India remains a bright spot among global economies: Mr. Piyush Goyal
- IBEF
- March 31, 2023
Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Mr. Piyush Goyal stated that India was in a "bright spot" despite a slew of economic issues encountered by several countries. He claimed that according to some reports, India's economy would develop at the fastest rate moving forward and that it has successfully met the Covid-19 problems while maintaining strong growth.
The three-day trade and investment working group conference, headed by Commerce Secretary Mr. Sunil Barthwal, aimed to address difficulties in areas such as trade, sustainability, establishing resilient supply chains, inclusive growth, and maintaining growth in the coming years. The meeting's final day included discussions about integrating micro, small, and medium enterprises (MSMEs) globally, developing efficient trade logistics, and exploiting digital infrastructure, which has been one of India's strengths in recent years.
On the last day of the inaugural trade and investment working group of the G20 in Mumbai, Mr. Piyush Goyal said “Developed economies, particularly, are in the midst of high inflation, low growth, job losses. Many developing nations are facing foreign exchange crisis. Amidst all these challenges, India is the bright spot”.
He also indicated that the current free trade agreement (FTA) talks with the UK, Canada, and the EU were progressing well. A launch date for negotiations with the Gulf Cooperation Council (GCC) is also being explored. Besides from that, India is in negotiations with nations such as Israel and Bangladesh about starting FTA talks. Ministers from the European Free Trade Association (EFTA), which is made up of four countries — Iceland, Switzerland, Norway, and Liechtenstein — were also in India in April to discuss FTA negotiations.
Mr. Goyal remarked, “We aim to use technology in every sphere to serve the people of India in a big way. Today, we are showcasing our developmental model to the rest of the world”.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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