India will enter into FTAs or comprehensive partnerships on India's terms, based on what is best in our national interests and what is best for the people of India.
Commerce and Industry Minister Piyush Goyal said at an event that the issues of high capital cost and high taxation levels need to be addressed to boost India’s trade. Piyush Goyal also said that the country needs to accelerate the export growth to reach the goal of USD 1 trillion in exports. The event was about the release of a High-Level Advisory Group report. On the issue of Free Trade Agreements to hinder India’s domestic market, he said that India will enter into FTAs or comprehensive partnerships on India’s terms, based on what is best in our national interests and what is best for the people of India.
To protect the interest of Indian manufacturers, the provision for safeguard duty was also made clear in this event. Piyush Goyal said that necessary and adequate safeguards will be provided to ensure that the Indian industry has a leg up, has sufficient potential to grow and new markets open up for India to engage in and increase exports. The government also underlined that no trade agreement can be done unless it’s a two-way benefit.
The unity with which the High-Level Advisory Group has worked to come up with an action agenda and suggestions will help us achieve some of the goals which we have set for ourselves, particularly the goal of the $5 trillion economy in the next 5 years: @PiyushGoyal
— Piyush Goyal Office (@PiyushGoyalOffc) October 30, 2019
Defending the Narendra Modi-led government at the economic front, the Commerce Minister said, “Our Govt. is not a weak Govt. It’s a strong decisive Govt. which will decide on any agreement on India’s terms and what is good for India & the people and industry”.
Principal Economic Adviser Sanjeev Sanyal was also present at the function and highlighted that the report is the result of intense deliberations that looked across many sectors and called on inputs from experts from many fields. He also pointed out that the experts committee had asked to cut the corporate tax, which has already been done.