Indian businesses should look for reliable partners in the supply chain, focus on comparative advantage, acquire technology, and work in the spirit of collaboration to increase their global footprint, Piyush Goyal, Union Minister of Commerce and Industry has said.
Speaking at the Annual Session of the apex industry chamber Confederation of Indian Industry (CII) in Delhi on May 24, Goyal asked businesses to invest and engage with world markets through quality products and using Indian missions abroad. India’s G20 Presidency is an opportunity for businesses to expand markets with open minds and engage with the world with confidence, he said.
According to the minister, with adequate focus on innovation, quality, and talent of the people, the sky's the limit for the growth of India. Many countries across the globe are keen on fast-tracking the FTAs with India now. India is now not just talking but negotiating with Canada, EFTA, UK, and EU over FTAs and this shows the increased importance of India in the global order, he said. “This is a new India that engages with the world from a position of strength believing in its capabilities and caliber,” he said.
The minister termed India’s target of achieving $1 trillion in export of goods and $ 1 trillion in services as a modest target. Given the slowdown in global trade, the overall exports of $776 billion India achieved in FY 2022-23 with $450 billion of merchandise exports and $326 billion of services exports is a laudable achievement for the country. The increased export basket will help India increase surpluses and reduce deficits, he added.
Goyal also claimed the Narendra Modi government, in power for nine years now, took hard decisions to bring the economy back on track and up the morale of the public by bringing in structural fundamental macroeconomic reforms that promised long-lasting benefits for the country. India is the fastest-growing large economy in the world with low inflation and strong foreign exchange reserves. The last 9 years have been unprecedented as inflation has been consistently under control in the range of 4-4.5% except for a short period last year. The interest rates in other developed countries are almost at par with India now, he explained.