‘Makes a very compelling case…’: Piyush Goyal on the four factors that make India stand out

Union Minister of Commerce and Industry Piyush Goyal says there are four factors India has that has fast-tracked its success story. All these factors put together makes India a very compelling case, he said, speaking about India’s economic growth and expansion.

Speaking to reporters in The Hague, Goyal said, “We have a 1.4 billion young, talented, and aspirational population, that is our biggest strength. Two, the market that middle-class India provides is very attractive for the world. Three, we are an economy which is the world's fastest-growing large economy based on rules, not on unfair trade practices – an economy which in the next 22 years will become eight times today's, growing from $4 trillion to $30 trillion, representing the biggest opportunity the world has ever seen in such a short span of time. And finally, our talent pool understands modern technology; the talent pool is very much engaged and absorbing technology at a speed which very few countries could even imagine. All of these factors put together make India a very compelling case.”

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He said on top of that, India is opening up access to $70 trillion worth of economies, which will become $85 trillion over the next year and a half, meaning that 76% of the global GDP will be open to preferential access for goods and services from India.

Goyal also said that the more India engages with its bilateral and multilateral partners, the more it stands to gain. Such agreements, he said, opens up preferential access and creates new opportunities across various sectors, including “goods, services, education, manpower, and technology partnerships”.

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“Greater engagement will benefit the country: it will attract new investments, generate new jobs, and boost economic activity. After every delegation visit, I hold discussions with the members; their enthusiasm and feedback often yield valuable ideas,” he said.

The minister said he believes significant investments will flow into India for modern, cutting-edge technologies, and its labour-intensive sectors such as “textiles, leather, and footwear”. With the Free Trade Agreements (FTAs), India stands to benefit significantly from the reduction of duties which were rather high earlier.

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Goyal also said that there is a positive outlook for India’s Global Capability Centers (GCCs). “Wherever I go – across various developed nations – there is a strong sense of attraction toward India. They are well aware that Indian talent is already present and contributing within their own countries.”