HomeBusinessPiyush Goyal says, Economic slowdown is in cyclic structure; Its right time to invest in India

Piyush Goyal says, Economic slowdown is in cyclic structure; Its right time to invest in India

Reader's Pick

Commerce and Industry Minister Piyush Goyal on October 15 said that the recent economic slowdown is a cyclic structural adjustment, and it is the right time to invest in India before growth bounces back.

Admitting that the country’s economic growth has slowed down in past two quarters (January-March and April-June in 2019) to a six-year low of 5 percent, Goyal said that India is no longer the fastest-growing major economy.

“India, being an economy with huge opportunities, could do well without this kind of a slowdown… Our economy is like any other economy in the world… challenges have grown (in recent times),” Goyal said during a panel discussion at India Energy Forum CERAWeek.

He further said, “We had a pretty good run for almost four to five year before the last two quarters. It (the slowdown) is rightsizing of certain sectors or opportunities in different areas.”

- Advertisement -

“I see the slowdown, but I don’t get unduly perturbed by it… It is an opportunity for all of us to reassess capacities, productivity and costs of production.”

Asserting that this is the right to time invest in the country, Goyal urged the investors direct funds in India, before the economy picks up again.

He was of the view that when times are good, people tend to lose the sixth sense and don’t care if… the productivity goes down little bit, leading to a slowdown or structural adjustment every few years.

On the government’s efforts to boost economic growth, he said past five years India collectively saw investments which were worth two-and-a-half times of the previous five years.

- Advertisement -

Further, he informed that Indian Railways would focus on a USD 700 billion programme of investments in the next 12 years to become an engine of growth as well as bring down logistics cost which would impact all industries in the country.

Similarly, on the infrastructure side, he told that the overall vision of the next five year was an investment of USD 1.4 trillion, which will certainly drive growth and bring back the mojo to industry.

He was of the view that the energy sector has a big role to play with a USD 60-70 billion-dollar investment potential in India.

He said, “If energy becomes the viable proposition, then the chemical and petrochemical sector, together can truly drive back growth into the economy. My own sense is that energy sector is at the cusp of a revolution in the country”.

Elaborating further, he said that India is willing to engage with modern technology and is looking at efficiency in domestic production – particularly in gas.

About renewable, he said Prime Minister Narendra Modi has dropped the bombshell of 450 GW of renewable energy target — solar, nuclear, wind and gas (in some sense).

On the foreign direct investment (FDI) he said that India has opened up the platform to almost all sector, except to a few which are security or national policy concerns. In the energy sector, 100 percent FDI is allowed.

- Advertisement -

On tax rates and ease of doing business in India he said, “Our income tax rates are aligned with all comparable economies. India provides single window service without opening doors behind the window, which has been experience in the past.


Stay on top of Budget 2023 with our newsletter

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

1Win App: Review India Apk for Android and iOS

The company 1Win has been successfully operating in the markets of many countri...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

NASA astronauts to carry first ever all-female spacewalk on 29 March

Two NASA astronauts are scheduled to carry out the first ever all-female spacew...

Budget 2023 Should Fouse On Increasing Research Grants to Promote Innovation in Ayurveda: Ameve Sharma of Kapiva

As the Union Finance Minister Nirmala Sitharaman, is all set to present the Ind...

News Briefings: Skillsoft opens in NYSE, Health Startups raises $1 mn, Droom crosses Rs 1000 cr GMV & More

Headlines: Power Gummies raises 1 million dollars from 9Unicorns, Droom crosses...

Budget 2023: “Govt Should Encourage Banks to Increase Funding for NBFCs,” says Parry Singh of Red Fort Capital

As the Union Finance Minister Nirmala Sitharaman, is all set to present the Ind...