All indicators point to a clear and sharp recovery underway in the Indian economy, Commerce and Industry Minister Piyush Goyal asserted on Thursday, adding that energy security is the core driver for India’s drive towards self-reliance.
“GDP has grown a record 20.1% in the first quarter. Make-In-India is now making for the world. For the first time, in the second quarter, our exports crossed 100 billion dollars, forex reserves have now grown to $638 billion dollars, FDI in the first four months are 62% higher than the corresponding figure last year. All these point to the growing confidence towards India,” Mr. Goyal said in an address to the India Energy Forum hosted by CERAWeek.
Citing the sharp drop in electricity costs in recent years, he said that the price of solar power has come down from ₹8-₹10 per unit about six-seven years ago to just ₹2.40 a unit.
“Energy security is at the core of our efforts to make India truly self-reliant. Domestic growth and employment will get a significant boost as we move towards a confident self-reliant economy that engages with the world from a position of strength. We have one of the lowest manufacturing costs and high-quality products, that India with its skilled manpower is offering to the world,” the Minister said, inviting foreign investors.
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