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The minister told a distinguished gathering of ministers, industrialists, policymakers and chief executives at a glittering ET Awards 2019 ceremony on Saturday night that the Narendra Modi government would implement the law fairly and uniformly without adopting a different yardstick simply because it involves a foreign investor or company that has made a huge investment.
“All industry will have to recognise that the law of the land is supreme,” the minister said.
The government is determined to take policy initiatives that will protect the interests of India’s poor as well as domestic businesses, he said.
It had a road map for drawing Rs 100 lakh crore in investment, which will lift the economy.
India can be the engine that leads global growth amid global economic uncertainty and the country needs to seize this opportunity, Goyal said, underlining the importance of maintaining self-belief.
“We are in challenging times,” he said. “The world is seeing turmoil all over and within the turmoil… I still see India as that oasis that can lead world growth, which can actually lift the sentiment of trade and industry across continents. But I certainly think we have to first address our own self-confidence.”
The minister invited industry to participate in infrastructure investment and jointly work with the government to address problems at any level. He also said India would negotiate with other countries and overseas investors from a position of strength, without being overawed by the size of the company or the amount it would invest.
The minister’s comments come amid concern about a slowdown in growth and consumer demand as well as lacklustre industrial output. Goyal cautioned industry leaders against negativity.
“Warren Buffet had said let’s not talk ourselves into a recession and sometimes I feel many of us are tending to ourselves lose that self-confidence, that mojo,” Goyal said.
He said there was a huge opportunity for India and this was recognised by various countries that are urging the country to participate in regional trade deals. However, the Indian government will keep the country’s own interests uppermost.
“No more will India negotiate on the back foot; the country plays on the front foot,” he said. “The PM is ready to bite the bullet. That’s what happened, when Indian concerns were not addressed… India refused to be part of an unfair trade deal. Going forward, every engagement of India with the rest of the world will depend on national interest, interest of the people of India.”
India has opted out of the Regional Comprehensive Economic Partnership (RCEP) because its concerns weren’t addressed.
Goyal said the government was also keen to ensure that international agreements do not hurt domestic industry.
“We shall not allow, in the garb of investment, or large investment, anybody to bring unfair trade practices to India, howsoever big the company may be,” he said. “We believe our self-confidence is going to determine the future of India.”
The minister told industry leaders that Prime Minister Narendra Modi was focused on making sure that India is recognized as an honest nation, and that government policies should make sure that the poorest people benefit.
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