According to Piyush Goyal, the minister of commerce and industry, the nations and economic blocs with which India is negotiating trade and economic accords want to move the talks along quickly and come to an end. Everyone wants us to expedite agreements. The free-trade portion is distinct. He said at the CII’s Annual Conference, “They want a deal.
Such agreements are now being negotiated by India with countries like Canada, EFTA (European Free Trade Association), the UK, and the European Union (EU).
He stated, “I believe this is a compelling case for investments, for growth and for expanding our international outreach, for bringing technology, for bringing innovation into the country,” and he advised the sector to put a priority on quality, innovation, and qualified labour.
The minister stated that India will achieve $2 trillion in exports. of goods and services exports by 2030.He suggested the industry expand markets with an open mind, and engage with the world.
“Look at our import basket, the basket largely gets affected by oil, which will have its own trajectory, possibly a lowering trajectory or a downward trend in the years to come. Our export basket has all the things that the world wants,” he said.
He said the India has strong foreign exchange reserves and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years.India’s forex reserves jumped $3.553 billion to $599.529 billion for the week ended May 12, according to data released by the Reserve Bank of India.