India Will Remains Fastest-Growing Economy In Coming Times: Piyush Goyal
News Synopsis
On Thursday, Piyush Goyal, the minister of commerce and industry, stated that despite a number of economic challenges that many nations were experiencing, India was in a "bright spot."
The minister said that according to certain reports, India's economy would develop at the fastest rate moving forward and that it has successfully met the Covid-19 challenges while maintaining strong growth.
In particular, developed economies are experiencing high inflation, slow growth, and job losses. There is a foreign exchange problem affecting several developing countries. India is the shining example amongst all these difficulties, Goyal said on the last day of of the trade and investment working group of the G20 in Mumbai.
The three-day trade and investment working group meeting, which was presided over by Commerce Secretary Sunil Barthwal, sought to address issues with trade, sustainability, creating resilient supply chains, inclusive growth, and long-term growth.
Discussions on integrating MSMEs worldwide, creating effective trade logistics, and utilising India's strong digital infrastructure, which has emerged over the past few years, took place on the meeting's final day.
“We aim to use technology in every sphere to serve the people of India in a big way. Today, we are showcasing our developmental model to the rest of the world,”, Goyal remarked.
FTA development
Goyal said that the ongoing free trade agreement (FTA) talks with the UK, Canada, and the EU were progressing well. It is also being explored when a trade deal with the Gulf Cooperation Council (GCC) would begin.
In addition, India is attempting to start FTA discussions with nations like Bangladesh and Israel. Ministers from the European Free Trade Association (EFTA), which consists of four countries—Iceland, Switzerland, Norway, and Liechtenstein—visited India in April to examine FTA negotiations.
“...they (EFTA) have assured me that they will be coming with attractive proposals, in terms of opening up services and a deeper understanding of India’s own concerns around our patent laws and the need to protect our domestic industry,” he stated.
Important News and Blog Tags for Readers
India's economy would develop at the fastest rate
Trade and investment working group of the G20
India's strong digital infrastructure
Gulf Cooperation Council (GCC)
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