Indian Economy To Grow 8 Times In Next 25 Years: Piyush Goyal

New Delhi, April 12 (KNN) Union Minister of Commerce & Industry, Piyush Goyal, delivered the keynote address at the 9th Global Technology Summit in New Delhi on Friday, emphasising India's promising position in reshaping global trade dynamics, particularly with trusted partners like the United States.

Describing India as the world's fastest-growing large economy, Goyal highlighted the country's extraordinary growth trajectory, stating, "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 a massive domestic demand and offers the benefits of scale that are being recognised globally." 

He noted that this potential has attracted at least eight high-level international delegations to India over the past two years, demonstrating growing global interest in strengthening trade relationships with the country.

The Minister clarified that India's current tariff protection measures primarily target non-market economies engaged in unfair trade practices, while positioning India favorably for bilateral partnerships with countries valuing reciprocity, trust, and fair play. 

Addressing concerns about external influence on India's trade decisions, Goyal firmly stated, "There is no pressure. India being in a position of such opportunity is in itself very exciting. 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."

Regarding relations with China, the Minister affirmed India's commitment to prioritising national interests, noting minimal historical and current foreign direct investment from China. 

He emphasised that India's strategic focus remains on integrating with developed economies adhering to honest business practices, adding that India's 2019 decision to abstain from joining the Regional Comprehensive Economic Partnership has been validated by subsequent global developments.

Goyal underscored India's substantial talent resources, particularly highlighting that "India has a vast pool of STEM graduates, with 43 percent being women." 

He expressed confidence that Indian innovators would respond to any undue pressure with research and development-driven solutions better aligned with domestic requirements than externally offered alternatives.

Addressing the global trading order, the Minister advocated for a nuanced approach that acknowledges disparities between developed and developing nations. 

He stated, "The world cannot be viewed through a single lens. While developed nations enjoy prosperity, developing and least-developed countries must be given time and support to catch up. The WTO must recognise this and evolve accordingly."

While reaffirming India's dedication to multilateralism, Goyal emphasised the necessity of World Trade Organisation reforms, particularly regarding the classification of "developing countries" and establishing clarity on e-commerce regulations, agricultural decisions, and fisheries negotiations. 

He specifically noted, "Unless those who have caused overfishing are willing to scale down, emerging economies will never get a fair chance."

The Minister reiterated that India consistently operates within the WTO framework, including its bilateral agreements with the United States and European Union. 

Regarding Free Trade Agreements, he emphasised that while timelines provide direction, national interests cannot be compromised to meet deadlines, insisting that all trade actions must be "equitable, fair, and mutually beneficial."

Concerning the EU Free Trade Agreement, Goyal acknowledged progress while highlighting challenges, particularly regarding non-trade issues being connected to climate regulations. 

He cautioned that "Europe must reconsider the non-tariff barriers it has created. These are becoming trade hurdles not just for India but for the global economy."

(KNN Bureau)