Piyush Goyal: India Trade Agreements Only If Beneficial

In a firm reiteration of India’s uncompromising stance on international commerce, Union Minister of Commerce and Industry Piyush Goyal emphasized that India trade agreements will only be signed if they align with the nation’s strategic interests. Speaking at the ASSOCHAM-organized session titled “Creating Global Impact Towards Viksit Bharat,” Goyal sent a clear message to both global partners and domestic industry players.

“If India gets a good trade deal, we will go ahead with it. If not, we won’t,” he declared. “India always keeps the country’s interest first.”

This assertive statement came amid ongoing trade negotiations with multiple global blocs and nations. Addressing the media after the event, Goyal underlined the government’s firm approach, stating, “We don’t negotiate through the media. We negotiate in the negotiating room. Talks are ongoing, and once the team is back, we will assess the progress.”

Piyush Goyal: MSMEs – The Backbone of India’s Global Growth Vision

During his interaction with entrepreneurs and industry leaders, the Union Minister focused heavily on the role of Micro, Small, and Medium Enterprises (MSMEs) in shaping a developed India. Calling for a collaborative approach, Goyal said:

“We need targets, guidance, and a change in mindset. Big or small, firms must grow together.”

He urged the sector to think beyond competition and embrace partnership-driven progress. Emphasizing the mantra of “Vocal for Local,” Goyal reinforced the significance of promoting indigenous products and services as a foundation for long-term trade sustainability.

“We must support each other. The MSME sector must focus on research, innovation, quality, and scale to become globally competitive,” he added.

Open Dialogue and Industry Feedback Crucial

Encouraging proactive communication, Goyal urged MSME stakeholders to identify and report non-tariff barriers hampering their growth. He assured industry players that the government is ready to listen—“but only if you speak up.”

This direct appeal highlights the administration’s commitment to inclusive policymaking and responsive governance in the economic domain.

Piyush Goyal: Banking Sector – From Collapse to Confidence

In a broader reflection on India’s economic transformation, Goyal compared the current state of the banking system with the pre-2014 era under the UPA government. Drawing a stark contrast, he remarked:

“During the UPA regime, the banking sector collapsed under mounting NPAs. We have restructured it in a transparent manner. Today, the banking system is robust and performing well.”

This transformation, Goyal noted, has played a pivotal role in enabling India’s expanding global trade aspirations.

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