Piyush Goyal : India remains ‘bright spot’ amid Global uncertainty

NEW DELHI : Commerce and Industry Minister Shri Piyush Goyal recently said India was in the ‘bright spot’ amid a series of economic challengesfacedbymanycountries.

The minister said some reports suggested that India was going to be the fastest-growing economy in the coming times and had been able to consistently maintain high growth and meet the Covid-19 challenges efficiently.

“Developed economies, particularly, are in the midst of high inflation,lowgrowth,joblosses.Many developing nations are facing foreign exchange crisis. Amidst all these challenges, India is the bright spot,” GoyalsaidonthefinaldayoftheG20’s first trade and investment working groupinMumbai.

Thetradeandinvestmentworking groupmeeting,chairedbyCommerce Secretary Sunil Barthwal over three days,aimedtoaddressthechallenges in areas, such as trade, sustainability, building resilient supply chains, inclusive growth, and sustaining growthinyearstocome.

The final day of the meeting saw deliberations over integrating the micro, small, and medium enterprises globally, building efficient logistics for trade, and leveraging digital infrastructure, which has been one of India’s strengths over the past fewyears.

“We aim to use technology in every spheretoservethepeopleofIndiaina bigway.Today,weareshowcasingour developmentalmodeltotherestofthe world,”Goyalsaid.

FTAprogress

Goyal said the ongoing free trade agreement (FTA) negotiations with the United Kingdom (UK), Canada, and the European Union (EU) were going well. A launch date towards a trade agreement with the Gulf Cooperation Council (GCC) is also beingdiscussed.

Apart from that, India is in discussion with countries such as Israel and Bangladesh towards initiating FTA talks. The European Free Trade Association (EFTA), consisting of four nations — Iceland, Switzerland, Norway, Liechtenstein —ministerswerealsovisitingIndiain ApriltoexploreFTAtalks.

“EFTA have assured me that they will be coming with attractive proposals, in terms of opening up services and a deeper understanding of India’s own concerns around our patent laws and the need to protect ourdomesticindustry,”hesaid.

m.v “SEAMAX WESTPORT” V-22E

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