Union Commerce and Industry Minister Piyush Goyal reiterated India's cautious nature regarding signing international trade agreements, emphasizing that the nation will only do so if the agreements support national interests.
Addressing at the ASSOCHAM-hosted session named 'Creating Global Impact Towards Viksit Bharat', the Minister clearly stated: "If India gets a good trade deal, we will go ahead with it. If not, we won't," he said in a firm tone.
Subsequently, in an interaction with the media after the session, Goyal further clarified India's approach towards ongoing talks. "I've already said that we don't bargain through media, we bargain in the negotiating room. The talks are still going on, and after the team comes back, we will receive the feedback on the reaction and the progress," he clarified.
Speaking to the industry representatives and businesspeople, the Minister emphasized that there should be a change of mindset in the Micro, Small, and Medium Enterprises (MSME) sector. He urged businesses of all sizes to work together and emphasized inclusive development as the way forward.
"We require targets, direction, and a mindset change. Small or large, companies have to grow collectively," he stated. He also exhorted, "We have to stand up for each other and speak up for local."
Emphasizing the contribution of MSMEs towards India's economic aspirations, Goyal exhorted the sector to seek innovation, quality improvement, research, and scale-up. This would help them compete successfully at the international level.
He also urged MSME stakeholders to report to the government any non-tariff trade barriers that are frustrating their operations. In an interview with a member of the industry, he assured that the government is still working on addressing such problems—if only the issues are properly articulated.
Shifting focus to wider economic reforms, Goyal compared the current times with the past UPA government's approach to the banking sector. He acknowledged the current government, headed by Prime Minister Narendra Modi, for revolutionizing the financial system.
Emphasizing the difference, Goyal added, "We have restructured it in an open way. Banking today is strong and doing well." It has been mentioned by him that during the UPA regime, the banks had been hit by increasing non-performing assets (NPAs) and that created a sector-wide crisis.
Read also| India’s Exports to US Jump 23% in June, Imports See 10% Decline
