India’s Growth Story – Inflow of 48 billion dollars in investment in the first seven months of the current financial year: President Kovind

The President of India, Shri Ram Nath Kovind today said that the inflow of 48 billion dollars in investment in the first seven months of the current financial year was a testimony to the belief the global investor community has in India’s growth story. He was addressing the Joint Session of the Parliament on the first day of the Budget Session.

Speaking of the record breaking growth in India’s exports, the President said that during April to December 2021, our goods-exports stood at 300 billion dollars or more than Rupees 22 lakh crore, which is one and a half times more than the corresponding period of 2020.

President Kovind said that our start-up industry is also an example of the infinite new possibilities that are rapidly taking shape under the leadership of our youth. Highlighting the fact that since 2016, sixty thousand new start-ups have been established in 56 different sectors in our country, he said that more than six lakh jobs have been created by these start-ups. In 2021, during the Corona period, more than 40 unicorn start-ups have emerged in India, each with a minimum market valuation of Rupees 7,400 crore, he added. He also opined that India’s efforts on semiconductors will also significantly benefit our start-up ecosystem.

The President said that the government has taken many policy decisions and opened up several new sectors so that our youth can benefit from rapidly changing technology. Referring to the Start-ups Intellectual Property Protection Programme, he said that the government has simplified and accelerated the processes related to patents and trademarks. As a result, nearly 6 thousand patents and more than 20 thousand trademarks have been applied for in this financial year, he added.

Speaking of the 14 key PLI schemes with an outlay of more than Rupees 1 lakh 97 thousand crore launched by the Government to fully realize the potential of the manufacturing sector and to create new opportunities for the youth, the President said that these PLI schemes will not only help transform India as a global manufacturing hub but also create over 60 lakh jobs. He opined that the domestic mobile manufacturing sector was a shining example of the success of the PLI scheme. Today India has emerged as the second largest mobile phone manufacturer in the world, generating lakhs of jobs for our youth, he said.

Terming infrastructure as the foundation for development in any country, President Kovind said that the government viewed infrastructure as a bridge to address social inequality. He added that investment in infrastructure not only generates lakhs of new jobs, but also had a qualitative impact, enhancing ease of doing business, facilitating faster transport and promoting economic activities across sectors.

The President said that the government has integrated different ministries to work in a synergised manner under the Pradhan Mantri Gatishakti National Master Plan to accelerate infrastructure development. Expressing confidence that the plan was going to usher in a new era of multi-modal transport in India, he said that in the future, the railways, highways and airways in India will no longer be separate and isolated infrastructures, but will be an integrated resource to the country.

Speaking of the rapidly evolving drone technology and related opportunities, President Kovind said that the government was aware and proactive about it. In this direction, the government has notified the simplified Drone Rules 2021, and has also launched a PLI scheme for manufacturing of drones and drone-parts in the country. This will help India to secure its position in this critical technology of the future, he said.

PIB Release ID: 1793847