Piyush Goyal Discusses India’s Economic Growth and US Visit
Union Minister of Commerce and Industry, Piyush Goyal, spoke about the challenges faced in reviving India’s manufacturing sector during a press address in Washington DC. He noted that when Prime Minister Modi took office in 2014, India was considered one of the ‘fragile five’ economies, with high inflation, interest rates, and low foreign exchange reserves. Despite these challenges, India has seen significant economic growth, with GDP growth rising from 4% to 8% and inflation dropping from 9% to under 4%.
Goyal highlighted the improvement in India’s manufacturing sector, which has nearly doubled over the past decade. During his 4-day visit to the US, Goyal signed a Memorandum of Understanding (MoU) on critical minerals with the US to enhance supply chain resilience and foster collaboration. The discussions also focused on sustainable energy and tourism, aiming to expand cooperation beyond bilateral ties.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an Indian politician who is a member of the Bharatiya Janata Party (BJP). He is currently serving as the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles in the Government of India.
Economic Growth -: Economic growth refers to the increase in the amount of goods and services produced by a country over time. It is usually measured by the rise in the country’s Gross Domestic Product (GDP).
US Visit -: A US visit means that Piyush Goyal traveled to the United States to meet with officials and discuss important matters related to India and the US.
Inflation -: Inflation is when the prices of goods and services increase over time, which means you need more money to buy the same things. High inflation can make it difficult for people to afford everyday items.
Foreign Reserves -: Foreign reserves are the money or assets held by a country’s central bank in foreign currencies. They are used to back the country’s own currency and to pay for imports and manage the country’s exchange rate.
GDP Growth -: GDP growth is the increase in the value of all goods and services produced in a country. It is a sign that the economy is doing well and improving.
MoU -: MoU stands for Memorandum of Understanding. It is an agreement between two or more parties, in this case, between India and the US, to work together on certain issues.
Critical Minerals -: Critical minerals are important natural resources that are essential for the production of high-tech devices, renewable energy technologies, and other important products. They are called ‘critical’ because they are crucial for economic and national security.
Supply Chains -: Supply chains are the systems and processes involved in producing and delivering goods from the manufacturer to the consumer. Strengthening supply chains means making them more efficient and reliable.
Sustainable Energy -: Sustainable energy refers to energy sources that are environmentally friendly and can be used over the long term without depleting resources, like solar or wind power.
Tourism -: Tourism is the activity of people traveling to different places for leisure, business, or other purposes. It is an important industry that can help boost a country’s economy.
Bilateral Ties -: Bilateral ties are the relationships between two countries. Broadening these ties means expanding cooperation and working together on more issues beyond just the basic relationship.
