Piyush Goyal claims Inflation is on a downward stream

Bengaluru:Talking about the resilience of the Indian economy, Union Commerce and Industry Minister Piyush Goyal said inflation is falling and it is half the level it used to be 10 years ago.

"We have a situation where through eight years of relentless efforts to strengthen the basic structure of the Indian economy and having mandated the central bank in 2014-15 to keep inflation in check, we have had an average rate of inflation of about 4.5 percent over this period," he said.

"We still have inflation fairly under control at 6.5 percent," he said while speaking at the 25th Bangaluru Tech Summit here on Friday.

Goyal expressed the confidence that India will continue to power the world economic recovery and when it reaches 100 years of independence in 2047, the country will certainly be among the top three economies in the world.

He said technology, innovation and problem-solving approach of start-ups is a force multiplier which will help India acquire global dominance in the sphere of technology and innovation.

Speaking on the occasion, Goyal said Indian start-ups are almost playing the role of a booster dose in the post-pandemic recovery that India is leading from the front.

Despite geo-political challenges that have pushed world trade back and when countries are falling into recessionary mode, it is India's bright young boys and girls who have helped India lead global recovery, he said.

Goyal gave examples of the recent big innovations by the Indian tech industry that have been noticed in the world.

He said that initiatives like unified payment gateway, UPI, managing Covid vaccination and a common identity card for over a billion people in form of Aadhaar Card, health care through Ayushman Bharat and supply of rations seamlessly to the poorest with One nation one ration card – these are all examples of platforms developed by our young innovators.

Speaking of Bengaluru, Goyal said the city has truly unleashed a new era for India as India marches on the journey to become a developed nation."On this occasion we can look back on the laurels that Bengaluru has achieved," he said.

He pointed out that over 40 out of the 100 unicorns are housed in Bengaluru and a huge ecosystem has been created here in the form of private equity investors, venture capitalists, R&D centres, incubation centres, the very high quality of talent and manpower skills.

Karnataka and Bengaluru are the flag bearers of India of tomorrow, he added.Speaking of the ONDC initiative, Goyal said the government under the guidance of Prime Minister Narendra Modi is trying to democratise ecommerce.

The government is trying to save the small mom and pop stores by giving them an opportunity to participate in the vibrant ecommerce network, he said.

Bengaluru will have a big role to play in this development and when this initiative succeeds and is known globally, it will be remembered that it started in Bengaluru with the initial testing being done in this city, he added.(UNI)