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India Gazette
2 days ago
- Business
- India Gazette
"We are well on Track in bilateral trade agreement with US," says Piyush Goyal
New Delhi [India] May 29 (ANI): Union Minister of Commerce and Industry Piyush Goyal said on Thursday that the talks for a bilateral trade agreement (BTA) with the United States are on track, and progress is also being made for an FTA with the European Union. 'We are well on track in our bilateral trade agreement with the United States of America, making fast progress with the European Union,' the Union Minister Piyush Goyal said, speaking at the Confederation of Indian Industry's (CII) Annual Business Summit here. He cited progress on various Free Trade Agreements (FTAs), including those with the UAE, Australia, the UK, the four EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland). The minister said that India has also launched negotiations with New Zealand He said EFTA countries have committed 100 billion dollar FDI to India in the next 15 years. Goyal said India is respected and recognised 'for our work around the world'. 'We are preparing India for Viksit Bharat by 2047 - a developed, prosperous nation where speed, skill and scale will define our growth journey,' he said. 'Growth through trade, growth through resilient supply chains, growth through innovation, all of it will be incomplete until we promote inclusive growth that encompasses one and all,' he added. The minister said India continues to power global growth through its own growth. 'It is a moment of pride for us that we are well on track as the IMF has projected that by 2027, India will be the world's 3rd largest GDP. It is also very appropriate that despite all the turbulence, all the volatility, uncertainty & complexities that the world is going through, we continue to be the fastest growing economy of the world. We continue to power global growth through growth in India,' he said. 'We continue to be the fastest-growing economy in the world, and we continue to power global growth. For the next 30 years, India will continue to be the fastest-growing, largest economy,' the minister added India and the US had earlier said that they aim to finalise the first tranche of BTA by the fall of the current year. There is expectation that India and the United States could sign the first tranche of the much-anticipated Bilateral Trade Agreement (BTA) before July. (ANI)
India Gazette
2 days ago
- Business
- India Gazette
Sunil Mittal advocates FTAs and One Nation, One Election for India's economic growth
New Delhi [India] May 29 (ANI): Bharti Enterprises Chairman Sunil Bharti Mittal on Thursday praised recently concluded Free Trade Agreements (FTAs) and advocated for One Nation, One Election for India's economic growth. Speaking at the Confederation of Indian Industry's (CII) Annual Business Summit-2025 in New Delhi, Bharti Enterprises Chairman Sunil Bharti Mittal said, 'Many new FTAs have been done. The UK has recently signed. Our Prime Minister really pushed hard so that we could get to the FTA with the UK. Australia was done earlier. The UAE FTA has been done recently. The BTA with the US, the FTA with the EU, and the negotiations with Saudi Arabia are in very advanced stages. I think we have to ensure that the government not just merely safeguards our interest while doing the FTAs, which it will be, but it's also important that we as industry and chambers don't ask for things which will make the FTAs difficult.' The central government is negotiating FTAs with the European Union and bilateral trade agreements with the US and many other countries. Mittal said that Free Trade Agreements (FTAs) will benefit both partners, and the industry will play its part. Mittal also advocated for 'One Nation, One Election' as proposed by the Modi government; he highlighted that more frequent elections pause economic growth. 'A lot of restrictions come on the economic activities, and our elections are repeatedly happening every few months, every other year. These multiple elections do create a slowdown in our economy. I think the ruling party and the Prime Minister himself analysed this and realised the importance of having One Nation, One Election, and if you can't do it in one step, perhaps it happens in two steps the first time. But eventually, my friends, we really need to get there,' Mittal said. Highlighting four key pillars for India's growth, he said talent dividend, research and development, trade research, and policy framework are the four main pillars of economic growth. Mittal said that the government is actively reforming, but it also needs support from the industry. 'The government also has certain expectations of us. We need to engage with the government to hear their views, seek their input, and ask what is needed from their side to build in the country. 5G was a fine example. Industry would have taken a few more years. The government engaged with us. Give us a very clear message that India would like to see 5G much faster than is currently being planned,' he said, explaining the need to engage with the government. Mittal said that the Indian industry will do everything possible to create more employment opportunities in the country. 'Industry will do everything possible to generate more employment, spend more in R&D, create import substitution, and expand its export basket. We need your help. We need enabling policies, especially in the area of ease of doing business,' he said. (ANI)
The Print
2 days ago
- Business
- The Print
Indian economy size USD 15 tn in PPP term, more than half of US economy: NITI VC Bery
'There has been a lot in the newspapers about our being the fourth largest economy. Those are all measured at market prices, but the real way of measuring productivity is purchasing power parity. The purchasing power parity (PPP) is the amount of currency units required to purchase a basket of goods and services that can be purchased with one unit of the reference economy's currency. New Delhi, May 29 (PTI) NITI Aayog Vice-Chairman Suman Bery on Thursday said that the size of the Indian economy in the purchasing power parity (PPP) term is already USD 15 trillion, which is more than half the size of the US economy. 'And while we are USD 4 trillion GDP at market prices, at PPP term, we are USD 15 trillion economy,'Bery said while addressing the Annual Business Summit 2025 of the Confederation of Indian Industry (CII). He said that economists tend to measure labour productivity at purchasing power parity as PPP measures the real size of the economy of countries against the size of the US economy. 'And so while we (the size of India economy in PPP term) are at at USD 15 trillion, the United States is at USD 29 trillion. 'So we are roughly half the world size of the US economy,' he said. Bery said India needs to diversify its sources of supply, so the country would not have to depend on a particular supplier. He also suggested that India should leverage global knowledge and innovate locally, while reforming markets and building skills. The NITI Aayog vice chairman also emphasised that the states should utilise opportunities of Free Trade Agreements (FTAs) which were signed by the Union government. He said competitiveness should not only be restricted to manufacturing but should extend to services as well. Bery said India's labour productivity is the lowest among the G20 nations and a sustained rise in productivity of labour is crucial for India to leverage its demographic dividend. 'India's track record has not been bad in terms of growth productivity, but it needs to get better. 'Our problem is our low level of labour productivity, not only with respect to the US but also with respect to some of our peers, such as China and other peers in ASEAN,' he said. Noting that rising labour productivity leads to faster growth in real incomes, Bery said the fact that that has not been happening as fast as people's aspirations, is what is leading to the skewing for government jobs. Bery pointed out that India has maintained an average growth rate of 6.5 per cent for the 30 years since 1991 reforms to the COVID period in 2021, suggesting that the roots of resilience in India are as much in our institutions as they are in our policies. 'Deep institutional sources of resilience are in place, but we mustn't be complacent, because we need to up our game for all kinds of reasons,' he said. According to Bery, industrialisation is another challenge facing the country and policy lessons could be drawn from countries such as China, Japan and South Korea even though each country must work out its own path and productivity trajectory. PTI BKS MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India Gazette
2 days ago
- Business
- India Gazette
Sustained labour productivity growth key to 'Viksit Bharat' vision: NITI Aayog Vice Chairman
ANI 29 May 2025, 16:56 GMT+10 New Delhi [India], May 29 (ANI): Vice Chairman of NITI Aayog, Suman K Bery, highlighted the significance of labour productivity in achieving India's dream of 'Viksit Bharat' by 2047 on at the Confederation of Indian Industry's (CII) Annual Business Summit 2025 in Delhi, he also emphasised the critical role of the private sector in driving this Bery mentioned that boosting labour productivity would lead to higher value addition, increased incomes, and an improved standard of living. He highlighted India's demographic potential and technological advantages, noting that while India's economy is half the size of the US in purchasing power parity, its labour force is three times stated that the aim should be to leverage our labour force to take the economy to a higher growth level and generate better jobs. However, he acknowledged that India's productivity growth is lagging behind desired levels and needs to catch up with countries like China and those in ASEAN.'Mr Bery averred that the productivity trajectory can be carved out into two parts. The first would pertain to a shift of population out of agriculture, and secondly, its transition to industry and services. This would not only improve agriculture's productivity but also raise industry output. This transition is slower in India and NITI Aayog is working on remedial actions,' said the release from CII. Additionally, Suman Bery acknowledged industrialisation as another challenge and suggested that India draw lessons from countries like China, Japan, and South Korea while forging its own unique path. He also advocated for a blend of 'atmanirbharta' (self-reliance) and global engagement to maintain competitiveness, with a focus on India's small and medium industries, similar to Germany's stressed the importance of forging Free Trade Agreements (FTAs) with trading partners, venturing into high-value sectors, and diversifying supply sources. He extended the focus on competitiveness beyond manufacturing to include services as well. (ANI)
Deccan Herald
2 days ago
- Business
- Deccan Herald
Indian economy's size is more than half of US economy in purchasing power parity term: NITI Aayog VC Suman Bery
The NITI Aayog vice chairman also emphasised that the states should utilise opportunities of Free Trade Agreements (FTAs) which were signed by the Union government.
