Union Minister of Commerce and Industry, Shri Piyush Goyal, delivered an insightful session at the 'Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference,' organized by the Confederation of Indian Industry (CII). In his address, Minister Goyal underscored the transformative achievements of the Narendra Modi government compared to previous administrations, particularly in the realm of international trade agreements and economic reforms.
Successful Trade Agreements and Strategic Decisions
Minister Goyal highlighted that the Modi government has successfully signed four significant Free Trade Agreements (FTAs) after extensive consultations with various stakeholders. This consultative approach contrasts with previous governments, ensuring that the agreements align with India’s economic interests. The Minister also mentioned India's bold decision to exit the Regional Comprehensive Economic Partnership (RCEP) negotiations, which he described as a prudent move, given that the terms were not favorable for India.
Economic Achievements Over the Last Decade
Reflecting on the government’s achievements over the past decade, Minister Goyal noted substantial improvements in the Indian economy. The Gross Domestic Product (GDP) has doubled, foreign exchange reserves have more than doubled, and the current account deficit has significantly reduced. These indicators, he emphasized, demonstrate the impact of effective governance on economic stability and growth.
India-EFTA Free Trade Agreement and Industry Cooperation
Minister Goyal highlighted the India-EFTA Free Trade Agreement signed under Prime Minister Narendra Modi, which includes a $100 billion investment commitment linked to various concessions. He urged industries to expedite the implementation of FTAs and leverage Quality Control Orders (QCOs) to enhance market share and prevent the influx of substandard goods. The Minister encouraged industries to raise their standards, benefiting from the protective measures provided by QCOs.
Reducing Compliance Burdens and Promoting Research and Development
Addressing industry participants, Minister Goyal called for inputs on reducing compliance burdens, streamlining processes, and improving procedures. He urged industries to utilize the Rs 1 lakh crore 'Anusandhan Fund' designated for private-sector-driven research and development, fostering innovation and growth within the sector.
New Industrial and Mega Textile Parks
Minister Goyal announced the government’s plan to establish 12 new industrial parks across the country, along with 5-6 mega textile parks. These initiatives aim to boost industrial growth, create employment opportunities, and enhance India’s manufacturing capabilities. He encouraged Indian investors to support startups and Micro, Small, and Medium Enterprises (MSMEs) by utilizing government-provided benefits, thereby fostering a robust entrepreneurial ecosystem.
Transformation Since 2014
Reflecting on the economic challenges faced by the country before 2014, Minister Goyal asserted that Prime Minister Narendra Modi inherited an economy struggling with high inflation and low growth rates. Since then, the Modi government has transformed India from a fragile economy into one of the top five economies globally. This turnaround, he stressed, showcases the impact of decisive and effective governance.
Conclusion
Minister Goyal concluded his address by urging the industry to be proactive in driving the change they wish to see in India. He emphasized the collective responsibility of the government and private sector in achieving economic growth and development, reiterating the government's commitment to creating a conducive environment for businesses to thrive.