India targets 7pc economic growth this year, expects to cross it in next 5 years: EAM at Raisina@Sydney

Sydney: India is targeting seven per cent growth in economy this year and we expect it to cross it in the next five years, External Affairs Minister S Jaishankar said on Saturday and adding that New Delhi will try to stay in the 7-9 per cent range at least for a decade and a half.

“We are targeting 7 per cent growth this year, but we expect it to improve in the next five years. And definitely, we would stay in 7-9 per cent range at least for a decade and a half,” Jaishankar said at the Raisina@Sydney Business Breakfast.
“And you can today see the same reflected in the investment climate, both in the flow of FDI, FII as well as in the investments which the government itself is leading the capital outlay in this year’s budget,” he added.

Raisina@Sydney Business Breakfast is being organized jointly by the Australian Strategic Policy Institute (ASPI) and India’s Observer Research Foundation (ORF) at the InterContinental Hotel in Sydney.

Taking about the Economic Cooperation and Trade Agreement (ECTA) singed between India and Australia on April 2, 2022 and came into force on December 29, 2022, Jaishankar said that the ECTA has a “good impact on trade”.

“Encouraging greater investments should be the focus, especially during CEO Forum meets or the Prime Minister and Trade Ministers visit,” he suggested.

Jaishankar also spoke about migration mobility and said, “We’ve seen a very substantial movement of Indian talent to Australia. We have roughly about a million students staying in here.”

India targets 7 per cent economic growth this year, expects to cross it in next 5 years: EAM at Raisina@Sydney

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“We would welcome Australian universities to India. For us, it’s not just about Indian students coming to Australia but it’s also about Australia and India working together to produce skilled, competitive talent in India for the entire world,” he added.

Raisina@Sydney Conference, which began today with ‘Business Breakfast’, will involve ministerial and high-level government representations as well as participation from industry and civil society.

This mega event will also include panel and keynote addresses by leading regional think-tanks on issues ranging from geopolitics, to technology and economics.

The event will also bring together and build momentum for two of the Indo-Pacific’s influential foreign policies, security and technology dialogues — the Raisina Dialogue to be held in New Delhi between March 2-4, and in the Sydney Dialogue on April 4-5, 2023.

After the keynote address of Jaishankar, a panel session will be held that would cover topics like “Next steps in the Australia-India economic partnership: stability, security and sovereignty,” and it will be addressed by keynote speakers – Dr Vivek Lall, Chief Executive, General Atomics Global Corporation; Jodi McKay, National Chair, Australia-India Business Council; Vikram Singh, Vice President and Country Head – ANZ, Tata Consultancy Services and facilitated by Bec Shrimpton, Director, The Sydney Dialogue, Australian Strategic Policy Institute.

Another panel session on “Strengthening partnerships in a time of geopolitical and technological competition”, will also take place during the course of the event today.

Jaishankar is also scheduled to have a conversation with Chris Bowen MP, Minister for Climate Change and Energy at the Sydney Dialogue today.

The Australian Strategic Policy Institute’s Sydney Dialogue is the premier policy summit for critical, emerging, cyber and space technologies.