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Thursday 20 February 2020

‘Make in India’ can’t be termed as protectionism, says Goyal

Davos: As global leaders flag concerns over protectionist measures introduced by the US and some other countries, Union minister Piyush Goyal has said ‘Make in India’ cannot be termed as protectionism and the country wants to share its prosperity with everyone in the world.

Here to participate in the World Economic Forum (WEF) Annual Meeting, Goyal said India has positioned itself as a global statesman in the context of prevailing concerns relating to a fractured world.

“India has always believed in sharing our prosperity with the rest of the world. ‘Vasudhaiva Kutumbakam’ (the world is one family) has been our credo since times immemorial.

“Even now when we talk of Make in India, we are offering a platform where India has a competitive advantage compared to other countries. It’s a very attractive place to do business and a large market,” Goyal said in Davos.

“Therefore, the Make in India programme is not protectionist as it is an opportunity for the world to get the best talent and the best pricing and the best of technology to serve all the people of the world,” he said.

Asked about the America First programme which has seen top companies being asked to bring overseas jobs and profits back to the US, Goyal said India never does anything like that and believes in sharing growth and prosperity with all the stakeholders.

“We don’t tax worldwide income, we don’t have those kinds of restrictions on capital flows which many parts of the world have introduced.

“In that sense, we are a very liberal economy and a very attractive economy to invest in and an economy that shows great potential for the days to come,” he said.

A number of global leaders, including Prime Minister Narendra Modi as well as Germany’s Angela Merkel and France’s Emmanuel Macron, in their speeches here have openly criticised protectionism and the threats being faced by globalisation from inward-looking economic policies of some countries.

PTI

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