New Delhi, Aug 10: India wants equal, fair and reciprocal trade with the world and is moving towards balanced trade with many countries and regions, Commerce and Industry Minister Piyush Goyal said on Monday.
Mr Goyal inaugurated first edition of five-day long virtual FMCG Supply Chain EXPO 2020 here.
Speaking on the occasion, he refuted the criticism by some for supporting the domestic industry and checking the imports.
He said that, ”We want to protect our industries so that they can get a fair play and access. India wants equal, fair and reciprocal trade with the world. We are moving towards balanced trade with many countries and regions. This is one the reasons why India chose not to join RCEP as it was completely unequitable arrangement.”
Countries should, in a phased manner, look at sourcing from India, developing their products in India and then encash the large business opportunity that 1.3 billion Indian people offer, he maintained.
The minister said that those investing in India, should not just look at assembling the Semi-knocked down kits or availing import duty concessions, but must bring technologies, best practices and do value-addition
Mr Goyal said, ”Our Government will stand shoulder-to-shoulder with industries in their efforts to become more competitive & engage with the world on equal and fair terms.”
Quoting Mahatma Gandhi, he said ”when we demand equal and reciprocal trade with the world, we have to recall the face of the poorest and the weakest man whom you may have seen and ask yourself if the step you contemplate is going to be of any use to him.”
He said that Indian economy is on a fast revival path, as could be seen by various indicators. The rail freights and electricity consumption has reached the last year’s levels, the exports in July this year are 91 per cent of the last year’s levels and the imports are also about 79 per cent.