Davos, Jan 22 India’s reform-driven growth story is firmly on track and is earning strong global trust, Union Minister Ashwini Vaishnaw said on Thursday.
Speaking on the sideline of World Economic Forum here, he said India’s economy has transformed into a high-growth and resilient system due to deep structural reforms personally led by Prime Minister Narendra Modi.
Speaking on the sidelines of the Davos meeting, the Minister said that a series of landmark reforms in recent years have strengthened investor confidence across sectors.
These include labour code reforms, simplification of the Goods and Services Tax, reforms in the energy sector and the opening up of nuclear energy to private players.
He said these changes have made India a more attractive and predictable destination for global investment.
Ashwini Vaishnaw said the reform process in India is continuous and covers all areas of the economy.
He added that investors are highly encouraged by the current policy environment and are expanding their presence in the country.
Citing examples, he said IKEA has announced plans to double its investment in India, while Qualcomm is significantly increasing its workforce.
"Companies across sectors see this period as the right time to invest in India," the minister stated.
Highlighting India’s strong economic fundamentals, the Minister said India is currently the fastest-growing major economy in the world.
He noted that the country is expected to grow at a steady rate of 6 to 8 per cent over the next five years.
He added that the combination of moderate inflation and strong growth reflects the economic transformation achieved over the past decade, which is now drawing global attention.
Referring to global uncertainties, Ashwini Vaishnaw stressed the importance of strengthening internal capabilities to deal with geopolitical, geoeconomic and technological challenges.
"The government is focused on ensuring that all key building blocks of the economy are in place so that India can remain resilient even during global disruptions," Vaishnaw mentioned.
The Minister said India is steadily building its own semiconductor ecosystem, developing a full artificial intelligence stack, scaling up defence manufacturing and helping Indian IT companies move from traditional software services to AI-based solutions.
"These efforts are strengthening the country’s economic resilience and future readiness," he added.
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