India’s supply chains are resilient, and the nation is not at the mercy of any other country choosing to switch on or switch off the tap, Commerce and Industry Minister Piyush Goyal said on September 2 while speaking at the Confederation of Indian Industry’s (CII) 20th Global Sustainability Summit.
Minister Goyal also reiterated that India is holding talks with the US on a bilateral trade agreement (BTA). "India is expanding trade ties across the globe, with free trade agreements (FTAs) already concluded with Mauritius, Australia (first tranche), the EFTA block, the UK, and UAE, while talks are ongoing with the European Union, Chile, Peru, New Zealand, Australia (second tranche), and Oman. India is in dialogue with the United States for a BTA," he said.
India is engaging with the world from a position of strength, contributing 18% to global growth and is already a $15 trillion economy in purchasing power parity terms. He said India’s future rests on sustainability, high quality, cost competitiveness and inclusive growth that reaches the last person at the bottom of the pyramid.
"India’s supply chains are resilient, and the nation is not at the mercy of any other country choosing to switch on or switch off the tap. This is making India Atmanirbhar (self-reliant), building the confidence of young India to take on any challenge the world wants to throw at it," he said.
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China’s export restrictions on rare earth materials and magnets, crucial for automotive, electronics, and clean energy, have disrupted global supply chains, affecting manufacturers in the US, Europe, and India. During May-June, China also halted the export of specialty fertilisers to India by ceasing inspections of shipment.
However, last month, China lifted export curbs on rare earth metals and critical minerals, removing a key supply bottleneck for electronics and electric vehicle makers,
The minister criticised developed nations for failing to deliver on their Paris commitments. “The developed world has let us down very badly. In spite of making huge promises in Paris that trillions of dollars will be available in concessional finance or grants to support the efforts of the developing countries, we are yet to see any of these commitments. At least $100 billion a year was committed by the developed nations, but nothing has come yet,” he said.
Goyal said India is one of the best-performing G20 nations in meeting its sustainability commitments. "India is achieving renewable energy goals well ahead of schedule, with 50% renewable energy capacity already installed. Renewable power is now available in India at globally unmatched prices, around Rs. 4.60 to Rs. 5.00 per kWh for 24-hour clean energy supply," he said, adding that there was no contradiction in simultaneously pursuing coal and renewables, and transparent bidding processes have reduced the price of solar power from Rs 7-8 to Rs 2.41 per unit. India now has the ability to offer renewable energy round-the-clock at globally competitive rates, Piyush Goyal said.
India, under the Paris Agreement, is aiming to reduce GDP emissions intensity by 45 percent from 2005 levels and increase non-fossil fuel energy capacity to 50 percent by 2030, with a long-term goal of achieving net-zero emissions by 2070.
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