May 1, 2020
Minister Goyal urged participants to work together to convert the COVID-19 pandemic into an opportunity amid the new reforms in Indian industries
Indian missions have been asked to identify business opportunities that exist in their countries, and to send a proposal to look at them post COVID-19
MInister Jaishankar underlined that a key outcome of the pandemic is that the world is aware of the consequences of overdependence on a single geography
Domestically, the Union Government has taken various measures to revive the economy, such as the DGFT help desk, Invest India Business Immunity Platform
The Minister of Commerce and Industry and Railways, Shri Piyush Goyal, has called upon Indian Missions around the world to help identify opportunities for Indian business and exporters in the countries where they are based, in addition to promoting India as a preferred and reliable destination for investment. The key outreach came as part of the Government’s ongoing initiatives to prepare the economy for the post-COVID-19 world. On April 30, Minister Goyal, along with External Affairs Minister Shri S. Jaishankar, spoke to 131 missions from different geographies through video conferencing.
Shri Goyal urged the participants to work together to convert the COVID-19 pandemic into opportunity amid the new reforms in Indian industries, adding that India will aim for a 3X economic growth. Shri Goyal said that all nations are looking to partner with countries that have a democratic, transparent dealing, vibrant rule of law, good media, and are reliable and trustworthy. With India being seen as a reliable partner, he said that Indian missions should help identify business opportunities that exist in their countries. All the missions have been asked to send a proposal on the opportunity post-COVID-19.
Shri S. Jaishankar underlined that a key outcome of the pandemic has been that the world is now aware of the consequences of overdependence on single geography. India should take this opportunity to grow itself. He said that as all the countries have taken a hit, the recovery path for India will be through trade and investment.
The Indian Government has been taking multiple steps to improve the economy in the light of COVID-19. The Directorate General of Foreign Trade (DGFT) has launched a help desk to assist with any COVID-19 related export and import issue. Meanwhile, Invest India has launched the Invest India Business Immunity Platform, a comprehensive resource to help businesses and investors get real-time updates on India’s active response to the Coronavirus (COVID-19).
As part of international efforts, India has exported medical equipment and pharmaceuticals to over 130 countries. The country has also been partnering with entities from around the world across the scope of scientific R&D, technological innovation, and trade of essential commodities to best tackle the pandemic.
Domestically, the Union Government has allotted US$1.9 billion for the ‘India COVID-19 Emergency Response and Health System Preparedness Package’. The Government has also dedicated an economic stimulus package worth US$22.5 billion, designed to help millions of low-income households cope during the lockdown. Additionally, State Governments have declared varying packages to fight the pandemic.