Union Minister Piyush Goyal discusses India’s economic growth opportunities with Standard Chartered Group Chief Executive

London [UK]: Union Minister of Commerce and Industry Piyush Goyal on Thursday held a meeting with Standard Chartered Group Chief Executive, Bill Winters, and discussed how India’s economic growth presents an array of opportunities for the group to expand its footprint in the country.

Taking to his official Twitter handle, Piyush Goyal stated, “Met Mr. Bill Winters, Group Chief Executive, Standard Chartered. Discussed how India’s stellar economic growth presents a vast array of opportunities for the group to collaborate & expand its footprint in the country.” Piyush Goyal, is currently, on a visit to the UK to hold meetings with ministers from the European Free Trade Association (EFTA) member countries to discuss the progress of the Trade and Economic Partnership Agreement (TEPA).

Earlier on July 12, Piyush Goyal interacted with members of the Institute of Chartered Accountants of India (ICAI) UK Chapter. He said Prime Minister Narendra Modi wants every Indian mindset to be that of a developed nation’s mind.

Goyal said that India is now the fifth largest economy and recalled the time when India was considered a fragile economy. Goyal called Environmental, social and governance (ESG) “important” and said that India is committed to it. He stated that people are now looking at investments coming from India.

Responding to a question, Piyush Goyal said, “We are now the fifth largest (economy). Imagine 2013-14 some of you may remember.. we were considered a fragile file economy.

10 years back, we were among the weakest five economies. And today we are the world’s fifth-largest economy and with strong fundamentals, high foreign exchange reserves, low inflation, relatively our currency has been stable, the highest fastest-growing large economy in the world. We’ve got all the right acronyms and you’re right people are now looking at investments coming from India, talent coming from India, technology coming from India into the developed world also. TCS is sponsoring the marathon in New York. So, you can imagine this is the new India that we can all be proud of.”

“ESG is undoubtedly important and we are very committed to it as a nation. So you can be very rest assured, you can be proud of the fact that India today is not the defensive India of the past. Get out of the history or the historical perspective where we were always fighting with the world and opposing everything that the Western world or the developed world was doing. Prime Minister wants every Indian mindset to be that of a developed nation’s mind. Till we make our mind accept that we are going to be a developed nation, we will never become a developed nation,” he added.

Piyush Goyal also concluded a “highly successful” meeting with a delegation from the European Free Trade Association (EFTA), led by the Swiss State Secretary for Economic Affairs, Helene Budliger Artieda. The meeting took place in London from July 11-12, a press release from the Ministry of Commerce said on Wednesday.

Helene Budliger Artieda was also accompanied by the industry stakeholders from the Pharmaceutical, Machinery and Electronics of EFTA states. The deliberations between Minister Piyush Goyal and State Secretary Helene Budliger Artieda “were fruitful and detailed discussions on crucial issues, with the shared goal of swiftly concluding” the Trade and Economic Partnership Agreement (TEPA) negotiations, the release said.

Over the past few months, India and EFTA have significantly intensified their engagement, highlighting the commitment of both parties to achieving an early conclusion to the TEPA negotiations. According to the release, the meeting in London further bolstered this commitment, with both sides demonstrating a strong willingness to progress towards a final agreement.