FTAs Under Modi Govt Fair and Beneficial: Piyush Goyal: Piyush Goyal

GG News Bureau
New Delhi, 31st July. Union Minister of Commerce and Industry, Piyush Goyal, emphasized at the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organized by the Confederation of Indian Industry (CII) that the four Free Trade Agreements (FTAs) signed under Prime Minister Narendra Modi’s government are fair and in India’s interests.

He highlighted that these agreements were concluded after extensive stakeholder consultations, contrasting them with previous administrations’ approaches.

Shri Goyal praised the bold decision to withdraw from the Regional Comprehensive Economic Partnership (RCEP), which he asserted was not beneficial for India.

He noted significant economic progress under the Modi government, including a doubling of GDP, more than doubling of foreign exchange reserves, and a significant reduction in the current account deficit.

Highlighting the $100 billion investment commitment linked to the India-EFTA FTA, Goyal urged industries to leverage Quality Control Orders (QCOs) to enhance quality and competitiveness.

He stressed that QCOs will prevent substandard goods from entering the market and improve market share.

The Minister also called for industry feedback on reducing compliance burdens and encouraged the use of the Rs 1 lakh crore ‘Anusandhan Fund’ for private-sector research and development.

Additionally, he announced the establishment of 12 new industrial parks and 5-6 mega textile parks, urging Indian investors to support startups and MSMEs with government benefits.

Goyal reflected on the state of the economy before 2014, asserting that the Modi government has transformed a fragile economy into one of the top five economies globally.