Nicosia [Cyprus], December 30 (ANI): Exterior Affairs Minister (EAM) S Jaishankar on Friday mentioned that reforms measures taken by the Modi authorities in the course of the peak of the COVID pandemic have resulted within the highest-ever FDI flows within the nation's historical past and the creation of the biggest start-up ecosystem on the planet.
"One yr in the past, when my Prime Minister addressed the world financial discussion board. He mentioned that in the course of the corona interval the world was targeted on interventions like quantitative easing however India was busy paving the way in which for reforms," Jaishankar mentioned whereas addressing a enterprise occasion in Cyprus.
Exterior Affairs Minister addressed the Enterprise neighborhood within the southern coastal metropolis of Limassol. Within the presence of his Cypriot counterpart Ioannis Kasoulides and Deputy Delivery Minister Vassilios Demetriades, he spoke about increasing the India-Cyprus bilateral financial relationship.
Throughout his handle, minister Jaishankar mentioned that the reforms undertaken in the course of the top of the covid pandemic are beginning to bear fruit. "We're receiving the highest-ever FDI flows in our historical past. Final yr, we obtained USD 81 billion as FDI. We now have grow to be residence to one of many world's largest start-up ecosystems. We host near 100 unicorns now," he mentioned.
The minister additionally famous that India's commerce has expanded very considerably. "In 2021-22, for the primary time our exports crossed the USD 400 billion degree and this yr we've set a goal of USD 470 billion," he added.
Jaishankar, who's on a three-day go to to Cyprus, has up to now held talks along with his Cypriot counterpart Ioannis Kasoulides and the Home of Representatives President of Cyprus.
Addressing Cyprus' enterprise and funding neighborhood immediately, he underlined that the objective is to make India a significant manufacturing hub and emerge as a USD 5 trillion economic system by 2025. Exterior Affairs Minister additionally drew consideration to the successes of the Productive Linked Incentive (PLI) program which intends to extend manufacturing based mostly in India.
"We're doing this not only for our personal prospects, clearly, that's vital but additionally as a result of we imagine that within the put up covid period, the worldwide economic system might be on the lookout for extra resilient and dependable provide chains," he added.
Moreover, the Exterior Affairs Minister mentioned one of many massive classes to have come from the covid expertise is that the world has to derisk the worldwide economic system with extra manufacturing choices for international shoppers.
Throughout his handle, Jaishankar additionally assured that India is 100 per cent dedicated to tackling the problem of local weather change.
"One of many massive initiatives we're at the moment engaged on is to advocate a change of way of life. We wish to use the G20 presidency to advance it. PM Modi feels that it's going to make an enormous distinction to the surroundings," he added. (ANI)
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