Goyal said that India, which was not a party to the EP, was forcibly brought into the EP, which was actually getting India to sign a free trade agreement (FTA) with China. Photo: X@PiyushGoyal
At a time when the entire world recognizes that China is an opaque and non-transparent economy, some people, possibly responsible for its growing influence on Indian industry, are choosing to continue praising or defending China’s history, the minister said. of Commerce and Industry, Piyush. Goyal said on Thursday.
Slamming the previous Congress-led government, he said it is a “shame” that India has allowed substandard and opaquely priced Chinese products to flood Indian markets and kill off the Indian manufacturing industry.
Click here to connect with us on WhatsApp
“As far as China is concerned, it is very sad that some people, possibly responsible for China’s growing influence on Indian industry, choose to continue praising or defending China’s history, while today the entire world recognizes that China It’s not a country.” transparent and opaque economy,” Goyal told Indian journalists at a press conference here.
He was responding to a question about Lok Sabha leader of opposition Rahul Gandhi’s recent comments during his trip to the United States last month, alleging that countries like the United States and India are responsible for China emerging as a manufacturing hub and the The current Indian government has not done enough to address the Chinese manufacturing challenge, which has led to the unemployment problem in the country.
“I can only sympathize with the lack of knowledge about India’s manufacturing history, because I don’t know which of those job losses he (Gandhi) is talking about. But we are on foreign soil. We are not like Mr. Rahul Gandhi, who carries domestic politics to foreign lands. He has the right to reprimand his own country, that is a matter of his choice,” Goyal said.
“As far as we are concerned, all of India is united in its endeavor to improve the prosperity of our people. We are all working towards achieving a developed nation, a prosperous nation by 2047. Viksit Bharat 2047 is our goal, our vision, our mission, our commitment. We are all together to improve the lives of the people of India in the years to come,” he added.
Goyal said China is known to dump goods. “Even the United States is concerned about this. The United States is imposing additional taxes and tariffs on Chinese products. The United States is concerned about the security threat of Chinese products and is imposing restrictions on that,” he said.
“Whereas, if we look back, and I present it just as a statistical question with no intention of politicizing, India only had a trade deficit of around $1.7 or $1.8 billion in 2004 with China. What happened between 2004 and the next two? “Or three, four years is something for the press to discover, but between 2004 and 2014, our trade deficit increased from $1.8 billion to $43 billion in 10 years, almost 30 times,” Goyal said.
He said it is a “shame” that India has allowed “Chinese products, substandard products, opaquely priced products, non-transparent products to flood Indian markets, kill Indian manufacturing and almost disinterest investors in the story of India because “There was no protection against this type of goods coming from China. Import duties were reduced during that period.”
Goyal said that India, which was not a party to the EP, was forcibly brought into the EP, which was actually getting India to sign a free trade agreement (FTA) with China.
“Twelve of those 15 countries already had an FTA. With Australia, at that time we were already in an advanced stage of negotiation. But we aborted it because we thought we would do it and take care of ourselves… Who stayed? “In 15, only China was making a deal. “India was forced to join that group in the EP by an executive action of the then government,” he said.
“They forced India into the EP negotiations. You will all appreciate that it was basically about getting India to sign an FTA with China. Imagine what that would have cost India. Look at the import tariffs, how they have reduced from four to 14, which helped China sell products to India,” he said.
“Our trade deficit increased from 2004 to 2014 at a compound annual growth rate of 42.85 percent. CAGR of 42.85 percent. If that didn’t kill manufacturing, what did? While from 2014 to 2024 , our trade deficit with China grew only “It’s 6.45 percent, it’s chalk and cheese. While the trade deficit in 10 years, in our time, has barely doubled, in those 10 years it multiplied by 30, 3,000 percent,” the senior leader of the ruling Bharatiya Janata Party (BJP) said.
“It is extremely sad that certain governments that are responsible for this problem in the first place do not even recognize and understand how they have harmed and damaged India’s growth story,” Goyal said.
(Only the title and image of this report may have been modified by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: October 4, 2024 | 7:36 a.m. IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.