Deep Structural Reforms supporting India's economic resilience

Union Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw stated that India's reform momentum is firmly on track, driven by deep structural reforms which have transformed the Indian economy into a high-growth, resilient and globally trusted destination. Speaking on the sidelines of the World Economic Forum Annual Meeting at Davos, the Minister stated that landmark reforms undertaken in recent years including labour code reforms, simplification of the Goods and Services Tax, reforms in the energy sector and opening up of nuclear energy to the private sector, are generating strong investor confidence across sectors.

The Minister noted that a continuous reform process is underway across all sectors of the economy, adding that investors are extremely encouraged by the policy environment in India and are increasingly expanding their commitments. He cited several instances, including IKEA announcing plans to double its investment and Qualcomm significantly expanding its workforce in India. He noted that companies across sectors are increasingly viewing the present period as an opportune time to invest in India.

Highlighting India's macroeconomic fundamentals, Vaishnaw stated that India is today the fastest-growing major economy in the world, with a consistent growth trajectory of 6-8 per cent projected over the next five years. He underlined that the combination of moderate inflation and high growth reflects the economic transformation achieved under the leadership of the Prime Minister over the past decade, which is drawing global attention.

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