India best-performing G20 nation on sustainability, trade talks on across the globe: Piyush Goyal

New Delhi, Sep 2 India is one of the best-performing G20 nations in meeting sustainability commitments, Union Commerce and Industry Minister Piyush Goyal said on Tuesday, adding that the country is also expanding trade ties across the globe.

Addressing CII’s 20th Global Sustainability Summit here, the minister said free trade agreements (FTAs) have already been concluded with Mauritius, Australia (first tranche), the EFTA block, the UK, and the UAE, while talks are ongoing with the European Union (EU), Chile, Peru, New Zealand, Australia (second tranche), and Oman -- along with the dialogue with the US for a bilateral trade agreement.

Goyal noted that Prime Minister Narendra Modi had played a decisive role in making COP21 a success.

"Prime Minister Narendra Modi had a very important role in making COP21 a success. Without his active participation, without him weighing in with the developed nations to contribute to the sustainability efforts of the less-developed countries, probably COP21 could not have come to fruition. Prime Minister Narendra Modi had got the whole global south together, that this should be a collective responsibility of every country in the world," he told the gathering.

Goyal emphasised that India continues to remain firmly committed to its sustainability goals, upscaling renewable energy targets five-fold since 2014 and successfully creating a national interconnected grid under the principle of "One Nation, One Grid".

Highlighting achievements in the power sector, he stated that India is achieving renewable energy goals well ahead of schedule, with 50 per cent renewable energy capacity already installed.

Goyal highlighted that India aims to reach 500GW by 2030, powered by 'Make in India' products, self-reliant manufacturing and rapid innovation.

He pointed out that renewable power is now available in India at globally unmatched prices, around Rs 4.60 to Rs 5.00 per kWh for a 24-hour clean energy supply, adding that there was no contradiction in simultaneously pursuing coal and renewables, and that transparent bidding processes reduced the price of solar power from Rs 7-8 to Rs 2.41.

The minister also called on startups to innovate solutions for challenges such as water harvesting and energy efficiency. Citing the UJALA scheme launched in 2015, he said India had replaced incandescent bulbs with LED bulbs, showcasing how small steps can have transformational impacts.

He further said that India’s supply chains are resilient, and the nation is not at the mercy of any other country choosing to switch on or switch off the tap. This, he said, is making India Atmanirbhar and self-reliant, building the confidence of young India to take on any challenge the world wants to throw at it.

Referring to GST reforms widely anticipated to boost consumption expenditure and demand, Goyal said that with the government continuing to support infrastructure creation through huge resource allocation, India’s strong macroeconomic fundamentals will enable it to beat every estimate that economists or pessimists may come up with.

He noted that challenges will arise, but India’s ability to take on volatile and uncertain times has only increased.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor