- 6 months ago
Union Minister Piyush Goyal hailed the Indian economy and said the whole world recognises us as the fastest-growing large economy.
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00:00Namaskar Piyoji, thank you very much for joining us at what is clearly a pivotal moment not just
00:11for the Indian economy but for the global economy and you made time despite your busy
00:16schedule and have come here straight from Parliament so thank you very much. What we
00:20want to do and Gaurav and I hope to navigate with you a set of questions that explains to
00:28our audience here as well as those who are tuning in all across India today
00:33platforms what the new trade order is going to look like and how and what is
00:39India's strategic playbook and before I get into some of the questions I want to
00:43relate to this audience here my own personal experience after years I got
00:50the opportunity to go out on a reporting trip with Piyoji to Sweden and one
00:58of the things that I realized in that hall of people that they were the thousand
01:01people and the biggest industries that you could think of including companies
01:07who have been investors in India for well over a century and the amount of
01:11interest that that event had and a photo op with the Commerce and Industry Ministry
01:17of India I have been on previous such reporting assignments I have covered
01:21commerce but Piyoji I haven't seen that kind of interest so I wanted to tell the
01:25audience this and I want to begin from there if that is the level of interest
01:31and you know interest towards investing in India how do you see the engagement with
01:39the world as we stand at this pivotal moment thank you Siddharth but before I go
01:46forward just two data points one I want to thank you for this outstanding
01:52initiative to suggest hundred big ideas this is exactly what we are looking for
01:58this is the need of the hour today and and before coming here my last meeting was
02:06with CII where I was asking them for exactly this thing that what should we do so
02:14that we prepare India in the Amrit Kaal in our journey to Vixit Bharat to make life
02:21easier for businesses to make it enjoyable to do work in India for making it easier
02:30for the lives of the common man and we want any and every idea to come on the table we want to have
02:39out-of-the-box ideas we want to have outlandish ideas we want to experiment with the bold and thank
02:48you so much for this initiative thank you very much the second point you just mentioned was you
02:54were thanking me for sparing my time maybe that thank you should go to mr. Rahul Gandhi and the Congress
03:01the Congress because with Parliament not functioning as it should be doing with debate and dialogue and
03:09discussion on bills raising issues of public interest taking up issues of concern discussing the very sad
03:19tragedy in Uttarakhand discussing ways to make India grow faster and better and bigger working together for a
03:30better future for the children of India we find them disrupting Parliament making fake narratives
03:37exploding a bomb which probably never took off probably just like the Pakistan attacks on India the Congress
03:54and it comes up with arguments which have no as they say in Hindi not sir na pair or
04:01but to your question
04:09the world keeps evolving international trade keeps finding new pathways and
04:17what we are seeing today is possibly a churn that was that is bound to happen over every few years
04:24and what we are seeing today is possibly a churn that was that is bound to happen over every few years
04:30over every few years new countries come up some countries go down this is a part of history of nations and I think this is
04:44That is bound to happen over every few years.
04:48Over every few years, new countries come up, some countries go down.
04:55This is a part of the history of nations.
04:59And I think this is India's time.
05:01This is the time of India.
05:04And now, what I'm seeing in my eyes.
05:07This is the time of India.
05:17This is the time of India.
05:25This is the time of India.
05:42Now, you need to be aware of their rights.
05:47India is now aware of the country.
05:51The people are aware of the land and the land.
05:54They are aware of this new world order.
06:00You are talking about this new world order.
06:04The Prime Minister, you have mentioned and the Prime Minister say that
06:07that when someone kills them,
06:09then they make that sword.
06:13And they move forward.
06:15At this time, when India is killing the sword,
06:18you can see it in your shape.
06:20Let's talk about three big developments where you are like a man on a mission.
06:27You have concluded a deal with the United Kingdom.
06:30You are concluding a deal with the European Union
06:33and you recently said it's so near and yet so far.
06:37And of course, there is the United States of America,
06:4025% plus 25% imposed.
06:43How do you look at the impact here?
06:48First of all, I don't see any stone in front of us.
06:54I think that the country is very high.
07:01And the country is very high.
07:04And the country is very high.
07:06And I am referring to the Y2K moment.
07:07I am referring to the Y2K moment.
07:1131st December 1999, 12 midnight.
07:12The whole world had assumed and were convinced.
07:14All the Western developed world.
07:15All the Western developed world.
07:16And the world had assumed and were convinced.
07:21The very so-called evolved and intellectual people.
07:24Were all convinced that on 31st December,
07:26the world had assumed and were convinced.
07:28All the Western developed world, the very so-called evolved and intellectual people.
07:34Were all convinced that on 31st December 1999, 12 midnight, all systems will crash.
07:35Which they call the Y2K bug.
07:36Or there are some of the things that they are saying.
07:37The world had assumed and were convinced.
07:39The world had assumed and were convinced.
07:42All the Western developed world, the very so-called evolved and intellectual people.
07:49Were all convinced that on 31st December 1999, 12 midnight, all systems will crash.
07:59Which they call the Y2K bug.
08:02And many people have made thousands of crores of per capita.
08:09The US government was established.
08:11The Uttel Bihari Vajpayee Ji's government.
08:14The Uttel Ji has given it.
08:16The Uttel Ji has given it.
08:18The entire IT industry has been supported.
08:21You remember that the software technology, the PARKS, the STPI.
08:27The industry has also supported the different kinds of different types.
08:31And the other industry has failed.
08:33The IT sector has failed.
08:34The IT sector has failed.
08:38The new telecom policy line.
08:40The digital capabilities have been made.
08:43The US government has achieved, but the country has also finished.
08:44The US government has not found it.
08:45The investors have filled up the innovative technologies.
08:46The national and international relations, as well as seven billion dollars,
08:50the US government is concerned.
08:51We've seen it.
08:52The US government is not seen.
08:53We've seen it.
08:54The US government has failed.
08:55And the US government has been able to serve.
08:56thousand years ago, so no one has no doubt about it, but we have got an answer. We have got
09:02the full benefit of the answer. And from now on, our IT industry has not seen behind us.
09:09We have 300 billion dollars, millions and millions of people have made such a big foreign
09:17exchange earnings. There is a big sector standing in this regard. Look at COVID-19
09:25in the world. In COVID-19, the world had a right-off. Some people thought that people would die
09:34from the book. Some people thought that there was no vaccination here. It was a $30
09:40vaccine. It was $30. And when we buy it, we don't have to give it. They say that there was no
09:48control controls. But indirectly regulations, they were in our own country, in our own country.
09:56In Thailand, it was so hard that not only we had a vaccine for ourselves, we had a manufacturing
10:04here, we had a show here, a new and innovation here. And I had a biotech vaccine. My wife told me
10:14that my children and my parents and my parents, both of them, both of them had a biotech
10:23to use the vaccine. So, we would also take that vaccine. We would also take that vaccine.
10:27So, we would also take that vaccine. We would also take that vaccine. We would also take it.
10:31We would also take that vaccine. We would also take that vaccine. We would also take that vaccine.
10:39We would also take that vaccine. We would also take that vaccine. We would also take that vaccine.
10:52And I'm telling this to my eyewitness accounts.
10:57In New York, the department stores are vandalized in the city of New York.
11:04In Europe, some of the countries, they showed up on the streets.
11:11There was no reason for a person in India.
11:16Not one death due to starvation in the worst pandemic the world had ever seen.
11:22And every state has confirmed this in writing to me.
11:27Not one person has died because of starvation.
11:3080 crore people got twice the ration, which means trains ran continuously, which means
11:39logistic systems ran, which means are farmers produced.
11:43We have created our land, created our land, which means electricity was available.
11:52Around the clock, because our trains are now running on electricity, 95%, almost 90-95%.
11:59If electricity companies ran, the coal mines ran, keeping social distancing and all the
12:07COVID protocols, we converted COVID to an opportunity.
12:11So as much as you can see, you can take all of them in India.
12:17In India, in the same way, in the same way, and in the same way, if there is no self-discipline,
12:26in India will be the winner of India.
12:28If there is no self-discipline, in India will be the winner of India.
12:30This calls for a round of applause.
12:33But P.U.G., I want to ask you, since you connecting previous challenges with how we dealt with it,
12:39how do you think we as a nation will deal with this challenge of deglobalization and how the
12:46trade order is being completely dismantled?
12:49And what do you think is the playbook going to be?
12:52How are you going to tackle this, including these penal tariffs on India imposed by the U.S.?
12:57I don't see any deglobalization.
13:00I see countries restructuring their trade routes and their trade partners.
13:10And I'm quite confident this year, India will do more exports than we did last year.
13:17And you already have mitigated, you know, all factors put in place.
13:20States become stronger?
13:22Well, I think these are questions you should ask the honorable foreign minister.
13:28But I can only talk about trade and commerce.
13:33India's exports in the current year will be more than they were last year.
13:38P.U.G., how do you describe the state of India's economy, particularly because someone
13:46called our economy a dead economy recently?
13:48P.U.G.
13:49P.U.G.
13:50P.U.G.
13:51P.U.G.
13:52P.U.G.
13:53P.U.G.
13:54P.U.G.
13:55P.U.G.
13:56P.U.G.
13:57P.U.G.
13:58P.U.G.
13:59P.U.G.
14:00P.U.G.
14:01P.U.G.
14:02P.U.G.
14:03P.U.G.
14:04P.U.G.
14:05P.U.G.
14:06P.U.G.
14:07P.U.G.
14:08P.U.G.
14:09P.U.G.
14:10P.U.G.
14:11P.U.G.
14:12P.U.G.
14:13P.U.G.
14:14P.U.G.
14:15P.U.G.
14:16P.U.G.
14:17P.U.G.
14:18P.U.G.
14:19P.U.G.
14:20P.U.G.
14:21P.U.G.
14:22P.U.G.
14:23P.U.G.
14:24P.U.G.
14:25P.U.G.
14:26P.U.G.
14:27P.U.G.
14:28P.U.G.
14:29P.U.G.
14:30P.U.G.
14:31are the best.
14:34The world recognizes it.
14:37You said so yourself
14:38during your
14:40visit with me.
14:42The world wants to come and work in India.
14:45The world wants to work
14:47with these 1.4 billion
14:49young, dynamic,
14:52enterprising,
14:53aspirational Indians.
14:55They recognize the
14:57talent, the skill
14:58that young India has.
15:01So India has
15:02got a very bright future.
15:06I think parroting
15:07a negative
15:10narrative by the
15:12leader of the opposition
15:13is a matter of shame.
15:17I condemn him for that.
15:19And frankly,
15:21the nation will never forgive
15:22Mr. Rahul Gandhi
15:24for this kind of
15:26very, very
15:27demeaning comments
15:29about the great
15:31story
15:31that Bharat
15:33is
15:33demonstrating to the world.
15:35you know,
15:36you recently
15:37concluded a very
15:38positive trade
15:39agreement,
15:40as they say,
15:40with the
15:41United Kingdom.
15:42With the EU,
15:44if we were to get
15:45into some specifics,
15:46because
15:46you said
15:48so close
15:49and yet so far.
15:50So how do we
15:52speed up
15:52to get that yet so far,
15:54you know,
15:54bridge the gap?
15:55And these
15:56the negativity
15:56people
15:57try to spread
15:57the
15:58dead economy
15:59type,
15:59if we parrot
16:01it,
16:01does this have
16:02an adverse
16:03impact overseas?
16:04First of all,
16:06negotiations
16:07are done
16:07in the
16:08negotiating room.
16:09So we won't
16:10be discussing
16:10negotiations
16:11and negotiating
16:12strategy here.
16:14But
16:14I think
16:17any such
16:19statements
16:20like the one
16:20we referred to
16:21will automatically
16:24die if people
16:25like your channels
16:26and you claim
16:27to be one of the
16:28highest viewed
16:29channels,
16:30right?
16:30The highest viewed,
16:31the best.
16:32If you stop
16:34showing this
16:35fake propaganda
16:35and if you
16:37stop giving
16:38time to
16:39such
16:40negative
16:41stories
16:42or negative
16:44mindset
16:44that some
16:45people display,
16:46automatically
16:47this will be
16:47a dead issue.
16:48And as regards
16:49the foreign
16:50countries or
16:50other countries
16:51in the world,
16:52they go by
16:53facts and
16:53figures.
16:54They don't
16:54even recognize
16:55the gentleman
16:57you were saying
16:57is making
16:59these disparaging
17:00comments,
17:01despite being
17:01the leader
17:02of the opposition
17:02in India.
17:03I think
17:04somehow he has
17:05made up his
17:05mind that
17:06all his life
17:07is going to
17:07remain in
17:08opposition.
17:10Pugee,
17:10I want to
17:11turn the
17:12attention of
17:13our audience
17:13here and
17:13those who
17:14are tuning
17:14in currently
17:15to the
17:16broader vision
17:17with regard
17:17to our
17:18playbook for
17:19global trade.
17:21I think in
17:22the last
17:22one year you
17:23must have
17:24maybe had
17:26conversations
17:27with two dozen
17:28countries for
17:29global trade
17:29or more.
17:30So if I
17:31were to ask
17:31you by
17:322030,
17:332035 or
17:342047,
17:36what would
17:36be the shape
17:37of India's
17:37engagement with
17:38the global
17:39trading blocs
17:40and how
17:41many free
17:41trade agreements
17:42would we
17:43have?
17:43Just one
17:43quick point,
17:44you have
17:44made it
17:45clear to
17:45us how
17:45the previous
17:46round of
17:47free trade
17:47agreements
17:48was with
17:48economies that
17:49we are still
17:50developing and
17:51how you are
17:51now pursuing a
17:52developed
17:52strategy.
17:53Can you give
17:54us that
17:54overview?
17:54India today
17:57is much
17:58stronger,
17:59much more
18:00self-confident,
18:02much more
18:03respected.
18:04We have a
18:05decisive leader.
18:06Prime Minister
18:07Narendra Modi
18:07is amongst the
18:09tallest leaders
18:10in the world,
18:11most respected.
18:13We have today
18:14a country
18:15which produces
18:16the highest
18:17number of
18:17STEM graduates
18:18every year.
18:19We have a
18:20country which
18:21is already
18:22growing at
18:246.5% a
18:25year,
18:26which will
18:26only get
18:27better in
18:27the years
18:28to come.
18:30We will of
18:31course have
18:31trading
18:32arrangements
18:32with other
18:34nations,
18:35with whom
18:35we have
18:36complementarity
18:38rather than
18:39doing trade
18:40agreements with
18:41countries as
18:42was done by
18:42the UPA,
18:44which really
18:44didn't help
18:45Indian business
18:45as much as
18:46it should have.
18:48Whereas on
18:48the contrary,
18:49if you see
18:49our trade
18:51agreements,
18:51even business
18:52today and
18:53India today
18:53could not
18:54find fault
18:55with it,
18:56despite your
18:57best efforts.
19:01So UAE,
19:02Mauritius,
19:04Australia,
19:06the four
19:06nations,
19:07EFTA bloc,
19:08Switzerland,
19:09Norway,
19:10Liechtenstein
19:10and Iceland,
19:13UK,
19:15we are in
19:16dialogue with
19:16many other
19:17countries,
19:18Oman,
19:18EU,
19:22US,
19:23Chile,
19:25Peru,
19:26many others,
19:27New Zealand,
19:29many others
19:29want to start
19:30engaging with
19:31India.
19:32So today,
19:33the world
19:33recognizes the
19:34strengths of
19:35India,
19:36recognizes our
19:38demographic
19:38advantages,
19:40recognizes what
19:411.4 billion
19:43aspirational
19:44Indians bring
19:46to the table
19:46as demand
19:47and aggregate
19:49demand that
19:50India has
19:50is a huge
19:51market.
19:52Why else do
19:53you think
19:53everybody is
19:54vying up
19:54to do trade
19:56or have
19:56better market
19:57access in
19:58India?
19:58Do you
19:59think,
19:59sir,
19:59that trade
20:00deal with
20:01the United
20:01States is
20:02still possible?
20:03As I said,
20:04we don't do
20:04negotiations
20:05in the
20:06media
20:07stage.
20:08You spoke
20:12of our
20:12farmers
20:13and our
20:14dairy.
20:15You spoke
20:15of the
20:15Prime Minister's
20:16resolve.
20:18In 2014,
20:21they said
20:22that
20:22I will
20:23not
20:25leave the
20:25country.
20:27Is there
20:27a
20:27government
20:28or a
20:28government
20:29to
20:30leave the
20:30country
20:30and
20:30leave the
20:31country?
20:32Or
20:32all your
20:33trading
20:33partners
20:34respect
20:35our
20:35sensibilities
20:36on
20:36agriculture?
20:36My brother,
20:37there's
20:37no one
20:38has come
20:39to
20:39leave the
20:40country.
20:40It's
20:41an
20:42assembly.
20:42Let's
20:43try.
20:44If
20:45you
20:46have
20:47tried,
20:48let's
20:49try,
20:50let's
20:51try,
20:52no one
20:53can
20:54leave the
20:55country.
20:56Okay.
20:57You
20:58said
20:59that we
21:00couldn't
21:01find fault
21:01and I'm
21:02not asking
21:02you this
21:03question
21:03to find
21:03fault
21:04but to
21:04address
21:05some
21:05concerns
21:06that we
21:06have
21:06had
21:06and
21:07during
21:07this
21:08event,
21:10we have
21:10had
21:10sessions
21:11where
21:11a couple
21:12of
21:12points
21:12were
21:12raised.
21:13One
21:13with
21:14regard
21:14to
21:15the
21:15UK
21:15deal
21:15specifically
21:16that
21:17we
21:17have
21:17given
21:18them
21:18far
21:19too
21:19much
21:19access
21:20including
21:21access
21:21into
21:21government
21:22procurement.
21:23That's
21:23point
21:24number
21:24one.
21:25The
21:25second
21:25is
21:26that
21:26for
21:26certain
21:26sectors
21:27including
21:27for
21:28example
21:28alcohol
21:29there
21:31is
21:31again
21:32India
21:33according
21:34to
21:34that
21:35view
21:35has
21:36given
21:36far
21:36more
21:37than
21:37it
21:37should
21:37have.
21:37What
21:38would
21:38you
21:38say
21:38to
21:38these
21:38two
21:39specific
21:39people?
21:39In fact
21:40whoever gave
21:41you both
21:41these
21:41comments
21:42needs to
21:44go back
21:44to
21:44school.
21:46As
21:47regards
21:47your first
21:48point on
21:48government
21:49procurement
21:49we have
21:51obviously
21:53opened up
21:55a large
21:55government
21:56procurement
21:56in the
21:57UK
21:58for
21:59Indian
21:59entrepreneurs.
22:00So
22:01it's
22:01a
22:01two
22:01way
22:01traffic.
22:03Whoever
22:03it
22:03is
22:04if
22:05he
22:05thinks
22:05that
22:05everybody
22:06should
22:06open
22:07their
22:07markets
22:07to
22:07India
22:08and
22:09India
22:09will
22:10not
22:10do
22:10anything
22:10for
22:11them
22:11living
22:12in
22:12a
22:12cuckoo's
22:12world.
22:14And
22:15in
22:15any
22:16case
22:16what
22:16India
22:16has
22:16done
22:17is
22:17protected
22:18all
22:18its
22:19MSME
22:19sector
22:20and
22:21the
22:21privileges
22:22or
22:23the
22:23priority
22:24given
22:24to
22:25MSME
22:25sector
22:26that's
22:27all
22:27entirely
22:27protected
22:28and
22:29we
22:30have
22:30only
22:31agreed
22:31to
22:31allow
22:32UK
22:33companies
22:34to be
22:35considered
22:35as a
22:36class
22:362
22:37supplier
22:37not
22:38class
22:391
22:39whereas
22:40in
22:40return
22:41there's
22:42a
22:42social
22:42value
22:43regiment
22:45in
22:46UK
22:47which
22:47would
22:48restrict
22:48Indian
22:49companies
22:49from
22:50bidding
22:50in
22:50UK
22:50government
22:51procurement
22:51that
22:52will
22:53not
22:53be
22:53applicable
22:53so
22:54effectively
22:55we've
22:55opened
22:56up
22:56a
22:56larger
22:57opportunity
22:58for
22:58India's
22:59businesses
23:00in
23:01UK's
23:01public
23:02procurement
23:02that's
23:03to your
23:03first
23:04question
23:04the
23:06second
23:06question
23:06is
23:07absurd
23:07and
23:08in
23:08fact
23:09it
23:09is
23:09these
23:10narratives
23:10which
23:11has
23:11held
23:12back
23:12India
23:13for
23:14the
23:14last
23:1425
23:15years
23:15this
23:15UK
23:16trade
23:16deal
23:16has
23:17taken
23:17almost
23:18more
23:18than
23:18two
23:19decades
23:19to
23:20happen
23:20more
23:21than
23:21two
23:21decades
23:22of
23:23lost
23:24opportunities
23:25mark
23:26my
23:26words
23:26lost
23:27opportunities
23:28two
23:29decades
23:30of
23:30lost
23:30opportunities
23:31because
23:32this
23:32silly
23:33attempt
23:34to
23:36not
23:37allow
23:38alcoholic
23:39beverages
23:40to come
23:40to
23:40India
23:41now
23:42mostly
23:44what UK
23:45exports
23:46are
23:47scotch
23:47whisky
23:48that's
23:49a GI
23:49product
23:50it is
23:51made
23:51only in
23:52Scotland
23:52there's
23:56a limitation
23:56to how
23:57much
23:57they can
23:57make
23:58it's
23:59a
23:59labour
23:59intensive
24:00industry
24:01very high
24:05cost of
24:05labour
24:05in those
24:06regions
24:07Scotland
24:08probably
24:08more than
24:09UK
24:09also
24:10rather
24:11I mean
24:11more than
24:12the London
24:12or the
24:13England
24:13region
24:13and
24:18already
24:18if you
24:21see the
24:22statistics
24:22more
24:24scotch
24:25whisky
24:26comes into
24:27the country
24:27through the
24:28duty free
24:29shops
24:29at the
24:30airports
24:31than
24:32actually
24:32imported
24:33as
24:33scotch
24:33whisky
24:34the total
24:35import of
24:36scotch
24:36whisky
24:36is probably
24:37two
24:37three
24:37thousand
24:38crores
24:38can you
24:39believe
24:39it
24:40two or
24:40three
24:41thousand
24:41crores
24:41is the
24:42total
24:42import
24:42and
24:44that
24:44also
24:44largely
24:45comes
24:45in
24:46bulk
24:46which
24:47means
24:47it
24:47is
24:48bottled
24:48in
24:48India
24:48it
24:49adds
24:50business
24:50to
24:50our
24:50bottling
24:51plants
24:51it
24:53adds
24:53business
24:53to
24:54our
24:54blending
24:55plants
24:55or
24:55whisky
24:56making
24:56plants
24:56jobs
24:57are
24:58created
24:58in
24:58India
24:58and
25:00instead
25:00of
25:01spurious
25:01liquor
25:02there's
25:03a joke
25:04going
25:04around
25:04I don't
25:04know
25:05how far
25:05it's
25:05true
25:05and
25:06I have
25:06no
25:06way
25:06to
25:07verify
25:07it
25:07because
25:07I
25:08don't
25:08drink
25:08scotch
25:08whisky
25:09but
25:10I'm
25:10told
25:11there's
25:11more
25:11scotch
25:11whisky
25:12sold
25:12in
25:12India
25:13than
25:14is
25:14produced
25:15in
25:15Scotland
25:15I think
25:16you must
25:16have
25:16heard
25:17that
25:17so
25:19would
25:19you
25:19rather
25:19not
25:20have
25:20that
25:21we
25:21open
25:22one or
25:22two
25:22sectors
25:23like
25:23this
25:23and
25:24in
25:24return
25:25get
25:26more
25:26than
25:2799%
25:28access
25:30my
25:31new
25:31friends
25:32more
25:33than
25:3399%
25:34access
25:35preferential
25:36access
25:37in
25:38most
25:38cases
25:39zero
25:39duty
25:39access
25:40to
25:41a
25:41large
25:41market
25:42like
25:42United
25:42Kingdom
25:43which is
25:44almost
25:44as big
25:44as
25:45the
25:45Indian
25:45market
25:45with
25:46a
25:47per
25:47capita
25:47income
25:47of
25:48$50,000
25:48people
25:50spending
25:51money
25:51at
25:51that
25:51level
25:51what
25:53is
25:53you
25:54do
25:57$50,500
25:57crore
25:58market
25:58save
25:59for
25:5920
26:01years
26:01we
26:01spent
26:02this
26:02trade
26:03deal
26:03how
26:04we
26:05can export
26:0520
26:06years
26:06millions
26:07crore
26:08people
26:08could
26:08get
26:09thousands
26:11of
26:11companies
26:12are
26:12standing
26:12entrepreneurs
26:14startups
26:15get
26:15opportunities
26:16from
26:17this
26:17one
26:19of
26:19this
26:20type
26:20of
26:21this
26:22I
26:23think
26:23it's
26:23an
26:24absolutely
26:24wonderful
26:25deal
26:25Whoever has studied it, any economist, any newspaper, any editor, they have all appreciated
26:36that it's a win for India in a big way.
26:39In addition to that, what we have negotiated was beyond anybody's imagination.
26:46We have about one lakh people working on short-term visas in UK.
26:51And that number keeps growing.
26:53You are aware of that?
26:54Yeah.
26:54I'm sure Siddharth, you're aware that the social security payment of these largely young people
27:02who work in UK, mostly in the IT sector and other areas, 12.5% is deducted from the employee
27:10salary, 12.5% is paid by the employer, the 25% of your salary used to be paid to the UK
27:22treasury.
27:24And since you didn't stay there for 10 years, which was a minimum period to get pension, that
27:30money was gone forever.
27:30These people never got any benefit out of 25% of that person's salary.
27:37They're all Indians working there.
27:39Now, and most of them go for two years, three years, short period visa.
27:47Now for three years, this entire money, instead of being paid in UK treasury, can be deposited
27:54in the Provident Fund account in India, which will earn 8% plus tax-free interest for our youngsters.
28:05And that money will be yours.
28:08It will not be taken away by the UK treasury.
28:11It will become your salary, it will become your salary, it will become your social security.
28:15So, the country will be saved in less than 80,000 crores.
28:21Now, tell me, this is the price of a house, that it will be 800% of that 2,000 crores in Scotch
28:25whiskey, it will be a better price.
28:28It will be a smarter price.
28:29No, the Scotch drinkers and Gin drinkers are also very happy in India.
28:34You are also interested in that.
28:37But, is this very big deal of advantage, that the economic offenders are not drinking scotch
28:46and gin there?
28:47That's why I trade deals.
28:50I trade deals.
28:51Yes.
28:52The rest of the processes are our other people.
28:55But, this is the power of Bharat.
28:57Do we have to take the lab?
28:58The Vijay Malyas, the Neerav Modi and those 31 plus?
29:02The whole church is also regular.
29:06With the legal processes, according to all of this, it will be available to all of us.
29:12That shows Bharat ki shakti.
29:15A hundred percent.
29:16Ki am kisi aage jhuk re nahi hai.
29:18To hapne day ki liya hai.
29:20Piyoji, since we are talking about, and you said that you are the Commerce Minister and
29:27therefore a trade negotiator, you've been to Harvard and clearly you know a thing or two
29:34about deal making.
29:37What I want to ask you here is, what are your tips to all those people, and there are a lot
29:41of people from business and I'm sure many more who are watching us live right now, who
29:45would want to learn a couple of tips from you, maybe the top three tips about the art
29:50of deal making.
29:51No, then let me clarify, I am a dropout.
29:55I had only gone for an OPM program, which Kali has also done, but she's successfully completed
30:04and graduated.
30:05I'm a dropout.
30:06I could only do one module in 2013.
30:09How many dropouts are billionaires in the world.
30:14I think what matters most, and this is for the young people who are listening in into
30:21this program, what matters most to be successful is to be sincere, is to be honest, is to be
30:31upfront and remember in life that a deal can only work when it's a win-win for both.
30:40It can never be a lopsided, one-sided relationship.
30:45If you respect the other person, you receive corresponding respect.
30:50And I think success in deal making is entirely a result of sincerity, sincerity of purpose,
31:02sincerity of objective, and honesty in your dealings.
31:07And we don't let any external power decide who our friends are, who we go to, who we deal
31:12with.
31:13Boss, I know you're a veteran journalist, but I'm no rookie either.
31:19I think that's true.
31:20I think that's true.
31:21No, because I have one question and I have no question.
31:23And apart from all these pressures, you have talked about the deal.
31:28When we go to Vishwa, people talk very highly of India as a democracy.
31:32But then within our country, there are those who say elections are rigged, election commission
31:37is rigged, election commission works at the orders of your party.
31:43Does that take away from the strength of our democracy?
31:46How would you respond to those?
31:47I think these are such absurd comments that they only deserve to be condemned and not even
31:57responded to.
31:59So, when we go to the house, or in a shop, or in a shop, or in a shop, or in a diamond mining,
32:16people go to the house, then the one small thing is going to go out of every place.
32:22Now, if there is a person outside of the world who is so small, I don't know what the reason is.
32:33On that, we are not going to be able to get rid of the country.
32:38People have also given up.
32:40And their own party have also left their hopes.
32:45So, they have decided that we have to live in the opposition.
32:49It may be possible that some new young people will think that sometimes they will have a number.
32:57But if they are living in the family, they may not be able to get involved.
33:02So, in this situation, I think that the country has become a man.
33:06Now, the government is growing.
33:09All these sides, what do they say? Sideshows.
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34:20I have lost both my parents, if their name doesn't exist, then the election commission's job is to see that there is no wrong name.
34:36If someone comes outside, they have to be in a formal process of the government. Then they have to vote.
34:51I think that the election commission is working on their own, their own constitutional and civil rights,
35:00they have to respect us, and this is a fake narrative. Other than your channel, I haven't seen anyone else.
35:12If you don't get a headline, then you are going to show yourself.
35:16If someone gets a good headline today, then it will be overriding.
35:22You get a good headline and we show everything, sir.
35:27No, no, but fake narratives are going to show you.
35:31If you are convinced that the people are saying, then you ask me a question.
35:35In which part you are convinced?
35:37Tell me about any part of the atom bomb.
35:41You ask me specifically.
35:43What do you think is true in their narrative?
35:47I challenge both of you.
35:49Tell me one wish.
35:51Well, I think we will leave that challenge for some other time.
35:55That love you don't have anything to say.
35:57And if you don't have anything to say, the least irresponsible channel like yours,
36:03where people like Raj Chengappa or also editors, will sift the truth from the fake narratives.
36:13Do you want to check the fact check?
36:15No, absolutely.
36:16You can check the fact check.
36:17Piyo Ji, we are out of time.
36:19But just one question and I wanted to take this.
36:21And this is a very unique feature of one of the recent trade deals that we have done.
36:27Massive amounts of committed investment that will happen into India.
36:31I just want you to take a minute to explain that before we end.
36:35Friends, see earlier we used to do free trade agreements.
36:39And we used to think that duty concession is the only element.
36:43Our goods are in their country duty free.
36:45Our goods are in their country duty free.
36:47Our goods are in our country duty free.
36:49But, or preferential duty.
36:53Duty free is not every time.
36:55Many times preferential duty.
36:57So, if our normal duty is 40 percent.
37:00If we give them 30 percent,
37:03we give them the preference.
37:05But, there are different countries.
37:09When we were in FTA countries,
37:13we were negotiating with four countries.
37:15I said to them that,
37:17look,
37:18we have 4 trillion dollar economy.
37:21And we are the fastest growing large economy in the world.
37:25We have 140 crore people.
37:28We have U.S.
37:30We have U.S.
37:31We have a Nidnaik Nidrat.
37:34Who is Sholek's dialogue?
37:36It is a Deewar's dialogue.
37:37I have a mother.
37:41What do you have?
37:43Your economy is so slow growing.
37:46Your population is so aging.
37:49Your economy is growing.
37:52Your economy is growing.
37:54It will probably double in 2047.
37:56My economy will be 8 billion dollars.
37:59It will be 32 trillion dollar economy.
38:02So, what will I give you?
38:05The win-win situation is growing.
38:07You have asked the question.
38:09How do we balance benefits on both sides?
38:12If I look at you in the market,
38:14if I look at you in the market,
38:15if I look at you in the market,
38:16if I look at you in the market,
38:17if I look at you in the market,
38:18what will come from them,
38:19there will be our benefits.
38:20Technology, innovation,
38:21where there is dairy,
38:23agriculture products,
38:25rice, wheat,
38:26all we have not opened for them.
38:28All are protected.
38:29All protected.
38:31These areas.
38:32The help of farmers and farmers,
38:33the help of farmers,
38:34and the help of our MSME for the rest of the historic sector.
38:37So, I have said that we will find out.
38:39there is no free trade agreement in history
38:46this way investment committed investment commitment without a bilateral investment treaty
38:55or aysa commitment cast in stone that if they don't invest in bharat
39:02when they don't create their duty concession. I have a clawback cross.
39:09These 4 states have committed that in bharat of 100 billion dollars
39:15that are 8.5 lakh crore in bharat
39:20FDI manufacturing, innovation, research, financial services, IT
39:28in these small things, there is not a stock market investment included.
39:34It is FII investment for an institutional investment.
39:38FDI investment is 8.5 lakh crore committed to which direct jobs will be 10 lakhs.
39:47And when there will be 8.5 lakh crore of FDI,
39:51there will be an Indian partner with someone who will invest,
39:55someone will take a loan, ecosystem will develop, infrastructure will develop.
39:59I mean, my honor is that 50 lakh crore of investment in this one FDI
40:05will be the first year in bharat.
40:0910 lakh jobs will be direct.
40:11But if we get direct and indirect,
40:13there will be 50 lakhs new jobs in bharat in bharat.
40:17And from 1st October, the FTA agreement is going to come into effect.
40:26Ar uske sab laab, aap sab ko minna shuru ho jai.
40:31Piyoji, thank you very much for explaining that and taking us on a journey as to what our
40:39trade engagement will be at a pivotal moment for the global economy as we move towards 2047.
40:45Thank you very much for your time and for giving us all those headlines today.
40:49.
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