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India has made powerful efforts to grow its economy and emerge as a higher-income country, External Affairs Minister S Jaishankar has said, expressing hope that it will be the fastest growing major economy in the world this year with at least 7 per cent growth despite the challenges posed by the Ukraine crisis.
Jaishankar arrived here on Saturday on a three-day visit to Saudi Arabia to discuss ways to further strengthen relations between the two countries. It is his first visit to Saudi Arabia as External Affairs Minister.
“Began my visit to Saudi Arabia with interaction with our community. Appreciated the contribution of our Diaspora in facing national challenges. Spoke to them about our country’s resilience, especially during the time of the Covid and national transformation that is underway in India,” Jaishankar tweeted.
Addressing the Indian community here on Saturday, Jaishankar said: “India thinks about the ways in which it can change its credit, banking, education and labour policy.”
He said that India has made powerful efforts to grow its economy and move towards becoming a higher-income country.
“A lot of this required a vision, prudent management of our fiscal resources,” he said.
“Many big reforms have taken place and we can see the result of that in two very interesting developments. In the year ending March 31, 2021 we have posted the highest export that we have ever done. Our total exports were USD 670 billion.
Trade in goods stood at USD 400 billion, he said.
He pointed out that the world is facing many challenges, like rising food, oil and shipping prices due to the Ukraine crisis.
“But we are still very confident that India will be the fastest growing major economy in the world this year. We will get at least 7 per cent growth,” he said.
Jaishankar stressed that the idea of India as a trading power has become credible today.
He said that India’s economic recovery after Covid is worth studying.
He said many nations spent a lot of money during the Covid period.
“I would say like a knee-jerk…they were in a hurry to respond to the crisis situation. So they did not all of them necessarily use their funds and resources wisely,” Jaishanakar said.
He said India instead focussed on creating a safety net.
