๐๐น๐ผ๐ฏ๐ฎ๐น ๐ง๐ฟ๐ฎ๐ฑ๐ฒ ๐ฃ๐ฟ๐ผ๐๐ฒ๐ฐ๐๐ถ๐ผ๐ป๐ถ๐๐บ ๐ฅ๐ถ๐๐ฒ๐ ๐ฎ๐ ๐๐ป๐ฑ๐ถ๐ฎ ๐๐ ๐ฝ๐ฎ๐ป๐ฑ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ฐ๐ฐ๐ฒ๐๐
Commerce and Industry Minister Piyush Goyal spoke at the India Global Innovation Connect on Thursday. He said countries around the world are protecting their domestic industries. He named the EU, the US, and the UK as examples. These countries are safeguarding their steel industries from competition.
Goyal said India protects its economy too. India acts against unfair trading practices. It responds to overcapacity and dumping of goods at predatory prices. He said these actions reflect global trade realities.
The minister said countries use bilateral action and targeted measures to respond. He said the World Trade Organization is not effective right now. He added global trade still works under the WTO framework.
Goyal said India faces trade challenges from a position of strength. Recent trade actions include:
- India signed nine free trade agreements in the past three to three and a half years covering 38 countries
- Member countries of the European Free Trade Association will invest USD 100 billion in India over 15 years through a trade and economic partnership
Goyal said India is working to build innovation capacity. The government is improving the investment environment. It is working with companies and partner countries. The goal is to encourage investments led by innovation.
The government is reviewing intellectual property rights laws. It wants to update them. Infrastructure growth and regulatory reforms are also key priorities. These include work on airports, ports, highways, and power systems.
Goyal said long term growth requires higher standards. It requires technological advancement and stronger participation in global trade networks.