While sharing the GII-2019 rankings, Union Commerce & Industry Minister, Piyush Goyal mentioned that India has made significant progress to 52nd rank from 57th last year and now the culture of innovation is coming to the centre-stage. India will continue its efforts to reach upwards of top 50 ranks in the GII, which is the goal of Hon'ble PM Narendra Modi.

Union Commerce & Industry Minister, Piyush Goyal reviewed the preparations underway for the construction of the India Pavilion at the Dubai World Expo 2020 which will take place for six months from 20th October 2020 upto 10th April 2021. The building will embody India’s worship of nature and will be environment friendly. It will also showcase the 150th Birth Anniversary of Mahatma Gandhi being celebrated this year.

During the discussions on India’s R&D expenditure eco-system at the launch of GII – 2019, it was discussed that Central Government expenditure is the driving force of R&D in India. There is a need for greater participation of State Governments & private sector in overall R&D spending in India, especially in application oriented research and technology development. There has been an increase of 116% in R&D spending by CPSEs.

FDI policy on SBRT has been in operation since 2006 and till March 2018, 112 brands have obtained approval of Government for SBRT activities. FDI upto 100% under the automatic route has been allowed in SBRT and from April 2006 to April 2019, SBRT sector has received total FDI equity of USD 1,636.24 million.

Perspective Plan for CBIC has been completed and three nodes being Krishnapatnam (Andhra Pradesh), Ponneri (Tamil Nadu) & Tumakuru (Karnataka), Special Purpose Vehicles (SPVs) for Krishnapatnam and Tumakuru nodes have been incorporated. Japan International Cooperation Agency (JICA) has prepared the overall perspective plan of CBIC and initial master plan for the identified nodes.