India is home to world’s largest start-up ecosystem: EAM Jaishankar

India

oi-Prakash KL

We
are
receiving
the
highest-ever
FDI
flows
in
our
history,
S
Jaishankar
in
Cyprus.

Nicosia,
Dec
30:
The
reforms
measures
taken
by
the
BJP
government-led
by
Prime
Minister
Narendra
Modi
during
the
peak
of
the
COVID
pandemic
have
resulted
in
the
highest-ever
FDI
flows
in
the
country’s
history
and
the
creation
of
the
largest
start-up
ecosystem
in
the
world,
External
Affairs
Minister
(EAM)
S
Jaishankar
said
on
Friday.

“One
year
ago,
when
my
Prime
Minister
addressed
the
world
economic
forum.
He
said
that
during
the
corona
period
the
world
was
focused
on
interventions
like
quantitative
easing
but
India
was
busy
paving
the
way
for
reforms,”
ANI

quoted
Jaishankar
as
saying
at
a
business
event
in
Cyprus.

The
External
Affairs
Minister,
addressing
the
Business
community
in
the
southern
coastal
city
of
Limassol,
spoke
about
expanding
the
India-Cyprus
bilateral
economic
relationship.
“We
are
receiving
the
highest-ever
FDI
flows
in
our
history.
Last
year,
we
received
USD
81
billion
as
FDI.
We
have
become
home
to
one
of
the
world’s
largest
start-up
ecosystems.
We
host
close
to
100
unicorns
now,”
he
said.

The
minister
also
noted
that
India’s
trade
has
expanded
very
substantially.
“In
2021-22,
for
the
first
time
our
exports
crossed
the
USD
400
billion
level
and
this
year
we
have
set
a
target
of
USD
470
billion,”
he
added.

Jaishankar,
who
is
on
a
three-day
visit
to
Cyprus,
has
so
far
held
talks
with
his
Cypriot
counterpart
Ioannis
Kasoulides
and
the
House
of
Representatives
President
of
Cyprus.
Addressing
Cyprus’ business
and
investment
community
today,
he
underlined
that
the
goal
is
to
make
India
a
major
manufacturing
hub
and
emerge
as
a
USD
5
trillion
economy
by
2025.

External
Affairs
Minister
also
drew
attention
to
the
successes
of
the
Productive
Linked
Incentive
(PLI)
program
which
intends
to
increase
production
based
in
India.
“We
are
doing
this
not
just
for
our
own
prospects,
obviously,
that
is
important
but
also
because
we
believe
that
in
the
post
covid
era,
the
global
economy
will
be
looking
for
more
resilient
and
reliable
supply
chains,”
he
added.

Furthermore,
the
External
Affairs
Minister
said
one
of
the
big
lessons
to
have
come
from
the
covid
experience
is
that
the
world
has
to
derisk
the
global
economy
with
more
production
options
for
global
consumers.
During
his
address,
Jaishankar
also
assured
that
India
is
100
per
cent
committed
to
tackling
the
issue
of
climate
change.
“One
of
the
big
initiatives
we’re
currently
working
on
is
to
advocate
a
change
of
lifestyle.
We
want
to
use
the
G20
presidency
to
advance
it.
PM
Modi
feels
that
it
will
make
a
huge
difference
to
the
environment,”
he
added.

With
inputs
from
agency.

Story first published: Friday, December 30, 2022, 19:35 [IST]