Union Minister of Commerce and Industry Piyush Goyal met with members of the UK India Business Council (UKIBC) on Friday in London, engaging with C-suite representatives from leading global organizations including Tata Consultancy Services, Tata Group, HSBC, Prudential, and Baker McKenzie. The discussions centered on advancing the India-UK growth agenda by unlocking new opportunities, accelerating investments, and deepening collaboration across sectors.
Goyal highlights India's global competitiveness
In a post on X, Goyal stated, "Had an interactive luncheon meeting with UK India Business Council members, engaging with C-suite representatives from leading global organisations including Tata Consultancy Services, Tata Group, HSBC, Prudential, and Baker McKenzie on advancing the India-UK growth agenda. The discussions focused on unlocking new opportunities, accelerating investments, and deepening collaboration across sectors to foster shared growth while further strengthening India's global competitiveness."
The minister also attended a Business Plenary Session where he interacted with industry leaders and stakeholders to discuss opportunities for trade, investment, and economic growth. He called for ramping up exports to the United Kingdom, emphasizing that India needs to capture a larger market share.
Criticism of global rating agencies
Goyal criticized global rating agencies such as Fitch, Moody's, and S&P, stating that they have been unfair to India and have not adequately recognized the country's strong fundamentals and growth story. He urged industry leaders to scale up and venture into uncharted territory, noting that the world trusts India can and must deliver.
The Union Minister highlighted the forthcoming implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15 as a key opportunity. He stressed the importance of collaboration, cooperation, and partnerships to move faster and achieve high growth ambition.
Call for ambitious growth targets
"I do believe that what we will seize now will become very valuable. Very often in our cosy comfort, we lose track, time passes by. And then we get into the typical rut of claiming success when we have 5, 7, or 10% growth. International trade normally grows at 4 to 6%, or 5%. If that is the kind of level of ambition that we will keep as a nation, it'll be completely a betrayal of the trust that the world has in us today," Goyal said.
The meeting underscores India's efforts to strengthen economic ties with the UK, with a focus on boosting bilateral trade and investment. The UKIBC represents a wide range of British and Indian businesses, facilitating trade and investment between the two countries.
