External Affairs Minister (EAM) S Jaishankar on Friday said that India is going to be a major manufacturing hub and will emerge as a $5 trillion economy by 2025. The minister stated the goal while speaking at business event in Nicosia, Cyprus.
Jaishankar is on a three-day visit to Cyprus as India and Cyprus celebrate 60 years of diplomatic relations.
Speaking at the event Jaishankar said that India is getting increasingly prominent in the global economy. Its trade policies and reforms channelled by Modi govt's economic vision contributed to the nation becoming one of the strongest destinations for foreign direct investment.
On the pandemic front during which the whole world suffered major blows, Jaishankar said that even during the pandemic phase, India was one of the biggest global hubs to manufacture vaccines and it supplied vaccines to 100 countries. "The traditional Indian belief of the world as one family is our motto for G20 and something we've put into practice during pandemic years," Dr S Jaishankar said.
Giving out the figures of FDI India received, he said "We are receiving the highest FDI flows in our history. Last year, we received $81 billion as FDI. Our trade has expanded substantially. For the year 2021-22, for the first time our exports crossed $400 billion & this year we have set a target of $470 billion."
