Goyal calls on WTO to reassess conduct

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Besides, he said the Centre should have no role in running businesses, rather it should act as a facilitator. …reports Asian Lite News

The World Trade Organization needs to reassess the way it has been conducting its affairs, said Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles.

According to Goyal, developed countries should do more and meet their obligations such as providing clean and green technology to achieve the ‘Sustainable Development Goals’ and achieve climate goals and meet the needs of billions of people.

“I can understand a discussion on which countries should be considered developing and which should now be considered developed, I think the world should be open to a discussion on

that,” Goyal added while interacting during a session on “Enhancing Global Footprint: India’s Big Opportunity” at the CII Global Economic Policy Summit, 2021.

“But to deprive countries from certain differentiated treatment in their business practices when they are at levels of $600-3,000 per capita income and putting them on the same benchmark as a country which makes $60,000 or $80,000 per capita is grossly unfair. So, I think the developed world should look at their priorities.”

Besides, he said the Centre should have no role in running businesses, rather it should act as a facilitator.

“Boosting the role of the private sector and engaging both the government and the private sector to work possibly through private-public partnerships, through greater engagement with the private sector and the government, but leaving the work of running businesses to business firms.”

“So the government’s job to keep expanding our footprint or our engagement into businesses, our role should be more and more facilitating businesses.”

Meanwhile, Goyal on Thursday said there has been very positive feedback from the industry on the recently announced production-linked incentive (PLI) schemes by the Central government.

Goyal said this during a review meeting of the ‘Steering Committee on Advancing Local value-addition and Exports’.

Notably, PLIs in the textile, automotive and white goods’ sector are already beginning to encourage growth, a Ministry of Commerce and Industry statement said.

The Centre aims to double its auto component exports to $30 billion by 2026, the statement added.

Currently, India’s auto component trade share is $15 billion, as compared to global $1.3 trillion.

In addition, the minister asked industry participants to take advantage of low labour costs and reap benefits of India’s scale and demographic dividend.

On automobile sector, he stressed upon ramping up of indigenous production of magnets and electric motors.

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