Union Minister Piyush Goyal invites Canadian businesspersons to participate in growth of Indian economy

INTERNATIONAL DESK: While inviting Canadian businesspersons to participate in the journey of growth of the Indian economy, Union Minister of Commerce and Industry Piyush Goyal said India offers a stable business environment with decisive and popular leadership.

He appreciated 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.

Piyush Goyal has invited Canadian businesspersons to participate in the journey of growth of the Indian economy during the Round Table of Indian and Canadian CEOs in Toronto, Canada on May 9. He addressed the roundtable during his two-day visit to Canada.

Piyush Goyal said that India is focusing not only on high-quality standards in goods and services but also on high-quality delivery of goods and services. He stressed that this focus on high quality is attractive for Canadian business persons and their investments.

In his remarks, he said, “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.”

Goyal noted that that the theme of “Vasudhaiva Kutumbakam” showcases the initiatives and efforts of India at the global level to encourage sustainable development and preserve Earth as a better planet for future generations, according to the official statement by the Ministry of Commerce and Industry.

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. He stated that Canadian businesses can prosper in the safe and conducive business environment of the Indian economy.

He lauded 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.

Piyush Goyal praised the work carried out by negotiating teams of both nations. He 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 remain so in the coming years, according to the press release by the Ministry of Commerce and Industry.

He said that the macroeconomic fundamentals of India is at its peak under the leadership of Prime Minister Narendra Modi.

He called India an “oil-based economy” which he stressed can prosper despite emerging challenges across the world. Goyal said that inflation has been under control in India in the past nine years of the government under the leadership of PM Modi, according to the press rr.

The minister spoke about the huge foreign exchange reserves of India and the significant increase in overall exports of India from around USD 500 Billion two years ago to USD 770 Billion in FY 2022-23. He spoke about the target of achieving an overall export target of USD 2 Trillion by 2030, according to the press release.

Goyal said that the economies of Canada and India complement each other and there is not much of conflict between them. He noted that there is certainly some competition but no conflict of interest between the two economies. He said that Canada is focusing on natural resources given its huge reserves and investments and is more interested in the Services sector.

Piyush Goyal stressed on 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. He called this century an important one for India as it is expected to have the world’s youngest population for the next 30 to 40 years which will lead to a significant portion of the population in the working age.

Goyal said that he and Mary Ng discussed about dual degrees and mutual recognition of our educational qualifications throughout professional bodies. He said that they also talked about creating campuses in each other’s countries so that the youth of both countries can contribute to economic development.

Speaking about the Indian rupee, the minister said that the Indian currency has remained relatively stable in the past nine years of the government. He noted 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.

Mary Ng tweeted, “Today, @PiyushGoyal and I hosted a roundtable with Canadian and Indian businesses to hear first-hand how we can make it easier for these companies to work together and to help them succeed.”

In another tweet, she said, “The success of the Canada- India relationship is rooted within the close collaboration and hard work of Indian and Canadian businesses.”

Union Minister of Commerce and Industry Piyush Goyal met Canadian Minister for International Trade Mary Ng.

“Delighted to meet Canadian Minister for International Trade @Mary_Ng in Ottawa. Looking forward to continuing discussions to further strengthen bilateral ties at the India-Canada Ministerial Dialogue on Trade and Investment today,” Goyal tweeted. (ANI)