Trade ties key to India's $30 trillion goal: Piyush Goyal
What's the story
Piyush Goyal, Union Minister of Commerce and Industry, has said that India must strengthen its international trade relations to achieve the ambitious goal of becoming a $30 trillion economy by 2047. Speaking at the 5th Annual Meeting of the India Global Innovation Connect, Goyal stressed that India's economic growth isn't a zero-sum game. He emphasized strategic partnerships with developed nations as key to complementing Indian industry rather than competing with it.
Strategic partnerships
Goyal reiterates India's vision of a developed nation by 2047
Goyal reiterated the government's commitment to making India a developed country by 2047, with an economy worth about $30 trillion. He said this vision cannot be realized without expanding international engagement. The minister also highlighted demographic challenges in developed economies as an opportunity for India's growth strategy, given its young talent and skills.
Collaborative model
Developed countries not a threat to India, says Goyal
Goyal stressed the high costs of research, development, and production in advanced economies as a reason for the need for a collaborative model. He said regions like Europe, the US, Canada, Israel and Gulf countries are no threat to India and its businesses. Instead, he argued that partnerships with these countries would complement each other rather than compete against one another.
Trade agreements
9 free trade agreements in the last few years
Goyal revealed that India has signed nine free trade agreements in the last 3-3.5 years with 38 countries. These nations are significantly richer and more prosperous than India, he said, adding they are being offered a large Indian market. The pacts aim to give these countries access to India's growing consumer base of 1.4 billion people while bringing much-needed capital into the Indian ecosystem.
Information
Goyal meets Claude Smadja, discusses infrastructure, business improvements
During his visit, Goyal met Claude Smadja, Chairman of Smadja & Smadja, to discuss government's efforts to improve infrastructure and make business easier. He highlighted initiatives like "Make in India" and other business-friendly reforms as factors making the country an attractive destination for global investment.