Union Minister for Electronics and Information Technology Ashwini Vaishnaw invited German companies on Thursday evening at the Global Summit to consider India as a strategic investment destination, stating that the country was politically and economically stable. 

According to Vaishnaw, India’s economy is growing at the 6-8 percent rate year after year, and if the proper sets of policies are put in place, the growth momentum can be sustained for a long time. He thus called upon businesses to consider tapping into this opportunity of including India in their global supply chain noting the fact that there are over 1,800 global capability centers in India operating in all sectors. 

“We have a very large pool of talent, especially in IT, with world-class competencies,” said Vaishnaw, promoting India’s strong signals in technology and innovation. Reassuring the audience further, he said that India is a trusted partner in today’s stormy globalization, political, and economic scenario. “Whereas most democratic countries were marked by political instability, India had provided a respite for stability,” he observed. 

Finance Minister, however noted that finances of the country are at sound levels with the percentage of debt to GDP at a manageable 57 percent and nowhere close to other major economies. 

 “India’s success is not a coincidence.” It’s the result of a clear strategy and meticulous execution,” Vaishnaw explained. 

The four basic pillars on which India’s growth strategy is based, Vaishnaw outlined, are robust public investments in physical, social, and digital infrastructure; inclusive growth programmes; emphasis on manufacturing and innovation; and simplification of legal and compliance frameworks. This all-rounded approach, he said, has been central to the country’s continued progress. 

Vaishnaw also highlighted the government’s commitment towards de-regulation. Under the strong leadership of Prime Minister Narendra Modi, more than 1,500 obsolete laws have been repealed and some 40,000 unnecessary compliance requirements have been stripped off. New laws such as the Digital Personal Data Protection Act and the new Telecom Act now provide a transparent regulatory framework, furthering growth in India’s digital economy.