Visakhapatnam (Andhra Pradesh) [India], November 12 (ANI): Union Minister Piyush Goyal highlighted that India provides predictable policies, fair laws, and safe investments for global businesses navigating international conflicts and economic uncertainty.
Speaking at the 31st CII Partnership Summit in Visakhapatnam, Goyal said, “In this turbulent global world, India offers an oasis in the desert.”
He noted that India renews this commitment today by offering three primary assurances to international investors: open markets, capability, and reliability.
"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," Goyal stated.
Regarding open markets, the minister pointed out that India finalized nine free trade or preferential trade agreements covering 38 developed countries over the last four and a half years. Combined with pre-2014 agreements, India now holds preferential market access to nearly USD 70 trillion of global GDP.
He mentioned that ongoing bilateral and multilateral engagements will add another USD 15 trillion, granting Indian goods, services, and skilled talent access to USD 85 trillion out of the USD 115 trillion global economy.
"And collectively this USD 85 trillion of GDP, out of USD 115 trillion of global GDP, will mean three-fourth of the world will be inviting Indian manufactured goods, Indian businesses, Indian investors, Indian manpower, Indian talent," Goyal remarked.
On the second assurance of capability, Goyal cited regional developments in Andhra Pradesh, noting that Visakhapatnam is transitioning from steel to silicon, alongside a drone city at Orvakal, a space city at Tirupati, and a green hydrogen hub at Pudimadaka. He emphasized that a central research and development fund supports global innovation at one-fifth or one-sixth of the cost in Europe, the United States, or Canada.
"We don't ask you to transfer technology to India. We don't steal anybody's technology. We ensure what is rightfully yours remains with you," Goyal stated, underscoring India's protection of intellectual property rights.
Addressing the third assurance of reliability, the minister observed that trust has replaced cost as the primary driver of global business. He recalled India's supply of vaccines, medicines, doctors, and food grains to over 100 nations during the Covid pandemic as proof of its dependability.
"If the 20th century was dictated by cost arbitrage, the 21st century will be defined by trust arbitrage. The question is no longer who can make it cheapest. The question is who can deliver," Goyal said.
Goyal also urged investors to establish their next manufacturing plants, research centers, and global capability centers in India. He also called upon domestic industries to focus on sustainability, skilling, and global quality standards, while inviting partner nations to invest in Indian factories, hotels, and data centers.
"Because India is a safe destination. India provides you a harbor which will always be calm in this turbulent world," Goyal said. (ANI)
India offers an oasis in a turbulent global economy: Union Minister Piyush Goyal
