India now engages in trade from position of strength: Piyush Goyal
New Delhi: Commerce and Industry Minister Piyush Goyal said on Friday that India has undergone a significant shift in recent years and that it now negotiates from a position of strength, reflecting the country’s growing economic confidence and global stature in terms of India’s approach to Free Trade Agreements (FTAs) and other trading arrangements.
Addressing the annual conference and 105th annual general meeting of Assocham in New Delhi, Goyal said the country is now engaging primarily with nations that are not competitors to India, ensuring that trade partnerships are balanced and mutually beneficial.
The minister stated that gone are the days when India entered into imbalanced free trade agreements without recognising its own strengths.
He noted that this strategic approach allows India to safeguard its domestic industries, promote exports, and create opportunities for investment and technology collaboration, while avoiding agreements that could disproportionately benefit the other party at India’s expense.
The minister informed that India’s foreign exchange reserves continue to be robust at around $700 billion, reflecting the strong fundamentals of the Indian economy.
He said that in every respect, the people of India, businesses, and industry together represent a new dynamism, enthusiasm, and confidence that were not witnessed a few years ago.
The minister said that the world today recognises India as an important trading partner and a trusted country to work with.
He observed that the days when India used to negotiate trade agreements from a position of weakness are over, and that the Indian passport now commands respect and value across the world.
Goyal pointed out that while the world is facing challenging global times, India continues to demonstrate resilience and remains the fastest-growing economy. He referred to the recent IMF projection that raised India’s growth forecast from 6.4 to 6.6 per cent and also mentioned that retail inflation in September had been the lowest in eight years at 1.54 per cent.
He said that the government has worked to make India an attractive destination for business through ease of doing business measures, decriminalisation of laws and simplification of processes and compliance.
The minister added that India is fully committed to its sustainability goals and has already achieved 250 gigawatts of renewable energy capacity, representing 50 per cent of the country’s transmission grid.
He said that by 2030, India will achieve 500 gigawatts of clean energy capacity, making it one of the best destinations for data centres and clean energy investments.