In his maiden visit to the UK after the new BJP government assumed office, Piyush Goyal interacted with the Indian diaspora settled in the UK and spoke about the possibility of achieving future trade agreements between India and a post-Brexit UK.
Lauding the Indian community members for their contributions to the economies of India and the UK, the minister for commerce and industry spoke about securing trade interests and further investments in India from the UK.
“We have not always been able to negotiate good deals in the past, some of which are now causing us agony. At no point of time can there be any trade pact which will be at the cost of India’s interests,” he said at the Fireside Chat.
The event was organised by the Indian High Commission in London and Federation of Indian Chambers of Commerce and Industry (FICCI).
During his hour-long interaction with the Indian diaspora, the Indian minister explained the strategy and focus of the newly elected Indian government. Speaking on trade with the UK and the US, the minister said that India will sit down across the table and find a common meeting ground with both countries.
“Every country has to protect its national interest, legal sovereignty and the interests of its citizens,” he said.
But, India is also in discussions to take the next step for deeper engagement with the UK. It is important that the process is fast-tracked now so that “we are ready to work together speedily once Brexit comes into effect,” said Goyal.
Piyush Goyal who is on a three day visit to the UK informed that there is meeting with leaders of the government and British bureaucracy. But he also took the occasion to speak about the steps that the present government has taken to address the issue of transparency across all departments and a clean-up drive that was being executed across India.
Although India has jumped hoops in the World Bank's ease of doing business index, some British businesses continue to remain wary of the red-tapism and bureaucratic hurdles in terms of establishing their branch offices, and securing their licences and registration.
Describing the recent budget presented by Finance Minister Nirmala Sitharaman as a “truly remarkable roadmap” for achieving the goal of becoming a $5-trillion economy by 2024-25, the minister flagged concessions offered to Fintech companies to invest in India’s hubs like GIFT City in Ahmedabad as a particular focus for him during an India Day conclave organised by the UK’s Department for International Trade (DIT) on Tuesday.
“India’s finance minister has announced some very exciting incentives for financial companies to locate in India’s GIFT City,” he said.
