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Market News
India taking steps to safeguard vessels in Red Sea: Piyush Goyal.
Feb 02, 2024
The interim budget eschews populism as it is not election-driven because the government prioritises national well-being, minister for commerce and industry, consumer affairs, food and public distribution and textiles Piyush Goyal told Shambhavi Anand in an interview.
Talks are going on with many countries on different levels at different times. Many BITs were cancelled in 2016 so many of them are talking. Many of them don't even want the BITs in their original form because it has become passe. For example, many countries don't like investor - state dispute settlement (ISDS). Many countries don't like to include tax.
For example, if you take the UK, as much money has been invested in India, we have also invested equally. Our investments in the UK are steep. The difference is that there was a time when India used to negotiate from a position of weakness. People would dictate terms to India. We would do things under pressure. Some of the deals signed in the past, are really detrimental to India. Our imports from those countries have gone up and our exports haven't gone up at all. They were not done with any great stakeholder consultation like we do.
Our style is that whatever we'll do, we'll do it with great confidence that what we are doing is for the good of India. FTAs, BITs will be from a position of strength and confidence.
How worrying is the Red Sea situation?
We are concerned that shipments are getting delayed; also getting more expensive if it goes on for longer. It's a matter of concern. We were hopeful that it would get resolved but it seems to be pulling longer, otherwise the exports would have again returned to growth. Many governments, including India, are taking precautionary measures to safeguard free flow of vessels and to attack or protect from this type of activities. But the jury's still out. We don't know exactly.
The FM said expansion of existing airports and development of new airports will continue expeditiously as Indian carriers have collectively ordered over 1000 new aircraft. What do you think?
My sense is that in the next 20-25 years, India will be the largest market for aircraft. There are several manufacturers who want to locate in India.
What has the budget done to spur growth?
Our goal is that every decision taken is in the interests of India. Look at the investment made in infrastructure, for the second time in a row. Money spent on infrastructure has a transformational impact on people's lives as it gives a boost to several industries such as steel, cement, furnishing, tiles and marbles.
Today capacity utilisation in steel is around 90%. I am from the steel industry. It's like a dream. With better infrastructure, logistics costs come down. Then you become more competitive. There's more demand for goods and services.
There has been an increase in the outlay for PLIs. Are there any new sectors for which the PLI scheme will be launched?
Don't look at the outlay. This will increase in leaps and bounds. See every industry has a gestation period. Those PLI schemes just started four years back. Electronics and all where the gestation period is small, they have come into operations, but like textile PLI, auto component, steel - they have longer gestation period. So, as these will come into operation, then this will grow by leaps and bounds and if all this gets used up and more is required, we will provide more
economictimes.indiatimes.com
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