FTA negotiations to leverage competition & integrate India with world

July 18: Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal, appreciated the role of Indian industries and stakeholders in making India a major player in the world economy and a part of resilient supply chains amongst trusted partners. Addressing the 187th Annual General Meeting of the Bombay Chamber of Commerce and Industry today, the Minister said that the goal of ‘Aatmanirbhar Bharat’ is not about closing doors but opening India to the world for greater international trade and making it a part of global value chains.

Shri Goyal said that India’s competitive and comparative advantages have to be leveraged for integration with the world economy and this is being focussed upon in the ongoing negotiations for Free Trade Agreements. The Minister noted the measures undertaken to attract investment and improve Ease of Doing Business like the Production Linked Incentive schemes, focus on R&D and innovation, effort to decriminalize corporate offences, reduce compliances, focus on logistics, last-mile connectivity, etc. 

The Minister quoted a recent study that stated that India is the top choice for investors as per 85 Sovereign Wealth Funds and 57 Central Banks. Shri Goyal said that it is time to take advantage of the edge that India has in economies of scale, demographic dividend, government-industry partnership, focus on quality and efficiency, sustainability and innovation. Shri Goyal said that the Government is focussing on 4L- Land, labour, Liquidity & Laws and Five pillars- Economy, Infrastructure, System, Vibrant Demography & Demand for making India a developed country.

Shri Goyal mentioned that the world recognizes India as an emerging superpower now. The Minister said that the successful launch of Chandrayaan-3 by India is a matter of pride for every Indian and its successful landing on the Moon will make India the fourth country in the world to land its Spacecraft on the surface of the Moon. He appreciated the involvement of the private sector in space as it bodes well for rapid and significant advances in the future.

Shri Piyush Goyal highlighted the success of the recent foreign visits of the Prime Minister, Shri Narendra Modi to the USA and Egypt and France and UAE as it helped in positioning India on the world map. The Minister said that the bestowing of awards like the Grand Cross of the Legion of Honour, France’s highest accolade by the different countries and prestigious organisations on the Prime Minister is a testimony to the growing stature of the Prime Minister representing 140 Crore Indians on the global stage. 

Shri Goyal quoted the Prime Minister and said, “The third decade of the last century gave new momentum to the struggle for India’s Independence; Now the third decade of the new century will give impetus to the development journey of India.” The Minister said that this global recognition of India has been because of the significant efforts undertaken by the Government to meet the basic needs of every Indian by serving the poor, engaging in service with a sense of purpose, encouraging transparency and working towards corruption-free India.

The Minister said that the Government has focussed on ensuring welfare for all without any discrimination. Shri Goyal cited the examples of providing homes to around 4 crore poor and needy families, free foodgrains to 80 crore beneficiaries every month, piped gas supply, piped water supply, Ayushman Bharat for free healthcare, toilets in every house, digital connectivity, etc. The Minister noted that these initiatives aim at improving the living standards of the underprivileged sections of society and empowering them to aspire for a better future. 

Shri Goyal said that the last two years have witnessed record exports but now the world is moving towards recession, developed economies are under stress, commodity prices are softening, discretionary spending is lukewarm and demand is reducing. The Minister said that it is incumbent upon all of us to work together and make the ‘India story’ a compelling story for the world. 

The Minister appreciated the theme of the AGM ‘What we are and what we want to be’ as reflective of the aspiration of the country. Shri Goyal said that India in 2047 will be way ahead of India in 2023 as the last decade has been a defining decade with significant achievements under the visionary leadership of the Prime Minister. He lauded the aspiration of 140 Crore Indians working with full commitment and dedication towards a new, developed and prosperous India in 2047.

India is now a part of resilient supply chains amongst trusted partners due to the efforts of the industry. The focus of FTA negotiations is to leverage competitive advantages and to integrate India with the world economy. Time to take advantage of economies of scale, demographic dividend, government-industry partnership, quality and efficiency, sustainability and innovation

Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.