Piyush Goyal Says Trade Agreements Expand Market Access While Protecting Domestic Sectors

New Delhi, Oct 29 (KNN) Commerce and Industry Minister Piyush Goyal highlighted quality, economies of scale, global market access and industry-academia collaboration as key areas for India’s industrial transformation while addressing the Fourth National Conference on India’s Industrial Transformation, organised by ISID and IDRA.

Goyal said nine free trade and bilateral trade agreements concluded by the government had opened preferential market opportunities in economies with a combined GDP of USD 60 trillion, compared with USD 10 trillion covered by agreements concluded before 2014.

He said the agreements covered goods, services, investment, technology and skill development while seeking to protect sensitive domestic sectors. Referring to India-US trade negotiations, he said farmers’ interests and those of other stakeholders had not been compromised.

The minister cited the Make in India initiative and phased manufacturing programmes as measures supporting domestic production. He also highlighted government funding initiatives for startups, including the Startup Fund of Funds and the Research, Development and Innovation Fund.

Goyal said India’s space economy was valued at USD 8.4 billion and could reach USD 44 billion by 2033. He also referred to opportunities for cooperation with international partners in space, artificial intelligence and computing.

On energy, he said around 60 per cent of India’s installed electricity capacity came from green and renewable sources, while coal remained important for energy security and affordable power.

(KNN Bureau)