On Monday, Piyush Goyal the Minister of Commerce and Industry said that to ensure that the Indian businesses in foreign countries are treated at par with how the foreign businesses are treated in India, India is now looking at establishing fair and equitable trade relationships with other countries.
At the FICCI Virtual FMCG Supply Chain Expo Goyal said that the world works with equal terms and there has to be an equal and fair reciprocal arrangement. Goyal also said that, if the other countries desirous of the Indian market of the 1.3 billion Indian market opportunity, they should provide the services to meet the country’s needs and also they have to give Indian businesses and India equal opportunity to be a part and to engage in their countries.
Goyal also said that for the foreign companies to import and then to assemble their products and to be sold in the Indian markets and also as companies look at setting up a business in the country, India is not an assembly workshop for the foreign companies and also the government will look at the value addition they are making. He also added that he doesn’t believe that India is not such a week league nation which is going to be only an assembly workshop for the companies to bring completely knocked down kids or semi-knocked down kids and assemble them all in India which is latter sell to their Indian partners.
Goyal also said that the government will have to look at the need to import when the foreign companies set up the factories and industries in India and they should also ensure that whether it is in a gradual or phased manner these companies are looking at bringing the products to India, producing and valued adding to India and it is not just the remaining screwdriver technology assembly workshop. Goyal said that, while criticizing all the recent government decisions to promote a self-reliant India, we make sure that all the domestic manufacturers and domestic industries and other stakeholders get a fair play.
As there is a significant improvement in the exports and a fall in the imports, this year India’s balance of payment is going to be very very strong and also the green shoots are visible in the economy and a good turn around of exports has also been registered, Goyal says. We feel confident that the Indian industry will see the opportunity for themselves and will see opportunities of growth as we are in July and about 91per cent export level of July 2019 figures, imports are still about 70-71 percent level of July 2019 so our balance of payment is going to be very very strong in this year. That is why we feel confident, Goyal said
