Canadian businesspersons to participate in growth of Indian economy
Ottawa (ANI): While inviting Canadian businesspersons to participate in the journey of growth of the Indian economy, Union Minister of Commerce and Industry Piyush Goyal said India offers a stable business environment with decisive and popular leadership.
He appreciated Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng for her leadership and involvement in taking the Canada-India partnership to the next level.
Piyush Goyal has invited Canadian businesspersons to participate in the journey of growth of the Indian economy during the Round Table of Indian and Canadian CEOs in Toronto, Canada on May 9. He addressed the roundtable during his two-day visit to Canada.
Goyal said that India is focusing not only on high-quality standards in goods and services but also on high-quality delivery of goods and services. He stressed that this focus on high quality is attractive for Canadian business persons and their investments.
In his remarks, he said, “India offers a stable business environment with decisive and popular leadership. He said that the Prime Minister has been recognised internationally as a leader who is contributing significantly to face the challenges of the world and the G20 Presidency reflects his vision.”
Goyal said that the growth in Canada will be driven by the use of significant pools of capital, innovation, new technologies, and Research and Development (R&D) in big markets achieving economies of scale and making products affordable.
He lauded the pace of negotiations for the Early Progress Trade Agreement (EPTA) as a transitional step towards the re-launched India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations.
Piyush Goyal praised the work carried out by negotiating teams of both nations.
He said that the macroeconomic fundamentals of India is at its peak under the leadership of Prime Minister Narendra Modi.
He called India an “oil-based economy” which he stressed can prosper despite emerging challenges across the world. The minister spoke about the huge foreign exchange reserves of India and the significant increase in overall exports of India from around USD 500 Billion two years ago to USD 770 Billion in FY 2022-23.
He spoke about the target of achieving an overall export target of USD 2 Trillion by 2030, according to the press release.
Speaking about the Indian rupee, the minister said that the Indian currency has remained relatively stable in the past nine years of the government. He noted that India has never defaulted on its international obligations and India’s debt-to-GDP ratio is relatively amongst the lowest in the developing world.