an ideal investment destination," he said.

Quoting World Bank data, Goyal noted that extreme poverty in India has fallen to just 5 per cent, down by 270 million people in the last 11 years, and is expected to be eliminated in the near future.

He described India's growth model as a blend of welfare and consumption-led growth, backed by investments in manufacturing and technology.

"India today stands ready and willing to welcome global partners. We are a country on the move, full of opportunities," he said.

Goyal concluded by extending a personal invitation to the Swiss business community to visit India: "Come discover India. Come experience Incredible India. Come witness the beauty and transformation of a nation that is emerging from the shadows and claiming its rightful place in the comity of nations," added the release. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)