The North News
New Delhi, April 12
Industry Minister Piyush Goyal has firmly dismissed speculation that the country is under external pressure to steer its trade policies. Addressing the 9th Global Technology Summit in New Delhi, Goyal stated, “There is no pressure. India being in a position of such opportunity is in itself very exciting.”
Highlighting India’s growing clout in the global economy, he emphasised the country’s internal strengths. “While our exports today form a relatively small share of our GDP, our strong domestic market and aspirational youth are ready to take Indian industry global,” he told the summit audience.
India, Goyal asserted, is the fastest-growing large economy in the world. “There is a delta of opportunity that India offers. In the next two to two-and-a-half decades, India will grow eight times, supported by the aspirations of 1.4 billion Indians. This creates massive domestic demand and the benefits of scale are now being recognised globally.”
India’s trade appeal has not gone unnoticed. According to the minister, at least eight high-level delegations have visited India in the past two years, signalling growing global interest in deepening trade relations. He clarified that India’s tariff protections target non-market economies engaged in unfair practices and do not reflect a protectionist stance.
“India is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play,” Goyal added.
He was also forthright on India’s stance toward China, saying, “India will always put its interests first. As of now, there is little FDI from China, and historically too, Chinese investments have been minimal.” He pointed to India’s 2019 decision not to join the China-led Regional Comprehensive Economic Partnership (RCEP) as a prescient move, vindicated by current global trade dynamics.
Underscoring India’s growing human capital, Goyal cited the country’s large pool of STEM graduates, including 43% women. “If undue pressure is exerted, Indian innovators will rise to the occasion with R&D-driven solutions better suited to our needs than what others can offer,” he said.
On the global trade landscape, Goyal called for fairness and reform. “The world cannot be viewed through a single lens,” he argued, highlighting disparities between developed and developing nations. “The WTO must evolve to support developing and least-developed countries as they catch up.”
India, he said, remains a strong advocate of multilateralism, but reforms at the World Trade Organization (WTO) are overdue. He called for a review of the classification of “developing countries” and demanded clearer rules on e-commerce, agriculture, and fisheries. “Unless those who have caused overfishing scale down, emerging economies will never get a fair chance,” he noted.
India’s bilateral agreements, including with the US and EU, continue to operate within WTO norms, Goyal said, reaffirming the country’s commitment to global rules-based trade.
On Free Trade Agreements (FTAs), he maintained that while India is committed to progressing talks, especially with the European Union, it will not sacrifice national interest. “Timelines are aspirational, but every action must be equitable, fair, and mutually beneficial,” he said.
Goyal cautioned the EU against linking trade talks to non-trade issues, particularly climate regulations. “Europe must reconsider the non-tariff barriers it has created. These are becoming trade hurdles not just for India but for the global economy,” he warned.
