Union Minister of Commerce and Industry, Piyush Goyal, while addressing a session in Dubai suggested that the developed world should come up with robust and realistic funding programs for climate.
The Union Minister was addressing the plenary session of ‘Investopia-Emerging Markets: From frontiers to Frontlines’ in Dubai when he said that even though the developing countries of the world have been working consistently and relentlessly to strengthen themselves, they would need to be supported by the developed nations of the world, through practical solutions for funding, if they are expected to meet the climate change goals.
Pointing out the discrepancy in intention compared to the actions being taken when it comes to climate change, he said that the responsible governments would achieve success in tiding over the climate crisis.
Goyal said that 2014 onwards, India had been completely focused on organizational and structural reforms and on strengthening the processes and taking various steps like accumulating greater forex reserves and providing stability to the economy for a more profound and secular growth.
For the last 6 to 7 years, multiple programs have been initiated which are exclusively focused on improving the lives and living standards of the people by getting hold of basic utilities such as drinking water, electricity, cooking gas, healthcare etc., Goyal said.
Piyush Goyal said that Indian government, while on one hand is working hard to elevate the lives of people, on the other hand it has been enhancing the economic stability, including energy security. He noted that India boasts of the fastest growing renewable energy program in the world and has aided in bringing down the cost of renewable energy with absolute scale.
Goyal said that India has the capability to identify crisis beforehand and transform any crisis into an opportunity. The Minister observed that during the period of the pandemic, the states that trained their focus on saving the lives of their people were the one who have been able to save their economies as well.
He put forward that the bold step taken by the Indian government by opting for a complete lockdown, although made things a bit difficult for a quarter, has proved to be beneficial in the long run by quick recovery and stabilization of the economy.
Speaking about India’s success with indigenous vaccines, Goyal said that during the Covid period, India brought out a self-dependence program which rather than closing its doors to others, paved way for more meaningful international engagement.
He further said that during Covid period, India saw the highest ever foreign investment coming in, highest ever exports of merchandise and a sharp recuperation of our service exports, which now is at 250 billion dollars, almost 20 per cent increment in the highest ever figure so far. While bringing the focus on India’s persistent attention on public investment, the Minister said that the Budget 2022 announced large scale infrastructure projects.
Goyal said that India was working in close association with partners like UAE, with which it has signed a Comprehensive Economic Partnership Agreement (CEPA) in a very small time of 88 days from start to finish of the negotiations. He went on to say that the India-UAE comprehensive economic partnership agreement was not a provisional agreement, rather a comprehensive one, which was truly fair, equitable and well balanced.
The Minister stated that India was looking to expand partnerships, encourage two-way trade, as well as hasten up the adoption of technology with countries that hold faith in rules-based system, equity and transparency.
The Minister further said that in just the first two months of the current year, 13 startups have already become unicorns and stressed it as a sign that the youth of the country was standing up to face challenges and overcome them.
Goyal said, while responding to a query, that the world economies are highly strong as well as flexible today and partnerships have been created between nations with the help of which they support each other. He observed that new technologies have helped the nations across the globe in cutting down on the costs while saving people’s lives.
While speaking on the Indian achievements in improving the ease of living of its citizens, Piyush Goyal said that by the year 2019, i.e., within a span of just four years, the government of India had succeeded in delivering electricity to all the 600,000 odd villages in India. The Indian food grain production has been on the rise and is enough, not only to feed every Indian but adequate enough to feed other nations during their times of need.
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