India's financial prospects aren't fully explored globally: Former Minister Smriti Irani

Former Indian minister Smriti Irani highlights India's progress and financial potential often overlooked on the global stage.

Observing that there is a lack of information about how much progress India has made, former Indian Minister Smriti Irani on Monday (September 16, 2024) said the financial prospects of the country have not been fully explored internationally.

“I don’t think the financial prospects of our country are fully explored internationally. India as an economy is looked upon from the myopia of the lens, let’s say that gets discussed at Davos or that gets discussed at the (World) bank, but operationally, we create opportunities in so many layers that are not visible,” Ms. Irani said in response to a question during her appearance at the Observer Research Foundation America.

Ms. Irani, who is currently on an unofficial trip to the U.S., said there is a lack of information about how much India has progressed.

“There isn’t much information about the climate action that has been undertaken by India. Similarly, let’s say in precision manufacturing, in agro-based industry, the misconception is that our economy is open only for big business,” she said.

“Currently, if you look at the small traders in our country, 90% of retail trade is conducted in the so-called unorganised sector. From a business perspective, small shops, often referred to as ‘kirana dukaan’ in Delhi or ‘mom-and-pop’ stores in the U.S., are generating a turnover of $844 billion,” according to the former Union Minister.

Ms. Irani also highlighted India’s achievement of administering 2.2 billion doses of vaccine in less than three months.

“They were surprised because they never, when I say they, I’m saying anybody outside of India, especially in the Western world, were shocked that we could get together an app and deliver not only doses, but 600,000 villages knew exactly what to do in a pandemic,” the Bharatiya Janata Party (BJP) leader said.