India to emerge as significant manufacturing hub & five trillion dollar economy by 2025: EAM S Jaishankar

Nicosia: External Affairs Minister S Jaishankar has said that by 2025, India will emerge as a significant manufacturing hub and will become a 5 trillion dollar economy. 

Speaking at a business event in Nicosia, Cyprus, Dr. Jaishankar said, India is getting increasingly prominent in the global economy. He said, trade policies reforms channelled by Prime Minister Narendra Modi's economic vision contributed to India becoming one of the strongest destinations for foreign direct investment. 

Dr. Jaishankar said, India was one of the largest global hubs for vaccine production during the pandemic and supplied vaccines to 100 nations. Our motto for the G20 is "World as One Family," which is something we put into reality throughout the pandemic years, he said.

 

Speaking on Foreign Direct Investment (FDI), Dr. Jaishankar said, India is receiving the highest FDI



flows in its history. Last year, the country received 81 billion dollars as FDI. He said, the country's trade has expanded substantially. 

For the year 2021-22, for the first time, India's exports crossed 400 billion dollars and this year, the country has set a target of 470 billion dollars.

External Affairs Minister said, India has become home to one of the world's largest startup ecosystems. The country hosts close to 100 unicorns now. In fact, India has the third largest number of unicorns currently, he said.

Dr. Jaishankar emphasised on the fact that India is a trusted partner in the current global supply chain and for the sake of promoting commerce and business, the country is negotiating a free trade agreement with the European Union. India completed two agreements with Australia and the UAE this year, he said.