Minister warns against low-cost imports for short-term gains
Commerce and Industry Minister Piyush Goyal has told stalwarts of Indian businesses that the European Free Trade Association (Switzerland, Norway, Liechtenstein, and Iceland) has committed to bringing technology and investing US$100 billion in India https://www.commerce.gov.in/.
He also highlighted progress on trade agreements with Australia, EU, UK, US, Chile, and Peru, and urged the domestic industry to leverage FTAs https://fieo.org/.
Goyal spoke on April 7 during FICCI’s felicitation of its 34 past presidents and industry pioneers as it celebrates 98 years of entrepreneurial spirit.
India is progressing toward becoming the world’s third-largest economy, coinciding with FICCI’s upcoming centenary, Goyal noted, adding that the country’s growing role in Global Capability Centres, with over 1,700 now operating in India with significant expansion plans.
“Let’s all collectively resolve that in the next few years, we’ll be investing in taking India to the world. We’ll be investing in making India the best in the world,” Goyal said https://www.nseindia.com/.
Goyal also warned against predatory pricing and over-dependence on cheap imports as low-cost products can hurt businesses and economy in the long-term https://www.bseindia.com/.
“Low-cost goods may seem attractive today, but in the long run, they can hurt businesses and economies. This has been evident in several parts of the world where supply chains have collapsed due to over-dependence on a single geography,” stressed Goyal, calling on the Indian businesses to support each other, focus on quality, and avoid the pitfalls of short-term gains.
The Minister pointed out that resilient and diversified supply chains, along with energy and food security, have become global priorities. “More and more developed countries are recognising that this is not just about geopolitics, but about national resilience and self-reliance, especially in critical technologies,” he said https://www.meity.gov.in/.
He underscored the strength of Indian domestic market, supported by a 1.4 billion-strong consumer base, and having become the fastest-growing economy in the world present an unparalleled opportunity.
“From a US$4 trillion economy today, India is poised to grow to US$30-35 trillion in the next 25 years. We have an opportunity of a lifetime,” he stressed https://sbi.com.in/.
Calling on industry stakeholders to seize this moment, he said, “Be a part of the solution, be a part of this moment in history. If we all come together with determination, India is unstoppable https://www.makeinindia.com/home/.”
Addressing the foundation day of FICCI in Mumbai o 7 April, Goyal underscored the need for unity and collaboration among nations and industries to tackle evolving global challenges. “We are all in it together. All well-meaning countries and businesses must address these challenges collectively and convert them into opportunities,” he said.
He emphasized that the collective consciousness of the Indian industry can help drive the country towards self-reliance and sustained growth. “We need to support each other. We need to have a nationalist outlook,” he said, adding that Indian companies must work in the spirit of collaboration and shared purpose. Fiinews.com
