World wants to engage with India on FTAs: Union Minister Piyush Goyal

Chennai: Union Minister Piyush Goyal on Sunday said the world today wants to engage with India for free trade agreements (FTA), and to expand trade and diplomatic relations with India.

Speaking at the inaugural of the maiden Global Investors Meet of the DMK government, the Commerce and Textiles Minister said India’s young population has given demographic dividend which has become the envy of the world.

Batting for women joining the formal workforce in the country, he said, “when women go to work, it will not only add to the GDP but will also add twice to the country's GDP as the work they are now doing will be replaced by technology.”

Elaborating, he said, “... as more and more women come into formal workforce, the work what they are now doing, which is unfortunately not reflecting in our GDP will be replaced by technology as India will become the largest market for washing machines, dishwashers.. India will become the largest market for goods and services,” he said.

Underscoring that women led development will take India to newer heights, Union Minister said, 'While India is outperforming all our peer economies, the world today wants to come and engage with India, to do free trade agreements with India, to expand trade and diplomatic relations with India.” He noted that the development taking place across sectors, was based on the strength of the young population as the average age stood at 28.4 years.

“This young population's basic needs have been met with several welfare initiatives like food, clothing, shelter, healthcare, education, water, digital connectivity, air, road, ports, rail which will take the country grow on a fast track. We have prepared the nation to aspire big, to think big and to work collectively as a nation with a sense of duty and to make the nation a developed nation by 2047.'

Referring to Prime Minister Narendra Modi’s comment that India would aspire to become a developed nation by 2047 and to shed the colonial mindset, Goyal said, “these things rest on two important fundamental needs -- women led development. Strengthening the Nari Shakti and second is to make India corruption free.”

Goyal said India was looked as 5th weakest economy before 2014 and in the last 10 years, it has grown to become the world’s fifth largest economy.

“India was looked as one of the weakest five economies in the world. The journey in the last 10 years has been from fragile economy to the world’s fifth largest economy. The journey has taken India to have a very strong macro-economic fundamentals. The journey has given us a GDP growth of 7.7 per cent in the last two quarters.” he said.

Complimenting the Tamil Nadu government for setting a target to raise the state's economy by USD 1 trillion by 2030, Goyal said this aspiration would drive for industrialisation, creation of new jobs in the state.

“This (vision to reach USD 1 trillion economy) will help the young girls and boys to aspire for big goals in life and it is only when we have big goals, this country will move forward.”

Stalin, who released semiconductor and advanced electronics policy on the occasion, said the Global Investors Meet would act as a catalyst for economic and industrial growth.

“With the aim that Tamil Nadu should play an important role in shaping India’s economic growth, I have set an ambitious target of transforming Tamil Nadu’s economy into a USD 1 trillion economy by 2030. To achieve this, we are pursuing a twin-pronged approach of attracting both capital and employment intensive investments,” Stalin, who was clad in a black colour suit said.

“We have been inviting investors with a red-carpet. We want to be the trendsetter amid other states. TNGIM has witnessed encouraging response and is expected to bring pride and investment to Tamil Nadu. Multiple policies have been announced by the state. Our focus is to ensure development for all,” he added.

The CM also released the USD 1 trillion report and the first copy was received by Goyal on the occasion.

Later in a social media post, Stalin said, "Honoured to share the dais with Union Minister of Commerce and Industry Thiru Piyush Goyal and esteemed industry leaders. TVS Chairman Venu Srinivasan, JSW MD Sajjan Jindal, Ashok Leyland MD Shenu Agarwal at TNGIM2024 inauguration."

The post continued, "Positive vibes and global acclaim for Tamil Nadu’s one trillion dollar dreams are fuelling our journey to success. Let's aim high, attract game-changing investments, and position Tamil Nadu as the economic powerhouse of India."

Anticipating a tremendously successful event and eagerly awaiting the investment numbers that will shape the state’s thriving future, he added.

In his welcome address, Minister for Industries TRB Rajaa said, “This summit is a pedestal for the state to showcase the sectoral expertise, enhance and strengthen skilling diversity and expand the investment opportunities both nationally and internationally.”

“Tamil Nadu’s skilling prowess exceeds the national benchmark by contributing 43 per cent of the total women workforce in India,” he noted.