Startups to power India’s growth: Piyush Goyal

November 2, 2019 2:38 pm

[vc_row][vc_column][vc_column_text]Union Minister of Commerce and Industry and Railways, Piyush Goyal participated in the 3^rd edition of India Energy Forum 2019 by CERAWeek in New Delhi. Piyush Goyal was part of the Indian Ministerial panel.

During the discussions Commerce and Industry Minister said that India has naturally emerged as the start-up capital of the world with the highest registered start-ups and he applauded the suo moto decision of the oil PSUs, under the Petroleum Ministry, to set up a start-up fund that will encourage Indians to innovate and set up their own companies. Piyush Goyal further said that “India will soon become the innovation capital of the world and informed that during his interactions with young innovators, even in the remote parts of the country, youngsters come forth with bright ideas to solve number of economic and social problems that prevail in India today and I am extremely proud of the young girls and boys who are the driving force behind the start-up revolution taking place in India today, I am not worried about the state of the world in this time of trade wars as these were issues waiting to be addressed. Countries of the world cannot develop when few countries are giving subsidies and nurturing an eco system of unfair trade and competition among industries. It is the need of the hour to have a more balanced development across the world and distributed sources of wealth creation. There is need for free trade but there is greater need for fair trade. This will work in the interests of all countries and India supports the new dynamics of world trade. Multilateralism will prevail and India supports all fair and honest global efforts to do away with all unfair trade practices. India will continue to support those countries that are struggling to get manufacturing back to their own countries and hoped that the existing system of prosperous countries outsourcing their pollution and emission to the developing world, in the garb of creating jobs but in reality ruining the health of the population and destroying the future prosperity of the citizens by outsourcing problems to developing countries, must stop immediately.”

Piyush Goyal also informed that by 2023 Indian railways will be fully electrified and by 2030 the Indian Railways will use only renewable and clean energy. He hoped that there will be more FDI in the energy sector as 100 percent FDI is allowed in this sector and there is requirement of around 70 billion USD investment in India’s energy sector which is on the cusp of a revolution as there is great demand for energy in India because the country hopes to achieve self-sufficiency in domestic production of the energy requirements for every household. During this interaction he further informed that the India – US relations are robust with great potential to move forward and it is time for India – US relations to make a quantum leap if trade between the two countries has to reach half trillion USD.[/vc_column_text][/vc_column][/vc_row]