India Emerged As Trusted Partner Of The World, Says Piyush Goyal. Stresses On Stable Economic Condition

Piyush Goyal also expressed hope for early conclusion of talks with Britain for a free trade agreement, aimed at boosting bilateral economic ties

Union Commerce and Industry Minister Piyush Goyal has highlighted India's stable economic conditions during the Covid-19 pandemic saying the country has emerged as a trusted partner of the world. Goyal interacted with the Institute of Chartered Accountants of India (ICAI) where he launched six new chapters in Arizona, Austin, Los Angeles, Michigan, North Carolina, and Ohio, reported ANI.

Pledge To Serve India In The ‘Amrit Kaal, Says Goyal At Gadar Memorial 

Goyal, who is on a six-day visit to the US, also visited the iconic Gadar Memorial in San Francisco on Monday. "I stand at the Gadar Memorial today, with a deep sense of gratitude to our forefathers who sacrificed 'all' for our beloved motherland. I pledge to serve India in the ‘Amrit Kaal’, to become a developed & prosperous nation. Jai Hind!” tweeted Goyal.

The site is home to the Hindustan Gadar Party – mostly comprised of Freedom fighters who had left India and shifted to North America and used the place to gather and plan a rebellion against the British Raj during the early 20th century.

India Is On Course To Become $30-Trillion Economy In 30 years: Goyal

"Today with the kind of structural reforms that happened in India, the island of stability that India offers, amidst the global disturbances, India is holding strong, growth is continuing to be amongst the highest in the large economies, inflation relatively being less than other parts of the world, particularly the developed countries," the minister said during his interaction.

Even as the world is still recovering from the Covid-19 pandemic, India has emerged as a stable economy. Urging CAs to be ambassadors of 'Brand India', he asked to "Spread the message of One District One Product." He appealed to all to choose 'Made In India' goods for gifting." "With a stable environment, India has become probably one of the world's most attractive investment destinations. The trusted partner in the works and it is evident in the way world leaders and developed countries are making every effort to expand their engagement with India -- looking for bilateral agreements, to expand trade with India investments into India," said Goyal.

Stating that India’s inflation is around 6-7 per cent, the minister noted that Consumer Price Index (CPI) is up by about 6.7 per cent by the last account adding this is lower than what it used to be 10 years ago. "We have had a small bump in the last few months and we are all very conscious of the background to it. Post-Covid, coupled with the conflict between Ukraine and Russia, there is an increase in inflation across the world. Even in the developed countries, the inflation is now at 10 or 11 per cent as compared to India, which ranges between 6-7 per cent," said the Union Minister.

Goyal also noted the economic changes in India and discussed economic reforms, including the GST implementation and Insolvency and Bankruptcy Code (IBC). Growth rates suggest India is on course to become $30 trillion economy in 30 years.

"The effort to decriminalize laws and make it easier to do business. The fact that we are trying to reduce compliances significantly. The low corporate tax for new businesses coming into India. The removal of the dividend distribution tax which was a deterrent for international investment into India because they were paying almost 22 per cent on their dividends and that was not getting a tax set off on the Double Tax Avoidance (DTA)," said Goyal.

Goyal Expresses Hope For Early Conclusion Of Trade Pact With UK

The minister has also expressed hope for early conclusion of talks with Britain for a free trade agreement, aimed at boosting bilateral economic ties. "A little bit of political changes may have derailed (conclusion of FTA negotiations) by a few weeks, but I do hope (that) with...Liz Truss assuming prime ministership of the UK, we may now be able to make up for some lost time (to conclude the FTA negotiations)," Goyal said .

Both countries formally launched talks for a free trade agreement to boost bilateral trade and investments. It was launched when Boris Johnson was the Prime Minister and Truss was the international trade secretary.

(With inputs from agencies)