BS Manthan: Trade policy in tune with development path, says Goyal | BS Events | Trending Viral hub

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Piyush Goyal

Union Minister Piyush Goyal at the second and final day of Business Standard Manthan in New Delhi on Thursday (Photo: Priyanka Parashar)

Dismissing concerns around protectionism, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said India’s trade policy was calibrated and in line with the path of development of the country. He did it on the second and last day of the inaugural edition of Business standardBusiness Manthan Annual Summit, to be held in New Delhi on Thursday.

Goyal’s views on India’s tariff approach echoed those expressed by Union Finance Minister Niramala Sitharaman a day earlier at the summit.

Organized at Bharat Mandapam, venue of the G20 summit last year, to celebrate Business standardIn its 50th anniversary, the event brought together distinguished personalities from across the spectrum: ministers, diplomats, economists, businessmen, luxury merchants, sustainability advocates, agricultural experts, leaders of multinationals and many more.

While emphasizing that as a developed country, India needed a well-thought-out trade engagement with the world, Goyal said there was also a need to internationalize the economy.

Continuing with the summit theme, “A Developed India by 2047: The Roadmap”, Amitabh Kant, G20 Sherpa and former CEO, Niti Aayog, floated the idea of ​​“champion states”, those that are agents of transformation . He also said India needed many more Ambanis, Adanis and Tatas, referring to big businesses. Arguing passionately for the growth of manufacturing industry, he said this was imperative if India was to achieve its goal of a developed nation.

Kant also offered an insider’s view of the tenacious efforts made to achieve consensus in the midst of a world in conflict at the G20 summit. On Infosys founder NR Narayana Murthy’s suggestion that young people should work 70 hours a week, Kant said: “What matters is not the number of hours you work, but the results you get.” When asked if he would consider entering politics, his response was immediate and emphatic: “I am not cut out for politics.”

Meanwhile, cooperative federalism was threadbarely discussed in a brilliant debate between two prominent economists: Arvind Subramanian, former chief economic advisor to the Union government, and Montek Singh Ahluwalia, former vice-chairman of the Planning Commission.

The two discussed the contours of “centre-state relations required for India’s successful journey towards 2047”. The areas of dispute in fiscal federalism were resumed. Subramanian said India needed a combination of cooperative federalism and competitive federalism.

Ahluwalia said cooperative federalism was essential and needed to be better managed. He argued for state governments to decentralize resources to the sub-state level.

Hours earlier, leading foreign policy voices unraveled China’s challenge. In a conversation with former foreign secretary Shyam Saran, Shivshankar Menon, former national security adviser, and Nalin Surie, former Indian high commissioner to the UK, said India needed to craft its own trajectory, focusing on its core economic strengths. , rather than trying to replicate the Chinese model. This was vital if India wanted to shake off the Western world’s image of being a companion to China.

The future of how India would travel was seen through the vision of RC Bhargava, chairman of Maruti Suzuki and the man synonymous with India’s small car revolution and, later, its all-car revolution. “By 2047, we need to have a much higher percentage of cleaner cars across India, perhaps all of them,” he said.

The craze for large vehicles, he predicted, would soon pass. “The world will realize that you really don’t need cars that big,” she said. On electric vehicles (EVs), he said, “Not just electric vehicles, we need to leverage all green technologies, including biogas, to achieve India’s net zero goals.”

Speaking of the future, the startup ecosystem, known for predicting and harnessing the potential of emerging trends, was very strong at the Business Standards Summit.

Recalling the transformation he has witnessed in the business ecosystem in the 40 years since he started working, Sanjeev Bikhchandani, often described as the father of Indian startups, said a lot of changes came from companies that did not exist or barely existed. when he started. These ranged from mobile telephony to e-commerce. Much of this change was driven by startups, said the co-founder of internet company Info Edge and entrepreneur behind job portal Naukri.com.

In the years to come, he said, change would be driven by the same five factors: “regulations, technology, capital, entrepreneurship and talent.”

Manish Tiwary, vice president and manager of Amazon in India, expressed optimism about the Indian market and said that there is no better country than India for any company operating in the technology sector. Meanwhile, Rajesh Magow, co-founder and group CEO of MakeMyTrip, advised those looking to start a business to “take a very, very long-term view”. On the question of financial winter, he said: “I don’t think there will be a shortage of capital. More questions (and the right kind of questions) are being asked in the financing market, which is good.”

Given that the country focuses on services and manufacturing, where does that leave agriculture? Agriculture experts discussed this in detail, with Ramesh Chand, member, agriculture, Niti Aayog, saying that “growth in agriculture is most powerful in reducing poverty.” Agricultural economist Ashok Gulati spoke about the need to look beyond food security and encompass nutritional security. And Ajay Vir Jakhar, president of Bharat Krishak Samaj, emphasized building domestic capacity rather than resorting to international consultants on agriculture issues.

Environment experts agreed on the issue of climate change, which they said has largely affected the unorganized sector. It is an area that needs urgent and concerted action, they said.

The day also included conversations on the luxury sector, which is not often talked about when developing India’s ambitions are discussed. India’s growth story, the panelists said, would shine through its luxury industry as well. There was a lot at stake for luxury. Indian companies’ investment in domestic brands, for example, was a good sign, said Pushpa Bector, senior managing director at DLF Retail. Kapil Chopra, founder and CEO of Postcard Hotels and founder of EazyDiner, drew attention to “exceptional luxury hotels.” And Alexis de Ducla, who represents some French luxury brands in India, predicted that “the next Chanel will come from India.”

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