NIFTY 50

Piyush Goyal bats for FTA, says inefficient industries can't oppose trade deals

Updated : October 31, 2019 06:30 AM IST

Just days ahead of a crucial meeting of the 16 nations in the Regional Comprehensive Economic Partnership (RCEP), Minister of Commerce and Industry Piyush Goyal has made a strong case for free trade agreements.

Speaking at an event organised by industry body CII, Goyal said inefficient industries cannot be lobbying against trade pacts. Goyal also went on to urge industries opposing these agreements not to create a fear psychosis and asked them to think about the consumer.

“Ultimately, a government has to balance consumer interest and industry interest. Now we cannot have inefficient industry lobbying against imports or free trade agreements on the pretext that it will affect them. We will also have to be worried about the consumers. Can Indian consumers be made to keep paying disproportionately high value for inefficiency in a particular sector? I do not think that would be fair,” he noted.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV