India Development News & Foreign Investment Opportunities

India Looking for Deeper Engagement with the UK

GIFT City showcased in London

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GIFT City showcased in London

 

GIFT City

 

The Government is looking for ideas from all sides to strengthen and to give confidence to international investors, with the best of technologies, to come to India and invest.

Commerce and Industry Minister Piyush Goyal reiterated the call during interacting with the Indian diaspora in London on 14 July 2019.

The Minister explained the strategy and focus of the newly elected Government.

During its first term, the stress was on meeting the basic necessities of common citizens like, housing, electricity, cooking gas and financial inclusion, which has made a huge impact and difference to the lives of the citizens down to the last mile.

Goyal also addressed the India Day event on 15 July 2019, where he highlighted the package of incentives for financial companies announced in the Union Budget 2019-20.

He addressed think tanks and finance companies and showcased India’s financial sector, in particular, the Gujarat International Finance Tec-City near Gandhi Nagar in Gujarat.

Speaking on trade with the UK and the US, the Commerce and Industry Minister said that India will sit down across the table and find a common meeting ground with both countries.

“There are obviously some red lines, which each side may find very difficult to compromise, but as long as we can respect that, as one would do in a business transaction or while negotiating a good deal, it will not be impossible to resolve it,” said Goyal.

Every country has to protect its national interest, legal sovereignty and the interests of its citizens, added the Minister.

Goyal further said that the FTAs entered into by India in 2009-10 had not been good deals and some of them are causing agony which is why India is looking at the United States to put that baggage behind and move forward.

The Minister said the meetings with leaders of the Government and bureaucracy, during his three-day visit to the United Kingdom, to understand in which direction and time frame the UK is looking at for the BREXIT to happen.

India is also in discussions to take the next step for deeper engagement with the UK. “It is important the process is fast tracked now so that we are ready to work together speedily once BREXIT comes into effect,” said Goyal.

Regarding the ongoing RCEP negotiations, Goyal said that India is working for a fair deal which protects the country’s interests and does not allow unfair market access.

From now no agreement or trade pact on commerce will be at the cost of India’s interests, the country’s sovereign requirements and interests of the citizens, Goyal assured.

Commerce and Industry Ministry is also trying to speed up the entire process and streamline the patent office. There was a 7-year backlog in 2014. He informed that from now on all patent applications will be in the public domain and transparency will be maintained.

Speaking on IPR enforcement, Goyal said that India has a long way to go as the process itself is very slow at the moment. The entire framework around IPR has to be strengthened in order to give confidence to international investors, with best of technologies, to come to India and invest. fiinews.com

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