India’s Growing Economy Will Continue to Attract Global Investors

India, the sixth largest producer of renewable energy in the world will continue to grow robustly at an annual average rate of 15.3 percent to reach 105.9 GW by 2028, up from 26 GW in 2018.

India’s growth trajectory holds immense potential for global stakeholders to establish energy, infrastructure and technology collaboration with the country, Counsellor in India’s Permanent Mission to the UN, Ashish Sinha stressed at the ECOSOC Forum on Financing for Development Follow Up.

He further added that India wanted to use growth as a mechanism to pull the maximum number of people out of poverty and improve the quality of life in an inclusive manner. “India has retained its position as the world’s fastest-growing major economy. The Indian economy has been growing over 7 percent for several years and the forecast for the future is equally robust,” he said. 

Sinha noted that India improved its ranking by 23 positions in the World Bank‘s Ease of Doing Business rankings last year. India improved its ranking on the World Bank’s ‘ease of doing business’ report for the second straight year, jumping 23 places to the 77th position on the back of reforms related to insolvency, taxation, and other areas.

“India’s growth trajectory holds immense potential for our global stakeholders to establish energy, natural resource, and infrastructure and technology collaboration with us,” Sinha said. 

India is also the sixth largest producer of renewable energy in the world and Indian solar power capacity will grow robustly at an annual average rate of 15.3 percent to reach 105.9 GW by 2028, up from 26 GW in 2018, Sinha added. 

Sinha noted that research and innovation would be the driving force in the 4th industrial revolution era. The Indian government has introduced the flagship programme Start-up India with 1.4 billion dollars fund for four years to create a startup ecosystem in India. 

The effort of the government has also been to maximise resources with lowering of the tax rate by following the theory of lower taxation, higher compliance, he said.