Panaji, December 7 (GCCurrentAffairs) Union Commerce Minister Suresh Prabhu on Friday said that the worst is over and best is yet to come in India’s growth story.
The minister was addressing “Global Venture Capital Summit” in Goa on Friday which is attended by more than 100 investors from across the globe who are interested in financing the Start Ups.
“If you do the global assessment there is no market, which is exciting as India. The best is yet to come and worst is over. This is a new phase in india’s growth story,” Prabhu told the investors inviting them to participate in this growth story.
The minister said that India is a place, in next few years time, you will see phenomenal growth happening in every sector.
Pointing out to the historic drive of infrastructure creation in the country under Narendra Modi-led government, Prabhu said that the need for creating infrastructure in the country is large.
“The union government has to invest something like more than 10 per cent on the infrastructure year after year. That is because we failed to do it in the past,” he said indirectly blaming the former Congress-led governments at the centre.
Prabhu, who was also Union Railway Minister, said that on the front of Railways, the entire investment was running into hundreds of billions of dollar.
“We created, for the first time, five year plan of 144 bilion dollar investment. There was phenomenal change in the infrastructure after that,” he claimed.
The Union Civil Aviation minister said “in the Aviation sector, we have created 100 airports and we will add 100 airports in next ten years time with the investment of 65 billion dollars.”
“Similar story is on the front of roads,” he quipped.
Prabhu said that when he held a responsibility as Union Power Minister, the country was facing Power Deficit and questions were being asked how India will become powerful without power.
“We made one law and that law brought which brought in 250 billion dollar of investment in a matter of more than a decade. Today, India from being power deficient country is a power surplus country,” he said.
Making a case for the funders to invest in India, Prabhu said usually the funds are invested where the returns are highest.
“Where will you get the highest return? You will get it where there is entrepreneurship. India is one country, where almost everybody, is an entrepreneur,” he said, supporting his claim.
The minister pointed out that the farmers in India are all in the private sector and they are taking risk of magnitude that is unimaginable. “In India, you will see entrepreneurship in abundance at every level,” he commented.
“Therefore, India is a market which is evolving to be perfect, which has entrepreneurs, and there is opportunities that the country will grow at phenomenal rate,” he said.
Prabhu said an Indian knows his market better, its risk better and he knows exactly how to go around it.
“In other market, while there is 2-3 per cent growth for the start ups, India clocks double digit growth,” he added.
Prabhu said that the opportunities provided by India are “unimaginable.”
“The PM has yesterday approved Agricultural Export Policy. There are opportunities in agriculture start ups,” he said.
The minister said India has immense opportunities in agricultural start ups because almost all the land used for agriculture is privately owned.
“There are small holdings. Therefore we have opportunity to increase the farm yield,” he suggested.
“In India 95 per cent of farmers have small holdings but that is an opportunity for start up on how to make that small holding have better yield with new technologies coming in and new support that is being granted,” he added.