Indian Economy News

Trade policy calibrated with growth but open for expansion: Union Minister Mr. Piyush Goyal

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Mr. Piyush Goyal, highlighted India's trade policy alignment with its growth trajectory while remaining open to further expansion during the Business Standard Manthan event in New Delhi. He emphasized the need to tailor trade policies according to India's unique developmental journey rather than adopting a one-size-fits-all approach. Mr. Piyush Goyal underscored the importance of internationalising the economy and boosting exports, aiming for US$ 2 trillion by 2030.

Regarding trade agreements, Mr. Goyal mentioned the commitment of US$ 100 billion by European Free Trade Association (EFTA) countries to create 1 million jobs in India and India's withdrawal from the Regional Comprehensive Economic Partnership (RCEP) to safeguard against market influx with substandard goods. Mr. Goyal attributed the decline in foreign investment to high global interest rates but noted India's relatively stable numbers compared to other emerging economies.

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