New Delhi Commerce and Industry Minister Piyush Goyal on Wednesday said the four-country European EFTA bloc is interested in investing in India and the domestic industry should grab the opportunity.
On March 10, India and the European Free Trade Association (EFTA) signed a free trade agreement, under which New Delhi received an investment commitment of $100 billion over 15 years from the grouping, while allowed several products such as Swiss watches, chocolates and cut products and polished diamonds with lower or no duties.
The members of the European Free Trade Association (EFTA) are Iceland, Liechtenstein, Norway and Switzerland.
Goyal said he would leave for Switzerland on Sunday to carry out EFTA commitments.
This $100 billion commitment is for foreign direct investments and not portfolio investments, he added.
"For the first time in history, an FTA is earmarked for investments and jobs. I (India) can withdraw the concessions given in the FTA if they (EFTA) do not meet the (investment) commitments.
"The enthusiasm I am finding in Iceland, Liechtenstein, Norway and Switzerland makes me believe that we could really overcome that (compromise) if we are all more communicative. They will look for Indian partners and investors," he said at a press conference here. industry event.
Under the provisions of the agreement, India will have the option to temporarily withdraw customs duty concessions on goods from EFTA countries under the trade agreement between the two sides, if the four-nation bloc fails to meet its trade obligations. investment of 100 billion dollars.
Although investments must flow in 15 years: 50 billion dollars in the first 10 years (counted after the implementation of the pact) and another 5 billion dollars in the next five years, the trade agreement also provides for a grace period of three years. to the EFTA block to fulfill the obligations, according to the agreement documents.
Speaking further on the country's exports, Goyal said the target of taking exports of goods and services to $2 trillion by 2030 is "feasible and achievable".
He added that given the country's pace of economic growth, India will become the third largest economy in about four years.
The minister also suggested to the industry that he share his views on how to further reduce the compliance burden.
After passing a law to promote ease of doing business by decriminalizing minor offenses through amendments in 183 provisions of 42 laws, the ministry has started work on the Jan Vishwas 2.0 bill.
"Share ideas on this. Much more needs to be done. We need your active participation," he said, adding that the ministry is also trying to clean up the Petroleum and Explosives Safety Organization (PESO) system.
The minister also asked the industry to refrain from importing those products manufactured and available in India.
"We all have to take care of each other," he said.
He added that the industry should also increase the use of electric vehicles as it would help reduce crude oil import bills.
"It will boost the economy. Oil is the most imported commodity in the country and the government is deeply committed to reducing our dependence on crude oil," he said.
On March 10, India and the European Free Trade Association (EFTA) signed a free trade agreement, under which New Delhi received an investment commitment of $100 billion over 15 years from the grouping, while allowed several products such as Swiss watches, chocolates and cut products and polished diamonds with lower or no duties.
The members of the European Free Trade Association (EFTA) are Iceland, Liechtenstein, Norway and Switzerland.
Goyal said he would leave for Switzerland on Sunday to carry out EFTA commitments.
This $100 billion commitment is for foreign direct investments and not portfolio investments, he added.
"For the first time in history, an FTA is earmarked for investments and jobs. I (India) can withdraw the concessions given in the FTA if they (EFTA) do not meet the (investment) commitments.
"The enthusiasm I am finding in Iceland, Liechtenstein, Norway and Switzerland makes me believe that we could really overcome that (compromise) if we are all more communicative. They will look for Indian partners and investors," he said at a press conference here. industry event.
Under the provisions of the agreement, India will have the option to temporarily withdraw customs duty concessions on goods from EFTA countries under the trade agreement between the two sides, if the four-nation bloc fails to meet its trade obligations. investment of 100 billion dollars.
Although investments must flow in 15 years: 50 billion dollars in the first 10 years (counted after the implementation of the pact) and another 5 billion dollars in the next five years, the trade agreement also provides for a grace period of three years. to the EFTA block to fulfill the obligations, according to the agreement documents.
Speaking further on the country's exports, Goyal said the target of taking exports of goods and services to $2 trillion by 2030 is "feasible and achievable".
He added that given the country's pace of economic growth, India will become the third largest economy in about four years.
The minister also suggested to the industry that he share his views on how to further reduce the compliance burden.
After passing a law to promote ease of doing business by decriminalizing minor offenses through amendments in 183 provisions of 42 laws, the ministry has started work on the Jan Vishwas 2.0 bill.
"Share ideas on this. Much more needs to be done. We need your active participation," he said, adding that the ministry is also trying to clean up the Petroleum and Explosives Safety Organization (PESO) system.
The minister also asked the industry to refrain from importing those products manufactured and available in India.
"We all have to take care of each other," he said.
He added that the industry should also increase the use of electric vehicles as it would help reduce crude oil import bills.
"It will boost the economy. Oil is the most imported commodity in the country and the government is deeply committed to reducing our dependence on crude oil," he said.
