Next phase of India's growth must be driven by deeper innovation, stronger global outlook: Piyush Goyal
New Delhi, Oct 30
Commerce and Industry Minister Piyush Goyal on Friday emphasised that the next phase of India's growth must be driven by greater ambition, deeper innovation, and a stronger global outlook, with businesses investing in research and development, advanced manufacturing, and emerging technologies to lead global value chains.
Participating in a fireside chat at the 'Business Odisha Conclave' on 'Building Globally Competitive Enterprises, Exports, and Manufacturing from Odisha,' the minister spoke about India's growing strength in global commerce, backed by record exports, expanding trade partnerships, and a resilient economy.
"Highlighted how Odisha can capitalise on new opportunities unlocked by India's FTAs, expanding global market access and the manufacturing ecosystem," said Goyal, who also presented awards to outstanding leaders, enterprises, and brands at the event.
The minister also highlighted the opportunities for Odisha to strengthen its manufacturing and export capabilities by leveraging India's expanding network of Free Trade Agreements (FTAs) and growing global trade partnerships.
For Indian businesses, particularly MSMEs, this presents an opportunity to expand market access, enhance production capabilities, adopt global quality standards and build a stronger presence in international markets.
India will have preferential market access covering approximately 76 per cent of the global GDP of $115 trillion, with negotiations underway for another eight bilateral or multilateral agreements, which would add a further $15 trillion.
Earlier, addressing the curtain raiser of the 'Invest Telangana Global Summit' in the national capital, the minister said India's existing trade agreements had provided preferential market access to a global GDP of $70 trillion, including $10 trillion through agreements finalised more than a decade ago and an additional $60 trillion through the nine recently finalised agreements.
He noted that the IMF had projected global trade growth of barely 1.9 per cent amid global challenges. Against this backdrop, India set a target of $1 trillion in exports, aiming for 15 per cent growth in the current year. He said the target reflected the collective conviction of exporters, industry associations, and businesses to surpass conventional forecasts.
— IANS
Leave a comment