India Champions Equitable Growth and Global South Unity at UNCTAD XVI

In his national address, Shri Goyal highlighted India's transformation into one of the world’s five largest economies, powered by sustained GDP growth exceeding 7% over the past three years.

 

India has emerged as a powerful voice for inclusive and sustainable development on the global stage during the XVIth Session of the United Nations Conference on Trade and Development (UNCTAD), held in Geneva in October 2025. Union Minister of Commerce and Industry Shri Piyush Goyal represented the country, delivering a visionary national statement and participating in key deliberations and bilateral meetings with international leaders.

The sixteenth session of UNCTAD, founded in 1964 to promote trade, investment, and development among developing nations, convened under the theme: "Shaping the Future: Driving Economic Transformation for Equitable, Inclusive, and Sustainable Development."

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India’s Rise as a Global Economic Force

In his national address, Shri Goyal highlighted India's transformation into one of the world’s five largest economies, powered by sustained GDP growth exceeding 7% over the past three years. He emphasized that India doubles its economy every eight years, lifting millions out of poverty and nurturing a burgeoning middle class that propels consumption, entrepreneurship, and innovation.

India's economic narrative, the Minister explained, is rooted in inclusive development, supported by democratic governance, rule of law, and an empowered, youthful population with a median age of 28.5 years. The digital transformation in India has also been staggering — with over one billion internet users, the country ranks second globally in ChatGPT usage, underscoring digital inclusivity and public access to AI-driven services.

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Leading on Sustainability and Climate Justice

India’s clean energy revolution formed a key part of the address. Shri Goyal noted that 50% of India’s installed power capacity now comes from renewable energy, totaling 250 GW, with an ambitious goal to reach 500 GW by 2030.

Despite accounting for only 3.5% of global emissions while housing 17% of the world’s population, India remains committed to bold climate action. However, Shri Goyal sharply criticized developed nations for failing to meet their Paris Agreement commitments, particularly in delivering $100 billion annually in climate finance and facilitating technology transfers to developing countries.

He firmly rejected unilateral environmental trade barriers, calling them unjust and counterproductive. Instead, he advocated for tailored and cooperative approaches, citing India's leadership in launching initiatives such as:

• International Solar Alliance (ISA)

• Coalition for Disaster Resilient Infrastructure (CDRI)

• Global Biofuels Alliance

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Advancing South-South Cooperation

Shri Goyal emphasized the critical role of South-South cooperation in shaping global trade and development policies that work for emerging economies. Key collaborative areas include:

• Access to critical minerals

• Fertilizer production and food security

• Supply chain resilience

• Technology sharing and open digital infrastructure

India, he said, offers Digital Public Infrastructure (DPI) solutions that have transformed governance and empowered citizens — from real-time payment systems (like UPI) to interoperable platforms for healthcare, education, and logistics.

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Trade as a Development Tool

India reiterated its belief in trade as a fundamental tool for equitable and inclusive development. Shri Goyal shared that:

• The services sector contributes 55% to India’s GDP, with decade-long double-digit export growth.

• Women entrepreneurs now constitute 14% of India’s entrepreneurial ecosystem, supported by MSMEs that generate millions of jobs.

• India’s infrastructure investment strategy includes a trillion-dollar National Infrastructure Pipeline (NIP), with $130 billion annually allocated for rail, road, inland waterways, and airport modernization.

This robust internal ecosystem positions India as a trusted partner in global value chains, especially in pharmaceuticals, vaccines, and digital commerce.

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Ministerial Roundtable on Resilient Trade Logistics

At the high-level ministerial roundtable titled “Towards Resilient, Sustainable, and Inclusive Supply Chains and Trade Logistics,” Shri Goyal shared India’s Atmanirbhar Bharat (self-reliant India) vision. He spotlighted India’s achievements in:

• Becoming a trusted source for COVID-19 vaccines and essential medicines.

• Doubling airport capacity from 74 to 158 in under a decade.

• Enhancing port efficiency and reducing cargo turnaround times.

• Fostering innovation-driven manufacturing ecosystems to reduce external dependency.

He called for regional collaboration among developing countries on payment systems, port operations, digital tools, and shared logistics infrastructure, enabling efficiency and mutual gains.

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Bilateral Engagements for Policy Synergy

On the sidelines, the Commerce Minister held strategic meetings with:

🟩 H.E. Teresa Ribera Rodriguez

• Executive VP, European Commission for Clean, Just, and Competitive Transition

• Discussed: Impact of Carbon Border Adjustment Mechanism (CBAM) on Indian exports, especially steel.

• Stressed: Clean transitions must avoid creating new trade dependencies or penalizing developing economies unfairly.

🟦 H.E. Rebecca Grynspan

• Secretary-General, UNCTAD

• Discussed: UNCTAD’s pivotal role in equitable transformation, failure of developed countries in fulfilling climate finance obligations, unilateral environment-linked trade barriers, and technology divides.

• Explored: Deeper South-South cooperation, and India's support to other developing nations in technology and trade logistics.

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Reaffirming Multilateralism and Global Equity

Shri Goyal warned against the erosion of trust in multilateral institutions due to:

• Non-market practices

• Tariff and non-tariff trade barriers

• Dilution of special and differential treatment for developing nations

• Technological protectionism and export controls

He advocated for a reformed rules-based trading system that addresses power imbalances and ensures that developing nations are equal stakeholders in the global economy.

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 India's Vision for Global Development

India’s participation at UNCTAD XVI reaffirmed its role as a bridge between the Global North and South, promoting partnerships based on trust, equity, and shared growth. Shri Goyal echoed India’s commitment to “Vasudhaiva Kutumbakam” — the world is one family, and underscored that “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas” is not just a domestic mantra but a global development ethos.

As India continues to lead by example in trade, climate leadership, technology, and infrastructure, its global role is set to grow even stronger — not just as a fast-growing economy, but as a responsible development partner committed to progress for all.