Piyush Goyal calls India safe harbour for global investors, oasis in turbulent world

India is a safe harbour for global investors, promising preferential access to three-fourths of the $115 trillion world economy as New Delhi has finalised free trade deals with countries representing a combined GDP of $70 trillion and plans to add another $15 trillion soon, Union commerce and industry minister Piyush Goyal said on Thursday.Union commerce and industry minister Piyush Goyal said India offers open markets, capability to deliver, and reliability.“In this turbulent world, India offers an oasis in the desert,” he said, hinting at the ongoing geopolitical conflicts and trade disputes that disrupted global supply chains, as he addressed global investors at the inaugural session of the 31st Partnership Summit in Visakhapatnam.Confederation of Indian Industry (CII) is organising the two-day summit in association with the Union commerce and industry ministry and the Andhra Pradesh government.Goyal drew a parallel between India’s trade policy and the Motupalli pillar inscription (the ‘abhaya-sasana’ or the charter of protection) issued by the Kakatiya king Ganapatideva about 800 years ago. “It made a simple promise: duties would be fair, and if a storm wrecked your ship on our coast, your cargo would be protected,” he said. He added that India renews that charter for every investor.“Whatever storm rages around the world, whatever may be the wars and conflicts that trouble the rest of the world, our policies will remain predictable, our laws will be fair, and your investment will be safe,” he assured about 3,000-odd national and international delegates representing 60 countries.Goyal said India offers three assurances to investors – open markets, capability to deliver, and reliability or trust.

He referred to India’s open market policy. “In the last four-and-a-half years, we have finalised nine free trade agreements or preferential trade agreements covering 38 developed countries. And friends, these 38 countries together represent $60 trillion of global GDP,” he said.“If we add the earlier FTAs before 2014, we now have preferential market access to a GDP of nearly $70 trillion across the world.

We are in active engagement with several countries, multilaterally and bilaterally, which will add another $15 trillion of GDP where Indian businesses, Indian products, goods, merchandise, and services will have preferential access.”Officials said India is in an advanced stage of finalising a free trade agreement with Canada, which is expected to be announced during Prime Minister Narendra Modi’s visit to the country next month.India’s trade talks are progressing well with the Russia-led Eurasian Economic Union, the Gulf Cooperation Council, Peru, Chile, Israel, Mexico and the Maldives.Goyal said, with proposed trade deals, India would collectively have preferential market access to nearly $85 trillion of GDP out of $115 trillion of global GDP. He added that it would mean that three-fourths of the world economy will be inviting Indian manufactured goods, businesses, investors, manpower, talent, and the young, skilled workforce from India to serve those nations.“And imagine the huge potential that these open markets will provide to 1.4 billion Indians.

The huge opportunities for our 250,000 startups, the immense job or work or business potential that our young, talented Indians will find across the globe,” he said. He added that the development is part of ‘Vikshit Bharat’ or developed India by 2047.Speaking about the second assurance of capability, he cited the example of cities in Andhra Pradesh.

He said Vizag is moving from steel to silicon. He added that there is a drone city at Orvakal, a space city at Tirupati and India’s first green hydrogen hub at Pudimadaka.“We have a research and development fund at the Centre, which supports innovation coming from the globe to work in India, to innovate, to design, to create in India at probably one-fifth or one-sixth of the cost it would entail in Europe or the United States or Canada.

We are supporting intellectual property so that you can own it, run it, manufacture from it with the assurance that your technology, your IPR [intellectual property rights], your intellectual property rights will be safe and secure,” he said.He said India always respects IPRs. “We do not ask you to transfer technology to India. We do not steal anybody’s technology.

We ensure what is rightfully yours remains with you.”On the third assurance of reliability, he said, “Trust today is the scarcest commodity. It is the most difficult commodity to find in most parts of the world,” he said.“India today offers something rare: a partner who will not stab you in the back… India offers you a destination which will always stand by you in the time of need, which will always support you through difficult times.He cited example of the Covid pandemic when India emerged as a trusted partner for the world communities, sending vaccines, doctors, medicines, and food grains to over a hundred countries.Goyal summed up trust as new global aspiration. “If the 20th century was dictated by cost arbitrage, the 21st century will be defined by the trust arbitrage.

The question is no longer who can make it cheapest. The question is who can deliver good governance, transparent governance, speed, scale, and make sure that businesses are protected,” he said.He added that India supports businesses and ensures that their journey is comfortable, smooth, and successful.