Shri Piyush Goyal calls for practical climate funding programs by the developed world

India has been successful in bringing down the cost of renewable energy through sheer scale – Shri Goyal

India’s self-reliance program (Atmanirbhar Bharat) does not close doors but encourages deeper and more meaningful international engagement- Shri Goyal

India saw its highest ever foreign investment and export boom in spite of the pandemic – Shri Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal called for practical climate funding programs by the developed world.

Addressing the plenary session of ‘Investopia- Emerging Markets: From frontiers to Frontlines’ in Dubai, the Minister said that even though the emerging markets of the world have been strengthening themselves consistently, if they are to meet climate goals, they would have to be supported by developed nations through practical funding solutions. Flagging the disparity in intention and action when it comes to climate change, he said that responsible governments would find success in tiding over the climate crisis.

Shri Goyal said that since 2014, India had been focussing on structural reforms and on strengthening processes and taking steps like accumulating greater forex reserves and stabilizing economy for a more secular growth. Various programs for the last 6-7 years have been focussed on improving the lives of the masses by securing elementary utilities like drinking water, electricity, cooking gas, healthcare etc., he said.

The Minister said that on one hand the government was striving to improve the lives of people and on the other hand, improving economic stability, including energy security. India has the world’s fastest growing renewable energy program and has helped bring down the cost of renewable energy with sheer scale.

Shri Goyal said that India has been able to recognize crisis in time and convert it into an opportunity. The Minister observed that during pandemics, those states which focussed on saving lives, saved their economies as well. He opined that the bold step taken by India of a complete lockdown, even though made things difficult for a quarter, have been beneficial in the long run with quick economic recovery and stabilization.

Speaking of India’s success with homegrown vaccines, Shri Goyal said that during covid, India announced a self-reliance program which did not close its doors but made way for more meaning international engagement.

He added that during Covd, India had seen the highest ever foreign investment, highest ever merchandise exports and a sharp recovery in our service exports which stands at 250 billion which is nearly 20 percent more than highest ever figure so far. Highlighting India’s relentless focus on public investment, the Minister said that the Budget 2022 announced large scale infrastructure projects.

Shri Goyal said that India was working with partners like UAE, with which it signed a Comprehensive Economic Partnership Agreement (CEPA) in a very short span of 88 days from start to finish of negotiations. He added that the India-UAE CEPA was not an interim agreement but a comprehensive one, which was truly fair, equitable and balanced. The Minister also asserted that India was seeking to expand partnerships, encourage two-way trade and fast-track technology adoption with nations who believe in rules-based system, equity and transparency.

The Minister said that in the first 2 months of this year, 13 startups had become unicorns and said that it was a sign that the youth of the nation was rising to meet challenges. 

Responding to a query, Shri Goyal said that world economies were much more resilient today and partnerships had been created between nations through which they supported each other. He observed that new technology helped nations by bringing down costs while saving people’s lives.

Speaking of India’s accomplishments in improving ease of living of its citizens, the Minister said that by 2019, within a span of 4 years, the government succeeded in taking electricity to each one of the 600,000 odd villages in India. India’s food grain production has been on the rise and is enough, not only to feed every Indian but sufficient to feed other nation during their times of need too, he added.

Climate funding: developed countries urged to provide practical financing to help emerging markets meet climate goals. The Minister urged developed nations to provide practical, targeted climate funding mechanisms enabling emerging markets to meet climate goals, stressing gaps between intent and action; he also emphasised comprehensive, rules based trade partnerships to accelerate technology transfer and economic resilience, and described domestic policies-structural reforms, outward engaging self reliance, public investment and renewable scaling-as complementary to climate and development objectives.