‘India Offers an Oasis in a Turbulent Global Economy’: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday pitched India as a stable destination for global investment amid international conflicts and economic uncertainty, saying the country offers predictable policies, fair laws and protection for investors.

Speaking at the 31st CII Partnership Summit in Visakhapatnam, Goyal described India as “an oasis in the desert” in a turbulent global economy and outlined three assurances to international businesses: open markets, capability and reliability.

“Whatever storm rages around the world, whatever may be the wars and conflicts that trouble the rest of the world, our policies will remain predictable, our laws will be fair, and your investment will be safe,” he said.

INDIA'S TRADE ACCESS TO GLOBAL MARKETS

On market access, Goyal said India had concluded nine free trade or preferential trade agreements covering 38 developed countries over the past four and a half years. Along with agreements signed before 2014, these arrangements give India preferential access to markets representing nearly $70 trillion of global GDP.

He said ongoing bilateral and multilateral engagements could add another $15 trillion, taking the total to $85 trillion out of the global economy estimated at $115 trillion.

Goyal said this would open up markets for Indian manufactured goods, services, businesses, investors and skilled workers across a substantial part of the global economy.

FROM STEEL TO SILICON

Highlighting India's industrial and technological capabilities, Goyal pointed to developments in Andhra Pradesh. He said Visakhapatnam was moving from steel to silicon, while Orvakal was being developed as a drone city, Tirupati as a space city and Pudimadaka as a green hydrogen hub.

He also referred to a central research and development fund, saying it would enable global companies to pursue innovation in India at a fraction of the cost in Europe, the United States and Canada.

Goyal sought to assure foreign investors that India would protect their intellectual property and would not require them to transfer technology.

“We don't ask you to transfer technology to India. We don't steal anybody's technology. We ensure what is rightfully yours remains with you,” he said.

TRUST AS A DRIVER OF GLOBAL BUSINESS

On reliability, Goyal argued that trust was becoming more important than cost in determining global business partnerships.

He cited India's supply of vaccines, medicines, doctors and food grains to more than 100 countries during the Covid pandemic as an example of its ability to deliver during a crisis.

“If the 20th century was dictated by cost arbitrage, the 21st century will be defined by trust arbitrage. The question is no longer who can make it cheapest. The question is who can deliver,” he said.

CALL TO INVEST IN INDIA

Goyal urged international companies to set up their next manufacturing plants, research centres and global capability centres in India. He also called on domestic industries to prioritise sustainability, skill development and global quality standards.

Inviting partner countries to invest in Indian factories, hotels and data centres, he described India as a safe destination for businesses navigating an uncertain global environment.

“Because India is a safe destination. India provides you a harbour which will always be calm in this turbulent world,” Goyal said.

With inputs from ANI