New Delhi [India], June 19 : Speaking at the India Global Forum, Union Minister of Commerce and Industry, Piyush Goyal, says that he believes that India as a country can help the UK economy grow faster during this time of uncertainty.
He said, "We can help the UK economy grow faster in a very uncertain world, full of volatility, full of uncertainty, full of challenges and crisis. India is an oasis of stability, of fast growth, of a people generally very peaceful, known worldwide. We have 40 million Indians across the world, recognised for their talent, for their skill."
Piyush Goyal met the UK's Secretary of State for Culture, Media and Sport, Lisa Nandy, on Wednesday. The minister is on a two-day visit to the United Kingdom (UK).
Piyush Goyal shared his thoughts regarding the meeting with Lisa Nandy on the social media platform 'X'. He said, "Had an engaging discussion with the UK's Secretary of State for Culture, Media and Sport @LisaNandy. Goyal added that he explored greater opportunities for increased bilateral cooperation between the two great democracies, "explored avenues for greater cultural collaboration and creative exchange, an essential pillar of our vibrant bilateral relationship."
While speaking at the India Global Forum, Goyal also commented on the UK-India Free Trade Agreement (FTA), "It is unfair to call it a giveaway. Indian people add value to the UK economy when they come here."
He further added that, "This is not something we raised after the new government came in. This has been on the table for the last three years of discussion. Almost 2 years ago, it was made a non-negotiable part of our discussion to bring balance and equity to a trade deal between two economies, one has a market of 1.4 billion aspirational Indians and the other a smaller set of people whose day-to-day needs have largely been taken care of. It was an assurance given nearly two years ago that it would be a part of our deal."
Under the FTA, India will reduce import tariffs on 90 per cent of British goods, with 85 per cent becoming completely duty-free over a period of ten years. In return, Britain has agreed to lower its tariffs on certain products, resulting in 99 per cent of India's exports to the UK facing zero duties.
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