Piyush Goyal Critiques Past Trade Policies with China

Union Commerce and Industry Minister Piyush Goyal criticized the Congress-led UPA government for trade policies that increased India's trade deficit with China drastically between 2004 and 2014. Goyal highlighted concerns over secret agreements with China and emphasized the need for quality control to reduce reliance on substandard imports.

Union Commerce and Industry Minister Piyush Goyal on Thursday criticized the trade policies adopted during the Congress-led UPA regime, stating that they were responsible for a significant increase in India's trade deficit with China. Speaking at the 6th Asia Economic Dialogue, Goyal emphasized that India's trade deficit with China soared from USD 2 billion in 2004 to USD 40 billion by 2014.

Goyal raised concerns about 'secret' agreements with China that allegedly led to reduced import tariffs and the acceptance of China as a market economy. He questioned why the Congress hadn't clarified these agreements, suggesting that this led to the influx of inexpensive, substandard goods into India, adversely affecting the local economy.

The minister underscored the current government's strict quality control measures to mitigate dependency on such imports and boost domestic product quality. He noted an increase from 106 quality control orders in 2014 to 700 by 2024. Goyal argued that focusing on quality is essential for India's aspirations to become a developed nation.