Economy

Indian products deserve fair, reciprocal access in overseas markets: Goyal

Our Bureau New Delhi | Updated on August 10, 2020 Published on August 10, 2020

Commerce and Industry Minister Piyush Goyal

Commerce Minister sees green shoots in economy emerging, exports turning around

Indian products deserve fair access to other countries with a level playing field and the country wants reciprocal trade with the world, Commerce and Industry Minister Piyush Goyal said on Monday.

Speaking at a webinar organised by FICCI, Goyal said green shoots are visible in the economy and exports are witnessing a good turnaround.

“We are in July at about 91 per cent export level of July 2019 figures. Imports are still at about 70-71 per cent level of July 2019. So, broadly our balance of payments this year is going to be very very strong, which is why we feel confident that Indian industry will see opportunities for growth,” he said at the webinar.

He said the government’s recent steps are aimed at promoting and supporting domestic industry.

“We are trying to make sure that our domestic manufacturers and industry and our stakeholders get a fair play. There have to be equal, fair and reciprocal arrangements. If other countries are desirous of access to the Indian market opportunity and provide services to meet our needs they also have to give our country’s businesses equal opportunities to engage in their countries.

“They cannot put overarching technical barriers or regulations, which do not allow our products to go into their country and then complain if we put any standards in our country,” Goyal added.

‘Increase sourcing’

The Minister also pointed out that companies investing in India, should look at indigenising those items that India has capability to make and not just look at assembling in India by bringing complete knocked-down kits or semi-knocked down kits.

“They should in a phased manner look at sourcing from India, developing their products in India and then encash the large business opportunity that India presents. We are inviting investments and are encouraging investments and allowing free flow of goods but it has to be reciprocal,” Goyal added.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 10, 2020
This article is closed for comments.
Please Email the Editor