India on path to become third largest economy, says MSME minister; urges industry to keep on investing

Union MSME minister Narayan Rane on Wednesday urged the global and domestic industries to continue to invest in India, which is on its path to become the third largest economy.

He made the remarks at 'GIC 23 Intergovernmental Connect' organised by Inventivepreneur Chamber of Commerce and Industry (ICCI) in association with the Ministry of Micro, Small & Medium Enterprises (MSME) here.

"From 10 largest in 2014, India today is 5th largest economy. Only Japan and Germany are ahead of us. We will become the 3rd largest by 2030 as envisioned by our prime minister," he said addressing around 200 delegates from across the globe at the event.

The minister further said that immense business opportunities are available in various sectors in India and promised full support to investors looking to invest in the country.

The country will see various industrial parks across various locations and the investors can explore business opportunities in this area, he said. He also said the industry must identify areas where imports are happening and start producing such products to check inbound shipments.

ICCI Vice Chairman Rishabh Malhotra said the foreign delegates included industry professionals and diplomats from countries like Spain, Belarus, Mexico and Africa, among others.

The participants are from various industries like FMCG, automotive, logistics, power, solar, and telecom. As directed by the minister "we will guide them (investors) on various business-friendly policies being offered by the government of India and that of various other countries."