The Business Bytes
TBB BUREAU
NEW DELHI, MAY 10, 2023
India’s Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles Piyush Goyal, on Wednesday invited the Canadian businesspersons to participate in the journey of growth of the Indian economy which is aimed to bring prosperity for the man and woman at the bottom of the pyramid during the Round Table of Indian and Canadian CEOs in Toronto, Canada yesterday.
Stating that India is focusing not only on high-quality standards in goods and services but also on high-quality delivery of goods and services, the Minister said that this focus on high quality is attractive for Canadian business persons and their investments.
Goyal said that the growth in Canada will be driven by the use of significant pools of capital, innovation, new technologies, and Research and Development (R&D) in big markets achieving economies of scale and making products affordable. The Minister said that Canadian businesses can prosper in the safe and conducive business environment of the Indian economy.
Goyal praised Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng for her leadership and involvement in taking the Canada-India partnership to the next level. He appreciated the pace of negotiations for the Early Progress Trade Agreement (EPTA), as a transitional step towards the re-launched India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations. The Minister lauded the work being done by negotiating teams of both countries and their focus on big outcomes from the Agreement in the future.
The Minister said that there is a huge potential in the Canada-India partnership as they are amongst the fastest growing large economies and will continue to be in the coming years. Goyal said that the macroeconomic fundamentals of India is at its peak under the visionary leadership of Prime MinisterNarendra Modi and India is not an oil based economy, it can prosper despite emerging challenges across the world.
Goyal said that inflation has been under control in India over the last 9 years of the government under the leadership of the Prime Minister. He highlighted the huge foreign exchange reserves of India and the significant rise in overall exports of India from around US$ 500 Billion two years ago to US$ 770 Billion in FY 2022-23. He mentioned the target of achieving the overall exports target of US$ 2 Trillion by 2030 and said that is an ambitious target but is achievable given the rapid growth of the economy.
Goyal further said that the two economies complement each other and there is not much of conflict between them. He said that there is certainly some competition but no conflict of interest between the two economies. The Minister said that Canada is focusing on natural resources given its huge reserves and investments. He also said that in comparison to the Manufacturing sector, Canada is more interested in the Services sector. He said that every country has certain specific strengths and for India the investable surplus is the pool of management and technical talent and skills. Goyal emphasized the importance of the young demography of India and the production of the highest number of ‘Science, Technology, Engineering and Mathematics’ (STEM) graduates today anywhere in the world.
Goyal said that this century is an important one for India as it is expected to have the world’s youngest population for the next 30 to 40 years resulting in a significant portion of the population in the working age. He mentioned that dual degrees, mutual recognition of our educational qualification throughout professional bodies, etc. were discussed in the meetings with Ms. Mary Ng. Sh. Goyal also said that the setting up of campuses in each other’s country was also deliberated upon so that youth of both countries can contribute to economic development.
Minister Goyal mentioned that the Indian rupee as a currency has also been relatively stable over the last nine years of the government and said that a strong Indian rupee is beneficial for the economy, countrymen and the exporters as well. He said that India has never defaulted on its international obligations and India’s debt-to-GDP ratio is relatively amongst the lowest in the developing world and certainly far lower than the USA, Japan and many other rich countries.
He futher said that India offers a stable business environment with decisive and popular leadership. He said that the Prime Minister has been recognised internationally as a leader who is contributing significantly to face the challenges of the world and the G20 Presidency reflects his vision. He said that the theme of “Vasudhaiva Kutumbakam” underlines the initiatives and efforts of India at the global level to encourage sustainable development and preserve Earth as a better planet for the future generations.
