Indian industry:Union Commerce and Industry Minister Piyush Goyal has given a strong reaction on the mentality of Indian industry. He said that when the government tries to allow foreign companies to enter the Indian market in limited quantities, the domestic industry immediately protests, which is disappointing. He believes that this mentality weakens India’s position at the global level.
Speaking at an industry conference, Goyal raised the question in a sharp tone that when we give quota to small quantities of foreign products, then hue and cry is created. But you want other countries to open their markets to Indian goods. How long will this double standards last? He stressed that if India has to compete in global markets, Indian companies will also have to be ready for transparency and competition.
Giving the example of Japan and South Korea, Goyal said that these countries have signed Free Trade Agreements (FTAs) with India, but their domestic companies still give preference to local suppliers. He said that this is what I want in India, but here the companies of the country often lean towards foreign options.
Goyal informed that in the past years, India has signed free trade agreements with Australia, United Arab Emirates (UAE) and European Free Trade Association (EFTA). Apart from this, a trade agreement has also been signed with Britain. The objective of these agreements is to make India more competitive in global trade.
India is also currently in intensive discussions on free trade agreements with America, European Union, Oman, Chile, Peru and New Zealand. Goyal said that this is a clear indication that the world considers India a reliable and attractive destination for trade and investment.
Negotiations are going on between India and America regarding Bilateral Trade Agreement (BTA). The Indian delegation is currently holding discussions with US officials in Washington, which will continue till October 17. The top leadership of both the countries has set a target to complete the first phase of this agreement by the year 2025.
Recently, relations between the two countries have come under strain due to America imposing 50% duty on Indian goods and 25% additional duty on Russian oil. India has lodged a strong objection terming these policies as unfair.
Indian industry has also expressed concern about America’s H-1B visa policy, which may affect Indian professionals. However, a solution to these issues is expected after the positive talks between Prime Minister Narendra Modi and President Donald Trump.
