Apple planning to scale up iPhone production in India by 25%: Piyush Goyal

Goyal stressed the role of the Narendra Modi government’s policies that provides a favourable environment for industries. “India offers a rule of law. Transparent government policies. We do not have opaque business models. We do not have hidden subsidies. We do not have anything in the government that is not known to the public at large,” he added.

Giving another example of a foreign manufacturer of earthmovers, Goyal said, because of the competitiveness of India’s manufacturing, the firm is supplying products now to 110 countries at affordable rates from India and also doing new launches. He, however, did not name the company.

On the sidelines of the event, Goyal said that 2023 is going to be a year full of challenges. “This year is full of challenges. Inflation is at record high across the world. The countries that used to have 1-2 per cent inflation are now seeing 10-12 per cent,” Goyal said.

India used to have 10-12 per cent inflation before 2014, he claimed. “When Narendra Modi became the Prime Minister, he signed an agreement with the Reserve Bank of India that it will be the central bank’s responsibility to control inflation. In the past eight years under PM Modi’s rule, the average inflation is 4.5 per cent,” he added.

Pointing out that there is a feeling of “envy” with regard to the Indian economy, the minister said, “Under the leadership of PM Modi, India is emerging as a global force. There is excitement in the world with regard to India. The way India and its economy is progressing, it has become a matter of jealousy in the world.”

“The way India has controlled inflation, has become a matter of discussion in the world. When economies across the world are sliding, India is growing at a fast pace among larger economies,” he added.