New Delhi, October 17 (IANS). Commerce and Industry Minister Piyush Goyal on Friday said India has undergone significant transformation in recent years and now negotiates from a position of strength, reflecting the country’s growing economic confidence and global stature in terms of India’s approach towards free trade agreements (FTAs) and other trade arrangements.
Addressing the ASSOCHAM Annual Conference and 105th Annual General Meeting in the national capital, Goyal said the country is now primarily engaging with countries that are not India’s competitors and ensuring that trade partnerships are balanced and mutually beneficial.
The Union Minister said that the days are gone when India used to enter into unbalanced free trade agreements without recognizing its strengths.
He said this strategic approach enables India to protect its domestic industries, promote exports and create opportunities for investment and technology cooperation, while also helping to avoid agreements that could disproportionately benefit the other party at India’s expense.
The Union Minister said that India’s foreign exchange reserves remain at a strong level of about $700 billion, which reflects the strong fundamentals of the Indian economy.
He said that in every respect, India’s people, businesses and industries together represent a new dynamism, enthusiasm and confidence that was not seen a few years ago.
The Union Minister said that today the world looks at India as an important trading partner and a trustworthy country to work with.
Additionally, the Union Minister said that India is fully committed to its Sustainable Development Goals and has already achieved 250 GW of renewable energy capacity, which is 50 percent of the country’s transmission grid.
He said that by 2030, India will achieve 500 GW of clean energy capacity, making it one of the best destinations for data centers and clean energy investments.
–IANS
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