Goyal Highlights Economic Achievements and Future Goals in Post-Budget Conference

Shri Goyal emphasized the recent India-EFTA FTA, which includes a $100 billion investment commitment linked to concessions.

In a recent session at the 'Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference,' organized by the Confederation of Indian Industry (CII), Union Minister of Commerce and Industry, Shri Piyush Goyal, outlined the significant achievements of the Narendra Modi government and future goals for the Indian economy.

Shri Goyal praised the current administration for securing four Free Trade Agreements (FTAs) and concluding negotiations through extensive stakeholder consultations, in contrast to previous governments. He noted the government's bold decision to withdraw from the Regional Comprehensive Economic Partnership (RCEP), describing it as a crucial move for India.

Reflecting on the past decade, Shri Goyal highlighted notable economic transformations under Modi's leadership. The GDP has doubled, foreign exchange reserves have more than doubled, and the current account deficit has significantly decreased, illustrating the positive impact of effective governance.

Shri Goyal emphasized the recent India-EFTA FTA, which includes a $100 billion investment commitment linked to concessions. He encouraged industries to expedite FTA processes, leverage Quality Control Orders (QCOs) to enhance market share, and adhere to higher standards to prevent the influx of substandard goods.

Additionally, Shri Goyal urged industry participants to contribute suggestions for reducing compliance burdens and processes. He also encouraged the use of the Rs 1 lakh crore 'Anusandhan Fund' for private-sector research and development.

The Minister announced plans to establish 12 new industrial parks and 5-6 mega textile parks across India. He also called on Indian investors to support startups and MSMEs by utilizing government benefits, advocating for proactive involvement to drive change and growth.

Shri Goyal concluded by contrasting the current economic progress with the situation in 2014, asserting that the Modi government has transformed India from a struggling economy with high inflation and low growth into one of the world's top five economies.