Tel Aviv, Nov 20 (NationPress) On Thursday, Commerce and Industry Minister Piyush Goyal warmly welcomed Israeli enterprises to invest in India's rapidly expanding economy, highlighting its unlimited possibilities in sectors such as technology, pharmaceuticals, and defense.

During the India-Israel Business Summit, alongside Nir Barkat, Israel’s Minister of Economy and Industry, Goyal remarked, “India’s business-friendly and predictable environment offers immense potential for entrepreneurs from both nations. The technology sector presents opportunities in FinTech, Agritech, artificial intelligence, and quantum computing.

Emphasizing the solid foundation of the Indian economy, he stated, “Our growth rate is impressive, inflation is low, and our foreign exchange reserves have reached a record high of approximately $700 billion. The banking system is robust, characterized by minimal non-performing assets.”

He also pointed out that India maintains substantial and concentrated investments in infrastructure, consistently exceeding $130 billion annually to sustain future growth.

Regarding the country’s infrastructure strengths, Goyal highlighted that India boasts a unified electricity grid across the nation, unlike many regions worldwide that operate on regional grids.

He further emphasized the uniformity of taxation, with a single goods and services tax and a straightforward direct tax system, fostering a stable business landscape. This contrasts sharply with many countries where tax rates vary even within regions.

Goyal delineated the “10 Ds of India’s growth narrative: Democracy, decisive leadership, demand, demographic dividend, diversity, digitalization, decarbonization, and a strong focus on sustainability. The resolve of 1.4 billion young Indians, rapid development, and, above all, the essence of dependability and trust define this journey,” he concluded.

On this occasion, Nir Barkat remarked, “The collaboration between Israel and India is mutually beneficial and incredibly significant. We encourage Israeli entrepreneurs to explore Indian markets and partner with companies that comprehend scale and cost-effectiveness. This partnership promises substantial capital influx and greater success, leading to even better future opportunities.”

“By merging innovative platforms with India's vast industrial capacity, we can create a truly beneficial economic relationship. Both Piyush Goyal and I recognize the immense value of this partnership,” the Israeli minister added.

Piyush Goyal is visiting Israel from November 20-22, accompanied by a 60-member business delegation, facilitated by CII, FICCI, Assocham, and Startup India, at the invitation of Nir Barkat.

Goyal is set to engage in high-level bilateral discussions with prominent Israeli officials, including meetings with other ministers.