Piyush Goyal Calls for Doubling India-Russia Bilateral Trade and Achieving $100 Billion FDI Goal

The Minister urged the industry to collaborate closely with the government to elevate India-Russia bilateral trade to $100 billion by 2030.

Union Minister of Commerce and Industry, Shri Piyush Goyal, addressed the FICCI’s National Executive Committee Meeting in New Delhi today, where he highlighted significant goals and achievements in India’s international relations and economic strategy.

Shri Goyal began by praising Prime Minister Shri Narendra Modi’s recent accolade of the ‘Order of St Andrew the Apostle’, the highest civilian award in Russia. He emphasized that this recognition reflects India’s adept handling of international relations.

The Minister urged the industry to collaborate closely with the government to elevate India-Russia bilateral trade to $100 billion by 2030. He underscored the importance of fostering stronger economic ties between the two nations through mutual cooperation and investment.

Shri Goyal also announced his upcoming visit to Switzerland to advance the goal of attracting $100 billion in Foreign Direct Investment (FDI) under the India-EFTA Trade & Economic Partnership Agreement. He clarified that this commitment pertains solely to FDI and excludes foreign portfolio investment, expressing optimism that the Indian industry’s collective efforts can surpass these targets.

Highlighting India’s export ambitions, Shri Goyal reiterated the government’s commitment to achieving a $2 trillion export target by 2030. He emphasized the conducive macroeconomic environment, stable currency, and India’s increasing stature as a resilient global economy.

The Minister noted a significant rise in patent registrations, signaling robust growth in innovation and research since 2014. He affirmed the government’s continued investment in innovation and R&D to bolster India’s competitive standards and ensure quality control.

Shri Goyal outlined the government’s vision for India to become the third-largest economy globally, driven by accelerated infrastructure development. He emphasized the transformative impact of infrastructure expansion on employment, economic growth, and societal well-being, citing initiatives like the Jal Jeevan Mission and infrastructure upgrades.

Addressing sustainability and environmental concerns, the Minister highlighted initiatives such as the ‘Ek Ped Maa Ke Naam’ campaign and emphasized the role of bamboo in promoting sustainability as a carbon sink and oxygen producer. He urged industry leaders to collaborate on reducing plastic usage and promoting sustainable practices nationwide.

In conclusion, Shri Goyal reaffirmed the government’s commitment to easing the investment climate through reduced compliance burdens and other reforms under the Jan Vishwas Act. He called upon the industry to proactively engage with the government to address challenges and enhance ease of doing business, emphasizing transparency and combating corruption.

The Minister’s address at the FICCI’s National Executive Committee Meeting underscored India’s ambitious economic goals, emphasizing collaboration, innovation, and sustainable development as key pillars for achieving global economic leadership.