Commerce minister Piyush Goyal on Sunday said that the India international trade fair (IITF) will push the government's “Aatma Nirbhar Bharat” mission and also encourage is “Vocal for Local” motto.
Inaugurating the 40th edition of the fair, the minister said that India was on a “historical high of exports of goods and services and the world takes India as a trusted global partner in maintaining global supply chains”.
Despite the lockdown, Mr Goyal said the country did not default on any service support to the global community.
“India has been witnessing historic high of foreign direct investments (FDI), which was the highest ever in the first four months of the current fiscal and was 62 per cent higher than the FDI recorded during the same period of last year,” he said.
IITF will show India is back in business, the minister added.
The fair, which is being held after a gap of two years, as it was not held in 2020 due to the outbreak of the Coronavirus pandemic, will be returning in its 40th edition with “double josh” and powered by the double engine of "Aatmanirbharta" & "Azadi ka Amrit Mahotsav", Mr Goyal commented.
He commended the organising body Indian Trade Promotion Organisation (ITPO) for mounting the fair in a short span of time and with the largest participation of over 3,000 exhibitors, demonstrating that the world is looking at India as a “trusted partner”.
Mr Goyal said there was highest ever FDI inflow of $27 billion during first four months of the current fiscal. Exports also touched the highest ever mark as merchandise exports in April-October 2021 were $ 232 billion, 54 per cent more than the corresponding period of last year.
The commerce minister said with international rating agency Moody's upgrading India's sovereign rating outlook to ‘Stable' from ‘Negative', GST collections surging to Rs 1.3 lakh crore in October, manufacturing PMI rising to 55.9 in October and service PMI touching a decade high of 58.4 last month, showed that India has now become the destination for investments.