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Key Points

Piyush Goyal urged Indian businesses to maximize opportunities from recent FTAs while prioritizing product quality. He emphasized MSMEs must innovate to compete globally and flagged non-tariff barriers as key challenges. The minister contrasted Modi-era banking reforms with UPA's NPA crisis, calling current systems transparent. Goyal reiterated India's "nation-first" approach in trade negotiations, refusing public commentary on ongoing deals.

Key Points: Piyush Goyal Urges Indian Industry to Leverage FTAs for Global Growth

  • Goyal highlights FTAs as key to India's global trade expansion
  • Stresses quality standards to boost competitiveness
  • Urges MSMEs to innovate and scale globally
  • Compares robust banking reforms under Modi vs UPA-era NPAs
2 min read

Piyush Goyal urges Indian industry to leverage FTAs for global impact

Commerce Minister Piyush Goyal calls on businesses to capitalize on India's FTAs, emphasizing quality and MSME competitiveness for Viksit Bharat.

"India always keeps its interests first – Piyush Goyal"

Mumbai, July 19

Union Minister of Commerce and Industry Piyush Goyal on Saturday interacted with the managing committee and senior members of ASSOCHAM in Mumbai where he encouraged business to look for the opportunities that India's recent Free Trade Agreements (FTAs) have opened up.

He also laid thrust on ensuring qualities of products to enhance India's global competitiveness.

"Had an excellent interaction with the Managing Committee and Senior Members of @ASSOCHAM4India in Mumbai. Speaking at the session on 'Creating Impact Globally - Towards a Viksit Bharat', I urged industry to tap the vast global opportunities that India's recent FTAs have opened up. Also emphasised on the importance of quality in further enhancing our global competitiveness," the union minister posted on the social media platform 'X'.

Addressing the session, Piyush Goyal said that if India gets a good trade deal, the country will go ahead with it. "If not, we won't," the Minister stated.

"India always keeps its interests first," he added.

Talking to reporters after the event, the Minister said he has already mentioned that the government will not negotiate through media but in the negotiating room.

"Talks are ongoing, and once the team is back, we will get feedback on the response and the progress."

He also emphasised the importance of Micro, Small, and Medium Enterprises (MSMEs), focusing on research, innovation, quality, and scaling up to compete globally.

The Minister urged MSME stakeholders to actively inform the government about non-tariff barriers that are affecting their businesses.

Speaking to an industry player, Goyal stated that the government will address the industry's concerns and work towards resolving them only if these are communicated.

Reflecting on the broader economic framework, the Minister compared the current banking system with that under the previous UPA government.

He noted that the PM Modi-led administration had successfully restructured the banking sector.

Goyal alleged that during the UPA regime, the banking sector collapsed under rising NPAs. "We have restructured it in a transparent manner. Today, the banking system is robust and performing well," the Union Minister added.

- ANI

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Reader Comments

P
Priya S
As a small business owner, I'm excited but also nervous 😅 The government needs to provide more hand-holding for MSMEs to actually benefit from these FTAs. The paperwork and compliance is still a nightmare!
R
Rahul R
While I appreciate the focus on FTAs, I wish the minister had given concrete examples of how these agreements will help common Indians. Will prices of imported goods come down? Will our exports really increase? Need more transparency.
S
Shreya B
The banking sector comparison was unnecessary politics. We need forward-looking discussions, not backward-pointing blame games. Focus should be on how to make Indian products world-class, not on previous governments.
V
Vikram M
"India first" approach is good, but we must ensure our FTA partners don't feel shortchanged. Long-term relationships matter in global trade. Balance is key! 🇮🇳
N
Nisha Z
Hope this isn't just another speech. We've heard similar promises before. Action is what counts - show us the results in 6 months! MSMEs need real support, not just encouragement.

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