Goyal Highlights India's Economic Resurgence Under Modi

Union Minister Piyush Goyal emphasized India's economic turnaround since 2014, noting challenges overcome by the Modi administration. During his US visit, Goyal discussed progress including a crucial MoU on critical minerals. He highlighted improvements in growth, inflation, and foreign exchange reserves, crediting strategic economic reforms.

Union Minister Piyush Goyal underscored the significant challenges faced in revitalizing India's manufacturing sector, attributing initial economic struggles to the fragile state of the economy upon PM Modi's 2014 induction. This statement was part of a press address concluding his US visit on Thursday.

Goyal detailed the grim economic landscape inherited by the Modi administration, noting India's placement among the 'fragile five' economies and highlighting issues such as soaring interest rates and diminished investor confidence. "Inflation was high, growth was sluggish, and investors had virtually written us off," remarked Goyal, stressing the arduous journey to economic recovery amidst corruption scandals.

Reflecting on the decade of progress since 2014, Goyal pointed to substantial economic achievements: GDP growth increased from 4 percent to 8 percent, inflation dropped significantly, and foreign exchange reserves increased to nearly $700 billion. The manufacturing sector, he noted, has nearly doubled over the same period.

Goyal's US visit concluded with a notable Memorandum of Understanding (MoU) with the United States on critical minerals, aimed at enhancing semiconductor supply chain resilience. "Our sixth commercial dialogue focused on strategic discussions around sustainability, clean energy, and potential tourism partnerships," he stated, emphasizing broadening bilateral engagements to a global context.

(With inputs from agencies.)