India has emerged stronger and self-confident
In terms of a resurgence, Minister Goyal stated that, in the backdrop of the recent elections across the country, the country’s strong fundamentals in the economy have resulted in the largest ever FDI, which has continued to break records year after year. This year, merchandise exports are expected to surpass $400 billion.
Regarding FTAs impacting sectors
The new comprehensive trade agreement with the United Arab Emirates has increased bilateral commerce by roughly $60 billion, with the minister hoping to increase it to at least $100 billion in the next five years.
He continued to explain that the government is also looking at reviewing some of the existing free trade agreements or comprehensive economic partnerships with existing arrangements as some of these FTAs have become skewed and may not be necessarily serving the original purpose they were intended for.
Inviting the world to Invest in India
Minister Goyal ended his speech around the Amrit Kal for India, proclaiming that this is a ‘golden period’ for the nation
“We have throughout our negotiations focused on labor intensive areas, particularly textiles, leather, and pharmaceuticals. And I do believe all these sectors will significantly add to economic activity in India…
We are looking to diversify our export market both in terms of products and destinations. Currently, nearly 40% of our exports are focused on seven destinations. Seven countries in today’s world. A greater spread of our export products to different destinations will both help create a natural hedge and will also help expand our exports. In conclusion, India at 75 offers a beacon of hope for the world.
Guided by ancient wisdom and energized by the power of our youth, the power of India democracy, the demographic dividend strong and decisive leadership, huge opportunities with a billion plus people aspiring for a better quality of life and the inbuilt talent of skilled youth.”
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