Indore (Madhya Pradesh): Union finance minister Nirmala Sitharaman said that India is not only looking to become China+1 but also aspiring to become EU+1.
Addressing the plenary session on ‘Harnessing the Potential of Women Diaspora Entrepreneurs’ on the concluding day of Pravasi Bharatiya Divas Convention on Tuesday, Sitharaman said, “Some of the people who invested in China may continue doing so, but they may also want to find another source, and remain part of the global supply chain.”
Under the EU+1, we are trying to ensure that people consider India as the investment destination, if they are not investing in EU, she said.
She exhorted the Indian diaspora to partner with Indian businesses at every level and support Indian goods and services to ensure the country reaches its full potential by 2047.
The country is concentrating on four ‘I’s to grow in next 25 years i.e. Infrastructure, Investment, Innovations, and Inclusion, she said.
Speaking on the contribution of the Indian diaspora in the development of the country’s economy, Sitharaman said that Indians are not only contributing to the country’s economy but also to the world’s economy.
“The remittance which came from abroad in 2022 is about 100 billion dollars. It was the highest remittance to India in a year which saw a growth of 12 percent from 2021 to 2022. Similarly, a NASSCOM report says that we are contributing to the economic growth of US too as the Indian IT companies have recorded a business of 396 billion dollars and contributed 198 billion dollars in the US economy,” the finance minister said.
“If you buy a car anywhere in the world, at least one product in it is made in India. Major global capacity centres are being set up in India like Lockheed Martin Corporation is producing wings of F-16 fighter jets in India and exporting it to the assembly points. Similarly, Airbus has plans to manufacture the C-295 aircrafts in Gujarat,” the FM said, adding that these developments showcase India’a IT power and development in semiconductor chip designing.
The finance minister appealed to the Indian diaspora to promote the products of their respective districts in India developed on the theme of ‘One District One Product’ to the world to help increase their exports.
Meanwhile, Mitu Bhowmick Lange, director of Mind Blowing Films and Director of IFFM (Australia), Sajani Anaka Reddy, Co-founder and executive director of Vision Care Group or Companies (Zambia), Kavita Parmar, founder and director of IOU (Spain), Poonam Gupta, entrepreneur and CEO of PG Paper (UK), Devaki Khimji, managing director of Al-Turki and Al-Tasnim groups (Oman), and Maria Siddiqua Ashraf, director of Contofield International School (Tajikistan) also shared insights in the session.