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India wants reciprocal trade with the world: Piyush Goyal

Aug 10, 2020

  • Countries should source, develop products in India & encash on large business opportunities


  • Govt to support Indian industry, unfair treatment will be taken up at highest level


NEW DELHI, 10 August 2020: Mr Piyush Goyal, Minister for Commerce & Industry and Railways, Govt of India today asserted that Indian products deserve a fair access to other countries before those countries can freely access the Indian market. "India wants reciprocal trade with other countries," he added.

Addressing the inaugural of 'India Virtual FMCG Supply Chain,' organized by FICCI, Mr Goyal said, "Countries should, in a phased manner, look at sourcing from India, developing their products in India and then encash the large business opportunity that 1.3 billion Indian people offer."

Mr Goyal further said that it is time that the Indian industry stood up as one and ensure that we get a level playing field. "Our government will stand shoulder-to-shoulder with industries in their efforts to become more competitive and engage with the world on equal & fair terms. We are moving towards balanced trade," he said.

Urging the Indian industry to support and work together towards a prosperous India in the long run, Mr Goyal said, "We shall ensure that any unfair treatment to Indian industries will be taken up at the highest level."

He further added that we have good green shoots visible in the economy and exports have shown a good turnaround. "Our balance of payments is going to be very strong this year. We need to ensure that India brings back the economic activity very quickly," Mr Goyal stressed.

Highlighting the importance of India in the global supply chain, Mr Goyal said that the work that we are doing will help us re-position India's growth in local and global supply chains. "India can be a part of global supply chains, provide work opportunities to millions of people and enable them to become a part of our growing engagement with the world. Business continuity will depend on how quickly businesses adapt & become more and more prudent," he added.

Complementing FICCI on the launch of first Virtual FMCG Supply Chain Expo, Mr Goyal said, "This initiative by FICCI is being carried out on an indigenously built platform, in the true spirit of Atmanirbhar Bharat. This change will bring in a lot of positive elements which will help us take development to the remotest corners of India and involve people from across the country as we adopt technology and become a part of global supply chains." 

Mr Sudhanshu Pandey, Secretary, Department of Food and Public Distribution, Govt of India said that the agriculture sector has become the leading recovery driver in the current time. "Indian agricultural output at around $264 bn is leading the recovery from the front," he added.

Mr Pandey also said that the food and beverage industry is recovering and will soon bounce back. "I see India rebounding very strongly post the pandemic," he said.

Dr Sangita Reddy, President, FICCI said, "The New Consumer Protection Act shall provide the necessary fillip to the sustainable consumer movement by protecting, promoting and enforcing the rights of consumers while safeguarding the manufacturer's interest."

Mr Herjit S Bhalla, Co-Chair, FICCI FMCG Committee and Managing Director - India, The Hershey Company said that companies need to unlearn and re-learn the new ways of supply chain that are inherently flexible. "Organizations need to have an omnichannel approach. Digitization of supply chains, making them omnichannel will further bridge the gap between offline and online and will help find new customers," he said.

Mr Dilip Chenoy, Secretary General, FICCI, moderated the session.

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