G20 Summit holds significant importance for global trade, for attracting investments to India: Piyush Goyal
Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food
& Public Distribution and Textiles, has said that the
upcoming G20 Summit holds significant importance for global trade, for
attracting investments to India and for enhancing India’s role in multi-lateral
organizations. Goyal said this while addressing the Northern Regional
Export Excellence Award function of Federation
of Indian Export Organisation (FIEO) in New
Delhi today.
Expressing
confidence that India’s presidency will be recognized and remembered for many
years as an action oriented Summit where significant deliverables were offered
to the world, Goyal noted that the recent G20 Trade Ministers’ meet in
Jaipur gave a Call of Action through which Indian MSME sector will get a
significant access to information, which will help them become globally
successful exporters.“We are looking at mapping global value chains so that
Indian traders can play a greater role in global value chains and we also
focussed on digitisation of trade documentation,” he added.He noted that India
will have almost 90 percent of global GDP being represented in New Delhi at the
G20 Summit in a few days.
Goyal said that after a long period of a stagnation in exports, India broke the
ceiling and crossed 450 billion dollars of merchandise exports in 2022-23. Admitting
that the current year does show some challenges with geopolitical situation and
the impact of that which we are seeing in certain sectors like petroleum, gems
and textiles, he expressed confidence that our
exporters have the ability and agility to overcome adverse situations. He
said that we are living in a nation full of pride, a nation full of talent, a
nation which is being recognized across the world as the future engine of world
economic growth. India has celebrated three major achievements in the recent
days – Chandrayan mission, in sports in form of wins in javelin and chess and
the successful engagements in Ministerial Meetings in G20, he said.
Goyal quoted Prime Minister Narendra Modi saying “Business can transform
potential into prosperity, obstacles into opportunity, aspirations into
achievements, small or big, global or local, it can ensure progress for
everyone.” This is truly a great vote of confidence in our business community,
he said. “You are being recognized and respected for the work that you do andyour
contribution in our journey towards become a developed nation is being
recognized and applauded,” he added.
Commerce
and Industry Minister said that India was one of the few nations who showed
resilience and responsibility during the pandemic. “We also showed sensitivity
to the developing world by providing them vaccines, to many of them free of
charge. We showed that under Prime Minister Modi’s astute leadership we will
perform and lead global growth,” he said.
Goyal said that Prime Minister Modi has described India as a nation of
opportunities. For the next 30 years, India will continue to have a young
population and we will add 30 trillion dollars to become a 35 trillion economy
by 2047, he said, adding that our young, aspirational demography will create a
demand for us.Now even the sky is not the limit for us, he said, alluding to
India’s successful space mission.
“We are investing huge amounts of money on infrastructure so
that we can get lower logistics cost, so that we can get seamless movement of
goods and services and we are ensuring that we get corruption free environment,” Goyal said, adding that “no power can stop India’s growth now.” The target
for 2030 is to have 1 trillion dollars of goods exports and 1 trillion dollars
of service exports and this will be met with your hard work and contributions, Goyal added. He informed the gathering that India is trying to unlock
newer markets through FTAs, encouraging investments in modern technology,
looking for digitalization and technology adaption to become more acceptable to
the world for high-quality goods and services so that the true potential of
India can be harnessed.