22 august 2024 : Union Minister of Commerce and Industry Piyush Goyal stated that Africa has the potential to fulfill India’s demand for essential minerals required in various sectors, including electric vehicles. He made these remarks during the Special Plenary with Trade Ministers at the 19th CII India Africa Business Conclave held in New Delhi today.
Goyal underscored the opportunities for collaboration in the mining industry, noting Africa’s abundant mineral resources. He stressed the necessity of sustainable mining practices and the enhancement of mineral value through collaborative efforts between India and Africa.
He set an ambitious target to double the trade volume between India and Africa within the next seven years, highlighting the significant trade potential that exists between the two regions. The minister pointed out that 33 African nations are not currently benefiting from India’s Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs) and encouraged them to leverage this opportunity.
Goyal noted that India’s strengths in sectors such as agriculture, pharmaceuticals, textiles, automobiles, and renewable energy align well with Africa’s developmental aspirations. He also remarked that Africa’s advantages in mining, tourism, agricultural products, and manufactured goods are complementary to India’s growth needs, advocating for a focus on equitable trade.
He further emphasized the prospects of a technology-driven partnership between India and Africa, particularly in the information technology sector. Goyal called for the utilization of India’s Digital Public Infrastructure to facilitate deeper technological integration in Africa, thereby promoting financial inclusion, social development, transparency, digitalization, and job creation.
Additionally, the minister pointed out the entertainment sector as a promising area for collaborative efforts. He referenced Kili Paul from Tanzania, who achieved global recognition through his engagement with Bollywood music. Goyal also highlighted the potential for cooperation in sports and cultural exchanges.
The Commerce Minister raised concerns regarding predatory pricing practices by e-commerce giants.
New Delhi: On Wednesday, Commerce Minister Piyush Goyal expressed apprehensions regarding the swift growth of e-commerce companies in India, which he believes is resulting in predatory pricing practices that could inflict lasting harm on small retailers and the overall market. He stated, “When Amazon announces a billion-dollar investment in India and we all rejoice, we overlook the fact that this investment does not stem from a commitment to enhance services or bolster the Indian economy. That billion-dollar figure reflects a loss on their balance sheet for that year…” IANS.