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Business News/ News / India/  ‘India leading war on climate change’
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‘India leading war on climate change’

Country has transformed into an engine of global growth: Goyal

Union minister Piyush Goyal. pradeep gaur/mintPremium
Union minister Piyush Goyal. pradeep gaur/mint

India is at the forefront of the global battle against climate change, with the country fulfilling its environment-related commitments, Union commerce and industry minister Piyush Goyal said.

Speaking at the Mint India Public Policy Summit in New Delhi, Goyal said India is the fourth best performer globally in terms of fulfilling Intended Nationally Determined Contributions (INDCs) promised at the United Nations Climate Change Conference (COP 21).

“We have a United Nations Framework Convention on Climate Change (UNFCCC) that every country is required to file every two years. Many countries don’t. We are among those who file every two years. So, this is one nation where we don’t need to preach or teach about climate change and sustainability," said Goyal, who was the chief guest at the event.

Measures to combat climate change are gaining significance amid the growing use of legislation such as carbon tax in international trade.

The Mint India Public Policy Summit aims to recognize and highlight successful policy initiatives from across the nation and gather top brains to assess the strengths, weaknesses and opportunities in India’s vast policy landscape. The day-long event witnessed a spectrum of policy experts, including Amitabh Kant, India’s G20 Sherpa; Pradeep Mehta, secretary general of CUTS International; and Pavan Duggal, Supreme Court Lawyer and cyber law expert.

India has turned into a global growth engine, Goyal said.

“It is no mean achievement that a country which was considered a fragile five country in 2014 when this government took office has transformed into the engine of growth for the world into the fifth largest economy. We had a very small period when inflation went up from about 4.5% to 6.5% against most parts of the developed world, seeing inflation move from 1% to 10%," he added.

India’s consumer price index (CPI) inflation eased sharply to 4.7% in April 2023, falling within the RBI’s upper tolerance limit of 6%.

On the Government e-Marketplace (GeM), Goyal said the government procured goods worth about 2 trillion, doubling from the previous year. GeM was introduced as an online platform for the procurement of common-use goods and services by government organizations. With tools such as e-bidding, reverse e-auction and demand aggregation, it helps various government departments to achieve the best value for their money in a transparent manner. It was set up as a government-owned company registered under the Companies Act, 2013.

Goyal said India had become the world’s second-largest mobile phone manufacturer, even as exports of electronic products rise. Electronic goods exports touched $25.3 billion in FY23, a 49% jump since FY22—in a year when overall exports grew just 6.5%. The category alone contributed around 30% of the total growth in exports.

The growth was primarily driven by higher mobile phone production and shipments. At $12.9 billion, the value of telecom-related shipments made up 51% of the electronics exports basket and rose 75% from FY22. This is followed by exports of electronic components (16.5%). Exports of medical and scientific instruments held over 8% share.

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Published: 27 May 2023, 12:42 AM IST
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