- 5 months ago
Union Commerce and Industry Minister Piyush Goyal launched a scathing attack on Congress leader Rahul Gandhi for echoing US President Donald Trump's "dead economy" remark.
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00:00That's the Commerce Minister Piyush Goyal at the Business Today Summit of the Shangri-La
00:27Eros with Kalipuri, the Vice Chairperson of the India Today group and of course this is a very
00:33important moment. In just a short while you'll have the conversation coming in. The focus will
00:38be on Donald Trump tariff. Right now of course a little bit of a candid conversation right before
00:44of course the questions that will be posed to the Commerce Minister. He was in the USA also remember
00:48so what kind of negotiations are expected? How are we expecting possibly India's response
00:55to not just Donald Trump? That's Shapiro Prashad, Gaurav Sawant sitting there at the Business
01:02Summit.
01:03India at 100 edition. Warm round of applause ladies and gentlemen.
01:07May we have the physical copies as well. Let's take the cover from the Minister please.
01:18Let's have a nice photo op. Huge round of applause ladies and gentlemen for the Business Today
01:31India at 100 list of 100 reform ideas for the journey to Vikasit Bharat by 2047.
01:44And now, we will now be looking forward to our next session that's navigating the new trade
01:53order, India's strategic playbook. Thank you so much KPM. In a world where global supply chains
01:59are in a flux and trade rules are increasingly shaped by geopolitics, India faces both a test
02:05and an opening. This session will examine how the country can chart a clear course through shifting
02:11alliances, rising protectionism and the new age trade disruptors such as digital commerce
02:17and sustainability standards. And for this session, we have with us Mr. Siddharth Sarabi.
02:22On stage to moderate this session also is Mr. Gaurav Sawant, Senior Managing Editor at India Today.
02:28Thank you very much Sakshi. Namaskar Piyoji. Thank you very much for joining us at what is clearly a pivotal
02:35moment, not just for the Indian economy but for the global economy. And you made time despite your busy
02:41schedule and have come here straight from Parliament. So, thank you very much. What we want to do and Gaurav and I
02:48hope to navigate with you a set of questions that explains to our audience here as well as those who
02:57are tuning in all across India Today platforms, what the new trade order is going to look like and how
03:04and what is India's strategic playbook. And before I get into some of the questions, I want to relate to this
03:11audience here. My own personal experience after years, I got the opportunity to go out on a reporting trip with
03:19POG to Sweden. And one of the things that I realized in that hall of people that there were a thousand people
03:28and the biggest industrialists that you could think of, including companies who have been investors in India for
03:34well over a century. And the amount of interest that that event had and a photo of with the Commerce and
03:42Industry Ministry of India. I have been on previous such reporting assignments. I have covered commerce but
03:48usually I haven't seen that kind of interest. So, I wanted to tell the audience this. And I want to begin from
03:53there. If that is the level of interest and you know interest towards investing in India, how do you see the
04:03engagement with the world as we stand at this pivotal moment?
04:09Thank you, Siddharth. But before I go forward, just two data points. One, I want to thank you for this
04:17outstanding initiative to suggest 100 big ideas. This is exactly what we are looking for. This is the need of the hour today.
04:27And before coming here, my last meeting was with CII, where I was asking them for exactly this thing, that what should we do so that we prepare India in the Amrit Kaal, in our journey to Vixit Bharat, to make life easier for businesses, to make it enjoyable to do work in India, for making it easier for the life of India.
04:55Making it easier for the common man. And we want any and every idea to come on the table. We want to have out of the box ideas. We want to have outlandish ideas. We want to experiment with the bold. And thank you so much for this initiative.
05:15Thank you very much.
05:17The second point you just mentioned was you were thanking me for sparing my time. Maybe that thank you should go to Mr. Rahul Gandhi and the Congress.
05:27Because with Parliament not functioning as it should be doing, with debate and dialogue and discussion on bills, raising issues of public interest, taking up issues of concern, discussing the very sad tragedy in Uttarakhand, discussing ways to make India grow faster and better and bigger,
05:53working together, working together for a better future for the children of India. We find them disrupting Parliament, making fake narratives, exploding a bomb, which probably never took off.
06:12Probably just like the Pakistan attacks on India. The Congress comes up with arguments which have no, as they say in Hindi,
06:24instead of the other countries of India, as they say in India in the border, generally.
06:25Just like the Pakistan, the government of India wants to make him a strong effect today.
06:26Let us know that these issues have ended up with no, as they say in drastic changes.
06:27Of course, the government of India wants to make it easier.
06:32The government of India has not done.
06:33The government of India wants to make it easier to make it easier for the people of India.
06:37The government of India wants us to make it easier.
06:38Of course, people are not as they understood what they saw.
06:51But to your question, the world keeps evolving, international trade keeps finding new pathways
07:04and what we are seeing today is possibly a churn that is bound to happen over every few
07:12years.
07:14Over every few years new countries come up, some countries go down, this is a part of history
07:24of nations and I think this is India's time, this is Bharat's time, and now what I am seeing
07:32in my eyes.
07:33This is a part of the country.
07:42ुद्योग
08:12। भारत अब देश के चिंता करता है। जनित और देशित प्रात्मिक्ता से संभालता है। और ये नया वर्ल्ड ओर्डर में भारत का स्थान देने माता है।
08:42। भारत को पद्धर मारे जा रहे हैं। उसको आप किस रूप में देखे हैं।
08:46क्योंकि, let's talk about three big developments where you're like a man on a mission, you've concluded a deal with the United Kingdom, you're concluding a deal with the European Union and you recently said it's so near and yet so far, and of course there is the United States of America, 25% plus 25% imposed.
09:09How do you look at आपदा में अवसर हिया।
09:13पहली बात तो मुझे तो कोई पत्थर दिखने ही रहे हैं ऐसे हमारे सामने, मुझे लगता है कि देश का मनुबल भी बहुत उच्छा है, बहुत प्रबल है।
09:27और देश में सामर्थ भी बहुत है।
09:31हमने, मैं आपको दो तीन उदारन देता हूं जिससे आपको भी ध्यान में आएगा इस देश की ताकत क्या है।
09:39आप याद करिये 1999 को, एक पूरे दुनिया में खलबल ही मच गई थी,
09:50that the sky is going to fall on the world's head. And I am referring to the Y2K moment.
09:5731st December 1999, 12 midnight, the whole world had assumed and were convinced,
10:06all the western developed world, the very so-called evolved and intellectual people,
10:14were all convinced that on 31st December 1999, 12 midnight, all systems will crash,
10:24which they call the Y2K buck.
10:27और धेर सारे लोगों ने हजारो क्रोड रुपए खर्चे उसकी तैयारी तभी अटल व्यारी वाच्पई जी की सरकार थी,
10:39अटल जी ने इसको अफसर दे किया, पूरी हमारी IT इंडस्री को सयोग किया,
10:47तभी आपको याद होगा Software Technology Park साय थे,
10:51अलग-अलग प्रकार से इंडस्री को सपोर्ट भी किया और साथी इंडस्री को छूट भी दी,
10:59सरकारी इंटरफिरेंस IT सेक्टर में एक्दम खत्म करते,
11:03टेलिकॉम, न्यू टेलिकॉम पॉलिसी लाइग, जिससे Digital Capabilities भारत की बढ़ी,
11:10और उसके बाद कुछ होना तो था नहीं, भारत के लोग तो समझदार हैं, हमने ऐसे कई Millennium देखे हैं चेंज होते,
11:20हमारा इतियास तो हजारों साल का है, तो भारत में किसको चिंता नहीं थी पर हमको अफसर मिल गया,
11:26हमने अफसर का पूरा फाइदा उठाया, और उदर से आज तक हमारी IT इंडस्री ने पीछे नहीं देखा है, आज 300 बिलियन डॉलर की, लाखो लाखो लोगों को नौक्रियां,
11:40भारत को इतना बड़ा foreign exchange earning, एक बड़ी बड़ा sector खड़ा हो गया, इसी प्रकार से COVID को देख लिजिए, COVID में भी तो दुनिया ने भारत को write-off कर लिया था, कई लोग तो सोचते थे हैं, आप भुकमरी से ही लोग मर जाएंगे,
12:00कई लोगों को था कि यहां पर तो vaccination संभा भी नहीं है, 30 डॉलर का एक vaccine था, 30 डॉलर्स, और वो भी हम जब खरीदने को त्यार दे तो दे नहीं रहे हैं, बोलते हैं कि export controls नहीं थे, लेकिन indirectly regulation से वो अपने ही आपस में ही, अमीर देश आपस में ही बाट रहे थे, भारत में �
12:30यहां पर की, उसका शोध यहां पर किया, नवाचार, इनोवेशन यहां किया, और मैंने तो भारत बायोटेक का vaccine लिया, my wife told me, कि मेरे बच्चे भी और मेरे parents भी दोनों ने बच्पन से भारत बायोटेक के vaccines यूज किये, तो हम भी वही लेंगे, भारती है, अपने भारत के �
13:00हमने भारत का ही सिर्फ नहीं 500 क्रोड वैक्सीन लगाए, मुफ्त में, दुनिया के सौ से अधिक देशों को मुफ्त में वैक्सीन दिया, गरीब देशों को जिनको और कोई वैक्सीन नहीं दे रहा था, भारत ने दिया, दुनिया में लोग, और यह मैं आईविटनेस अका�
13:30यॉरब के कही देशों में सडको के ऊपर शव पड़े में दिखाई देते, भारत में एक व्यक्ति भुक्मरी के कारण नहीं गया, not one death due to starvation in the worst pandemic the world had ever, and every state has confirmed this in writing to me, not one person has died
13:54because of stuff, 80 crore people got twice the ration, which means trains ran, continuously, which means logistic systems ran, which means are farmers produced,
14:10which means electricity was available round the clock,
14:19because our trains are now running on electricity, 95 percent, almost 90-95 percent, if electricity companies ran, the coal mines ran, keeping social distancing and all the COVID protocols,
14:34we converted COVID to an opportunity, so as much as you can see, you can see, you can take all of them in India,
14:43in India, in one way, in a way, and in a good way, no way will be a winner, in India will be a winner,
14:54in India will be a winner, in India will be a winner, this is, calls for a round of applause,
14:59but P.U.G., I want to ask you, since you connecting previous challenges with how we dealt with it,
15:05how do you think we as a nation will deal with this challenge of deglobalization and how the trade order is being completely dismantled,
15:15and what do you think is the playbook going to be, how are you going to tackle this, including these penal tariffs on India imposed by the U.S.?
15:23I don't see any deglobalization, I see countries restructuring their trade routes and their trade partners,
15:35and I'm quite confident this year, India will do more exports than we did last year.
15:42And you already have mitigated, you know, all factors put in place, BRICS become stronger?
15:47Well, I think these are questions you should ask the Honourable Foreign Minister, but I can only talk about trade and commerce.
15:59India's exports in the current year will be more than they were last year.
16:06Piyoji, how do you describe the state of India's economy, particularly because someone called our economy a dead economy recently?
16:14I think it's so sad.
16:28The whole world is looking up to India.
16:32The whole world recognizes us as the fastest growing large economy.
16:37We are contributing 16% to global growth.
16:41So, our inflation is amongst the lowest in the world compared to other emerging market economies.
16:50Our currency, our foreign exchange reserves, our stock markets, our macroeconomic fundamentals are the best.
17:00The world recognizes it.
17:03You said so yourself during your visit with me.
17:08The world wants to come and work in India.
17:11The world wants to work with these 1.4 billion young, dynamic, enterprising, aspirational Indians.
17:21They recognize the talent, the skill that young India has.
17:26So, India has got a very bright future.
17:32I think parroting a negative narrative by the leader of the opposition is a matter of shame.
17:43I condemn him for that.
17:44And frankly, the nation will never forgive Mr. Rahul Gandhi for this kind of very, very demeaning comments about the great story that Bharat is demonstrating to the world.
18:01You know, you recently concluded a very positive trade agreement, as they say, with the United Kingdom.
18:08With the EU, if we were to get into some specifics, because you said so close and yet so far.
18:16So, how do we speed up to get that yet so far, you know, bridge the gap?
18:21And those who are trying to spread the negativity, the dead economy type, if we parrot it in our country, does this have an adverse impact overseas?
18:30First of all, negotiations are done in the negotiating room.
18:35So, we won't be discussing negotiations and negotiating strategy here.
18:39But I think any such statements like the one we referred to will automatically die if people like your channels, and you claim to be one of the highest viewed channels, right?
18:56The highest viewed, the best.
18:57The, the, the, the best.
18:59If you stop showing this fake propaganda, and if you stop giving time to such negative stories, or negative mindset that some people display, automatically this will be a dead issue.
19:14And as regards the foreign countries or other countries in the world, they go by facts and figures.
19:20They don't even recognize the gentleman you were saying is making these disparaging comments, despite being the leader of the opposition in India.
19:29I think somehow he has made up his mind, that all his life is going to remain in opposition.
19:35Piyoji, I want to turn the attention of our audience here and those who are tuning in currently, to the broader vision with regard to our playbook for global trade.
19:47I think in the last one year, you must have maybe had conversations with two dozen countries for global trade or more.
19:56So, if I were to ask you by 2030, 2035 or 2047, what would be the shape of India's engagement with the global trading blocs, and how many free trade agreements would we have?
20:09Just one quick point.
20:10You have made it clear to us how the previous round of free trade agreements was with economies that we're still developing, and how you are now pursuing a developed strategy.
20:19Can you give us that overview?
20:20Well, I think India today is much stronger, much more self-confident, much more respected.
20:30We have a decisive leader.
20:32Prime Minister Narendra Modi is amongst the tallest leaders in the world, most respected.
20:38We have today a country which produces the highest number of STEM graduates every year.
20:45We have a country which is already growing at 6.5% a year, which will only get better in the years to come.
20:54We will, of course, have trading arrangements with other nations, with whom we have complementarity, rather than doing trade agreements with countries, as was done by the UPA, which really didn't help Indian business as much as it should have.
21:13Whereas, on the contrary, if you see our trade agreements, even business today and India today could not find fault with it, despite your best efforts.
21:23So, UAE, Mauritius, Australia, the four-nation EFTA bloc, Switzerland, Norway, Liechtenstein, and Iceland, UK.
21:39Today, we are in dialogue with many other countries, Oman, EU, US, Chile, Peru, many others, New Zealand, many others want to start engaging with India.
21:58So, today the world recognizes the strengths of India, recognizes our demographic advantages, recognizes what 1.4 billion aspirations are.
22:09That's what international Indians bring to the table as demand, and aggregate demand that India has, is a huge market.
22:18Why else do you think everybody is vying up to do trade or have better market access in India?
22:24Do you think, sir, that trade deal with the United States is still possible?
22:29As I said, we don't do negotiations in the media stage.
22:34You spoke of our farmers and our dairy, you spoke of the Prime Minister's, you know, resolve.
22:43As I said, in 2014, they said, I don't want to leave the country, I don't want to leave the country.
22:52Is there a business, is there a place to leave the country, to leave the country, to leave the country, or all your trading partners, they respect our sensibilities on agriculture?
23:02I said, hey, brother, today, there's no one ever here at all, who can leave the country, to leave the country.
23:08Assembled.
23:15Try it.
23:17If you try it, nobody can leave the country, to leave the country, to leave the country, to leave the country.
23:21Okay. You said that we couldn't find fault, and I'm not asking you this question to find fault, but to address some concerns that we have had. And during this event, sir, we have had sessions where a couple of points were raised.
23:39One, with regard to the UK deal specifically, that we have given them far too much access, including access into government procurement. That's point number one. The second is that for certain sectors, including, for example, alcohol, there is again, India, according to that view, has given far more than it should have. What would you say to these two specifically?
24:05In fact, whoever gave you both these comments needs to go back to school. As regards your first point on government procurement, we have obviously opened up a large government procurement in the UK for Indian entrepreneurs.
24:26So it's a two-way traffic. Whoever it is, if he thinks that everybody should open their markets to India, and India will not do anything for them, it's living in a cuckoo's world.
24:39And in any case, what India has done is protected all its MSME sector and the privileges or the priority given to MSME sector. That's all entirely protected.
24:54And we have only agreed to allow UK companies to be considered as a class 2 supplier, not class 1. Whereas in return, there's a social value regimen in UK, which would restrict Indian companies from bidding in UK government procurement.
25:17That will not be applicable. So effectively, we have opened up a larger opportunity for India's businesses in UK's public procurement. That's to your first question.
25:30The second question is absurd. And in fact, it is these narratives which has held back India for the last 25 years. This UK trade deal has taken almost more than two decades to happen.
25:46More than two decades of lost opportunities. Mark my words, lost opportunities. Two decades of lost opportunities because of this silly attempt to not allow alcoholic beverages to come to India.
26:07Now, mostly what UK exports are Scotch whisky. That's a GI product. It is made only in Scotland. There's a limitation to how much they can make. It's a labor intensive industry.
26:27There's a very high cost of labor in those regions. Scotland probably more than UK also. Rather, I mean, more than the London or the England region.
26:39And already, if you see the statistics, more Scotch whisky comes into the country through the duty-free shops at the airports than actually imported as Scotch whisky.
27:00The total import of Scotch whisky is probably 2-3,000 crores. Can you believe it? 2 or 3,000 crores is the total import. And that also largely comes in bulk, which means it is bottled in India.
27:15It adds business to our bottling plants. It adds business to our blending plants or whisky making plants. Jobs are created in India.
27:24And instead of spurious liquor, there's a joke going around. I don't know how far it's true. And I have no way to verify it because I don't drink Scotch whisky.
27:35But I'm told there's more Scotch whisky sold in India than is produced in Scotland. I think you must have heard that.
27:43So would you rather not have that we open one or two sectors like this and in return get more than 99% access, my new friends, more than 99% access, preferential access, in most cases zero duty access to a large market like United Kingdom,
28:09which is almost as big as the Indian market, with a per capita income of $50,000. People spending money at that level.
28:17I think about money at that level. You can invest it all. You and keep it money much too much.
28:23Tony, this is a university horizontal. 25,500 crores is a market at $250,000 crores we are now serving this trade deal.
28:32How much next we can export it in 20 months!
28:46So I think it's an absolutely wonderful deal.
28:52Whoever has studied it, any economist, any newspaper, any editor,
29:00they have all appreciated that it's a win for India in a big way.
29:05In addition to that, what we have negotiated was beyond anybody's imagination.
29:11We have about 1 lakh people working on short-term visas in the UK,
29:17and that number keeps growing.
29:19You are aware of that?
29:20I'm sure, Siddharth, you're aware that the social security payment of these largely young people
29:28who work in the UK, mostly in the IT sector and other areas,
29:3312.5% is deducted from the employee's salary.
29:3612.5% is paid by the employer.
29:42The 20% of your salary used to be paid to the UK treasury.
29:50And since you didn't stay there for 10 years,
29:52which was a minimum period to get pension,
29:55that money was gone forever.
29:58These people never got any benefit out of 25% of that person's salary.
30:04They're all Indians working there.
30:06Now, and most of them go for 2 years, 3 years, short-period visa.
30:12Now, for 3 years,
30:15this entire money, instead of being paid in UK treasury,
30:19can be deposited in the Provident Fund account in India,
30:24which will earn 8% plus tax-free interest for our youngsters.
30:30And that money will be yours.
30:34It will not be taken away by the UK treasury.
30:37It will become your salary.
30:38It will become your social security.
30:40So, the country will be paid by the country's less than 18,000 crores.
30:45It will be saved.
30:46It will be saved.
30:46Now, let's see, this is a city's salary.
30:49It will be worth 2,000 crores in Scotch whisky.
30:51It will be worth 800% of the Scotch whisky.
30:53It will be a smarter salary.
30:54It will be worth 1,000 crores in India.
30:55No, and in India, the Scotch drinkers and gin drinkers are also very happy.
31:00You are also interested in that.
31:01But, do you think that the economic offenders are not being paid for the Scotch and gin drinkers?
31:13I deal with trade.
31:16The rest of the processes are our other people.
31:21But, this is the power of India.
31:23Do we have to take a lab?
31:25The Vijay Malyas, the Nirav Modi's and those 31 plus?
31:28Piyo ji since we are talking about and you said that you are the Commerce Minister and
31:53therefore a trade negotiator. You've been to Harvard and clearly you know a thing or
32:00two about deal making. What I want to ask you here is what are your tips to all those
32:06people and there are a lot of people from business and I'm sure many more who are watching
32:09us live right now who would want to learn a couple of tips from you. Maybe the top three
32:15tips about the art of deal making.
32:17No, let me clarify, I'm a dropout. I had only gone for an OPM program which Kali has
32:27also done but she's successfully completed and graduated. I'm a dropout. I could only
32:33do one module in 2013.
32:34Many dropouts are billionaires in the world.
32:38I think what matters most and this is for the young people who are listening in into
32:47this program. What matters most to be successful is to be sincere, is to be honest, is to be
32:56upfront. And remember in life that a deal can only work when it's a win-win for both. It can
33:07never be a lopsided, one-sided relationship. If you respect the other person, you receive
33:14corresponding respect. And I think success in deal making is entirely a result of sincerity,
33:26sincerity of purpose, sincerity of objective and honesty in your dealings.
33:32And we don't let any external power decide who our friends are, who we go to, who we deal
33:40with.
33:41I think you're a veteran journalist. But I'm no rookie either.
33:49I think you're a veteran journalist. And apart from all these pressures, you've talked about
33:54deal. So people talk very highly of India as a democracy. But then within our country,
33:59there are those who say elections are rigged, election commission is rigged, election commission
34:05works at the orders of your party. Does that take away from the strength of our democracy?
34:12How would you respond to those?
34:13I think, A, these are such absurd comments that they only deserve to be condemned and not
34:23even responded to. B, now, when we go to something, or in a shop, we see something in a shop, or
34:41diamond mining, or diamond mining. So people go to something, or in a shop, or in a shop,
34:48where they go out of the shop. Now, if someone outside the world of understanding,
34:54and the understanding is so small, I don't know what the reason is, that we don't know.
35:00People have also given up, and their own party have also left their hopes on their own.
35:11So they have decided that we will live in the opposition now.
35:16It may be that some new young people will think that they will get a number of numbers.
35:23But if they are living in a relationship, they will not be able to get together.
35:28So in this situation, I think that the country has become a man.
35:33Now the government is growing up on the side.
35:38What do you mean? Sideshows.
35:40Sideshows.
35:41Sideshows.
35:42Sideshows.
35:43Sideshows.
35:44Sideshows.
35:45Sideshows.
35:46No time waste.
35:47In this regard, the institutions of the country have never been able to run down.
35:53The country has never been able to run down.
35:58The country has never been able to run down.
36:03And the election commission is the whole world's glory.
36:07Today, the world is filled with people from the country.
36:10And the election process is the official idea of that.
36:11We are looking at GEORGE.
36:12We have some enforcement, so we are looking at the international front.
36:13We have many people.
36:14We are looking at the border of the country, we have a stranger.
36:15It involves some parts of the country.
36:16That way we are looking at the border.
36:19It seems the majority of our country has been moving up against us.
36:20And the majority of our country has become very, very small.
36:21Today, we are looking at the border.
36:26in the pipeline, they are doing the same reason that they have to do the SIR.
36:37So if there is a duplicate voter, understand that I am from Mumbai, I have shifted to Delhi,
36:43if I have to register in Delhi, then the election commission has to check that I have to delete from Mumbai or not.
36:52If I have lost both my parents, if they don't have a name,
36:57then the election commission's job is to see that there is no wrong name.
37:03If someone comes from abroad and sits in Delhi,
37:09then in a formal process, they have to become a form of government.
37:15Then they have the vote.
37:17So I think that the election commission is doing their job, their job is doing their job,
37:22their constitutional rights, their constitutional rights,
37:27they need to respect us.
37:29And this is a false narrative.
37:32Other than your channel, I have not seen anyone else.
37:38If you don't have a headline, then you are going to show yourself.
37:43If there is a good headline for me, then it will be overriding.
37:48You have also got a good headline.
37:50And we show everything, sir.
37:52We show everything.
37:53No, no.
37:54But the fake narrative will be taken off.
37:56If you are convinced,
37:59if you are saying, then you ask me a question.
38:01In which part you are convinced?
38:03If you are convinced of someone,
38:04tell me about the atom bomb,
38:06which there is a problem.
38:07You ask me specifically.
38:09What do you think that it is true in their narrative?
38:13I challenge both of you.
38:15Tell me one question.
38:17Well, I think we will leave that challenge for some other time.
38:21That means you don't have anything to say.
38:24And if you don't have anything to say,
38:26the least irresponsible channel like yours,
38:29where people like Raj Chengappa or also editors,
38:34will sift the truth from the fake narratives.
38:39Do you want to check the fact-check?
38:41We will also check the fact-check.
38:43Piyoji, we are out of time.
38:45But just one question and I wanted to take this.
38:48This is a very unique feature of one of the recent trade deals that we have done.
38:53Massive amounts of committed investment that will happen into India.
38:57I just want you to take a minute to explain that before we end.
39:00Friends, see earlier we used to do free trade agreements.
39:05And we used to think that duty concession is the only element.
39:10Humare goods unke desh mein duty free jahe.
39:13Unke goods humare desh mein duty free hai.
39:16Lekin, ya preferential duty pe aayin.
39:20Duty free hai ek baar to nahin hootah hai.
39:21Kahi baar preferential duty hootah hai.
39:23Toh agar hamarhi normal duty 40% hai.
39:26Agar ham 30% kisi ko dayte hai.
39:29Toh hum preference pe unse maan le rehen.
39:32Par alag-alag desh ki paristitia alag hoti hai.
39:36Jab FTA countries se hum negotiate kar rahe thae.
39:39Chari daisho ka samu.
39:41Toh mahi nahi unko ka haa.
39:43Kye dekho bharat.
39:44Aaj 4 trillion dollar ki economy.
39:47And we are the fastest growing large economy in the world.
39:51Hemaare paas 140 crore loge ka demand hai.
39:54Hemaare paas yuva shakti hai.
39:57Hemaare paas eek mirnaik nitrit ho hai.
40:00O sholik ka kis ka dialogue tha hai?
40:02Diwaar ka dialogue.
40:03Mere paas maa hai hai.
40:05Aap ke paas kya hai?
40:08Aap ke economy toh itna slow grow kar rahi hai.
40:12Aap ke haa pe toh aging population hai.
40:15Aap ke economy grow kar kar kar ke.
40:19Shayid 2047 tuk double ho jayegi.
40:22Mere economy 8 guna ho jayegi.
40:2532 trillion dollar ki economy ho gi.
40:28Tho mujhe kya doge.
40:31Jis se win-win situation vare.
40:33Jho aapne sawal puchha.
40:35How do we balance benefits on both sides?
40:38Mene meri market mein aapko aagar aapka saman bethne dho.
40:41Or wiesse unke aas se joh saman aayega.
40:44Voh toh humare hito ka hi ho ga.
40:46Technology, innovation.
40:48Jaha tak dairy hai, agriculture products hai.
40:51Rice, wheat.
40:52Ye sab toh humne kholha hi nahi unke lihe.
40:54Sab protected hai.
40:56Khisanok ke hit, pashupalak ke hit.
40:59Hemaari MSME ke hito ko saurakshan pura rakhya hai.
41:03Toh mene kao, humne kya mil raha hai.
41:05Toh woh bhi fox te.
41:07Kabhi aad tuk huwa hi nahi hai koji.
41:09There is no free trade agreement in history.
41:12Jis meh investment committed.
41:15Investment commitment without a bilateral investment treaty.
41:21Or aisa commitment cast in stone.
41:24Kya agar woh invest nahi karenge.
41:27Bharat mein naukriya nahi create karenge.
41:30Toh mein unke duty concession vaapis leesakta.
41:33I have a clawback cross.
41:35Toh ye chaar dheisho nae commit kiya hai.
41:38Kya bharat mein 100 billion dollar.
41:42Yani saadhe 8 lakh crore rupay.
41:45Woh bharat mein FDI.
41:47Yani manufacturing, innovation, research, financial services, IT.
41:54Aisih thos cheezo meh.
41:56Ismeh stock market investment na included hai.
41:59Wohh FII investment hothi hai.
42:02Foreign institutional investment.
42:04FDI investment.
42:06Saadhe 8 lakh crore ki commit ki hai.
42:09Jis se direct jobs 10 lakh hoongi.
42:13Or jab 10, 8 lakh crore ka FDI aayega.
42:17Tho koi Indian partner saath me hooga.
42:19Woh nivesh karayega.
42:20Koi loan lega.
42:22Ecosystem develop hooga.
42:24Infrastructure develop hooga.
42:25Yani mera hanuman hai.
42:27Pachas lakh crore ka investment.
42:30Is ek FDI a ke madhyam se.
42:32Aane wale varsho meh bharat mein aayega.
42:3510 lakh jobs toh direct hoongi.
42:38Par agar direct indirect milayay toh.
42:40Pachas lakh nai naukriyaan bharat mein banengi.
42:44Or yeh pahli aktober se yeh lagu hoona wale.
42:48From 1st October.
42:49EFTA agreement is going to come into effect.
42:52Ar uske sab lab.
42:54Aap sab ko milna shuru ho jai.
42:56Piyo ji.
42:57Thank you very much for explaining that and taking us on a journey as to what our trade engagement will be at a pivotal moment for the global economy as we move towards 2047.
43:11Thank you very much for your time and for giving us all those headlines today.
43:17Thank you so much honourable minister.
43:19Can I please request you to stay back on stage while I request Ms. Kalipuri, Vice Chairperson of India Today Group to please present a token of appreciation to our honourable guest here.
43:31Thank you very much.
43:32Thank you, So Russia.
43:33Thank you very much.
43:50So, thank you so much for watching.
43:56We'll see you next time.
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