India's Trade Deals to Prioritize National Interest, Piyush Goyal Emphasizes MSME Growth for 'Viksit Bharat'

Union Minister of Commerce and Industry, Piyush Goyal, today firmly reiterated the government's unwavering commitment to national interest in all international trade agreements. Addressing a session titled 'Creating Global Impact Towards Viksit Bharat,' organized by ASSOCHAM, Minister Goyal stated, "If India gets a good trade deal, we will go ahead with it. If not, we won't." He emphasized, "India always keeps the country's interest first."

Speaking to reporters following the event, Goyal clarified the government's approach to negotiations. "I've already mentioned that we don't negotiate through media; we negotiate in the negotiating room. Talks are ongoing, and once the team is back, we will get feedback on the response and the progress," he said, indicating ongoing discussions behind closed doors.

A significant portion of the minister's address to industry leaders and entrepreneurs focused on the vital role of the micro, small, and medium enterprises (MSME) sector. Goyal called for a fundamental "mindset change" within MSMEs, advocating for a shift towards collective growth and mutual support between small and large firms. "We need targets, guidance, and a change in mindset. Big or small, firms must grow together," he asserted, urging a collaborative ecosystem. He also championed the 'vocal for local' initiative, stressing the importance of mutual support within the domestic industry.

Goyal further highlighted  the necessity for MSMEs to prioritize research, innovation, quality, and scaling up their operations to effectively compete on the global stage. He also urged MSME stakeholders to proactively inform the government about any non-tariff barriers hindering their businesses, assuring them that the government would address such concerns once conveyed by industry players.

Minister drew a comparison between the current banking system and its state under the previous UPA government. He highlighted the successful restructuring of the banking sector by the PM Modi-led administration. Goyal stated that during the UPA regime, the banking sector faced collapse due to rising Non-Performing Assets (NPAs). "We have restructured it in a transparent manner. Today, the banking system is robust and performing well," the Union Minister concluded, presenting a positive outlook on the nation's financial health.

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