Addressing the diaspora over community reception hosted for the minister in New York, he said that the pro-business reforms by the Prime Minister such as reduction in compliance requirements, removal of retrospective taxation, simplification of corporate tax structure and insolvency and bankruptcy code have improved India’s rank in the ease of doing business from 142 in 2014 to 63 in 2022, according to the World Bank Report.
Singh invited the NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origins) to explore the startup boom in the country. He said that with over 77,000 startups and 105 unicorns, the innovators, incubators and entrepreneurs are making a mark for themselves. “This may inspire and encourage you to look at opportunities in India. There is a tremendous focus in the country on sunrise sectors such as 5G, artificial intelligence, drones, semiconductors, blockchain, green energy and space economy."
The minister added that the National Education Policy 2020 opens myriad avenues to enhance our university-to-university links, joint academic programs, credit portability and research partnership.
He said that the Indo-US ties have emerged as the defining partnership of the 21st century and as per government data, merchandise exports from India reached a new high at $417.81 billion during the financial year (FY) 2021-22, marking a surge of 43.18% over the $291.18 billion recorded in the previous fiscal. “This is the first time India has achieved its ambitious target of crossing the US$ 400 billion mark in merchandise exports and this also shows that India has started to emerge as a trusted partner as global firms are looking to diversify their supply chains and reduce their dependence on China."
Singh departed for India after a 5-day visit to USA to participate in Global Clean Energy Action Forum and interaction with eminent academicians as well as Indian diaspora.
