RCEP walkout was based on industry consultation, says Goyal
India will have to face global competition effectively to achieve the goal of becoming a prosperous and developed nation, Commerce and Industry Minister Piyush Goyal has told the CII Global Economic Policy Summit in New Delhi 8 Dec 2022.
“India will have to engage much more with the global economy if we want to develop fast,” he said.
“But we cannot open our economy without first ensuring that it has the ability to face global competition,” said Goyal.
Underlining that consultations with the industry has helped the Government take the correction decision, he said, “It helped us to decide to walk out of RCEP.”
He stressed that walking out of that negotiation relating to RCEP was in national interest.
India has not joined the China-led multi-country Regional Comprehensive Economic Partnership (RCEP) but continues to develop bilateral free trade agreements with developed and emerging economies.
Recently, India has worked out FTAs with Australia and the United Arab Emirates.
He pointed out that on 29 December, India-Australia trade pact will come into effect. There is not even a single negative comment on India-UAE and Australia FTAs because of the extensive consultations with stakeholders, he said.
“When we are planning for our journey for the next 25 years, we are looking at inclusive growth, democratized growth, so that no man or no family is left behind.
“For us Sustainable Development Goals are not a target to be achieved by 2030, we wish to provide those goals much faster,” he added.
Goyal also pointed out that the Government plays a role of handholding support system through the Production Linked Incentives (PLI) scheme.
PLI gives the kickstart, but then the industry has to move on its own strength, he said.
The Minister informed that all the decisions linked to the PLI scheme are taken by a committee that comprises all stakeholders from the industry itself. They are working on more ideas for PLI schemes, some of which are on the way, he said.
“This is one scheme that has found traction and acceptance across the country and good investments are coming in.”
Further, the Government is trying to rejuvenate the textile and cotton sector and is working actively to revitalize the industry, from farmers to exports, from farms to fiber to fabrics to fashion to foreign, he elaborated.
Similarly, National Technical Textile Mission is working to promote innovation and production.
“We have over 200 projects where academia, industry and government are working in tandem.
“I invite you to come up with more ideas in this area and we are happy to support all research in this area,” Goyal said.
Explaining the priorities of the government, the Minister said, “We have taken proactive measures to control inflation and have calibrated our export duties and import policies accordingly.
“The Government has stopped exports of items which were needed to ensure domestic supply. You can see the result in latest inflation numbers and I am confident that we will soon fall into the comfortable band.” fiinews.com
