Every downturn great chance for businesses to prepare for better time: Goyal

Speaking at the ‘FICCI’s 92nd Annual Convention – ‘India: Roadmap to a $5 Trillion Economy’, Mr. Goyal said, “If we all accept our power, positions as a greater responsibility to a better and brighter future to all Indians.

Mr. Piyush Goyal, Minister of Commerce & Industry, Govt of India, today said that with the combined effort of industry and all stakeholders of the economy, the target of India becoming a $5 trillion economy is doable.

Speaking at the ‘FICCI’s 92nd Annual Convention – ‘India: Roadmap to a $5 Trillion Economy’, Mr. Goyal said, “If we all accept our power, positions as a greater responsibility to a better and brighter future to all Indians. I think there is no doubt in my mind that India has a glorious future. The $5 trillion economies are doable, are possible and shall be done. That’s our commitment to each one of you.”

Mr. Goyal said that every downturn is a great opportunity for businesses to prepare for a better time.

“Once we become engaged and care for the rest of the industry, India will be unstoppable. It is the best place to invest in. It's the place, where you get both, a competitive edge, and a huge domestic market aspiring for a better quality of life,” added Mr. Goyal.

In order to support the Indian industry, Mr. Goyal said, “The stakeholders need to tell me, which country is using any trade remedial measures or non-tariff barrier which impacts their exports to the country. Our government is willing to stand by you and look at retaliatory actions and impose similar trade remedial measures.”

Mr. Goyal added that all of us will have to invigorate that nationalist spirit that we care for India, we care for the future of all the industry in India. “If we can, as a group, work together for a better future for all of us, the Indian industry's solidarity will be seen,” said Mr. Goyal.

The Minister also assured that the government does not believe in solving issues individually for a company. “We believe in doing a root cause analysis, we believe in understanding where the problems are and we believe in finding a sustainable solution that can outlive an individual's problem,” added Mr. Goyal.

Mr. Sandip Somany, President, FICCI in his welcome address, said it is only the venerable partnership between the industry and government, that can bring back growth to 7-8 percent and even higher in the coming quarters to achieve the target set by the Prime Minister, of making India a $5 trillion economy soon. “In the upcoming budget on February 1, too, it is certain that a clear roadmap will be announced to reach $5 trillion soon,” he added. 

Mr. Somany said that the industry expects the repo rate cuts to continue and a further reduction of 75-100 basis points in the existing rate of 5.15 percent, with the better transmission of earlier rate cuts. This is also crucial for the growth to go beyond 7 percent in a speedy manner.

“FICCI is of the view that our engagement in FTAs and PTAs should be on our own terms and only if it provides greater market access to Indian companies. Further, our strengths in services sectors should be leveraged and access for Indian service sector players should be built into any FTA/PTA negotiations,” said Mr. Somany.

Dr. Sangita Reddy, President-elect, FICCI, said that FICCI has always been part of the development journey of India and will work closely with the government to build a new India towards a $5 trillion economy dream to become a reality.

“India will not only be a bright spark in the economy of the world but the brightest spark,” said Dr. Reddy.

Mr. Uday Shankar, Senior Vice President, FICCI and Mr. Dilip Chenoy, Secretary-General, FICCI, along with FICCI past Presidents and National Executive Committee members were also present during the inaugural session.