Commerce and Industry Minister Piyush Goyal reaffirmed that India will continue to recalibrate its policies based on national interest, stating that the government is not encouraging any significant foreign direct investment (FDI) from China.
Speaking at the Carnegie India World Technology Summit, Goyal stated that China Investment in India has remained the same for the last 25 years.
“India will protect its interests. For us, it is India first. Whatever is in our interest, we will recalibrate our policy accordingly. As of now, there is hardly any foreign direct investment from China in India. It was the same in the last 25 years. Even when it was open not too much Chinese investment has come to India. Nor are we encouraging any significant investment coming in from China at all. At the moment, that is the policy,” he said.
“Our effort is to integrate our economies with the developed world, who believe in fair play, who believe in honest business practices, and where we get an equal opportunity to do business and invest. Everything will be based on reciprocity. Everything will be based on mutual trust and mutual benefit. Therefore, I personally don’t see any great disturbance, except for a short period of time. I think this reset that the world is going through is actually very good for the world,” he added.
US President Donald Trump had on April 9 put a 90-day pause and a substantially lowered reciprocal tariff during this period, of 10 per cent on countries that had engaged in trade talks with the US. However, he imposed a total of 145 per cent tariff on China with Beijing also imposing retaliatory tariffs.
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